MIRA INFORM REPORT
|
Report No. : |
331489 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIPPING EXPRESS CO., LTD. |
|
|
|
|
Formerly Known As : |
SHIPPING EXPRESS LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
44/335 Moo 4, T. Takientia, A. Banglamung, Chonburi 20150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.05.2008 |
|
|
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Com. Reg. No.: |
0205555004638 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
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Line of Business : |
Subject is engaged in providing complete range of air/sea freight forwarding services, including custom broker, import & export transportation, packing, logistics and business consulting. |
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|
No. of Employees : |
4 |
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 |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand has historically had a strong economy due in part to 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 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 & address
SHIPPING
EXPRESS CO., LTD.
[ FORMER
: SHIPPING EXPRESS
LIMITED PARTNERSHIP ]
SUMMARY
BUSINESS
ADDRESS : 44/335 MOO
4, T. TAKIENTIA, A. BANGLAMUNG,
CHONBURI 20150,
THAILAND
TELEPHONE : [66] 38
493-332, 097 251-8086
FAX :
[66] 38
493-399
E-MAIL
ADDRESS : thanasaak@shipexp.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0205555004638 [Former
: 0203551003406]
TAX
ID NO. : 3033070293
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THANASAAK SRIKAEW,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : FREIGHT FORWARDING
AGENT
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 initially
established on May 20,
2008 as a
limited partnership under
the registered name “IMP
Transport Limited Partnership” [Reg. no. 0203551003406] by
Thai partners. On December
29, 2011, its
registered name was
changed to “Shipping
Express Limited Partnership”. On February 10, 2012,
its status was
converted to a private
limited company, named
SHIPPING EXPRESS CO., LTD.
Its business objective is
to provide complete range of
air/sea freight forwarding
services. Subject currently
employs 4 staff.
The
subject’s registered address
is 44/335 Moo
4, T. Takientia, A.
Banglamung,
Chonburi
20150, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thanasaak Srikaew |
|
Thai |
32 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thanasaak Srikaew is
the Managing Director.
He is Thai
nationality with the
age of 32
years old.
BUSINESS OPERATIONS
The subject is engaged in
providing complete range of
air/sea freight forwarding
services, including custom
broker, import & export transportation, packing,
logistics and business
consulting.
PURCHASE
100%
of purchasing is
from local suppliers.
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 for the
past two years.
CREDIT
Sales & services are by
cash or on
the credits term
of 30-60 days.
Local bills are paid by
cash or on
the credit term
of 30 days.
BANKING
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject employs 4 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in provincial.
COMMENT
The
subject is considered
a small operator
in freight forwarding
services. However, export
growth was contracted
in the first
six months of
this year. This
would lead to
slow down in
freight forwarding business
as a whole.
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 28, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sasipimol Kawila Nationality: Thai Address : 44/335
Moo 4, T. Takientia, A.
Banglamung, Chonburi |
17,000 |
85.00 |
|
Ms. Narannath Srikaew Nationality: Thai Address : 37
Moo 8, T. Bueng,
A. Sriracha, Chonburi |
1,000 |
5.00 |
|
Pol. Sgt. Maj. Boontham
Srikaew Nationality: Thai Address : 177
Moo 9, T. Nongkan,
A.
Phuluang, Loei |
1,000 |
5.00 |
|
Mrs. Thansayakamol
Srichotitakorn Nationality: Thai Address : 3 Nawamin
74 Rd., Kannayao,
Bangkok |
1,000 |
5.00 |
Total Shareholders : 4
Share Structure
[as at April
28, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nawat Horwattananan No.
9305
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 |
8,139.59 |
42,927.47 |
11,170.02 |
|
Short-term Loan |
3,650,000.00 |
3,150,000.00 |
3,500,000.00 |
|
Other Current Assets
|
797,174.16 |
676,382.16 |
257,599.02 |
|
|
|
|
|
|
Total Current Assets
|
4,455,313.75 |
3,869,309.63 |
3,768,769.04 |
|
Fixed Assets |
979,629.22 |
1,397,302.42 |
1,381,741.14 |
|
Total Assets |
5,434,942.97 |
5,266,612.05 |
5,150,510.18 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Current Portion of
Hire-purchase Payable |
- |
132,291.81 |
384,180.00 |
|
Current Portion of
Long-term Loans |
108,735.49 |
187,768.44 |
187,768.44 |
|
Accrued Income Tax |
133,349.18 |
56,238.95 |
118,800.06 |
|
Other Current Liabilities |
148,619.17 |
84,137.57 |
85,829.94 |
|
|
|
|
|
|
Total Current Liabilities |
390,703.84 |
460,436.77 |
776,578.44 |
|
Hire-purchase Payable - Net |
- |
- |
65,611.77 |
|
Long-term Loans - Net |
- |
108,735.49 |
296,503.93 |
|
Total Liabilities |
390,703.84 |
569,172.26 |
1,138,694.14 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid 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 |
3,044,239.13 |
2,697,439.79 |
2,011,816.04 |
|
Total Shareholders' Equity |
5,044,239.13 |
4,697,439.79 |
4,011,816.04 |
|
Total Liabilities &
Shareholders' Equity |
5,434,942.97 |
5,266,612.05 |
5,150,510.18 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Service Income |
41,171,155.67 |
7,198,286.28 |
6,342,047.26 |
|
Other Income |
80,630.00 |
82,370.00 |
72,825.00 |
|
Total Revenues |
41,251,785.67 |
7,280,656.28 |
6,414,872.26 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Service |
38,803,105.74 |
5,159,476.64 |
4,597,984.88 |
|
Selling and Administrative Expenses |
1,909,248.22 |
1,282,636.90 |
857,196.24 |
|
Total Expenses |
40,712,353.96 |
6,442,113.54 |
5,455,181.12 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
539,431.71 |
838,542.74 |
959,691.14 |
|
Financial Costs |
[27,783.19] |
[66,680.04] |
[91,813.47] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
511,648.52 |
771,862.70 |
867,877.67 |
|
Income Tax |
[164,849.18] |
[86,238.95] |
[120,424.06] |
|
|
|
|
|
|
Net Profit / [Loss] |
346,799.34 |
685,623.75 |
747,453.61 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
11.40 |
8.40 |
4.85 |
|
QUICK RATIO |
TIMES |
9.36 |
6.93 |
4.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42.03 |
5.15 |
4.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
7.58 |
1.37 |
1.23 |
|
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 |
% |
94.25 |
71.68 |
72.50 |
|
SELLING & ADMINISTRATION |
% |
4.64 |
17.82 |
13.52 |
|
INTEREST |
% |
0.07 |
0.93 |
1.45 |
|
GROSS PROFIT MARGIN |
% |
5.95 |
29.47 |
28.65 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.31 |
11.65 |
15.13 |
|
NET PROFIT MARGIN |
% |
0.84 |
9.52 |
11.79 |
|
RETURN ON EQUITY |
% |
6.88 |
14.60 |
18.63 |
|
RETURN ON ASSET |
% |
6.38 |
13.02 |
14.51 |
|
EARNING PER SHARE |
BAHT |
17.34 |
34.28 |
37.37 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.07 |
0.11 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.12 |
0.28 |
|
TIME INTEREST EARNED |
TIMES |
19.42 |
12.58 |
10.45 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
471.96 |
13.50 |
|
|
OPERATING PROFIT |
% |
(35.67) |
(12.62) |
|
|
NET PROFIT |
% |
(49.42) |
(8.27) |
|
|
FIXED ASSETS |
% |
(29.89) |
1.13 |
|
|
TOTAL ASSETS |
% |
3.20 |
2.25 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is 471.96%. Turnover has increased from THB
PROFITABILITY
: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.95 |
Deteriorated |
Industrial Average |
73.00 |
|
Net Profit Margin |
0.84 |
Deteriorated |
Industrial Average |
5.82 |
|
Return on Assets |
6.38 |
Acceptable |
Industrial Average |
11.46 |
|
Return on Equity |
6.88 |
Deteriorated |
Industrial Average |
23.95 |
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 5.95%. 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 0.84%. 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 6.38%.
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 6.88%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
11.40 |
Impressive |
Industrial Average |
1.91 |
|
Quick Ratio |
9.36 |
|
|
|
|
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 11.4 times in 2014, increased from 8.4 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 9.36 times in 2014,
increases from 6.93 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial Average |
0.88 |
|
Times Interest Earned |
19.42 |
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 19.42 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 0.07 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 |
42.03 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
7.58 |
Impressive |
Industrial Average |
2.05 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
26.19 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.52 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 7.58 times and 1.37
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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
2.67 |
25.00 |
66.75 |
|
ACTIVITY RATIO |
4.00 |
20.00 |
80.00 |
|
PROFITABILITY
RATIO |
0.33 |
25.00 |
8.25 |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
1.60 |
20.00 |
32.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
227.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.49 |
|
|
1 |
Rs. 99.43 |
|
Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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.