MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NCU INDUSTRIES CO., LTD. |
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Registered Office : |
2nd Floor, Regent Srinakarin Tower A, 700/40 Srinakarin Road, Suanluang, Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.02.2012 |
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Com. Reg. No.: |
0105555027833 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in trading business in order to import, distribute and export wide range of products, including foods & beverage, consumers and other products |
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No. of Employees : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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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 |
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Status : |
Recently Commenced Business Activity |
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Payment Behaviour : |
Slow |
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Litigation : |
-- |
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 |
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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
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
NCU
INDUSTRIES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
REGENT SRINAKARIN TOWER
A,
700/40 SRINAKARIN
ROAD, SUANLUANG,
BANGKOK 10250
TELEPHONE : [66] 2722-8188
FAX :
[66] 2722-8177
E-MAIL
ADDRESS : nam@ts-ungum.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2012
REGISTRATION NO. : 0105555027833
TAX
ID NO. : 3034948508
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
NORTH KOREAN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NAM CHOL UNG,
NORTH KOREAN
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : -
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on February 21, 2012
as a private
limited company under the
registered name NCU
INDUSTRIES CO., LTD.,
by Thai and North
Korean groups, with
the core business
objective to import,
distribute and export
wide range of
products. It currently
employs approximately 40
staff.
The
subject’s registered address is 2nd Floor,
Regent Srinakarin Tower
A, 700/40 Srinakarin
Rd., Suanluang, Bangkok
10250, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nam Chol Ung |
|
North Korean |
44 |
|
Mrs. Risong Sim |
|
North Korean |
39 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nam Chol Ung
is the Managing
Director.
He is North
Korean nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject
is engaged in
trading business in order to import, distribute
and export wide
range of products,
including foods &
beverage, consumers and
other products. Its
business has been
started in 2013.
In 2013,
the subject took
over a hotel business,
namely “The Magnolias
Pattaya Boutique Resort”,
consists of 33
serviced rooms with
standard facilities. Room
rate is started
from 2,500 Baht
per night. The
hotel business has
been operated by
the subject since
February 2013.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas, mainly
in Korea, Republic
of China and
Hong Kong.
SALES
The products are
sold to customers
both local and
overseas, mainly in
Korea.
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 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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 40 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at the heading
address. Premise is
located in commercial/residential area.
The
hotel is located
at 4/6 Moo
9, T. Pong, A. Banglamung, Chonburi
20150.
Tel.:
[66] 38 072-070,
086 341-6404.
E-mail
address : the_magnolias@hotmail.com
COMMENT
The
subject has started
its operation in
early 2013. It
reported no sales
income in its first
year business.
The
subject is considered
as a newly
established firm, therefore
any business engagement
should not be
recommended.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each
with fully paid.
On
February 7, 2013,
the registered 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
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TS Ungum Co.,
Ltd. Nationality: Thai Address : 700/40
Srinakarin Rd., Suanluang,
Bangkok |
25,500 |
51.00 |
|
Mr. Nam Chol Ung Nationality: North Korean Address : 700/40
Srinakarin Rd., Suanluang, Bangkok |
20,000 |
40.00 |
|
Mrs. Risong Sim Nationality: North Korean Address : 700/40
Srinakarin Rd., Suanluang,
Bangkok |
4,500 |
9.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
25,500 |
51.00 |
|
Foreign - North Korean |
2 |
24,500 |
49.00 |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pathadej Thapanasak No.
7359
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012 was :
ASSETS
|
Current Assets |
2012 |
|
|
|
|
Cash and Cash Equivalents |
75,758.33 |
|
Short-term Lending to Director |
1,200,000.00 |
|
Other Current Assets
|
15,147.92 |
|
|
|
|
Total Current Assets
|
1,290,906.25 |
|
Total Assets |
1,290,906.25 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
|
|
|
|
Accrued Expenses |
7,970.00 |
|
|
|
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Total Current Liabilities |
7,970.00 |
|
Total Liabilities |
7,970.00 |
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|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
|
|
|
|
Capital Paid |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[717,063.75] |
|
Total Shareholders' Equity |
1,282,936.25 |
|
Total Liabilities & Shareholders' Equity |
1,290,906.25 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Feb. 21,
2012 - Dec. 31,
2012 |
|
|
|
|
Interest Income |
12,244.55 |
|
Total Revenues |
12,244.55 |
|
Expenses |
|
|
|
|
|
Employees Expenses |
660,992.00 |
|
Other Expenses |
68,316.30 |
|
Total Expenses |
729,308.30 |
|
Net Profit / [Loss] |
[717,063.75] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
161.97 |
|
QUICK RATIO |
TIMES |
160.07 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
(55.89) |
|
RETURN ON ASSET |
% |
(55.55) |
|
EARNING PER SHARE |
BAHT |
(35.85) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
17.01 |
|
Net Profit Margin |
- |
|
Industrial Average |
1.77 |
|
Return on Assets |
(55.55) |
Deteriorated |
Industrial Average |
6.49 |
|
Return on Equity |
(55.89) |
Deteriorated |
Industrial Average |
18.53 |
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 -55.55%.
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 -55.89%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
161.97 |
Impressive |
Industrial Average |
1.17 |
|
Quick Ratio |
160.07 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 161.97 times in 2012, increase from 0 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 160.07 times in 2012,
increase from 0 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial Average |
1.77 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.86 |
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 0.01 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
4.12 |
|
Total Assets Turnover |
- |
|
Industrial Average |
3.77 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
11.58 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
5.83 |
|
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.