MIRA
INFORM REPORT
|
Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRUPTI INTERNATIONAL CO., LTD. |
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Registered Office : |
Unit B1, 12th Floor, Prime Building, 24 Sukhumvit 21 [Asoke] Road, Klongtoeynua, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.12.2001 |
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Com. Reg. No.: |
0105544121515 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
THE SUBJECT
IS ENGAGED IN
INTERNATIONAL TRADING TO
SUPPLY PRODUCTS AND
SERVICE ALL KINDS
OF TEXTILES, YARN,
EMBROIDERY YARN, PV & COTTON YARN,
AND TEXTILE CHEMICALS,
AS WELL AS
BASED CHEMICAL AND
COAT FOR VARIOUS
INDUSTRIES. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
TRUPTI
INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : UNIT B1, 12th FLOOR,
PRIME BUILDING,
24
SUKHUMVIT 21 [ASOKE] ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2260-4961-3,
081 890-5867
FAX : [66] 2260-4964
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544121515
TAX ID NO. : 3030428387
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 53%
INDIAN
: 47%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RAJENDRA PRASAD
MODANI, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 3
LINES OF BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR AND SERVICE PROVIDER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on December
24, 2001 as
a private limited
company under the registered
name TRUPTI INTERNATIONAL CO.,
LTD., by Thai
and Indian groups,
with the objective
to be engaged in
trading business of
textiles and other
industries. It currently
employs 3 staff.
The subject’s registered
address is Unit
B1, 12th Floor,
Prime Building, 24
Sukhumvit 21 [Asoke] Rd., Klongtoeynua, Wattana, Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
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|
Mr. Rajendra Prasad Modani |
|
Indian |
54 |
|
Mrs. Trupti Modanit |
|
Indian |
48 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Rajendra Prasad Modani
is the Managing
Director.
He is Indian
nationality with the
age of 54 years
old.
BUSINESS OPERATIONS
The subject is
engaged in international
trading to supply
products and service
all kinds of
textiles, yarn, embroidery
yarn, PV & cotton yarn,
and textile chemicals,
as well as
based chemical and
coat for various
industries. The subject also
provides consulting service
for industrial chemical
business.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India and Republic
of China.
SALES
The products are
sold to customers
both local and
overseas, mainly in
Republic of China,
India and Singapore.
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 3 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is
an importer and distributor
of textiles, yarns
and related chemicals.
Over 10 years
of its operation,
subject’s sales income
is relatively low
as well as its
business’s growth is
at slow pace.
FINANCIAL INFORMATION
The capital was
registered at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rajendra Prasad Modani Nationality: Indian Address : 40
Soi Sukhumvit 19, Klongtoeynua,
Wattana, Bangkok |
12,500 |
25.00 |
|
Ms. Wanphen Kwancharoen Nationality: Thai Address : 119/18
Moo 2, T. Thachumpol, A.
Photaram, Ratchburi |
10,000 |
20.00 |
|
Ms. Angsara Suksirimitr Nationality: Thai Address : 28/1
Moo 13, T. Klongsong, A.
Klongluang, Pathumthani |
10,000 |
20.00 |
|
Mrs. Trupti Modani Nationality: Indian Address : 40
Soi Sukhumvit 19,
Klongtoeynua, Wattana, Bangkok
|
10,000 |
20.00 |
|
Ms. Charoendee Bunyasith Nationality: Thai Address : 990/11
T. Mahachai, A. Muang,
Samutsakorn |
5,500 |
11.00 |
|
Mr. Shiniwas Mandana Nationality: Indian Address : 168/67
Soi Sukhumvit 23,
Klongtoeynua,
Wattana, Bangkok |
1,000 |
2.00 |
|
Mr. Vichai Panday Nationality: Thai Address : 45/760
Moo 1, Nongkangplu, Nongkaem,
Bangkok |
1,000 |
2.00 |
Total Shareholders : 7
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
26,500 |
53.00 |
|
Foreign - Indian |
3 |
23,500 |
47.00 |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Kalaya Saelim No.
6479
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
361,276.01 |
658,416.50 |
|
Trade Accounts Receivable
|
279,782.10 |
183,505.00 |
|
Inventories |
80,341.50 |
80,341.50 |
|
Other Current Assets
|
157,580.46 |
107,632.72 |
|
|
|
|
|
Total Current Assets
|
878,980.07 |
1,029,895.72 |
|
Long-term Lending to Related
Person |
6,054,807.58 |
5,813,497.58 |
|
Fixed Assets |
5,440.50 |
10,270.01 |
|
Other Non-current Assets |
49,023.00 |
20,901.87 |
|
Total Assets |
6,988,251.15 |
6,874,565.18 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Other Current Liabilities |
759,850.00 |
790,651.30 |
|
|
|
|
|
Total Current Liabilities |
759,850.00 |
790,651.30 |
|
Total Liabilities |
759,850.00 |
790,651.30 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
1,228,401.15 |
1,083,913.88 |
|
Total Shareholders' Equity |
6,228,401.15 |
6,083,913.88 |
|
Total Liabilities & Shareholders' Equity |
6,988,251.15 |
6,874,565.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
937,371.12 |
1,072,990.00 |
|
Sales Income |
279,782.10 |
620,460.50 |
|
Other Income |
226,875.23 |
119,285.22 |
|
Total Revenues |
1,444,028.45 |
1,812,735.72 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
236,050.00 |
416,231.75 |
|
Selling Expenses |
3,700.00 |
- |
|
Administrative Expenses |
1,059,791.18 |
1,094,853.23 |
|
Total Expenses |
1,299,541.18 |
1,511,084.98 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
144,487.27 |
301,650.74 |
|
Income Tax |
- |
[22,829.98] |
|
Net Profit / [Loss] |
144,487.27 |
278,820.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
1.30 |
|
QUICK RATIO |
TIMES |
0.84 |
1.06 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
223.72 |
164.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.17 |
0.25 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
124.23 |
70.45 |
|
INVENTORY TURNOVER |
TIMES |
2.94 |
5.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.90 |
39.55 |
|
RECEIVABLES TURNOVER |
TIMES |
4.35 |
9.23 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
208.13 |
110.00 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
19.39 |
24.58 |
|
SELLING & ADMINISTRATION |
% |
87.38 |
64.65 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
99.25 |
82.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.87 |
17.81 |
|
NET PROFIT MARGIN |
% |
11.87 |
16.46 |
|
RETURN ON EQUITY |
% |
2.32 |
4.58 |
|
RETURN ON ASSET |
% |
2.07 |
4.06 |
|
EARNING PER SHARE |
BAHT |
2.89 |
5.58 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.12 |
0.13 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(28.13) |
|
|
OPERATING PROFIT |
% |
(52.10) |
|
|
NET PROFIT |
% |
(48.18) |
|
|
FIXED ASSETS |
% |
(47.03) |
|
|
TOTAL ASSETS |
% |
1.65 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
99.25 |
Impressive |
Industrial Average |
29.50 |
|
Net Profit Margin |
11.87 |
Impressive |
Industrial Average |
2.28 |
|
Return on Assets |
2.07 |
Impressive |
Industrial Average |
1.68 |
|
Return on Equity |
2.32 |
Acceptable |
Industrial Average |
4.53 |
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 99.25%. When compared with
the industry average, the ratio of the company was higher, this 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
11.87%, 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
2.07%, 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. When compared with the
industry average, it was lower, the company's figure is 2.32%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.16 |
Satisfactory |
Industrial Average |
1.52 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
208.13 |
|
|
|
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 1.16 times in 2011, decreased from 1.3 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 lower.
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 0.84 times in 2011,
decreased from 1.06 times, by excluding
inventory, the company may have problems meeting current liabilities.
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 209 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial Average |
1.51 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.57 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.11 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
223.72 |
Impressive |
Industrial Average |
1.33 |
|
Total Assets Turnover |
0.17 |
Deteriorated |
Industrial Average |
0.73 |
|
Inventory Conversion Period |
124.23 |
|
|
|
|
Inventory Turnover |
2.94 |
Deteriorated |
Industrial Average |
9.63 |
|
Receivables Conversion Period |
83.90 |
|
|
|
|
Receivables Turnover |
4.35 |
Impressive |
Industrial Average |
2.56 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.