MIRA INFORM REPORT
|
Report No. : |
356041 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
AA METAL SCRAP
LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
54/92 Soi Prachauthit
33 Yaek 4, Prachauthit Road,
Bangmod, Thungkru, Bangkok
10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.11.2007 |
|
|
|
|
Com. Reg. No.: |
0103550035569 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
The subject is engaged in purchasing,
distributing and exporting wide
range of metal
scraps and metal
recycled products. The
products are as
follows: Scrap rolls; hot/cold
rolled steel, used & discard rolled
steel, Steel scraps,
Aluminum scraps; aluminum
tense, aluminum turning
and UBC can Stainless steel scrap, Tungsten carbide
scraps, High speed steel
scraps SKD 11 and SKD 61
steels, Mineral [manganese ore], Light
melting scraps |
|
|
|
|
Employees: |
14 |
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 |
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'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
AA METAL
SCRAP LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 54/92 SOI PRACHAUTHIT
33 YAEK 4,
PRACHAUTHIT ROAD,
BANGMOD,
THUNGKRU, BANGKOK
10140, THAILAND
TELEPHONE : [66] 2872-5484,
081 807-6544, 089
016-9914
FAX : [66] 2872-5485
E-MAIL ADDRESS : ankur.aa@aametalscrap.com
ankrisa.aa@aametalscrap.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2007
REGISTRATION NO. : 0103550035569
TAX ID NO. : 3032844086
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
PARTNER’S PROPORTION : THAI :
52.00%
INDIAN
: 48.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MS. ANKRISA CHAROENWANYING, THAI
MANAGING PARTNER
NO. OF STAFF : 14
LINES OF BUSINESS : METAL
SCRAPS & METAL
RECYCLED PRODUCTS
DISTRIBUTOR AND
EXPORTER
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 November
5, 2007 as
a limited partnership under the
name style AA METAL SCRAP LIMITED
PARTNERSHIP by Thai and
Indian partners, with the business objective to purchase
and supply various
metal scraps and
metal recycled products
to both domestic
and overseas. It
currently employs 14
staff.
The subject’s registered
address was initially
at 90/92 Moo
4, Prachauthit Rd.,
Bangmod, Thungkru, Bangkok
10140.
On November 1,
2011, the subject’s
registered address was
changed to 54/92
Soi Prachauthit 33
Yaek 4, Prachauthit Rd.,
Bangmod, Thungkru, Bangkok 10140,
by the Thungkru District
Office, and this
is the subject’s
current operation address.
AUTHORIZED
PERSON
Ms. Ankrisa Charoenwanying signs
on behalf of
the subject with
seal affixed. She
also bears the
full financial responsibility by
law.
MANAGEMENT
Ms. Ankrisa Charoenwanying is
the Managing Partner.
She is Thai
nationality with the
age of 33
years old.
Mr. Ankur Dubey is
the General Manager.
He is Indian
nationality with the
age of 49
years old.
BUSINESS
OPERATIONS
The subject is engaged in purchasing,
distributing and exporting wide
range of metal
scraps and metal
recycled products. The
products are as
follows:
Scrap rolls; hot/cold
rolled steel, used & discard rolled
steel
Steel scraps
Aluminum scraps; aluminum
tense, aluminum turning
and UBC can
Stainless steel scrap
Tungsten carbide scraps
High speed steel
scraps
SKD 11 and SKD 61
steels
Mineral [manganese ore]
Light melting scraps
PURCHASE
100% of the
products is purchased
from local suppliers.
SALES
The products are
sold by wholesale
to manufacturers both
local and overseas
in India, Singapore,
Malaysia, Vietnam, Republic
of China and Indonesia.
RELATED AND
AFFILIATED COMPANY
Royal Freight & Cargo Co.,
Ltd.
Business Type :
Freight forwarding
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
for the past
two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
14 staff.
LOCATION
DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Subject purchases, sells
and exports metal
scraps for recycle
processing. The products
are varies such as steel,
stainless steel, brass, aluminum,
tungsten and etc.
The subject reported
slow sales in
2014, as well
as its business
has grown at
slow pace this
year.
FINANCIAL
INFORMATION
The capital was
originally registered at
Bht. 1,000,000 which was carried
by 2
persons as followed:
Name Amount
Ms. Ankrisa Charoenwanying Bht. 900,000 [Unlimited
Partner]
Mrs. Chaleaw Charoenwanying Bht. 100,000
On February 13,
2008, the capital
was increased to
Bht. 2,000,000 which
was carried by
3 persons as
followed:
Name Amount
Ms. Ankrisa Charoenwanying Bht. 1,400,000
[Unlimited Partner]
Mrs. Chaleaw Charoenwanying Bht. 100,000
Mr. Ankur Dubey Bht. 500,000
On March 13,
2008, the capital
was held by
3 persons as
followed:
Name Amount
Ms. Ankrisa Charoenwanying Bht. 1,020,000
[Unlimited Partner]
Mrs. Chaleaw Charoenwanying Bht. 20,000
Mr. Ankur Dubey Bht. 960,000
On November 1,
2011, the capital was
increased to Bht.
4,000,000 which was
carried by 3
persons as followed:
Name Age Amount
Ms. Ankrisa Charoenwanying 33 Bht. 2,040,000
[Unlimited Partner]
Mrs. Chaleaw Charoenwanying 59 Bht. 40,000
Mr. Ankur Dubey [Indian] 49 Bht. 1,920,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Prawat Sangchan No. 2425
BALANCE
SHEET [BAHT]
The latest financial
figures published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
437,615.99 |
528,139.07 |
170,317.38 |
|
Inventories |
- |
866,032.50 |
2,637,429.42 |
|
Other Current Assets
|
2,031,440.43 |
2,217,408.57 |
2,074,436.00 |
|
|
|
|
|
|
Total Current Assets
|
2,469,056.42 |
3,611,580.14 |
4,882,182.80 |
|
Long-term Loan |
19,800,000.00 |
13,900,000.00 |
9,200,000.00 |
|
Fixed Assets |
1,598,717.37 |
2,553,177.19 |
3,507,637.00 |
|
Other Non-current Assets |
14,074.06 |
- |
- |
|
Total Assets |
23,881,847.85 |
20,064,757.33 |
17,589,819.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
11,300,391.73 |
7,478,046.21 |
5,931,820.13 |
|
Trade Accounts &
Other Payable |
1,680,669.86 |
2,066,014.17 |
2,502,634.91 |
|
Current Portion of
Finance Lease Contract Liabilities |
265,018.80 |
235,964.32 |
437,964.00 |
|
Accrued Income Tax |
871,412.00 |
437,964.00 |
36,257.03 |
|
|
|
|
|
|
Total Current Liabilities |
14,117,492.39 |
10,217,988.70 |
8,908,676.07 |
|
Finance Lease Contract
Liabilities - Net of Current
Portion |
- |
- |
815,218.21 |
|
Other Non-current Liabilities |
- |
690,590.70 |
- |
|
Total Liabilities |
14,117,492.39 |
10,908,579.40 |
9,723,894.28 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
5,764,355.46 |
5,156,177.93 |
3,865,925.52 |
|
|
|
|
|
|
Total Shareholders' Equity |
9,764,355.46 |
9,156,177.93 |
7,865,925.52 |
|
Total Liabilities &
Shareholders' Equity |
23,881,847.85 |
20,064,757.33 |
17,589,819.80 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
183,169,778.15 |
281,932,845.41 |
106,992,012.76 |
|
Service Income |
22,646,379.55 |
21,794,228.34 |
13,565,378.52 |
|
Other Income |
710,519.49 |
81,119.29 |
35,000.00 |
|
Total Revenues |
206,526,677.19 |
303,808,193.04 |
120,592,391.28 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
198,184,947.37 |
295,610,890.99 |
115,767,138.03 |
|
Selling Expenses |
2,477,575.69 |
686,093.24 |
23,049.71 |
|
Administrative Expenses |
4,065,603.18 |
5,284,882.37 |
3,513,401.13 |
|
Total Expenses |
204,728,126.24 |
301,581,866.60 |
119,303,588.87 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
1,798,550.95 |
2,226,326.44 |
1,288,802.41 |
|
Financial Cost |
[775,354.43] |
[436,366.74] |
[83,484.26] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
1,023,196.52 |
1,789,959.70 |
1,205,318.15 |
|
Income Tax |
[415,018.80] |
[499,707.29] |
[312,257.03] |
|
Net Profit / [Loss] |
608,177.72 |
1,290,252.41 |
893,061.12 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.17 |
0.35 |
0.55 |
|
QUICK RATIO |
TIMES |
0.03 |
0.05 |
0.02 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
128.74 |
118.96 |
34.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.62 |
15.14 |
6.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
1.07 |
8.32 |
|
INVENTORY TURNOVER |
TIMES |
- |
341.34 |
43.89 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.10 |
2.55 |
7.89 |
|
CASH CONVERSION CYCLE |
DAYS |
(3.10) |
(1.48) |
0.42 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.29 |
97.33 |
96.03 |
|
SELLING & ADMINISTRATION |
% |
3.18 |
1.97 |
2.93 |
|
INTEREST |
% |
0.38 |
0.14 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
4.05 |
2.70 |
4.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.87 |
0.73 |
1.07 |
|
NET PROFIT MARGIN |
% |
0.30 |
0.42 |
0.74 |
|
RETURN ON EQUITY |
% |
6.23 |
14.09 |
11.35 |
|
RETURN ON ASSET |
% |
2.55 |
6.43 |
5.08 |
|
EARNING PER SHARE |
BAHT |
15.20 |
32.26 |
22.33 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.54 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.45 |
1.19 |
1.24 |
|
TIME INTEREST EARNED |
TIMES |
2.32 |
5.10 |
15.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(32.24) |
151.94 |
|
|
OPERATING PROFIT |
% |
(19.21) |
72.74 |
|
|
NET PROFIT |
% |
(52.86) |
44.48 |
|
|
FIXED ASSETS |
% |
(37.38) |
(27.21) |
|
|
TOTAL ASSETS |
% |
19.02 |
14.07 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -32.24%. Turnover has decreased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.05 |
Satisfactory |
Industrial Average |
4.80 |
|
Net Profit Margin |
0.30 |
Deteriorated |
Industrial Average |
0.69 |
|
Return on Assets |
2.55 |
Acceptable |
Industrial Average |
3.51 |
|
Return on Equity |
6.23 |
Acceptable |
Industrial Average |
10.99 |
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 4.05%. 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 0.3%. 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 2.55%.
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 6.23%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.17 |
Risky |
Industrial Average |
2.03 |
|
Quick Ratio |
0.03 |
|
|
|
|
Cash Conversion Cycle |
(3.10) |
|
|
|
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 0.17 times in 2014, decreased from 0.35 times, then the company may not be
efficiently using its current assets. 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 0.03 times in 2014,
decreased from 0.05 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 -4 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
1.45 |
Acceptable |
Industrial Average |
1.68 |
|
Times Interest Earned |
2.32 |
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 2.32 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 0.59 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
128.74 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
8.62 |
Impressive |
Industrial Average |
5.07 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
10.07 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
14.68 |
|
Payables Conversion Period |
3.10 |
|
|
|
The company's Total Asset Turnover is calculated as 8.62 times and 15.14
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
THAI BAHT |
1 |
Rs.1.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SDA |
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.