MIRA INFORM REPORT
|
Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAS CHOICES CORPORATION LTD. |
|
|
|
|
Registered Office : |
115/257 Moo 7, Soi Suanpak 50, Suanpak Road, Chimplee, Talingchan, Bangkok
10170, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.06.2000 |
|
|
|
|
Com. Reg. No.: |
0105543053061 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in exporting various
kinds of food
products, including canned
fruits & vegetables, canned
seafood [tuna/ mackerel/ sardine],
pineapple in syrub,
coconut milk, sweet
corn, as well
as beverage products,
such as power
drink, coconut milk, fruit
juices |
|
|
|
|
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 : |
Satisfactory |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years
|
Source
: CIA |
Company
name
MAS CHOICES
CORPORATION LTD.
SUMMARY
BUSINESS
ADDRESS : 115/257 MOO
7, SOI SUANPAK
50, SUANPAK ROAD,
CHIMPLEE, TALINGCHAN,
BANGKOK
10170, THAILAND
TELEPHONE : [66] 2884-4076-7,
2448-8271-2, 081 750-1020,
082
701-0234
FAX :
[66] 2884-4011,
2448-8273
E-MAIL
ADDRESS : info@maschoices.com
sales@maschoices.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543053061
TAX
ID NO. : 3030103765
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMCHAI WANGTHAMRONGWIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FOODS
AND BEVERAGE PRODUCTS
EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on June
6, 2000 as
a private limited
company under the
registered name MAS
CHOICES CORPORATION LTD., by
Thai groups, with the business
objective to export
various kinds of
foods and beverage
products. It currently
employs 10 staff.
The
subject’s registered address
was initially at 130
Soi Charansanitwong 68,
Charansanitwong Rd., Bangplad,
Bangkok 10700.
On
May 10, 2011, the
subject’s registered address
was relocated to
115/257 Moo 7,
Soi Suanpak 50,
Suanpak Rd., Chimplee, Talingchan, Bangkok
10170, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Wangthamrongwit |
|
Thai |
53 |
|
Ms. Yuchana Limnithithum |
|
Thai |
52 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai Wangthamrongwit is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
exporting various kinds
of food products,
including canned fruits
& vegetables, canned seafood [tuna/ mackerel/ sardine], pineapple
in syrub, coconut
milk, sweet corn,
as well as
beverage products, such
as power drink,
coconut milk, fruit juices
and etc., under
its own brand
“MC”. The production
is supported by
local manufacturer.
PURCHASE
100%
of the products
is supported from
local manufacturers.
SALES
100% of the
products is exported
to Germany, Italy,
Sweden, U.S.A., Australia,
Japan, Belgium, France,
Malaysia, Singapore, Indonesia
and the country
in Middle East
and Africa.
MAJOR
CUSTOMER
Atlapac
Trading Company Inc.
: U.S.A.
SUBSIDIARY AND AFFILIATED
COMPANY
Syn Mega Corporation
Ltd.
Business Type :
Local distributor and
exporter of energy
drinks
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
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 exports
its products to
overseas markets. Its business
performance in 2012
was outstanding expanded, as
well as continue
growing viable in
relation to consumption
improvement in export markets.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each
with fully paid.
On
December 27, 2012,
capital was increased to Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Wangthamrongwit Nationality: Thai Address : 73/9
Moo 6, Thungsonghong, Laksi,
Bangkok |
29,500 |
59.00 |
|
Ms. Yuchana Limnithithum Nationality: Thai Address : 100/424
Moo 2, Rattanathibeth Rd.,
T.
Saima, A. Muang, Nonthaburi
|
20,000 |
40.00 |
|
Mr. Pat Wangthamrongwit Nationality: Thai Address : 73/9
Moo 6, Thungsonghong, Laksi,
Bangkok |
500 |
1.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prasert Pinsapthavorn No.
6535
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 |
3,860,807.68 |
5,505,645.93 |
3,502,128.73 |
|
Trade Accounts &
Other Receivable |
20,087,189.97 |
7,960,141.45 |
6,437,642.09 |
|
Inventories |
3,163,629.55 |
- |
- |
|
Other Current Assets
|
1,607,478.99 |
864,165.92 |
2,296,728.90 |
|
|
|
|
|
|
Total Current Assets
|
28,719,106.19 |
14,329,953.30 |
12,236,499.72 |
|
|
|
|
|
|
Fixed Assets |
5,351,663.60 |
5,853,769.92 |
3,859,793.47 |
|
Intangible Assets |
24,785.78 |
14,570.14 |
- |
|
Other Non - current Assets |
- |
- |
900.00 |
|
Total Assets |
34,095,555.57 |
20,198,293.36 |
16,097,193.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
20,078,678.32 |
8,293,679.32 |
3,282,689.31 |
|
Pre-received Income |
- |
- |
301,000.00 |
|
Accrued Income Tax |
212,663.98 |
1,881.54 |
7,448.21 |
|
Other Current Liabilities |
27,950.34 |
22,470.00 |
467,935.19 |
|
|
|
|
|
|
Total Current Liabilities |
20,319,292.64 |
8,318,030.86 |
4,059,072.71 |
|
Long-term Loan |
5,110,000.00 |
8,288,204.46 |
9,024,859.17 |
|
Employee Benefits Obligation |
443,000.00 |
- |
- |
|
Total Liabilities |
25,872,292.64 |
16,606,235.32 |
13,083,931.88 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares
in 2012; 10,000 shares
in 2011 & 2010 |
5,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
100,000.00 |
100,000.00 |
- |
|
Unappropriated |
3,123,262.93 |
2,492,058.04 |
2,013,261.31 |
|
Total Shareholders' Equity |
8,223,262.93 |
3,592,058.04 |
3,013,261.31 |
|
Total Liabilities &
Shareholders' Equity |
34,095,555.57 |
20,198,293.36 |
16,097,193.19 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
188,201,730.90 |
109,085,778.19 |
62,746,947.38 |
|
Other Income |
56,496.53 |
99,624.38 |
194,051.55 |
|
Total Revenues |
188,258,227.43 |
109,185,402.57 |
62,940,998.93 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
173,294,752.14 |
100,431,949.76 |
55,900,422.83 |
|
Selling Expenses |
8,289,764.84 |
3,822,831.72 |
3,020,155.73 |
|
Administrative Expenses |
5,223,552.78 |
4,274,965.69 |
3,474,949.94 |
|
Total Expenses |
186,808,069.76 |
108,529,747.17 |
62,485,528.50 |
|
|
|
|
|
|
Profit before Financial
Cost & Income
Tax |
1,450,157.67 |
655,655.40 |
455,470.43 |
|
Financial Cost |
[83,798.26] |
[175.22] |
[120.52] |
|
Profit before Income
Tax |
1,366,359.41 |
655,480.18 |
455,349.91 |
|
Income Tax |
[353,154.52] |
[76,683.45] |
[48,779.62] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,013,204.89 |
578,796.73 |
406,570.29 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.41 |
1.72 |
3.01 |
|
QUICK RATIO |
TIMES |
1.18 |
1.62 |
2.45 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
35.17 |
18.64 |
16.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.52 |
5.40 |
3.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
6.66 |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
54.78 |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.96 |
26.63 |
37.45 |
|
RECEIVABLES TURNOVER |
TIMES |
9.37 |
13.70 |
9.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.29 |
30.14 |
21.43 |
|
CASH CONVERSION CYCLE |
DAYS |
3.33 |
(3.51) |
16.01 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.08 |
92.07 |
89.09 |
|
SELLING & ADMINISTRATION |
% |
7.18 |
7.42 |
10.35 |
|
INTEREST |
% |
0.04 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
7.95 |
8.02 |
11.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.77 |
0.60 |
0.73 |
|
NET PROFIT MARGIN |
% |
0.54 |
0.53 |
0.65 |
|
RETURN ON EQUITY |
% |
12.32 |
16.11 |
13.49 |
|
RETURN ON ASSET |
% |
2.97 |
2.87 |
2.53 |
|
EARNING PER SHARE |
BAHT |
20.26 |
57.88 |
40.66 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.82 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.15 |
4.62 |
4.34 |
|
TIME INTEREST EARNED |
TIMES |
17.31 |
3,741.90 |
3,779.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
72.53 |
73.85 |
|
|
OPERATING PROFIT |
% |
121.18 |
43.95 |
|
|
NET PROFIT |
% |
75.05 |
42.36 |
|
|
FIXED ASSETS |
% |
(8.58) |
51.66 |
|
|
TOTAL ASSETS |
% |
68.80 |
25.48 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 72.53%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.95 |
Deteriorated |
Industrial
Average |
126.26 |
|
Net Profit Margin |
0.54 |
Deteriorated |
Industrial
Average |
3.69 |
|
Return on Assets |
2.97 |
Deteriorated |
Industrial
Average |
7.39 |
|
Return on Equity |
12.32 |
Acceptable |
Industrial
Average |
19.55 |
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 7.95%. 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 0.54%.
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 2.97%.
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 12.32%.
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 |
1.41 |
Satisfactory |
Industrial
Average |
1.52 |
|
Quick Ratio |
1.18 |
|
|
|
|
Cash Conversion Cycle |
3.33 |
|
|
|
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 1.41 times in 2012, decreased from 1.72 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 1.18 times in 2012,
decreased from 1.62 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 4 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
3.15 |
Risky |
Industrial
Average |
1.59 |
|
Times Interest Earned |
17.31 |
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 17.31 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 0.76 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
35.17 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
5.52 |
Impressive |
Industrial
Average |
2.00 |
|
Inventory Conversion Period |
6.66 |
|
|
|
|
Inventory Turnover |
54.78 |
Impressive |
Industrial
Average |
4.69 |
|
Receivables Conversion Period |
38.96 |
|
|
|
|
Receivables Turnover |
9.37 |
Impressive |
Industrial
Average |
2.92 |
|
Payables Conversion Period |
42.29 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.37 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 0 day at the end
of 2011 to 7 days at the end of 2012. This represents a negative trend. And
Inventory turnover has increased from 0 time
in year 2011 to 54.78 times in year 2012.
The company's Total Asset Turnover is calculated as 5.52 times and 5.4
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.