MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TONG TRADING LIMITED PARTNERSHIP |
|
|
|
|
Formerly Known As : |
SUTICHAI TRADING LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
99/229 Moo 10, Thananont Village, Rajapruek Road, T. Bangkrang, A. Muang, Nonthaburi 11000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.11.2009 |
|
|
|
|
Com. Reg. No.: |
0133552005136 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Wholesaler of Agriculture Products. |
|
|
|
|
No. of Employees : |
5 |
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 – 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
TONG TRADING
LIMITED PARTNERSHIP
[Former : SUTICHAI TRADING
LIMITED PARTNERSHIP]
SUMMARY
BUSINESS
ADDRESS : 99/229 MOO
10, THANANONT VILLAGE,
RAJAPRUEK ROAD,
T. BANGKRANG,
A.
MUANG, NONTHABURI 11000
TELEPHONE : [66] 2927-3585,
081 891-6570, 081
597-9770
FAX :
[66] 2926-2300
REGISTRATION
ADDRESS : 36
MOO 8, T. KLONGSONG,
A. KLONGLUANG,
PATHUMTHANI 12120
ESTABLISHED
: 2009
REGISTRATION
NO. : 0133552005136
TAX
ID NO. : 3033676037
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 : LIMITED
PARTNERSHIP
EXECUTIVE : MR. PRASERT CHAEMNOI,
THAI
MANAGING PARTNER
NO.
OF STAFF : 5
LINES
OF BUSINESS : AGRICULTURE PRODUCTS
WHOLESALER
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 November 2,
2009 as a
limited partnership under the
name style TONG
TRADING LIMITED PARTNERSHIP by Mr. Prsert
Chaemnoi, the Thai partner,
who bears full
financial responsibility by
law. It currently
employs 5 staff.
The
subject was originally
set up on
October 18, 2000,
as a limited
partnership, under the
registered name “Sutichai Trading
Limited Partnership”, located
in Ranong province.
Later the company revoked its
name from the
Commercial Registration Department,
then formed the
new company, named
TONG TRADING LIMITED
PARTNERSHIP. Its business
objective is a
wholesale distributor of
agriculture products to
domestic market.
The subject’s registered address and
warehouse are 36 Moo 8,
T. Klongsong, A. Klongluang, Pathumthani
12120, while its
current operation address
is at 99/229
Moo 10, Rajapruek
Rd., T. Bangkrang, A. Muang,
Nonthaburi 11000.
AUTHORIZED PERSON
Mr. Prasert Chaemnoi signs
on behalf of
the subject with
seal affixed.
MANAGEMENT
Mr. Prasert Chaemnoi is
the Managing Partner.
He is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is engaged in wholesale
distributing of agricultural products,
such as chili,
onion and garlic,
under the brands
“TWIN DRAGON”, “PANDA”,
“QINGSHAN” and etc.
The products are imported
from Republic of
China, India and
other Asian countries.
MAJOR SUPPLIER
Thai Inter Agri
Plus Co., Ltd.
SALES
The
products are sold
locally by wholesale
to traders and
end-users.
MAJOR
CUSTOMERS
Siam
Kaset Limited Partnership
Supkorakoch
Shop
Laochiengheng R.O.P.
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 30 days.
Local bills are
paid by cash
or on the
credit term of
30 days.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
5 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
on the outskirts
of Bangkok.
COMMENT
Subject
is a wholesaler of
agricultural products. Since commencement in 2009, its business
has grown moderately. Subject
reported increasing sales
in the past several
years. its current
business outlook is
promising
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by 2
persons as followed:
Name Age Amount
Mr. Prasert Chaemnoi 46 Bht. 500,000 [Unlimited
Partner]
Mrs. Siriporn Chaemnoi 46 Bht.
500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Thanaporn Suwanro No.
6299
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,075,168.12 |
1,170,085.58 |
1,625,418.38 |
|
Inventories |
1,270,042.32 |
1,527,770.00 |
300,000.00 |
|
|
|
|
|
|
Total Current Assets
|
3,345,210.44 |
2,697,855.58 |
1,925,418.38 |
|
|
|
|
|
|
Fixed Assets |
39,795.91 |
- |
- |
|
Total Assets |
3,385,006.35 |
2,697,855.58 |
1,925,418.38 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Accrued Income Tax |
52,252.87 |
62,734.68 |
70,146.40 |
|
Accrued Expenses |
10,000.00 |
15,000.00 |
14,000.00 |
|
Other Current Liabilities |
1,592.00 |
1,850.00 |
1,250.00 |
|
|
|
|
|
|
Total Current Liabilities |
63,844.87 |
79,584.68 |
85,396.40 |
|
Total Liabilities |
63,844.87 |
79,584.68 |
85,396.40 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
2,321,161.48 |
1,618,270.90 |
840,021.98 |
|
Total Shareholders' Equity |
3,321,161.48 |
2,618,270.90 |
1,840,021.98 |
|
Total Liabilities &
Shareholders' Equity |
3,385,006.35 |
2,697,855.58 |
1,925,418.38 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
23,855,187.00 |
18,848,830.00 |
37,830,230.00 |
|
Gain on Exchange Rate |
12,377.38 |
21,129.43 |
- |
|
Other Income |
1,061.06 |
1,563.97 |
2,784.68 |
|
Total Revenues |
23,868,625.44 |
18,871,523.40 |
37,833,014.68 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
22,497,435.87 |
17,554,773.01 |
36,535,910.00 |
|
Administrative Expenses |
570,705.12 |
427,633.79 |
397,920.00 |
|
Total Expenses |
23,068,140.99 |
17,982,406.80 |
36,933,830.00 |
|
|
|
|
|
|
Profit before Income
Tax |
800,484.45 |
889,116.60 |
899,184.68 |
|
Income Tax |
[97,593.87] |
[110,867.68] |
[112,377.70] |
|
Net Profit / [Loss] |
702,890.58 |
778,248.92 |
786,806.98 |
|
Retained Earning, Beginning
of Year |
1,618,270.90 |
840,021.98 |
53,215.00 |
|
|
|
|
|
|
Retained Earning, End of Year |
2,321,161.48 |
1,618,270.90 |
840,021.98 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
52.40 |
33.90 |
22.55 |
|
QUICK RATIO |
TIMES |
32.50 |
14.70 |
19.03 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
599.44 |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
7.05 |
6.99 |
19.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.61 |
31.77 |
3.00 |
|
INVENTORY TURNOVER |
TIMES |
17.71 |
11.49 |
121.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
20.61 |
31.77 |
3.00 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.31 |
93.13 |
96.58 |
|
SELLING & ADMINISTRATION |
% |
2.39 |
2.27 |
1.05 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
5.75 |
6.99 |
3.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.36 |
4.72 |
2.38 |
|
NET PROFIT MARGIN |
% |
2.95 |
4.13 |
2.08 |
|
RETURN ON EQUITY |
% |
21.16 |
29.72 |
42.76 |
|
RETURN ON ASSET |
% |
20.76 |
28.85 |
40.86 |
|
EARNING PER SHARE |
BAHT |
70.29 |
77.82 |
78.68 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.02 |
0.03 |
0.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.03 |
0.05 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
26.56 |
(50.18) |
|
|
OPERATING PROFIT |
% |
(9.97) |
(1.12) |
|
|
NET PROFIT |
% |
(9.68) |
(1.09) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
25.47 |
40.12 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 26.56%. Turnover has increased from THB
18,848,830.00 in 2011 to THB 23,855,187.00 in 2012. While net profit has decreased
from THB 778,248.92 in 2011 to THB 702,890.58 in 2012. And total assets has
increased from THB 2,697,855.58 in 2011 to THB 3,385,006.35 in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.75 |
Impressive |
Industrial
Average |
4.45 |
|
Net Profit Margin |
2.95 |
Impressive |
Industrial
Average |
1.87 |
|
Return on Assets |
20.76 |
Impressive |
Industrial
Average |
6.50 |
|
Return on Equity |
21.16 |
Impressive |
Industrial
Average |
13.89 |
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 5.75%. 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
2.95% 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
20.76%, 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 Assets 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 Assets ratio
is 21.16%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
52.40 |
Impressive |
Industrial
Average |
0.94 |
|
Quick Ratio |
32.50 |
|
|
|
|
Cash Conversion Cycle |
20.61 |
|
|
|
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 52.4 times in 2012, increased from 33.9 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 32.5 times in 2012,
increased from 14.7 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 21 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial
Average |
1.79 |
|
Times Interest Earned |
- |
|
Industrial
Average |
(0.55) |
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 0.02 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
599.44 |
Impressive |
Industrial
Average |
0.44 |
|
Total Assets Turnover |
7.05 |
Impressive |
Industrial
Average |
1.91 |
|
Inventory Conversion Period |
20.61 |
|
|
|
|
Inventory Turnover |
17.71 |
Impressive |
Industrial
Average |
9.23 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
2.87 |
|
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 decreased from 32 days at the
end of 2011 to 21 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 11.49 times in year 2011 to 17.71
times in year 2012.
The company's Total Asset Turnover is calculated as 7.05 times and 6.99
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.