MIRA
INFORM REPORT
|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SDV LOGISTICS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
19th Floor, Richmond Building, 75/71 Sukhumvit 26 Road, Klongton, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.07.1999 |
|
|
|
|
Com. Reg. No.: |
0105542052630 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
International Freight Forwarding Service |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company name
SDV
LOGISTICS [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 19th FLOOR, RICHMOND BUILDING,
75/71 SUKHUMVIT
26 ROAD, KLONGTON,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2261-1920-30
FAX :
[66] 2261-8335-6,
2260-8217
E-MAIL
ADDRESS : bkk@sdv.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542052630 [Former : [1]
481/2542]
TAX
ID NO. : 3021030100
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
FRENCH :
49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHRISTOPHE MARC WINCENT,
FRENCH
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : INTERNATIONAL FREIGHT
FORWARDING SERVICE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 21,
1999 as a
private limited company
by a joint
venture among SDV
Logistics International S.A.,
in France, United
Thai Shipping Co., Ltd., and Lox Indo Co., Ltd., in
Thailand, under the registered name SDV LOGISTICS [THAILAND] CO., LTD.,
to provide the complete
range of logistics
services. It currently employs
approximately 100 staff.
It
is a member
of TAFA and
IATA association since
June 11, 2005.
The
subject’s registered address
is 19th Flr., Richmond Bldg., 75/71
Sukhumvit 26 Rd., Klongton,
Klongtoey, Bangkok 10110, and
this is the
subject’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Piriyadis Choopueng-art |
|
Thai |
47 |
|
Mr. Puchanee Sukhasamiti |
|
Thai |
56 |
|
Mr. Jerome Gilles Petit |
|
French |
45 |
|
Mr. Pierre Henri Marcel
Houe |
|
French |
51 |
|
Mr. Christophe Marc Wincent |
|
French |
46 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Christophe Marc Wincent
is the Managing
Director.
He is French
nationality with the
age of 46
years old.
Mr. Martin Sartor
is the Business
Development Manager.
He is British
nationality.
Ms. Montra Saebae is
the Air Freight
Export Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
an international air
and sea freight
forwarder, which offers
a full range
of international logistics
services including import-export, door-to-door
freight, customs clearance,
turnkey projects, logistics,
transport, storage and
distribution, industrial project
and supply chain
service.
The subject has
its expertise in
garments, electronics, medical,
bio-chemicals, packaging materials
and etc.
It has 10,000
square meters of warehouses
and 18,000 square meters of storage
space for service.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales and services are
by cash or
credit on negotiated
terms.
Local bills are
paid by cash
or on the
credits term of
15-30 days.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
100 staff. [office
staff and service
workers]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches
Office:
Airport
Office, Suvarnabhumi
International Airport
: Room
112-113, 999 Moo
7, T. Rachathewa, A. Bangplee,
Samutprakarn 10540. Tel : [66] 2131-4000 Fax : [66] 2131-4095
Chiangmai
Office : 414/7 Chiangmai
Land, Changklan Rd.,
Muang, Chiangmai 50100
Tel: [66]
53 283-715, Fax: [66] 53
283-718
Laemchabang
Office : 2nd Floor,
Ubolwan Building 75/50
Moo 10, Sukhumvit Rd.,
Muang,
Chonburi 20230.
Tel: [66] 38 400-678-9, Fax: [66] 38 400-680.
Sattahip
Office : 2002/1 Moo
2, T. Samaesarn, A. Sattahip,
Chonburi 20180
COMMENT
Logistic
services upturn, sparked by
the country’s economy recovering, low interest
rates and robust exports,
means lucrative growth in overall logistic businesses.
The
subject covers every stage
of international transportation and
logistics from the transit
of goods to the
delivery of a
turnkey project. Its
professional team service provides quality
and find the
best solutions to all
customers’ requirement.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 15,000,000
divided into 1,500,000
shares of Bht.
10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [ as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
SDV Logistics International S.A. Nationality: French Address : Tour Bollore, 31-32, quai de Dion-Bouton,
Puteaux Cedex F- 92811, France |
735,000 |
49.00 |
|
United Thai Shipping
Co., Ltd. Nationality: Thai Address : 25 Ploenchit Rd.,
Lumpini, Pathumwan,
Bangkok 10330 |
600,000 |
40.00 |
|
Lox Indo Co., Ltd. Nationality: Thai Address : 25 Ploenchit Rd.,
Lumpini, Pathumwan,
Bangkok 10330 |
165,000 |
11.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
765,000 |
51.00 |
|
Foreign-French |
1 |
735,000 |
49.00 |
|
Total |
3 |
1,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nisakorn Songmanee No.
5035
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
17,261,406 |
36,010,637 |
25,059,280 |
|
Trade Accounts Receivable - Other company
|
124,934,365 |
89,828,151 |
75,274,332 |
|
- Related company |
35,577,291 |
42,924,385 |
31,428,052 |
|
Other Receivable - Related company |
193,241 |
1,067,730 |
- |
|
Other Current Assets
|
1,072,847 |
3,625,982 |
5,688,653 |
|
|
|
|
|
|
Total Current Assets
|
179,039,150 |
173,456,885 |
137,450,317 |
|
Investment in Subsidiaries |
507,187 |
507,187 |
507,187 |
|
Fixed Assets |
8,799,058 |
6,646,524 |
7,519,214 |
|
Intangible Assets |
1,070,067 |
827,144 |
1,080,279 |
|
Deposit |
2,081,768 |
1,297,185 |
1,011,954 |
|
Total Assets |
191,497,230 |
182,734,925 |
147,568,951 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable - Other company
|
20,163,361 |
25,491,980 |
9,013,202 |
|
- Related company |
32,705,550 |
21,003,674 |
20,195,125 |
|
Accrued Expenses |
30,299,296 |
32,469,104 |
23,543,872 |
|
Accrued Income Tax |
3,650,569 |
3,637,212 |
- |
|
Other Current Liabilities |
4,583,773 |
2,599,552 |
2,758,238 |
|
|
|
|
|
|
Total Current Liabilities |
91,402,549 |
85,201,522 |
55,510,437 |
|
|
|
|
|
|
Employee Benefits Obligation |
5,848,671 |
6,499,128 |
5,877,101 |
|
Total Liabilities |
97,251,220 |
91,700,650 |
61,387,538 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 1,500,000 shares |
15,000,000 |
15,000,000 |
15,000,000 |
|
|
|
|
|
|
Capital Paid |
15,000,000 |
15,000,000 |
15,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
1,500,000 |
1,500,000 |
1,500,000 |
|
Unappropriated |
77,746,010 |
74,534,275 |
69,681,413 |
|
Total Shareholders' Equity |
94,246,010 |
91,034,275 |
86,181,413 |
|
Total Liabilities & Shareholders' Equity |
191,497,230 |
182,734,925 |
147,568,951 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Service Income |
137,024,694 |
113,643,573 |
86,614,787 |
|
Other Income |
1,259,271 |
1,900,732 |
476,986 |
|
Total Revenues |
138,283,965 |
115,544,305 |
87,091,773 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Service |
36,640,224 |
32,413,800 |
31,181,740 |
|
Administrative Expenses |
76,443,563 |
63,216,048 |
56,840,637 |
|
Total Expenses |
113,083,787 |
95,629,848 |
88,022,377 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
25,200,178 |
19,914,457 |
[930,604] |
|
Financial Costs |
[19,591] |
[98,627] |
[1,212] |
|
Profit / [Loss] before Income
Tax |
25,180,587 |
19,815,830 |
[931,816] |
|
Income Tax |
[11,968,852] |
[14,962,968] |
[1,090,034] |
|
|
|
|
|
|
Net Profit / [Loss] |
13,211,735 |
4,852,862 |
[2,021,850] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.96 |
2.04 |
2.48 |
|
QUICK RATIO |
TIMES |
1.95 |
1.99 |
2.37 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15.57 |
17.10 |
11.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.72 |
0.62 |
0.59 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
332.79 |
288.51 |
317.21 |
|
RECEIVABLES TURNOVER |
TIMES |
1.10 |
1.27 |
1.15 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
200.86 |
287.06 |
105.50 |
|
CASH CONVERSION CYCLE |
DAYS |
131.93 |
1.45 |
211.71 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
26.74 |
28.52 |
36.00 |
|
SELLING & ADMINISTRATION |
% |
55.79 |
55.63 |
65.62 |
|
INTEREST |
% |
0.01 |
0.09 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
74.18 |
73.15 |
64.55 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
18.39 |
17.52 |
(1.07) |
|
NET PROFIT MARGIN |
% |
9.64 |
4.27 |
(2.33) |
|
RETURN ON EQUITY |
% |
14.02 |
5.33 |
(2.35) |
|
RETURN ON ASSET |
% |
6.90 |
2.66 |
(1.37) |
|
EARNING PER SHARE |
BAHT |
8.81 |
3.24 |
(1.35) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.50 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.03 |
1.01 |
0.71 |
|
TIME INTEREST EARNED |
TIMES |
1,286.31 |
201.92 |
(767.83) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
20.57 |
31.21 |
|
|
OPERATING PROFIT |
% |
26.54 |
(2,239.95) |
|
|
NET PROFIT |
% |
172.25 |
340.02 |
|
|
FIXED ASSETS |
% |
32.39 |
(11.61) |
|
|
TOTAL ASSETS |
% |
4.80 |
23.83 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 20.57%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
74.18 |
Impressive |
Industrial
Average |
24.66 |
|
Net Profit Margin |
9.64 |
Impressive |
Industrial
Average |
2.60 |
|
Return on Assets |
6.90 |
Impressive |
Industrial
Average |
3.61 |
|
Return on Equity |
14.02 |
Impressive |
Industrial
Average |
5.90 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 74.18%. When compared with the
industry average, the ratio of the company was higher, indicated that company
was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 9.64%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient operator in a
dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
6.9%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 14.02%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.96 |
Impressive |
Industrial Average |
1.77 |
|
Quick Ratio |
1.95 |
|
|
|
|
Cash Conversion Cycle |
131.93 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.96 times in 2011, decreased from 2.04 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.95 times in 2011,
decreased from 1.99 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 132 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
1.03 |
Risky |
Industrial
Average |
0.78 |
|
Times Interest Earned |
1,286.31 |
Impressive |
Industrial
Average |
6.90 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1286.32 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.51 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
15.57 |
Impressive |
Industrial
Average |
4.38 |
|
Total Assets Turnover |
0.72 |
Acceptable |
Industrial
Average |
1.34 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
10.66 |
|
Receivables Conversion Period |
332.79 |
|
|
|
|
Receivables Turnover |
1.10 |
Deteriorated |
Industrial
Average |
2.77 |
|
Payables Conversion Period |
200.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.10 and
The company's Total Asset Turnover is calculated as 0.72 times and 0.62
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.