MIRA
INFORM REPORT
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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
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Name : |
THAI A TOP LOGISTICS CO., LTD. |
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Registered Office : |
413/65 Soi Sukhumvit
101/1 Road, Bangjak, Prakanong, |
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Country : |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
25.02.2010 |
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Com. Reg. No.: |
0115553002981 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is
engaged in providing
logistics and transportation services
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Thailand |
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 |
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
THAI A TOP
LOGISTICS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 413/65 SOI SUKHUMVIT
101/1 ROAD, BANGJAK,
PRAKANONG, BANGKOK
10260, THAILAND
TELEPHONE : [66] 2350-2214-5
FAX : [66] 2350-2216
E-MAIL ADDRESS : buayeun@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2010
REGISTRATION NO. : 0115553002981
TAX ID NO. : 3033861303
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : JANUARY 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PUMARIN BUAYEUN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 3
LINES OF BUSINESS : LOGISTICS AND
TRANSPORTATION SERVICE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on February
25, 2010 as
a private limited
company under the
registered name THAI
A TOP LOGISTICS
CO., LTD. by Thai groups,
with the business
objective to provide
logistics and transportation services.
It currently employs
3 staff.
The subject’s registered
address is 413/65
Sukhumvit 101/1 Rd.,
Bangjak, Prakanong, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Mr. Pumarin Buayeun
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pumarin Buayeun is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in providing
logistics and transportation services
as follows:
Air/sea freight forwarder
Tax refund under
section 19 bis, tax
compensation and all
tax refund services
Consultant for customs
formalites, including privileges
under customs law
Customs clearance import
and export for air/post
by EDI proceeding
and proclaim appealing
legal for release
penalties under customs
law
Logistics and supply
chain, port agent
and ship chartering
PURCHASE
100% of purchasing
is from local
suppliers.
SALES/ SERVICES
100% of the
services is served
to manufacturers, importers
and exporters.
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 and services
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
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs 3 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is
a small operator of
logistic and transportation services. The
services are varies
for both domestic
and overseas forwarding.
However, its business
remains small and
growth is at
slow pace.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
May 31, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pumarin Buayeun Nationality: Thai Address : 47
Moo 10, Bangsapan,
Bangsapannoi,
Prachuabkirikhan |
500 |
50.00 |
|
Mr. Rattanachai Phomun Nationality: Thai Address : 32/23
Moo 5, Praeksa,
Muang,
Samutprakarn |
250 |
25.00 |
|
Mr. Kiatbodin Chanapatchotikorn Nationality: Thai Address : 38/54
Moo 5, Jomthong,
Jomthong, Bangkok |
250 |
25.00 |
Total Shareholders : 3
Share Structure
[as at
May 31, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
1,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
1,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Napasorn Lamlertsombat No.
10220
Note:
The financial statement as
of January 31, 2013
was not submitted
to the Commercial
Registration Department.
BALANCE SHEET [BAHT]
The latest
financial figures published
for January 31,
2012 & 2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash in Hand
& at Bank |
145,666.62 |
59,227.73 |
|
Trade Accounts & Other
Receivable |
238,925.84 |
14,827.06 |
|
Short-term Lending |
1,050,000.00 |
1,250,000.00 |
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Other Current Assets
|
22,571.44 |
22,166.82 |
|
|
|
|
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Total Current Assets
|
1,457,163.90 |
1,346,221.61 |
|
Fixed Assets |
17,293.78 |
16,670.85 |
|
Total Assets |
1,474,457.68 |
1,362,892.46 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
|
|
|
|
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Accrued Income Tax |
7,444.74 |
9,951.30 |
|
Other Current Liabilities |
16,954.96 |
33,000.74 |
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Total Current Liabilities |
24,399.70 |
42,952.04 |
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Total Liabilities |
24,399.70 |
42,952.04 |
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Shareholders' Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 1,000 shares |
1,000,000.00 |
1,000,000.00 |
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|
|
|
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
450,057.98 |
319,940.42 |
|
Total Shareholders' Equity |
1,450,057.98 |
1,319,940.42 |
|
Total Liabilities & Shareholders' Equity |
1,474,457.68 |
1,362,892.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
Feb. 25,
2010 – Jan. 31, 2011 |
|
|
|
|
|
Service Income |
2,966,936.43 |
1,178,567.67 |
|
Sales Income |
- |
687,814.08 |
|
Other Income |
18,412.41 |
14,831.64 |
|
Total Revenues |
2,985,348.84 |
1,881,213.39 |
|
Expenses |
|
|
|
|
|
|
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Cost of Service
|
2,124,598.52 |
497,081.23 |
|
Cost of Goods
Sold |
- |
618,874.00 |
|
Selling Expenses |
- |
7,846.53 |
|
Administrative Expenses |
675,205.96 |
406,379.14 |
|
Total Expenses |
2,799,804.48 |
1,530,180.90 |
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|
|
|
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Profit / [Loss] before Financial
Cost & Income Tax |
185,544.36 |
351,032.49 |
|
Financial Cost |
[720.89] |
[37.35] |
|
Income Tax |
[54,705.91] |
[31,054.72] |
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|
|
|
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Net Profit / [Loss] |
130,117.56 |
319,940.42 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
59.72 |
31.34 |
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QUICK RATIO |
TIMES |
58.80 |
30.83 |
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ACTIVITY RATIO |
|
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|
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FIXED ASSETS TURNOVER |
TIMES |
171.56 |
111.95 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.01 |
1.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.39 |
2.90 |
|
RECEIVABLES TURNOVER |
TIMES |
12.42 |
125.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
29.39 |
2.90 |
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|
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PROFITABILITY RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
71.61 |
59.79 |
|
SELLING & ADMINISTRATION |
% |
22.76 |
22.19 |
|
INTEREST |
% |
0.02 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
29.01 |
41.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.25 |
18.81 |
|
NET PROFIT MARGIN |
% |
4.39 |
17.14 |
|
RETURN ON EQUITY |
% |
8.97 |
24.24 |
|
RETURN ON ASSET |
% |
8.82 |
23.48 |
|
EARNING PER SHARE |
BAHT |
130.12 |
319.94 |
|
|
|
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.02 |
0.03 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.03 |
|
TIME INTEREST EARNED |
TIMES |
257.38 |
9,398.46 |
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|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
58.97 |
- |
|
OPERATING PROFIT |
% |
(47.14) |
- |
|
NET PROFIT |
% |
(59.33) |
- |
|
FIXED ASSETS |
% |
3.74 |
- |
|
TOTAL ASSETS |
% |
8.19 |
- |
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
29.01 |
Deteriorated |
Industrial Average |
63.45 |
|
Net Profit Margin |
4.39 |
Acceptable |
Industrial Average |
5.91 |
|
Return on Assets |
8.82 |
Impressive |
Industrial Average |
7.40 |
|
Return on Equity |
8.97 |
Acceptable |
Industrial Average |
15.33 |
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 29.01%. 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 4.39%.
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
8.82%, 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 8.97%.
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 |
59.72 |
Impressive |
Industrial Average |
1.82 |
|
Quick Ratio |
58.80 |
|
|
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Cash Conversion Cycle |
29.39 |
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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 59.72 times in 2012, increase from 31.34 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 58.8 times in 2012,
increase from 30.83 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 30 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial Average |
0.94 |
|
Times Interest Earned |
257.38 |
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 257.39 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 0.02 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 Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
171.56 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.01 |
Impressive |
Industrial Average |
1.25 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
5.23 |
|
Receivables Conversion Period |
29.39 |
|
|
|
|
Receivables Turnover |
12.42 |
Impressive |
Industrial Average |
2.42 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 12.42 and 125.88
in 2012 and 2011 respectively. 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 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 2.01 times and 1.37
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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.