MIRA
INFORM REPORT
|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
A. MOBILE WORLD CO., LTD. |
|
|
|
|
Registered Office : |
91/47 Moo 5, Chicha Country Club, T. Thakham, A. Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2010 |
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|
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Date of Incorporation : |
10.07.2007 |
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Com. Reg. No.: |
0105550071648 |
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|
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Legal Form : |
Private Limited Company |
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|
|
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LINE OF BUSINESS : |
IMPORTER
AND DISTRIBUTOR OF COMMUNICATION EQUIPMENT.
|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
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Payment Behaviour : |
-- |
|
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 |
|
Moderate |
B1 |
|
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
A. MOBILE WORLD
CO., LTD.
SUMMARY
BUSINESS ADDRESS : -
TELEPHONE : -
FAX : -
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : 91/47 MOO 5,
CHICHA COUNTRY CLUB,
T.
THAKHAM, A. BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
ESTABLISHED : 2007
REGISTRATION NO. : 0105550071648
TAX ID NO. : 3032700955
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI
:
100%
FISCAL YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : -
NO. OF STAFF : -
LINES OF BUSINESS : COMMUNICATION EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : -
PRESENT SITUATION : -
REPUTATION : -
MANAGEMENT STANDARD : -
HISTORY
The subject was
established on July
10, 2007 as
a private limited
company under the registered
name A. MOBILE WORLD
CO., LTD., by
Thai group. The business
objective was declared
to the Commercial
Registration Department, in
order to import
and distribute communication equipment
to domestic market.
The subject’s registered
address is 91/47
Moo 5, Chicha
Country Club, T.
Thakham, A. Bangkhunthien, Bangkok
10150.
Company’s branch :
4th Floor, MBK
Center Building, 444 Phyathai
Road, Wangmai, Pathumwan,
Bangkok 10400.
6th Floor, SV
City Condo Building
2, 898/8 Rama
3 Road, Bangpongpang,
Yannawa, Bangkok 10120.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kittinan Bajaj |
|
Thai |
26 |
|
Mr. Harcharan Singh Bajaj |
|
Thai |
55 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
Note:
Mr. Kittinan Bajaj who is
the director refused
to release any
company’s information through
the research agency.
COMMENT
The subject declared
its operation as an
importer and distributor of communication
equipment. However, no
further information was
released by company’s
director, as well
as financial statement
of the years 2011
and 2012 have
not been submitted
to the
Commercial Registration Department.
Any business engagement
with the subject
is not recommended.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each
with fully paid.
On March 13, 2009,
the registered capital
was increased to
Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at March
28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kittinan Bajaj Nationality: Thai Address : 91/47
Moo 5, Thakham, Bangkhunthien, Bangkok |
19,600 |
49.00 |
|
Mr. Intrachai Bajaj Nationality: Thai Address : 91/47
Moo 5, Thakham, Bangkhunthien, Bangkok |
19,600 |
49.00 |
|
Ms. Arunee Bajaj Nationality: Thai Address : 91/47
Moo 5, Thakham, Bangkhunthien, Bangkok |
800 |
2.00 |
Total Shareholders : 3
Share Structure
[as at March
28, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
40,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Premsak Krungkanjana No.
2392
Note
The 2011-2012 financial
statements were not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published
as at June
30, 2010, 2009
& 2008 were:
ASSETS
|
Current Assets |
2010 |
2009 |
2008 |
|
|
|
|
|
|
Cash and Cash Equivalents |
188,356.83 |
169,710.04 |
87,871.35 |
|
Short-term Loan to
Related Person |
- |
1,000,000.00 |
750,000.00 |
|
Inventories |
20,684,619.38 |
5,503,743.00 |
- |
|
Other Current Assets
|
1,117,978.19 |
258,609.00 |
- |
|
|
|
|
|
|
Total Current Assets
|
21,990,954.40 |
6,932,062.04 |
837,871.35 |
|
|
|
|
|
|
Fixed Assets |
197,238.06 |
18,400.00 |
- |
|
Total Assets |
22,188,192.46 |
6,950,462.04 |
837,871.35 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
2008 |
|
|
|
|
|
|
Trade Accounts Payable
|
1,507,163.68 |
2,649,294.47 |
- |
|
Other Current Liabilities |
270,155.36 |
33,960.93 |
25,652.49 |
|
|
|
|
|
|
Total Current Liabilities |
1,777,319.04 |
2,683,255.40 |
25,652.49 |
|
Long-term Loan from Related
Person |
7,100,000.00 |
- |
- |
|
Long-term Loan from Financial Institutions |
8,805,692.68 |
- |
- |
|
Total Liabilities |
17,683,011.72 |
2,683,255.40 |
25,652.49 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares
in 2010 & 2009; 10,000
shares in 2008 respectively |
4,000,000.00 |
4,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
505,180.74 |
267,206.64 |
99,274.00 |
|
Total Shareholders' Equity |
4,505,180.74 |
4,267,206.64 |
1,099,274.00 |
|
Total Liabilities &
Shareholders' Equity |
22,188,192.46 |
6,950,462.04 |
1,124,926.49 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
2008 |
|
|
|
|
|
|
Sales Income |
24,189,644.86 |
12,386,157.00 |
7,775,878.88 |
|
Other Income |
- |
7,609.19 |
972,521.80 |
|
Gain on Exchange Rate |
211,136.71 |
- |
- |
|
Total Revenues |
24,400,781.57 |
12,393,766.19 |
8,748,400.68 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
21,335,406.79 |
10,505,777.18 |
7,985,217.41 |
|
Administrative Expenses |
2,695,128.18 |
1,708,018.55 |
643,256.78 |
|
Total Expenses |
24,030,534.97 |
12,213,795.73 |
8,628,474.19 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
370,246.60 |
179,970.46 |
119,926.49 |
|
Financial Costs |
[113,949.96] |
- |
- |
|
Income Tax |
[18,322.54] |
[12,037.82] |
[20,652.49] |
|
|
|
|
|
|
Net Profit / [Loss] |
237,974.10 |
167,932.64 |
99,274.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
2008 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
12.37 |
2.58 |
32.66 |
|
QUICK RATIO |
TIMES |
0.11 |
0.44 |
32.66 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
122.64 |
673.16 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.09 |
1.78 |
9.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
353.87 |
191.22 |
- |
|
INVENTORY TURNOVER |
TIMES |
1.03 |
1.91 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
25.78 |
92.04 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
328.08 |
99.17 |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.20 |
84.82 |
102.69 |
|
SELLING & ADMINISTRATION |
% |
11.14 |
13.79 |
8.27 |
|
INTEREST |
% |
0.47 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.67 |
15.24 |
9.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.53 |
1.45 |
1.54 |
|
NET PROFIT MARGIN |
% |
0.98 |
1.36 |
1.28 |
|
RETURN ON EQUITY |
% |
5.28 |
3.94 |
9.03 |
|
RETURN ON ASSET |
% |
1.07 |
2.42 |
11.85 |
|
EARNING PER SHARE |
BAHT |
5.95 |
4.20 |
9.93 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.39 |
0.03 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.93 |
0.63 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
3.25 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
95.30 |
59.29 |
|
|
OPERATING PROFIT |
% |
105.73 |
50.07 |
|
|
NET PROFIT |
% |
41.71 |
69.16 |
|
|
FIXED ASSETS |
% |
971.95 |
- |
|
|
TOTAL ASSETS |
% |
219.23 |
729.54 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 95.3%.
Turnover has increased from THB 12,386,157.00 in 2009 to THB 24,189,644.86 in
2010. While net profit has increased from THB 167,932.64 in 2009 to THB
237,974.10 in 2010. And total assets has increased from THB 6,950,462.04 in
2009 to THB 22,188,192.46 in 2010.
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
12.67 |
Satisfactory |
Industrial Average |
15.43 |
|
Net Profit Margin |
0.98 |
Acceptable |
Industrial Average |
1.82 |
|
Return on Assets |
1.07 |
Deteriorated |
Industrial Average |
3.57 |
|
Return on Equity |
5.28 |
Acceptable |
Industrial Average |
9.66 |
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 12.67%. 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 0.98%.
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, it was lower, the company's figure is 1.07%.
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 5.28%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
12.37 |
Impressive |
Industrial Average |
1.59 |
|
Quick Ratio |
0.11 |
|
|
|
|
Cash Conversion Cycle |
328.08 |
|
|
|
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 12.37 times in 2010, increased from 2.58 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 0.11 times in 2010,
decreased from 0.44 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 329 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Acceptable |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
3.93 |
Risky |
Industrial Average |
1.66 |
|
Times Interest Earned |
3.25 |
Impressive |
Industrial Average |
3.17 |
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 3.25 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 0.8 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
122.64 |
Impressive |
Industrial Average |
8.14 |
|
Total Assets Turnover |
1.09 |
Acceptable |
Industrial Average |
1.96 |
|
Inventory Conversion Period |
353.87 |
|
|
|
|
Inventory Turnover |
1.03 |
Deteriorated |
Industrial Average |
4.37 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.86 |
|
Payables Conversion Period |
25.78 |
|
|
|
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 191 days at the
end of 2009 to 354 days at the end of 2010. This represents a negative trend.
And Inventory turnover has decreased from 1.91 times in year 2009 to 1.03 times
in year 2010.
The company's Total Asset Turnover is calculated as 1.09 times and 1.78
times in 2010 and 2009 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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.