MIRA INFORM REPORT
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Report No. : |
334106 |
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Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE COTTON CO., LTD. |
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|
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Registered Office : |
235-245 Soi Charoen
Nakhon 10, Charoen Nakhon
Road, Khlongtonsai, Khlongsan, Bangkok
10600 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.03.2012 |
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Com. Reg. No.: |
0105555034911 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in Distributing Various Kinds of Fabrics and
Threads. |
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No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Recently Commenced Operation |
|
Payment Behaviour : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
ADVANCE COTTON CO., LTD.
SUMMARY
BUSINESS ADDRESS : 235-245 SOI CHAROEN
NAKHON 10,
CHAROEN NAKHON
ROAD, KHLONGTONSAI,
KHLONGSAN, BANGKOK
10600, THAILAND
TELEPHONE : [66] 2437-3511
FAX : [66] 2437-2795,
2429-0291
E-MAIL ADDRESS : admin@tvptextile.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2012
REGISTRATION NO. : 0105555034911
TAX ID NO. : 3034969923
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
375,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KITTI THAWORNPHIPHATDECH, THAI
MANAGING DIRECTOR
NO. OF STAFF : 10
LINES OF BUSINESS : FABRICS AND
THREADS
DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT STANDARD : -
HISTORY
The subject was
established on March
2, 2012 as
a private limited
company under the
registered name ADVANCE COTTON CO., LTD., by Thai group, with the
business objective to distribute
various kinds of fabrics and
threads. It currently employs 10
staff.
The subject’s registered address is
235-245 Soi Charoen Nakhon 10, Charoen Nakhon Road, Khlongtonsai, Khlongsan, Bangkok
10600, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mr. Kitti Thawornphiphatdech |
|
Thai |
26 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kitti Thawornphiphatdech is
the Managing Director.
He is Thai
nationality with the
age of 26
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
fabrics and threads.
Its business has
been started in
the beginning of
2015.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIER
TVP Textile Co.,
Ltd. : Thailand
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and end-users.
SUBSIDIARY AND
AFFILIATED COMPANIES
TVG Corporation Co.,
Ltd.
Business Type :
Manufacturer of textile
products
Pipat Dyeing Co.,
Ltd.
Business Type :
Textile dyeing service
TVP Textile Co.,
Ltd.
Business Type :
Manufacturer of polyester
yarn spinning
Thavorn Pipat Group
Co., Ltd.
Business Type :
Manufacturer of polyester
yarn spinning
Sinthaveeporn Co., Ltd.
Business Type :
Sawmill
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
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 10 staff.
LOCATION DETAILS
The premises is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Though the subject
was established in 2012,
its business has been
started at the
beginning of 2015.
Any business engagement
should be on
secured basis only.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 10,000
shares of Bht. 100 each, with
the current capital
paid-up at Bht.
375,000 or 5,000
shares of Bht.
50 each and
5,000 shares of
Bht. 25 each.
THE SHAREHOLDERS
LISTED WERE : [as at
January 17, 2015] at
Bht. 375,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nuttapong
Thawornphiphatdech Nationality: Thai Address : 235-245
Soi Charoen Nakhon
10,
Charoen Nakhon Road,
Khlongtonsai,
Khlongsan, Bangkok |
5,000 |
50.00 |
|
Mr. Kitti Thawornphiphatdech Nationality: Thai Address : 235-245
Soi Charoen Nakhon
10,
Charoen Nakhon Road,
Khlongtonsai,
Khlongsan, Bangkok |
2,500 |
25.00 |
|
Ms. Jirinan Abhikulchotiwat Nationality: Thai Address : 121
Soi Wat Anong,
Somdelchaophraya Rd.,
Somdejchaophraya, Khlongsan,
Bangkok |
2,500 |
25.00 |
Total Shareholders : 3
Share Structure [as
at January 17,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Siriporn Wongthosarat No. 7428
Note:
The 2014 financial
statement is not
available during investigation.
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2013
& 2012 were:
ASSETS
|
Current Assets |
2013 |
2012 |
|
|
|
|
|
Cash and Cash Equivalents
|
- |
250,000.00 |
|
Short-term Loan to Related Person |
250,000.00 |
- |
|
|
|
|
|
Total Current Assets
|
250,000.00 |
250,000.00 |
|
Total Assets |
250,000.00 |
250,000.00 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
|
|
|
|
|
Other Payable |
4,000.00 |
2,000.00 |
|
|
|
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Total Current Liabilities |
4,000.00 |
2,000.00 |
|
Total Liabilities |
4,000.00 |
2,000.00 |
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital
10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
250,000.00 |
250,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
[4,000.00] |
[2,000.00] |
|
Total Shareholders' Equity |
246,000.00 |
248,000.00 |
|
Total Liabilities &
Shareholders' Equity |
250,000.00 |
250,000.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
|
|
|
|
|
Services Income |
- |
- |
|
Total Revenues |
- |
- |
|
Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
2,000.00 |
2,000.00 |
|
Total Expenses |
2,000.00 |
2,000.00 |
|
Net Profit / [Loss] |
[2,000.00] |
[2,000.00] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
62.50 |
125.00 |
|
QUICK RATIO |
TIMES |
62.50 |
125.00 |
|
|
|
|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
|
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 |
% |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
|
RETURN ON EQUITY |
% |
(0.81) |
(0.81) |
|
RETURN ON ASSET |
% |
(0.80) |
(0.80) |
|
EARNING PER SHARE |
BAHT |
(0.80) |
(0.80) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.02 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
PROFITABILITY :
RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
21.15 |
|
Net Profit Margin |
- |
|
Industrial Average |
2.30 |
|
Return on Assets |
(0.80) |
Deteriorated |
Industrial Average |
3.95 |
|
Return on Equity |
(0.81) |
Deteriorated |
Industrial Average |
11.97 |
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 -0.8%.
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 -0.81%.
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 |
62.50 |
Impressive |
Industrial Average |
1.47 |
|
Quick Ratio |
62.50 |
|
|
|
|
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 62.5 times in 2013, decreased from 125 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 62.5 times in 2013,
decreased from 125 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 Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial Average |
1.84 |
|
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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.71 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
3.85 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.74 |
|
Payables Conversion Period |
- |
|
|
|
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.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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.