MIRA INFORM REPORT
|
Report No. : |
339961 |
|
Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATIKTA [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
321 Pattanakarn Road,
Pravet, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.02.2011 |
|
|
|
|
Com. Reg. No.: |
0105554022536 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Subject is engaged
in importing and distributing auto
gas system equipment,
such as LPG
mini kits & equipment, multi-valve
sets, CNG mini
kits & equipment, LPG/CNG system
equipment and spare
parts, LPG tanks
and etc., under
the brand “ATIKER”,
as well as
providing of LPG/CNG
systems installation and
maintenance services for
automobiles. |
|
|
|
|
No. of Employee : |
40 |
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 |
B1 |
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’�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 and address
ATIKTA [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 321
PATTANAKARN ROAD, PRAVET,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2722-4440
FAX :
[66] 2722-4443
E-MAIL
ADDRESS : info@atikta.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554022536
TAX
ID NO. : 3034337937
CAPITAL REGISTERED : BHT. 14,000,000
CAPITAL PAID-UP : BHT.
14,000,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. OZKAN SARIKAYA,
TURKISH
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : AUTO
GAS SYSTEM EQUIPMENT
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 February 14,
2011 as a
private limited company
under the registered
name ATIKTA [THAILAND]
CO., LTD., by foreign
groups, with the
business objective to
import and distribute auto
gas system equipment.
It currently employs
approximately 40 staff.
The
subject’s registered address
is 321 Pattanakarn
Road, Pravet, Bangkok
10250, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ozkan Sarikaya |
|
Turkish |
35 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ozkan Sarikaya is
the Managing Director.
He is Turkish
nationality with the
age of 35
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
auto gas system
equipment, such as
LPG mini kits & equipment, multi-valve
sets, CNG mini
kits & equipment, LPG/CNG system
equipment and spare
parts, LPG tanks
and etc., under
the brand “ATIKER”,
as well as
providing of LPG/CNG
systems installation and
maintenance services for
automobiles.
PURCHASE
90% of the
products is imported
from Turkey, the
remaining 10% is
purchased from local
suppliers.
MAJOR
SUPPLIER
Atiker
Metal Inc. : Turkey
SALES
100% of the
products is sold
and serviced locally
by wholesale and
retail to dealers
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 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
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 40 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office and
warehouse at the
heading address.
Premise
is located in
commercial/residential area.
Branch
and service center
is located at
243/2 Onnuch Road,
Pravet, Bangkok 10250.
COMMENT
The
subject’s operating performance
in 2013 was
depressive with a
drastic decrease in
sales revenues and
net loss comparing
to the previous
year. The products
have not been
popular recently due
to cheap petrol
prices. The consumers switch
to petrol instead
of gas. Moreover,
the subject has
not submitted 2014
financial statement to
the Commercial Registration
Department, so it is
hard to predict
the company’s financial
status at the
moment. Nevertheless, the
credit amount should
be recommended on
a secured basis.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 2,000,000 divided
into 20,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on December 16,
2011
Bht. 10,000,000
on June 21,
2012
Bht. 14,000,000
on January 18,
2013
The
latest registered capital
was increased to
Bht. 14,000,000 divided into
140,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at March 18,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Omer Atiker Nationality: Turkish Address : 321
Pattanakarn Road, Pravet,
Bangkok |
84,000 |
60.00 |
|
Mr. Ozkan Sarikaya Nationality: Turkish Address : 321
Pattanakarn Road, Pravet,
Bangkok |
54,600 |
30.00 |
|
Mrs. Azra Nisic Nationality: Bosnian Address : 321
Pattanakarn Road, Pravet,
Bangkok |
1,400 |
10.00 |
Total Shareholders : 3
Share Structure [as
at March 18,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
140,000 |
100.00 |
|
Total |
3 |
140,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Apichart Jiwapaiboonsak No.
6065
Note:
The 2014 financial
statement was not
submitted to the Commercial
Registration Department.
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
6,699,881.51 |
2,234,929.43 |
4,238,874.63 |
|
Trade Accounts Receivable
|
24,139,934.91 |
18,625,110.88 |
10,513,898.50 |
|
Other Receivable |
7,527,194.40 |
479,160.00 |
10,108,960.91 |
|
Inventories |
32,286,793.33 |
38,066,728.34 |
32,779,000.00 |
|
Other Current Assets
|
851,139.59 |
546,706.18 |
1,089,460.28 |
|
|
|
|
|
|
Total Current Assets
|
71,504,943.74 |
59,952,634.83 |
58,730,194.32 |
|
Loan to Directors |
18,758,500.00 |
13,972,000.00 |
2,000,000.00 |
|
Fixed Assets |
13,017,781.88 |
10,489,904.15 |
1,817,171.04 |
|
Other Non - current Assets |
1,384,940.65 |
1,015,950.00 |
380,000.00 |
|
Total Assets |
104,666,166.27 |
85,430,488.98 |
62,927,365.36 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable
|
86,069,017.42 |
67,875,386.81 |
58,123,668.28 |
|
Current Portion of
Financial Lease Contract Liabilities |
1,671,841.95 |
879,392.17 |
- |
|
Accrued Expenses |
1,198,224.94 |
1,302,163.57 |
241,596.97 |
|
Accrued Income Tax |
1,305,148.53 |
824,602.09 |
380,191.28 |
|
Other Current Liabilities |
87,514.22 |
116,897.86 |
60,023.04 |
|
|
|
|
|
|
Total Current Liabilities |
90,331,747.06 |
70,998,442.50 |
58,805,479.57 |
|
Financial Lease Contract Liabilities, Net |
4,837,952.09 |
3,449,916.27 |
- |
|
Total Liabilities |
95,169,699.15 |
74,448,358.77 |
58,805,479.57 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital 140,000 shares
in 2013; 100,000 shares
in 2012 & 40,000 shares
in 2011 |
14,000,000.00 |
10,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
14,000,000.00 |
10,000,000.00 |
4,000,000.00 |
|
Retained Earning Unappropriated |
[4,503,532.88] |
982,130.21 |
121,885.79 |
|
Total Shareholders' Equity |
9,496,467.12 |
10,982,130.21 |
4,121,885.79 |
|
Total Liabilities & Shareholders' Equity |
104,666,166.27 |
85,430,488.98 |
62,927,365.36 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
Feb. 14, 2011
– Dec. 31, 2011 |
|
|
|
|
|
|
Sales Income |
134,257,583.63 |
222,254,236.67 |
78,139,887.63 |
|
Services Income |
- |
- |
121,308.43 |
|
Other Income |
|
|
|
|
Gain on exchange rate |
- |
2,671,330.91 |
1,917,423.89 |
|
Other income |
506,694.26 |
428,614.16 |
62,401.57 |
|
Total Revenues |
134,764,277.89 |
225,354,181.74 |
80,241,021.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
91,380,396.86 |
196,426,518.10 |
70,959,717.65 |
|
Selling Expenses |
22,642,539.54 |
17,799,281.18 |
3,910,225.62 |
|
Administrative Expenses |
25,473,778.82 |
9,332,950.38 |
4,868,999.12 |
|
Total Expenses |
139,496,715.22 |
223,558,749.66 |
79,738,942.39 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[4,732,437.33] |
1,795,432.08 |
502,079.13 |
|
Financial Cost |
[272,646.84] |
[110,548.04] |
- |
|
Profit / [Loss] before Income
Tax |
[5,005,084.17] |
1,684,884.04 |
502,079.13 |
|
Income Tax |
[480,578.92] |
[824,639.62] |
[380,193.34] |
|
|
|
|
|
|
Net Profit / [Loss] |
[5,485,663.09] |
860,244.42 |
121,885.79 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.79 |
0.84 |
1.00 |
|
QUICK RATIO |
TIMES |
0.42 |
0.30 |
0.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.31 |
21.19 |
43.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.28 |
2.60 |
1.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
128.96 |
70.74 |
168.61 |
|
INVENTORY TURNOVER |
TIMES |
2.83 |
5.16 |
2.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.63 |
30.59 |
49.04 |
|
RECEIVABLES TURNOVER |
TIMES |
5.56 |
11.93 |
7.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
343.78 |
126.13 |
298.97 |
|
CASH CONVERSION CYCLE |
DAYS |
(149.19) |
(24.80) |
(81.33) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.06 |
88.38 |
90.67 |
|
SELLING & ADMINISTRATION |
% |
35.84 |
12.21 |
11.22 |
|
INTEREST |
% |
0.20 |
0.05 |
- |
|
GROSS PROFIT MARGIN |
% |
32.31 |
13.02 |
11.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.52) |
0.81 |
0.64 |
|
NET PROFIT MARGIN |
% |
(4.09) |
0.39 |
0.16 |
|
RETURN ON EQUITY |
% |
(57.77) |
7.83 |
2.96 |
|
RETURN ON ASSET |
% |
(5.24) |
1.01 |
0.19 |
|
EARNING PER SHARE |
BAHT |
(39.18) |
8.60 |
3.05 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.91 |
0.87 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
10.02 |
6.78 |
14.27 |
|
TIME INTEREST EARNED |
TIMES |
(17.36) |
16.24 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(39.59) |
183.99 |
|
|
OPERATING PROFIT |
% |
(363.58) |
257.60 |
|
|
NET PROFIT |
% |
(737.69) |
605.78 |
|
|
FIXED ASSETS |
% |
24.10 |
477.27 |
|
|
TOTAL ASSETS |
% |
22.52 |
35.76 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -39.59%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.31 |
Acceptable |
Industrial
Average |
47.45 |
|
Net Profit Margin |
(4.09) |
Deteriorated |
Industrial
Average |
3.74 |
|
Return on Assets |
(5.24) |
Deteriorated |
Industrial
Average |
13.98 |
|
Return on Equity |
(57.77) |
Deteriorated |
Industrial
Average |
31.97 |
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 32.31%. 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 -4.09%.
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 -5.24%.
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 -57.77%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.79 |
Risky |
Industrial
Average |
1.56 |
|
Quick Ratio |
0.42 |
|
|
|
|
Cash Conversion Cycle |
(149.19) |
|
|
|
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 0.79 times in 2013, decrease from 0.84 times, then the company may
not be efficiently using its current assets. 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 0.42 times in 2013,
decrease from 0.3 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 -150 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.91 |
Acceptable |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
10.02 |
Risky |
Industrial
Average |
1.19 |
|
Times Interest Earned |
(17.36) |
Risky |
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 -17.36 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.91 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.31 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.28 |
Deteriorated |
Industrial
Average |
3.74 |
|
Inventory Conversion Period |
128.96 |
|
|
|
|
Inventory Turnover |
2.83 |
Deteriorated |
Industrial
Average |
21.35 |
|
Receivables Conversion Period |
65.63 |
|
|
|
|
Receivables Turnover |
5.56 |
Satisfactory |
Industrial
Average |
5.80 |
|
Payables Conversion Period |
343.78 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.56 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 71 days at the
end of 2012 to 129 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.16 times in year 2012 to 2.83 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.28 times and 2.6
times in 2013 and 2012 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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.