MIRA
INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HARADA
ASIA-PACIFIC LTD. |
|
|
|
|
Registered Office : |
12th Floor,
Sorachai Building, 23/13 Soi
Sukhumvit 63, Sukhumvit Road, Klongtonnua, Wattana, Bangkok 10110,
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.04.2009 |
|
|
|
|
Com. Reg. No.: |
0105552037391 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing, distributing and re-exporting various
kinds of electronic
parts and equipments |
|
|
|
|
No. of Employees : |
10 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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
HARADA ASIA-PACIFIC LTD.
SUMMARY
BUSINESS
ADDRESS : 12th FLOOR,
SORACHAI BUILDING,
23/13 SOI
SUKHUMVIT 63, SUKHUMVIT
ROAD,
KLONGTONNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2714-1400
FAX :
[66] 2714-1450
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552037391
TAX
ID NO. : 3033432084
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : JAPANESE
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MASAHIKO SATO, JAPANESE
PRESIDENT
NO.
OF STAFF : 10
LINES
OF BUSINESS : ELECTRONIC PARTS
AND EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on April
9, 2009 as
a private limited
company under the registered
name HARADA ASIA-PACIFIC
LTD., by Japanese groups, with
the business objective
to import and
distribute electronic parts
and equipment for
automotive industry both
domestic and international
markets. It currently employs
10 staff.
The
subject’s registered address
was initially located
at Room 35S, 3rd Floor,
MT&T Building, 47 Sukhumvit
69 Road, Prakanong,
Wattana, Bangkok 10110.
On March 29,
2011, its registered
address was relocated
to 12th Floor, Sorachai
Building, 23/13 Soi
Sukhumvit 63, Sukhumvit
Road, Klongtonnua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shuichi Harada |
[x] |
Japanese |
64 |
|
Mr. Shoji Harada |
|
Japanese |
59 |
|
Mr. Masahiko Sato |
[x] |
Japanese |
52 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Masahiko Sato is
the President.
He is Japanese
nationality with the
age of 52 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing, distributing and re-exporting
various kinds of
electronic parts and
equipments, including roof-mounted
antenna for AM/FM
radio, products related
to in-glass antenna
system, antenna for
digital broadcasting, antenna
integrated into car
body, products related
to ITS, products
related to actuator
and harness for
automobile industry.
The subject
is also exporter
of local electronic
parts and equipments.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
Japan, Republic of
China, Vietnam and
Philippines.
MAJOR SUPPLIERS
Harada
Industry Co., Ltd. : Japan
Dalian
Harada Industry Co.,
Ltd . :
Republic of China
Harada
Industries Vietnam Ltd. : Vietnam
Harada
Automotive Antenna
[Philippines] Inc. :
Philippines
SALES
Most of the
products are sold
locally to wholesalers,
manufacturers and end-users,
the remaining is
exported and re-exported
to U.S.A., Republic
of China, Mexico
and the countries in
Europe.
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 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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Bank of Tokyo
Mitsubishi UFJ Ltd. [Bangkok
office]
EMPLOYMENT
The subject
currently employs 10 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Subject
has outstanding business
performance in the past several
years. Domestic demand
of the products had
witnessed an uptrend.
Increased consumption from
local market has
contributed to improve
subject’s sales and
services.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 10,000
shares of Bht.
1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 15, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Harada Industry Co.,
Ltd. Nationality: Japanese Address : 26-2 Minami-Ohi 6-Chome, Shinagawa-ku, Tokyo 140-0013 Japan |
9,997 |
99.97 |
|
Mr. Shuichi Harada Nationality: Japanese Address : 2-22-14
Seichow, Setagaya-ku, Tokyo
157-0066, Japan |
1 |
0.01 |
|
Mr. Shoji Harada Nationality: Japanese Address : 2-22-13
Midorigaoka, Meguro-ku, Tokyo
152-0034, Japan |
1 |
0.01 |
|
Mr. Masahiko Sato Nationality: Japanese Address : 6-25-18-202
Higashi Kasai, Edogawa, Tokyo 134-0084,
Japan |
1 |
0.01 |
Total Shareholders : 4
Share Structure [as
at April 15,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
4 |
10,000 |
100.00 |
|
Total |
4 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Termpong Opanaphan No. 4501
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 |
133,995,596 |
113,525,773 |
91,439,713 |
|
Trade Accounts & Other Receivable |
89,860,484 |
49,307,872 |
48,135,026 |
|
Inventories |
45,718,284 |
26,414,216 |
18,736,573 |
|
Other Current Assets
|
731,388 |
341,219 |
171,889 |
|
|
|
|
|
|
Total Current Assets
|
270,305,752 |
189,589,080 |
158,483,201 |
|
Equipment |
1,929,598 |
2,345,530 |
736,124 |
|
Deferred Income Tax |
402,401 |
56,357 |
85,898 |
|
Other Non-current Assets |
634,496 |
368,196 |
366,246 |
|
Total Assets |
273,272,247 |
192,359,163 |
159,671,469 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other Payable
|
92,924,241 |
53,469,840 |
50,211,991 |
|
Short-term Loan |
69,358,827 |
71,724,132 |
75,850,079 |
|
Current Portion of
Financial Lease Contract Liabilities |
270,573 |
254,852 |
- |
|
Accrued Income Tax |
8,847,065 |
7,611,754 |
4,396,185 |
|
Other Current Liabilities |
684,400 |
733,684 |
1,358,384 |
|
|
|
|
|
|
Total Current Liabilities |
172,085,106 |
133,794,262 |
131,816,639 |
|
Financial Lease Contract
Liabilities, Net of Current Portion |
289,073 |
559,646 |
- |
|
Reserve for Employee
Benefits |
160,686 |
93,801 |
162,511 |
|
Total Liabilities |
172,534,865 |
134,447,709 |
131,979,150 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 10,000 shares |
10,000,000 |
10,000,000 |
10,000,000 |
|
|
|
|
|
|
Capital Paid |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
1,000,000 |
- |
- |
|
Unappropriated |
89,737,382 |
47,911,454 |
17,692,319 |
|
Total Shareholders' Equity |
100,737,382 |
57,911,454 |
27,692,319 |
|
Total Liabilities & Shareholders' Equity |
273,272,247 |
192,359,163 |
159,671,469 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
646,864,036 |
382,792,745 |
323,075,484 |
|
Other Income |
3,760,609 |
3,589,531 |
4,743,772 |
|
Total Revenues |
650,624,645 |
386,382,276 |
327,819,256 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
497,052,738 |
298,321,419 |
258,733,265 |
|
Selling Expenses |
43,155,202 |
25,427,029 |
22,761,747 |
|
Administrative Expenses |
24,192,898 |
18,678,536 |
15,748,526 |
|
Total Expenses |
564,400,838 |
342,426,984 |
297,243,538 |
|
|
|
|
|
|
Profit before Financial
Expenses & Income
Tax |
86,223,807 |
43,955,292 |
30,575,718 |
|
Financial Expenses |
[921,503] |
[791,233] |
[852,988] |
|
Profit before Income Tax |
85,302,304 |
43,164,059 |
29,722,730 |
|
Income Tax |
[19,976,376] |
[12,944,924] |
[8,888,521] |
|
|
|
|
|
|
Net Profit / [Loss] |
65,325,928 |
30,219,135 |
20,834,209 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.57 |
1.42 |
1.20 |
|
QUICK RATIO |
TIMES |
1.30 |
1.22 |
1.06 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
335.23 |
163.20 |
438.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.37 |
1.99 |
2.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.57 |
32.32 |
26.43 |
|
INVENTORY TURNOVER |
TIMES |
10.87 |
11.29 |
13.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.70 |
47.02 |
54.38 |
|
RECEIVABLES TURNOVER |
TIMES |
7.20 |
7.76 |
6.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
68.24 |
65.42 |
70.84 |
|
CASH CONVERSION CYCLE |
DAYS |
16.04 |
13.91 |
9.98 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.84 |
77.93 |
80.08 |
|
SELLING & ADMINISTRATION |
% |
10.41 |
11.52 |
11.92 |
|
INTEREST |
% |
0.14 |
0.21 |
0.26 |
|
GROSS PROFIT MARGIN |
% |
23.74 |
23.00 |
21.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.33 |
11.48 |
9.46 |
|
NET PROFIT MARGIN |
% |
10.10 |
7.89 |
6.45 |
|
RETURN ON EQUITY |
% |
64.85 |
52.18 |
75.23 |
|
RETURN ON ASSET |
% |
23.91 |
15.71 |
13.05 |
|
EARNING PER SHARE |
BAHT |
6,532.59 |
3,021.91 |
2,083.42 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.70 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.71 |
2.32 |
4.77 |
|
TIME INTEREST EARNED |
TIMES |
93.57 |
55.55 |
35.85 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
68.99 |
18.48 |
|
|
OPERATING PROFIT |
% |
96.16 |
43.76 |
|
|
NET PROFIT |
% |
116.17 |
45.05 |
|
|
FIXED ASSETS |
% |
(17.73) |
218.63 |
|
|
TOTAL ASSETS |
% |
42.06 |
20.47 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 68.99%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.74 |
Satisfactory |
Industrial Average |
31.32 |
|
Net Profit Margin |
10.10 |
Impressive |
Industrial Average |
2.80 |
|
Return on Assets |
23.91 |
Impressive |
Industrial Average |
8.30 |
|
Return on Equity |
64.85 |
Impressive |
Industrial Average |
20.80 |
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 23.74%. 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. Net Profit Margin ratio is 10.1%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operators 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
23.91%, 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.
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 64.85%, 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 :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.57 |
Impressive |
Industrial Average |
1.53 |
|
Quick Ratio |
1.30 |
|
|
|
|
Cash Conversion Cycle |
16.04 |
|
|
|
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 1.57 times in 2012, increase from 1.42 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 1.3 times in 2012,
increase from 1.22 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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
1.71 |
Risky |
Industrial Average |
1.37 |
|
Times Interest Earned |
93.57 |
Impressive |
Industrial Average |
1.53 |
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 93.57 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 0.63 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
335.23 |
Impressive |
Industrial Average |
2.96 |
|
Total Assets Turnover |
2.37 |
Satisfactory |
Industrial Average |
2.95 |
|
Inventory Conversion Period |
33.57 |
|
|
|
|
Inventory Turnover |
10.87 |
Impressive |
Industrial Average |
10.18 |
|
Receivables Conversion Period |
50.70 |
|
|
|
|
Receivables Turnover |
7.20 |
Impressive |
Industrial Average |
5.07 |
|
Payables Conversion Period |
68.24 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.20 and
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 32 days at the
end of 2011 to 34 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 11.29 times in year 2011 to 10.87
times in year 2012.
The company's Total Asset Turnover is calculated as 2.37 times and 1.99
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.