MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
OCEAN TRADING LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
4026 Room A,
Rama IV Road,
Phrakanong, Klongtoey,
Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.05.1960 |
|
|
|
|
Com. Reg. No.: |
0103503004148 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and
distributing various kinds
of curtain, sun
blind and related
equipment. Its products
are curtain, awning,
stainless steel curtain,
aluminum shutter, vertical
blind, roller blind,
Venetian blind, wooden
blind and accessories. |
|
|
|
|
No of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
OCEAN TRADING
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 4026
ROOM A, RAMA
IV ROAD, PHRAKANONG,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2671-6008-9
FAX :
[66] 2671-6006-7
E-MAIL
ADDRESS : info@oceannewline.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1960
REGISTRATION
NO. : 0103503004148
TAX
ID NO. : 3102102290
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
PARTNER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR.
KIM APILIKITSMAI, THAI
MANAGING PARTNER
NO.
OF STAFF : 10
LINES
OF BUSINESS : CURTAIN AND
SUN BLIND
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 31,
1960 as a
limited partnership under the
name style OCEAN TRADING
LIMITED PARTNERSHIP by Mr.
Kim Apilikitsmai who
is the founder.
Its business objective
is to import
and distribute curtain,
sun blind and
related equipment to
domestic market. It
currently employs approximately
10 staff.
The subject’s registered address
is 4026, Room A, Rama IV Road,
Phrakanong, Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Kim Apilikitsmai
Mr. Montri Apilikitsmai
Mr. Chartchai Apilikitsmai
Any of the
above partners can
sign on behalf
of the subject
with seal affixed.
All of them
bear full financial
responsibility by law.
MANAGEMENT
Mr. Kim Apilikitsmai is
the Managing Partner.
He is Thai
nationality with the
age of 87 years
old.
Mr. Montri Apilikitsmai is
the General Manager.
He is Thai
nationality with the
age of 52
years old.
Mr. Chartchai Apilikitsmai is
the Assistant to
Managing Partner and
Sales Manager.
He is Thai
nationality with the
age of 44 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of curtain,
sun blind and
related equipment. Its
products are curtain,
awning, stainless steel
curtain, aluminum shutter,
vertical blind, roller
blind, Venetian blind,
wooden blind and
accessories.
MAJOR BRANDS
“SOMFY”, “PERMA SYSTEM”,
“SILENTGLISS”, “FIAL”, “MAK
MAX”, “JAKOB” and etc.
PURCHASE
80%
of the products
is imported from
Republic of China,
Germany, Sweden, Indonesia,
France, Italy, Japan
and India, the
remaining 20% is
purchased from local
suppliers.
SALES
90%
of the products
is sold locally
by wholesale to
Ocean Newline Co.,
Ltd., the related
company, and the
remaining 10% is to
general traders.
RELATED AND
AFFILIATED COMPANY
Ocean Newline Co.,
Ltd.
Business Type :
Importer and distributor
of curtains and
related equipment, as
well as
installation service
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 credit term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C on the
credits term of
30-60 days and
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at the
heading
address. Premise is
located in
commercial/residential area.
COMMENT
The
subject has been firmly
established for over
5 decades. It
is well known
among regular customers.
Even though, its sales
revenue in 2013
was slightly decreased
from the previous
year, it was
able to maintain
a net profit
at the end
of year. The
subject’s business outlook
in 2014 is
promising in line
with an improvement
of related industries
particularly real estate
and properties.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by 5 persons
as followed:
Name Age Amount
Mr. Kim Apilikitsmai [87] Bht.
200,000 [unlimited partner]
[Address : 189 Siphaya Road,
Mahapruektharam,
Bangrak, Bangkok]
Mr. Montri Apilikitsmai [52] Bht. 200,000 [unlimited partner]
[Address : 4026/1 Rama 4 Road,
Phrakanong,
Klongtoey, Bangkok]
Mr. Maitri Apilikitsmai [51] Bht.
200,000
[Address : 4026/1 Rama 4 Road,
Phrakanong,
Klongtoey, Bangkok]
Mr. Monchai Apilikitsmai [47] Bht. 200,000
[Address : 187/8-9 Siphaya Road,
Mahapruektharam,
Bangrak, Bangkok]
Mr. Chartchai Apilikitsmai [44] Bht.
200,000 [unlimited partner]
[Address : 187/8-9 Siphaya Road,
Mahapruektharam,
Bangrak, Bangkok]
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Mr. Pittaya Rimdusit No.
2485
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
|
1,797,794.38 |
1,150,484.45 |
1,447,078.30 |
|
Trade Accounts &
Other Receivable |
9,548,377.58 |
7,933,398.02 |
13,900,755.90 |
|
Inventories |
12,501.32 |
- |
- |
|
Other Current Assets
|
588,330.91 |
1,598,598.30 |
939,084.01 |
|
|
|
|
|
|
Total Current Assets
|
11,947,004.19 |
10,682,480.77 |
16,286,918.21 |
|
Fixed Assets |
1,200,088.09 |
1,551,266.52 |
1,902,444.95 |
|
Other Non-current Assets |
39,856.42 |
39,856.42 |
39,856.42 |
|
Total Assets |
13,186,948.70 |
12,273,603.71 |
18,229,219.58 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
2,246,328.96 |
930,190.97 |
5,202,295.78 |
|
Short-term Loan |
5,330,000.00 |
6,230,000.00 |
6,730,000.00 |
|
Accrued Income
Tax |
254,618.00 |
440,091.00 |
719,007.00 |
|
Other Current
Liabilities |
17,543.80 |
8,464.73 |
15,281.58 |
|
|
|
|
|
|
Total Current
Liabilities |
7,848,490.76 |
7,608,746.70 |
12,666,584.36 |
|
Total Liabilities |
7,848,490.76 |
7,608,746.70 |
12,666,584.36 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
4,338,457.94 |
3,664,857.01 |
4,562,635.22 |
|
|
|
|
|
|
Total Shareholders' Equity |
5,338,457.94 |
4,664,857.01 |
5,562,635.22 |
|
Total Liabilities &
Shareholders' Equity |
13,186,948.70 |
12,273,603.71 |
18,229,219.58 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
32,920,657.48 |
35,594,890.62 |
53,303,153.91 |
|
Other Income |
403,992.97 |
35,572.56 |
402,035.02 |
|
Total Revenues |
33,324,650.45 |
35,630,463.18 |
53,705,188.93 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
31,148,735.49 |
34,998,645.48 |
48,573,307.73 |
|
Selling Expenses |
- |
- |
73,457.95 |
|
Administrative Expenses |
1,211,656.03 |
1,045,364.93 |
2,099,418.81 |
|
Total Expenses |
32,360,391.52 |
36,044,010.41 |
50,746,184.49 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
964,258.93 |
[413,547.23] |
2,959,004.44 |
|
Financial Cost |
[36,040.00] |
[44,140.00] |
[61,923.96] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
928,218.93 |
[457,687.23] |
2,897,080.48 |
|
Income Tax |
[254,618.00] |
[440,091.00] |
[719,007.00] |
|
Net Profit / [Loss] |
673,600.93 |
[897,778.23] |
2,178,073.48 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.52 |
1.40 |
1.29 |
|
QUICK RATIO |
TIMES |
1.45 |
1.19 |
1.21 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.43 |
22.95 |
28.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.50 |
2.90 |
2.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.15 |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
2,491.64 |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
105.87 |
81.35 |
95.19 |
|
RECEIVABLES TURNOVER |
TIMES |
3.45 |
4.49 |
3.83 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.32 |
9.70 |
39.09 |
|
CASH CONVERSION CYCLE |
DAYS |
79.69 |
71.65 |
56.09 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.62 |
98.32 |
91.13 |
|
SELLING & ADMINISTRATION |
% |
3.68 |
2.94 |
4.08 |
|
INTEREST |
% |
0.11 |
0.12 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
6.61 |
1.78 |
9.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.93 |
(1.16) |
5.55 |
|
NET PROFIT MARGIN |
% |
2.05 |
(2.52) |
4.09 |
|
RETURN ON EQUITY |
% |
12.62 |
(19.25) |
39.16 |
|
RETURN ON ASSET |
% |
5.11 |
(7.31) |
11.95 |
|
EARNING PER SHARE |
BAHT |
67.36 |
(89.78) |
217.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.62 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.47 |
1.63 |
2.28 |
|
TIME INTEREST EARNED |
TIMES |
26.76 |
(9.37) |
47.78 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(7.51) |
(33.22) |
|
|
OPERATING PROFIT |
% |
(333.17) |
(113.98) |
|
|
NET PROFIT |
% |
175.03 |
(141.22) |
|
|
FIXED ASSETS |
% |
(22.64) |
(18.46) |
|
|
TOTAL ASSETS |
% |
7.44 |
(32.67) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -7.51%. Turnover has decreased from THB
35,594,890.62 in 2012 to THB 32,920,657.48 in 2013. While net profit has
increased from THB -897,778.23 in 2012 to
THB 673,600.93 in 2013. And total assets has increased from THB 12,273,603.71
in 2012 to THB 13,186,948.70 in 2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.61 |
Deteriorated |
Industrial
Average |
50.62 |
|
Net Profit Margin |
2.05 |
Acceptable |
Industrial
Average |
3.14 |
|
Return on Assets |
5.11 |
Acceptable |
Industrial
Average |
6.89 |
|
Return on Equity |
12.62 |
Acceptable |
Industrial
Average |
24.20 |
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 6.61%. 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 2.05%.
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 5.11%.
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 12.62%.
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 |
1.52 |
Impressive |
Industrial
Average |
1.44 |
|
Quick Ratio |
1.45 |
|
|
|
|
Cash Conversion Cycle |
79.69 |
|
|
|
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 1.52 times in 2013, increase from 1.4 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 1.45 times in 2013,
increase from 1.19 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 80 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.47 |
Acceptable |
Industrial
Average |
1.64 |
|
Times Interest Earned |
26.76 |
Impressive |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 26.76 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.6 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
27.43 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.50 |
Impressive |
Industrial
Average |
2.18 |
|
Inventory Conversion Period |
0.15 |
|
|
|
|
Inventory Turnover |
2,491.64 |
Impressive |
Industrial
Average |
4.87 |
|
Receivables Conversion Period |
105.87 |
|
|
|
|
Receivables Turnover |
3.45 |
Satisfactory |
Industrial
Average |
3.61 |
|
Payables Conversion Period |
26.32 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.45 and 4.49 in
2013 and 2012 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 2013
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
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. And Inventory turnover has
increased from 0 times in year 2012 to 2491.64 times in year 2013.
The company's Total Asset Turnover is calculated as 2.5 times and 2.9
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.