MIRA INFORM REPORT
|
Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
INGREDIENT
STUDIO CO., LTD. |
|
|
|
|
Registered Office : |
18/12 Soi Sukhumvit 22, Sukhumvit Road, Klongtoey, Bangkok 10110, |
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|
|
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Country : |
Thailand |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.07.2011 |
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|
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Com. Reg. No.: |
0105554090884 |
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Legal Form : |
Private Limited Company |
|
|
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Line of Business : |
importer
and distributor of
various kinds of ingredients and
extracts such as
fruit extract, malt
extract, grain extract,
flavor, malt enzyme,
mineral and cheated
mineral, joint-support ingredient,
other active ingredient,
collagen, gelatin |
|
|
|
|
No. of Employees : |
05 |
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 |
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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) |
|
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
INGREDIENT STUDIO CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 18/12
SOI SUKHUMVIT 22,
SUKHUMVIT ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2663-4056-16, 089
926-9952, 2663-7738
FAX :
[66] 2663-4055
E-MAIL
ADDRESS : admin@ingredient-studio.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554090884
TAX
ID NO. : 3034597621
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. PAKORN JIRA-ANUNTAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : INGREDIENTS AND
EXTRACTS
IMPORTER AND
DISTRIBUTOR
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 July 8,
2011 as a
private limited company
under the registered
name INGREDIENT STUDIO CO., LTD.
by Thai group, with
the business objective
to import and
distribute ingredients and
extracts to local market.
It currently employs
5 staff.
The
subject’s registered address
is 18/12 Soi Sukhumvit
22, Sukhumvit Road,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pakorn Jira-anuntakul |
|
Thai |
35 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pakorn Jira-anuntakul is
the Managing Director.
He is Thai
nationality with the
age of 35
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of ingredients and
extracts such as
fruit extract, malt
extract, grain extract,
flavor, malt enzyme,
mineral and cheated
mineral, joint-support ingredient,
other active ingredient,
collagen, gelatin.
IMPORT
100%
of the products
is imported from
India, Republic of
China, U.S.A., and
Europe.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users
in various industries
such as food
& beverage, drug,
feed and etc.
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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
5 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 newly
established company in
supplying high standard
with differentiated products
of food ingredients
and extracts to local
market. Though the
subject’s first years
sales in 2012
was small, its
business is expanding
and improving subsequently
this year. Generally,
its business outlook
is promising in
line with the
growth and development
of related industries.
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 |
% |
|
|
|
|
|
Mr. Pakorn Jira-anuntakul Nationality: Thai Address : 511
Prannok Road, Banchanglor,
Bangkoknoi, Bangkok |
8,000 |
80.00 |
|
Ms. U-sa Jira-anuntakul Nationality: Thai Address : 511
Prannok Road, Banchanglor,
Bangkoknoi, Bangkok |
1,000 |
10.00 |
|
Ms. Chantana Jira-anuntakul Nationality: Thai Address : 511
Prannok Road, Banchanglor,
Bangkoknoi, Bangkok |
1,000 |
10.00 |
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. Narathorn Srifah No. 9821
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012 &
2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash and Cash Equivalents
|
92,117.14 |
118,299.50 |
|
Short-term Investment |
1,700,000.00 |
900,000.00 |
|
Inventories |
- |
367,289.72 |
|
Other Current Assets
|
|
|
|
Revenue Department Receivable |
15,559.20 |
- |
|
Withholding Income Tax |
15,901.33 |
- |
|
Deferred Business Tax |
- |
25,727.81 |
|
Deferred Interest |
62,816.67 |
7,500.00 |
|
|
|
|
|
Total Current Assets
|
1,886,394.34 |
1,418,817.03 |
|
Total Assets |
1,886,394.34 |
1,418,817.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
|
|
|
|
|
Bank Overdraft |
876,582.80 |
447,082.84 |
|
Accrued Expenses |
24,276.95 |
9,000.00 |
|
|
|
|
|
Total Current Liabilities |
900,859.75 |
456,082.84 |
|
Total Liabilities |
900,859.75 |
456,082.84 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning
-Unappropriated [Deficit] |
[14,465.41] |
[37,265.81] |
|
Total Shareholders' Equity
[Deficit] |
985,534.59 |
962,734.19 |
|
Total Liabilities &
Shareholders' Equity |
1,886,394.34 |
1,418,817.03 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
July 8,
2011- Dec.
31, 2011 |
|
|
|
|
|
Sales Income |
793,500.00 |
- |
|
Services Income |
300,000.00 |
- |
|
Other Income |
55,450.13 |
7,500.00 |
|
Total Revenues |
1,148,950.13 |
7,500.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
472,367.97 |
- |
|
Cost of Services |
165,900.00 |
- |
|
Administrative Expenses |
466,980.11 |
44,753.47 |
|
Total Expenses |
1,105,248.08 |
44,753.47 |
|
|
|
|
|
Profit / Loss] before Financial
Cost |
43,702.05 |
[37,253.47] |
|
Financial Cost |
[20,901.65] |
[12.34] |
|
Net Profit / [Loss] |
22,800.40 |
[37,265.81] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.09 |
3.11 |
|
QUICK RATIO |
TIMES |
1.99 |
2.23 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
58.37 |
- |
|
SELLING & ADMINISTRATION |
% |
42.71 |
- |
|
INTEREST |
% |
1.91 |
- |
|
GROSS PROFIT MARGIN |
% |
46.70 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.00 |
- |
|
NET PROFIT MARGIN |
% |
2.09 |
- |
|
RETURN ON EQUITY |
% |
2.31 |
(3.87) |
|
RETURN ON ASSET |
% |
1.21 |
(2.63) |
|
EARNING PER SHARE |
BAHT |
2.28 |
(3.73) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.91 |
0.47 |
|
TIME INTEREST EARNED |
TIMES |
2.09 |
(3,018.92) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
OPERATING PROFIT |
% |
(217.31) |
- |
|
NET PROFIT |
% |
161.18 |
- |
|
FIXED ASSETS |
% |
- |
- |
|
TOTAL ASSETS |
% |
32.96 |
- |
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
46.70 |
Impressive |
Industrial Average |
27.90 |
|
Net Profit Margin |
2.09 |
Satisfactory |
Industrial Average |
2.46 |
|
Return on Assets |
1.21 |
Deteriorated |
Industrial Average |
4.64 |
|
Return on Equity |
2.31 |
Deteriorated |
Industrial Average |
9.65 |
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. Gross Profit Margin is 46.7%. 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 2.09%.
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 1.21%.
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 2.31%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.09 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
1.99 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 2.09 times in 2012, decrease from 3.11 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 1.99 times in 2012,
decrease from 2.23 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 |
0.48 |
Impressive |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
0.91 |
Impressive |
Industrial Average |
0.94 |
|
Times Interest Earned |
2.09 |
Impressive |
Industrial Average |
1.20 |
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 2.1 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 0.48 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
1.55 |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial Average |
1.83 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
8.85 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.74 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 0.58 times and 0
time 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.61.16 |
|
UK Pound |
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
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.