MIRA INFORM REPORT
|
Report No. : |
351191 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMAGE D’ASIE
SOCIETE ANONYME |
|
|
|
|
Registered Office : |
11/440 Moo 10, Ladprao-Wanghin Road, Ladprao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.06.1998 |
|
|
|
|
Com. Reg. No.: |
0105541040140 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Providing Tours and Travel Services. |
|
|
|
|
No. of Employees : |
14 |
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
IMAGE D’ASIE SOCIETE ANONYME
SUMMARY
BUSINESS
ADDRESS : 11/440 MOO
10, LADPRAO-WANGHIN ROAD,
LADPRAO, BANGKOK 10230,
THAILAND
TELEPHONE : [66] 2530-2722-6, 081 820-4828
FAX :
[66] 2539-6477
E-MAIL
ADDRESS : info@imagedasie.com
imagedasie@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541040140
TAX
ID NO. : 3011952153
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 : MS.
MINGKWAN METMOWLEE, THAI
MANAGING DIRECTOR
& MARKETING DIRECTOR
NO.
OF STAFF : 14
LINES
OF BUSINESS : TOURS
AND TRAVEL SERVICE
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 June 30,
1998 as a
private limited company under the name
style IMAGE D’ASIE
SOCIETE ANONYME by
Thai groups, with
the business objective
to operate in-bound and
out-bound tour and
travel service. It
currently employs 14
staff.
The
subject’s registered address
is 11/440 Moo 10,
Ladprao-Wanghin Rd., Ladprao,
Bangkok 10230, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
Ms. Mingkwan Metmowlee
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Mingkwan Metmowlee is the
Managing Director &
Marketing Director.
She is Thai
nationality with the
age of 49
years old.
Ms. Wisawarak Jitmana is
the Marketing and
Reservation Manager.
She is Thai
nationality.
Ms. Bulla Sereethamma is the
Operation Manager.
She is Thai
nationality.
Ms. Siriwan Noonoi is
the Accounting Manager.
She is Thai
nationality.
Ms. Chutikan Suklim is
the Reservation Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
tour and travel
business, to provide
in-bound, out-bound travel
service, e.g. cultural
tour and leisure
operation service both
in Thailand and
overseas, such as Myanmar, Laos, Cambodia,
Malaysia, Indonesia [Bali] and
Japan. Ranges of
services are as
the followings:
The
services provided are
as the followings:
-
Identify
event venue
-
Professional Conference Organizers
-
Destination
Management Services
-
Concepting
and coordinating Pre & Post event tours
-
Concepting
and managing Spouse
and Accompanying Persons programmes
-
Ground
handing for particular
Incentive
Specialists:
-
Planning consultancy and
budget forecasting for
incentive groups
-
Concepting
tailor-made activities
including special interest
programmes such as team
building, theme parties
-
Planning
and coordinating pre-events
site inspections
-
Concepting
and managing suppliers
for teasers, souvenirs, room-drops
-
Entertainment
programs
Inbound
Agent:
-
Ground handling for
Thailand, Myanmar, Cambodia,
and Laos
-
Fully
organized for tour
operator and travel
agent
-
Specialization
for French and
English guide tour
-
Hotel
reservation & Airlines
ticket at competitive
rate & tours online
service
Additional
Information:
-
Destination
Management Company
-
Professional
Conference Organization
-
Hotel
Reservation
-
Special
Interest Tours: Wedding Package,
Hill Tribe and Lodges, Day Excursions Tours, Boats Trips and Cruise, Cycling Tours, Dive Package and
etc.
-
Pre & Post
Event Programmes
-
Business/Leisure
Travel
SALES/SERVICES
75% of clients
are European tourists, the
remaining 20% is
Asian tourists and
5% is American
tourists.
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 the past
two years.
CREDIT
Local services are
by cash or
on the credit
term of 30
days.
Foreign services are
against T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
14 permanent staff
[8 office staff
and 6 tour
leaders]. It also
hires 20 freelance tour leaders.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Note:
Refer
to your given
the subject’s address
“11/400” Moo 10, Ladprao-Wanghin Rd.,
Ladprao, Bangkok 10230,
please be informed
that the correct
address number is “11/440”.
COMMENT
The
subject was doing fine
business, as well as
continue expanding customer
base. Thailand’s Tourism
industry in 2015
has grown well
in accordance with
higher number of
inbound tourists which will
help to offset
negative effects from
falling outbound tourists
on the coming
festive season caused
by the rising
risk of terrorist
attacks in European
countries.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 500,000 divided into
50,000 shares of
Bht. 10 each with fully
paid.
The
capital was increased
later as follows:
Bht. 1,000,000
on September 16,
1998
Bht. 3,000,000
on January 23,
2003
Bht. 5,000,000
on January 30,
2008
The
latest registered capital
was increased to
Bht. 5,000,000 divided into
500,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Mingkwan Metmowlee Nationality: Thai Address : 11/440
Moo 10, Ladprao-Wanghin Rd.,
Ladprao, Bangkok |
249,750 |
49.95 |
|
Mr. Teerawat Ruangsuwan Nationality: Thai Address : 61/1 Moo
4, Jorakaebua, Ladprao,
Bangkok |
249,750 |
49.95 |
|
Mr. Pasit Metmowlee Nationality: Thai Address : 11/143
Moo 10, Ladprao-Wanghin Rd., Ladprao, Bangkok |
100 |
0.02 |
|
Mrs. Euang-aroon Metmowlee Nationality: Thai Address : 11/143
Moo 10, Ladprao-Wanghin Rd.,
Ladprao, Bangkok |
100 |
0.02 |
|
Mr. Poolsak Metmowlee Nationality: Thai Address : 33
Dindaeng Rd., Samsennai,
Dindaeng, Bangkok |
100 |
0.02 |
|
|
|
|
|
Mr. Charnchai Prapakunakorn Nationality: Thai Address : 924/1
Apibarnbancha Rd., Muang,
Nakornpanom |
100 |
0.02 |
|
Mr. Bandit Chaiwat Nationality: Thai Address : 1
Moo 2, Klongnakornnuengkhet, Muang, Chachoengsao |
100 |
0.02 |
Total Shareholders : 7
Share
Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
500,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Kittiya Sirimart No. 2928
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalent |
25,516.91 |
29,959.30 |
29,240.82 |
|
Short-term Investment |
200,000.00 |
200,000.00 |
200,000.00 |
|
Trade Accounts & Other
Receivable |
88,040.02 |
93,381.20 |
76,729.32 |
|
Short-term Lending |
4,601,000.00 |
4,801,000.00 |
3,961,000.00 |
|
|
|
|
|
|
Total Current Assets
|
4,914,556.93 |
5,124,340.50 |
4,266,970.14 |
|
Fixed Assets |
480,264.59 |
465,562.28 |
474,960.31 |
|
Other Non-current Assets |
1,732,467.90 |
2,079,347.94 |
1,184,899.76 |
|
Total Assets |
7,127,289.42 |
7,669,250.72 |
5,926,830.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
125,722.55 |
1,594,754.18 |
1,026,987.22 |
|
Trade Accounts &
Notes Payable |
95,596.45 |
120,354.42 |
124,456.29 |
|
Other Current Liabilities |
54,858.85 |
44,288.79 |
42,218.78 |
|
|
|
|
|
|
Total Current Liabilities |
276,177.85 |
1,759,397.39 |
1,193,662.29 |
|
Total Liabilities |
276,177.85 |
1,759,397.39 |
1,193,662.29 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 500,000 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 [Deficit] |
1,851,111.57 |
909,853.33 |
[266,832.08] |
|
Total Shareholders' Equity |
6,851,111.57 |
5,909,853.33 |
4,733,167.92 |
|
Total Liabilities &
Shareholders' Equity |
7,127,289.42 |
7,669,250.72 |
5,926,830.21 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Service Income |
22,555,852.29 |
27,891,976.51 |
27,741,441.76 |
|
Other Income |
345,233.14 |
360,080.04 |
319,848.53 |
|
Total Revenues |
22,901,085.43 |
28,252,056.55 |
28,061,290.29 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold and Service
|
18,868,042.10 |
24,353,329.75 |
24,947,479.84 |
|
Administrative Expenses |
2,863,452.91 |
2,501,023.87 |
1,801,779.76 |
|
Total Expenses |
21,731,495.01 |
26,854,353.62 |
26,749,259.60 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
1,169,590.42 |
1,397,702.93 |
1,312,030.69 |
|
Financial Cost |
[111,767.62] |
[45,390.73] |
[55,116.42] |
|
Profit / [Loss] before Income
Tax |
1,057,822.80 |
1,352,312.20 |
1,256,914.27 |
|
Income Tax |
[116,564.56] |
[175,626.79] |
[192,498.98] |
|
|
|
|
|
|
Net Profit / [Loss] |
941,258.24 |
1,176,685.41 |
1,064,415.29 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
17.79 |
2.91 |
3.57 |
|
QUICK RATIO |
TIMES |
17.79 |
2.91 |
3.57 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.97 |
59.91 |
58.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.16 |
3.64 |
4.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.42 |
1.22 |
1.01 |
|
RECEIVABLES TURNOVER |
TIMES |
256.20 |
298.69 |
361.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.85 |
1.80 |
1.82 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.42) |
(0.58) |
(0.81) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.65 |
87.31 |
89.93 |
|
SELLING & ADMINISTRATION |
% |
12.69 |
8.97 |
6.49 |
|
INTEREST |
% |
0.50 |
0.16 |
0.20 |
|
GROSS PROFIT MARGIN |
% |
17.88 |
13.98 |
11.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.19 |
5.01 |
4.73 |
|
NET PROFIT MARGIN |
% |
4.17 |
4.22 |
3.84 |
|
RETURN ON EQUITY |
% |
13.74 |
19.91 |
22.49 |
|
RETURN ON ASSET |
% |
13.21 |
15.34 |
17.96 |
|
EARNING PER SHARE |
BAHT |
1.88 |
2.35 |
2.13 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.04 |
0.23 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.04 |
0.30 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
10.46 |
30.79 |
23.80 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.13) |
0.54 |
|
|
OPERATING PROFIT |
% |
(16.32) |
6.53 |
|
|
NET PROFIT |
% |
(20.01) |
10.55 |
|
|
FIXED ASSETS |
% |
3.16 |
(1.98) |
|
|
TOTAL ASSETS |
% |
(7.07) |
29.40 |
|
ANNUALGROWTH:
RISKY
An annual sales growth is -19.13%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.88 |
Deteriorated |
Industrial
Average |
49.19 |
|
Net Profit Margin |
4.17 |
Impressive |
Industrial
Average |
1.84 |
|
Return on Assets |
13.21 |
Impressive |
Industrial
Average |
3.38 |
|
Return on Equity |
13.74 |
Impressive |
Industrial
Average |
9.34 |
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 17.88%. 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 4.17%, 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
13.21%, 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 13.74%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
17.79 |
Impressive |
Industrial
Average |
1.46 |
|
Quick Ratio |
17.79 |
|
|
|
|
Cash Conversion Cycle |
(0.42) |
|
|
|
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 17.79 times in 2014, increased from 2.91 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 17.79 times in 2014,
increased from 2.91 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 -1 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.04 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
0.04 |
Impressive |
Industrial
Average |
1.65 |
|
Times Interest Earned |
10.46 |
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 10.47 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 0.04 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 |
46.97 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.16 |
Impressive |
Industrial
Average |
1.83 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
15.73 |
|
Receivables Conversion Period |
1.42 |
|
|
|
|
Receivables Turnover |
256.20 |
Impressive |
Industrial
Average |
3.26 |
|
Payables Conversion Period |
1.85 |
|
|
|
The company's Account Receivable Ratio is calculated as 256.20 and
The company's Total Asset Turnover is calculated as 3.16 times and 3.64
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
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.