MIRA
INFORM REPORT
|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL
INTEGRATED ENTERPRISE [THAI]
CO., LTD. |
|
|
|
|
Registered Office : |
52/169 Soi Krungthep-Kreetha 15, Sapansung, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.01.2002 |
|
|
|
|
Com. Reg. No.: |
0105545000177 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of synthetic rubber
and synthetic chemical,
as well as
re-exporting of synthetic
rubber and exporting of
beer dispenser subject
also provides designing
and manufacturing service
for beer tower,
beer dispenser and
beer container products |
|
|
|
|
No. of Employees : |
10 |
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 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 INTEGRATED ENTERPRISE
[THAI] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 52/169 SOI
KRUNGTHEP-KREETHA 15,
SAPANSUNG,
BANGKOK 10250, THAILAND
TELEPHONE : [66] 2736-0996-7,
2138-8211
FAX :
[66] 2736-0918
E-MAIL
ADDRESS : mk@global-giet.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION
NO. : 0105545000177
TAX
ID NO. : 3030433459
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
KEERATIYA KORNCHANACHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : SYNTHETIC RUBBER
AND CHEMICALS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 January 2, 2002
as a private
limited company under
the name style GLOBAL INTEGRATED ENTERPRISE [THAI]
CO., LTD., by
Thai groups, with the
business objective to
market synthetic rubber and
chemicals. It currently
employs 10 staff.
The
subject’s registered address
was initially located
at 52/169 Moo
13, Krungthep-Kreetha Rd.,
Sapansung, Bangkok 10250.
On
April 11, 2013,
its registered address
was changed
to 52/169 Soi
Krungthep-Kreetha 15, Sapansung,
Bangkok 10250, by
the Sapansung District
Office of Bangkok
Metropolitan Administration, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Keeratiya Kornchanachai |
|
Thai |
48 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Keeratiya Kornchanachai is
the Managing Director.
She is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
synthetic rubber and
synthetic chemical, as
well as re-exporting
of synthetic rubber
and exporting of beer
dispenser.
The subject also
provides design and
manufacturing service for
beer tower, beer
dispenser and beer
container products. The products
have been produced
by local manufacturing
contractors.
PURCHASE
70% of the
products is purchased
from local suppliers,
the remaining 30% is imported
from Malaysia, Republic
of China and
Taiwan.
SALES
The products are
sold locally by
wholesale to manufacturers, dealers
and end-users.
EXPORT
The products are exported
and re-exported to
India, U.S.A., Indonesia
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
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject’s sales and
service sales in
2011-2012 was drastically
dropped from the
previous year. Industrial
downward has resulted to
slow consumption of
the products. Generally, the business
would encounter a
slow growth in relation
to a slow
economic situation.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each.
On October
7, 2005, the
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
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Keeratiya Kornchanachai Nationality: Thai Address : 52/169
Moo 13, Sapansung,
Bangkok |
26,000 |
65.00 |
|
Ms. Namthip Khamlue Nationality: Thai Address : 284
Moo 1, Pichai,
Muang, Lampang |
12,000 |
30.00 |
|
Ms. Prapassorn Chanchaichujit Nationality: Thai Address : 1014/70
Moo 7, Nongkangplu, Nongkaem,
Bangkok |
2,000 |
5.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
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. Boonrith Pisetsith No.
7605
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 |
2,290,420.77 |
1,426,448.45 |
516,617.53 |
|
Trade Accounts & Other Receivable |
3,522,090.12 |
2,894,307.30 |
3,827,666.20 |
|
Inventories |
1,285,090.99 |
1,537,957.64 |
1,677,016.02 |
|
Other Current Assets
|
343.99 |
329,844.86 |
247,553.14 |
|
|
|
|
|
|
Total Current Assets
|
7,097,945.87 |
6,188,558.25 |
6,268,852.89 |
|
|
|
|
|
|
Fixed Assets |
759,535.12 |
1,100,350.87 |
1,485,381.18 |
|
Other Non-current Assets |
690,778.23 |
361,209.54 |
361,209.54 |
|
Total Assets |
8,548,259.22 |
7,650,118.66 |
8,115,443.61 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other Payable
|
4,228,772.04 |
4,929,269.37 |
3,686,171.11 |
|
Current Portion of
Financial Lease Contract Liabilities |
217,741.69 |
217,741.69 |
281,091.69 |
|
Accrued Expenses |
- |
- |
54,873.51 |
|
Other Current Liabilities |
132,502.69 |
27,310.64 |
11,867.29 |
|
|
|
|
|
|
Total Current Liabilities |
4,579,016.42 |
5,174,321.70 |
4,034,003.60 |
|
|
|
|
|
|
Financial Lease Contract Liabilities, Net |
353,881.06 |
571,622.74 |
789,364.42 |
|
Long-term Loan |
2,257,900.00 |
2,259,900.00 |
3,159,900.00 |
|
Total Liabilities |
7,190,797.48 |
8,005,844.44 |
7,983,268.02 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[2,642,538.26] |
[4,355,725.78] |
[3,867,824.41] |
|
Total Shareholders' Equity |
1,357,461.74 |
[355,725.78] |
132,175.59 |
|
Total Liabilities & Shareholders' Equity |
8,548,259.22 |
7,650,118.66 |
8,115,443.61 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
32,475,404.83 |
24,849,271.76 |
40,460,891.49 |
|
Other Income |
3,573.66 |
- |
- |
|
Total Sales |
32,478,978.49 |
24,849,271.76 |
40,460,891.49 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
27,523,301.26 |
22,377,958.28 |
37,671,348.59 |
|
Selling Expenses |
122,600.00 |
107,250.00 |
187,206.18 |
|
Administrative Expenses |
2,704,964.92 |
2,819,040.33 |
2,784,835.74 |
|
Total Expenses |
30,350,866.18 |
25,304,248.61 |
40,643,390.51 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
2,128,112.31 |
[454,976.85] |
[182,499.02] |
|
Financial Costs |
[32,924.52] |
[32,924.52] |
[24,186.53] |
|
Profit / [Loss] before Income Tax |
2,095,187.79 |
[487,901.37] |
[206,685.55] |
|
Income Tax |
[382,000.27] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
1,713,187.52 |
[487,901.37] |
[206,685.55] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.55 |
1.20 |
1.55 |
|
QUICK RATIO |
TIMES |
1.27 |
0.84 |
1.08 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42.76 |
22.58 |
27.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.80 |
3.25 |
4.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
17.04 |
25.09 |
16.25 |
|
INVENTORY TURNOVER |
TIMES |
21.42 |
14.55 |
22.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.59 |
42.51 |
34.53 |
|
RECEIVABLES TURNOVER |
TIMES |
9.22 |
8.59 |
10.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.08 |
80.40 |
35.72 |
|
CASH CONVERSION CYCLE |
DAYS |
0.55 |
(12.80) |
15.06 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.75 |
90.05 |
93.11 |
|
SELLING & ADMINISTRATION |
% |
8.71 |
11.78 |
7.35 |
|
INTEREST |
% |
0.10 |
0.13 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
15.26 |
9.95 |
6.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.55 |
(1.83) |
(0.45) |
|
NET PROFIT MARGIN |
% |
5.28 |
(1.96) |
(0.51) |
|
RETURN ON EQUITY |
% |
126.21 |
- |
(156.37) |
|
RETURN ON ASSET |
% |
20.04 |
(6.38) |
(2.55) |
|
EARNING PER SHARE |
BAHT |
42.83 |
(12.20) |
(5.17) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
1.05 |
0.98 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.30 |
(22.51) |
60.40 |
|
TIME INTEREST EARNED |
TIMES |
64.64 |
(13.82) |
(7.55) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
30.69 |
(38.58) |
|
|
OPERATING PROFIT |
% |
(567.74) |
149.30 |
|
|
NET PROFIT |
% |
451.13 |
(136.06) |
|
|
FIXED ASSETS |
% |
(30.97) |
(25.92) |
|
|
TOTAL ASSETS |
% |
11.74 |
(5.73) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 30.69%. Turnover has increased from THB
24,849,271.76 in 2011 to THB 32,475,404.83 in 2012. While net profit has
increased from THB -487,901.37 in 2011
to THB 1,713,187.52 in 2012. And total assets has increased from THB
7,650,118.66 in 2011 to THB 8,548,259.22 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.26 |
Deteriorated |
Industrial Average |
71.21 |
|
Net Profit Margin |
5.28 |
Acceptable |
Industrial Average |
7.68 |
|
Return on Assets |
20.04 |
Impressive |
Industrial Average |
15.61 |
|
Return on Equity |
126.21 |
Impressive |
Industrial Average |
26.61 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 15.26%. 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 5.28%.
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. Return on Assets ratio is
20.04%, 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 126.21%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.55 |
Satisfactory |
Industrial Average |
1.97 |
|
Quick Ratio |
1.27 |
|
|
|
|
Cash Conversion Cycle |
0.55 |
|
|
|
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 1.55 times in 2012, increased from 1.2 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 1.27 times in 2012,
increased from 0.84 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 1 day.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.39 |
|
Debt to Equity Ratio |
5.30 |
Risky |
Industrial Average |
0.63 |
|
Times Interest Earned |
64.64 |
Impressive |
Industrial Average |
- |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 64.64 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 0.84 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
42.76 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.80 |
Impressive |
Industrial Average |
2.03 |
|
Inventory Conversion Period |
17.04 |
|
|
|
|
Inventory Turnover |
21.42 |
Impressive |
Industrial Average |
8.58 |
|
Receivables Conversion Period |
39.59 |
|
|
|
|
Receivables Turnover |
9.22 |
Impressive |
Industrial Average |
4.92 |
|
Payables Conversion Period |
56.08 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.22 and 8.59 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sale. 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
increased from 2011. This would suggest the company had good performance 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 25 days at the
end of 2011 to 17 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 14.55 times in year 2011 to 21.42
times in year 2012.
The company's Total Asset Turnover is calculated as 3.8 times and 3.25
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.