MIRA
INFORM REPORT
|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOODWAY IMPEX CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.06.2007 |
|
|
|
|
Com. Reg. No.: |
0105550058561 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing, distributing and exporting various
kinds of fabrics,
such as cotton,
polyester, nylon/rayon, printed
fabric, linen, grey,
spandex, voile, muslin,
lace and jacquard. |
|
|
|
|
No. of Employees : |
11 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 crisis 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 and Address
GOODWAY IMPEX CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 767
MAHACHAK ROAD,
CHAKRAWAD, SAMPHANTAWONG,
BANGKOK 10100, THAILAND
TELEPHONE : [66] 2226-2023-5
FAX :
[66] 2226-2020
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2007
REGISTRATION NO. : 0105550058561
TAX ID NO. : 3032658157
CAPITAL REGISTERED
: BHT.
1,000,000
CAPITAL PAID-UP
: BHT. 250,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SANJIT SAJDAY,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 11
LINES OF
BUSINESS : FABRICS
INTERNATIONAL TRADING
COMPANY
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,
2007 as a
private limited company under
the name style
GOODWAY IMPEX CO.,
LTD. by Thai groups.
Its business objective is
to import, distribute
and export various
kinds of fabric
products. Subject currently
employs 11 staff.
The subject’s
registered address is 767 Mahachak Rd., Chakrawad,
Samphantawong, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Sanjit
Sajday
AUTHORIZED PERSON
The
above director signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sanjit Sajday
is the Managing
Director.
He
is Thai nationality
with the age
of 32 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and exporting
various kinds of
fabrics, such as
cotton, polyester, nylon/rayon,
printed fabric, linen,
grey, spandex, voile,
muslin, lace, jacquard
and etc., for textile
and garment production
industry.
PURCHASE
The products
are purchased from
suppliers in both
domestic and overseas,
such as Japan,
India, France, Taiwan,
Republic of China,
Italy, Indonesia and etc.
SALES
The
products are sold
by wholesale to
clients both local
and overseas, in
U.A.E., and the countries
in Europe, Middle
East and South
Africa.
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 to 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 L/C
at sight or
T/T.
Exports
are against T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The subject
currently employs 11 staff.
LOCATION DETAILS
The premise is owned for administrative
office at the heading address. Premise is located in
commercial/residential area.
Branch office
is located at
135, 137 Charoennakorn 10
Rd., Klongtonsai, Klongsan,
Bangkok 10160.
COMMENT
The
subject was formed in
2007 to be engaged in
fabric trading. The
products are imported
from overseas for
domestic industrial
purposes, such as garment industry, while
exporting various kinds of fabrics to
overseas customers. Subject
reported a significant increase on
its sales revenue in 2012.
However, subject disclosed
a slow sales
in 2013 due to slow expansion
of industrial sector.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with 25% paid-up.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2013] at Bht.
250,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sanjit Sajday Nationality: Thai Address
: 23/2 Sukhumvit
Rd., Klongtoeynua, Wattana, Bangkok |
9,998 |
99.98 |
|
Mr. Chakree Thonglang Nationality: Thai Address
: 1/7 Arjnarong
Rd., Klongtoey, Bangkok |
1 |
0.01 |
|
Ms. Jirawan Thanapongporn Nationality: Thai Address
: 431/180 Pracharajbamphen Rd.,
Huaykwang, Bangkok |
1 |
0.01 |
Total Shareholders
: 3
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Montree
Saithong No. 1443
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 |
40,412,090.04 |
29,012,495.89 |
13,373,930.24 |
|
Short-term Investment |
7,592,871.01 |
6,113,231.47 |
23,394,577.17 |
|
Trade
Accounts & Other
Receivable |
925,190,438.11 |
405,302,629.80 |
411,970,551.43 |
|
Short-term Lending |
1,000,000.00 |
3,000,000.00 |
2,500,000.00 |
|
Inventories |
53,228,671.00 |
36,946,907.60 |
21,849,328.24 |
|
Other
Current Assets |
39,368,031.48 |
44,763,728.78 |
23,461,653.19 |
|
|
|
|
|
|
Total
Current Assets |
1,066,792,101.64 |
525,138,993.54 |
496,550,040.27 |
|
|
|
|
|
|
Fixed Assets |
11,535.55 |
34,891.90 |
58,248.25 |
|
Total
Assets |
1,066,803,837.19 |
525,173,885.44 |
496,608,288.52 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade
Accounts & Other Payable
|
1,043,121,178.77 |
504,238,725.71 |
480,671,324.16 |
|
Accrued Income Tax |
1,873,835.00 |
1,778,328.00 |
1,731,425.00 |
|
Other
Current Liabilities |
1,193,051.41 |
1,154,048.03 |
1,295,195.22 |
|
|
|
|
|
|
Total Current Liabilities |
1,046,188,065.18 |
507,171,101.74 |
483,697,944.38 |
|
Total
Liabilities |
1,046,188,065.18 |
507,171,101.74 |
483,697,944.38 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value
authorized, and issued share
capital
10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital
Paid |
250,000.00 |
250,000.00 |
250,000.00 |
|
Retained Earning Unappropriated
[Deficit] |
20,365,572.01 |
17,752,783.70 |
12,660,344.14 |
|
Total
Shareholders' Equity |
20,615,572.01 |
18,002,783.70 |
12,910,344.14 |
|
Total Liabilities & Shareholders' Equity |
1,066,803,637.19 |
525,173,885.44 |
496,608,288.52 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales
Income |
2,399,630,944.51 |
2,098,405,389.56 |
1,934,713,319.93 |
|
Other
Income |
3,374,910.38 |
31,720,652.77 |
10,673,946.33 |
|
Total
Revenues |
2,403,005,854.89 |
2,130,126,042.33 |
1,945,387,266.26 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
2,364,136,566.58 |
2,089,794,467.17 |
1,886,435,844.51 |
|
Administrative Expenses |
31,128,353.93 |
29,712,056.59 |
50,458,250.69 |
|
Total Expenses |
2,395,264,920.51 |
2,119,506,523.76 |
1,936,894,095.20 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost
& Income Tax |
7,740,934.38 |
10,619,518.57 |
8,493,171.06 |
|
Financial
Cost |
[1,868,498.44] |
[2,393,768.54] |
[3,256,443.30] |
|
Profit / [Loss] before
Income Tax |
5,872,435.94 |
8,225,750.03 |
5,236,727.76 |
|
Income Tax |
[3,259,647.63] |
[3,133,310.47] |
[2,680,132.55] |
|
|
|
|
|
|
Net
Profit / [Loss] |
2,612,788.31 |
5,092,439.56 |
2,556,595.21 |
|
Retained Earning, Beginning of Year |
17,752,783.70 |
12,660,344.14 |
10,103,748.93 |
|
Retained Earning, End
of Year |
20,365,572.01 |
17,752,783.70 |
12,660,344.14 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.04 |
1.03 |
|
QUICK RATIO |
TIMES |
0.93 |
0.87 |
0.93 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
208,020.51 |
60,140.19 |
33,214.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.25 |
4.00 |
3.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
8.22 |
6.45 |
4.23 |
|
INVENTORY TURNOVER |
TIMES |
44.41 |
56.56 |
86.34 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
140.73 |
70.50 |
77.72 |
|
RECEIVABLES TURNOVER |
TIMES |
2.59 |
5.18 |
4.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
161.05 |
88.07 |
93.00 |
|
CASH CONVERSION CYCLE |
DAYS |
(12.10) |
(11.12) |
(11.05) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.52 |
99.59 |
97.50 |
|
SELLING & ADMINISTRATION |
% |
1.30 |
1.42 |
2.61 |
|
INTEREST |
% |
0.08 |
0.11 |
0.17 |
|
GROSS PROFIT MARGIN |
% |
1.62 |
1.92 |
3.05 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.32 |
0.51 |
0.44 |
|
NET PROFIT MARGIN |
% |
0.11 |
0.24 |
0.13 |
|
RETURN ON EQUITY |
% |
12.67 |
28.29 |
19.80 |
|
RETURN ON ASSET |
% |
0.24 |
0.97 |
0.51 |
|
EARNING PER SHARE |
BAHT |
1,045.12 |
2,036.98 |
1,022.64 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.98 |
0.97 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
50.75 |
28.17 |
37.47 |
|
TIME INTEREST EARNED |
TIMES |
4.14 |
4.44 |
2.61 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
14.35 |
8.46 |
|
|
OPERATING PROFIT |
% |
(27.11) |
25.04 |
|
|
NET PROFIT |
% |
(48.69) |
99.19 |
|
|
FIXED ASSETS |
% |
(66.94) |
(40.10) |
|
|
TOTAL ASSETS |
% |
103.13 |
5.75 |
|
ANNUAL GROWTH: ACCEPTABLE
An annual sales growth is 14.35%. Turnover has
increased from THB 2,098,405,389.56 in 2011 to THB 2,399,630,944.51 in 2012.
While net profit has decreased from THB 5,092,439.56 in 2011 to THB
2,612,788.31 in 2012. And total assets has increased from THB 525,173,885.44 in
2011 to THB 1,066,803,837.19 in 2012.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.62 |
Deteriorated |
Industrial Average |
19.52 |
|
Net Profit Margin |
0.11 |
Deteriorated |
Industrial Average |
1.17 |
|
Return on Assets |
0.24 |
Deteriorated |
Industrial Average |
2.14 |
|
Return on Equity |
12.67 |
Impressive |
Industrial Average |
6.50 |
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
1.62%. 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 0.11%. 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 0.24%.
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 12.67%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
1.02 |
Acceptable |
Industrial Average |
1.48 |
|
Quick Ratio |
0.93 |
|
|
|
|
Cash Conversion Cycle |
(12.10) |
|
|
|
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 1.02 times in 2012, decreased from 1.04 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 lower.
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 0.93 times in 2012, increased from 0.87 times, by excluding
inventory, the company may have problems meeting current liabilities.
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 -13
days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.98 |
Acceptable |
Industrial Average |
0.69 |
|
Debt to Equity Ratio |
50.75 |
Risky |
Industrial Average |
2.23 |
|
Times Interest Earned |
4.14 |
Impressive |
Industrial Average |
0.53 |
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 4.15 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 0.98
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
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
208,020.51 |
Impressive |
Industrial Average |
2.40 |
|
Total Assets Turnover |
2.25 |
Impressive |
Industrial Average |
1.84 |
|
Inventory Conversion Period |
8.22 |
|
|
|
|
Inventory Turnover |
44.41 |
Impressive |
Industrial Average |
5.25 |
|
Receivables Conversion Period |
140.73 |
|
|
|
|
Receivables Turnover |
2.59 |
Satisfactory |
Industrial Average |
2.73 |
|
Payables Conversion Period |
161.05 |
|
|
|
The company's Account Receivable Ratio is calculated
as 2.59 and 5.18 in 2012 and 2011 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 2012 decreased from 2011. This would suggest the company
had deteriorated in the management of its debt collections.
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 6 days
at the end of 2011 to 8 days at the end of 2012. This represents a negative
trend. And Inventory turnover has decreased from 56.56 times in year 2011 to
44.41 times in year 2012.
The company's Total Asset Turnover is
calculated as 2.25 times and 4 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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
|
1 |
Rs.100.63 |
|
Euro |
1 |
Rs.84.62 |
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.