MIRA INFORM REPORT
|
Report No. : |
311979 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
RESIL [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
1315 Sirada Village, Kanjanapisek Road, Bangkaenua, Bangkae, Bangkok 10160, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
22.05.2009 |
|
|
|
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Com. Reg. No.: |
0105552048988 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
The subject is engaged in importing and authorized distributing wide range of industrial chemicals for variety of industries, such as silicones, textiles, agricultural, construction, leathers, paper & pulp, pharmaceutical, plastic & rubber |
|
|
|
|
No of 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 : |
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 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 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
RESIL
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 1315
SIRADA VILLAGE, KANJANAPISEK
ROAD,
BANGKAENUA, BANGKAE,
BANGKOK 10160,
THAILAND
TELEPHONE : [66] 2410-4945
FAX :
[66] 2404-1470
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552048988
TAX
ID NO. : 3033481716
CAPITAL REGISTERED : BHT. 3,500,000
CAPITAL PAID-UP : BHT.
3,500,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN : 49.00%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THANADECH LOSTHAPORNPIPIT, THAI
GENERAL MANAGER
NO.
OF STAFF : 3
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND DISTRIBUTOR
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 May 22,
2009 as a
private limited company
under the registered
name RESIL [THAILAND]
LIMITED, by Thai and Indian groups,
with the business objective to import
and distribute wide range
of industrial chemicals
to domestic market.
It currently employs
3 staff.
The
subject is an
affiliated company of
Resil Chemicals Pvt.
Ltd., in India.
The
subject’s registered address
is 1315 Sirada
Village, Kanjanapisek Road,
Bangkaenua, Bangkae, Bangkok
10160, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasobkarn Padermprach |
|
Thai |
59 |
|
Mr. Thanadech Losthapornpipit |
|
Thai |
50 |
|
Mr. Madathetu
Sankaranarayanan Mohan |
|
Indian |
59 |
|
Mr. Thankappa
Kizhakeakanjira Katu Rajeev |
|
Indian |
57 |
|
Mr. Madathetu
Sankaranarayanan Vijayan |
|
Indian |
57 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thanadech Losthapornpipit is
the General Manager.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and authorized
distributing wide range
of industrial chemicals
for variety of
industries, such as
silicones, textiles, agricultural,
construction, leathers, paper & pulp, pharmaceutical, plastic & rubber and
etc.
PURCHASE
Its products are
purchased from both
local and overseas suppliers in India
and Republic of
China.
MAJOR SUPPLIER
Resil
Chemicals Pvt. Ltd. : India
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers 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
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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject operates as
an importer and
distributor of industrial
chemicals to various
industries. Though the
subject’s sales revenue
as of March
31, 2014 was
increased comparing to the
same period of
the previous year,
but it still
obtained net loss
at the end
of year. Moreover,
it has accumulated
retained earning deficit
for many consecutive
years. Due to
this, small credit
amount should be
recommended.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000
shares of Bht. 100 each
with fully paid.
On
June 26, 2012,
the registered capital
was increased to
Bht. 3,500,000 divided
into 35,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
July 29, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Resil Chemicals Pvt. Ltd. Nationality: Indian Address : BCIE
Building, 30 Old
Madras Road,
Bangalore, India |
17,150 |
49.00 |
|
Mr. Prasobkarn Padermprach Nationality: Thai Address : 26
Moo 6, T. Huaypra,
A. Dontoom.
Nakornpathom |
10,500 |
30.00 |
|
Mr. Thanadech Losthapornpipit Nationality: Thai Address : 48
Soi Ramkhamhaeng 52,
Huamark,
Bangkapi, Bangkok |
5,250 |
15.00 |
|
Mr. Soranon Padermprach Nationality: Thai Address : 4/137
Laksong, Bangkae, Bangkok |
2,100 |
6.00 |
Total Shareholders : 4
Share Structure [as
at July 29,
2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
17,850 |
51.00 |
|
Foreign - Indian |
1 |
17,150 |
49.00 |
|
Total |
4 |
35,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chatchawal Nuwattana No. 10074
BALANCE
SHEET [BAHT]
The latest financial figures published
as at March
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
427,039.67 |
62,946.80 |
246,844.94 |
|
Short-term Loan to Related Person |
- |
750,000.00 |
550,000.00 |
|
Other Current Assets
|
50,031.95 |
91,172.15 |
164,612.52 |
|
|
|
|
|
|
Total Current Assets
|
477,071.62 |
904,118.95 |
961,457.46 |
|
|
|
|
|
|
Fixed Assets |
28,916.42 |
120,874.75 |
169,545.73 |
|
Total Assets |
505,988.04 |
1,024,993.70 |
1,131,003.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Accrued Commission |
- |
- |
80,500.00 |
|
Accrued Income Tax |
- |
22,811.92 |
22,811.92 |
|
Other Current Liabilities |
90,491.48 |
44,881.89 |
36,012.20 |
|
|
|
|
|
|
Total Current Liabilities |
90,491.48 |
67,693.81 |
139,324.12 |
|
Total Liabilities |
90,491.48 |
67,693.81 |
139,324.12 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital 35,000 shares
in 2014 & 2013; 20,000 shares in 2012 |
3,500,000.00 |
3,500,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,500,000.00 |
3,500,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
[3,084,503.44] |
[2,542,700.11] |
[1,008,320.93] |
|
Total Shareholders' Equity |
415,496.56 |
957,299.89 |
991,679.07 |
|
Total Liabilities & Shareholders' Equity |
505,988.04 |
1,024,993.70 |
1,131,003.19 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
4,808,648.00 |
1,800,864.00 |
1,300,321.99 |
|
Interest Income |
- |
698.63 |
935.00 |
|
Other Income |
37,514.30 |
- |
- |
|
Total Revenues |
4,846,162.30 |
1,801,562.63 |
1,301,256.99 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,194,357.70 |
826,562.05 |
962,259.00 |
|
Selling Expenses |
1,830,377.57 |
1,853,186.82 |
1,466,095.61 |
|
Administrative Expenses |
363,230.36 |
656,192.94 |
428,677.44 |
|
Total Expenses |
5,387,965.63 |
3,335,941.81 |
2,857,032.05 |
|
|
|
|
|
|
Net Profit / [Loss] |
[541,803.33] |
[1,534,379.18] |
[1,555,775.06] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.27 |
13.36 |
6.90 |
|
QUICK RATIO |
TIMES |
4.72 |
12.01 |
5.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
166.29 |
14.90 |
7.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
9.50 |
1.76 |
1.15 |
|
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 |
% |
66.43 |
45.90 |
74.00 |
|
SELLING & ADMINISTRATION |
% |
45.62 |
139.34 |
145.72 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
34.35 |
54.14 |
26.07 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(11.27) |
(85.20) |
(119.65) |
|
NET PROFIT MARGIN |
% |
(11.27) |
(85.20) |
(119.65) |
|
RETURN ON EQUITY |
% |
(130.40) |
(160.28) |
(156.88) |
|
RETURN ON ASSET |
% |
(107.08) |
(149.70) |
(137.56) |
|
EARNING PER SHARE |
BAHT |
(15.48) |
(43.84) |
(77.79) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.07 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.22 |
0.07 |
0.14 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
167.02 |
38.49 |
|
|
OPERATING PROFIT |
% |
(64.69) |
(1.38) |
|
|
NET PROFIT |
% |
64.69 |
1.38 |
|
|
FIXED ASSETS |
% |
(76.08) |
(28.71) |
|
|
TOTAL ASSETS |
% |
(50.64) |
(9.37) |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is 167.02%. Turnover has increased from THB
1,800,864.00 in 2013 to THB 4,808,648.00 in 2014. While net profit has increased
from THB -1,534,379.18 in 2013 to THB -541,803.33 in 2014. And total assets has
decreased from THB 1,024,993.70 in 2013 to THB 505,988.04 in 2014.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.35 |
Impressive |
Industrial Average |
5.14 |
|
Net Profit Margin |
(11.27) |
Deteriorated |
Industrial Average |
3.65 |
|
Return on Assets |
(107.08) |
Deteriorated |
Industrial Average |
11.03 |
|
Return on Equity |
(130.40) |
Deteriorated |
Industrial Average |
18.62 |
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. Gross Profit Margin is 34.35%. 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 -11.27%.
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 -107.08%.
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 -130.4%.
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 |
5.27 |
Impressive |
Industrial Average |
1.99 |
|
Quick Ratio |
4.72 |
|
|
|
|
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 5.27 times in 2014, decrease from 13.36 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 4.72 times in 2014,
decrease from 12.01 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 |
0.18 |
Impressive |
Industrial Average |
0.32 |
|
Debt to Equity Ratio |
0.22 |
Impressive |
Industrial Average |
0.48 |
|
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 |
166.29 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
9.50 |
Impressive |
Industrial Average |
3.02 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
13.64 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
15.69 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 9.5 times and 1.76 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 |
1.00 |
25.00 |
25.00 |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
1.60 |
20.00 |
32.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
243.75 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.67 |
|
|
1 |
Rs. 93.16 |
|
Euro |
1 |
Rs. 66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
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.