MIRA INFORM REPORT
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Report No. : |
307056 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
K.P.T. LOGISTICS CO., LTD. |
|
|
|
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Registered Office : |
10/124 MOO 8, T. Samrongnua, A. Muang Samutprakarn 10270 |
|
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
05.01.2006 |
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|
|
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Com. Reg. No.: |
0105549001925 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Subject is
engaged in providing logistics
service including transportation and
freight services. |
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|
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No. of Employee : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. 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 economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company
name and address
K.P.T. LOGISTICS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 10/124 MOO
8, T. SAMRONGNUA, A.
MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2138-1945
FAX :
[66] 2138-1946
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. : 0105549001925
TAX ID NO. : 3032199674
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT. 1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. JUREERAT
SALADTOOK, THAI
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : LOGISTICS SERVICE
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 January 5,
2006 as a
private limited company
under the registered name K.P.T. LOGISTICS CO., LTD.,
by Thai group, with the business
objective to provide
logistics service. It
currently employs 4
staff.
The subject’s registered
address is 10/124
Moo 8, T. Samrongnua, A. Muang,
Samutprakarn 10270, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Jureerat Saladtook |
|
Thai |
34 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms.
Jureerat Saladtook
is the Managing
Director.
She is
Thai nationality with
the age of
34 years old.
BUSINESS
OPERATIONS
The subject is
engaged in providing
logistics service including
transportation and freight
services.
PURCHASE
100% of
purchasing is from local
suppliers.
SALES
Its services
are for local
manufacturers, exporters 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
Services 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.
BANKING
The banker’s name was
not disclosed.
EMPLOYMENT
The subject currently
employs 4 staff.
LOCATION
DETAILS
The premise is rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject’s service
income was drastically
decreased comparing to
the previous years
due to a
sharp decrease in
demand of its
service on a
yearly basis. The
subject’s operating performance in 2013
was weak with
accumulated retained earning
deficit for many
consecutive years. Its
business is stagnant
and slowing down.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 10,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERSLISTED WERE
[as at April
29, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Jureerat Saladtook Nationality: Thai Address :
11 Moo 4,
T. Wangma, A. Ladyao, Nakornsawan |
9,500 |
95.00 |
|
Mrs.
Wanpen Permpoon Nationality: Thai Address :
1 Asadang Road,
Sanchaoporsua, Phranakorn, Bangkok |
250 |
2.50 |
|
Ms.
Rattiya Permpoon Nationality: Thai Address :
1 Asadang Road,
Sanchaoporsua, Phranakorn, Bangkok |
250 |
2.50 |
Total
Shareholders : 3
Share
Structure [as
at April 29,
2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chettha Limbupasiriporn No.
6401
BALANCE
SHEET [BAHT]
The latest
financial figures published as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
15,568.18 |
6,318.45 |
26,690.49 |
|
Deferred Income |
38,770.41 |
38,770.41 |
- |
|
Short-term
Investment |
- |
- |
2,152,669.76 |
|
Other Current
Assets |
- |
- |
47,306.22 |
|
|
|
|
|
|
Total Current
Assets |
54,338.59 |
45,088.86 |
2,226,666.47 |
|
Cash at Bank
pledged as a Collateral |
2,282,617.56 |
2,216,779.21 |
- |
|
Fixed Assets |
34.00 |
15,481.04 |
90,900.00 |
|
Other Non-current
Assets |
91,565.03 |
91,548.47 |
71,755.59 |
|
Total Assets |
2,428,555.18 |
2,368,897.58 |
2,389,322.06 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Other Payable
|
50,817.02 |
47,131.36 |
3,837,373.00 |
|
Short-term Loan |
5,295,000.00 |
5,167,373.00 |
- |
|
Other Current
Liabilities |
- |
- |
29,719.37 |
|
|
|
|
|
|
Total Current
Liabilities |
5,345,817.02 |
5,214,504.36 |
3,867,092.37 |
|
Total Liabilities
|
5,345,817.02 |
5,214,504.36 |
3,867,092.37 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid
share capital 10,000
shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained
Earning Unappropriated |
[3,917,261.84] |
[3,845,606.78] |
[2,477,770.31] |
|
Total Shareholders' Equity |
[2,917,261.84] |
[2,845,606.78] |
[1,477,770.31] |
|
Total Liabilities & Shareholders' Equity |
2,428,555.18 |
2,368,897.58 |
2,389,322.06 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Service Income |
645,853.00 |
9,593,870.60 |
37,747,110.68 |
|
Other Income |
66,505.11 |
64,846.88 |
26,579.45 |
|
Total Revenues |
712,358.11 |
9,658,717.48 |
37,773,690.13 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Service |
524,709.75 |
10,520,448.30 |
38,615,262.57 |
|
Administrative Expenses |
259,303.42 |
506,105.65 |
499,018.43 |
|
Other Expenses |
- |
- |
93,949.07 |
|
Total Expenses
|
784,013.17 |
11,026,553.95 |
39,208,230.07 |
|
|
|
|
|
|
Profit /
[Loss] before Financial Cost |
[71,655.06] |
[1,367,836.47] |
[1,434,539.94] |
|
Financial Cost |
- |
- |
[72,933.66] |
|
|
|
|
|
|
Net Profit / [Loss] |
[71,655.06] |
[1,367,836.47] |
[1,507,473.60] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.01 |
0.01 |
0.58 |
|
QUICK RATIO |
TIMES |
0.01 |
0.01 |
0.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
18,995.68 |
619.72 |
415.26 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.27 |
4.05 |
15.80 |
|
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 |
% |
81.24 |
109.66 |
102.30 |
|
SELLING &
ADMINISTRATION |
% |
40.15 |
5.28 |
1.32 |
|
INTEREST |
% |
- |
- |
0.19 |
|
GROSS PROFIT
MARGIN |
% |
29.05 |
(8.98) |
(2.23) |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
(11.09) |
(14.26) |
(3.80) |
|
NET PROFIT MARGIN |
% |
(11.09) |
(14.26) |
(3.99) |
|
RETURN ON EQUITY |
% |
- |
- |
- |
|
RETURN ON ASSET |
% |
(2.95) |
(57.74) |
(63.09) |
|
EARNING PER SHARE |
BAHT |
(7.17) |
(136.78) |
(150.75) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
2.20 |
2.20 |
1.62 |
|
DEBT TO EQUITY
RATIO |
TIMES |
(1.83) |
(1.83) |
(2.62) |
|
TIME INTEREST
EARNED |
TIMES |
- |
- |
(19.67) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(93.27) |
(74.58) |
|
|
OPERATING PROFIT |
% |
(94.76) |
(4.65) |
|
|
NET PROFIT |
% |
94.76 |
9.26 |
|
|
FIXED ASSETS |
% |
(99.78) |
(82.97) |
|
|
TOTAL ASSETS |
% |
2.52 |
(0.85) |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales
growth is -93.27%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
29.05 |
Deteriorated |
Industrial Average |
90.45 |
|
Net Profit Margin |
(11.09) |
Deteriorated |
Industrial Average |
5.43 |
|
Return on Assets |
(2.95) |
Deteriorated |
Industrial Average |
8.30 |
|
Return on Equity |
- |
|
Industrial Average |
19.69 |
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 29.05%. 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 -11.09%. 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 -2.95%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.01 |
Risky |
Industrial Average |
1.96 |
|
Quick Ratio |
0.01 |
|
|
|
|
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 0.01 time in 2013,
the same
figure as in
2012, 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 0.01 time in 2013, the same
figure as in
2012, then the company has not enough current assets that presumably can
be quickly converted to cash for pay financial obligations.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
2.20 |
Risky |
Industrial
Average |
0.58 |
|
Debt to Equity
Ratio |
(1.83) |
Risky |
Industrial
Average |
1.38 |
|
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 higher
the percentage means that the company is using less equity and has stronger leverage
position.
Debt Ratio shows
the proportion of a company's assets which are financed through debt. The
company's figure is 2.2 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 Uptrend
Times Interest
Earned Stable
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
18,995.68 |
Impressive |
Industrial
Average |
- |
|
Total Assets
Turnover |
0.27 |
Deteriorated |
Industrial Average |
1.53 |
|
Inventory
Conversion Period |
- |
|
|
|
|
Inventory
Turnover |
- |
|
Industrial
Average |
7.40 |
|
Receivables
Conversion Period |
- |
|
|
|
|
Receivables
Turnover |
- |
|
Industrial
Average |
4.75 |
|
Payables Conversion
Period |
- |
|
|
|
The company's Total
Asset Turnover is calculated as 0.27 times and 4.05 times in 2013 and 2012
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 Downtrend
Receivables
Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.