MIRA INFORM REPORT
|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL AV CO.,
LTD |
|
|
|
|
Registered Office : |
54/33 Moo 2,
Soi Thongkham Anusorn
Yaek 4, Nonthaburi 1 Road, T. Taladkwan, A. Taladkwan, Nonthaburi
11000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.03.2010 |
|
|
|
|
Com. Reg. No.: |
0125553004046 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject engaged in importing,
distributing and providing installation and
maintenance services of
visual products and
solutions. |
|
|
|
|
No. of Employees : |
12 |
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 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
GLOBAL
AV CO., LTD
SUMMARY
BUSINESS
ADDRESS : 54/33
MOO 2, SOI
THONGKHAM ANUSORN YAEK 4,
NONTHABURI 1
ROAD, T. TALADKWAN,
A.
TALADKWAN, NONTHABURI 11000
TELEPHONE : [66] 2969-2313
FAX :
[66] 2969-2331
E-MAIL
ADDRESS : arthit@gb-av.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0125553004046
TAX
ID NO. : 3033829532
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ARTHIT SONGKROD,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : VISUAL SYSTEMS
AND SOLUTIONS
IMPORTER, DISTRIBUTOR
AND SERVICE
PROVIDER
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 March 3,
2010 as a
private limited company under
the registered name
GLOBAL AV CO.,
LTD., by Thai groups,
with the business
objective to supply
product and service
wide range of
visual products and solutions.
It currently employs
12 staff.
The
subject’s registered address
is 54/33 Moo
2, Soi Thongkham
Anusorn Yaek 4,
Nonthaburi 1 Road, T.
Taladkwan, A. Taladkwan, Nonthaburi
11000, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Arthit Songkrod |
|
Thai |
39 |
|
Ms. Busakorn Yartwangkloom |
|
Thai |
37 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Arthit Songkrod is
the Managing Director.
He is Thai nationality with
the age of 39 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing, distributing and
providing installation and maintenance
services of visual
products and solutions.
The products are
2D/3D video walls [LED/VCD/Lamp technologies]
2D/3D LED walls for
indoor-outdoor 2D/3D professional
projectors, 3D simulation & training, military
imaging products, medical imaging
products, large screen solutions,
LED displays, digital
billboards, indoor-outdoor LED
displays, LED creative
modules, LED image
processing & presentation
products and etc.,
under the brand
“BARCO” and others.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in U.S.A.
and Republic of
China.
MAJOR
SUPPLIER
Barco
Inc. : U.S.A.
SALES/SERVICES
100% of the
products is sold
and serviced locally
to end-users both
individual and government
sectors.
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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
12 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on
the outskirts of
Bangkok.
COMMENT
Subject had
moderate business in the
previous year. Commercial
and business improvement
from economic stability in 2012
had witnessed an
upward trend of subject’s
business.
However,
market slowdown and
drop in purchasing
power since the second
quarter of 2013
would affect on
its business growth
for this year.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
On
June 11, 2010,
the registered capital
was increased to Bht. 2,000,000
divided into 20,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Arthit Songkrod Nationality: Thai Address : 62 Moo
10, T. Kohtao, A. Papayom,
Pattalung |
10,001 |
50.00 |
|
Ms. Busakorn Yartwangkloom Nationality: Thai Address : 1912/21
Old Railway Road,
Prakanong,
Klongtoey, Bangkok |
9,998 |
49.99 |
|
Mr. Ekachai Songkrod Nationality: Thai Address : 91
Moo 10, T. Kohtao,
A. Papayom,
Pattalung |
1 |
0.01 |
Total Shareholders : 3
Share
Structure
[as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Withaya Ekaviroonporn No.
9016
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
390,648.24 |
811,175.29 |
533,311.83 |
|
Trade Accounts & Other Receivable |
6,886,326.07 |
1,502,764.00 |
1,422,938.34 |
|
Inventories |
783,925.02 |
960,188.19 |
804,768.04 |
|
|
|
|
|
|
Total Current Assets
|
8,060,899.33 |
3,274,127.48 |
2,761,018.21 |
|
|
|
|
|
|
Long-term Lending - Related Company |
- |
- |
170,000.00 |
|
Fixed Assets |
883,526.59 |
970,782.03 |
133,234.65 |
|
Other Non-current Assets |
798,116.92 |
876,312.24 |
- |
|
Total Assets |
9,742,542.84 |
5,121,221.75 |
3,064,252.86 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Trade Accounts & Other Payable
|
3,078,634.23 |
1,369,288.56 |
721,589.59 |
|
Current Portion of
Long-term Liabilities |
101,124.96 |
77,132.00 |
- |
|
Accrued Income Tax |
104,543.26 |
29,113.59 |
27,883.87 |
|
|
|
|
|
|
Total Current Liabilities |
3,284,302.45 |
1,475,534.15 |
749,473.46 |
|
Long-term Loan - Related Company |
1,030,000.00 |
180,000.00 |
- |
|
Long-term Loan, Net |
168,541.76 |
293,659.68 |
- |
|
Total Liabilities |
4,482,844.21 |
1,949,193.83 |
749,473.46 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
3,259,698.63 |
1,172,027.92 |
314,779.40 |
|
Total Shareholders' Equity |
5,259,698.63 |
3,172,027.92 |
2,314,779.40 |
|
Total Liabilities & Shareholders' Equity |
9,742,542.84 |
5,121,221.75 |
3,064,252.86 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
20,119,310.00 |
9,601,044.96 |
4,715,560.28 |
|
Other Income |
15,746.60 |
536,217.81 |
46,928.53 |
|
Total Revenues |
20,135,056.60 |
10,137,262.77 |
4,222,488.81 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
11,017,474.02 |
4,357,806.41 |
2,587,269.10 |
|
Selling Expenses |
1,866,682.40 |
852,606.00 |
232,975.57 |
|
Administrative Expenses |
4,665,139.29 |
3,942,974.32 |
1,057,192.95 |
|
Total Expenses |
17,549,295.71 |
9,153,386.73 |
3,877,437.62 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
2,585,760.89 |
983,876.04 |
345,051.19 |
|
Financial Costs |
[4,055.04] |
[1,351.68] |
- |
|
Profit / [Loss] before Income Tax |
2,581,705.85 |
982,524.36 |
345,051.19 |
|
Income Tax |
[494,035.14] |
[125,275.84] |
[30,271.79] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,087,670.71 |
857,248.52 |
314,779.40 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.45 |
2.22 |
3.68 |
|
QUICK RATIO |
TIMES |
2.22 |
1.57 |
2.61 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
22.77 |
9.89 |
35.39 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.07 |
1.87 |
1.54 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
25.97 |
80.42 |
113.53 |
|
INVENTORY TURNOVER |
TIMES |
14.05 |
4.54 |
3.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
124.93 |
57.13 |
110.14 |
|
RECEIVABLES TURNOVER |
TIMES |
2.92 |
6.39 |
3.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
101.99 |
114.69 |
101.80 |
|
CASH CONVERSION CYCLE |
DAYS |
48.91 |
22.86 |
121.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
54.76 |
45.39 |
54.87 |
|
SELLING & ADMINISTRATION |
% |
32.47 |
49.95 |
27.36 |
|
INTEREST |
% |
0.02 |
0.01 |
- |
|
GROSS PROFIT MARGIN |
% |
45.32 |
60.20 |
34.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.85 |
10.25 |
7.32 |
|
NET PROFIT MARGIN |
% |
10.38 |
8.93 |
6.68 |
|
RETURN ON EQUITY |
% |
39.69 |
27.03 |
13.60 |
|
RETURN ON ASSET |
% |
21.43 |
16.74 |
10.27 |
|
EARNING PER SHARE |
BAHT |
104.38 |
42.86 |
15.74 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.38 |
0.24 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.85 |
0.61 |
0.32 |
|
TIME INTEREST EARNED |
TIMES |
637.67 |
727.89 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
109.55 |
103.60 |
|
|
OPERATING PROFIT |
% |
162.81 |
185.14 |
|
|
NET PROFIT |
% |
143.53 |
172.33 |
|
|
FIXED ASSETS |
% |
(8.99) |
628.63 |
|
|
TOTAL ASSETS |
% |
90.24 |
67.13 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 109.55%. Turnover has increased from THB 9,601,044.96
in 2011 to THB 20,119,310.00 in 2012. While net profit has increased from THB
857,248.52 in 2011 to THB 2,087,670.71 in 2012. And total assets has increased
from THB 5,121,221.75 in 2011 to THB 9,742,542.84 in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
45.32 |
Impressive |
Industrial
Average |
37.67 |
|
Net Profit Margin |
10.38 |
Impressive |
Industrial
Average |
2.39 |
|
Return on Assets |
21.43 |
Impressive |
Industrial
Average |
4.90 |
|
Return on Equity |
39.69 |
Impressive |
Industrial
Average |
11.94 |
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 45.32%. 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 10.38%,
higher figure when 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
21.43%, 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 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 39.69%, 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 |
2.45 |
Impressive |
Industrial
Average |
1.46 |
|
Quick Ratio |
2.22 |
|
|
|
|
Cash Conversion Cycle |
48.91 |
|
|
|
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 2.45 times in 2012, increased from 2.22 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 2.22 times in 2012,
increased from 1.57 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 49 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.85 |
Impressive |
Industrial
Average |
1.32 |
|
Times Interest Earned |
637.67 |
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 637.67 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 0.46 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
22.77 |
Impressive |
Industrial
Average |
(3.15) |
|
Total Assets Turnover |
2.07 |
Impressive |
Industrial
Average |
1.97 |
|
Inventory Conversion Period |
25.97 |
|
|
|
|
Inventory Turnover |
14.05 |
Impressive |
Industrial
Average |
7.04 |
|
Receivables Conversion Period |
124.93 |
|
|
|
|
Receivables Turnover |
2.92 |
Impressive |
Industrial
Average |
2.78 |
|
Payables Conversion Period |
101.99 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.92 and 6.39 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 decreased from 80 days at the
end of 2011 to 26 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 4.54 times in year 2011 to 14.05
times in year 2012.
The company's Total Asset Turnover is calculated as 2.07 times and 1.87
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.61.93 |
|
UK Pound |
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.