MIRA INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAIHOU
IMPORT & EXPORT
CO., LTD. |
|
|
|
|
Registered Office : |
1468-1470
Songwad Road,
Samphantawong, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.03.1970 |
|
|
|
|
Com. Reg. No.: |
0105513001488 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of industrial chemicals |
|
|
|
|
No. of Employees : |
03 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
Payment Behaviour : |
Unknown |
|
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
TAIHOU IMPORT & EXPORT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1468-1470 SONGWAD
ROAD,
SAMPHANTAWONG, BANGKOK
10100
TELEPHONE : [66] 2222-5471,
2222-2662
FAX :
[66] 2226-6054
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : 1468
SONGWAD ROAD,
SAMPHANTAWONG, BANGKOK
10100
ESTABLISHED
: 1970
REGISTRATION
NO. : 0105513001488
VAT
NO. : 310108582
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
KANOKTHIP LAOHATHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject
was established on
March 27, 1970 as
a private limited
company under the
registered name TAIHOU
IMPORT & EXPORT CO., LTD.
by Thai groups, with
the business objective to
import and distribute wide range of industrial chemicals
for local market.
It currently employs
3 staff.
The subject’s registered
address is 1468 Songwad
Rd., Samphantawong, Bangkok 10100,
while the current
operation address is
at 1468-1470 Songwad
Rd., Samphantawong, Bangkok
10100.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Kalayanee Laohathai |
[x] |
Thai |
82 |
|
Ms. Kanokthip Laohathai |
[x] |
Thai |
76 |
|
Mrs. Charoen Laohathai |
|
Thai |
62 |
|
Mr. Pibul Laohathai |
|
Thai |
61 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign or two
of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Kanokthip Laohathai is
the Managing Director.
She is Thai
nationality with the
age of 76
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing wide range of
industrial chemicals for construction,
textiles industries and
etc.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
India.
MAJOR
SUPPLIER
Zouping
Fenlian Chemical Co.,
Ltd. : Republic
of China
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users.
RELATED AND AFFILIATED
COMPANY
Trainer Engineering &
Consultant Co., Ltd.
Business Type :
Construction contractor
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 are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
D/A or T/T
on negotiated terms.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in commercial area.
COMMENT
The
subject has slow
business in the previous year.
Its sales were
sluggish without any
adjustment in products
and operation. Even though
the industrial chemical
market remains brisk, subject is
still doing inactive
business.
FINANCIAL INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 100
shares of Bht. 10,000 each
with fully paid.
The
capital was increased
later as follows:
Bht. 1,500,000
on September 6,
1973
Bht. 3,000,000
on November 23,
1977
Bht. 4,000,000
on February 17,
1982
Bht. 12,000,000
on September 12,
1990
On
December 28, 2001,
the capital was
decreased to Bht.
3,000,000 divided into
300 shares of
Bht. 10,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Kalayanee Laohathai Nationality: Thai Address : 1476
Songwad Rd., Samphantawong, Bangkok |
180 |
60.00 |
|
Mr. Charoen Laohathai Nationality: Thai Address : 1468-70
Songwad Rd., Samphantawong, Bangkok |
30 |
10.00 |
|
Ms. Kanokthip Laohathai Nationality: Thai Address : 23/1
Surawong Rd., Surawong,
Bangrak, Bangkok |
30 |
10.00 |
|
Mr. Pibul Laohathai Nationality: Thai Address : 23/1
Surawong Rd., Surawong,
Bangrak, Bangkok |
30 |
10.00 |
|
Mr. Christopher Laohathai Nationality: Thai Address : 23/1
Surawong Rd., Surawong,
Bangrak, Bangkok |
10 |
|
|
Mrs. Jiraphan Panapornsirikul Nationality: Thai Address : 1470/1
Songwad Rd., Samphantawong, Bangkok |
10 |
= 10.00 |
|
Mr. Rungruang Laohathai Nationality: Thai Address : 1468-70
Songwad Rd., Samphantawong, Bangkok |
10 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
300 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
300 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Permsiri Hoiyeephoo No.
1846
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
332,185.50 |
14,867,857.14 |
186,272.00 |
|
Trade Account and
Other Receivable |
1,889,719.68 |
1,711,446.14 |
- |
|
Inventories |
5,201,233.27 |
6,617,082.50 |
7,488,651.30 |
|
Other Current Assets |
- |
- |
2,242,977.18 |
|
|
|
|
|
|
Total Current Assets
|
7,423,138.45 |
23,196,385.78 |
9,917,900.48 |
|
|
|
|
|
|
Fixed Assets |
1,421,620.60 |
59,340.36 |
10,032.54 |
|
Other Non-current Assets |
4,502,640.11 |
4,480,584.04 |
4,480,584.04 |
|
Total Assets |
13,347,399.16 |
27,736,310.18 |
14,408,517.06 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
6,903,891.66 |
- |
6,980,455.82 |
|
Trade Accounts & Other Payable |
39,140.16 |
3,885,316.68 |
1,211,852.00 |
|
Short-term Loan from Person
or Related Company |
5,956,300.00 |
21,950,000.00 |
10,506,676.15 |
|
Accrued Income Tax |
- |
1,038,453.63 |
- |
|
Other Current Liabilities |
- |
- |
33,391.26 |
|
|
|
|
|
|
Total Current Liabilities |
12,899,331.82 |
26,873,770.31 |
18,732,375.23 |
|
Total Liabilities |
12,899,331.82 |
26,873,770.31 |
18,732,375.23 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 300 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
[2,551,932.66] |
[2,137,460.13] |
[7,323,858.17] |
|
Total Shareholders' Equity |
448,067.34 |
862,539.87 |
[4,323,858.17] |
|
Total Liabilities &
Shareholders' Equity |
13,347,399.16 |
27,736,310.18 |
14,408,517.06 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
5,745,488.90 |
30,540,994.86 |
4,504,565.41 |
|
Other Income |
8,018.84 |
230,739.38 |
149,651.78 |
|
Total Revenues |
5,753,507.74 |
30,771,734.24 |
4,654,217.19 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,297,275.66 |
21,881,598.23 |
2,673,500.13 |
|
Selling Expenses |
64,493.87 |
137,404.64 |
8,238.00 |
|
Administrative Expenses |
1,706,682.74 |
1,191,889.01 |
687,799.33 |
|
Total Expenses |
6,068,452.27 |
23,210,891.88 |
3,369,537.46 |
|
|
|
|
|
|
Profit /[Loss] before Financial Cost & Income Tax |
[314,944.53] |
7,560,842.36 |
1,284,679.73 |
|
Financial Cost |
[99,528.00] |
[499,465.22] |
[596,452.76] |
|
Profit /[Loss] before Income
Tax |
[414,472.53] |
7,061,377.14 |
688,226.97 |
|
Income Tax |
- |
[1,874,979.10] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[414,472.53] |
5,186,398.04 |
688,226.97 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.58 |
0.86 |
0.53 |
|
QUICK RATIO |
TIMES |
0.17 |
0.62 |
0.01 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.04 |
514.67 |
449.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.43 |
1.10 |
0.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
441.78 |
110.38 |
1,022.39 |
|
INVENTORY TURNOVER |
TIMES |
0.83 |
3.31 |
0.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
120.05 |
20.45 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
3.04 |
17.85 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.32 |
64.81 |
165.45 |
|
CASH CONVERSION CYCLE |
DAYS |
558.51 |
66.02 |
856.94 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.79 |
71.65 |
59.35 |
|
SELLING & ADMINISTRATION |
% |
30.83 |
4.35 |
15.45 |
|
INTEREST |
% |
1.73 |
1.64 |
13.24 |
|
GROSS PROFIT MARGIN |
% |
25.35 |
29.11 |
43.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.48) |
24.76 |
28.52 |
|
NET PROFIT MARGIN |
% |
(7.21) |
16.98 |
15.28 |
|
RETURN ON EQUITY |
% |
(92.50) |
601.29 |
- |
|
RETURN ON ASSET |
% |
(3.11) |
18.70 |
4.78 |
|
EARNING PER SHARE |
BAHT |
(1,381.58) |
17,287.99 |
2,294.09 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.97 |
0.97 |
1.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
28.79 |
31.16 |
(4.33) |
|
TIME INTEREST EARNED |
TIMES |
(3.16) |
15.14 |
2.15 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(81.19) |
578.00 |
|
|
OPERATING PROFIT |
% |
(104.17) |
488.54 |
|
|
NET PROFIT |
% |
(107.99) |
653.59 |
|
|
FIXED ASSETS |
% |
2,295.71 |
491.48 |
|
|
TOTAL ASSETS |
% |
(51.88) |
92.50 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -81.19%. Turnover has decreased from THB
30,540,994.86 in 2011 to THB 5,745,488.90 in 2012. While net profit has
decreased from THB 5,186,398.04 in 2011 to THB -414,472.53 in 2012. And total assets
has decreased from THB 27,736,310.18 in 2011 to THB 13,347,399.16 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.35 |
Satisfactory |
Industrial
Average |
27.90 |
|
Net Profit Margin |
(7.21) |
Deteriorated |
Industrial
Average |
2.46 |
|
Return on Assets |
(3.11) |
Deteriorated |
Industrial
Average |
4.64 |
|
Return on Equity |
(92.50) |
Deteriorated |
Industrial
Average |
9.65 |
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 25.35%. 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 -7.21%.
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 -3.11%.
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 -92.5%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.58 |
Risky |
Industrial
Average |
1.37 |
|
Quick Ratio |
0.17 |
|
|
|
|
Cash Conversion Cycle |
558.51 |
|
|
|
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 0.58 times in 2012, decreased from 0.86 times, then the company may
not be efficiently using its current assets. 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 0.17 times in 2012,
increased from 0.62 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 559 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.97 |
Acceptable |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
28.79 |
Risky |
Industrial
Average |
0.94 |
|
Times Interest Earned |
(3.16) |
Risky |
Industrial
Average |
1.20 |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -3.17 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.97 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.04 |
Impressive |
Industrial
Average |
1.55 |
|
Total Assets Turnover |
0.43 |
Deteriorated |
Industrial
Average |
1.83 |
|
Inventory Conversion Period |
441.78 |
|
|
|
|
Inventory Turnover |
0.83 |
Deteriorated |
Industrial
Average |
8.85 |
|
Receivables Conversion Period |
120.05 |
|
|
|
|
Receivables Turnover |
3.04 |
Satisfactory |
Industrial
Average |
3.74 |
|
Payables Conversion Period |
3.32 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.04 and 17.85
in 2012 and 2011 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
2012 decreased from 2011. 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 increased from 110 days at the
end of 2011 to 442 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.31 times in year 2011 to 0.83 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.43 times and 1.1
times in 2012 and 2011 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.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.