MIRA INFORM REPORT
|
Report No. : |
355941 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUPER CABS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
Room 803, 8th Floor,
Sitthikorn Building, 202,
204 Mahesak Road,
Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
05.12.2014 |
|
|
|
|
Date of Incorporation : |
06.12.1989 |
|
|
|
|
Com. Reg. No.: |
0105532116791 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
THE SUBJECT
IS ENGAGED IN
IMPORTING AND DISTRIBUTING VARIOUS
KINDS OF PRECIOUS
STONES SUCH AS
RUBY, SAPPHIRE, EMERALDS,
FOR JEWELRY TRADING
AND PRODUCTION. |
|
|
|
|
No. of Employees : |
02 |
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 |
|
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 |
|
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'etat, 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
SUPER CABS [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM 803, 8th FLOOR,
SITTHIKORN BUILDING,
202,
204 MAHESAK ROAD,
SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2233-2603,
2237-4954, 2266-3569-70
FAX : [66] 2236-7671
E-MAIL ADDRESS : supercabbkk@gmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532116791
TAX ID NO. : 3101767520
CAPITAL REGISTERED : BHT.
15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 5
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SUNIL JAIN, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 2
LINES OF BUSINESS : GEMSTONES
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 December 6,
1989 as a private
limited company under
the registered name SUPER CABS [THAILAND] CO., LTD., by
Thai and Indian
groups, with the
business objective to
import and distribute
various kinds of
precious stones to
domestic market. It
currently employs 2
staff.
The subject’s registered
address is Room
803, 8th Floor,
Sitthikorn Building, 202, 204
Mahesak Road, Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sunil Jain |
|
Indian |
66 |
|
Ms. Oranuch Asawadejpakdee |
|
Thai |
54 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sunil Jain is
the Managing Director.
He is Indian
nationality with the
age of 66
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various kinds
of precious stones
such as ruby,
sapphire, emeralds and etc.,
for jewelry trading
and production.
PURCHASE
100% of the
products is imported
from India, Hong Kong,
Turkey and Italy.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and 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 to the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
2 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The subject is
an importer and
distributor of precious stones.
Its business has
moderately grown. Despite
negative factors and
slow consumption, the
subject’s business remains
promising.
FINANCIAL INFORMATION
The capital was
registered at Bht. 5,000,000
divided into 50,000 shares of
Bht. 100 each with
fully paid.
On June 23,
1995, the registered
capital was increased
to Bht. 15,000,000
divided into 150,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE :
[as at April
4, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Oranuch Asawadejpakdee Nationality: Thai Address : 582/138
Asoke-Dindaeng Road, Dindaeng, Bangkok |
73,500 |
49.00 |
|
Mr. Sunil Jain Nationality: Indian Address : Jaipur, India |
72,000 |
48.00 |
|
Ms. Panthip Nakpanich Nationality: Thai Address : 9/5
Moo 2, Bangkhunthien, Bangkok |
1,000 |
|
|
Ms. Nongluck Nakpanich Nationality: Thai Address : 9/5
Moo 2, Bangkhunthien, Bangkok |
1,000 |
= 2.00 |
|
Ms. Thongdee Sae-joo Nationality: Thai Address : 96/22
Soi Sapanyao, Thadindaeng
Road,
Somdejchaopraya, Klongsan, Bangkok |
1,000 |
|
|
Mr. Nuddin Yaswin Metta Nationality: Indian Address : 202, 204
Mahesak Road, Suriyawongse,
Bangrak, Bangkok |
750 |
0.50 |
|
Mrs. Giran Jain Nationality: Indian Address : Jaipur,
India |
750 |
0.50 |
Total Shareholders : 7
Share Structure [as
at April 4,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
76,500 |
51.00 |
|
Foreign - Indian |
3 |
73,500 |
49.00 |
|
Total |
7 |
150,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Suchart Srimunjantha No. 3549
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
5, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,023,257.00 |
484,471.84 |
344,009.10 |
|
Trade Accounts Receivable
|
19,369,466.28 |
17,301,312.77 |
8,985,473.98 |
|
Inventories |
9,258,100.54 |
9,188,270.74 |
7,849,444.60 |
|
Other Current Assets
|
313,507.39 |
301,469.90 |
301,469.90 |
|
|
|
|
|
|
Total Current Assets
|
29,964,331.21 |
27,275,525.25 |
17,480,397.58 |
|
|
|
|
|
|
Fixed Assets |
778,420.58 |
779,917.19 |
766,123.77 |
|
Total Assets |
30,742,751.79 |
28,055,442.44 |
18,246,521.35 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
599,735.27 |
3,182,852.02 |
1,232,693.20 |
|
Trade Accounts Payable
|
15,961,665.73 |
10,319,599.92 |
4,068,908.10 |
|
Accrued Income Tax |
85,055.32 |
143,586.60 |
83,277.50 |
|
Other Current Liabilities |
50,625.20 |
1,173,194.79 |
181,485.86 |
|
|
|
|
|
|
Total Current Liabilities |
16,697,081.52 |
14,819,233.33 |
5,566,364.66 |
|
Total Liabilities |
16,697,081.52 |
14,819,233.33 |
5,566,364.66 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
150,000 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 Earning Unappropriated |
[954,329.73] |
[1,763,790.89] |
[2,319,843.31] |
|
Total Shareholders' Equity |
14,045,670.27 |
13,236,209.11 |
12,680,156.69 |
|
Total Liabilities & Shareholders' Equity |
30,742,751.79 |
28,055,442.44 |
18,246,521.35 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
29,725,783.05 |
31,899,088.07 |
20,170,871.46 |
|
Other Income |
482,765.06 |
658,587.83 |
42,511.19 |
|
Total Revenues |
30,208,548.11 |
32,557,675.90 |
20,213,382.65 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
25,757,869.74 |
28,037,681.58 |
16,859,089.03 |
|
Selling Expenses |
381,934.42 |
393,450.77 |
483,942.06 |
|
Administrative Expenses |
2,878,262.55 |
2,969,317.61 |
2,471,353.69 |
|
Total Expenses |
29,018,066.71 |
31,400,449.96 |
19,814,384.78 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
1,190,481.40 |
1,157,225.94 |
398,997.87 |
|
Financial Cost |
[177,964.92] |
[365,483.42] |
[95,256.19] |
|
Profit / [Loss] before Income
Tax |
1,012,516.48 |
791,742.52 |
303,741.68 |
|
Income Tax |
[203,055.32] |
[235,690.10] |
[184,122.50] |
|
|
|
|
|
|
Net Profit / [Loss] |
809,461.16 |
556,052.42 |
119,619.18 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.79 |
1.84 |
3.14 |
|
QUICK RATIO |
TIMES |
1.22 |
1.20 |
1.68 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
38.19 |
40.90 |
26.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
1.14 |
1.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
131.19 |
119.61 |
169.94 |
|
INVENTORY TURNOVER |
TIMES |
2.78 |
3.05 |
2.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
237.84 |
197.97 |
162.60 |
|
RECEIVABLES TURNOVER |
TIMES |
1.53 |
1.84 |
2.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
226.18 |
134.34 |
88.09 |
|
CASH CONVERSION CYCLE |
DAYS |
142.84 |
183.24 |
244.44 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.65 |
87.89 |
83.58 |
|
SELLING & ADMINISTRATION |
% |
10.97 |
10.54 |
14.65 |
|
INTEREST |
% |
0.60 |
1.15 |
0.47 |
|
GROSS PROFIT MARGIN |
% |
14.97 |
14.17 |
16.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.00 |
3.63 |
1.98 |
|
NET PROFIT MARGIN |
% |
2.72 |
1.74 |
0.59 |
|
RETURN ON EQUITY |
% |
5.76 |
4.20 |
0.94 |
|
RETURN ON ASSET |
% |
2.63 |
1.98 |
0.66 |
|
EARNING PER SHARE |
BAHT |
5.40 |
3.71 |
0.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.53 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.19 |
1.12 |
0.44 |
|
TIME INTEREST EARNED |
TIMES |
6.69 |
3.17 |
4.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.81) |
58.14 |
|
|
OPERATING PROFIT |
% |
2.87 |
190.03 |
|
|
NET PROFIT |
% |
45.57 |
364.85 |
|
|
FIXED ASSETS |
% |
(0.19) |
1.80 |
|
|
TOTAL ASSETS |
% |
9.58 |
53.76 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -6.81%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.97 |
Impressive |
Industrial Average |
8.39 |
|
Net Profit Margin |
2.72 |
Impressive |
Industrial Average |
0.15 |
|
Return on Assets |
2.63 |
Impressive |
Industrial Average |
0.90 |
|
Return on Equity |
5.76 |
Impressive |
Industrial Average |
2.51 |
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 14.97%. 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 2.72%, 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
2.63%, 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 5.76%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.79 |
Satisfactory |
Industrial Average |
2.18 |
|
Quick Ratio |
1.22 |
|
|
|
|
Cash Conversion Cycle |
142.84 |
|
|
|
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 1.79 times in 2014, decreased from 1.84 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 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 1.22 times in 2014,
increased from 1.2 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 143 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
1.19 |
Satisfactory |
Industrial Average |
1.63 |
|
Times Interest Earned |
6.69 |
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 6.69 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 0.54 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
38.19 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.97 |
Deteriorated |
Industrial Average |
6.09 |
|
Inventory Conversion Period |
131.19 |
|
|
|
|
Inventory Turnover |
2.78 |
Deteriorated |
Industrial Average |
9.22 |
|
Receivables Conversion Period |
237.84 |
|
|
|
|
Receivables Turnover |
1.53 |
Deteriorated |
Industrial Average |
16.77 |
|
Payables Conversion Period |
226.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.53 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 increased from 120 days at the end of 2013 to
131 days at the end of 2014. This represents a negative trend. And Inventory
turnover has decreased from 3.05 times in year 2013 to 2.78 times in year 2014.
The company's Total Asset Turnover is calculated as 0.97 times and 1.14
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
Thai Baht |
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
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.