MIRA INFORM REPORT

 

 

Report No. :

327188

Report Date :

19.06.2015

 

IDENTIFICATION DETAILS

 

Name :

BARLOXX  INTERTRANS  CO.,  LTD.

 

 

Registered Office :

22nd  Floor,  Tossapol  Land  4  Building, 2/117-118  Soi  Bangna-Trad  25,  Bangna-Trad  Road,  Bangna, Bangkok  10260

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

2007

 

 

Com. Reg. No.:

0105550037474

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Subject is engaged  in  importing,  distributing  and  exporting  various  kinds  of 

agriculture  and  industrial  products,  such  as  rice,  mineral  products  [antimony/bitumen/ limestone],  metal  scrap  &  recycle  products [steel  scrap/steel  tin  can  bundle/ light  meting  steel/heavy  metal  scrap/bushing  bundle  scrap]

 

 

No. of Employee :

20

 

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, 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

 

BARLOXX  INTERTRANS  CO.,  LTD.

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           22nd  FLOOR,  TOSSAPOL  LAND  4  BUILDING,

                                                                        2/117-118  SOI  BANGNA-TRAD  25, 

BANGNA-TRAD  ROAD,  BANGNA,

BANGKOK  10260,  THAILAND

TELEPHONE                                        :           [66]   2361-7918-20,  2334-1673,  081  860-2574

FAX                                                      :           [66]   2334-1320

E-MAIL  ADDRESS                               :           info@barloxx.co.th

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                                    :           2007

REGISTRATION  NO.                           :           0105550037474

TAX  ID  NO.                                         :           3032610889

CAPITAL REGISTERED                        :           BHT.   5,000,000

CAPITAL PAID-UP                                :           BHT.   5,000,000

SHAREHOLDER’S  PROPORTION        :           THAI     :     100%

-FISCAL YEAR CLOSING DATE            :           DECEMBER   31            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                         :           MR. SATHIT  TREESAT,  THAI

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                   :           20

LINES  OF  BUSINESS                         :           AGRICULTURE  AND  INDUSTRIAL  PRODUCTS

                                                                        IMPORTER,  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  April  3,  2007 as  a  private  limited  company  under  the  registered name  BARLOXX  INTERTRANS  CO.,  LTD., by  Thai group, with  the objective  to  import,  distribute  and  export  various  agriculture  and  industrial  products.  It  currently  employs  20  staff.  

 

The  subject’s  registered  address  is   22nd  Floor,  Tossapol  Land  4  Building,  2/117-118  Soi  Bangna-Trad  25,  Bangna-Trad  Road,  Bangna,  Bangkok  10260,  and  this  is  the  subject’s  current  operation  address.  

 

 

THE  BOARD  OF  DIRECTOR

 

     Name

 

Nationality

Age

 

 

 

 

Mr. Sathit  Treesat

 

Thai

38

 

 

AUTHORIZED  PERSON

 

The  above  director  signs  on  behalf  of  the  subject  with  company’s  affixed.

 

 

MANAGEMENT

 

Mr.  Sathit  Treesat  is  the  Managing  Director.

He  is  Thai  nationality  with  the  age  of  38  years  old.  

 

 

BUSINESS  OPERATIONS

 

The  subject  is  engaged  in  importing,  distributing  and  exporting  various  kinds  of 

agriculture  and  industrial  products,  such  as  rice,  mineral  products  [antimony/bitumen/

limestone],  metal  scrap  &  recycle  products [steel  scrap/steel  tin  can  bundle/

light  meting  steel/heavy  metal  scrap/bushing  bundle  scrap].

 

 

PURCHASE

 

The   products  are  purchased  from  suppliers  both    domestic  and  overseas  in  India,  Malaysia  and  Republic  of  China.

 

 

SALES 

 

The  products  have  been  served  to  both  local   and  overseas  in  India,  Hong  Kong,  Republic  of  China,  Australia,  Russia  and  the  countries  in  Africa  and  Middle  East.

 

 

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  credits  term  of  30-60  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  20  staff.  

 

 

LOCATION  DETAILS

 

The  premise  is  rented for  administrative  office  at  the  heading  address.  Premise  is  located  in  commercial/residential  area.

 

 

COMMENT

 

During  2013-2014  economic  slowdown,  household  debt  and  uncertain  political  situation  were  major  factors  affecting  several  local  businesses.     Consumers  had  cut  down on  their  spending.  Moreover,  domestic  industrial  slowdown  from  lower  demand  and  the  faltering   economy of  export  markets  especially  China would  shrink  the  subject’s  business  growth.

 

 

FINANCIAL  INFORMATION

 

The  capital  was  registered at Bht. 1,000,000 divided  into 10,000 shares  of Bht. 100  each  with  fully  paid.

 

On  July  16,  2014,  the  registered  capital  was  increased  to  Bht.  5,000,000  divided  into    50,000  shares  of  Bht. 100  each  with  fully  paid.

 

 

THE  SHAREHOLDERS  LISTED  WERE

 

[as  at  May  9,  2015]

 

       NAME

HOLDING

%

 

 

 

Mr. Sathit  Treesat

Nationality:  Thai

Address     :  530/275  Moo  1,  T, Praksamai,  A. Muang,

                     Samutprakarn 

45,000

90.00

Mr. Sert  Tathong

Nationality:  Thai

Address     :  164  Moo  6,  T. Songhong,  A. Muang,

                     Buriram 

2,500

5.00

Mrs. Nang  Treesat

Nationality:  Thai

Address     :  98  Moo  2,  T. Nonkamin,  A. Muang,

                     Nongbualamphu

2,500

5.00

 

Total  Shareholders  :    3

 

Share  Structure  [as  at  May  9,  2015]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

3

50,000

100.00

Foreign

-

-

-

 

Total

 

3

 

50,000

 

100.00

 

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO.

 

Ms. Apirudee  Dulyasittikorn  No.  10327

 

 

BALANCE SHEET [BAHT]

 

The  latest  financial  figures  published  for  December   31,  2013,  2012  &  2011  were:

          

 

ASSETS

  

Current Assets

2013

2012

2011

 

 

 

 

Cash  and Cash Equivalents           

27,314.87

113,802.22

14,557.58

Other   Receivable

2,250.00

55,630.45

-

Other  Current  Assets                  

89,444.14

78,980.26

-

 

 

 

 

Total  Current  Assets                

119,009.01

248,412.93

14,557.58

 

Loan  to  Related  Person

 

1,450,000.00

 

1,150,000.00

 

400,000

Equipment

20,468.39

8,526.03

-

Other  Non-current  Assets

50,000.00

50,000.00

97,005.45

 

Total  Assets                 

 

1,639,477.40

 

1,456,938.96

 

511,563.03

 

 

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

 

Current Liabilities

2013

2012

2011

 

 

 

 

Other  Payable

268,891.00

151,105.60

29,296.95

Accrued  Income  Tax

2,067.34

18,459.16

-

Other  Current  Liabilities

18,743.79

-

-

 

 

 

 

Total Current Liabilities

289,702.13

169,564.76

29,296.95

 

Total  Liabilities            

 

289,702.13

 

169,564.76

 

29,296.95

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

Share  capital : Baht  100 par  value 

  Authorized  &  issued  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

250,000.00

Retained Earning - Unappropriated  [Deficit]      

349,775.27

287,374.20

232,266.08

 

 

 

 

Total Shareholders' Equity 

1,349,775.27

1,287,374.20

482,266.08

 

Total Liabilities  &  Shareholders' 

  Equity

 

 

1,639,477.40

 

 

1,456,938.96

 

 

511,563.03

 

 

PROFIT  &  LOSS  ACCOUNT

 

Revenue

2013

2012

2011

 

 

 

 

Sales   

23,792,483.39

46,831,905.93

28,169,826.68

Gain  on  Exchange  Rate

-

6,355.07

-

Other  Income                

2,250.00

8,625.28

8,000.00

 

Total  Revenues           

 

23,794,733.39

 

46,846,886.28

 

28,177,826.68

 

Expenses

 

 

 

 

 

 

 

Cost   of  Goods  Sold 

20,777,877.25

42,444,924.22

27,921,113.65

Administrative  Expenses

2,925,982.70

4,328,394.78

11,400.00

 

Total Expenses             

 

23,703,859.95

 

46,773,319.00

 

27,932,513.65

 

 

 

 

Profit / [Loss]  before  Income  Tax 

90,873.44

73,567.28

245,313.03

Income  Tax

[28,472.37]

[18,459.16]

[14,296.95]

 

Net  Profit / [Loss]

 

62,401.07

 

55,108.12

 

231,016.08

 

 

FINANCIAL  ANALYSIS

 

ITEM

UNIT

2013

2012

2011

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

0.41

1.47

0.50

QUICK RATIO

TIMES

0.10

1.00

0.50

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

1,162.40

5,492.82

-

TOTAL ASSETS TURNOVER

TIMES

14.51

32.14

55.07

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

%

87.33

90.63

99.12

SELLING & ADMINISTRATION

%

12.30

9.24

0.04

INTEREST

%

-

-

-

GROSS PROFIT MARGIN

%

12.68

9.40

0.91

NET PROFIT MARGIN BEFORE EX. ITEM

%

0.38

0.16

0.87

NET PROFIT MARGIN

%

0.26

0.12

0.82

RETURN ON EQUITY

%

4.62

4.28

47.90

RETURN ON ASSET

%

3.81

3.78

45.16

EARNING PER SHARE

BAHT

6.24

5.51

92.41

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

0.18

0.12

0.06

DEBT TO EQUITY RATIO

TIMES

0.21

0.13

0.06

TIME INTEREST EARNED

TIMES

-

-

-

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

(49.20)

66.25

 

OPERATING PROFIT

%

23.52

(70.01)

 

NET PROFIT

%

13.23

(76.15)

 

FIXED ASSETS

%

140.07

-

 

TOTAL ASSETS

%

12.53

184.80

 

 

 

ANNUAL GROWTH : IMPRESSIVE

 

An annual sales growth is -49.2%. Turnover has decreased from THB 46,831,905.93 in 2012 to THB 23,792,483.39 in 2013. While net profit has increased from THB 55,108.12 in 2012 to THB 62,401.07 in 2013. And total assets has increased from THB 1,456,938.96 in 2012 to THB 1,639,477.40 in 2013.                     

                       

PROFITABILITY : ACCEPTABLE

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

12.68

Impressive

Industrial Average

0.39

Net Profit Margin

0.26

Deteriorated

Industrial Average

1.25

Return on Assets

3.81

Satisfactory

Industrial Average

5.00

Return on Equity

4.62

Deteriorated

Industrial Average

13.22

 

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   12.68%. 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 0.26%. 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 3.81%.

 

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 4.62%.

 

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

0.41

Risky

Industrial Average

1.30

Quick Ratio

0.10

 

 

 

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 0.41 times in 2013, decreased from 1.47 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 0.1 times in 2013, same  figure  as 1 times  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                 Downtrend

 

LEVERAGE : EXCELLENT

 

 

LEVERAGE RATIO

 

Debt Ratio

0.18

Impressive

Industrial Average

0.61

Debt to Equity Ratio

0.21

Impressive

Industrial Average

1.54

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 0.18 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

1,162.40

Impressive

Industrial Average

-

Total Assets Turnover

14.51

Impressive

Industrial Average

4.01

Inventory Conversion Period

-

 

 

 

Inventory Turnover

-

 

Industrial Average

11.35

Receivables Conversion Period

-

 

 

 

Receivables Turnover

-

 

Industrial Average

9.00

Payables Conversion Period

-

 

 

 

 

The company's Total Asset Turnover is calculated as 14.51 times and 32.14 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                Downtrend

Inventory Turnover                     Uptrend

Receivables Turnover                Uptrend

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.11

UK Pound

1

Rs.100.32

Euro

1

Rs.72.17

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.