MIRA INFORM REPORT
|
Report No. : |
327905 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASIA INTERTRADE RICE EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
49/5-6 Rangsit-Nakornnayok 46 Road, T. Prachathipat, A. Thanyaburi, Pathumthani 12130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
2007 |
|
|
|
|
Com. Reg. No.: |
0135550033851 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in rice
mill business, to
distribute and export
various kinds of
rice, such as
jasmine rice, white
rice, brown rice,
broken rice, glutinous
rice, and parboiled
rice, as well
as agricultural products,
including sugar, canned
foods, jute bags,
seasoning, spice |
|
|
|
|
No. of Employee : |
150 |
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
ASIA INTERTRADE RICE EXPORT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 49/5-6 RANGSIT-NAKORNNAYOK 46
ROAD,
T.
PRACHATHIPAT, A. THANYABURI,
PATHUMTHANI 12130,
THAILAND
TELEPHONE : [66] 2974-2892-4
FAX :
[66] 2974-2895
E-MAIL
ADDRESS : rice@airexport.co.th
raam@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0135550033851
TAX
ID NO. : 3032687829
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. PANACHAI YAEMKOSUM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : RICE
AND AGRICULTURAL PRODUCTS
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on
June 27, 2007
as a private
limited company under the
registered name ASIA INTERTRADE RICE EXPORT CO.,
LTD., by Thai groups, with the business objective to export various kinds
of rice and
agricultural products. It
currently employs 150
staff.
The
subject’s registered address
was initially at
72/859 Moo 6, T.
Kukot, A. Lamlukka, Pathumthani
12130.
On June 18, 2014, its registered address was relocated
to 49/5-6 Soi Rangsit-Nakornnayok 46, T.
Prachathipat, A. Thanyaburi, Pathumthani
12130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Panachai Yaemkosum
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Panachai Yaemkosum is
the Managing Director.
He is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
is engaged in
rice mill business,
to distribute and
export various kinds
of rice, such
as jasmine rice,
white rice, brown
rice, broken rice,
glutinous rice, and
parboiled rice, as
well as agricultural
products, including sugar,
canned foods, jute
bags, seasoning, spice
and etc., under
its own brand
“TWIN CHEF” and “PLUS
MORE”. The export
capacity is over
100,000 metric tons
per annum.
Production and
packaging operation have
been supported by
local manufacturing contractors.
PURCHASE
100%
of the products is
purchased from local
suppliers and manufacturers.
EXPORT
100% of the
products is exported
to Republic of China,
India, Malaysia, Indonesia,
Philippines, Pakistan and
the countries in
Africa and Europe.
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 for
the past two
years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
150 office staff
and workers.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
The
subject was formed in
2007 as an exporter
of rice and agricultural products.
Its business has
continuously grown from
market expansion in
overseas. Despite economy sluggish in European
countries, consumption of rice
and agricultural products
such as sugar
and spice remains
strong. Its sales
had been reported
at strong level in the
previous years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each with fully
paid.
On
May 4, 2011,
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 April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Panachai Yaemkosum Nationality: Thai Address : 72/859
Moo 6, T. Kukot,
A. Lamlukka, Pathumthani
|
49,994 |
99.99 |
|
Mrs. Sumaree Pikrohpiew Nationality: Thai Address : 141
Moo 4, T. Jangharn, A. Jangharn, Roi-ed |
1 |
|
|
Mrs. Phongsri Daengkhantee Nationality: Thai Address : 14
Moo 4, T. Jangharn, A. Jangharn, Roi-ed |
1 |
|
|
Mr. Teepakorn Daengkhantee Nationality: Thai Address : 72/859
Moo 6, T. Kukot,
A. Lamlukka, Pathumthani
|
1 |
= 0.01 |
|
Ms. Rat Kulkij Nationality: Thai Address : 269
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
1 |
|
|
Mr. Chaiya Nontaprom Nationality: Thai Address : 230/4516
Moo 2, Thungsonghong, Laksi, Bangkok
|
1 |
|
|
Mrs. Busarin Nontaprom Nationality: Thai Address : 230/4516
Moo 2, Thungsonghong, Laksi, Bangkok
|
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Jantima Ketsiri No.
7563
Note:
The 2014 financial
statement was not available during
investigation.
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 |
15,274,723.55 |
2,694,735.82 |
2,178,313.05 |
|
Short-term Investment |
1,500,000.00 |
- |
- |
|
Trade Accounts Receivable
|
796,538.44 |
8,955,042.56 |
4,580,571.31 |
|
Inventories |
94,768,275.21 |
59,216,319.64 |
783,275.50 |
|
Other Current Assets
|
14,103,751.61 |
3,248,080.85 |
535,267.66 |
|
|
|
|
|
|
Total Current Assets
|
126,443,288.81 |
74,114,178.87 |
8,077,427.52 |
|
Long-term Loan to Related Person |
- |
- |
3,740,000.00 |
|
Fixed Assets |
9,558,790.80 |
666,530.61 |
3,740,000.00 |
|
Total Assets |
136,002,079.61 |
74,780,709.48 |
12,778,820.30 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
3,000,000.00 |
- |
- |
|
Trade Accounts Payable
|
80,297,365.36 |
21,022,635.20 |
2,267,564.75 |
|
Current Portion of
Long-term Loans |
335,682.05 |
479,500.88 |
532,403.83 |
|
Accrued Income Tax |
199,247.73 |
406,759.88 |
70,664.97 |
|
Other Current Liabilities |
1,200,539.30 |
1,473,320.39 |
1,365,154.46 |
|
|
|
|
|
|
Total Current Liabilities |
85,032,834.44 |
23,382,216.35 |
4,235,788.01 |
|
Long-term Loan from
Related Person |
40,400,000.00 |
41,738,709.00 |
- |
|
Long-term Loan from Financial Institutions |
311,043.84 |
644,965.33 |
950,831.25 |
|
Other Liabilities |
- |
- |
163,800.00 |
|
Total Liabilities |
125,743,878.28 |
65,765,890.68 |
5,350,419.26 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated |
5,258,201.00 |
4,014,818.80 |
2,428,401.04 |
|
Total Shareholders' Equity |
10,258,201.33 |
9,014,818.80 |
7,428,401.04 |
|
Total Liabilities & Shareholders' Equity |
136,002,079.61 |
74,780,709.48 |
12,778,820.30 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
380,658,318.48 |
317,207,122.84 |
86,857,517.23 |
|
Other Income |
162,248.10 |
351,442.40 |
702,792.83 |
|
Total Revenues |
380,820,566.58 |
317,558,565.24 |
87,560,310.06 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
369,992,417.76 |
294,017,723.74 |
82,288,468.35 |
|
Selling and Administrative Expenses |
8,418,727.88 |
21,368,229.15 |
4,138,997.13 |
|
Total Expenses |
378,411,145.64 |
315,385,952.89 |
86,427,465.48 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
2,409,420.94 |
2,172,612.35 |
1,132,844.58 |
|
Financial Cost |
[716,396.53] |
[109,057.69] |
[130,111.47] |
|
Profit / [Loss] before Income
Tax |
1,693,024.41 |
2,063,554.66 |
1,002,733.11 |
|
Income Tax |
[449,641.88] |
[477,136.90] |
[138,308.59] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,243,382.53 |
1,586,417.76 |
864,424.52 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.49 |
3.17 |
1.91 |
|
QUICK RATIO |
TIMES |
0.21 |
0.50 |
1.60 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
39.82 |
475.91 |
23.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.80 |
4.24 |
6.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
93.49 |
73.51 |
3.47 |
|
INVENTORY TURNOVER |
TIMES |
3.90 |
4.97 |
105.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.76 |
10.30 |
19.25 |
|
RECEIVABLES TURNOVER |
TIMES |
477.89 |
35.42 |
18.96 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.21 |
26.10 |
10.06 |
|
CASH CONVERSION CYCLE |
DAYS |
15.04 |
57.72 |
12.67 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.20 |
92.69 |
94.74 |
|
SELLING & ADMINISTRATION |
% |
2.21 |
6.74 |
4.77 |
|
INTEREST |
% |
0.19 |
0.03 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
2.84 |
7.42 |
6.07 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.63 |
0.68 |
1.30 |
|
NET PROFIT MARGIN |
% |
0.33 |
0.50 |
1.00 |
|
RETURN ON EQUITY |
% |
12.12 |
17.60 |
11.64 |
|
RETURN ON ASSET |
% |
0.91 |
2.12 |
6.76 |
|
EARNING PER SHARE |
BAHT |
24.87 |
31.73 |
17.29 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.92 |
0.88 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.26 |
7.30 |
0.72 |
|
TIME INTEREST EARNED |
TIMES |
3.36 |
19.92 |
8.71 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
20.00 |
265.20 |
|
|
OPERATING PROFIT |
% |
10.90 |
91.78 |
|
|
NET PROFIT |
% |
(21.62) |
83.52 |
|
|
FIXED ASSETS |
% |
1,334.11 |
(82.18) |
|
|
TOTAL ASSETS |
% |
81.87 |
485.19 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 20%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.84 |
Acceptable |
Industrial
Average |
4.08 |
|
Net Profit Margin |
0.33 |
Impressive |
Industrial
Average |
(0.18) |
|
Return on Assets |
0.91 |
Impressive |
Industrial
Average |
(0.44) |
|
Return on Equity |
12.12 |
Impressive |
Industrial
Average |
(2.43) |
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 2.84%. 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 0.33%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
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
0.91%, 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. Return on Equity ratio
is 12.12%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.49 |
Impressive |
Industrial
Average |
1.03 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
15.04 |
|
|
|
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 1.49 times in 2013, decreased from
3.17 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 0.21 times in 2013,
decreased from 0.5 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 16 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.92 |
Acceptable |
Industrial
Average |
0.84 |
|
Debt to Equity Ratio |
12.26 |
Risky |
Industrial
Average |
5.07 |
|
Times Interest Earned |
3.36 |
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 3.37 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 0.92 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
39.82 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.80 |
Impressive |
Industrial
Average |
2.38 |
|
Inventory Conversion Period |
93.49 |
|
|
|
|
Inventory Turnover |
3.90 |
Satisfactory |
Industrial
Average |
4.94 |
|
Receivables Conversion Period |
0.76 |
|
|
|
|
Receivables Turnover |
477.89 |
Impressive |
Industrial
Average |
4.23 |
|
Payables Conversion Period |
79.21 |
|
|
|
The company's Account Receivable Ratio is calculated as 477.89 and
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 74 days at the
end of 2012 to 93 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.97 times in year 2012 to 3.9 times
in year 2013.
The company's Total Asset Turnover is calculated as 2.8 times and 4.24
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.63.82 |
|
UK Pound |
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.