MIRA
INFORM REPORT
|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
AZIZI ENTERPRISES
CO., LTD. |
|
|
|
|
Registered Office : |
Room 508,
43rd Floor, Jewelry
Trade Center, 919/508 Silom
Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.02.1997 |
|
|
|
|
Com. Reg. No.: |
0105540012517 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged
in importing, distributing and
exporting various kinds
of gemstones and
semi-precious stones, such
as tourmaline, kunzite,
morganite, peridot and etc.,
for jewelry production
industry. |
|
|
|
|
No. of Employees : |
2 |
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 : |
Small company |
|
Payment Behaviour : |
Slow but correct |
|
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
AZIZI
ENTERPRISES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
508, 43rd FLOOR,
JEWELRY TRADE CENTER,
919/508 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2630-1591-4
FAX :
[66] 2630-1595
E-MAIL
ADDRESS : azizi@asiaaccess.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0105540012517
TAX
ID NO. : 3011814246
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ZAHEER AZIZI, AFGHANI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : GEMSTONES AND
SEMI-PRECIOUS STONES
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 February 4,
1997 as a
private limited company under
the registered name
AZIZI ENTERPRISES CO.,
LTD., by Thai
and Foreign groups,
with the business
objective to import,
distribute and export
various kinds of
gemstones and semi-precious
stones for jewelry
industry. It currently
employs 2 staff.
The
subject’s registered address
is Room 508, 43rd Floor,
Silom Road, Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Zaheer Azizi |
|
Afghani |
55 |
|
Mr. Mohammad Hashmat |
|
Afghani |
36 |
|
Mr. Farhat Amin Azizi |
|
Afghani |
34 |
|
Mr. Shreen Dil Azizi |
|
Pakistani |
41 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Zaheer Azizi is
the Managing Director.
He is Afghani
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
gemstones and semi-precious
stones, such as
tourmaline, kunzite, morganite,
peridot and etc., for
jewelry production industry.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in India
and Pakistan.
SALES
100% of the
products is sold
to manufacturers and
end-users both local
and overseas, mainly
in Hong Kong,
Japan and Republic
of China.
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 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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject
currently employs 2
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
Subject
operates small business engaging
in importing, distributing
and exporting gemstones
and semi-precious stones. Sales in 2012 were
reported at moderate
level, while its
current business is
relatively slow from
domestic slow purchasing
power.
FINANCIAL INFORMATION
The
capital was registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on August 8,
1997
Bht. 6,000,000
on October 15,
1999
Bht. 8,000,000
on January 12,
2005
The
latest registered capital
was increased to
Bht. 8,000,000 divided into
80,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Supawadee Purivejkunakorn Nationality: Thai Address : 281/41
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
14,400 |
18.00 |
|
Mr. Niyom Daoruang Nationality: Thai Address : 224/41
Rajburana Rd., Wadprayakrai,
Bangrak, Bangkok |
13,800 |
17.25 |
|
Mrs. Jidapa Padthaisong Nationality: Thai Address : 919/508
Silom Rd., Silom,
Bangrak,
Bangkok |
12,600 |
15.75 |
|
Mr. Mohammad Hashmat Nationality: Afghani Address :
919/508 Silom Rd.,
Silom, Bangrak,
Bangkok |
12,000 |
15.00 |
|
Mr. Shreen Dil Azizi Nationality: Pakistani Address : Pakistan
|
10,200 |
12.75 |
|
Mr. Zaheer Azizi Nationality: Afghani Address : 919/508
Silom Rd., Silom,
Bangrak,
Bangkok |
9,600 |
12.00 |
|
Mr. Farhat Amin Azizi Nationality: Afghani Address : 919/508
Silom Rd., Silom,
Bangrak,
Bangkok |
7,400 |
9.25 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
40,800 |
51.00 |
|
Foreign-Foreign |
4 |
39,200 |
49.00 |
|
Total |
7 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somsak Chuwathiwat No.
2006
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 |
4,301,007.32 |
2,432,194.09 |
1,941,432.87 |
|
Trade Accounts Receivable
|
8,877,077.40 |
7,206,187.58 |
1,803,084.02 |
|
Inventories |
11,197,281.88 |
12,841,268.04 |
12,629,612.85 |
|
Other Current Assets
|
488,256.46 |
530,690.37 |
354,595.67 |
|
|
|
|
|
|
Total Current Assets
|
24,863,623.06 |
23,010,340.08 |
16,728,725.41 |
|
|
|
|
|
|
Fixed Assets |
9,098.84 |
12,479.05 |
76,577.85 |
|
Other Non - current Assets |
350,704.74 |
468,214.06 |
473,214.06 |
|
Total Assets |
25,223,426.64 |
23,491,033.19 |
17,278,517.32 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
22,699,370.33 |
21,368,054.53 |
15,385,464.66 |
|
Other Current Liabilities |
373,806.11 |
255,516.35 |
271,072.58 |
|
|
|
|
|
|
Total Current Liabilities |
23,073,176.44 |
21,623,570.88 |
15,656,537.24 |
|
Total Liabilities |
23,073,176.44 |
21,623,570.88 |
15,656,537.24 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earnings Unappropriated
|
[5,849,749.80] |
[6,132,537.69] |
[6,378,019.92] |
|
Total Shareholders' Equity |
2,150,250.20 |
1,867,462.31 |
1,621,980.08 |
|
Total Liabilities & Shareholders' Equity |
25,223,426.64 |
23,491,033.19 |
17,278,517.32 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
23,612,145.97 |
19,319,128.60 |
15,586,177.13 |
|
Other Income |
58,275.15 |
28,062.47 |
1,494,996.04 |
|
Total Revenues |
23,670,421.12 |
19,347,191.07 |
17,081,173.17 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
15,733,726.63 |
12,373,801.50 |
10,302,863.85 |
|
Selling Expenses |
1,395,573.46 |
873,020.19 |
1,185,780.00 |
|
Administrative Expenses |
6,094,372.38 |
5,749,680.44 |
5,372,488.30 |
|
Total Expenses |
23,223,672.47 |
18,996,502.13 |
16,861,132.15 |
|
Profit before Income
Tax |
446,748.65 |
350,688.94 |
220,041.02 |
|
Income Tax |
[163,960.76] |
[105,206.71] |
[100,369.38] |
|
|
|
|
|
|
Net Profit / [Loss] |
282,787.89 |
245,482.23 |
119,671.64 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.06 |
1.07 |
|
QUICK RATIO |
TIMES |
0.57 |
0.45 |
0.24 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,595.07 |
1,548.12 |
203.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
0.82 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
259.76 |
378.79 |
447.43 |
|
INVENTORY TURNOVER |
TIMES |
1.41 |
0.96 |
0.82 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
137.22 |
136.15 |
42.22 |
|
RECEIVABLES TURNOVER |
TIMES |
2.66 |
2.68 |
8.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
526.59 |
630.31 |
545.06 |
|
CASH CONVERSION CYCLE |
DAYS |
(129.61) |
(115.37) |
(55.41) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
66.63 |
64.05 |
66.10 |
|
SELLING & ADMINISTRATION |
% |
31.72 |
34.28 |
42.08 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
33.61 |
36.10 |
43.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.89 |
1.82 |
1.41 |
|
NET PROFIT MARGIN |
% |
1.20 |
1.27 |
0.77 |
|
RETURN ON EQUITY |
% |
13.15 |
13.15 |
7.38 |
|
RETURN ON ASSET |
% |
1.12 |
1.05 |
0.69 |
|
EARNING PER SHARE |
BAHT |
3.53 |
3.07 |
1.50 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.91 |
0.92 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
10.73 |
11.58 |
9.65 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
22.22 |
23.95 |
|
|
OPERATING PROFIT |
% |
27.39 |
59.37 |
|
|
NET PROFIT |
% |
15.20 |
105.13 |
|
|
FIXED ASSETS |
% |
(27.09) |
(83.70) |
|
|
TOTAL ASSETS |
% |
7.37 |
35.96 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 22.22%. Turnover has increased from THB
19,319,128.60 in 2011 to THB 23,612,145.97 in 2012. While net profit has
increased from THB 245,482.23 in 2011 to THB 282,787.89 in 2012. And total
assets has increased from THB 23,491,033.19 in 2011 to THB 25,223,426.64 in
2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.61 |
Impressive |
Industrial
Average |
1.88 |
|
Net Profit Margin |
1.20 |
Impressive |
Industrial
Average |
0.04 |
|
Return on Assets |
1.12 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Equity |
13.15 |
Impressive |
Industrial
Average |
1.93 |
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 33.61%. 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 1.2%,
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
1.12%, 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 13.15%, 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 |
1.08 |
Acceptable |
Industrial
Average |
1.72 |
|
Quick Ratio |
0.57 |
|
|
|
|
Cash Conversion Cycle |
(129.61) |
|
|
|
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 1.08 times in 2012, increased from 1.06 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 0.57 times in 2012,
increased from 0.45 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 -130 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.91 |
Acceptable |
Industrial
Average |
0.76 |
|
Debt to Equity Ratio |
10.73 |
Risky |
Industrial
Average |
3.41 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.28 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.91 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,595.07 |
Impressive |
Industrial
Average |
2.53 |
|
Total Assets Turnover |
0.94 |
Deteriorated |
Industrial
Average |
14.17 |
|
Inventory Conversion Period |
259.76 |
|
|
|
|
Inventory Turnover |
1.41 |
Deteriorated |
Industrial
Average |
43.91 |
|
Receivables Conversion Period |
137.22 |
|
|
|
|
Receivables Turnover |
2.66 |
Deteriorated |
Industrial
Average |
18.17 |
|
Payables Conversion Period |
526.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.66 and 2.68 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 379 days at the
end of 2011 to 260 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 0.96 times in year 2011 to 1.41 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.94 times and 0.82
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.62.48 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.