MIRA INFORM REPORT
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Report Date : |
01.11.2013 |
IDENTIFICATION DETAILS
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Name : |
I VINTECH CO.,
LTD. |
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Registered Office : |
9th Floor, South Tower, A Space Asoke-Ratchada, 614/187 Asoke-Dindaeng Road, Dindaeng, Bangkok 10400 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.02.2012 |
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Com. Reg. No.: |
0105555017307 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Importer, Distributor and Service Provider of Cooling Systems and Related Equipment |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
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Source : CIA |
Company
name and address
I VINTECH CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9th FLOOR, SOUTH
TOWER, A SPACE ASOKE-RATCHADA,
614/187 ASOKE-DINDAENG ROAD, DINDAENG,
BANGKOK 10400,
THAILAND
TELEPHONE : [66] 2248-7738
FAX :
[66] 2248-7738
E-MAIL
ADDRESS : sales@ivintech.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2012
REGISTRATION
NO. : 0105555017307
TAX
ID NO. : 3034922102
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 : MR. ANAT CHAOLA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : COOLING SYSTEMS
AND RELATED EQUIPMENT
IMPORTER, DISTRIBUTOR
AND SERVICE
PROVIDER
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 February 2, 2012
as a private
limited company under
the registered name I VINTECH
CO., LTD. by
Thai group, with the
business objective to
import and distribute
cooling system and
related equipment for
local market. It
currently employs approximately
10 staff.
The
subject’s registered address
is 9th Floor,
South Tower, A
Space Asoke-Ratchada, 614/187
Asoke-Dindaeng Road, Dindaeng,
Bangkok 10400, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Anat Chaola |
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Thai |
36 |
|
Ms. Sawitree Pornsinsirirak |
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Thai |
32 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Anat Chaola is
the Managing Director.
He is Thai
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing cooling
tower system and
related equipment, including
water treatment and
environmental products, industrial
equipment and parts,
as well as
providing turnkey design
service of cooling
system and water
treatment system.
MAJOR BRAND
“BRENTWOOD”, “HUDSON”,
“AMARILLO”, “HANSAN”, “ADDAX”,
“MURPHY” and etc.
PURCHASE
80% of the
products is imported
from U.S.A., Italy,
and Belgium, the
remaining 20% is
purchased from local
suppliers.
MAJOR
SUPPLIER
Hudson
Products Corp. : U.S.A.
Brentwood
Industries Inc. : U.S.A.
Cofimco
Srl. : Italy
SALES
100% of the
products is sold
locally to wholesalers,
retailers, and end-users
mainly industrial factories.
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 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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 10 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject is considered
as a new
player in the
market which was
established in 2012.
Its first year’s
commercial activities was
slow with small
sales volume and
high administrative expenses
which resulted in
small profit margin
and ended up
with net loss
at the end
of year. However,
the subject expects
a better performance
this year from an
expansion of many
new customers.
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 |
% |
|
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Mr. Anat Chaola Nationality: Thai Address : 94
Promthep Rd., T. Naimuang, A. Muang, Surin
|
4,900 |
49.00 |
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Ms. Sawitree Pornsinsirirak Nationality: Thai Address : 107/48
Moo 11, T. Krabinoi, A. Muang, Krabi |
4,900 |
49.00 |
|
Ms. Apantree Kasembhumirat Nationality: Thai Address : 67 Srisachanalai Rd., T. Muangsawankaloke, A.
Sawankaloke, Sukhothai |
200 |
2.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
10,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Samon Siriprasopsotorn No. 7763
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2012 was :
ASSETS
|
Current Assets |
2012 |
|
|
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Cash and Cash Equivalents
|
518,133.98 |
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Other Current Assets
|
8,090.42 |
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Total Current Assets
|
526,224.40 |
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Fixed Assets |
66,208.37 |
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Total Assets |
592,432.77 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
|
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Accrued Expenses |
35,000.00 |
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Total Current Liabilities |
35,000.00 |
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Total Liabilities |
35,000.00 |
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Shareholders' Equity |
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Share capital : Baht 100 value
authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
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Retained Earning - Unappropriated
[Deficit] |
[442,567.23] |
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Total Shareholders' Equity
[Deficit] |
557,432.77 |
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Total Liabilities & Shareholders' Equity |
592,432.77 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Feb. 2,
2012 – Dec. 31,
2012 |
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|
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Sales Income |
28,037.88 |
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Total Revenues |
28,037.88 |
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Expenses |
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Cost of Goods
Sold |
23,364.49 |
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Administrative Expenses |
447,240.62 |
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Total Expenses |
470,605.11 |
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Net Profit / [Loss] |
[442,567.23] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
15.03 |
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QUICK RATIO |
TIMES |
14.80 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
0.42 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.05 |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
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INVENTORY TURNOVER |
TIMES |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
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CASH CONVERSION CYCLE |
DAYS |
- |
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PROFITABILITY
RATIO |
|
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COST OF GOODS SOLD |
% |
83.33 |
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SELLING & ADMINISTRATION |
% |
1,595.13 |
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INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
16.67 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1,578.46) |
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NET PROFIT MARGIN |
% |
(1,578.46) |
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RETURN ON EQUITY |
% |
(79.39) |
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RETURN ON ASSET |
% |
(74.70) |
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EARNING PER SHARE |
BAHT |
(44.26) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.06 |
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DEBT TO EQUITY RATIO |
TIMES |
0.06 |
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TIME INTEREST EARNED |
TIMES |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
- |
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OPERATING PROFIT |
% |
- |
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NET PROFIT |
% |
- |
|
FIXED ASSETS |
% |
- |
|
TOTAL ASSETS |
% |
- |
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.67 |
Deteriorated |
Industrial Average |
42.74 |
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Net Profit Margin |
(1,578.46) |
Deteriorated |
Industrial Average |
1.65 |
|
Return on Assets |
(74.70) |
Deteriorated |
Industrial Average |
3.20 |
|
Return on Equity |
(79.39) |
Deteriorated |
Industrial Average |
8.90 |
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 16.67%. 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 -1578.46%.
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 -74.7%.
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 -79.39%.
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 |
15.03 |
Impressive |
Industrial Average |
1.48 |
|
Quick Ratio |
14.80 |
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Cash Conversion Cycle |
- |
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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 15.03 times in 2012, increase 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 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 14.8 times in 2012,
increase from 0 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.06 |
Impressive |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
0.06 |
Impressive |
Industrial Average |
1.83 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.01 |
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 0.06 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.42 |
Deteriorated |
Industrial Average |
1.33 |
|
Total Assets Turnover |
0.05 |
Deteriorated |
Industrial Average |
1.93 |
|
Inventory Conversion Period |
- |
|
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Inventory Turnover |
- |
|
Industrial Average |
5.00 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
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Industrial Average |
3.39 |
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Payables Conversion Period |
- |
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The company's Total Asset Turnover is calculated as 0.05 times in 2012.
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.61.49 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.84.49 |
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.