MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
WASU
AND SUPA CO.,
LTD. |
|
|
|
|
Registered Office : |
43/764 Moo 8,
Mooban Pakkred Village, Tivanont Road,
T. Bangpood, A. Pakkred,
Nonthaburi 11120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.12.2010 |
|
|
|
|
Com. Reg. No.: |
125553019841 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of various
kinds of fresh
and dried seafood
products, as well
as distributing of
palm oil products |
|
|
|
|
No. of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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
WASU AND SUPA
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 43/764 MOO
8, MOOBAN PAKKRED
VILLAGE,
TIVANONT ROAD,
T. BANGPOOD,
A.
PAKKRED, NONTHABURI 11120
TELEPHONE : [66] 2964-0164
FAX :
[66] 2964-0164
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0125553019841
TAX
ID NO. : 3034255194
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SUPA PRASERTYING,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER AND
DISTRIBUTOR
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 23, 2010 as
a private limited
company under the registered
name WASU AND SUPA CO.,
LTD., by Thai groups, with the
objective to be engaged
in trading business
of food products.
It currently employs
4 staff.
The
subject’s registered address
is 43/764 Moo
8, Mooban Pakkred
Village, Tivanont Rd.,
T. Bangpood, A.
Pakkred, Nonthaburi 11120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mrs. Supa Prasertying
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Supa Prasertying is
the Managing Director.
She is Thai
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
fresh and dried
seafood products, as
well as distributing
of palm oil
products.
PURCHASE
Its
products are purchased
from suppliers both
domestic and overseas,
mainly in Vietnam
and Republic of
China.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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.
BANKING
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject currently employs
4 staff.
LOCATION
DETAILS
The
premise is owned for administrative
office at the
heading address. Premise
is located in
residential area.
COMMENT
The
subject reported moderate
sales in 2012
from domestic consumption,
as well as
overall food trading business in
domestic market has been
enjoyed growing in the year
2012, meanwhile the
subject’s business remains
promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Supa Prasertying Nationality: Thai Address : 43/764
Moo 8, T. Bangpood, A. Pakkred,
Nonthaburi |
9,800 |
98.00 |
|
Mr. Wasu Prasertying Nationality: Thai Address : 43/764
Moo 8, T. Bangpood, A. Pakkred,
Nonthaburi |
100 |
1.00 |
|
Mrs. Suna Cheeppensuk Nationality: Thai Address : 53/554
Moo 3, T.
Bangpood, A. Pakkred,
Nonthaburi |
100 |
1.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Preeya Taechapatimanont No.
2083
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012 &
2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash and Cash Equivalents |
102,481.15 |
889,179.31 |
|
Trade Accounts & Other Receivable |
3,261,700.11 |
- |
|
|
|
|
|
Total Current Assets
|
3,364,181.26 |
889,179.31 |
|
|
|
|
|
Equipment |
472,884.69 |
- |
|
Total Assets |
3,837,065.95 |
889,179.31 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
|
|
|
|
|
Trade Accounts & Other
Payable |
697,112.61 |
- |
|
Short-term Loan |
2,100,000.00 |
- |
|
Accrued Income Tax |
14,919.62 |
- |
|
|
|
|
|
Total Current Liabilities |
2,812,032.23 |
- |
|
Total Liabilities |
2,812,032.23 |
- |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
25,033.72 |
[110,820.69] |
|
Total Shareholders' Equity |
1,025,033.72 |
889,179.31 |
|
Total Liabilities & Shareholders' Equity |
3,837,065.95 |
889,179.31 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
|
|
|
|
|
Sales |
52,607,105.05 |
15,147,663.65 |
|
Other Income |
4,358.57 |
- |
|
Total Revenues |
52,611,463.62 |
15,147,663.65 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
50,891,506.03 |
14,715,376.93 |
|
Administrative Expenses |
1,549,813.30 |
543,107.41 |
|
Total Expenses |
52,441,319.33 |
15,258,484.34 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
170,144.29 |
[110,820.69] |
|
Income Tax |
[14,963.20] |
- |
|
Net Profit / [Loss] |
155,181.09 |
[110,820.69] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
- |
|
QUICK RATIO |
TIMES |
1.20 |
- |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
111.25 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
13.71 |
17.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.63 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
16.13 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
5.00 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
17.63 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.74 |
97.15 |
|
SELLING & ADMINISTRATION |
% |
2.95 |
3.59 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
3.27 |
2.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.32 |
(0.73) |
|
NET PROFIT MARGIN |
% |
0.29 |
(0.73) |
|
RETURN ON EQUITY |
% |
15.14 |
(12.46) |
|
RETURN ON ASSET |
% |
4.04 |
(12.46) |
|
EARNING PER SHARE |
BAHT |
15.52 |
(11.08) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
- |
|
DEBT TO EQUITY RATIO |
TIMES |
2.74 |
- |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
247.30 |
- |
|
OPERATING PROFIT |
% |
(253.53) |
- |
|
NET PROFIT |
% |
240.03 |
- |
|
FIXED ASSETS |
% |
- |
- |
|
TOTAL ASSETS |
% |
331.53 |
- |
PROFITABILITY : SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.27 |
Deteriorated |
Industrial
Average |
11.09 |
|
Net Profit Margin |
0.29 |
Satisfactory |
Industrial
Average |
0.36 |
|
Return on Assets |
4.04 |
Impressive |
Industrial
Average |
1.58 |
|
Return on Equity |
15.14 |
Impressive |
Industrial
Average |
4.14 |
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 3.27%. 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 0.29%.
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. Return on Assets ratio is
4.04%, 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 15.14%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Satisfactory |
Industrial
Average |
1.56 |
|
Quick Ratio |
1.20 |
|
|
|
|
Cash Conversion Cycle |
17.63 |
|
|
|
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 1.2 times in 2012, increased 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 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 1.2 times in 2012,
increased from 0 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 18 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
2.74 |
Risky |
Industrial
Average |
1.77 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.28 |
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 0.73 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
111.25 |
Impressive |
Industrial
Average |
0.39 |
|
Total Assets Turnover |
13.71 |
Impressive |
Industrial
Average |
3.81 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
7.85 |
|
Receivables Conversion Period |
22.63 |
|
|
|
|
Receivables Turnover |
16.13 |
Impressive |
Industrial
Average |
5.62 |
|
Payables Conversion Period |
5.00 |
|
|
|
The company's Account Receivable Ratio is calculated as 16.13 and 0.00
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
increased from 2011. This would suggest the company had good performance in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 13.71 times and
17.04 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.