MIRA INFORM REPORT
|
Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI INDOCHINA TRADING & SERVICE [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
55 Phaholyothin 24 Road, Yaek 2, Chompol, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
09.03.1999 |
|
|
|
|
Com. Reg. No.: |
0105542017184 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor & Exporter of Foods and Beverages |
|
|
|
|
No. of Employees : |
10 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand is trying to maintain growth by encouraging
domestic consumption and public investment to offset weak exports in 2012.
Unemployment, at less than 1% of the labor force, stands as one of the lowest levels
in the world, which puts upward pressure on wages in some industries. Thailand
also attracts nearly 2.5 million migrant workers from neighboring countries.
The Thai government is implementing a nation-wide 300 baht ($10) per day
minimum wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand''s
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand''s economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its five
surrounding provinces, crippling the manufacturing sector. Industry recovered
from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The
government has approved flood mitigation projects worth $11.7 billion, which
were started in 2012, to prevent similar economic damage, and an additional $75
billion for infrastructure over the next seven years with a plan to start in
2013
Source
: CIA
Company name
THAI
INDOCHINA TRADING &
SERVICE [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 55
PHAHOLYOTHIN 24 ROAD,
YAEK 2,
CHOMPOL, JATUJAK,
BANGKOK 10900
TELEPHONE : [66] 2939-2078-9,
2939-2195-6
FAX :
[66] 2939-2237
E-MAIL
ADDRESS : info@thaiindo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542017184 [Former : [2]
283/2542]
TAX
ID NO. : 3011996959
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
PAKAYMAS VIERRA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FOODS
AND BEVERAGES
IMPORTER, DISTRIBUTOR
& EXPORTER
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 March
9, 1999 as
a private limited
company under the
name style THAI
INDOCHINA TRADING &
SERVICE [THAILAND] CO., LTD. by
Thai groups, with
the objective to
engage in trading
business, specialized in
foods and beverages for
local and export markets. It
currently employs 10
staff.
The registered address
was initially located
at Pisawit Tower,
614/10 Phaholyothin 24
Rd., Ladyao, Jatujak,
Bangkok 10900.
Later, it was
relocated to 55
Phaholyothin 24 Rd.,
Yaek 2, Chompol, Jatujak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
Ms. Pakaymas Vierra
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Pakaymas Vierra
is the Managing
Director.
She is Thai
nationality with the age of
57 years old.
BUSINESS OPERATIONS
The subject’s main
activities are importer,
distributor and re-exporter
international brands of
whisky, wines and
spirits, as well
as coffee, cigarettes,
cigars and other
products.
The subject also exports
Thai foods and
beverages to overseas
countries.
Products
Wine : Penfolds,
Mouton Rothschild, Mouton
Cadet, Chateau Duluc,
Billygoat
Whisky : Johnnie
Walker, High Commisioner, Civas Brothers, Grand Old Parr,
Glenfiddich
Cognac : Hennessy XO,
Remy Martin, Martell
Other Products: Gin & Vodka, Heineken, Sheridan’s, Cigarettes – Cigars
IMPORT
100% of the
international products is
imported from Chile,
United States of
America, France, Argentina
and United Kingdom.
SALES [LOCAL]
The products are
sold locally by
wholesale to dealers
and end-users.
EXPORT [COUNTRY]
The products are
also exported to
Vietnam, Republic of
China, Indonesia, Myanmar,
Taiwan, Laos and etc.
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.
RELATED AND AFFILIATED COMPANIES
Maekhong Delta Travel
Agency Co., Ltd.
Business Type
: Travel agency
service
Maekhong Delta Boutique
Hotels Co., Ltd.
Business Type
: Hotel service
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.
BUSINESS TRANSACTION
The products are
sold mainly by credit
with the maximum
credit given at
60 days.
Occasionally, late payment
is found and
it is acceptable
within 15 days.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Ladprao Soi 10
Branch: 194/27 Ladprao
Rd., Ladyao, Jatujak,
Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 10 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch office: 230/5
Moo 4, T. Viangpangkham, A. Maesai,
Chiangrai.
COMMENT
Market of whisky,
wine and spirit
remains stable. Thai
consumers consume a
lot of alcohol
in any types
each year. Economy
improvement also boosts
consumption.
Subject is the
exclusive distributor of
the popular of
wine and whisky
products. However, subject
did not submit
its financial statement
for a few
years. Any business engagement should
be on secured
basis.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each.
On April 25,
2000, the capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at September 12, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Pakaymas Vierra Nationality: Thai Address : 622
Sukhapibal 1 Rd., Klongchan,
Bangkapi, Bangkok |
42,500 |
85.00 |
|
Ms. Parichat Vierra Nationality: Thai Address : 77/7
Phaholyothin 24 Rd.,
Chompol,
Jatujak, Bangkok |
1,500 |
3.00 |
|
Ms. Parichart Vierra Nationality: Thai Address : 622
Sukhapibal 1 Rd., Klongchan,
Bangkapi, Bangkok |
1,500 |
3.00 |
|
Mr. Manop Vierra Nationality: Thai Address : 622
Sukhapibal 1 Rd., Klongchan,
Bangkapi, Bangkok |
1,500 |
3.00 |
|
Mr. Praphat Chuaychan Nationality: Thai Address : 622
Sukhapibal 1 Rd., Klongchan,
Bangkapi, Bangkok |
1,500 |
3.00 |
|
Mr. Sompong Khemsakul Nationality: Thai Address : 95/5
Moo 12, Phaholyothin Rd.,
Ladyao,
Jatujak, Bangkok |
900 |
1.80 |
|
Ms. Kanchana Maengkud Nationality: Thai Address : 34
Moo 7, Bangkuwat,
Muang, Pathumthani
|
600 |
1.20 |
Total Shareholders : 7
Share Structure [as
at September 12,
2007]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chidchan Hangsasuta No.
1444
BALANCE SHEET [BAHT]
The financial statements as
of December 31,
2007, 2010 - 2012 were
not submitted to the Commercial
Registration Department.
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank |
146,731.21 |
699,564.51 |
|
Trade Accounts Receivable |
184,936,476.10 |
33,700,718.88 |
|
Inventories |
8,075,682.94 |
10,722,293.89 |
|
Other Current Assets
|
97,000.09 |
88,000.09 |
|
Total Current Assets
|
193,255,890.34 |
45,210,577.37 |
|
|
|
|
|
Office Automation |
43,357.31 |
4,157.31 |
|
Vehicle |
9,569,738.67 |
834,806.48 |
|
Total Assets |
202,868,986.32 |
46,049,541.16 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
7,505,188.22 |
2,880,213.57 |
|
Trade Accounts Payable |
27,974,569.27 |
33,409,638.08 |
|
Other Current Liabilities |
427,252.08 |
179,565.00 |
|
Installment Payable |
1,904,900.00 |
1,904,900.00 |
|
Total Current Liabilities |
37,811,909.57 |
38,374,316.65 |
|
Long-term Loan from Director |
163,333,895.58 |
6,996,249.84 |
|
Total Liabilities |
201,145,805.15 |
45,370,566.49 |
|
|
|
|
|
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 |
[3,276,818.83] |
[4,321,025.33] |
|
Total Shareholders' Equity |
1,723,181.17 |
678,974.67 |
|
Total Liabilities & Shareholders' Equity |
202,868,986.32 |
46,049,541.16 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales & Services |
281,615,907.51 |
271,607,813.37 |
|
Other Income |
1,216,200.96 |
11,346,468.03 |
|
Total Revenues |
282,832,108.47 |
282,954,281.40 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
272,991,997.08 |
267,266,839.09 |
|
Selling & Administrative Expenses |
8,336,297.66 |
14,395,631.24 |
|
Total Expenses |
281,328,294.74 |
281,662,470.33 |
|
Profit /[Loss] before
Interest Expenses & Income Tax |
1,503,813.73 |
1,291,811.07 |
|
Interest Expenses |
[199,755.65] |
[232,858.94] |
|
|
|
|
|
Profit /[Loss] before Income
Tax |
1,304,058.08 |
1,058,952.13 |
|
Income Tax |
[259,851.58] |
[197,010.03] |
|
Net Profit / [Loss] |
1,044,206.50 |
861,942.10 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.11 |
1.18 |
|
QUICK RATIO |
TIMES |
4.89 |
0.90 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
29.30 |
323.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.39 |
5.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
10.80 |
14.64 |
|
INVENTORY TURNOVER |
TIMES |
33.80 |
24.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
239.69 |
45.29 |
|
RECEIVABLES TURNOVER |
TIMES |
1.52 |
8.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.40 |
45.63 |
|
CASH CONVERSION CYCLE |
DAYS |
213.09 |
14.31 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.94 |
98.40 |
|
SELLING & ADMINISTRATION |
% |
2.96 |
5.30 |
|
INTEREST |
% |
0.07 |
0.09 |
|
GROSS PROFIT MARGIN |
% |
3.49 |
5.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.53 |
0.48 |
|
NET PROFIT MARGIN |
% |
0.37 |
0.32 |
|
RETURN ON EQUITY |
% |
60.60 |
126.95 |
|
RETURN ON ASSET |
% |
0.51 |
1.87 |
|
EARNING PER SHARE |
BAHT |
20.88 |
17.24 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.99 |
0.99 |
|
DEBT TO EQUITY RATIO |
TIMES |
116.73 |
66.82 |
|
TIME INTEREST EARNED |
TIMES |
7.53 |
5.55 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
3.68 |
- |
|
OPERATING PROFIT |
% |
16.41 |
- |
|
NET PROFIT |
% |
21.15 |
- |
|
FIXED ASSETS |
% |
1,045.83 |
- |
|
TOTAL ASSETS |
% |
340.55 |
- |
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.49 |
Deteriorated |
Industrial Average |
15.60 |
|
Net Profit Margin |
0.37 |
Deteriorated |
Industrial Average |
1.21 |
|
Return on Assets |
0.51 |
Deteriorated |
Industrial Average |
2.30 |
|
Return on Equity |
60.60 |
Impressive |
Industrial Average |
6.38 |
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 3.49%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 0.37%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.51%.
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 60.6%, 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 |
5.11 |
Impressive |
Industrial Average |
1.59 |
|
Quick Ratio |
4.89 |
|
|
|
|
Cash Conversion Cycle |
213.09 |
|
|
|
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 5.11 times in 2009, decrease from 1.18 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 4.89 times in 2009,
increase from 0.9 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 214 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.99 |
Acceptable |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
116.73 |
Risky |
Industrial Average |
1.71 |
|
Times Interest Earned |
7.53 |
Impressive |
Industrial Average |
2.06 |
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 7.53 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 0.99 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 Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
29.30 |
Impressive |
Industrial Average |
7.80 |
|
Total Assets Turnover |
1.39 |
Acceptable |
Industrial Average |
1.90 |
|
Inventory Conversion Period |
10.80 |
|
|
|
|
Inventory Turnover |
33.80 |
Impressive |
Industrial Average |
4.14 |
|
Receivables Conversion Period |
239.69 |
|
|
|
|
Receivables Turnover |
1.52 |
Deteriorated |
Industrial Average |
4.72 |
|
Payables Conversion Period |
37.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.52 and 8.06 in
2009 and 2008 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2009
decreased from 2008. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 15 days at the
end of 2008 to 11 days at the end of 2009. This represents a positive trend.
And Inventory turnover has increased from 24.93 times in year 2008 to 33.8
times in year 2009.
The company's Total Asset Turnover is calculated as 1.39 times and 5.9
times in 2009 and 2008 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 Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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.