MIRA
INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN ENCORES CO., LTD. |
|
|
|
|
Registered Office : |
Room 3E 8A, 3rd Floor, Bis Building, 119 Mahaesak Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.08.1999 |
|
|
|
|
Com. Reg. No.: |
0105542056201 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Retailer of Apparel |
|
|
|
|
No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Moderate |
|
|
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
ASIAN
ENCORES CO., LTD.
SUMMARY
REGISTRATION
ADDRESS : ROOM
3E 8A, 3rd FLOOR,
BIS BUILDING,
119 MAHAESAK ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE
NO. : -
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542056201
TAX
ID NO. : 3030274939
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI : 70.00%
PAKISTANI :
30.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
LINES
OF BUSINESS : APPAREL
RETAILER
CORPORATE
PROFILE
|
OPERATING
TREND : -
PRESENT
SITUATION : -
HISTORY
The subject was
formed on August
3, 1999 as
a private limited
company under the
registered name ASIAN
ENCORES CO., LTD.,
by Thai and Pakistani
groups, with the
business objective declared
to the Commercial
Registration Department to be
engaged in retail
distribution of apparel.
The
subject’s registered address
is Room 3E 8A,
3rd Floor, BIS Building, 119
Mahaesak Road, Suriyawongse,
Bangrak, Bangkok 10500.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Muhammad Riaz Asdi |
|
Pakistani |
50 |
|
Mr. Pervaiz Arshad |
|
Pakistani |
60 |
|
Mr. Azhar Husain Nagvi |
|
Indian |
61 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
Note:
Refer to your
given address, 222/4
Baiyoke Tower 2, 3rd Floor,
Rajphrarop Road, Bangkok
10400, we were informed
by the tower’s
officer that, there
is no company
called ASIAN ENCORES
CO., LTD. located
in this tower.
90% of tower
area is Baiyoke
Sky Hotel, and
the remaining 10% is a
space rental service.
Meanwhile Room 3E 8A,
3rd Floor, BIS
Building, 119 Mahaesak Road, Suriyawongse, Bangrak, Bangkok 10500
is the subject’s
registered address only.
COMMENT
The
subject seems to
have no business
activity since the
past several years,
therefore any business
engagement is not
recommended.
FINANCIAL INFORMATION
The
capital was registered at Bht. 2,000,000
divided into 20,000 shares of
Bht. 100 each with
fully paid.
On
December 17, 2001,
the registered capital
was increased to
Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
May 6, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Yupin Choonark Nationality: Thai Address : 154
Moo 6, T. Samrongnua, A. Muang,
Samutprakarn |
28,000 |
70.00 |
|
Mr. Muhammad Riaz Asdi Nationality: Pakistani Address : 343
Surawong Road, Suriyawongse,
Bangrak, Bangkok |
10,000 |
25.00 |
|
Mrs. Rungaroon Thabnil Nationality: Thai Address : 154
Moo 6, T. Samrongnua, A. Muang,
Samutprakarn |
2,000 |
5.00 |
Total Shareholders : 3
Share Structure [as
at May 6,
2012]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
30,000 |
75.00 |
|
Foreign - Pakistani |
1 |
10,000 |
25.00 |
|
Total |
3 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Panthip Daengthanom No. 5359
Note:
The 2012-2013 financial
statements were not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010 & 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
81,109.14 |
81,109.14 |
81,109.14 |
|
Other Current Assets
|
171,714.49 |
159,764.49 |
147,814.49 |
|
|
|
|
|
|
Total Current Assets
|
252,823.63 |
240,873.63 |
228,923.63 |
|
Long-term Loan to Related Person |
2,390,000.00 |
2,390,000.00 |
2,390,000.00 |
|
Total Assets |
2,642,823.63 |
2,630,873.63 |
2,618,923.63 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Accrued Accounting Fees
and Audit Fees |
28,000.00 |
24,000.00 |
20,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
28,000.00 |
24,000.00 |
20,000.00 |
|
Total Liabilities |
28,000.00 |
24,000.00 |
20,000.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning - Unappropriated
|
[1,385,176.37] |
[1,393,126.37] |
[1,401,076.37] |
|
Total Shareholders' Equity |
2,614,823.63 |
2,606,873.63 |
2,598,923.63 |
|
Total Liabilities &
Shareholders' Equity |
2,642,823.63 |
2,630,873.63 |
2,618,923.63 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Interest Income |
11,950.00 |
11,950.00 |
23,900.00 |
|
Total Revenues |
11,950.00 |
11,950.00 |
23,900.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Other Expenses |
4,000.00 |
4,000.00 |
5,000.00 |
|
Total Expenses |
4,000.00 |
4,000.00 |
5,000.00 |
|
Net Profit / [Loss] |
7,950.00 |
7,950.00 |
18,900.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
9.03 |
10.04 |
11.45 |
|
QUICK RATIO |
TIMES |
2.90 |
3.38 |
4.06 |
|
|
|
|
|
|
|
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 |
% |
0.30 |
0.30 |
0.73 |
|
RETURN ON ASSET |
% |
0.30 |
0.30 |
0.72 |
|
EARNING PER SHARE |
BAHT |
0.20 |
0.20 |
0.47 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.01 |
0.01 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
0.01 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
- |
(57.94) |
|
|
NET PROFIT |
% |
- |
(57.94) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
0.45 |
0.46 |
|
ANNUAL GROWTH : RISKY
Total assets has increased from THB 2,630,873.63 in 2010 to THB
2,642,823.63 in 2011.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
72.47 |
|
Net Profit Margin |
- |
|
Industrial Average |
8.83 |
|
Return on Assets |
0.30 |
Deteriorated |
Industrial Average |
19.04 |
|
Return on Equity |
0.30 |
Deteriorated |
Industrial Average |
114.10 |
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 0.3%.
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 0.3%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
9.03 |
Impressive |
Industrial Average |
1.49 |
|
Quick Ratio |
2.90 |
|
|
|
|
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 9.03 times in 2011, decreased from 10.04 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 2.9 times in 2011,
decreased from 3.38 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 Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial Average |
0.75 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial Average |
3.03 |
|
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 0.01 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
- |
|
Industrial Average |
2.16 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
2.94 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.86 |
|
Payables Conversion Period |
- |
|
|
|
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 |
2.67 |
25.00 |
66.75 |
|
ACTIVITY RATIO |
- |
20.00 |
- |
|
PROFITABILITY
RATIO |
- |
25.00 |
- |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
0.80 |
20.00 |
16.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
122.75 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.97 |
|
|
1 |
Rs. 102.89 |
|
Euro |
1 |
Rs. 82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
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.