MIRA
INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOONYACHAT SUPPLY LIMITED
PARTNERSHIP |
|
|
|
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Registered Office : |
457/1 Moo
4, T. Napralan,
A. Chalermprakiert, Saraburi
18240 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
2008 |
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Com. Reg. No.: |
0193551002044 |
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Legal Form : |
Limited
Partnership |
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|
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Line of Business : |
Importer and
Distributor of Construction
Equipment and Supplies |
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No. of Employees : |
8 |
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 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 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
BOONYACHAT SUPPLY LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 457/1
MOO 4, T.
NAPRALAN, A. CHALERMPRAKIERT,
SARABURI 18240,
THAILAND
TELEPHONE : [66] 36
238-628, 081 710-2307,
081 848-5933
FAX :
[66] 36
334-238
E-MAIL
ADDRESS : byc2551@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0193551002044
TAX
ID NO. : 3033229950
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
PARTNER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. CHAT BURANARUENGSAK, THAI
MANAGING PARTNER
NO.
OF STAFF : 8
LINES
OF BUSINESS : CONSTRUCTION EQUIPMENT AND
SUPPLIES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on September 26, 2008 as
a limited partnership
under the name style
BOONYACHAT SUPPLY LIMITED
PARTNERSHIP by Thai
partners, with the
business objective to import
and distribute various kinds of
construction equipment and
supplies in Saraburi
province. It currently
employs 8 staff.
The
subject’s registered address
is 457/1 Moo
4, T. Napralan,
A. Chalermprakiert, Saraburi
18240, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Chat Buranaruengsak signs
on behalf of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Chat Buranaruengsak is
the Managing Partner.
He is Thai
nationality with the
age of 63
years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in distributing various
kinds of construction
equipment and supplies,
including electrical
equipment, paints, traffic
paints, thermoplastic color,
glass bead & related
products, pipes & fittings and
etc., as well
as importing and
distributing of “GOLD
DRAGON” white cement products.
MAJOR BRANDS
“NIPPON”, “TOA”, “CAPTAIN”
and etc.
PURCHASE
Most
of the products
are purchased from local suppliers,
while white cement
products are imported
from Laos.
MAJOR
SUPPLIER
Nixs
Enterprise Co., Ltd. : Thailand
SALES
100%
of the products
is sold locally
by retail to
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
according for the
past two years.
CREDIT
Sales are by
cash or on
the credit term
of 15-30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 8
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and shop at the heading
address. Premise is
located in provincial.
COMMENT
The subject’s business
performance in 2011
was moderate with
revenue increased comparing to
the previous year.
In 2012, the
subject also anticipated another
year of success
as well as
current business situation
is improving.
Its
business outlook in the
year 2013 remains
positive.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 which was
carried by 2
persons as followed:
Name Age Amount
Mr. Chat Buranaruengsak 63 Bht. 800,000 [Unlimited Partner]
Mrs. Boonchuay Buranaruengsak 43 Bht.
200,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Vimonwan Suetrongtrakul No.
0650
BOONYACHAT SUPPLY LIMITED PARTNERSHIP
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
64,979.45 |
21,701.22 |
192,683.61 |
|
Raw Material |
626,720.50 |
634,759.00 |
- |
|
Lending to Person or Related
Company |
- |
- |
800,000.00 |
|
Inventories |
2,715,580.00 |
1,386,240.00 |
595,193.28 |
|
Other Current Assets
|
- |
- |
8,000.00 |
|
|
|
|
|
|
Total Current Assets
|
3,407,279.95 |
2,042,700.22 |
1,595,876.89 |
|
|
|
|
|
|
Fixed Assets |
533,962.27 |
543,987.34 |
21,307.56 |
|
Total Assets |
3,941,242.22 |
2,586,687.56 |
1,617,184.45 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan |
300,000.00 |
- |
- |
|
Accrued Income Tax |
111,470.39 |
108,795.50 |
- |
|
Other Current Liabilities |
31,290.18 |
25,924.12 |
95,165.46 |
|
|
|
|
|
|
Total Current Liabilities |
442,760.57 |
134,719.62 |
95,165.46 |
|
Total Liabilities |
442,760.57 |
134,719.62 |
95,165.46 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
2,498,481.65 |
1,451,967.94 |
522,018.99 |
|
Total Shareholders' Equity |
3,498,481.65 |
2,451,967.94 |
1,522,018.99 |
|
Total Liabilities & Shareholders' Equity |
3,941,242.22 |
2,586,687.56 |
1,617,184.45 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services
Income |
22,278,484.52 |
15,346,700.03 |
6,401,329.11 |
|
Gain on Exchange Rate |
- |
- |
8,000.00 |
|
Total Revenues |
22,278,484.52 |
15,346,700.03 |
6,409,329.11 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,394,298.72 |
11,049,863.18 |
4,653,327.91 |
|
Selling and Administrative Expenses |
4,651,201.70 |
3,219,092.40 |
1,186,881.01 |
|
Total Expenses |
21,045,500.42 |
14,268,955.58 |
5,840,208.92 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
1,232,984.10 |
1,077,744.45 |
569,120.19 |
|
Income Tax |
[186,470.39] |
[147,795.50] |
[62,950.20] |
|
Net Profit / [Loss] |
1,046,513.71 |
929,948.95 |
506,169.99 |
|
Retained Earning,
Beginning of Year |
1,451,967.94 |
522,018.99 |
15,849.00 |
|
|
|
|
|
|
Retained Earning, End
of Year |
2,498,481.65 |
1,451,967.94 |
522,018.99 |
BOONYACHAT SUPPLY
LIMITED PARTNERSHIP
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
7.70 |
15.16 |
16.77 |
|
QUICK RATIO |
TIMES |
0.15 |
0.16 |
10.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
41.72 |
28.21 |
300.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.65 |
5.93 |
3.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
74.41 |
66.76 |
46.69 |
|
INVENTORY TURNOVER |
TIMES |
4.91 |
5.47 |
7.82 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
74.41 |
66.76 |
46.69 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.59 |
72.00 |
72.69 |
|
SELLING & ADMINISTRATION |
% |
20.88 |
20.98 |
18.54 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
26.41 |
28.00 |
27.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.53 |
7.02 |
8.89 |
|
NET PROFIT MARGIN |
% |
4.70 |
6.06 |
7.91 |
|
RETURN ON EQUITY |
% |
29.91 |
37.93 |
33.26 |
|
RETURN ON ASSET |
% |
26.55 |
35.95 |
31.30 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.05 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.13 |
0.05 |
0.06 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
45.17 |
139.74 |
|
|
OPERATING PROFIT |
% |
14.40 |
89.37 |
|
|
NET PROFIT |
% |
12.53 |
83.72 |
|
|
FIXED ASSETS |
% |
(1.84) |
2,453.03 |
|
|
TOTAL ASSETS |
% |
52.37 |
59.95 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 45.17%. Turnover has increased from THB
15,346,700.03 in 2010 to THB 22,278,484.52 in 2011. While net profit has
increased from THB 929,948.95 in 2010 to THB 1,046,513.71 in 2011. And total
assets has increased from THB 2,586,687.56 in 2010 to THB 3,941,242.22 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.41 |
Impressive |
Industrial
Average |
11.83 |
|
Net Profit Margin |
4.70 |
Impressive |
Industrial
Average |
1.22 |
|
Return on Assets |
26.55 |
Impressive |
Industrial
Average |
2.19 |
|
Return on Equity |
29.91 |
Impressive |
Industrial
Average |
5.56 |
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 26.41%. When compared with
the industry average, the ratio of the company was higher, 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 4.7%, 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
26.55%, 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 29.91%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
7.70 |
Impressive |
Industrial
Average |
1.65 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
74.41 |
|
|
|
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 7.7 times in 2011, decreased from 15.16 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 0.15 times in 2011,
decreased from 0.16 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 75 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.13 |
Impressive |
Industrial
Average |
1.51 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1.62 |
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 Downtrend
Times Interest Earned Uptrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
41.72 |
Impressive |
Industrial
Average |
5.33 |
|
Total Assets Turnover |
5.65 |
Impressive |
Industrial
Average |
1.78 |
|
Inventory Conversion Period |
74.41 |
|
|
|
|
Inventory Turnover |
4.91 |
Impressive |
Industrial
Average |
4.15 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
4.15 |
|
Payables Conversion Period |
- |
|
|
|
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 67 days at the
end of 2010 to 74 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 5.47 times in year 2010 to 4.91 times
in year 2011.
The company's Total Asset Turnover is calculated as 5.65 times and 5.93
times in 2011 and 2010 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.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.