MIRA INFORM REPORT
|
Report No. : |
339682 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
GISS MARKETING CO., LTD. |
|
|
|
|
Registered Office : |
1/11-13 Sutthisan Winitchai
Road, Samsennok, Huaykwang,
Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.01.1988 |
|
|
|
|
Com. Reg. No.: |
0105531007042 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in importing
and distributing complete range
of livestock equipment as
follows: ·
Small
animal equipment for
clinic and hospital ·
Surgical
equipment ·
Imaging
equipment ·
Livestock
and farm equipment ·
Automatic
milking machine ·
Cryogenic
biological storage and
equipment |
|
|
|
|
No. of Employees : |
25 |
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 |
B1 |
B1 |
|
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’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
GISS MARKETING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1/11-13
SUTTHISAN WINITCHAI ROAD,
SAMSENNOK, HUAYKWANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2277-7597,
2277-9668, 2277-5940
FAX : [66] 2275-5517
E-MAIL ADDRESS : sale@giss.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531007042
TAX ID NO. : 3101494785
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.
SOMPOL SIRIUDOMSETH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 25
LINES OF BUSINESS : LIVESTOCK EQUIPMENT
IMPORTER AND
DISTRIBUTOR
|
|
|
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 January
29, 1988 as
a private limited
company under the
registered name GISS MARKETING CO.,
LTD., by Thai group, with
the business objective
to import and distribute complete
range of livestock
equipment to domestic
market. It currently
employs 25 staff.
The subject’s registered
address is 1/11-13
Sutthisan Winitchai Road, Samsennok,
Huaykwang, Bangkok 10310,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompol Siriudomseth |
|
Thai |
63 |
|
Mrs. Srifa Siriudomseth |
|
Thai |
60 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sompol Siriudomseth is
the Managing Director.
He is Thai
nationality with the
age of 63 years
old.
Mrs. Srifa Siriudomseth is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject is engaged in importing
and distributing complete range
of livestock equipment as
follows:
Small animal equipment
for clinic and hospital
Surgical equipment
Imaging equipment
Livestock and farm
equipment
Automatic milking machine
Cryogenic biological storage
and equipment
The subject also
provides service of
installation, repair and
maintenance for the
equipment and tools.
PURCHASE
Its products are
purchased from both
local and overseas
suppliers in Republic
of China, Japan,
New Zealand, Australia,
France, U.S.A. and
India.
SALES
100% of the
products is sold
locally to wholesalers
and end-users particularly
to animal hospital
and clinic, as
well as government
sector.
MAJOR CUSTOMER
Department of Livestock
Development
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 to 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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 25 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject’s operating
performance in 2014
was considered moderately
fair, with a
slightly decrease in
sales revenue but
an increase in
net profit comparing
to the previous
year. Its business
depends on the growth
and development of livestock
industry of a
country which seems
to grow moderately
on a yearly
basis. Generally, its
business is growing
in line with
the demand of
the products from
the country’s livestock
industry.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of Bht. 100
each with fully
paid.
On December 21,
2004, 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 28, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sompol Siriudomseth Nationality: Thai Address : 1/11-13
Sutthisan Winitchai Road,
Samsennok, Huaykwang, Bangkok
|
30,000 |
60.00 |
|
Mrs. Srifa Siriudomseth Nationality: Thai Address : 55
Soi Jadsan, Samsennok,
Huaykwang, Bangkok |
19,995 |
39.99 |
|
Mrs. Supeephan Chaiyanan Nationality: Thai Address : 44 Soi
Theves 1, Krungkasem
Road,
Bangkhunprom, Phranakorn, Bangkok |
1 |
|
|
Ms. Srifung Jeerajitsampun Nationality: Thai Address : 206 Soi Poomurai, Sutthisan Winitchai Road,
Samsennok, Huaykwang, Bangkok |
1 |
|
|
Mrs. Yupin Siriudomseth Nationality: Thai Address : 27 Soi Poomurai, Sutthisan Winitchai Road, Samsennok, Huaykwang,
Bangkok |
1 |
= 0.01 |
|
Mr. Somboon Siriudomseth Nationality: Thai Address : 71/178
Moo 1, T. Thasai,
A. Muang,
Nonthaburi |
1 |
|
|
Ms. Srifueng Jeerajitsampun Nationality: Thai Address : 206 Soi Poomurai, Sutthisan Winitchai Road,
Samsennok, Huaykwang, Bangkok
|
1 |
|
Total Shareholders : 7
Share Structure [as
at April 28,
2015]
|
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. :
Mrs. Niramon Nookong No. 2853
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 |
16,226,896.57 |
11,908,870.97 |
11,204,329.71 |
|
Trade Accounts Receivable
|
10,215,702.25 |
8,262,952.16 |
10,032,797.04 |
|
Inventories |
12,079,497.85 |
12,994,190.83 |
12,630,471.92 |
|
Other Current Assets
|
1,313,201.04 |
3,870,553.29 |
4,821,252.74 |
|
|
|
|
|
|
Total Current Assets
|
39,835,297.71 |
37,036,567.25 |
38,688,851.41 |
|
|
|
|
|
|
Fixed Assets |
3,257,457.01 |
3,402,406.93 |
1,949,603.07 |
|
Other Non-current Assets |
94,500.00 |
40,000.00 |
62,000.00 |
|
Total Assets |
43,187,254.72 |
40,478,974.18 |
40,700,454.48 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
415,763.39 |
- |
- |
|
Trade Accounts Payable
|
2,450,654.72 |
1,983,326.43 |
2,318,614.05 |
|
Short-term Loan from Person |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Other Current Liabilities |
1,514,648.53 |
820,654.44 |
1,448,861.71 |
|
|
|
|
|
|
Total Current Liabilities |
10,381,066.64 |
8,803,980.87 |
9,767,475.76 |
|
Total Liabilities |
10,381,066.64 |
8,803,980.87 |
9,767,475.76 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued 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 |
27,806,188.08 |
26,674,993.31 |
25,932,978.72 |
|
Total Shareholders' Equity |
32,806,188.08 |
31,674,993.31 |
30,932,978.72 |
|
Total Liabilities & Shareholders' Equity |
43,187,254.72 |
40,478,974.18 |
40,700,454.48 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
84,397,286.56 |
88,003,482.94 |
74,579,132.98 |
|
Other Income |
318,693.81 |
154,738.55 |
175,820.25 |
|
Total Revenues |
84,715,980.37 |
88,158,221.49 |
74,754,953.23 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
61,601,018.78 |
65,026,181.55 |
52,072,714.67 |
|
Selling and Administrative
Expenses |
21,185,281.95 |
21,512,572.32 |
20,965,780.52 |
|
Other Expenses |
508,331.83 |
612,683.26 |
728,221.30 |
|
Total Expenses |
83,294,632.56 |
87,151,437.13 |
73,766,716.49 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
1,421,347.81 |
1,006,784.36 |
988,236.74 |
|
Financial Cost |
[668.54] |
[1,304.37] |
[3,386.84] |
|
Profit / [Loss] before Income
Tax |
1,420,679.27 |
1,005,479.99 |
984,849.90 |
|
Income Tax |
[289,484.50] |
[263,465.40] |
[299,866.60] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,131,194.77 |
742,014.59 |
684,983.30 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.84 |
4.21 |
3.96 |
|
QUICK RATIO |
TIMES |
2.55 |
2.29 |
2.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
25.91 |
25.87 |
38.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.95 |
2.17 |
1.83 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
71.57 |
72.94 |
88.53 |
|
INVENTORY TURNOVER |
TIMES |
5.10 |
5.00 |
4.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.18 |
34.27 |
49.10 |
|
RECEIVABLES TURNOVER |
TIMES |
8.26 |
10.65 |
7.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.52 |
11.13 |
16.25 |
|
CASH CONVERSION CYCLE |
DAYS |
101.23 |
96.08 |
121.38 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.99 |
73.89 |
69.82 |
|
SELLING & ADMINISTRATION |
% |
25.10 |
24.45 |
28.11 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
27.39 |
26.29 |
30.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.68 |
1.14 |
1.33 |
|
NET PROFIT MARGIN |
% |
1.34 |
0.84 |
0.92 |
|
RETURN ON EQUITY |
% |
3.45 |
2.34 |
2.21 |
|
RETURN ON ASSET |
% |
2.62 |
1.83 |
1.68 |
|
EARNING PER SHARE |
BAHT |
22.62 |
14.84 |
13.70 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.24 |
0.22 |
0.24 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.32 |
0.28 |
0.32 |
|
TIME INTEREST EARNED |
TIMES |
2,126.05 |
771.85 |
291.79 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.10) |
18.00 |
|
|
OPERATING PROFIT |
% |
41.18 |
1.88 |
|
|
NET PROFIT |
% |
52.45 |
8.33 |
|
|
FIXED ASSETS |
% |
(4.26) |
74.52 |
|
|
TOTAL ASSETS |
% |
6.69 |
(0.54) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -4.1%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.39 |
Satisfactory |
Industrial Average |
31.77 |
|
Net Profit Margin |
1.34 |
Deteriorated |
Industrial Average |
2.95 |
|
Return on Assets |
2.62 |
Deteriorated |
Industrial Average |
6.00 |
|
Return on Equity |
3.45 |
Deteriorated |
Industrial Average |
18.55 |
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 27.39%. 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 1.34%. 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 2.62%.
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 3.45%.
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 |
3.84 |
Impressive |
Industrial Average |
1.55 |
|
Quick Ratio |
2.55 |
|
|
|
|
Cash Conversion Cycle |
101.23 |
|
|
|
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 3.84 times in 2014, decrease from 4.21 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 2.55 times in 2014,
increase from 2.29 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 102 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.24 |
Impressive |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
0.32 |
Impressive |
Industrial Average |
1.97 |
|
Times Interest Earned |
2,126.05 |
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 2126.05 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 0.24 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 : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
25.91 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.95 |
Satisfactory |
Industrial Average |
2.11 |
|
Inventory Conversion Period |
71.57 |
|
|
|
|
Inventory Turnover |
5.10 |
Impressive |
Industrial Average |
3.45 |
|
Receivables Conversion Period |
44.18 |
|
|
|
|
Receivables Turnover |
8.26 |
Impressive |
Industrial Average |
5.03 |
|
Payables Conversion Period |
14.52 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.26 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 73 days at the
end of 2013 to 72 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5 times in year 2013 to 5.1 times in
year 2014.
The company's Total Asset Turnover is calculated as 1.95 times and 2.17
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.