MIRA
INFORM REPORT
|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
KUY LIM HUNG COMPANY LIMITED |
|
|
|
|
Registered Office : |
133-135
Rama 4 Road, Pomprab, Pomprabsattrupai, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.10.1982 |
|
|
|
|
Com. Reg. No.: |
0105525036613 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributer of various kinds of herbs and spices. |
|
|
|
|
No of Employees : |
20 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
KUY LIM HUNG COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 133-135 RAMA
4 ROAD,
POMPRAB, POMPRABSATTRUPAI,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2223-3046,
2223-1511, 2222-9039
FAX :
[66] 2226-6285,
2623-3181
E-MAIL
ADDRESS : kuilim_hung@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1982
REGISTRATION
NO. : 0105525036613
TAX
ID NO. : 3101206029
CAPITAL REGISTERED : BHT. 600,000
CAPITAL PAID-UP : BHT.
600,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAKOB KORPARIYACHIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : HERBS
AND SPICES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on
October 6, 1982 as
a private limited
company under the registered name KUY LIM HUNG COMPANY
LIMITED, by Thai group, with the business objective
to import and
distribute various kinds
of herbs and
spices. It currently employs
20 staff.
The
subject’s registered address
is 133-135 Rama 4
Road, Pomprab, Pomprabsattrupai, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prakob Korpariyachit |
[x] |
Thai |
78 |
|
Mrs. Boonrawd Korpariyachit |
[x] |
Thai |
80 |
|
Ms. Usanee Korpariyachit |
|
Thai |
58 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prakob Korpariyachit is
the Managing Director.
He is Thai
nationality with the
age of 78
years old.
Mr. Chutipong is the
Marketing Manager.
He is Thai
nationality.
BUSINESS
The subject
is engaged in
importing and distributing
various kinds of
Thai and Chinese
herbs and spices, such as
Chrysanthemum flower, Star Anise fruit,
Goji Berries, Polygonatum,
Safflower, Grosvenor Momordica,
Ginseng, Clove, Glossy Ganoderma,
etc., as well
as providing of
Chinese medical consulting
service.
BRAND NAME
“LONG FENG”
PURCHASE
Its
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
Tibet.
SALES
100% of the
products is sold locally
to retailers, and
end-users.
RELATED AND
AFFILIATED COMPANY
Kuy Lim Hung
Warehouse Co., Ltd.
Business Type :
Warehouse rental service
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 to 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 against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
20 staff.
LOCATION DETAILS
The
premise is owned for
administrative office and
shop at the
heading address. Premise
is located in
commercial area.
Branch
office is located
at 101 Soi Rammaitree,
Rama 4 Road, Pomprab,
Pomprabsattrupai, Bangkok
10100.
COMMENT
The
subject has experienced
in herb products
for over three
decades with moderate business
performance and continued
improving. Moreover its
professional in consulting
of herb medicine
and Chinese medical
service have enabled
the subject to
be well known
among local consumers.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 600,000 divided into
60 shares of
Bht. 10,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prakob Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab,
Pomprabsattrupai, Bangkok |
10 |
16.67 |
|
Mrs. Boonrawd Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab,
Pomprabsattrupai, Bangkok |
10 |
16.67 |
|
Ms. Usanee Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab,
Pomprabsattrupai, Bangkok |
10 |
16.67 |
|
Ms. Usa Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab,
Pomprabsattrupai, Bangkok |
10 |
16.67 |
|
Ms. Angkana Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab,
Pomprabsattrupai, Bangkok |
10 |
16.67 |
|
Ms. Somnuek Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab, Pomprabsattrupai, Bangkok |
5 |
= 16.65 |
|
Ms. Kwanjai Korpariyachit Nationality: Thai Address : 133-135
Rama 4 Road,
Pomprab,
Pomprabsattrupai, Bangkok |
5 |
|
Total Shareholders : 7
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
60 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
60 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Suchart Orapin No. 5917
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 |
18,385,374.94 |
4,864,785.08 |
770,473.75 |
|
Other Receivable |
- |
46,250.00 |
54,500.00 |
|
Short-term Loan to Director |
- |
9,250,000.00 |
10,900,000.00 |
|
Inventories |
5,145,440.00 |
2,100,044.76 |
1,730,844.92 |
|
|
|
|
|
|
Total Current Assets
|
23,530,614.94 |
16,261,079.84 |
13,455,818.67 |
|
|
|
|
|
|
Fixed Assets |
23,196.90 |
35,291.95 |
7,050.90 |
|
Other Non-current Assets |
21,000.00 |
21,000.00 |
21,000.00 |
|
Total Assets |
23,575,011.84 |
16,317,371.79 |
13,483,869.57 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
3,989,931.98 |
2,303,891.90 |
1,088,153.86 |
|
Other Payable |
23,384.00 |
23,390.00 |
22,870.00 |
|
Short-term Loan |
3,650,000.00 |
- |
- |
|
Accrued Income Tax |
386,354.00 |
208,443.00 |
244,655.00 |
|
|
|
|
|
|
Total Current Liabilities |
8,049,669.98 |
2,535,724.90 |
1,355,678.86 |
|
Total Liabilities |
8,049,669.98 |
2,535,724.90 |
1,355,678.86 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 60 shares |
600,000.00 |
600,000.00 |
600,000.00 |
|
|
|
|
|
|
Capital Paid |
600,000.00 |
600,000.00 |
600,000.00 |
|
Retained Earning Unappropriated [Deficit] |
14,925,341.86 |
13,181,646.89 |
11,528,190.71 |
|
Total Shareholders' Equity |
15,525,341.86 |
13,781,646.89 |
12,128,190.71 |
|
Total Liabilities & Shareholders' Equity |
23,575,011.84 |
16,317,371.79 |
13,483,869.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
52,379,675.00 |
39,743,160.00 |
39,851,104.00 |
|
Other Income |
352,425.24 |
301,938.94 |
768,198.47 |
|
Total Revenues |
52,732,100.24 |
40,045,098.94 |
40,619,302.47 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished Goods |
[3,045,395.24] |
[369,199.84] |
687,748.58 |
|
Employees Expenses |
968,190.00 |
827,082.00 |
1,070,696.00 |
|
Depreciation |
12,095.05 |
4,065.49 |
1,763.15 |
|
Other Expenses |
52,425,661.46 |
37,541,877.11 |
36,672,974.39 |
|
Total Expenses |
50,360,551.27 |
38,003,824.76 |
38,433,182.12 |
|
Profit / [Loss] before Income Tax |
2,371,548.97 |
2,041,274.18 |
2,186,120.35 |
|
Income Tax |
[627,854.00] |
[387,818.00] |
[424,030.00] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,743,694.97 |
1,653,456.18 |
1,762,090.35 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.92 |
6.41 |
9.93 |
|
QUICK RATIO |
TIMES |
2.28 |
5.58 |
8.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,258.05 |
1,126.13 |
5,651.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.22 |
2.44 |
2.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.82 |
20.42 |
17.23 |
|
INVENTORY TURNOVER |
TIMES |
10.19 |
17.88 |
21.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
27.78 |
22.40 |
10.83 |
|
CASH CONVERSION CYCLE |
DAYS |
8.04 |
(1.98) |
6.40 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.09 |
94.46 |
92.02 |
|
SELLING & ADMINISTRATION |
% |
1.87 |
2.09 |
2.69 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
0.59 |
6.30 |
9.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.53 |
5.14 |
5.49 |
|
NET PROFIT MARGIN |
% |
3.33 |
4.16 |
4.42 |
|
RETURN ON EQUITY |
% |
11.23 |
12.00 |
14.53 |
|
RETURN ON ASSET |
% |
7.40 |
10.13 |
13.07 |
|
EARNING PER SHARE |
BAHT |
29,061.58 |
27,557.60 |
29,368.17 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.34 |
0.16 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.52 |
0.18 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
31.80 |
(0.27) |
|
|
OPERATING PROFIT |
% |
16.18 |
(6.63) |
|
|
NET PROFIT |
% |
5.46 |
(6.17) |
|
|
FIXED ASSETS |
% |
(34.27) |
400.53 |
|
|
TOTAL ASSETS |
% |
44.48 |
21.01 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 31.8%. Turnover has increased from THB
39,743,160.00 in 2011 to THB 52,379,675.00 in 2012. While net profit has
increased from THB 1,653,456.18 in 2011 to THB 1,743,694.97 in 2012. And total
assets has increased from THB 16,317,371.79 in 2011 to THB 23,575,011.84 in
2012.
PROFITABILITY : SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
0.59 |
Deteriorated |
Industrial Average |
126.26 |
|
Net Profit Margin |
3.33 |
Satisfactory |
Industrial Average |
3.69 |
|
Return on Assets |
7.40 |
Impressive |
Industrial Average |
7.39 |
|
Return on Equity |
11.23 |
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 0.59%. 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 3.33%.
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. Return on Assets ratio is
7.4%, 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. When compared with the
industry average, it was lower, the company's figure is 11.23%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.92 |
Impressive |
Industrial Average |
1.52 |
|
Quick Ratio |
2.28 |
|
|
|
|
Cash Conversion Cycle |
8.04 |
|
|
|
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 2.92 times in 2012, decrease from 6.41 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 2.28 times in 2012,
decrease from 5.58 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 9 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.34 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.52 |
Impressive |
Industrial Average |
1.59 |
|
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 0.34 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 Uptrend
Times Interest Earned Stable
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,258.05 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.22 |
Impressive |
Industrial Average |
2.00 |
|
Inventory Conversion Period |
35.82 |
|
|
|
|
Inventory Turnover |
10.19 |
Impressive |
Industrial Average |
4.69 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.92 |
|
Payables Conversion Period |
27.78 |
|
|
|
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 20 days at the end of 2011 to 36
days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 17.88 times in year 2011 to 10.19 times in year
2012.
The company's Total Asset Turnover is calculated as 2.22 times and 2.44
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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
4.00 |
25.00 |
100.00 |
|
ACTIVITY RATIO |
4.00 |
20.00 |
80.00 |
|
PROFITABILITY
RATIO |
2.00 |
25.00 |
50.00 |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
3.20 |
20.00 |
64.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
334.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.12 |
|
|
1 |
Rs. 102.25 |
|
Euro |
1 |
Rs. 84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.