MIRA
INFORM REPORT
|
Report No. : |
334977 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOP LINE EXPORTS CO., LTD. |
|
|
|
|
Registered Office : |
56/3-4 Soi
Sukhumvit 8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
03.09.1997 |
|
|
|
|
Com. Reg. No.: |
0105540078500 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Subject is engaged
in trading business
in order to import,
distribute and export
various kinds of
garments for men, women, children
and toddlers. |
|
|
|
|
No. of Employee : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 |
A2 |
|
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 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 and address
TOP LINE EXPORTS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 56/3-4 SOI
SUKHUMVIT 8, SUKHUMVIT
ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2255-7920-5,
2255-8245
FAX : [66] 2253-5429
E-MAIL ADDRESS : topline@loxinfo.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540078500
TAX ID NO. : 3011875612
CAPITAL REGISTERED : BHT.
36,000,000
CAPITAL PAID-UP : BHT. 28,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VICHAI APIMANCHINDAKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 15
LINES OF BUSINESS : TRADING COMPANY
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 September 3, 1997
as a private limited company under
the registered name TOP LINE EXPORTS CO.,
LTD., by Thai group, with the objective to
engage in trading
business for various
kind of garments.
It currently employs
15 staff.
The subject’s registered
address is 56/3-4 Soi
Sukhumvit 8, Sukhumvit Road, Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichai Apimanchindakul |
|
Thai |
56 |
|
Mr. Avalbir Singh
Sachdev |
|
Thai |
52 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vichai Apimanchindakul
is the Managing
Director.
He is
Thai nationality with
the age of
56 years old.
BUSINESS OPERATIONS
The subject is engaged
in trading business
in order to import,
distribute and export
various kinds of
garments for men, women,
children and toddlers.
PURCHASE
The products
are purchased from
suppliers both domestic
and overseas in
India and Hong
Kong.
MAJOR SUPPLIER
M.B. Weaving
[1999] Co., Ltd. : Thailand
SALES
The products
are sold to
customers both local
and overseas in
United Arab Emirates,
Kuwait, Jordan, Qatar,
Bahrain and India.
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 to
the past two
years.
CREDIT
N/A
BANKING
N/A
EMPLOYMENT
The subject employs
15 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject
posted its slow
sales for the
year ended March
31, 2014 compared
to the previous
year. Moreover, sales
in 2015 has
seen flat growth
due to unfavorable conditions of
local consumption as
well as the constraints on export expansion which
is slower-than-expected in
overseas markets.
FINANCIAL INFORMATION
The capital was registered at
Bht. 10,000,000 divided into
100,000 shares of Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 15,000,000
on October 28, 1997
Bht. 36,000,000
on September 17,
2002
The latest registered
capital was increased to
Bht. 36,000,000 divided into 360,000
shares of Bht. 100
each, with the
current capital paid-up
at Bht. 28,500,000
or 210,000 shares
of Bht. 100
each and 150,000
shares of Bht.
50 each.
THE SHAREHOLDERS LISTED WERE
[as
at July 13,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Vichai Apimanchindakul Nationality: Thai Address :
1200/30 Sukhumvit Road,
Bangna, Bangkok |
239,996 |
66.67 |
|
Mr.
Avalbir Singh Sachdev Nationality: Thai Address :
196 Vanich Road,
Chakrawad, Samphantawong, Bangkok
|
120,000 |
33.33 |
|
Mr.
Somchai Ratanasuesakul Nationality: Thai Address :
566/137 Rama 4 Road,
Mahaprutharam, Bangrak, Bangkok |
1 |
- |
|
Ms.
Paranee Chucherdkijwattana Nationality: Thai Address :
1/5 Chalermket 3 Road,
Wad Thepsirin, Pomprabsattrupai, Bangkok |
1 |
- |
|
Mr.
Rachan Kalra Nationality: Thai Address :
1/11 Songtham Road,
Songkanong, Phrapradaeng, Samutprakarn |
1 |
- |
|
Mrs.
Kavalrani Auya Nationality: Thai Address :
907/26 Isaraparp Road, Hiranrujee, Thonburi, Bangkok |
1 |
- |
Total Shareholders
: 6
Share Structure
[as at
July 13, 2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
360,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
360,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Ajcharee Sriyotha
No. 11397
BALANCE SHEET [BAHT]
The latest
financial figures published as
at March 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
5,784,500.05 |
2,264,867.74 |
1,999,599.86 |
|
Short-term
Investment |
34,724,291.34 |
33,265,986.59 |
32,210,304.13 |
|
Trade Accounts
& Other Receivable
|
73,135,614.05 |
57,109,421.91 |
53,765,992.23 |
|
Inventories |
8,148,941.00 |
27,095,093.61 |
16,211,545.87 |
|
Refundable Value
Added and Tax Card |
- |
- |
3,841,493.55 |
|
Prepaid Expenses |
- |
- |
2,807,268.24 |
|
Other Current
Assets |
7,824,438.86 |
5,253,596.19 |
1,622,264.54 |
|
|
|
|
|
|
Total Current
Assets |
129,617,785.30 |
124,988,966.04 |
112,458,468.42 |
|
|
|
|
|
|
Long-term Loans |
4,223,012.27 |
5,012,487.78 |
16,299,180.53 |
|
Fixed Assets |
11,941,270.06 |
12,023,570.93 |
11,758,353.15 |
|
Deposits |
- |
- |
3,381,700.00 |
|
Other Non - current Assets |
3,723,717.99 |
3,419,495.91 |
37,795.91 |
|
Total Assets |
149,505,785.62 |
145,444,520.66 |
143,935,498.01 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft
& Short-term Loan From Financial Institutions |
70,807,733.26 |
71,064,083.43 |
28,604,388.73 |
|
Creditors Packaging
Credits |
- |
- |
26,472,275.15 |
|
Borrowings under
Credit Contracts |
- |
- |
12,994,397.71 |
|
Trade Accounts
& Other Payable |
48,072,466.66 |
43,931,461.88 |
46,851,754.01 |
|
Other Current
Liabilities |
3,377,237.22 |
3,323,039.17 |
2,144,571.94 |
|
|
|
|
|
|
Total Current
Liabilities |
122,257,437.14 |
118,318,584.48 |
117,067,387.54 |
|
Total Liabilities
|
122,257,437.14 |
118,318,584.48 |
117,067,387.54 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized
& issued share
capital 360,000 shares |
36,000,000.00 |
36,000,000.00 |
36,000,000.00 |
|
|
|
|
|
|
Capital Paid |
28,500,000.00 |
28,500,000.00 |
28,500,000.00 |
|
Retained
Earning Unappropriated [Deficit] |
[1,251,651.52] |
[1,374,063.82] |
[1,631,889.53] |
|
Total Shareholders' Equity |
27,248,348.48 |
27,125,936.18 |
26,868,110.47 |
|
Total Liabilities & Shareholders' Equity |
149,505,785.62 |
145,444,520.66 |
143,935,498.01 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
144,624,457.25 |
176,331,278.15 |
226,631,988.08 |
|
Other Income |
2,642,215.95 |
4,502,147.27 |
840,562.19 |
|
Interest Income |
- |
- |
288,548.51 |
|
Gain on Exchange
Rate |
- |
- |
1,224,758.89 |
|
Total Revenues |
147,266,673.20 |
180,833,425.42 |
228,985,857.67 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
131,368,146.25 |
162,897,297.41 |
204,020,608.74 |
|
Selling Expenses |
908,016.42 |
5,149,239.66 |
9,815,083.50 |
|
Administrative Expenses |
10,833,464.41 |
8,178,472.04 |
9,237,395.81 |
|
Total Expenses
|
143,109,627.08 |
176,225,009.11 |
223,073,088.05 |
|
|
|
|
|
|
Profit /
[Loss] before Financial Cost &
Income Tax |
4,157,046.12 |
4,608,416.31 |
5,912,769.62 |
|
Financial Cost |
[3,926,108.61] |
[4,265,777.33] |
[5,571,588.28] |
|
Profit /
[Loss] before Income
Tax |
230,937.51 |
342,638.98 |
341,181.34 |
|
Income Tax |
[108,525.21] |
[84,813.27] |
[157,227.77] |
|
|
|
|
|
|
Net Profit / [Loss] |
122,412.30 |
257,825.71 |
183,953.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.06 |
0.96 |
|
QUICK RATIO |
TIMES |
0.93 |
0.78 |
0.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
12.11 |
14.67 |
19.27 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.97 |
1.21 |
1.57 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
22.64 |
60.71 |
29.00 |
|
INVENTORY
TURNOVER |
TIMES |
16.12 |
6.01 |
12.58 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
184.58 |
118.21 |
86.59 |
|
RECEIVABLES
TURNOVER |
TIMES |
1.98 |
3.09 |
4.22 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
133.57 |
98.44 |
83.82 |
|
CASH CONVERSION
CYCLE |
DAYS |
73.65 |
80.49 |
31.78 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
90.83 |
92.38 |
90.02 |
|
SELLING & ADMINISTRATION |
% |
8.12 |
7.56 |
8.41 |
|
INTEREST |
% |
2.71 |
2.42 |
2.46 |
|
GROSS PROFIT
MARGIN |
% |
10.99 |
10.17 |
11.02 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
2.87 |
2.61 |
2.61 |
|
NET PROFIT MARGIN |
% |
0.08 |
0.15 |
0.08 |
|
RETURN ON EQUITY |
% |
0.45 |
0.95 |
0.68 |
|
RETURN ON ASSET |
% |
0.08 |
0.18 |
0.13 |
|
EARNING PER SHARE |
BAHT |
0.43 |
0.90 |
0.65 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.81 |
0.81 |
|
DEBT TO EQUITY
RATIO |
TIMES |
4.49 |
4.36 |
4.36 |
|
TIME INTEREST
EARNED |
TIMES |
1.06 |
1.08 |
1.06 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(17.98) |
(22.19) |
|
|
OPERATING PROFIT |
% |
(9.79) |
(22.06) |
|
|
NET PROFIT |
% |
(52.52) |
40.16 |
|
|
FIXED ASSETS |
% |
(0.68) |
2.26 |
|
|
TOTAL ASSETS |
% |
2.79 |
1.05 |
|
ANNUAL GROWTH : RISKY
An annual sales
growth is -17.98%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
10.99 |
Deteriorated |
Industrial Average |
41.34 |
|
Net Profit Margin |
0.08 |
Deteriorated |
Industrial Average |
1.46 |
|
Return on Assets |
0.08 |
Deteriorated |
Industrial Average |
5.04 |
|
Return on Equity |
0.45 |
Deteriorated |
Industrial Average |
16.29 |
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 10.99%. 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 0.08%. 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 0.08%.
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 0.45%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.06 |
Satisfactory |
Industrial Average |
1.37 |
|
Quick Ratio |
0.93 |
|
|
|
|
Cash Conversion
Cycle |
73.65 |
|
|
|
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 1.06 times in 2014,
same figure as
1.06 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 lower.
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 0.93 times in 2014, increased from 0.78
times, by excluding inventory, the company may have problems meeting current
liabilities.
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 74 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity
Ratio |
4.49 |
Risky |
Industrial Average |
1.79 |
|
Times Interest
Earned |
1.06 |
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
1.06 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 0.82 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 Uptrend
Times Interest
Earned Stable
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
12.11 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
0.97 |
Deteriorated |
Industrial Average |
3.45 |
|
Inventory Conversion
Period |
22.64 |
|
|
|
|
Inventory
Turnover |
16.12 |
Impressive |
Industrial Average |
7.28 |
|
Receivables
Conversion Period |
184.58 |
|
|
|
|
Receivables
Turnover |
1.98 |
Deteriorated |
Industrial Average |
5.33 |
|
Payables Conversion
Period |
133.57 |
|
|
|
The company's
Account Receivable Ratio is calculated as 1.98 and
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
decreased from 61 days at the end of 2013 to 23 days at the end of 2014. This
represents a positive trend. And Inventory turnover has increased from 6.01
times in year 2013 to 16.12 times in year 2014.
The company's Total
Asset Turnover is calculated as 0.97 times and 1.21 times in 2014 and 2013
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.