MIRA INFORM REPORT
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Report Date : |
17.12.2014 |
IDENTIFICATION DETAILS
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Name : |
THAI POLYTEX CO., LTD. |
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Registered Office : |
Room 301, 3rd Floor,
216 Soi Watkanmatuyaram, Samphanthawong, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.10.2013 |
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Com. Reg. No.: |
0105556172071 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of Fabrics |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
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Source
: CIA |
Company Name
THAI POLYTEX CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM 301, 3rd FLOOR,
216 SOI WATKANMATUYARAM,
SAMPHANTHAWONG,
TELEPHONE : [66] 2622-8454,
080 555-5368
FAX :
[66] 2622-8454
E-MAIL ADDRESS : vin8234@gmail.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2013
REGISTRATION NO. : 0105556172071
TAX ID NO. : 3036161547
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT. 3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NAVINDER
SINGH NARULA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 2
LINES OF BUSINESS : FABRICS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on October
25, 2013 as a
private limited company
under the registered name THAI POLYTEX CO., LTD., by Thai group,
with the business
objective to wholesale
distribute various kinds
of fabrics. It
currently employs 2
staff.
The subject’s registered
address is Room
301, 3rd Floor,
216 Soi Watkanmatuyaram, Samphanthawong, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Navinder Singh
Narula |
[x] |
Thai |
39 |
|
Mrs. Rajni Narula |
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Thai |
38 |
|
Mrs. Ajitgor Narula |
|
Thai |
72 |
AUTHORIZED PERSON
Only the
mentioned director [x]
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr.
Navinder Singh Narula is the
Managing Director.
He is
Thai nationality with
the age of 39
years old.
BUSINESS OPERATIONS
The subject is engaged in
wholesale distributing various
kinds of fabrics
such as polyester
fabric, cotton fabric,
printed fabric, nylon,
suiting and others
for garment industry.
PURCHASE
100% of
the products is
purchased from local
suppliers.
SALES
100% of
the products is
sold locally to
wholesalers, manufacturers and
end-users.
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 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.
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 commercial
area.
COMMENT
The subject was
established in October
2013. Subject reported
its first year
operation
a low sales income.
Economy sluggish and
shrinking purchasing power would have
an impact on
its performance in
2014.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000
divided into 30,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
30, 2014]
|
NAME |
HOLDING |
% |
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|
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Mr.
Navinder Singh Narula Nationality: Thai Address :
99/294 Soi Sukhumvit
24, Klongton, Klongtoey, Bangkok
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15,000 |
50.00 |
|
Mrs.
Rajni Narula Nationality: Thai Address :
8 Soi Panitchayakarn Thonburi
9, Wad Thaphra,
Bangkokyai, Bangkok |
10,000 |
33.33 |
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Mrs.
Ajitgor Narula Nationality: Thai Address :
4 Soi Panitchayakarn Thonburi
9, Wad Thaphra,
Bangkokyai, Bangkok |
5,000 |
16.67 |
Total Shareholders
: 3
Share Structure
[as at
April 30, 2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
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Thai |
3 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
3 |
30,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Worawut
Temyingyong No. 8767
BALANCE SHEET [BAHT]
The latest financial
figures published for December
31, 2013 was :
ASSETS
|
Current Assets |
2013 |
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Cash and Cash Equivalents |
56,432.80 |
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Trade Account & Other Receivable |
3,425,112.95 |
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Inventories |
2,461,492.96 |
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Other Current
Assets |
472,239.00 |
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Total Current
Assets |
6,415,277.71 |
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Deposits |
10,000.00 |
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Total Assets |
6,425,277.71 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
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Trade Account & Other Payable |
797,193.55 |
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Loan from Related
Person |
2,400,000.00 |
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Total Current
Liabilities |
3,197,193.55 |
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Total Liabilities
|
3,197,193.55 |
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Shareholders'
Equity |
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Share
capital : Baht 100 value
authorized,
issued and fully
paid
share capital 30,000
shares |
3,000,000.00 |
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Capital Paid |
3,000,000.00 |
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Retained Earning
- Unappropriated [Deficit] |
228,084.16 |
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Total
Shareholders' Equity |
3,228,084.16 |
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Total
Liabilities & Shareholders' Equity |
6,425,277.71 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Oct.
25, 2013 - Dec.
31, 2013 |
|
|
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Sales |
3,196,858.50 |
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Other Income |
1.63 |
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Total Revenues |
3,196,860.13 |
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Expenses |
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Cost of
Goods Sold |
2,848,464.35 |
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Administrative Expenses |
120,311.62 |
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Total Expenses
|
2,968,775.98 |
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Net Profit / [Loss] |
228,084.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
2.01 |
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QUICK RATIO |
TIMES |
1.09 |
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ACTIVITY RATIO |
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FIXED ASSETS
TURNOVER |
TIMES |
- |
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TOTAL ASSETS
TURNOVER |
TIMES |
0.50 |
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INVENTORY CONVERSION
PERIOD |
DAYS |
315.41 |
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INVENTORY
TURNOVER |
TIMES |
1.16 |
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RECEIVABLES
CONVERSION PERIOD |
DAYS |
391.06 |
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RECEIVABLES
TURNOVER |
TIMES |
0.93 |
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PAYABLES
CONVERSION PERIOD |
DAYS |
102.15 |
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CASH CONVERSION
CYCLE |
DAYS |
604.32 |
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PROFITABILITY RATIO |
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COST OF GOODS
SOLD |
% |
89.10 |
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SELLING &
ADMINISTRATION |
% |
3.76 |
|
INTEREST |
% |
- |
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GROSS PROFIT
MARGIN |
% |
10.90 |
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NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
7.13 |
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NET PROFIT MARGIN |
% |
7.13 |
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RETURN ON EQUITY |
% |
7.07 |
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RETURN ON ASSET |
% |
3.55 |
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EARNING PER SHARE |
BAHT |
7.60 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.50 |
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DEBT TO EQUITY
RATIO |
TIMES |
0.99 |
|
TIME INTEREST
EARNED |
TIMES |
- |
PROFITABILITY: IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit
Margin |
10.90 |
Satisfactory |
Industrial Average |
10.93 |
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Net Profit Margin |
7.13 |
Impressive |
Industrial Average |
1.45 |
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Return on Assets |
3.55 |
Impressive |
Industrial Average |
2.05 |
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Return on Equity |
7.07 |
Impressive |
Industrial Average |
6.65 |
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. The company's figure is 10.9%. 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 7.13%, 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 3.55%, 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 7.07%, 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 |
2.01 |
Impressive |
Industrial Average |
1.31 |
|
Quick Ratio |
1.09 |
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Cash Conversion
Cycle |
604.32 |
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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 2.01 times in 2013,
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 1.09 times in 2013, 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 605 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity
Ratio |
0.99 |
Impressive |
Industrial
Average |
2.06 |
|
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 0.5, 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 Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
- |
|
Industrial Average |
- |
|
Total Assets
Turnover |
0.50 |
Deteriorated |
Industrial Average |
1.41 |
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Inventory
Conversion Period |
315.41 |
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Inventory
Turnover |
1.16 |
Deteriorated |
Industrial Average |
4.18 |
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Receivables
Conversion Period |
391.06 |
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Receivables
Turnover |
0.93 |
Deteriorated |
Industrial Average |
2.43 |
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Payables
Conversion Period |
102.15 |
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The company's
Account Receivable Ratio is calculated as 0.93 in 2013. 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 2013 is 0.93.
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 is
315 days at the end of 2013. This represents a negative trend. And Inventory
turnover is 1.16 times in year 2013.
The company's Total
Asset Turnover is calculated as 0.5 times in 2013. 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.41 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.79.00 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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|
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 |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.