MIRA INFORM REPORT
|
Report No. : |
338606 |
|
Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
NUM RUBBER & LATEX CO., LTD. |
|
|
|
|
Registered Office : |
60 Thetsaban Rangsan Nuea Road, Ladyao, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2014 |
|
|
|
|
Date of Incorporation : |
30.04.2014 |
|
|
|
|
Com. Reg. No.: |
0105529038327 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Distributor
of Rubber and Latex Products. |
|
|
|
|
No. of Employees : |
140 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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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 |
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
NUM RUBBER & LATEX CO., LTD.
SUMMARY
BUSINESS ADDRESS : 60 THETSABAN
RANGSAN NUEA ROAD,
LADYAO, JATUJAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2591-5148
FAX :
[66] 2591-5149
E-MAIL
ADDRESS : contact@numrubber.com
numrubberandlatex@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529038327
TAX
ID NO. : 3101414196
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : APRIL
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUCHAT TAECHANURUK,
THAI
PRESIDENT
NO. OF STAFF : 140
LINES
OF BUSINESS : RUBBER AND
LATEX PRODUCTS
MANUFACTURER, EXPORTER AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 22,
1986 as a
private limited company
under the registered name NUM
RUBBER & LATEX
CO., LTD., by Thai group,
with the business
objective to manufacture
various kinds of
rubber and latex
products for both
local and overseas
markets. It currently
employs approximately 140
staff.
The
subject’s registered address
is 60 Thetsaban
Rangsan Nuea Road,
Ladyao, Jatujak, Bangkok
10900, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suwit Taechanuruk |
|
Thai |
58 |
|
Mr. Suthep Taechanurak |
|
Thai |
55 |
|
Mr. Suchat Taechanuruk |
|
Thai |
61 |
AUTHORIZED
PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suchat Taechanuruk is
the President.
He is Thai
nationality with the
age of 61
years old.
Mr. Suwit Taechanuruk is
the Vice President.
He is Thai
nationality with the
age of 58 years
old.
Mr. Suthep Taechanuruk is
the Managing Director & Factory Manager.
He is Thai
nationality with the
age of 55
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, exporting and
distributing various kinds
of rubber and
latex products, such
as concentrated latex,
block rubber [STR 5L] and
skim rubber block,
under its own
brand “NUMATEX”.
PURCHASE
100% of raw
materials such as
natural rubber latex
and chemical are purchased
from local suppliers.
SALES
90% of the products
is exported to
Australia, New Zealand,
U.S.A., Russia,
South Africa, Hong Kong, Republic of China, Taiwan, Germany, France,
Switzerland, Malaysia, Singapore,
Indonesia, Egypt, India,
Pakistan, Belgium and
others with more than 50
countries worldwide, the remaining
10% is sold
locally.
RELATED
AND AFFILIATED COMPANIES
Mould Mate Co.,
Ltd.
Business Type :
Importer and distributor
of automobile tires
Trang Yamaha Co.,
Ltd.
Business Type :
Dealer of “YAMAHA”
Motorcycle
Pak Tai Kansura
Co., Ltd.
Business Type :
Dealer of “SINGHA”
beverage products
Jubilee Décor [Thailand]
Co., Ltd.
Business Type :
Distributor of jewelry
products
Artistic Accent Co.,
Ltd.
Business Type :
Manufacturer and distributor of
gift and premium
products
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 140 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are
located at 173/4
Moo 3, T. Thapaya,
A. Palian, Trang 92120.
COMMENT
Exports
of rubber products
continued to fall
due mainly to
low demand because
of weak global
economy and lower
export prices. Moreover
market price of
rubber products has
slowed down during
these past two
years.
FINANCIAL
INFORMATION
The
capital was registered at Bht.
6,000,000 divided into 6,000 shares
of Bht. 1,000 each
with fully paid.
The
capital was increased
later as follows:
Bht. 8,000,000
on July 8,
1987
Bht. 10,000,000
on August 22,
1988
Bht. 15,000,000
on March 11,
1992
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
15,000 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
August 31, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suchat Taechanuruk Nationality: Thai Address : 137/1 Soi
Phaholyothin 1, Phayathai, Bangkok |
5,850 |
39.00 |
|
Mr. Suthep Taechanuruk Nationality: Thai Address : 87/3
Thetsaban Rangsan Nuea
Road, Ladyao, Jatujak,
Bangkok |
3,200 |
21.33 |
|
Mr. Suwit Taechanuruk Nationality: Thai Address : 137/1
Soi Phaholyothin 1,
Phayathai, Bangkok |
2,600 |
17.33 |
|
Ms. Soporn Taechanuruk Nationality: Thai Address : 137/1
Soi Phaholyothin 1,
Phayathai, Bangkok |
1,350 |
9.00 |
|
Mrs. Tananya Anuttaree Nationality: Thai Address : 87/3
Thetsaban Rangsan Nuea
Road,
Ladyao, Jatujak, Bangkok |
1,000 |
6.67 |
|
Ms. Ratchaneekorn Taechanuruk Nationality: Thai Address : 137/1
Soi Phaholyothin 1,
Phayathai,
Bangkok |
1,000 |
6.67 |
Total Shareholders : 6
Share Structure [as
at August 31,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
15,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
15,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Warangkana
Thaweesriprasert No. 6351
BALANCE
SHEET [BAHT]
The latest financial figures published
as at April
30, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
48,105,925.51 |
19,021,349.74 |
30,774,151.76 |
|
Short-term Investment |
- |
- |
14,034,970.13 |
|
Trade Accounts &
Other Receivable |
58,190,847.72 |
65,940,409.87 |
61,485,884.86 |
|
Inventories |
26,857,973.50 |
56,949,667.94 |
23,959,624.46 |
|
Other Current Assets
|
682,306.09 |
324,899.80 |
452,495.17 |
|
|
|
|
|
|
Total Current Assets
|
133,837,052.82 |
142,236,327.35 |
130,707,126.38 |
|
|
|
|
|
|
Fixed Assets |
65,371,334.10 |
72,928,764.32 |
57,364,142.27 |
|
Investment - pledged
as a Collateral |
5,194,000.00 |
184,000.00 |
184,000.00 |
|
Other Non-current Assets |
266,740.00 |
255,740.00 |
849,444.29 |
|
Total Assets |
204,669,126.92 |
215,604,831.67 |
189,104,712.94 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
13,208,604.95 |
16,000,000.00 |
374,724.25 |
|
Trade Accounts & Other
Payable |
24,546,369.32 |
10,030,397.11 |
12,012,787.62 |
|
Current Portion of
Long-term Liabilities |
12,199,992.00 |
12,199,992.00 |
6,720,000.00 |
|
Other Current Liabilities |
77,242.26 |
77,619.73 |
101,719.22 |
|
|
|
|
|
|
Total Current Liabilities |
50,032,208.53 |
38,308,008.84 |
19,209,231.09 |
|
Long-term Loans |
27,696,740.74 |
38,370,497.56 |
23,036,518.79 |
|
Total Liabilities |
77,728,949.27 |
76,678,506.40 |
42,245,749.88 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized and
issued share capital
15,000 shares |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
Retained Earnings: Appropriated for statutory reserve |
1,500,000.00 |
1,500,000.00 |
1,500,000.00 |
|
Unappropriated |
110,440,177.65 |
122,426,325.27 |
130,358,963.06 |
|
Total Shareholders' Equity |
126,940,177.65 |
138,926,325.27 |
146,858,963.06 |
|
Total Liabilities &
Shareholders' Equity |
204,669,126.92 |
215,604,831.67 |
189,104,712.94 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
490,195,759.22 |
603,505,244.76 |
712,874,029.12 |
|
Other Income |
1,387,672.64 |
3,005,672.13 |
5,049,191.77 |
|
Total Revenues |
491,583,431.86 |
606,510,916.89 |
717,923,220.89 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
455,394,326.85 |
550,790,125.34 |
635,982,291.82 |
|
Selling Expenses |
5,416,874.73 |
5,323,716.95 |
9,477,823.18 |
|
Administrative Expenses |
23,187,778.03 |
34,782,700.21 |
36,984,655.41 |
|
Total Expenses |
483,998,979.61 |
590,896,542.50 |
682,444,770.41 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
7,584,452.25 |
15,614,374.39 |
35,478,450.48 |
|
Financial Cost |
[2,570,599.87] |
[2,547,012.18] |
[2,842,854.29] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,013,852.38 |
13,067,362.21 |
32,635,596.19 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.68 |
3.71 |
6.80 |
|
QUICK RATIO |
TIMES |
2.12 |
2.22 |
5.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.50 |
8.28 |
12.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.40 |
2.80 |
3.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
21.53 |
37.74 |
13.75 |
|
INVENTORY TURNOVER |
TIMES |
16.96 |
9.67 |
26.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.33 |
39.88 |
31.48 |
|
RECEIVABLES TURNOVER |
TIMES |
8.42 |
9.15 |
11.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.67 |
6.65 |
6.89 |
|
CASH CONVERSION CYCLE |
DAYS |
45.18 |
70.97 |
38.34 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.90 |
91.27 |
89.21 |
|
SELLING & ADMINISTRATION |
% |
5.84 |
6.65 |
6.52 |
|
INTEREST |
% |
0.52 |
0.42 |
0.40 |
|
GROSS PROFIT MARGIN |
% |
7.38 |
9.23 |
11.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.55 |
2.59 |
4.98 |
|
NET PROFIT MARGIN |
% |
1.02 |
2.17 |
4.58 |
|
RETURN ON EQUITY |
% |
3.95 |
9.41 |
22.22 |
|
RETURN ON ASSET |
% |
2.45 |
6.06 |
17.26 |
|
EARNING PER SHARE |
BAHT |
334.26 |
871.16 |
2,175.71 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.36 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.61 |
0.55 |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
2.95 |
6.13 |
12.48 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(18.78) |
(15.34) |
|
|
OPERATING PROFIT |
% |
(51.43) |
(55.99) |
|
|
NET PROFIT |
% |
(61.63) |
(59.96) |
|
|
FIXED ASSETS |
% |
(10.36) |
27.13 |
|
|
TOTAL ASSETS |
% |
(5.07) |
14.01 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -18.78%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.38 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
1.02 |
Impressive |
Industrial
Average |
0.44 |
|
Return on Assets |
2.45 |
Impressive |
Industrial Average |
0.81 |
|
Return on Equity |
3.95 |
Impressive |
Industrial
Average |
2.58 |
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 7.38%. 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 1.02%, 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 2.45%, 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. Return on Equity ratio is 3.95%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.68 |
Impressive |
Industrial
Average |
1.17 |
|
Quick Ratio |
2.12 |
|
|
|
|
Cash Conversion Cycle |
45.18 |
|
|
|
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 2.68 times in 2014, decreased from 3.71 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 2.12 times in 2014,
decreased from 2.22 times, 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 46 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
0.61 |
Impressive |
Industrial
Average |
1.91 |
|
Times Interest Earned |
2.95 |
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 lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.96 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 0.38 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.50 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.40 |
Impressive |
Industrial
Average |
1.83 |
|
Inventory Conversion Period |
21.53 |
|
|
|
|
Inventory Turnover |
16.96 |
Impressive |
Industrial
Average |
7.30 |
|
Receivables Conversion Period |
43.33 |
|
|
|
|
Receivables Turnover |
8.42 |
Impressive |
Industrial
Average |
4.10 |
|
Payables Conversion Period |
19.67 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.42 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 38 days at the
end of 2013 to 22 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 9.67 times in year 2013 to 16.96
times in year 2014.
The company's Total Asset Turnover is calculated as 2.4 times and 2.8
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.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.