MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI PAK
EXPORTS CO., LTD. |
|
|
|
|
Registered Office : |
6th Floor, The
Station Condo 1,
107/69 Soi Charoenkrung 65, Yannawa, Sathorn,
Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.06.1998 |
|
|
|
|
Com. Reg. No.: |
0105541037891 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged in
international trading business,
to import, distribute,
export and re-export
wide range of
food products, including
dried foods, frozen
seafood, agricultural products
and frozen chicken
meats |
|
|
|
|
No of Employees : |
06 |
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 : |
Slow |
|
|
|
|
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 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 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.
|
Source : CIA |
Company name
THAI PAK EXPORTS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 250
MOO 6, T. TAIBAN,
A. MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2703-3117
FAX :
[66] 2703-3117
E-MAIL
ADDRESS : thaipakseafood@yahoo.com
REGISTRATION
ADDRESS : 6th FLOOR,
THE STATION CONDO
1,
107/69 SOI
CHAROENKRUNG 65, YANNAWA,
SATHORN, BANGKOK
10120, THAILAND
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541037891
TAX
ID NO. : 3011938300
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
PAKISTANI :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SYED MUHAMMAD ZIAUDDIN,
PAKISTANI
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : FOOD
PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 June 22,
1998 as a
private limited company
under the registered name THAI PAK
EXPORTS CO., LTD., by Thai
and Pakistani, with
the objective to be
engaged in international
trading business of
food products. It
currently employs 6
staff.
The
subject’s registered address
is 6th Floor,
The Station Condo
1, 107/69 Soi
Charoenkrung 65, Yannawa, Sathorn,
Bangkok 10120, while
the subject’s current
operation address is
250 Moo 6, T.
Taiban, A. Muang, Samutprakarn
10270.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Syed Muhammad Ziauddin |
|
Pakistani |
43 |
|
Mr. Muhammad Riaz |
|
Pakistani |
35 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Syed Muhammad Ziauddin
is the Managing
Director.
He is Pakistani
nationality with the
age of 43 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
international trading business,
to import, distribute,
export and re-export
wide range of
food products, including
dried foods, frozen
seafood, agricultural products
and frozen chicken
meats.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in India
and Republic of
China.
SALES [LOCAL]
The products are
sold locally to
wholesalers and end-users.
EXPORT
The products are
exported and re-exported
to India, Indonesia,
Malaysia, Hong Kong
and the countries
in Middle East.
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 T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
6 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Subject’s
business has shown
depressive performance in
2012 with a
drastic decrease in sales
revenue and net
profit. The subject
would encounter slow
growth in line
with a slow consumption from
local market.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 4,000,000 divided into 40,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 6,000,000 on September
20, 2000
Bht. 15,000,000 on
December 26, 2001
The
latest registered capital
was increased to
Bht. 15,000,000 divided
into 150,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Syed Muhammad Ziauddin Nationality: Pakistani Address : Karachi,
Pakisatan |
73,300 |
48.94 |
|
Mrs. Sasiprapha Memud Nationality: Thai Address : 45-48
Charoenkrung Road, Bangrak,
Bangkok |
25,500 |
17.00 |
|
Mr. Kraipichit Attano Nationality: Thai Address : 292/42
Rimtangrodfai Road, Bangyeerua,
Thonburi, Bangkok |
22,500 |
15.00 |
|
Ms. Vanida Ratanasiriwattanakul Nationality: Thai Address : 235
Isaraparp Road, Wad-aroon,
Bangkokyai, Bangkok |
16,500 |
11.00 |
|
Ms. Kanchanawan Insom Nationality: Thai Address : 14/1
Moo 4, T. Kohpangan, A. Kohpangan, Suratthani |
12,000 |
8.00 |
|
Mr. Muhammad Riaz Nationality: Pakistani Address : 1179/39
Soi Charoenkrung 47,
Siphya,
Bangrak, Bangkok |
100 |
0.03 |
|
Mr. Muhammad Abid Subbir Nationality: Pakisatani Address : 107/69
Charoenkrung Road, Yannawa, Bangkok |
100 |
0.03 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
76,500 |
51.00 |
|
Foreign-Pakistani |
3 |
73,500 |
49.00 |
|
Total |
7 |
150,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Duangkamol
Chaichanakajorn No. 3581
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 |
970,353.20 |
128,939.46 |
205,414.03 |
|
Short-term Investment |
- |
847,543.31 |
128,058.00 |
|
Trade Accounts Receivable |
9,240,151.64 |
6,717,429.57 |
- |
|
Other Current Assets
|
772,187.75 |
826,187.75 |
1,032,187.75 |
|
|
|
|
|
|
Total Current Assets
|
10,982,692.59 |
8,520,100.09 |
1,365,659.78 |
|
Long-term Loan to Related Person |
4,000,000.00 |
6,700,000.00 |
17,000,000.00 |
|
Fixed Assets |
10,261.96 |
18,022.14 |
25,782.32 |
|
Total Assets |
14,992,954.55 |
15,238,122.23 |
18,391,442.10 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
- |
- |
369,716.43 |
|
Accrued Income Tax |
26,674.99 |
41,941.32 |
70,271.12 |
|
Other Current Liabilities |
35,160.00 |
24,422.00 |
44,712.65 |
|
|
|
|
|
|
Total Current Liabilities |
61,834.99 |
66,363.32 |
484,700.20 |
|
|
|
|
|
|
Long-term from Financial Institutions |
- |
- |
2,602,057.19 |
|
Total Liabilities |
61,834.99 |
66,363.32 |
3,086,757.39 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning - Unappropriated |
[68,880.44] |
171,758.91 |
304,684.71 |
|
Total Shareholders' Equity |
14,931,119.56 |
15,171,758.91 |
15,304,684.71 |
|
Total Liabilities &
Shareholders' Equity |
14,992,954.55 |
15,238,122.23 |
18,391,442.10 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
24,093,571.76 |
42,983,214.29 |
62,659,694.20 |
|
Other Income |
80,000.00 |
308,058.24 |
811,670.02 |
|
Total Revenues |
24,173,571.76 |
43,291,272.53 |
63,471,364.22 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,818,307.90 |
34,919,012.91 |
52,586,392.41 |
|
Selling Expenses |
3,843,474.03 |
5,067,096.83 |
6,534,356.22 |
|
Administrative Expenses |
3,393,616.78 |
3,011,739.83 |
3,633,705.46 |
|
Other Expenses |
279,483.27 |
- |
- |
|
Total Expenses |
24,334,881.98 |
42,997,849.57 |
62,754,454.09 |
|
Profit / [Loss] before Financial Cost & Income Tax |
[161,310.22] |
293,422.96 |
716,910.13 |
|
Financial Cost |
[52,654.14] |
[384,407.44] |
[582,190.06] |
|
Profit / [Loss] before Income
Tax |
[213,964.36] |
[90,984.48] |
134,720.07 |
|
Income Tax |
[26,674.99] |
[41,941.32] |
[132,271.12] |
|
Net Profit / [Loss] |
[240,639.35] |
[132,925.80] |
2,448.95 |
FINANCIAl ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
177.61 |
128.39 |
2.82 |
|
QUICK RATIO |
TIMES |
165.13 |
115.94 |
0.69 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,347.85 |
2,385.02 |
2,430.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
2.82 |
3.41 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
139.98 |
57.04 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
2.61 |
6.40 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
139.98 |
57.04 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
69.80 |
81.24 |
83.92 |
|
SELLING & ADMINISTRATION |
% |
30.04 |
18.80 |
16.23 |
|
INTEREST |
% |
0.22 |
0.89 |
0.93 |
|
GROSS PROFIT MARGIN |
% |
30.53 |
19.48 |
17.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.67) |
0.68 |
1.14 |
|
NET PROFIT MARGIN |
% |
(1.00) |
(0.31) |
0.00 |
|
RETURN ON EQUITY |
% |
(1.61) |
(0.88) |
0.02 |
|
RETURN ON ASSET |
% |
(1.61) |
(0.87) |
0.01 |
|
EARNING PER SHARE |
BAHT |
(1.60) |
(0.89) |
0.02 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.00 |
0.00 |
0.17 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.00 |
0.00 |
0.20 |
|
TIME INTEREST EARNED |
TIMES |
(3.06) |
0.76 |
1.23 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(43.95) |
(31.40) |
|
|
OPERATING PROFIT |
% |
(154.98) |
(59.07) |
|
|
NET PROFIT |
% |
(81.03) |
(5,527.87) |
|
|
FIXED ASSETS |
% |
(43.06) |
(30.10) |
|
|
TOTAL ASSETS |
% |
(1.61) |
(17.15) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -43.95%. Turnover has decreased from THB 42,983,214.29
in 2011 to THB 24,093,571.76 in 2012. While net profit has decreased from THB
-132,925.80 in 2011 to THB -240,639.35 in 2012. And total assets has decreased
from THB 15,238,122.23 in 2011 to THB 14,992,954.55 in 2012.
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.53 |
Satisfactory |
Industrial Average |
34.47 |
|
Net Profit Margin |
(1.00) |
Deteriorated |
Industrial Average |
1.60 |
|
Return on Assets |
(1.61) |
Deteriorated |
Industrial Average |
6.04 |
|
Return on Equity |
(1.61) |
Deteriorated |
Industrial Average |
15.00 |
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 30.53%. 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 -1%. 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 -1.61%.
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 -1.61%.
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 |
177.61 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
165.13 |
|
|
|
|
Cash Conversion Cycle |
139.98 |
|
|
|
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 177.61 times in 2012, increased from 128.39 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 165.13 times in 2012,
increased from 115.94 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 140 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial Average |
1.61 |
|
Times Interest Earned |
(3.06) |
Risky |
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 -3.07 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,347.85 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.61 |
Deteriorated |
Industrial Average |
3.79 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
8.78 |
|
Receivables Conversion Period |
139.98 |
|
|
|
|
Receivables Turnover |
2.61 |
Deteriorated |
Industrial Average |
5.80 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 2.61 and 6.40 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 1.61 times and 2.82
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.59.06 |
|
UK Pound |
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.