MIRA INFORM REPORT
|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOONRAWD
LOGISTICS PART CO., LTD. |
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|
|
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Registered Office : |
72/379
Moo 2, Soi
9, Tiwanon-Pakkred Road, T. Banmai, A. Pakkred,
Nonthaburi 11120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.02.2010 |
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Com. Reg. No.: |
0125553003414 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of Lubricant oils. |
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No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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. 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 & address
BOONRAWD LOGISTICS PART CO., LTD.
SUMMARY
REGISTRATION
ADDRESS : 72/379 MOO
2, SOI 9,
TIWANON-PAKKRED ROAD,
T.
BANMAI, A. PAKKRED, NONTHABURI
11120,
THAILAND
TELEPHONE
NO. : -
ESTABLISHED
: 2010
REGISTRATION
NO. : 0125553003414
TAX
ID NO. : 3033846904
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
LINES
OF BUSINESS : LUBRICANT OILS
DISTRIBUTOR
|
|
|
CORPORATE
PROFILE |
OPERATING
TREND : -
PRESENT
SITUATION : -
HISTORY
The
subject was established
on February 22, 2010 as
a private limited
company under the
registered name BOONRAWD
LOGISTICS PART CO.,
LTD., by Thai groups.
Its business objective
was declared to
the Commercial Registration
Department, in order
to distribute wide
range of lubricant
oils for industrial
use.
The
subject’s registered address
is 72/379 Moo
2, Soi 9,
Tiwanon-Pakkred Road,
T. Banmai,
A. Pakkred, Nonthaburi 11120.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sanan Boonrod |
|
Thai |
47 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
NOTE
Please be informed
that we were
unable to contact
the company. We
found the company’s
telephone number was
086 352-7311. Unfortunately, it
was out of order.
COMMENT
The
subject was established in 2010.
However, the subject
did not submit
its financial statement
for 2011, 2012 and
2013, therefore any
business engagement is
not recommended.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 5, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sanan Boonrod Nationality: Thai Address : 47/32
Sutthisarn Road, Dindaeng, Bangkok |
7,999 |
79.99 |
|
Mr. Vuthiwat Nithipirayathakul Nationality: Thai Address : 202/1
Moo 9, T. Sila,
A. Muang, Khon Kaen
|
2,000 |
20.00 |
|
Ms. Siriporn Maneechay Nationality: Thai Address : 84
Moo 1, T. Thungkhaoluang, A. Thungkhaoluang, Roi-ed |
1 |
0.01 |
Total Shareholders : 3
Share Structure [as
at April 5,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
None
Note:
The 2011-2013 financial
statements were not
submitted to the
Commercial Registration Department.
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalents
|
74,224.32 |
|
Inventories |
236,261.42 |
|
Loan to Related Parties |
700,000.00 |
|
Other Current Assets
|
27,038.30 |
|
Total Current Assets
|
1,037,524.04 |
|
Total Assets |
1,037,524.04 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Other Current Liabilities |
8,000.00 |
|
Total Current Liabilities |
8,000.00 |
|
Total Liabilities |
8,000.00 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
|
Retained Earning - Unappropriated |
29,524.04 |
|
Total Shareholders' Equity |
1,029,524.04 |
|
Total Liabilities & Shareholders'
Equity |
1,037,524.04 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Feb. 22,
2010 - Dec. 31,
2010 |
|
|
|
|
Services Income |
49,900.00 |
|
Other Income |
10,500.00 |
|
Total Revenues |
60,400.00 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
4,302.77 |
|
Administrative Expenses |
26,573.19 |
|
Total Expenses |
30,875.96 |
|
Profit / [Loss] before Income
Tax |
29,524.04 |
|
Income Tax |
- |
|
Net Profit / [Loss] |
29,524.04 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
129.69 |
|
QUICK RATIO |
TIMES |
96.78 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20,041.84 |
|
INVENTORY TURNOVER |
TIMES |
0.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
20,041.84 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
8.62 |
|
SELLING & ADMINISTRATION |
% |
53.25 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
112.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
59.17 |
|
NET PROFIT MARGIN |
% |
59.17 |
|
RETURN ON EQUITY |
% |
2.87 |
|
RETURN ON ASSET |
% |
2.85 |
|
EARNING PER SHARE |
BAHT |
2.95 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
112.42 |
Impressive |
Industrial
Average |
11.49 |
|
Net Profit Margin |
59.17 |
Impressive |
Industrial
Average |
(0.17) |
|
Return on Assets |
2.85 |
Impressive |
Industrial
Average |
(1.32) |
|
Return on Equity |
2.87 |
Impressive |
Industrial
Average |
(6.66) |
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 112.42%. 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 59.17%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
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
2.85%, 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. Return on Equity ratio
is 2.87%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
129.69 |
Impressive |
Industrial
Average |
0.79 |
|
Quick Ratio |
96.78 |
|
|
|
|
Cash Conversion Cycle |
20,041.84 |
|
|
|
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 129.69 times in 2010, increased from 0 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 96.78 times in 2010,
increased from 0 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 20042 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial Average |
0.94 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial Average |
6.75 |
|
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 |
0.05 |
Deteriorated |
Industrial
Average |
7.89 |
|
Inventory Conversion Period |
20,041.84 |
|
|
|
|
Inventory Turnover |
0.02 |
Deteriorated |
Industrial
Average |
50.88 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
17.19 |
|
Payables Conversion Period |
- |
|
|
|
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 0 days at the end of 0 to 20042
days at the end of 2010. This represents a negative trend. And Inventory
turnover has increased from 0 times in year 0 to 0.02 times in year 2010.
The company's Total Asset Turnover is calculated as 0.05 times and 0
times in 2010 and 0 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
TPT |
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.