MIRA INFORM REPORT
|
Report No. : |
347836 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI ASIA RUBBER CO., LTD. |
|
|
|
|
Registered Office : |
28/5 Moo 6, T. Huayyang, A.
Klaeng, Rayong 21110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.03.2004 |
|
|
|
|
Com. Reg. No.: |
0215547001030 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Distributor of Ribbed Smoked Sheet Rubber [RSS] |
|
|
|
|
No. of Employees : |
80 |
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 : |
No Complaints |
|
|
|
|
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,
and generally pro-investment policies Thailand has historically had a strong
economy due in part to competitive 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 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d'etat, 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
THAI ASIA RUBBER CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 28/5 MOO
6, T. HUAYYANG, A. KLAENG,
RAYONG 21110,
THAILAND
TELEPHONE : [66] 38
633-327, 38 633-278-9
FAX :
[66] 38
633-328
E-MAIL ADDRESS : export01@thaiasiarubber.co.th
export02@thaiasiarubber.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0215547001030
TAX ID NO. : -
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP : BHT. 250,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMPHOP TANGJAROENSUTTHICHAI, THAI
MANAGING DIRECTOR
NO. OF STAFF : 80
LINES OF BUSINESS : RIBBED SMOKED
SHEET RUBBER [RSS]
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on March 29,
2004 as a
private limited company
under the registered
name THAI ASIA
RUBBER CO., LTD., by Thai
groups, with the
business objective to manufacture
ribbed smoked sheet
rubber to both domestic
and international markets.
It currently employs
approximately 80 staff.
The subject’s registered address
is 28/5 Moo 6,
T. Huayyang, A. Klaeng, Rayong
21110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
Mr. Somphop
Tangjaroensutthichai
|
|
Thai |
48 |
|
Mrs. Wanida Tangjaroensutthichai |
|
Thai |
51 |
AUTHORIZED
PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somphop Tangjaroensutthichai
is the Managing
Director.
He is
Thai nationality with
the age of 48
years old.
Mrs. Wanida Tangjaroensutthichai
is the Deputy
Managing Director.
She is
Thai nationality with
the age of
51 years old.
Mr.
Sanphong Nopprasert
is the Factory Manager.
He is
Thai nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting ribbed smoked
sheet rubber [RSS
No. 1 - 4 & ADS].
PRODUCTION
3,000 tons
per month
PURCHASE
100% of
raw material is
purchased from local
suppliers and planters.
SALES
70% of the
products is exported to Republic of China, Vietnam, Korea, India,
Indonesia, Myanmar, Taiwan
and Malaysia, the
remaining 30% is
sold locally.
MAJOR CUSTOMERS
Thai Rubber Latex Corp.
Co., Ltd. :
Thailand
Glovetex Co., Ltd. : Thailand
Inoue Rubber [Thailand]
Public Company Limited : Thailand
Thai Fukoku Co.,
Ltd. : Thailand
International Rubber Parts
Co., Ltd. :
Thailand
RELATED AND AFFILIATED COMPANIES
Ti Rubber
Co., Ltd.
Business Type
: Manufacturer and
distributor of rubber
products
Tang Jiab
Seng Rubber L.P.
Business Type
: Manufacturer and
distributor of rubber
products
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 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 credit term
of 30 days.
Exports are
against T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 80 staff.
LOCATION
DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial,
in the Eastern
region.
COMMENT
The subject was
formed in 2004 as a manufacturer,
exporter and distributor of ribbed
smoked rubber sheet. The
products are mainly
for export markets. Oversupply of
rubber products and
shrinking demand in
world market has resulted to
a decrease in
price and slowdown of
demand from Thai
rubber products.
The lingering
issue of slow
global demand continues
to push down
the price of
natural rubber, which
has led to
many local rubber
related industries facing
with strong impact.
FINANCIAL
INFORMATION
The capital was registered at
Bht. 10,000,000 divided into 100,000 shares of
Bht. 100 each with
fully paid.
The capital was
increased later as
follows :
Bht. 30,000,000
on April 23,
2004
Bht. 70,000,000
on December 27, 2006
Bht. 101,000,000
on February 3,
2012
Bht. 250,000,000
on November 14,
2013
The latest registered
capital was increased
to Bht. 250,000,000
divided into 2,500,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Somphob Tangjaroensutthichai Nationality: Thai Address :
28/5 Moo 6, T. Wangwha,
A. Klaeng, Rayong |
2,489,500 |
99.58 |
|
Mrs.
Wanida Tangjaroensutthichai Nationality: Thai Address :
28/5 Moo 6, T. Wangwha,
A. Klaeng, Rayong |
10,000 |
0.40 |
|
Mrs.
Srisamorn Nopprasert Nationality: Thai Address :
204/121 Sukhumvit Rd., T. Tangkwean, A. Klaeng,
Rayong |
500 |
0.02 |
Total Shareholders
: 3
Share Structure
[as at
April 30, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
2,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
2,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Wandee Sinmahatsakul No.
7535
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 |
54,055,632.52 |
35,185,408.46 |
40,431,631.35 |
|
Trade Accounts
Receivable |
1,401,117,834.24 |
1,286,819,472.20 |
922,774,487.02 |
|
Inventories |
25,883,120.38 |
42,097,920.00 |
103,527,155.36 |
|
Other Current
Assets |
678,659.90 |
1,126,937.18 |
816,314.84 |
|
|
|
|
|
|
Total Current
Assets |
1,481,735,247.04 |
1,365,229,737.84 |
1,067,549,588.57 |
|
Cash at Bank
pledged as a Collateral |
100,307,163.78 |
90,249,373.00 |
65,084,866.30 |
|
Fixed Assets |
134,697,019.38 |
137,774,586.06 |
143,756,235.05 |
|
Total Assets |
1,716,739,430.20 |
1,593,253,696.90 |
1,276,390,689.92 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft
& Short-term Loan From Financial Institutions |
1,169,138,397.94 |
1,096,597,897.55 |
946,232,540.52 |
|
Trade Accounts
Payable |
93,892,965.33 |
61,246,566.96 |
42,654,106.99 |
|
Current Portion
of Lease Contract Liabilities |
2,948,424.85 |
3,172,522.24 |
3,583,633.44 |
|
Current Portion
of Long-term Loans |
4,760,408.00 |
11,822,549.88 |
18,103,608.00 |
|
Other Current
Liabilities |
9,070,599.48 |
1,866,331.69 |
2,384,568.29 |
|
|
|
|
|
|
Total Current
Liabilities |
1,279,810,795.60 |
1,174,705,868.32 |
1,012,958,457.24 |
|
Lease
Contract Liabilities, Net |
706,149.82 |
2,116,324.67 |
5,288,846.91 |
|
Long-term Loans,
Net |
3,999,968.00 |
8,760,376.00 |
20,581,806.68 |
|
Total Liabilities
|
1,284,516,913.42 |
1,185,582,568.99 |
1,038,829,110.83 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized
and issued share capital 2,500,000
shares in 2014 & 2013; 1,010,000
shares in 2012
|
250,000,000.00 |
250,000,000.00 |
101,000,000.00 |
|
|
|
|
|
|
Capital Paid |
250,000,000.00 |
250,000,000.00 |
101,000,000.00 |
|
Retained Earning
- Unappropriated |
182,222,516.78 |
157,671,127.91 |
136,561,579.09 |
|
Total Shareholders' Equity |
432,222,516.78 |
407,671,127.91 |
237,561,579.09 |
|
Total Liabilities & Shareholders' Equity |
1,716,739,430.20 |
1,593,253,696.90 |
1,276,390,689.92 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
2,919,418,721.76 |
2,472,753,748.10 |
3,133,849,391.17 |
|
Other Income |
1,812,623.13 |
2,119,630.51 |
14,131,269.79 |
|
Total Revenues |
2,921,231,344.89 |
2,474,873,378.61 |
3,147,980,660.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
2,782,726,762.82 |
2,380,919,278.82 |
3,022,256,311.25 |
|
Selling Expenses |
38,457,375.22 |
28,345,094.96 |
27,806,533.80 |
|
Administrative Expenses |
20,619,899.89 |
13,970,247.78 |
16,255,766.37 |
|
Total Expenses
|
2,841,804,037.93 |
2,423,234,621.56 |
3,066,318,611.42 |
|
|
|
|
|
|
Profit before
Financial Cost |
79,427,306.96 |
51,638,757.05 |
81,662,049.54 |
|
Financial Cost |
[54,875,918.09] |
[30,529,208.23] |
[35,352,392.02] |
|
|
|
|
|
|
Net Profit / [Loss] |
24,551,388.87 |
21,109,548.82 |
46,309,657.52 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
1.16 |
1.05 |
|
QUICK RATIO |
TIMES |
1.14 |
1.13 |
0.95 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
21.67 |
17.95 |
21.80 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
1.70 |
1.55 |
2.46 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
3.39 |
6.45 |
12.50 |
|
INVENTORY
TURNOVER |
TIMES |
107.51 |
56.56 |
29.19 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
175.17 |
189.95 |
107.48 |
|
RECEIVABLES
TURNOVER |
TIMES |
2.08 |
1.92 |
3.40 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
12.32 |
9.39 |
5.15 |
|
CASH CONVERSION
CYCLE |
DAYS |
166.25 |
187.01 |
114.83 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
95.32 |
96.29 |
96.44 |
|
SELLING &
ADMINISTRATION |
% |
2.02 |
1.71 |
1.41 |
|
INTEREST |
% |
1.88 |
1.23 |
1.13 |
|
GROSS PROFIT
MARGIN |
% |
4.74 |
3.80 |
4.01 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
2.72 |
2.09 |
2.61 |
|
NET PROFIT MARGIN |
% |
0.84 |
0.85 |
1.48 |
|
RETURN ON EQUITY |
% |
5.68 |
5.18 |
19.49 |
|
RETURN ON ASSET |
% |
1.43 |
1.32 |
3.63 |
|
EARNING PER SHARE |
BAHT |
9.82 |
8.44 |
45.85 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.74 |
0.81 |
|
DEBT TO EQUITY
RATIO |
TIMES |
2.97 |
2.91 |
4.37 |
|
TIME INTEREST
EARNED |
TIMES |
1.45 |
1.69 |
2.31 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.06 |
(21.10) |
|
|
OPERATING PROFIT |
% |
53.81 |
(36.77) |
|
|
NET PROFIT |
% |
16.30 |
(54.42) |
|
|
FIXED ASSETS |
% |
(2.23) |
(4.16) |
|
|
TOTAL ASSETS |
% |
7.75 |
24.82 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth
is 18.06%. Turnover has increased from THB
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit
Margin |
4.74 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
0.84 |
Impressive |
Industrial Average |
0.44 |
|
Return on Assets |
1.43 |
Impressive |
Industrial Average |
0.81 |
|
Return on Equity |
5.68 |
Impressive |
Industrial Average |
2.58 |
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 4.74%. 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. Net Profit Margin ratio is 0.84%, higher figure when
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 1.43%, 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 5.68%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.16 |
Satisfactory |
Industrial Average |
1.17 |
|
Quick Ratio |
1.14 |
|
|
|
|
Cash Conversion
Cycle |
166.25 |
|
|
|
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 1.16 times in
2014, same figure
as in 2013, then it is generally considered to have
good short-term financial strength. 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 1.14 times in 2014, increase from 1.13
times, although excluding inventory so the company still have good short-term
financial strength.
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 167 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity
Ratio |
2.97 |
Risky |
Industrial Average |
1.91 |
|
Times Interest
Earned |
1.45 |
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
1.45 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 0.75 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 Downtrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets
Turnover |
21.67 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
1.70 |
Satisfactory |
Industrial Average |
1.83 |
|
Inventory
Conversion Period |
3.39 |
|
|
|
|
Inventory
Turnover |
107.51 |
Impressive |
Industrial Average |
7.30 |
|
Receivables
Conversion Period |
175.17 |
|
|
|
|
Receivables
Turnover |
2.08 |
Acceptable |
Industrial Average |
4.10 |
|
Payables
Conversion Period |
12.32 |
|
|
|
The company's
Account Receivable Ratio is calculated as 2.08 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
decreased from 6 days at the end of 2013 to 3 days at the end of 2014. This
represents a positive trend. And Inventory turnover has increased from 56.56
times in year 2013 to 107.51 times in year 2014.
The company's Total
Asset Turnover is calculated as 1.7 times and 1.55 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.57 |
|
|
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.