MIRA
INFORM REPORT
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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
TUNYATEP CO., LTD. |
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Registered Office : |
171 Soi Rama
II 50, Yaek 9, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.01.2013 |
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Com. Reg. No.: |
0105556019567 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is
engaged in recycle business of ferrous
and non-ferrous scraps. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. 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
TUNYATEP CO., LTD.
SUMMARY
BUSINESS ADDRESS : 171
SOI RAMA II
50, YAEK 9, RAMA
II ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150, THAILAND
TELEPHONE : [66] 2892-1009,
080 558-4397
FAX :
[66] 2892-1009
E-MAIL ADDRESS : tunyatep56@gmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2013
REGISTRATION NO. : 0105556019567
TAX ID NO. : 3035622889
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
EXECUTIVE : MR.
JIRAPHAK SURAWATTHANASIRARAT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : FERROUS AND
NON-FERROUS SCRAPS
RECYCLE BUSINESS
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
January 31, 2013
as a private
limited company under
the registered name
TUNYATEP CO., LTD.,
by Thai group,
with the business
objective to engage
in recycling business
wide range of
ferrous and non-ferrous
scraps. It currently employs 4
staff.
The subject’s
registered address is
171 Soi Rama II 50, Yaek 9, Rama
II Road, Samaedam, Bangkhunthien, Bangkok
10150, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Jiraphak Surawatthanasirarat |
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Thai |
20 |
AUTHORIZED PERSON
The
above director signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jiraphak
Surawatthanasirarat is the
Managing Director.
He
is Thai nationality
with the age
of 20 years
old.
BUSINESS OPERATIONS
The
subject is engaged
in recycling business of
ferrous and non-ferrous
scraps, including metals,
aluminum, paper, glass,
plastic & plastic bottles
and etc., as
well as selling
and purchasing of
various products.
PURCHASE
100% of
the products is
purchased from local
suppliers.
SALES
100%
of the products
is sold locally
to wholesalers 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 according to
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.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject
currently employs 4
staff.
LOCATION DETAILS
The premise
is rented for
administrative office at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject operates a
small recycle business
by purchasing and
selling ferrous and
non-ferrous scrap including glass,
plastic and plastic
bottle. Its first
year operation was
considered satisfactory with
a net profit
at the end
of year, the
subject also expects
a good business
in the year
2014 as well.
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 10, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kitipat Thongchompu Nationality: Thai Address
: 99/2 Soi
Suksawad 35, Rajburana, Bangkok |
9,800 |
98.00 |
|
Mr.
Apichart Prathumsod Nationality: Thai Address
: 654 Moo
1, T. Pukuay, A. Vichienburi, Petchabun |
100 |
1.00 |
|
Ms. Meena Six Nationality: Thai Address
: 76 Soi
Charoenraj 1, Yannawa, Sathorn, Bangkok |
100 |
1.00 |
Total Shareholders
: 3
Share Structure
[as at April
10, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Toopthong Hiranyanurak No. 8397
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2013 was:
ASSETS
|
Current Assets |
2013 |
|
|
|
|
Cash
and Cash Equivalents |
25,581.67 |
|
Trade
Account & Other Receivable
|
20,166.66 |
|
|
|
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Total Current
Assets |
45,748.33 |
|
|
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Long-term Loans |
1,100,000.00 |
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Total Assets
|
1,145,748.33 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
|
|
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Trade
Account & Other Payable |
20,000.00 |
|
Other
Current Liabilities |
8,215.46 |
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|
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Total Current
Liabilities |
28,215.46 |
|
Total Liabilities |
28,215.46 |
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|
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Shareholders'
Equity |
|
|
|
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|
Share
capital : Baht 100 value
authorized, issued and
fully
paid share capital
10,000 shares |
1,000,000.00 |
|
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Capital
Paid |
1,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
117,532.87 |
|
Total
Shareholders' Equity |
1,117,532.87 |
|
Total
Liabilities & Shareholders' Equity |
1,145,748.33 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan. 31,
2013 - Dec. 31, 2013 |
|
|
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Sales
Income |
902,797.65 |
|
Other
Income |
20,169.20 |
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Total Revenues
|
922,966.85 |
|
Expenses |
|
|
|
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Cost
of Goods Sold
|
785,433.96 |
|
Administrative Expenses |
20,000.02 |
|
Total Expenses |
805,433.98 |
|
Net Profit / [Loss] |
117,532.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
|
|
|
|
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LIQUIDITY
RATIO |
|
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CURRENT RATIO |
TIMES |
1.62 |
|
QUICK RATIO |
TIMES |
1.62 |
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ACTIVITY
RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
0.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
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INVENTORY TURNOVER |
TIMES |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
8.15 |
|
RECEIVABLES TURNOVER |
TIMES |
44.77 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.29 |
|
CASH CONVERSION CYCLE |
DAYS |
(1.14) |
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PROFITABILITY
RATIO |
|
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COST OF GOODS SOLD |
% |
87.00 |
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SELLING & ADMINISTRATION |
% |
2.22 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
15.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.02 |
|
NET PROFIT MARGIN |
% |
13.02 |
|
RETURN ON EQUITY |
% |
10.52 |
|
RETURN ON ASSET |
% |
10.26 |
|
EARNING PER SHARE |
BAHT |
11.75 |
|
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LEVERAGE
RATIO |
|
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DEBT RATIO |
TIMES |
0.02 |
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DEBT TO EQUITY RATIO |
TIMES |
0.03 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.23 |
Impressive |
Industrial Average |
0.39 |
|
Net Profit Margin |
13.02 |
Impressive |
Industrial Average |
1.25 |
|
Return on Assets |
10.26 |
Impressive |
Industrial Average |
5.00 |
|
Return on Equity |
10.52 |
Satisfactory |
Industrial Average |
13.22 |
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. Gross Profit Margin is
15.23%. 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. Net Profit
Margin ratio is 13.02%, higher figure when
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 10.26%, 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
10.52%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: IMPRESSIVE
LIQUIDITY
RATIO
|
Current Ratio |
1.62 |
Impressive |
Industrial Average |
1.30 |
|
Quick Ratio |
1.62 |
|
|
|
|
Cash Conversion Cycle |
(1.14) |
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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 1.62 times in 2013, 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 1.62 times in 2013, 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
-2 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.03 |
Impressive |
Industrial Average |
1.54 |
|
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 0.02
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 Downtrend
Times Interest Earned Stable
ACTIVITY
: SATISFACTORY
ACTIVITY
RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
0.79 |
Deteriorated |
Industrial Average |
4.01 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
11.35 |
|
Receivables Conversion Period |
8.15 |
|
|
|
|
Receivables Turnover |
44.77 |
Impressive |
Industrial Average |
9.00 |
|
Payables Conversion Period |
9.29 |
|
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|
The company's Account Receivable Ratio is
calculated as 44.77 in 2013. 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 2013 is 44.77.
This would suggest the company had good performance in the management of
its debt collections.
The company's Total Asset Turnover is
calculated as 0.79 times in 2013. 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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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|
-- |
NB |
New Business |
-- |
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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.