MIRA INFORM REPORT
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Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
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Name : |
TUNG NUM SENG LEE LIMITED PARTNERSHIP |
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Registered Office : |
669-671 Trok Vanich 2, Songwad Road, Taladnoi, Samphantawong, Bangkok 10100, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.04.1973 |
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Com. Reg. No.: |
0103516011652 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Subject is engaged in
importing and distributing various
kinds of automobile clutch and
brake systems, such
as clutch disc,
brake lining, brake
shoe, brake disc,
wheel cylinder, as
well as auto
accessories |
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No. of Employees : |
02 |
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) |
|
Thailand |
B1 |
B1 |
|
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
TUNG NUM
SENG LEE LIMITED
PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 669-671 TROK
VANICH 2, SONGWAD
ROAD,
TALADNOI, SAMPHANTAWONG,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2235-8180
FAX :
[66] 2237-6522
E-MAIL
ADDRESS : tnsl_bkk@yahoo.com
tnslbkk@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0103516011652 [Former : 1185/2516]
TAX
ID NO. : 3102154954
CAPITAL REGISTERED : BHT. 1,500,000
CAPITAL PAID-UP : BHT.
1,500,000
PARTNER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. SOMCHAI DAMRONGPUTTHANONT, THAI
MANAGING PARTNER
NO.
OF STAFF : 2
LINES
OF BUSINESS : AUTOMOTIVE PARTS
AND ACCESSORIES
IMPORTER AND
DISTRIBUTOR
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 April 17,
1973 as a
limited partnership under
the name style TUNG
NUM SENG LEE
LIMITED PARTNERSHIP, by
Thai partners, the
Damrongputthanont family, in order
to distribute various
kinds of auto
parts and accessories
to domestic market. It
currently employs 2 staff.
The
subject’s registered address
is 669-671 Trok
Vanich 2, Songwad
Rd., Taladnoi, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Somchai
Damrongputthanont signs on
behalf of the
subject with seal
affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Somchai Damrongputthanont is
the Managing Partner.
He is Thai
nationality with the
age of 57 years
old.
BUSINESS OPERATIONS
The subject
is engaged in importing
and distributing various
kinds of automobile clutch and
brake systems, such
as clutch disc,
brake lining, brake
shoe, brake disc,
wheel cylinder, as
well as auto
accessories i.e. windscreen
wiper, inside rear-view
mirror and rear
window, left-hand wing
mirror, headlight, steering
wheel, clutch buttons,
clutch facing and etc.
MAJOR BRANDS
“DK”, “AISIN” and etc.
PURCHASE
90% of the
products is purchased
from local suppliers
and agents, the
remaining 10% is
imported from Germany,
Austria, Republic of
China and Japan.
SALES
100% of the
products is sold
locally to wholesalers,
retailers 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
for the past
two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and shop at
the heading address.
Premise is located
in commercial area.
COMMENT
The subject
operates small automobile
spare parts shop. Its
sales were low
in the previous
year, while the
market competitive remained
strong.
In 2014,
its business remains
slow.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 1,500,000 which was
carried by 3 persons as
followed:
Name Age Amount
Mrs. Phongsri Damrongputthanont [80] Bht. 700,000
[Address : 669-671 Trok Vanich
2, Songwad Rd.,
Taladnoi, Samphantawong, Bangkok]
Ms. Wanna
Damrongputthanont [53] Bht.
400,000
[Address : 669-671 Trok Vanich
2, Songwad Rd.,
Taladnoi, Samphantawong, Bangkok]
Mr. Somchai
Damrongputthanont [57] Bht.
400,000 [unlimited partner]
[Address : 669-671 Trok
Vanich 2, Songwad Rd.,
Taladnoi,
Samphantawong, Bangkok]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Kanokwan Isarangul Na
Ayudhya No. 2272
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
307,299.01 |
411,662.46 |
185,671.84 |
|
Inventories |
376,040.00 |
376,040.00 |
491,835.00 |
|
Deferred Interest |
24,700.00 |
24,700.00 |
- |
|
Other Current Assets
|
- |
- |
26,000.00 |
|
Total Current Assets
|
708,039.01 |
812,402.46 |
703,506.84 |
|
|
|
|
|
|
Long-term Loans to Related
Person |
2,470,000.00 |
2,470,000.00 |
2,600,000.00 |
|
Fixed Assets |
7.00 |
7.00 |
7.00 |
|
Total Assets |
3,178,046.01 |
3,282,409.46 |
3,303,513.84 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
101,535.67 |
113,381.54 |
204,772.42 |
|
Accrued Expenses |
- |
- |
5,000.00 |
|
Other Current Liabilities |
- |
- |
3,312.50 |
|
Total Current Liabilities |
101,535.67 |
113,381.54 |
213,084.92 |
|
Total Liabilities |
101,535.67 |
113,381.54 |
213,084.92 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Capital Paid |
1,500,000.00 |
1,500,000.00 |
1,500,000.00 |
|
Retained Earning - Unappropriated
|
1,576,510.34 |
1,669,027.92 |
1,590,428.92 |
|
Total Shareholders' Equity |
3,076,510.34 |
3,169,027.92 |
3,090,428.92 |
|
Total Liabilities & Shareholders' Equity |
3,178,046.01 |
3,282,409.46 |
3,303,513.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
754,235.00 |
937,484.00 |
1,249,592.00 |
|
Other Income |
24,700.00 |
24,700.00 |
26,000.00 |
|
Total Revenues |
778,935.00 |
962,184.00 |
1,275,592.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
464,351.51 |
587,375.77 |
845,215.49 |
|
Administrative Expenses |
407,101.07 |
296,209.23 |
402,078.99 |
|
Total Expenses |
871,452.58 |
883,585.00 |
1,247,294.48 |
|
Net Profit / [Loss] |
[92,517.58] |
78,599.00 |
28,297.52 |
|
Retained Earning, Beginning
of Year |
1,669,027.92 |
1,590,428.92 |
1,562,131.40 |
|
Retained Earning, End
of Year |
1,576,510.34 |
1,669,027.92 |
1,590,428.92 |
TUNG NUM
SENG LEE LIMITED
PARTNERSHIP
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
6.97 |
7.17 |
3.30 |
|
QUICK RATIO |
TIMES |
3.03 |
3.63 |
0.87 |
|
|
|
|
|
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|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
107,747.86 |
133,926.29 |
178,513.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.24 |
0.29 |
0.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
295.58 |
233.67 |
212.40 |
|
INVENTORY TURNOVER |
TIMES |
1.23 |
1.56 |
1.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.81 |
70.46 |
88.43 |
|
CASH CONVERSION CYCLE |
DAYS |
215.77 |
163.22 |
123.97 |
|
|
|
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|
|
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PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
61.57 |
62.65 |
67.64 |
|
SELLING & ADMINISTRATION |
% |
53.98 |
31.60 |
32.18 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
41.71 |
39.98 |
34.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.27) |
8.38 |
2.26 |
|
NET PROFIT MARGIN |
% |
(12.27) |
8.38 |
2.26 |
|
RETURN ON EQUITY |
% |
(3.01) |
2.48 |
0.92 |
|
RETURN ON ASSET |
% |
(2.91) |
2.39 |
0.86 |
|
EARNING PER SHARE |
BAHT |
(6.17) |
5.24 |
1.89 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.03 |
0.03 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.03 |
0.04 |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.55) |
(24.98) |
|
|
OPERATING PROFIT |
% |
(217.71) |
177.76 |
|
|
NET PROFIT |
% |
(217.71) |
177.76 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
(3.18) |
(0.64) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -19.55%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.71 |
Impressive |
Industrial
Average |
0.11 |
|
Net Profit Margin |
(12.27) |
Deteriorated |
Industrial
Average |
0.72 |
|
Return on Assets |
(2.91) |
Deteriorated |
Industrial
Average |
10.09 |
|
Return on Equity |
(3.01) |
Deteriorated |
Industrial
Average |
55.13 |
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 41.71%. 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 -12.27%.
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 -2.91%.
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 -3.01%.
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 |
6.97 |
Impressive |
Industrial
Average |
1.04 |
|
Quick Ratio |
3.03 |
|
|
|
|
Cash Conversion Cycle |
215.77 |
|
|
|
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 6.97 times in 2013, decreased from 7.17 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 3.03 times in 2013,
decreased from 3.63 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 216 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.03 |
Impressive |
Industrial
Average |
0.82 |
|
Debt to Equity Ratio |
0.03 |
Impressive |
Industrial
Average |
4.68 |
|
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 0.03 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 |
107,747.86 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.24 |
Deteriorated |
Industrial Average |
13.96 |
|
Inventory Conversion Period |
295.58 |
|
|
|
|
Inventory Turnover |
1.23 |
Deteriorated |
Industrial
Average |
165.02 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
9.90 |
|
Payables Conversion Period |
79.81 |
|
|
|
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 234 days at the end of 2012
to 296 days at the end of 2013. This represents a negative trend. And Inventory
turnover has decreased from 1.56 times in year 2012 to 1.23 times in year 2013.
The company's Total Asset Turnover is calculated as 0.24 times and 0.29
times in 2013 and 2012 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.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.