MIRA INFORM REPORT
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Report No. : |
356447 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MULTI BEADS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
6/2 Soi Saint
Louis 1 [Sathorn 15],
South Sathorn Road,
Yannawa, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.09.2001 |
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|
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Com. Reg. No.: |
0105544090881 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
The subject is
engaged in importing,
distributing and exporting
various kinds of
beads and accessories, such
as necklaces, bracelets,
pendants . |
|
|
|
|
Employees: |
3 |
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 |
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Payment Behaviour : |
No complaints |
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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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 AND ADDRESS
MULTI BEADS [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 6/2 SOI SAINT
LOUIS 1 [SATHORN 15],
SOUTH
SATHORN ROAD, YANNAWA,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2675-6842
FAX : [66] 2675-7174
E-MAIL ADDRESS : multithi@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544090881
TAX ID NO. : 3030366993
CAPITAL REGISTERED : BHT.
2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
INDIAN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WAHID ALI,
INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 3
LINES OF BUSINESS : BEADS AND
ACCESSORIES
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on September 18,
2001 as a
private limited company
under the registered name MULTI
BEADS [THAILAND] CO.,
LTD., by Thai and
Indian groups, with the
business objective to import,
distribute and export
various kinds of
beads and accessories.
It currently employs 3 staff.
The subject’s registered
address is 6/2
Soi Saint Louis
1 [Sathorn 15], South
Sathorn Road, Yananwa,
Sathorn, Bangkok 10120,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wahid Ali |
|
Indian |
51 |
|
Mrs. Pongrat Maliwan [Wankama] |
|
Thai |
47 |
Note
Mrs. Pongrat Wankama changed
her last name
to Mrs. Pongrat Maliwan on
October 30, 2015.
AUTHORIZED
PERSON
One of the
above directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Wahid Ali is
the Managing Director.
He is Indian nationality with
the age of
51 years old.
Mrs. Pongrat Maliwan is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 47
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
beads and accessories,
such as necklaces,
bracelets, pendants .
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas in India
and Republic of
China.
SALES
The products are
sold by wholesale to customers
both local and
overseas mainly in
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
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
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 3 staff.
LOCATION
DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Since the subject
has been established
in 2001, its
business has grown
slowly.
The subject has
small and slow
business with its
turnover in the
year 2014 was
low.
It is estimated
that business performance
in 2015 would
be similar as
the previous year.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Wahid Ali Nationality: Indian Address :
New Delhi, India
|
6,100 |
30.50 |
|
Mrs. Pongrat Maliwan Nationality: Thai Address : 14
Soi Prachauthis 69,
Thungkru,
Bangkok |
5,100 |
25.50 |
|
Mr. Ekarach Maliwan Nationality: Thai Address : 14
Soi Prachauthis 69,
Thungkru,
Bangkok |
5,100 |
25.50 |
|
Mr. Vinod Kumar Nationality: Indian Address : Delhi,
India |
3,700 |
18.50 |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
10,200 |
51.00 |
|
Foreign - Indian |
2 |
9,800 |
49.00 |
|
Total |
4 |
20,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Col. Pojanee Buranintu No. 1074
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 |
167,254.89 |
68,021.11 |
74,735.19 |
|
Revenue Department Receivable |
- |
921.97 |
- |
|
Inventories |
3,995,229.70 |
3,692,435.00 |
3,206,370.00 |
|
|
|
|
|
|
Total Current Assets
|
4,162,484.59 |
3,761,378.08 |
3,281,105.19 |
|
|
|
|
|
|
Fixed Assets |
4.00 |
4.00 |
4.00 |
|
Total Assets |
4,162,488.59 |
3,761,382.08 |
3,281,109.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable
|
167,887.90 |
353,884.46 |
472,441.08 |
|
Accrued Expenses |
23,674.31 |
12,679.00 |
18,722.75 |
|
Accrued Income Tax |
- |
3,002.77 |
509.86 |
|
|
|
|
|
|
Total Current Liabilities |
191,562.21 |
369,566.23 |
491,673.69 |
|
Loan from Directors |
916,000.00 |
480,000.00 |
194,626.16 |
|
Total Liabilities |
1,107,562.21 |
849,566.23 |
686,299.85 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized and
issued share capital
20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated |
1,054,926.38 |
911,815.85 |
594,809.34 |
|
Total Shareholders' Equity |
3,054,926.38 |
2,911,815.85 |
2,594,809.34 |
|
Total Liabilities &
Shareholders' Equity |
4,162,488.59 |
3,761,382.08 |
3,281,109.19 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,739,665.00 |
2,266,320.02 |
2,650,814.00 |
|
Other Income |
2,281.36 |
- |
- |
|
Total Revenues |
1,741,946.36 |
2,266,320.02 |
2,650,814.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
221,890.30 |
559,230.19 |
1,168,289.75 |
|
Selling Expenses |
648,000.00 |
648,000.00 |
629,250.00 |
|
Administrative Expenses |
728,945.53 |
739,080.55 |
699,875.19 |
|
Total Expenses |
1,598,835.83 |
1,946,310.74 |
2,497,414.94 |
|
Profit / [Loss] before Income
Tax |
143,110.53 |
320,009.28 |
153,399.06 |
|
Income Tax |
- |
[3,002.77] |
[509.86] |
|
|
|
|
|
|
Net Profit / [Loss] |
143,110.53 |
317,006.51 |
152,889.20 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
21.73 |
10.18 |
6.67 |
|
QUICK RATIO |
TIMES |
0.87 |
0.19 |
0.15 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
434,916.25 |
566,580.01 |
662,703.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.42 |
0.60 |
0.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
6,571.98 |
2,409.99 |
1,001.74 |
|
INVENTORY TURNOVER |
TIMES |
0.06 |
0.15 |
0.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
276.17 |
230.97 |
147.60 |
|
CASH CONVERSION CYCLE |
DAYS |
6,295.81 |
2,179.01 |
854.14 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
12.75 |
24.68 |
44.07 |
|
SELLING & ADMINISTRATION |
% |
79.15 |
61.20 |
50.14 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
87.38 |
75.32 |
55.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.23 |
14.12 |
5.79 |
|
NET PROFIT MARGIN |
% |
8.23 |
13.99 |
5.77 |
|
RETURN ON EQUITY |
% |
4.68 |
10.89 |
5.89 |
|
RETURN ON ASSET |
% |
3.44 |
8.43 |
4.66 |
|
EARNING PER SHARE |
BAHT |
7.16 |
15.85 |
7.64 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.23 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.36 |
0.29 |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(23.24) |
(14.50) |
|
|
OPERATING PROFIT |
% |
(55.28) |
108.61 |
|
|
NET PROFIT |
% |
(54.86) |
107.34 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
10.66 |
14.64 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is
-23.24%. Turnover has decreased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
87.38 |
Impressive |
Industrial Average |
16.41 |
|
Net Profit Margin |
8.23 |
Impressive |
Industrial Average |
1.41 |
|
Return on Assets |
3.44 |
Impressive |
Industrial Average |
3.02 |
|
Return on Equity |
4.68 |
Acceptable |
Industrial Average |
8.20 |
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 87.38%. 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 8.23%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operators 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
3.44%, 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 4.68%.
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 |
21.73 |
Impressive |
Industrial Average |
1.66 |
|
Quick Ratio |
0.87 |
|
|
|
|
Cash Conversion Cycle |
6,295.81 |
|
|
|
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 21.73 times in 2014, increased from 10.18 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 0.87 times in 2014,
increased from 0.19 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 6296 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
0.36 |
Impressive |
Industrial Average |
1.49 |
|
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 0.27 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
434,916.25 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.42 |
Deteriorated |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
6,571.98 |
|
|
|
|
Inventory Turnover |
0.06 |
Deteriorated |
Industrial Average |
3.44 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.11 |
|
Payables Conversion Period |
276.17 |
|
|
|
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 2410 days at the
end of 2013 to 6572 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 0.15 times in year 2013 to 0.06 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.42 times and 0.6
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.66.20 |
|
|
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
: |
KAS |
|
|
|
|
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.