MIRA INFORM REPORT
|
Report No. : |
345826 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLIANCE IMPEX MARKETING
CO., LTD. |
|
|
|
|
Registered Office : |
18th Floor, Chamnan
Phenjati Business Center, 65/149 Rama
9 Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Establishment : |
2002 |
|
|
|
|
Com. Reg. No.: |
0105545111408 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing and distributing wide
range of animal
health products, including
veterinary and nutritional
supplement |
|
|
|
|
No. of Employee : |
8 |
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 |
|
|
|
|
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 |
Company
name
ALLIANCE IMPEX
MARKETING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR,
CHAMNAN PHENJATI BUSINESS
CENTER, 65/149 RAMA 9
ROAD, HUAYKWANG, BANGKOK 10320, THAILAND
TELEPHONE : [66] 2245-5030
FAX :
[66] 2245-5027
E-MAIL
ADDRESS : alliance@aim-thailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545111408
TAX
ID NO. : 3030719119
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMKIAT RERKAMNUAYCHOKE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : ANIMAL HEALTH
PRODUCTS
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 October 21, 2002
as a
private limited company
under the registered
name ALLIANCE IMPEX
MARKETING CO., LTD., by
Thai group, with the
business objective to
import and distribute
animal health products
to domestic market.
It currently employs
8 staff.
The
subject’s registered address
is 18th Floor, Chamnan
Phenjati Business Center,
65/149 Rama 9 Road, Huaykwang, Bangkok 10320, and this is the subject’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somkiat Rerkamnuaychoke |
[x] |
Thai |
53 |
|
Mrs. Kotchtong Tatinij |
|
Thai |
45 |
|
Mr. Atichart Krongthaew |
|
Thai |
50 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somkiat Rerkamnuaychoke is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and distributing wide
range of animal
health products, including
veterinary and nutritional
supplement. The products are as
follows :
·
Tiamulin Hydrogen
Fumarate 80% coated
·
Colistin Sulphate
Premix 12%
·
Tiamulin Fumarate
Premix 80%
·
Ursoforran 200
mg/ml pro inj.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers in Republic
of China, Germany,
Bulgaria and India.
MAJOR SUPPLIERS
Balkanpharma-Razgrad AD. :
Bulgaria
Serumwerk
Bernburg AG. : Germany
Shandong
Shengki Co., Ltd. : Republic
of China
Zhejiang
Apeloa-Kangyu Bio-Pharmaceutical
Co., Ltd. : Republic of
China
SALES
100% of the
products is sold
locally by wholesale
to traders, 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
L/C at sight
Or T/T.
BANKING
N/A
EMPLOYMENT
The
subject currently employs
8 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in prime commercial
area.
COMMENT
The
subject is an
importer and distributor
of animal health
products. Its operating
performance in 2014
was moderately fair
with an increase
in sales revenue and
a slightly decrease
in net profit
comparing to the previous year.
However, as an
importer, the subject
might have an
impact from imported
products due to
a weakness of
Thai baht against
other currencies at
the moment which would
generate higher cost
of goods sold. Nevertheless, the subject maintains
a moderate business.
FINANCIAL INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each
with fully paid.
On
April 24, 2008,
the registered capital
was increased to
Bht. 4,000,000 divided into
40,000 shares of Bht.
100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somkiat Rerkamnuaychoke Nationality: Thai Address : 5/670
Moo 9, T. Bangtalad, A. Pakkred, Nonthaburi |
11,000 |
27.50 |
|
Mr. Atichart Krongthaew Nationality: Thai Address : 5/8
Poppular Rd., T. Bangpood, A.
Pakkred, Nonthaburi |
10,600 |
26.50 |
|
Mrs. Kotchtong Tatinij Nationality: Thai Address : 99/72
Moo 2, T. Bangkrathuk, A. Muang,
Nakornpathom |
9,600 |
24.00 |
|
Mr. Somwang Kalayawutipong Nationality: Thai Address : 154/9-11
Phayapan Road, T.
Phrapathomjaedi, A. Muang,
Nakornpathom |
8,000 |
20.00 |
|
Mrs. Napatsakorn Krongthaew Nationality: Thai Address : 30/3
Moo 9, T. Bangkhen, A. Muang,
Nonthaburi |
400 |
1.00 |
|
Ms. Ratanaporn
Jaruwattanapanich Nationality: Thai Address : 154/9-11
Phayapan Road, T.
Phrapathomjaedi, A. Muang,
Nakornpathom |
400 |
1.00 |
Total Shareholders : 6
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chomsak
Puttamilinprateep No. 4955
Financials
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 |
4,207,190.01 |
1,536,070.31 |
6,114,879.55 |
|
Trade Accounts Receivable
|
7,979,658.00 |
7,509,605.00 |
5,987,653.00 |
|
Other Receivable |
- |
41,923.35 |
41,968.62 |
|
Prepaid Expenses |
144,110.94 |
130,128.23 |
90,782.69 |
|
Inventories |
12,635,045.10 |
4,623,304.65 |
7,457,279.30 |
|
Other Current Assets
|
- |
- |
50,558.59 |
|
|
|
|
|
|
Total Current Assets
|
24,966,004.05 |
13,841,031.54 |
19,743,121.75 |
|
|
|
|
|
|
Fixed Assets |
8,627,254.16 |
7,887,856.02 |
7,916,703.91 |
|
Prepaid Expenses that Exceed One Year |
290,958.98 |
272,372.55 |
98,825.55 |
|
Deposit |
12,000.00 |
12,000.00 |
12,000.00 |
|
Total Assets |
33,896,217.19 |
22,013,260.11 |
27,770,651.21 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Loans from Financial
Institutions - Trust Receipt |
14,090,139.28 |
- |
- |
|
Current Portion of
Loans from Financial Institutions |
830,608.56 |
745,307.43 |
645,409.19 |
|
Trade Accounts Payable
|
1,063,004.10 |
15,522.00 |
7,500,000.00 |
|
Loan from Related Company |
1,900,000.00 |
4,365,000.00 |
1,613,824.80 |
|
Accrued Expenses |
291,629.53 |
1,455,826.93 |
2,168,826.94 |
|
Other Payable |
73,112.44 |
202,417.51 |
318,717.24 |
|
Current Portion of Hire-purchase Liabilities |
320,250.00 |
- |
- |
|
|
|
|
|
|
Total Current Liabilities |
18,568,743.91 |
6,784,073.87 |
12,246,778.17 |
|
Loan from Financial
Institutions |
4,782,244.68 |
5,489,143.15 |
5,990,506.68 |
|
Hire-purchase Liabilities |
620,484.37 |
- |
- |
|
Total Liabilities |
23,971,472.96 |
12,273,217.02 |
18,237,284.85 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
5,924,744.23 |
5,740,043.09 |
5,533,366.36 |
|
Total Shareholders' Equity |
9,924,744.23 |
9,740,043.09 |
9,533,366.36 |
|
Total Liabilities &
Shareholders' Equity |
33,896,217.19 |
22,013,260.11 |
27,770,651.21 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
47,675,068.50 |
35,433,838.00 |
46,304,849.00 |
|
Gain on Exchange Rate |
- |
147,583.86 |
163,641.26 |
|
Other Income |
25,249.79 |
73,931.82 |
368,266.46 |
|
Total Revenues |
47,700,318.29 |
35,655,353.68 |
46,836,756.72 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
39,390,428.92 |
26,426,320.50 |
34,892,247.37 |
|
Selling Expenses |
3,017,406.00 |
5,152,294.24 |
7,962,921.49 |
|
Administrative Expenses |
3,976,367.77 |
2,623,340.27 |
2,612,565.78 |
|
Loss on Exchange Rate |
55,408.68 |
- |
- |
|
Total Expenses |
46,439,611.37 |
34,201,955.01 |
45,467,734.64 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
1,260,706.92 |
1,453,398.67 |
1,369,022.08 |
|
Financial Cost |
[1,018,370.70] |
[1,170,582.94] |
[1,233,120.23] |
|
Profit before Income
Tax |
242,336.22 |
282,815.73 |
135,901.85 |
|
Income Tax |
[57,635.08] |
[76,139.00] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
184,701.14 |
206,676.73 |
135,901.85 |
ALLIANCE IMPEX
MAREKTING CO., LTD.
FINNCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.34 |
2.04 |
1.61 |
|
QUICK RATIO |
TIMES |
0.66 |
1.36 |
1.00 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.53 |
4.49 |
5.85 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.61 |
1.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
117.08 |
63.86 |
78.01 |
|
INVENTORY TURNOVER |
TIMES |
3.12 |
5.72 |
4.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
61.09 |
77.36 |
47.20 |
|
RECEIVABLES TURNOVER |
TIMES |
5.97 |
4.72 |
7.73 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.85 |
0.21 |
78.46 |
|
CASH CONVERSION CYCLE |
DAYS |
168.32 |
141.00 |
46.75 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.62 |
74.58 |
75.35 |
|
SELLING & ADMINISTRATION |
% |
14.67 |
21.94 |
22.84 |
|
INTEREST |
% |
2.14 |
3.30 |
2.66 |
|
GROSS PROFIT MARGIN |
% |
17.43 |
26.05 |
25.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.64 |
4.10 |
2.96 |
|
NET PROFIT MARGIN |
% |
0.39 |
0.58 |
0.29 |
|
RETURN ON EQUITY |
% |
1.86 |
2.12 |
1.43 |
|
RETURN ON ASSET |
% |
0.54 |
0.94 |
0.49 |
|
EARNING PER SHARE |
BAHT |
4.62 |
5.17 |
3.40 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.56 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.42 |
1.26 |
1.91 |
|
TIME INTEREST EARNED |
TIMES |
1.24 |
1.24 |
1.11 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
34.55 |
(23.48) |
|
|
OPERATING PROFIT |
% |
(13.26) |
6.16 |
|
|
NET PROFIT |
% |
(10.63) |
52.08 |
|
|
FIXED ASSETS |
% |
9.37 |
(0.36) |
|
|
TOTAL ASSETS |
% |
53.98 |
(20.73) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 34.55%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.43 |
Deteriorated |
Industrial Average |
157.54 |
|
Net Profit Margin |
0.39 |
Deteriorated |
Industrial
Average |
3.65 |
|
Return on Assets |
0.54 |
Deteriorated |
Industrial
Average |
8.04 |
|
Return on Equity |
1.86 |
Deteriorated |
Industrial
Average |
20.98 |
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 17.43%. 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 0.39%.
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 0.54%.
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 1.86%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.34 |
Satisfactory |
Industrial
Average |
1.53 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
168.32 |
|
|
|
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 1.34 times in 2014, decrease from 2.04 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 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 0.66 times in 2014,
decrease from 1.36 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 169 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
2.42 |
Risky |
Industrial
Average |
1.18 |
|
Times Interest Earned |
1.24 |
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 1.24 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 0.71 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.53 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.41 |
Acceptable |
Industrial
Average |
2.20 |
|
Inventory Conversion Period |
117.08 |
|
|
|
|
Inventory Turnover |
3.12 |
Acceptable |
Industrial
Average |
4.43 |
|
Receivables Conversion Period |
61.09 |
|
|
|
|
Receivables Turnover |
5.97 |
Impressive |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
9.85 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.97 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 64 days at the
end of 2013 to 117 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 5.72 times in year 2013 to 3.12 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.41 times and 1.61
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.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.