MIRA
INFORM REPORT
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Report No. : |
317809 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEEZA INTERNATIONAL CO., LTD. |
|
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Registered Office : |
314/1-2 Chakraphet Road,
Wangburapapirom, Pranakorn,
Bangkok 10200 |
|
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Country : |
Thailand |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
03.08.2010 |
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Com. Reg. No.: |
0105553093146 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Subject is engaged in providing
of land transportation and logistics services
via its own 2
six wheel trucks
and 2 light
picked-up truck. |
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|
|
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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 has had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand 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 both
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. Government approved flood
mitigation projects, worth $11.7 billion, were started in 2012 to prevent a
repeat. Thai growth slowed in 2013 and has remained low since, as the country
faced political uncertainty and a coup in May 2014. The interim government is
implementing a special $11 billion short-term stimulus package and has approved
a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company name
SEEZA INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 314/1-2
CHAKRAPHET ROAD, WANGBURAPAPIROM,
PRANAKORN, BANGKOK
10200, THAILAND
TELEPHONE : [66] 2623-9482
FAX : [66] 2623-9482
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2010
REGISTRATION NO. : 0105553093146
TAX ID NO. : 3034033129
CAPITAL REGISTERED : BHT.
2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 65.00%
BANGLADESHI :
35.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
SORAVEE PAOMA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : LAND
TRANSPORTATION AND LOGISTIC
SERVICES
|
|
|
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 August
3, 2010 as
a private limited
company under the
registered name SEEZA
INTERNATIONAL CO., LTD., by
Thai and
Bangladeshi groups, with the
business objective to
provide land transportation and
logistic services. It
currently employs 4
staff.
The subject’s registered
address is 314/1-2
Chakraphet Road, Wangburapapirom, Pranakorn,
Bangkok 10200, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Soravee Paoma |
|
Thai |
34 |
|
Mr. Zahirul Alam |
|
Bangladeshi |
58 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Soravee Paoma is the Managing
Director.
She is Thai
nationality with the
age of 34 years
old.
BUSINESS OPERATIONS
The subject is engaged
in providing of
land transportation and logistic
services via its own
2 six wheel
trucks and 2
light picked-up truck.
PURCHASE
100% of purchasing
is from local
supplier.
SERVICES
100% of services
is served to
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 the past
two years.
CREDIT
Services 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
Kasikornbank 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
Since the subject
has been established
in 2010, it
reported a slow
business. With accumulated
loss for a
few consecutive years,
any business engagement should be
on secured basis
only.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Soravee Paoma Nationality: Thai Address : 314/15
Chakraphet Road,
Wangburapapirom,
Pranakorn, Bangkok |
10,000 |
50.00 |
|
Mr. Zahirul Alam Nationality: Bangladeshi Address : 314/15
Chakraphet Road,
Wangburapapirom,
Pranakorn, Bangkok |
7,000 |
35.00 |
|
Mr. Sunthorn Paoma Nationality: Thai Address : 274
Moo 6, T. Nongyai,
A. Nongyai, Chonburi |
3,000 |
15.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
13,000 |
65.00 |
|
Foreign - Bangladeshi |
1 |
7,000 |
35.00 |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mrs. Sawitree Sroychak No.
9461
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
17,115.50 |
16,164.00 |
10,853.00 |
|
Other Receivable |
54,893.84 |
46,643.84 |
33,893.84 |
|
Short-term Loans |
550,000.00 |
850,000.00 |
1,450,000.00 |
|
|
|
|
|
|
Total Current Assets
|
622,009.34 |
912,807.84 |
1,494,746.84 |
|
Total Assets |
622,009.34 |
912,807.84 |
1,494,746.84 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Other Payable |
16,399.54 |
12,186.00 |
12,766.00 |
|
|
|
|
|
|
Total Current Liabilities |
16,399.54 |
12,186.00 |
12,766.00 |
|
Total Liabilities |
16,399.54 |
12,186.00 |
12,766.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[1,394,390.20] |
[1,099,378.16] |
[518,019.16] |
|
Total Shareholders' Equity |
605,609.80 |
900,621.84 |
1,481,980.84 |
|
Total Liabilities & Shareholders' Equity |
622,009.34 |
912,807.84 |
1,494,746.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
306,677.56 |
- |
- |
|
Interest Income |
8,250.00 |
12,750.00 |
21,750.00 |
|
Total Revenues |
314,927.56 |
12,750.00 |
21,750.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Service |
235,200.00 |
- |
- |
|
Administrative Expenses |
374,739.60 |
594,109.00 |
531,913.00 |
|
Total Expenses |
609,939.60 |
594,109.00 |
531,913.00 |
|
|
|
|
|
|
Net Profit / [Loss] |
[295,012.04] |
[581,359.00] |
[510,163.00] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
37.93 |
74.91 |
117.09 |
|
QUICK RATIO |
TIMES |
37.93 |
74.91 |
117.09 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.49 |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.69 |
- |
- |
|
SELLING & ADMINISTRATION |
% |
122.19 |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
26.00 |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(96.20) |
- |
- |
|
NET PROFIT MARGIN |
% |
(96.20) |
- |
- |
|
RETURN ON EQUITY |
% |
(48.71) |
(64.55) |
(34.42) |
|
RETURN ON ASSET |
% |
(47.43) |
(63.69) |
(34.13) |
|
EARNING PER SHARE |
BAHT |
(14.75) |
(29.07) |
(25.51) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.03 |
0.01 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.03 |
0.01 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
(49.25) |
13.96 |
|
|
NET PROFIT |
% |
49.25 |
(13.96) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
(31.86) |
(38.93) |
|
ANNUAL GROWTH :
RISKY
Net profit has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.00 |
Impressive |
Industrial Average |
23.10 |
|
Net Profit Margin |
(96.20) |
Deteriorated |
Industrial Average |
10.71 |
|
Return on Assets |
(47.43) |
Deteriorated |
Industrial Average |
13.35 |
|
Return on Equity |
(48.71) |
Deteriorated |
Industrial Average |
23.28 |
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 26%. 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 -96.2%.
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 -47.43%.
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 -48.71%.
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 |
37.93 |
Impressive |
Industrial Average |
1.42 |
|
Quick Ratio |
37.93 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 37.93 times in 2013, decrease from 74.91 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 37.93 times in 2013,
decrease from 74.91 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.03 |
Impressive |
Industrial Average |
0.40 |
|
Debt to Equity Ratio |
0.03 |
Impressive |
Industrial Average |
0.68 |
|
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 Downtrend
Times Interest Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
0.49 |
Deteriorated |
Industrial Average |
1.25 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
7.99 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.51 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 0.49 times and 0
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.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.