MIRA
INFORM REPORT
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Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
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Name : |
HANGSENGCHONG CO., LTD. |
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Registered Office : |
85, 87, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
23.05.2013 |
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Com. Reg. No.: |
0105556083613 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in importing
and distributing various
kinds of leather
goods for horse
riding, such as
belts, bags, gloves,
horse saddle, riding
boots, and other
horse riding accessories. |
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No of Employees : |
5 |
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.
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Source
: CIA |
Company Name & address
HANGSENGCHONG CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 85, 87, 89
NAKORNSAWAN ROAD, WAT
SOMMANAT,
POMPRABSATTRUPHAI, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2629-8822
FAX : [66] 2629-8823
E-MAIL ADDRESS : sengchong.store@gmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2013
REGISTRATION NO. : 0105556083613
TAX ID NO. : 3035846780
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. CHAYASIT PADITBATUKA,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 5
LINES OF BUSINESS : HORSE RIDING ACCESSORIES
IMPORTER AND
DISTRIBUTOR
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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 May
23, 2013 as
a private limited
company under the
registered name HANGSENGCHONG
CO., LTD., by Thai groups, with the business objective to
import and distribute
various kinds of
leather goods for
horse riding. It
currently employs 5
staff.
The subject’s registered
address is 85, 87, 89
Nakornsawan Road, Wat
Sommanat,
Pomprabsattruphai, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
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Name |
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Nationality |
Age |
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Mr. Chayasit Paditbatuka |
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Thai |
34 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chayasit Paditbatuka is
the Managing Director.
He is Thai
nationality with the
age of 34
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of leather
goods for horse
riding, such as
belts, bags, gloves,
horse saddle, riding
boots, and other
horse riding accessories.
PURCHASE
The products are
purchased from suppliers
both domestic and overseas, mainly
in Republic of
China and Hong
Kong.
SALES
100% of the
products is sold
locally to wholesalers,
retailers, end-users and
Thai government.
MAJOR CUSTOMER
Veterinary & Remount
Department, Royal Thai
Army
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 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
L/C at sight
or T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 5 staff.
LOCATION DETAILS
The premise is
rented for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject is
newly established firm.
It is still
in early stage.
The subject’s first
year operation was
reported at low
level. However, its
business has gradually
improved but growth
is estimated at slow
pace.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each with fully
paid-up.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
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Mr. Chayasit Paditbatuka Nationality: Thai Address : 219/183
Moo 5, Thungsonghong, Laksi, Bangkok |
6,000 |
60.00 |
|
Col. Pipop Paditbatuka Nationality: Thai Address : 219/183
Moo 5, Thungsonghong, Laksi, Bangkok |
2,000 |
20.00 |
|
Mrs. Angsana Paditbatuka Nationality: Thai Address : 219/183
Moo 5, Thungsonghong, Laksi, Bangkok |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
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Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Samorn Rungrangsaeng
No. 1694
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2013
was :
ASSETS
|
Current Assets |
2013 |
|
|
|
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Cash and Cash Equivalents
|
70,088.00 |
|
Trade Account & Other
Receivable |
596,962.28 |
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Other Current Assets
|
545,811.00 |
|
|
|
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Total Current Assets
|
1,212,861.28 |
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Total Assets |
1,212,861.28 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
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Other Payable |
132,720.00 |
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Total Current Liabilities |
132,720.00 |
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Total Liabilities |
132,720.00 |
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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 |
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Retained Earning - Unappropriated [Deficit] |
80,141.28 |
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Total Shareholders' Equity |
1,080,141.28 |
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Total Liabilities & Shareholders' Equity |
1,212,861.28 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
May 23, 2013- Dec. 31, 2013 |
|
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Sales Income |
1,170,096.28 |
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Total Revenues |
1,170,096.28 |
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Expenses |
|
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Cost of Goods
Sold |
942,403.97 |
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Administrative Expenses |
147,551.03 |
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Total Expenses |
1,089,955.00 |
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Profit / [Loss] before Income Tax
|
80,141.28 |
|
Income Tax |
- |
|
Net Profit / [Loss] |
80,141.28 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
9.14 |
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QUICK RATIO |
TIMES |
5.03 |
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ACTIVITY RATIO |
|
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FIXED ASSETS TURNOVER |
TIMES |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
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INVENTORY TURNOVER |
TIMES |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
186.22 |
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RECEIVABLES TURNOVER |
TIMES |
1.96 |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
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CASH CONVERSION CYCLE |
DAYS |
186.22 |
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PROFITABILITY RATIO |
|
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COST OF GOODS SOLD |
% |
80.54 |
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SELLING & ADMINISTRATION |
% |
12.61 |
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INTEREST |
% |
- |
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GROSS PROFIT MARGIN |
% |
19.46 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.85 |
|
NET PROFIT MARGIN |
% |
6.85 |
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RETURN ON EQUITY |
% |
7.42 |
|
RETURN ON ASSET |
% |
6.61 |
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EARNING PER SHARE |
BAHT |
8.01 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.11 |
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DEBT TO EQUITY RATIO |
TIMES |
0.12 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.46 |
Deteriorated |
Industrial Average |
108.73 |
|
Net Profit Margin |
6.85 |
Satisfactory |
Industrial Average |
8.06 |
|
Return on Assets |
6.61 |
Acceptable |
Industrial Average |
10.04 |
|
Return on Equity |
7.42 |
Deteriorated |
Industrial Average |
20.84 |
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 19.46%. 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 6.85%.
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 6.61%.
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 7.42%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
9.14 |
Impressive |
Industrial Average |
2.07 |
|
Quick Ratio |
5.03 |
|
|
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Cash Conversion Cycle |
186.22 |
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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 9.14 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 5.03 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 187 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial Average |
0.89 |
|
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 0.11 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 |
0.96 |
Satisfactory |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
3.46 |
|
Receivables Conversion Period |
186.22 |
|
|
|
|
Receivables Turnover |
1.96 |
Acceptable |
Industrial Average |
3.44 |
|
Payables Conversion Period |
- |
|
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The company's Account Receivable Ratio is calculated as 1.96 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 1.96. This would suggest the company had good
performance in the management of its debt collections.
The company's Total Asset Turnover is calculated as 0.96 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 Stable
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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.