MIRA INFORM REPORT
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Report No. : |
341425 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SEA LEGEND AGENCY CO., LTD. |
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Registered Office : |
15th Floor, Ssp Tower 2, 116/53 Na Ranong |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.11.2014 |
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Com. Reg. No.: |
0105557176518 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is
engaged in providing
logistics and freight
forwarding services, such
as customs clearance,
documentary, shipping, transportation |
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No. of Employees : |
9 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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) |
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Thailand |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
SEA LEGEND
AGENCY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 15th FLOOR,
SSP TOWER 2, 116/53
NA RANONG ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE
: [66] 2119-5271-4
FAX :
[66] 2119-5270
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2014
REGISTRATION NO. : 0105557176518
TAX ID NO. : 3036795711
CAPITAL REGISTERED : BHT.
2,000,000
CAPITAL PAID-UP
: BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
SINGAPOREAN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR. CHUYOS KULRATANARAK,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : LOGISTICS &
FREIGHT FORWARDING SERVICES
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 November 27,
2014 as a
private limited company
under the registered
name SEA LEGEND
AGENCY CO., LTD., by
Thai and Singaporean
groups, with the business
objective to provide
logistics and freight
forwarding services. It
currently employs 9
staff.
The subject’s
registered address is 15th Floor,
SSP Tower 2,
116/53 Na Ranong
Road, Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chuyos
Kulratanarak |
|
Thai |
49 |
|
Ms. Taniya Lakdee |
|
Thai |
40 |
|
Mr. Narudol
Akkaragumtorn |
|
Thai |
24 |
|
Mrs. Nisachon
Akharathammachote |
|
Thai |
39 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chuyos
Kulratanarak
is the Managing
Director.
He is Thai
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing logistics and
freight forwarding services,
such as customs
clearance, documentary, shipping,
transportation.
PURCHASE
100% of purchasing
is from local
suppliers.
SALES
The subject’s services
have been served
locally to 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
Services are by
cash or on
the credit term of 30
days.
Local bills are
paid by cash
or on the
credit term of
30 days.
BANKING
N/A
EMPLOYMENT
The subject
currently employs 9
staff.
LOCATION DETAILS
The premise
is rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject
operates a logistic
and freight forwarding
services. Its first
year operation was
reported at low
level, while its
business in 2015
has slowly grown.
FINANCIAL INFORMATION
The capital
was registered at Bht.
2,000,000 divided into 20,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Yee Wai
Mun Francis Nationality:
Singaporean Address : 2
Chwee Chain View
Singapore 119689 |
4,900 |
24.50 |
|
Mr. Tan Hun
Leng Nationality:
Singaporean Address : 6
Lanta Lane Singapore
789126 |
4,900 |
24.50 |
|
Mr. Chuyos Kulratanarak Nationality: Thai Address : 88/76
Soi Ramkhamhaeng 150, Sapansung,
Bangkok |
4,200 |
21.00 |
|
Ms. Taniya Lakdee Nationality: Thai Address : 2258/436
Charoenkrung Road, Bangkorlaem, Bangkok |
2,000 |
10.00 |
|
Mr. Narudol Akkaragumtorn Nationality: Thai Address : 112/62
Moo 2, Bangkhunthien, Jomthong,
Bangkok |
2,000 |
10.00 |
|
Mrs. Nisachon
Akharathammachote Nationality: Thai Address : 6
Soi Sapanyao, Thadindaeng
Road,
Somdejchaopraya, Klongsan, Bangkok |
2,000 |
10.00 |
Total
Shareholders : 6
Share Structure [as at
April 30, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,200 |
51.00 |
|
Foreign - Singaporean |
2 |
9,800 |
49.00 |
|
Total |
6 |
20,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Supat Upanigkit No.
1542
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31,
2014 was:
ASSETS
|
Current
Assets |
2014 |
|
|
|
|
Cash and Cash
Equivalents |
680,000.00 |
|
Trade Account &
Other Receivable |
310,950.00 |
|
Short-term Loans |
1,400,000.00 |
|
Other Current Assets |
194,074.55 |
|
|
|
|
Total Current Assets |
2,585,024.55 |
|
Fixed Assets |
95,976.00 |
|
Total Assets |
2,681,000.55 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
|
|
|
|
Trade Account &
Other Payable |
350,403.85 |
|
Other Current Liabilities |
208,321.43 |
|
|
|
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Total Current Liabilities |
558,725.28 |
|
Total Liabilities |
558,725.28 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100 value
authorized and
issued share capital
20,000 shares |
2,000,000.00 |
|
|
|
|
Capital Paid |
2,000,000.00 |
|
Retained
Earning - Unappropriated [Deficit] |
122,275.27 |
|
Total Shareholders' Equity
|
2,122,275.27 |
|
Total Liabilities
& Shareholders' Equity |
2,681,000.55 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
|
|
|
|
Services
Income |
2,976,887.16 |
|
Other Income |
3,608.01 |
|
Total Revenues |
2,980,495.17 |
|
Expenses |
|
|
|
|
|
Cost of Services
|
2,285,918.33 |
|
Selling Expenses |
69,240.44 |
|
Administrative
Expenses |
503,061.13 |
|
Total Expenses |
2,858,219.90 |
|
Profit /[ Loss]
before Income Tax |
122,275.27 |
|
Income Tax |
- |
|
Net Profit / [Loss]
|
122,275.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
CURRENT RATIO |
TIMES |
4.63 |
|
QUICK RATIO |
TIMES |
4.28 |
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
31.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.13 |
|
RECEIVABLES TURNOVER |
TIMES |
9.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.95 |
|
CASH CONVERSION CYCLE |
DAYS |
(17.82) |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
76.79 |
|
SELLING & ADMINISTRATION |
% |
19.22 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
23.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.11 |
|
NET PROFIT MARGIN |
% |
4.11 |
|
RETURN ON EQUITY |
% |
5.76 |
|
RETURN ON ASSET |
% |
4.56 |
|
EARNING PER SHARE |
BAHT |
6.11 |
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY
: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.33 |
Deteriorated |
Industrial
Average |
73.00 |
|
Net Profit Margin |
4.11 |
Acceptable |
Industrial
Average |
5.82 |
|
Return on Assets |
4.56 |
Deteriorated |
Industrial
Average |
11.46 |
|
Return on Equity |
5.76 |
Deteriorated |
Industrial
Average |
23.95 |
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 23.33%. 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 4.11%. 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 4.56%.
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 5.76%.
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 |
4.63 |
Impressive |
Industrial
Average |
1.91 |
|
Quick Ratio |
4.28 |
|
|
|
|
Cash Conversion Cycle |
(17.82) |
|
|
|
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 4.63 times in 2014, increased from 0 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 4.28 times in
2014, increased from 0 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 -18 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.26 |
Impressive |
Industrial
Average |
0.88 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 0.21 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 |
31.02 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.11 |
Acceptable |
Industrial
Average |
2.05 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
26.19 |
|
Receivables Conversion Period |
38.13 |
|
|
|
|
Receivables Turnover |
9.57 |
Impressive |
Industrial
Average |
3.52 |
|
Payables Conversion Period |
55.95 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.57
in 2014. This ratio measures the efficiency of the company in managing its trade
debtors to generate revenue. A lower ratio may indicate over extension and
collection problems. Conversely, a higher ratio may indicate an overtly
stringent policy. In this case, the company's A/R ratio in 2014 is 9.57.
This would suggest the company had good performance in the management of
its debt collections.
The company's Total Asset Turnover is calculated as 1.11
times in 2014. 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.65.75 |
|
UK Pound |
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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Report Prepared
by : |
VNT |
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.