MIRA INFORM REPORT
|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAS CHOICES
CORPORATION LTD. |
|
|
|
|
Registered Office : |
115/257 Moo
7, Soi Suanpak
50, Suanpak Road, Chimplee, Talingchan,
Bangkok 10170 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.06.2000 |
|
|
|
|
Com. Reg. No.: |
0105543053061 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Foods and
Beverage Products Exporter |
|
|
|
|
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 |
|
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 – 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 |
|
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 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
MAS
CHOICES CORPORATION LTD.
SUMMARY
BUSINESS
ADDRESS : 115/257 MOO
7, SOI SUANPAK
50, SUANPAK ROAD,
CHIMPLEE, TALINGCHAN,
BANGKOK 10170
TELEPHONE : [66] 2884-4076-7,
2448-8271-2
FAX : [66] 2884-4011,
2448-8273
E-MAIL
ADDRESS : info@maschoices.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543053061
TAX
ID NO. : 3030103765
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 : MR.
SOMCHAI WANGTHAMRONGVITH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : FOODS
AND BEVERAGE PRODUCTS
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 6,
2000 as a
private limited company
by Thai groups, under
the registered name
MAS CHOICES CORPORATION
LTD., with the
business objective to
export various kinds
of foods and
beverage products. It
currently employs 8
staff.
The
subject’s registered address
was initially located
at 130 Soi
Charansanitwong 68, Bangplad,
Bangkok 10700.
On
May 10, 2011, the
subject’s registered address
was relocated to
115/257 Moo 7, Soi
Suanpak 50, Suanpak
Rd., Chimplee, Talingchan, Bangkok
10170, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Wangthamrongvith |
|
Thai |
52 |
|
Ms. Yuchana Limnithitham |
|
Thai |
51 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai Wangthamrongvith is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting various kinds
of food products,
including canned fruits & vegetables, canned
seafood [tuna/ mackerel/ sardine],
as well as
beverage products, such
as power drink,
fruit juices and etc., under
its own brand “MC”.
The production is
supported by local
manufacturer.
PURCHASE
100%
of the products
is supported from
local manufacturers.
SALES
100% of the products
is exported to Germany, Italy,
Sweden, Belgium, France, Malaysia,
Singapore and Indonesia.
SUBSIDIARY AND AFFILIATED
COMPANY
Syn Mega Corporation
Ltd.
Business Type :
Local distributor and
exporter of energy
drinks.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
8 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject exports its
products to overseas
market. The subject’s business
performance in 2011
was outstanding. As
well, the subject’s
business this year
has grown viable
in relation to
an improvement of
consumer market in
overseas.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each
with fully paid.
On
December 27, 2012,
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
November 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Wangthamrongvith Nationality: Thai Address : 73/9
Moo 6, Thungsonghong, Laksi,
Bangkok |
29,500 |
59.00 |
|
Ms. Yuchana Limnithitham Nationality: Thai Address : 100/424
Moo 2, Rattanathibeth Rd.,
T.
Saima, A. Muang, Nonthaburi
|
20,000 |
40.00 |
|
Mr. Phat Wangthamrongvith Nationality: Thai Address : 73/9 Moo
6, Thungsonghong, Laksi,
Bangkok |
500 |
1.00 |
Total Shareholders : 3
Share Structure [as
at November 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sophon Jongsanguanpradab No.
7100
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 |
5,505,645.93 |
3,502,128.73 |
3,177,556.47 |
|
Trade Accounts &
Other Receivable |
5,164,825.82 |
6,437,642.09 |
2,861,677.45 |
|
Inventories |
- |
- |
421,308.69 |
|
Other Current Assets
|
3,724,997.04 |
2,296,728.90 |
2,013,298.41 |
|
|
|
|
|
|
Total Current Assets
|
14,395,468.79 |
12,236,499.72 |
8,473,841.02 |
|
|
|
|
|
|
Fixed Assets |
5,868,340.06 |
3,859,793.47 |
238,988.44 |
|
Intangible Assets |
- |
- |
18,370.14 |
|
Other Non - current Assets |
- |
900.00 |
900.00 |
|
Total Assets |
20,263,808.85 |
16,097,193.19 |
8,732,109.60 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
4,717,906.27 |
3,282,689.31 |
2,185,779.47 |
|
Pre-received Income |
1,991,677.62 |
301,000.00 |
708,400.64 |
|
Accrued Income Tax |
1,881.54 |
7,448.21 |
- |
|
Other Current Liabilities |
1,672,080.92 |
467,935.19 |
545,935.85 |
|
|
|
|
|
|
Total Current Liabilities |
8,383,546.35 |
4,059,072.71 |
3,440,115.96 |
|
Long-term Loan |
8,288,204.46 |
9,024,859.17 |
2,685,302.62 |
|
Total Liabilities |
16,671,750.81 |
13,083,931.88 |
6,125,418.58 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
|
|
|
|
Retained Earnings: Appropriated for Statutory Reserve |
100,000.00 |
- |
- |
|
Unappropriated |
2,492,058.04 |
2,013,261.31 |
1,606,691.02 |
|
Total Shareholders' Equity |
3,592,058.01 |
3,013,261.31 |
2,606,691.02 |
|
Total Liabilities &
Shareholders' Equity |
20,263,808.85 |
16,097,193.19 |
8,732,109.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
109,085,778.19 |
62,746,947.38 |
81,132,448.42 |
|
Other Income |
338,492.52 |
194,051.55 |
894,046.65 |
|
Total Revenues |
109,424,270.71 |
62,940,998.93 |
82,026,495.07 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
100,431,949.76 |
55,900,422.83 |
71,510,583.22 |
|
Selling Expenses |
3,822,831.72 |
3,020,155.73 |
4,212,495.78 |
|
Administrative Expenses |
4,513,833.83 |
3,474,949.94 |
5,497,370.23 |
|
Total Expenses |
108,768,615.31 |
62,485,528.50 |
81,220,449.23 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
655,655.40 |
455,470.43 |
806,045.84 |
|
Financial Costs |
[175.22] |
[120.52] |
[277.65] |
|
Profit / [Loss] before Income
Tax |
655,480.18 |
455,349.91 |
805,768.19 |
|
Income Tax |
[76,683.45] |
[48,779.62] |
[98,368.50] |
|
|
|
|
|
|
Net Profit / [Loss] |
578,796.73 |
406,570.29 |
707,399.69 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.72 |
3.01 |
2.46 |
|
QUICK RATIO |
TIMES |
1.27 |
2.45 |
1.76 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.59 |
16.26 |
339.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.38 |
3.90 |
9.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
2.15 |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
169.73 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
17.28 |
37.45 |
12.87 |
|
RECEIVABLES TURNOVER |
TIMES |
21.12 |
9.75 |
28.35 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.15 |
21.43 |
11.16 |
|
CASH CONVERSION CYCLE |
DAYS |
0.14 |
16.01 |
3.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.07 |
89.09 |
88.14 |
|
SELLING & ADMINISTRATION |
% |
7.64 |
10.35 |
11.97 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
8.24 |
11.22 |
12.96 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.60 |
0.73 |
0.99 |
|
NET PROFIT MARGIN |
% |
0.53 |
0.65 |
0.87 |
|
RETURN ON EQUITY |
% |
16.11 |
13.49 |
27.14 |
|
RETURN ON ASSET |
% |
2.86 |
2.53 |
8.10 |
|
EARNING PER SHARE |
BAHT |
57.88 |
40.66 |
70.74 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.81 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.64 |
4.34 |
2.35 |
|
TIME INTEREST EARNED |
TIMES |
3,741.90 |
3,779.21 |
2,903.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
73.85 |
(22.66) |
|
|
OPERATING PROFIT |
% |
43.95 |
(43.49) |
|
|
NET PROFIT |
% |
42.36 |
(42.53) |
|
|
FIXED ASSETS |
% |
52.04 |
1,515.05 |
|
|
TOTAL ASSETS |
% |
25.88 |
84.34 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 73.85%. Turnover has increased from THB
62,746,947.38 in 2010 to THB 109,085,778.19 in 2011. While net profit has
increased from THB 406,570.29 in 2010 to THB 578,796.73 in 2011. And total
assets has increased from THB 16,097,193.19 in 2010 to THB 20,263,808.85 in
2011.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.24 |
Acceptable |
Industrial
Average |
12.33 |
|
Net Profit Margin |
0.53 |
Deteriorated |
Industrial
Average |
1.67 |
|
Return on Assets |
2.86 |
Deteriorated |
Industrial
Average |
6.96 |
|
Return on Equity |
16.11 |
Deteriorated |
Industrial
Average |
41.91 |
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 8.24%. 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 0.53%.
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, its was lower, the company's figure is 2.86%.
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 16.11%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.72 |
Impressive |
Industrial Average |
0.97 |
|
Quick Ratio |
1.27 |
|
|
|
|
Cash Conversion Cycle |
0.14 |
|
|
|
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 1.72 times in 2011, decreased from 3.01 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 1.27 times in 2011,
decreased from 2.45 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 1 day.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Impressive |
Industrial
Average |
0.88 |
|
Debt to Equity Ratio |
4.64 |
Acceptable |
Industrial
Average |
5.69 |
|
Times Interest Earned |
3,741.90 |
Impressive |
Industrial
Average |
2.76 |
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 3741.9 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 0.82 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 Uptrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
18.59 |
Satisfactory |
Industrial
Average |
19.27 |
|
Total Assets Turnover |
5.38 |
Impressive |
Industrial
Average |
4.75 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
19.01 |
|
Receivables Conversion Period |
17.28 |
|
|
|
|
Receivables Turnover |
21.12 |
Impressive |
Industrial
Average |
4.38 |
|
Payables Conversion Period |
17.15 |
|
|
|
The company's Account Receivable Ratio is calculated as 21.12 and 9.75
in 2011 and 2010 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
2011 increased from 2010. This would suggest the company had good performance
in the management of its debt collections.
The company's Total Asset Turnover is calculated as 5.38 times and 3.9
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 Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
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.