MIRA
INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRICEL
CO., LTD. |
|
|
|
|
Registered Office : |
9/8
Moo 5, T. Donkaidee, A.
Krathumban, Samutsakorn 74110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.02.2008 |
|
|
|
|
Com. Reg. No.: |
0105551021661 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged in
importing and distributing various
kinds of textile
chemicals. |
|
|
|
|
No. of Employees : |
11 |
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 : |
Moderate |
|
|
|
|
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 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
TRICEL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 9/8
MOO 5, T. DONKAIDEE,
A. KRATHUMBAN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 34
878-700-3, 085 553-1382
FAX :
[66] 34
878-568
E-MAIL
ADDRESS : chaturong.churairatporn@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551021661
TAX
ID NO. : 3032973564
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
52.60%
FOREIGN :
47.40%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LIAN JIANFENG,
CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 11
LINES
OF BUSINESS : TEXTILE CHEMICALS
IMPORTER AND
DISTRIBUTOR
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 February 22,
2008 as a
private limited company
under the registered
name TRICEL CO., LTD.,
by Thai, British
and Chinese groups,
with the business
objective to import
and distribute various
kinds of textile chemicals
to local manufactures.
It currently employs
11 staff.
The
subject’s registered address
is 9/8 Moo
5, T. Donkaidee, A. Krathumban, Samutsakorn
74110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Tung Nancy |
|
British |
46 |
|
Mrs. Wannarut Amphonpaisal |
|
Thai |
71 |
|
Mr. Lian Jianfeng |
|
Chinese |
43 |
|
Ms. Xiaoxuan Lin |
|
Chinese |
30 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Lian Jianfeng is
the Managing Director.
He is Chinese
nationality with the
age of 43 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
textile chemicals.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China, India
and the countries
in Europe.
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
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
L/C at sight
or T/T.
BANKING
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject currently employs
11 staff.
LOCATION
DETAILS
The
premise is rent
for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
Subject
is an importer
and distributor of
textile chemicals. The
products are for
local markets. Subject
reported moderate sales
income in 2012,
while current business operation is
actively performed.
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 24, 2009,
the registered 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. Lian Jianfeng Nationality: Chinese Address : 1041/18
Ploenchit Road, Pathumwan,
Bangkok |
20,000 |
40.00 |
|
Mrs. Wannarut Amphonpaisal Nationality: Thai Address : 1041/18
Ploenchit Road, Pathumwan,
Bangkok |
9,900 |
19.80 |
|
Mr. Wisarut Vanitchakul Nationality: Thai Address : 1041/18
Ploenchit Road, Pathumwan,
Bangkok |
7,000 |
14.00 |
|
Mrs. Nuchanart Vanitchakul Nationality: Thai Address : 6
Moo 12, T. Klangdong, A. Pakchong,
Nakornratchasima |
7,000 |
14.00 |
|
Ms. Tung Nancy Nationality: British Address : 1041/18
Ploenchit Road, Pathumwan,
Bangkok |
3,200 |
6.40 |
|
Ms. Thidarat Amphonpaisal Nationality: Thai Address : 1041/18
Ploenchit Road, Pathumwan,
Bangkok |
2,400 |
4.80 |
|
Ms. Xiaozuan Lin Nationality: Chinese Address : 1041/18
Ploenchit Road, Pathumwan,
Bangkok |
500 |
1.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
26,300 |
52.60 |
|
Foreign |
3 |
23,700 |
47.40 |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kanasnan Mongkol No.
10626
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
3,731,471.04 |
1,336,019.32 |
2,040,262.17 |
|
Trade Account & Other
Receivable |
19,193,476.52 |
20,112,434.53 |
21,414,156.15 |
|
Inventories |
15,884,815.06 |
15,930,716.29 |
6,972,511.27 |
|
Other Current Assets
|
209,757.16 |
446,724.76 |
10,426.60 |
|
|
|
|
|
|
Total Current Assets
|
39,019,519.78 |
37,825,894.90 |
30,437,356.19 |
|
Fixed Assets |
20,905,255.81 |
17,866,768.15 |
18,629,116.53 |
|
Intangible Assets |
22,859.51 |
29,659.31 |
- |
|
Deferred Income Tax
Assets |
134,568.71 |
134,568.71 |
- |
|
Other Non-current Assets |
- |
95,000.00 |
- |
|
Total Assets |
60,082,203.81 |
55,951,891.07 |
49,066,472.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
4,148,791.61 |
664,044.55 |
- |
|
Trade Account & Other
Payable |
9,731,128.45 |
17,463,547.23 |
20,107,699.71 |
|
Current Portion of
Hire-purchase Payable |
1,128,418.20 |
171,141.67 |
454,850.04 |
|
Current Portion of
Long-term Loan |
2,160,000.00 |
- |
- |
|
Loan from Director |
27,314,705.00 |
31,600,000.00 |
21,558,427.63 |
|
Accrued Income Tax |
234,496.44 |
- |
217,971.35 |
|
Other Current Liabilities |
105,653.95 |
20,793.60 |
16,172.13 |
|
|
|
|
|
|
Total Current Liabilities |
44,823,193.65 |
49,919,527.05 |
42,355,120.86 |
|
Hire-purchase Payable - Net of Current Portion |
2,053,784.65 |
314,924.92 |
486,066.59 |
|
Long-term Loan -
Net |
7,156,648.98 |
- |
- |
|
Total Liabilities |
54,033,627.28 |
50,234,451.97 |
42,841,187.45 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning |
1,048,576.53 |
717,439.10 |
1,225,285.27 |
|
Total Shareholders' Equity |
6,048,576.53 |
5,717,439.10 |
6,225,285.27 |
|
Total Liabilities & Shareholders' Equity |
60,082,203.81 |
55,951,891.07 |
49,066,472.72 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
70,806,099.49 |
70,529,203.41 |
64,978,531.00 |
|
Other Income |
212,102.35 |
2,300.94 |
61,152.06 |
|
Total Sales |
71,018,201.84 |
70,531,504.35 |
65,039,683.06 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
60,364,049.28 |
62,435,990.47 |
56,090,694.47 |
|
Selling Expenses |
3,348,403.85 |
2,163,228.83 |
1,825,648.70 |
|
Administrative Expenses |
6,362,294.39 |
6,148,384.66 |
5,847,720.12 |
|
Other Expenses |
- |
27,408.84 |
- |
|
Total Expenses |
70,074,747.52 |
70,775,012.80 |
63,764,063.29 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
943,454.32 |
[243,508.45] |
1,275,619.77 |
|
Financial Cost |
[320,196.74] |
[248,885.99] |
[44,683.06] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
623,257.58 |
[492,394.44] |
1,230,936.71 |
|
Income Tax |
[292,120.15] |
[15,451.73] |
[268,844.63] |
|
Net Profit / [Loss] |
331,137.43 |
[507,846.17] |
962,092.08 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.87 |
0.76 |
0.72 |
|
QUICK RATIO |
TIMES |
0.51 |
0.43 |
0.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.39 |
3.95 |
3.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.18 |
1.26 |
1.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
96.05 |
93.13 |
45.37 |
|
INVENTORY TURNOVER |
TIMES |
3.80 |
3.92 |
8.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
98.94 |
104.09 |
120.29 |
|
RECEIVABLES TURNOVER |
TIMES |
3.69 |
3.51 |
3.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.84 |
102.09 |
130.85 |
|
CASH CONVERSION CYCLE |
DAYS |
136.15 |
95.12 |
34.81 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.25 |
88.53 |
86.32 |
|
SELLING & ADMINISTRATION |
% |
13.71 |
11.78 |
11.81 |
|
INTEREST |
% |
0.45 |
0.35 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
15.05 |
11.48 |
13.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.33 |
(0.35) |
1.96 |
|
NET PROFIT MARGIN |
% |
0.47 |
(0.72) |
1.48 |
|
RETURN ON EQUITY |
% |
5.47 |
(8.88) |
15.45 |
|
RETURN ON ASSET |
% |
0.55 |
(0.91) |
1.96 |
|
EARNING PER SHARE |
BAHT |
6.62 |
(10.16) |
19.24 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.90 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
8.93 |
8.79 |
6.88 |
|
TIME INTEREST EARNED |
TIMES |
2.95 |
(0.98) |
28.55 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.39 |
8.54 |
|
|
OPERATING PROFIT |
% |
(487.44) |
(119.09) |
|
|
NET PROFIT |
% |
165.20 |
(152.79) |
|
|
FIXED ASSETS |
% |
17.01 |
(4.09) |
|
|
TOTAL ASSETS |
% |
7.38 |
14.03 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 0.39%. Turnover has increased from THB
70,529,203.41 in 2011 to THB 70,806,099.49 in 2012. While net profit has
increased from THB -507,846.17 in 2011 to THB 331,137.43 in 2012. And total
assets has increased from THB 55,951,891.07 in 2011 to THB 60,082,203.81 in
2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.05 |
Impressive |
Industrial Average |
14.84 |
|
Net Profit Margin |
0.47 |
Deteriorated |
Industrial Average |
1.12 |
|
Return on Assets |
0.55 |
Deteriorated |
Industrial Average |
3.40 |
|
Return on Equity |
5.47 |
Acceptable |
Industrial Average |
9.59 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 15.05%. 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 0.47%.
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 0.55%.
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 5.47%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.87 |
Risky |
Industrial Average |
1.51 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
136.15 |
|
|
|
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 0.87 times in 2012, increased from 0.76 times, then the company may
have problems meeting its short-term obligations. 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 0.51 times in 2012,
increased from 0.43 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 137 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
8.93 |
Risky |
Industrial Average |
1.70 |
|
Times Interest Earned |
2.95 |
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 lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.95 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 0.9 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.39 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.18 |
Deteriorated |
Industrial Average |
3.05 |
|
Inventory Conversion Period |
96.05 |
|
|
|
|
Inventory Turnover |
3.80 |
Satisfactory |
Industrial Average |
4.08 |
|
Receivables Conversion Period |
98.94 |
|
|
|
|
Receivables Turnover |
3.69 |
Acceptable |
Industrial Average |
6.33 |
|
Payables Conversion Period |
58.84 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.69 and 3.51 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sale. 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
increased from 2011. 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 has increased from 93 days at the end of 2011 to
96 days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 3.92 times in year 2011 to 3.8 times in year 2012.
The company's Total Asset Turnover is calculated as 1.18 times and 1.26
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.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.