MIRA INFORM REPORT
|
Report No. : |
342332 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLIED CORPORATION [THAILAND]
CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Gems
Tower, 1249/144
Charoenkrung Road,
Suriyawongse, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.07.2001 |
|
|
|
|
Com. Reg. No.: |
0105544072387 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in importing, distributing and re-exporting
gemstones, precious and semi-precious stones, as well as exporting the local
products for jewelry production industry. |
|
|
|
|
No. of Employees : |
02 |
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 |
|
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
ALLIED CORPORATION [THAILAND]
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 16th
FLOOR, GEMS TOWER,
1249/144
CHAROENKRUNG ROAD,
SURIYAWONGSE, BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2267-4190-3
FAX : [66] 2267-4190
E-MAIL ADDRESS : alliedcorpthailand@yahoo.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544072387 [ Former: 1118/ 2544]
TAX ID NO. : 3030322845
CAPITAL REGISTERED : BHT.
10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
94.00%
THAI
: 6.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : Private Limited Company
EXECUTIVE : MR. SHYAM SUNDER
PANDEY, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 2
LINES OF BUSINESS : GEMS
AND PRECIOUS STONES
IMPORTER, DISTRIBUTOR
AND EXPORTER
|
|
|
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 July 31,
2001 as a
private limited company
under the originally
registered name “M.
Thai Gems Co.,
Ltd.” by Thai
and foreign groups.
On November 28,
2003, the subject’s name
was changed to “Allied
M. Thai Co.,
Ltd.,” and finally
changed to the current
name under ALLIED
CORPORATION [THAILAND] CO.,
LTD., on July
29, 2004. Its
business objective is to
import, distribute and
export gems and
precious stones for
jewelry industry. It
currently employs 2
staff.
The subject’s registered
address was initially
at 47-49 Mahaesak
3 Rd., Suriyawongse,
Bangrak, Bangkok 10500.
In 2010, its
registered address was
relocated to 16th Floor,
Gems Tower, 1249/144
Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500, and this is the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amorn Patiyavong |
|
Thai |
66 |
|
Mr. Ali Hussein |
[x] |
Thai |
50 |
|
Mr. Shyam Sunder Pandey |
[x] |
Indian |
37 |
|
Mr. Asif Mohd |
[x] |
Indian |
31 |
AUTHORIZED PERSON
Anyone of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Shyam Sunder Pandey
is the Managing
Director.
He is Indian
nationality with the
age of 37 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting
gemstones, precious and semi-precious stones,
as well as exporting the
local products for
jewelry production industry.
IMPORT
The products are
purchased from both
local and overseas
suppliers in India
and South Africa.
SALES [LOCAL]
The products are
sold locally by
wholesale to traders
and jewelry manufacturers.
EXPORT
The products are
also exported and
re-exported to Republic
of China and
Hong Kong.
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 bill are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
2 staff
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
The subject reported
moderate sales in
the year 2014.
However, jewelry market
has been slowing
down both domestic
and exports that
affect jewelry business
as a whole.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
The capital was
increased later as
following:
Bht. 4,000,000
on August 14,
2002
Bht. 6,000,000
on March 29,
2004
Bht. 7,000,000
on February 25,
2005
Bht. 8,000,000
on July 14,
2010
Bht. 10,000,000
on August 23,
2013
The latest registered
capital was increased
to Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Saket Daga Nationality: American Address : California,
U.S.A. |
46,000 |
46.00 |
|
Mr. Sunil Kumar Jain Nationality: American Address : California,
U.S.A. |
12,000 |
12.00 |
|
Mr. Harish Chand Daga Nationality: American Address : California,
U.S.A. |
12,000 |
12.00 |
|
Mrs. Sunila Daga Nationality: American Address : California,
U.S.A. |
12,000 |
12.00 |
|
Mrs. Asha Jain Nationality: Indian Address : California,
U.S.A. |
12,000 |
12.00 |
|
Mr. Amorn Patiyavong Nationality: Thai Address : 149
Somdejchaophraya Rd., Klongsan,
Bangkok |
3,000 |
3.00 |
|
Mr. Ali Hussein Nationality: Thai Address : 709
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
3,000 |
3.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
6,000 |
6.00 |
|
Foreign |
5 |
94,000 |
94.00 |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Supapat Kanokpornkul No.
6598
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 |
543,279.92 |
807,961.53 |
1,230,866.08 |
|
Trade Accounts Receivable
|
40,471,810.98 |
31,765,209.76 |
8,070,036.25 |
|
Inventories |
58,249,148.99 |
40,784,536.63 |
35,318,304.50 |
|
Other Current Assets
|
244,714.91 |
273,062.82 |
244,543.88 |
|
|
|
|
|
|
Total Current Assets
|
99,508,954.80 |
73,630,770.74 |
44,863,750.71 |
|
|
|
|
|
|
Loan to Directors |
900,000.00 |
2,200,000.00 |
2,200,000.00 |
|
Equipments, Net |
35,944.39 |
926.28 |
1,204.79 |
|
Total Assets |
100,444,899.19 |
75,831,697.02 |
47,064,955.50 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable
|
89,613,635.04 |
65,183,526.89 |
38,189,539.14 |
|
Refundable Value Added Tax |
29,188.21 |
22,455.92 |
- |
|
Accrued Income Tax |
190,779.95 |
101,495.49 |
258,889.77 |
|
Accrued Expenses |
634,765.75 |
633,608.76 |
728,310.21 |
|
|
|
|
|
|
Total Current Liabilities |
90,468,368.95 |
65,941,087.06 |
39,176,739.12 |
|
Total Liabilities |
90,468,368.95 |
65,941,087.06 |
39,176,739.12 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital 100,000 shares
in 2014 & 2013, 80,000 shares
in 2012 |
10,000,000.00 |
10,000,000.00 |
8,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
8,000,000.00 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
131,000.00 |
131,000.00 |
131,000.00 |
|
Unappropriated |
[154,469.76] |
[240,390.04] |
[242,783.62] |
|
Total Shareholders' Equity |
9,976,530.24 |
9,890,609.96 |
7,888,216.38 |
|
Total Liabilities & Shareholders' Equity |
100,444,899.19 |
75,831,697.02 |
47,064,955.50 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
49,365,235.18 |
50,444,383.02 |
45,446,148.09 |
|
Bed Debt Recovered |
- |
- |
141,642.17 |
|
Other Income |
78,725.89 |
161,677.43 |
1,325,336.14 |
|
Total Revenues |
49,443,961.07 |
50,606,060.45 |
46,913,126.40 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
43,410,026.12 |
43,892,797.63 |
40,685,325.08 |
|
Selling Expenses |
1,925,430.52 |
1,842,607.06 |
1,584,995.97 |
|
Administrative Expenses |
3,681,804.20 |
4,616,766.69 |
3,688,717.85 |
|
Total Expenses |
49,017,260.84 |
50,352,171.38 |
45,959,038.90 |
|
Profit / [Loss] before Income
Tax |
426,700.23 |
253,889.07 |
954,087.50 |
|
Income Tax |
[340,779.95] |
[251,495.49] |
[396,889.77] |
|
|
|
|
|
|
Net Profit / [Loss] |
85,920.28 |
2,393.58 |
557,197.73 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.12 |
1.15 |
|
QUICK RATIO |
TIMES |
0.45 |
0.49 |
0.24 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,373.38 |
54,459.11 |
37,721.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.49 |
0.67 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
489.77 |
339.15 |
316.85 |
|
INVENTORY TURNOVER |
TIMES |
0.75 |
1.08 |
1.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
299.24 |
229.84 |
64.81 |
|
RECEIVABLES TURNOVER |
TIMES |
1.22 |
1.59 |
5.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
753.49 |
542.05 |
342.61 |
|
CASH CONVERSION CYCLE |
DAYS |
35.52 |
26.95 |
39.06 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.94 |
87.01 |
89.52 |
|
SELLING & ADMINISTRATION |
% |
11.36 |
12.80 |
11.60 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.22 |
13.31 |
13.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.86 |
0.50 |
2.10 |
|
NET PROFIT MARGIN |
% |
0.17 |
0.00 |
1.23 |
|
RETURN ON EQUITY |
% |
0.86 |
0.02 |
7.06 |
|
RETURN ON ASSET |
% |
0.09 |
0.00 |
1.18 |
|
EARNING PER SHARE |
BAHT |
0.86 |
0.02 |
6.96 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.87 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.07 |
6.67 |
4.97 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.14) |
11.00 |
|
|
OPERATING PROFIT |
% |
68.07 |
(73.39) |
|
|
NET PROFIT |
% |
3,489.61 |
(99.57) |
|
|
FIXED ASSETS |
% |
3,780.51 |
(23.12) |
|
|
TOTAL ASSETS |
% |
32.46 |
61.12 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is -2.14%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.22 |
Impressive |
Industrial Average |
5.73 |
|
Net Profit Margin |
0.17 |
Deteriorated |
Industrial Average |
0.81 |
|
Return on Assets |
0.09 |
Deteriorated |
Industrial Average |
4.61 |
|
Return on Equity |
0.86 |
Deteriorated |
Industrial Average |
10.45 |
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. Gross Profit Margin is 12.22%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
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 0.17%.
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 0.09%.
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 0.86%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.10 |
Deteriorated |
Industrial Average |
2.42 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
35.52 |
|
|
|
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 1.1 times in 2014, decrease from 1.12 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 0.45 times in 2014,
decrease from 0.49 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 36 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial Average |
0.49 |
|
Debt to Equity Ratio |
9.07 |
Risky |
Industrial Average |
0.79 |
|
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.9 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 |
1,373.38 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.49 |
Deteriorated |
Industrial Average |
5.78 |
|
Inventory Conversion Period |
489.77 |
|
|
|
|
Inventory Turnover |
0.75 |
Deteriorated |
Industrial Average |
10.48 |
|
Receivables Conversion Period |
299.24 |
|
|
|
|
Receivables Turnover |
1.22 |
Deteriorated |
Industrial Average |
17.04 |
|
Payables Conversion Period |
753.49 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.22 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 339 days at the
end of 2013 to 490 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 1.08 times in year 2013 to 0.75 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.49 times and 0.67
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.66.08 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
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.