MIRA INFORM REPORT
|
Report No. : |
336515 |
|
Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
UDOMSUK
INTERGROUP CO., LTD. |
|
|
|
|
Registered Office : |
11 Soi Nawamin 163 Yaek 12-8, Nawamin
Road, Kannayao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.09.2007 |
|
|
|
|
Com. Reg. No.: |
0105550101431 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Yarn Cotton. |
|
|
|
|
No. of Employees : |
Not Available |
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 |
A2 |
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 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
UDOMSUK INTERGROUP CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 11
SOI NAWAMIN 163
YAEK 12-8,
NAWAMIN ROAD,
KANNAYAO,
BANGKOK 10230,
THAILAND
TELEPHONE : [66] 2944-8440
FAX :
-
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550101431
TAX
ID NO. : 3032795173
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. KULLAKARN BUNSIRIROSKRON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : -
LINES
OF BUSINESS : YARN
COTTON
IMPORTER AND
DISTRIBUTOR
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 26,
2007 as a private
limited company under
the registered name
UDOMSUK INTERGROUP CO.,
LTD., by Thai group,
with the business
objective to import
and distribute raw
cotton for yarn
spinning industry.
The
subject’s registered address
is 11 Soi Nawamin 163,
Yaek 12-8, Nawamin
Road, Kannayao, Bangkok
10230, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Kullakarn Bunsiriroskron |
|
Thai |
41 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Kullakarn Bunsiriroskron is
the Managing Director.
She is Thai nationality with
the age of 41 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
raw cotton for
yarn spinning
factory.
PURCHASE
Its products
are purchased from
both local and
overseas suppliers in
Asia and Europe.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
RELATED
AND AFFILIATED COMPANY
Udomsuk Textile Co.,
Ltd.
Business Type :
Importer and distributor
of used textile
and yarn spinning
machinery
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
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
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYEMENT
The number of
employees was not
disclosed.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject’s sales revenue
in 2014 was
sharply dropped comparing
to the previous
year due to
a decrease in
demand of the
products from related
industry. However, the subject is
able to maintain
net profit at
the end of
year. Moreover, it
has also increased
its registered capital
to Bht. 20,000,000
in 2014 which
would assist on
its company’s liquidity
flow. Generally, its
business is still
promising in relation
to the improvement
and growth of related
industry.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares
of
Bht. 100
each with fully
paid.
On March 31,
2014, the registered
capital was increased
to Bht. 20,000,000
divided into 200,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sorasak Sopapitak Nationality: Thai Address : 11
Soi Nawamin 163
Yaek 12-8,
Nawamin Road, Kannayao,
Bangkok |
105,001 |
52.50 |
|
Ms. Kullakarn Bunsiriroskron Nationality: Thai Address : 88/8
Moo 6, T. Laharn,
A. Bangbuathong,
Nonthaburi |
94,997 |
47.50 |
|
Mrs. Mali Chomsopa Nationality: Thai Address : 11
Soi Nawamin 163
Yaek 12-8,
Nawamin Road, Kannayao,
Bangkok |
1 |
- |
|
Mrs. Pornsiri Chomsopa Nationality: Thai Address : 11
Soi Nawamin 163
Yaek 12-8,
Nawamin Road, Kannayao,
Bangkok |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Uthaiwan Supradit No.
6376
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
717,819.39 |
229,854.40 |
1,684,016.55 |
|
Short-term Loan to Person or Related Company |
21,500,000.00 |
3,694,000.00 |
1,980,000.00 |
|
Other Current Assets
|
1,118,234.43 |
745,978.89 |
39,600.00 |
|
|
|
|
|
|
Total Current Assets
|
23,336,053.82 |
4,669,833.29 |
3,703,616.55 |
|
|
|
|
|
|
Fixed Assets |
20.00 |
20.00 |
4,222.87 |
|
Total Assets |
23,336,073.82 |
4,669,853.29 |
3,707,839.42 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
- |
41.86 |
- |
|
Other Current Liabilities |
978,235.70 |
1,686,243.44 |
1,324,305.00 |
|
|
|
|
|
|
Total Current Liabilities |
978,235.70 |
1,686,285.30 |
1,324,305.00 |
|
Total Liabilities |
978,235.70 |
1,686,285.30 |
1,324,305.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital 200,000 shares
in 2014 |
20,000,000.00 |
|
|
|
10,000 shares
in 2013 & 2012 |
|
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
2,357,838.12 |
1,983,567.99 |
1,383,534.42 |
|
Total Shareholders' Equity |
22,357,838.12 |
2,983,567.99 |
2,383,534.42 |
|
Total Liabilities &
Shareholders' Equity |
23,336,073.82 |
4,669,853.29 |
3,707,839.42 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
23,662,194.83 |
42,782,654.83 |
32,838,327.61 |
|
Rental Income |
200,000.00 |
- |
- |
|
Other Income |
430,000.00 |
78,518.81 |
39,600.00 |
|
Total Revenues |
24,292,194.83 |
42,861,173.64 |
32,877,927.61 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
22,079,653.77 |
39,725,655.77 |
30,481,772.16 |
|
Cost of Rental |
150,000.00 |
- |
- |
|
Administrative Expenses |
1,594,703.40 |
2,626,347.17 |
2,126,611.36 |
|
Total Expenses |
23,824,357.17 |
42,352,002.94 |
32,608,383.52 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
467,837.66 |
509,170.70 |
269,544.09 |
|
Financial Cost |
- |
[41.86] |
- |
|
Profit / [Loss] before Income
Tax |
467,837.66 |
509,128.84 |
269,544.09 |
|
Income Tax |
[93,567.53] |
[101,825.77] |
[61,995.14] |
|
|
|
|
|
|
Net Profit / [Loss] |
374,270.13 |
407,303.07 |
207,548.95 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
23.86 |
2.77 |
2.80 |
|
QUICK RATIO |
TIMES |
22.71 |
2.33 |
2.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,193,109.74 |
2,139,132.74 |
7,776.31 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
9.16 |
8.86 |
|
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 |
% |
93.16 |
92.85 |
92.82 |
|
SELLING & ADMINISTRATION |
% |
6.68 |
6.14 |
6.48 |
|
INTEREST |
% |
- |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
8.64 |
7.33 |
7.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.96 |
1.19 |
0.82 |
|
NET PROFIT MARGIN |
% |
1.57 |
0.95 |
0.63 |
|
RETURN ON EQUITY |
% |
1.67 |
13.65 |
8.71 |
|
RETURN ON ASSET |
% |
1.60 |
8.72 |
5.60 |
|
EARNING PER SHARE |
BAHT |
1.87 |
40.73 |
20.75 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.04 |
0.36 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.04 |
0.57 |
0.56 |
|
TIME INTEREST EARNED |
TIMES |
- |
12,163.66 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(44.22) |
30.28 |
|
|
OPERATING PROFIT |
% |
(8.12) |
88.90 |
|
|
NET PROFIT |
% |
(8.11) |
96.24 |
|
|
FIXED ASSETS |
% |
- |
(99.53) |
|
|
TOTAL ASSETS |
% |
399.72 |
25.95 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -44.22%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.64 |
Satisfactory |
Industrial
Average |
10.61 |
|
Net Profit Margin |
1.57 |
Impressive |
Industrial
Average |
1.36 |
|
Return on Assets |
1.60 |
Impressive |
Industrial
Average |
1.57 |
|
Return on Equity |
1.67 |
Deteriorated |
Industrial
Average |
5.20 |
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 8.64%. 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. Net Profit Margin ratio is 1.57%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
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. Return on Assets ratio is
1.6%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
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 1.67%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
23.86 |
Impressive |
Industrial
Average |
1.24 |
|
Quick Ratio |
22.71 |
|
|
|
|
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 23.86 times in 2014, increase from 2.77 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 22.71 times in 2014,
increase from 2.33 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 |
0.04 |
Impressive |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
0.04 |
Impressive |
Industrial
Average |
2.02 |
|
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 0.04 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,193,109.74 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.02 |
Satisfactory |
Industrial Average |
1.17 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
3.61 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
2.20 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 1.02 times and 9.16
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.