MIRA INFORM REPORT

 

 

Report Date :

16.12.2014

 

IDENTIFICATION DETAILS

 

Name :

QIAOYOU ELECTRONICS TECHNOLOGY DEVELOPMENT CO., LTD.

 

 

Registered Office :

22nd  Floor, Cti  Tower, 191/40  Ratchadapisek Road, Klongtoey,  Bangkok  10110

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.02.2007

 

 

Com. Reg. No.:

0205550002734

 

 

Legal Form :

Private  Limited  Company

 

 

LINE OF BUSINESS :

MANUFACTURER AND ASSEMBLER OF COMPUTERS.

 

 

No of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Yet To Commence Its Business Activity

Payment Behaviour :

Unknown

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.

 

Source : CIA

 

Company name & address

 

QIAOYOU ELECTRONICS TECHNOLOGY DEVELOPMENT CO., LTD.

 

 

SUMMARY

 

REGISTRATION  ADDRESS                  :           22nd  FLOOR, CTI  TOWER, 191/40  RATCHADAPISEK ROAD,

KLONGTOEY,  BANGKOK  10110,  THAILAND

 

ESTABLISHED                        :           2007

REGISTRATION  NO.                           :           0205550002734

TAX  ID  NO.                                         :           3032517966

CAPITAL REGISTERED                        :           BHT.   20,000,000

CAPITAL PAID-UP                                :           BHT.   20,000,000

SHAREHOLDER’S  PROPORTION        :           THAI     :    100%

FISCAL YEAR CLOSING DATE             :           DECEMBER   31            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

 

LINES  OF  BUSINESS             :           COMPUTERS 

                                                                         MANUFACTURER  AND  ASSEMBLER

                                                                         

 

 

CORPORATE  PROFILE

 

OPERATING  TREND                            :           -                      

PRESENT  SITUATION                         :           NO  ACTIVITY              

REPUTATION                                       :           -

MANAGEMENT  STANDARD                 :           -                      

 

 

HISTORY

 

The  subject  was  established  on February  5,  2007 as  a  private  limited  company  under  the  registered  name  QIAOYOU  ELECTRONICS  TECHNOLOGY  DEVELOPMENT   CO., LTD., by  Thai and  Chinese  groups. Its  business  objective  was  declared  to  the  Commercial  Registration  Department  to  manufacture  and  to  provide  assembling service  of  computers  and  related  spare  parts,  including  electronics  and  electrical  parts.  

 

The  subject’s  registered  address  is  22nd  Floor,  CTI  Tower,  191/40  Ratchadapisek  Road,  Klongtoey,  Bangkok  10110,  and  this  is  the  subject’s  current operation  address.  

 

THE  BOARD  OF  DIRECTOR

 

     Name

 

Nationality

Age

 

 

 

 

Mr. Jian  Jun  Yuan

[x]

Chinese

54

Mr. Guo  Xian  Cheng

[x]

Chinese

43

Ms. Naytiya  Haphan

 

Thai

52

Mr. Kawin  Matchimo

[x]

Thai

35

 

AUTHORIZED  PERSON

 

Any  of  the  mentioned  directors  [x]  can  sign  on  behalf  of  the  subject  with  company’s  affixed.

 

Note:

 

Please  be  informed  that   the  subject  was  untraceable.  The  registered  address  is  currently  the  office  of  Treeview  Company  Limited,  but  it  is  not  a  related  company  to  the  subject, whilst  the  address  “106/29  Moo  8,  T. Tungsukla,  A. Sriracha,  Chonburi  20150,  could  not  be  found  due  to  the  given  telephone  numbers  were  out  of  order.

 

COMMENT

 

It seems  that  the  subject  has  not  performed any  business  for  many  consecutive  years. Therefore  any  business  engagement  is  not recommended.   

 

 

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 27,  2013,  the  registered  capital  was  increased to  Bht. 20,000,000  divided  into 200,000  shares  of  Bht. 100  each  with  fully  paid.

 

THE  SHAREHOLDERS  LISTED  WERE  :  [as  at  June  24,  2013]

 

       NAME

HOLDING

%

 

 

 

Mr. Kawin  Matchimo

Nationality:  Thai

Address     :  106/29  Moo  8,  T. Banglamung,

                     A. Banglamung,  Chonburi 

199,998

100.00

Mr. Sirirungroj  Sroy-udom

Nationality:  Thai

Address     :  42/3  Inthamara  43  Road,  Dindaeng,

                     Bangkok 

         1

-

Mr. Jian  Jun  Yuan

Nationality:  Chinese

Address     :  96/19  Moo  4,  T. Banglamung,  A.  Banglamung, 

                     Chonburi

         1

-

 

Total  Shareholders  :  3

 

Share  Structure  [as  at  June  24,  2013]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

2

199,999

100.00

Foreign - Chinese

1

1

-

 

Total

 

3

 

200,000

 

100.00

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

 

Mr. Adul  Inkham  No.  10831

 

Note:

 

The  2012-2013  financial  statements  were  not submitted  to  the  Commercial  Registration  Department.

 

 

 

BALANCE SHEET [BAHT]

 

 

The  latest  financial figures  published  as  at  December  31,  2011, 2010  & 2009  were:

          

ASSETS

                                                                                                

Current Assets

2011

2010

2009

 

 

 

 

Cash  in Hand     

5,000.00

5,000.00

-

Short-term Loan to Person or

  Related Company

 

980,000.00

 

980,000.00

 

1,000,000.00

 

 

 

 

Total  Current  Assets                

985,000.00

985,000.00

1,000,000.00

 

Total  Assets                 

 

985,000.00

 

985,000.00

 

1,000,000.00

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

 

 

Current Liabilities

2011

2010

2009

 

 

 

 

Accrued  Expenses

30,200.00

15,100.00

-

Other  Current  Liabilities             

-

-

15,000.00

 

 

 

 

Total Current Liabilities

30,200.00

15,100.00

15,000.00

 

Total  Liabilities            

 

30,200.00

 

15,100.00

 

15,000.00

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

Share  capital : Baht  100  par  value 

  authorized,  issued  and  fully 

  paid  share  capital  10,000  shares

 

 

1,000,000.00

 

 

1,000,000.00

 

 

1,000,000.00

 

 

 

 

Capital  Paid                     

1,000,000.00

1,000,000.00

1,000,000.00

Retained Earning  Unappropriated

[45,200.00]

[30,100.00]

[15,000.00]

 

Total Shareholders' Equity

 

954,800.00

 

969,900.00

 

985,000.00

 

Total Liabilities &  Shareholders' 

   Equity

 

 

985,000.00

 

 

985,000.00

 

 

1,000,000.00

 

                                                   

PROFIT  &  LOSS  ACCOUNT

 

 

Revenue

2011

2010

2009

 

 

 

 

Other  Income                

-

-

-

 

Total  Revenues           

 

-

 

-

 

-

 

Expenses

 

 

 

 

 

 

 

Administrative  Expenses

15,100.00

15,100.00

5,000.00

 

Total Expenses             

 

15,100.00

 

15,100.00

 

5,000.00

 

 

 

 

Net  Profit / [Loss]

[15,100.00]

[15,100.00]

[5,000.00]

 

 

FINANCIAL  ANALYSIS

 

 

ITEM

UNIT

2011

2010

2009

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

32.62

65.23

66.67

QUICK RATIO

TIMES

32.62

65.23

66.67

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

-

-

-

TOTAL ASSETS TURNOVER

TIMES

-

-

-

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

%

-

-

-

SELLING & ADMINISTRATION

%

-

-

-

INTEREST

%

-

-

-

GROSS PROFIT MARGIN

%

-

-

-

NET PROFIT MARGIN BEFORE EX. ITEM

%

-

-

-

NET PROFIT MARGIN

%

-

-

-

RETURN ON EQUITY

%

(1.58)

(1.56)

(0.51)

RETURN ON ASSET

%

(1.53)

(1.53)

(0.50)

EARNING PER SHARE

BAHT

(1.51)

(1.51)

(0.50)

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

0.03

0.02

0.02

DEBT TO EQUITY RATIO

TIMES

0.03

0.02

0.02

TIME INTEREST EARNED

TIMES

-

-

-

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

-

-

 

OPERATING PROFIT

%

-

202.00

 

NET PROFIT

%

-

(202.00)

 

FIXED ASSETS

%

-

-

 

TOTAL ASSETS

%

-

(1.50)

 

 

ANNUAL GROWTH : RISKY

                       

PROFITABILITY : RISKY

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

-

 

Industrial Average

10.32

Net Profit Margin

-

 

Industrial Average

2.69

Return on Assets

(1.53)

Deteriorated

Industrial Average

6.63

Return on Equity

(1.58)

Deteriorated

Industrial Average

13.29

 

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 -1.53%.

 

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 -1.58%.

 

Trend of the average competitors in the same industry for last 5 years

Return on Assets                       Stable

Return on Equity                       Stable

 

LIQUIDITY : SATISFACTORY

 

 

LIQUIDITY RATIO

 

Current Ratio

32.62

Impressive

Industrial Average

1.52

Quick Ratio

32.62

 

 

 

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 32.62 times in 2011, decrease from 65.23 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 32.62 times in 2011, decrease from 65.23 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                 Stable

 

LEVERAGE : EXCELLENT

 

 

LEVERAGE RATIO

 

Debt Ratio

0.03

Impressive

Industrial Average

0.48

Debt to Equity Ratio

0.03

Impressive

Industrial Average

0.92

Times Interest Earned

-

 

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 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 0.03 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                                Stable

Times Interest Earned                Stable

 

ACTIVITY : RISKY

 

ACTIVITY RATIO

 

Fixed Assets Turnover

-

 

Industrial Average

-

Total Assets Turnover

-

 

Industrial Average

2.47

Inventory Conversion Period

-

 

 

 

Inventory Turnover

-

 

Industrial Average

6.94

Receivables Conversion Period

-

 

 

 

Receivables Turnover

-

 

Industrial Average

3.41

Payables Conversion Period

-

 

 

 

 

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover   Stable

Total Assets Turnover                Stable

Inventory Turnover                     Stable

Receivables Turnover                Stable

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.65

UK Pound

1

Rs.98.53

Euro

1

Rs.78.02

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

TPT

 

 

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%)

 

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