MIRA INFORM REPORT
|
Report No. : |
342610 |
|
Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HASTI IMPEX CO.,
LTD. |
|
|
|
|
Registered Office : |
Room A, 25th Floor, Gems Tower, 1249/181 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.05.2002 |
|
|
|
|
Com. Reg. No.: |
0105545053700 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
THE SUBJECT
IS ENGAGED IN IMPORTING AND
RETAIL DISTRIBUTING VARIOUS
KINDS OF DIAMONDS,
GEMS AND JEWELRY
PRODUCTS. |
|
|
|
|
No. of Employees : |
Not Available |
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 |
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|
|
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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) |
|
Thailand |
A2 |
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
HASTI IMPEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM A, 25th FLOOR,
GEMS TOWER,
1249/181 CHAROENKRUNG
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 089
205-4045
FAX :
-
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545053700
TAX
ID NO. : 3030559548
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SANDEEP KARNAWAT,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : -
LINES
OF BUSINESS : DIAMONDS, GEMS
AND JEWELRY PRODUCTS
RETAIL 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
May 22, 2002
as a private
limited company under
the registered name
HASTI IMPEX CO., LTD., by Thai and Indian
groups, with the
business objective to be
engaged in retail
distributing various kinds
of diamonds, gems
and jewelry products.
The
subject’s registered address
is Room A, 25th Floor,
Gems Tower, 1249/181
Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500, and
this is the
subject’s
current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sandeep Karnawat |
|
Indian |
45 |
|
Mrs. Deepa Karnawat |
|
Indian |
43 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sandeep Karnawat is
the Managing Director.
He is Indian
nationality with the
age of 45 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in importing
and retail distributing
various kinds of
diamonds, gems and
jewelry products.
Note:
The
subject refused to
release any company’s
information.
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 slow
business in the
year 2014, as
well as its
business growth
was
likely slow in
the past several
years. Any business
engagement should be
on secured basis.
FINANCIAL
INFORMATION
The capital
was registered at Bht.
6,000,000 divided into 60,000 shares of
Bht. 100 each.
On
December 16, 2004,
the registered capital
was decreased to
Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at February
23, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sandeep Karnawat Nationality: Indian Address : 407
Surawong Road, Suriyawongse,
Bangrak, Bangkok |
12,000 |
30.00 |
|
Mrs. Deepa Karnawat Nationality: Indian Address : 407
Surawong Road, Suriyawongse, Bangrak, Bangkok |
7,600 |
19.00 |
|
Mrs. Naravadee Boonmalert Nationality: Thai Address : 62/3
Surawong Road, Suriyawongse,
Bangrak, Bangkok |
3,400 |
8.50 |
|
Ms. Sunantha Kasurong Nationality: Thai Address : 136
Krungthep-Kreetha Road, Huamark,
Bangkapi, Bangkok |
3,400 |
8.50 |
|
Mr. Anusorn Sonkeaw Nationality: Thai Address : 5
Soi Serithai 46
Yaek 8, Kannayao, Bangkok |
3,400 |
8.50 |
|
Mrs. Alisa Sonkeaw Nationality: Thai Address : 35
Soi Serithai 46
Yaek 8, Kannayao, Bangkok |
3,400 |
8.50 |
|
Mr. Somjit Saritane Nationality: Thai Address : 28
Krungthep-Kreetha Road, Huamark, Bangkapi,
Bangkok |
3,400 |
8.50 |
|
|
|
|
|
Mrs. Sumalee Langsanti Nationality: Thai Address : 5/78
Moo 1, T. Kokfaed,
A. Nongjok, Bangkok |
3,400 |
8.50 |
Total Shareholders : 8
Share Structure [as at
February 23, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
20,400 |
51.00 |
|
Foreign - Indian |
2 |
19,600 |
49.00 |
|
Total |
8 |
40,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Wasana Tanmongkol No. 1888
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
150,390.32 |
286,731.80 |
154,744.59 |
|
Trade Accounts &
Other Receivable |
3,214,680.49 |
4,469,354.43 |
2,983,065.78 |
|
Short-term Loan |
600,000.00 |
- |
600,000.00 |
|
Inventories |
254,783.30 |
300,920.27 |
300,920.27 |
|
|
|
|
|
|
Total Current Assets
|
4,219,854.11 |
5,057,006.50 |
4,038,730.64 |
|
Office Equipment |
2.00 |
2.00 |
2.00 |
|
Other Non-current Assets |
36,000.00 |
36,000.00 |
36,000.00 |
|
Total Assets |
4,255,856.11 |
5,093,008.50 |
4,074,732.64 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
10,885.00 |
1,030,727.76 |
12,656.00 |
|
Accrued Income
Tax |
- |
- |
11,336.81 |
|
|
|
|
|
|
Total Current
Liabilities |
10,885.00 |
1,030,727.76 |
23,992.81 |
|
Total Liabilities |
10,885.00 |
1,030,727.76 |
23,992.81 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
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
[Deficit] |
244,971.11 |
62,280.74 |
50,739.83 |
|
|
|
|
|
|
Total Shareholders' Equity |
4,244,971.11 |
4,062,280.74 |
4,050,739.83 |
|
Total Liabilities &
Shareholders' Equity |
4,255,856.11 |
5,093,008.50 |
4,074,732.64 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
4,124,922.42 |
3,967,154.57 |
5,446,983.09 |
|
Other Income |
50,157.00 |
319,673.21 |
12,000.00 |
|
Total Revenues |
4,175,079.42 |
4,286,827.78 |
5,458,983.09 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,180,237.38 |
3,158,688.35 |
4,344,546.73 |
|
Selling Expenses |
17,468.00 |
101,967.35 |
39,299.83 |
|
Administrative Expenses |
772,621.54 |
1,005,359.87 |
915,745.90 |
|
Other Expenses |
- |
- |
51,149.48 |
|
Total Expenses |
3,970,326.92 |
4,266,015.57 |
5,350,741.94 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
204,752.50 |
20,812.21 |
108,241.19 |
|
Financial Cost |
[22,062.13] |
[9,271.30] |
[11,962.40] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
182,690.37 |
11,540.91 |
96,278.79 |
|
Income Tax |
- |
- |
[11,336.81] |
|
Net Profit / [Loss] |
182,690.37 |
11,540.91 |
84,941.98 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
387.68 |
4.91 |
168.33 |
|
QUICK RATIO |
TIMES |
364.27 |
4.61 |
155.79 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,062,461.21 |
1,983,577.29 |
2,723,491.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
0.78 |
1.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
29.24 |
34.77 |
25.28 |
|
INVENTORY TURNOVER |
TIMES |
12.48 |
10.50 |
14.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
284.46 |
411.21 |
199.89 |
|
RECEIVABLES TURNOVER |
TIMES |
1.28 |
0.89 |
1.83 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.25 |
119.11 |
1.06 |
|
CASH CONVERSION CYCLE |
DAYS |
312.45 |
326.87 |
224.11 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.10 |
79.62 |
79.76 |
|
SELLING & ADMINISTRATION |
% |
19.15 |
27.91 |
17.53 |
|
INTEREST |
% |
0.53 |
0.23 |
0.22 |
|
GROSS PROFIT MARGIN |
% |
24.12 |
28.44 |
20.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.96 |
0.52 |
1.99 |
|
NET PROFIT MARGIN |
% |
4.43 |
0.29 |
1.56 |
|
RETURN ON EQUITY |
% |
4.30 |
0.28 |
2.10 |
|
RETURN ON ASSET |
% |
4.29 |
0.23 |
2.08 |
|
EARNING PER SHARE |
BAHT |
4.57 |
0.29 |
2.12 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.00 |
0.20 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.00 |
0.25 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
9.28 |
2.24 |
9.05 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.98 |
(27.17) |
|
|
OPERATING PROFIT |
% |
883.81 |
(80.77) |
|
|
NET PROFIT |
% |
1,482.98 |
(86.41) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
(16.44) |
24.99 |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 3.98%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.12 |
Impressive |
Industrial
Average |
8.39 |
|
Net Profit Margin |
4.43 |
Impressive |
Industrial
Average |
0.15 |
|
Return on Assets |
4.29 |
Impressive |
Industrial
Average |
0.90 |
|
Return on Equity |
4.30 |
Impressive |
Industrial
Average |
2.51 |
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 24.12%. 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 4.43%, higher figure
when compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
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. Return on Assets ratio is 4.29%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
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. Return on Equity ratio
is 4.3%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
387.68 |
Impressive |
Industrial
Average |
2.18 |
|
Quick Ratio |
364.27 |
|
|
|
|
Cash Conversion Cycle |
312.45 |
|
|
|
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 387.68 times in 2014, increased from 4.91 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 364.27 times in 2014,
increased from 4.61 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 313 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial
Average |
1.63 |
|
Times Interest Earned |
9.28 |
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 9.29 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 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,062,461.21 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.97 |
Deteriorated |
Industrial
Average |
6.09 |
|
Inventory Conversion Period |
29.24 |
|
|
|
|
Inventory Turnover |
12.48 |
Impressive |
Industrial
Average |
9.22 |
|
Receivables Conversion Period |
284.46 |
|
|
|
|
Receivables Turnover |
1.28 |
Deteriorated |
Industrial
Average |
16.77 |
|
Payables Conversion Period |
1.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.28 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 35 days at the
end of 2013 to 29 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 10.5 times in year 2013 to 12.48
times in year 2014.
The company's Total Asset Turnover is calculated as 0.97 times and 0.78
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.18 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.