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MIRA INFORM REPORT
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Report No. : |
496242 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN HOPE LIMITED PARTNERSHIP |
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Registered Office : |
14th Floor, Modern Town Building, 87/111 Soi Ekamai 3, Sukhumvit 63 Road, Klongtonnua, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
17.05.1974 |
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Com. Reg. No.: |
0103517012741 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer, Distributor and Exporter of Construction and Industrial Equipment and Related Supplies. |
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No. of Employees : |
18 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
COMPANY NAME
GOLDEN HOPE LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR,
MODERN TOWN BUILDING,
87/111
SOI
EKAMAI 3, SUKHUMVIT 63 ROAD,
KLONGTONNUA, WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2381-7591-3
FAX :
[66] 2381-7594
E-MAIL
ADDRESS : info@goldenhope.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0103517012741
TAX
ID NO. : 3102002927
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MRS. JUTHARAT VETVITHAYAWATTANA, THAI
MANAGING PARTNER
NO.
OF STAFF : 18
LINES
OF BUSINESS : CONSTRUCTION AND INDUSTRIAL EQUIPMENT
AND
RELATED
SUPPLIES
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 May 17,
1974 as a
limited partnership under the
registered name GOLDEN
HOPE LIMITED PARTNERSHIP
by Thai and
Malaysian partners, with
the business objective
to import, distribute and
export various kinds
of construction and industrial
equipment and related
supplies. It currently
employs 18 staff.
The subject’s registered address is 14th Floor, Modern Town
Building, 87/111 Soi Ekamai 3, Sukhumvit 63 Road, Klongtonnua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mrs. Jutharat
Vetvithayawattana signs on
behalf of the
subject with seal
affixed. She also
bears full financial
responsibility by law.
MANAGEMENT
Mrs. Jutharat Vetvithayawattana is
the Managing Partner.
She is Thai
nationality with the
age of 70
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting
various kinds of
construction and industrial
equipment as well
as related supplies
such as expanded metal
products, high-rib formwork for
concrete, rib-lath, metal-lath for suspending ceiling
2 partitions, angle-bead for
concrete corner, stop-bead, walkway,
expanded metal, hi-rib,
metal lathe, metal
products, rubber mold, joints,
bearings for bridge, construction
bearings, construction machinery
and equipment, ceramic
chemical, liquid for
molding materials, etc.,
as well as
exporting of the
local products.
PURCHASE
The
products are purchased
from both domestic
and overseas suppliers
in Germany, Republic
of China, Hong
Kong and Malaysia.
SALES
[LOCAL]
90%
of the products
is sold locally
by wholesale to
traders, manufacturers and
end-users
particularly for construction
and ceramic industries.
EXPORT
10%
of the products
is exported and re-exported
to Myanmar, Laos
and Indonesia.
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credit 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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Company
Limited
EMPLOYMENT
The
subject employs 18
staff.
LOCATION DETAILS
The premise is rented for administrative office
at the heading address. Premise is located in
commercial/ residential area.
COMMENT
The
subject’s operating performance in
2016 was slowdown
from a decrease
in sales or
service income and
a higher net
loss comparing to the previous
year. Moreover, it
has accumulated retained
earning (deficit) and
total shareholders’ equity (deficit) which
could more or less
affect on its
normal operation, financial liquidity flow and
expansion in the future.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 8,000,000
which was carried
by 4 persons
as followed:
Name Age Amount
Mr. Tan Tek Huad
[Malaysian] 75 Bht.
3,000,000
Address : 21
Pattanakarn Road,
Suanluang, Bangkok
Mrs. Jutharat Vetvithayawattana 70 Bht.
3,000,000 [Unlimited Partner]
Address : 87/111 Soi
Sukhumvit 63 [Ekamai],
Sukhumvit Road,
Klongtonnua,
Wattana, Bangkok
Ms. Catherine Sae-Tan 41 Bht.
1,000,000
Address : 21
Pattanakarn Road,
Suanluang, Bangkok
Ms. Vanda Saetan 38 Bht.
1,000,000
Address : 21
Pattanakarn Road,
Suanluang, Bangkok
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Rachatakorn Eiamprasert No. 7786
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
7,164.01 |
8,744.26 |
4,057.05 |
|
Trade Accounts and
Other Receivable |
3,773,901.83 |
4,619,826.86 |
3,416,413.23 |
|
Inventories |
39,400.00 |
39,610.00 |
26,500.00 |
|
Other Current Assets |
- |
124,334.00 |
219,732.10 |
|
Total Current Assets
|
3,820,465.84 |
4,792,515.12 |
3,666,702.38 |
|
|
|
|
|
|
Property, Plant and Equipment |
1,695,940.37 |
2,248,507.13 |
2,924,755.37 |
|
Total Assets |
5,516,406.21 |
7,041,022.25 |
6,591,457.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan From Financial Institutions |
403,074.19 |
746,293.42 |
623,357.45 |
|
Trade Accounts and Other
Payable |
6,097,916.03 |
5,342,713.17 |
5,216,244.83 |
|
Current Portion of Long-term Liabilities |
425,634.00 |
- |
- |
|
Accrued Income Tax |
27,156.18 |
20,737.52 |
18,691.19 |
|
Other Current Liabilities |
57,885.26 |
46,866.67 |
758,261.29 |
|
Total Current Liabilities |
7,011,665.66 |
6,156,610.78 |
6,616,554.76 |
|
|
|
|
|
|
Long-term Loan |
- |
1,728,100.00 |
100,000.00 |
|
Other Non-current Liabilities |
70,928.50 |
488,844.80 |
1,107,479.60 |
|
Total Liabilities |
7,082,594.16 |
8,373,555.58 |
7,824,034.36 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -Unappropriated [Deficit] |
[9,566,187.95] |
[9,332,533.33] |
[9,232,576.61] |
|
Total Shareholders’ Equity |
[1,566,187.95] |
[1,332,533.33] |
[1,232,576.61] |
|
Total Liabilities and
Shareholders’ Equity |
5,516,406.21 |
7,041,022.25 |
6,591,457.75 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
45,682,826.94 |
48,663,803.14 |
41,153,256.70 |
|
Other Income |
226,618.79 |
363,453.31 |
273,545.98 |
|
Total Revenues |
45,909,445.73 |
49,027,256.45 |
41,426,802.68 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Raw Material and Material
Supplies |
40,833,172.65 |
40,746,783.41 |
- |
|
Employee Benefits Expenses |
80,644.00 |
1,795,153.26 |
- |
|
Other Expenses |
5,152,599.64 |
6,501,205.03 |
- |
|
Cost of Goods
Sold or Services |
- |
- |
30,982,568.13 |
|
Selling Expenses |
- |
- |
1,122,096.07 |
|
Administrative Expenses |
- |
- |
9,275,038.53 |
|
Total Expenses |
46,066,416.29 |
49,043,141.70 |
41,379,702.73 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost and Income Tax |
[156,970.56] |
[15,885.25] |
47,099.95 |
|
Financial Cost |
[19,527.88] |
[44,333.96] |
[9,257.70] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
[176,498.44] |
60,219.21 |
37,842.25 |
|
Income Tax |
[57,156.18] |
[39,737.52] |
[33,691.19] |
|
Net Profit / [Loss] |
[233,654.62] |
[99,956.73] |
4,151.06 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.54 |
0.78 |
0.55 |
|
QUICK RATIO |
TIMES |
0.54 |
0.75 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
26.94 |
21.64 |
14.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.28 |
6.91 |
6.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.35 |
0.35 |
0.31 |
|
INVENTORY TURNOVER |
TIMES |
1,036.37 |
1,028.70 |
1,169.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.15 |
34.65 |
30.30 |
|
RECEIVABLES TURNOVER |
TIMES |
12.10 |
10.53 |
12.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.51 |
47.86 |
61.45 |
|
CASH CONVERSION CYCLE |
DAYS |
(24.00) |
(12.85) |
(30.84) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.38 |
83.73 |
75.29 |
|
SELLING & ADMINISTRATION |
% |
11.46 |
17.05 |
25.26 |
|
INTEREST |
% |
0.04 |
0.09 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
11.11 |
17.02 |
25.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.34) |
(0.03) |
0.11 |
|
NET PROFIT MARGIN |
% |
(0.51) |
(0.21) |
0.01 |
|
RETURN ON EQUITY |
% |
- |
- |
- |
|
RETURN ON ASSET |
% |
(4.24) |
(1.42) |
0.06 |
|
EARNING PER SHARE |
BAHT |
(2.92) |
(1.25) |
0.05 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.28 |
1.19 |
1.19 |
|
DEBT TO EQUITY RATIO |
TIMES |
(4.52) |
(6.28) |
(6.35) |
|
TIME INTEREST EARNED |
TIMES |
(8.04) |
(0.36) |
5.09 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.13) |
18.25 |
|
|
OPERATING PROFIT |
% |
888.15 |
(133.73) |
|
|
NET PROFIT |
% |
(133.76) |
(2,507.98) |
|
|
FIXED ASSETS |
% |
(24.57) |
(23.12) |
|
|
TOTAL ASSETS |
% |
(21.65) |
6.82 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -6.13%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.11 |
Acceptable |
Industrial
Average |
44.13 |
|
Net Profit Margin |
(0.51) |
Deteriorated |
Industrial
Average |
0.84 |
|
Return on Assets |
(4.24) |
Deteriorated |
Industrial
Average |
4.30 |
|
Return on Equity |
- |
|
Industrial
Average |
17.69 |
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 11.11%. 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 -0.51%. 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 -4.24%.
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 |
0.54 |
Risky |
Industrial
Average |
1.21 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
(24.00) |
|
|
|
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 0.54 times in 2016, decrease from 0.78 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 0.54 times in 2016,
decrease from 0.75 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 -25 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.28 |
Risky |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
(4.52) |
Risky |
Industrial
Average |
2.72 |
|
Times Interest Earned |
(8.04) |
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 -8.04 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 1.28 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
26.94 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
8.28 |
Impressive |
Industrial
Average |
5.12 |
|
Inventory Conversion Period |
0.35 |
|
|
|
|
Inventory Turnover |
1,036.37 |
Impressive |
Industrial
Average |
21.42 |
|
Receivables Conversion Period |
30.15 |
|
|
|
|
Receivables Turnover |
12.10 |
Impressive |
Industrial
Average |
6.55 |
|
Payables Conversion Period |
54.51 |
|
|
|
The company's Account Receivable Ratio is calculated as 12.10 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 is 0 days
at the end
of 2015, the
same as in
2016. This represents a positive trend. And Inventory turnover has
increased from 1028.7 times in year 2015 to 1036.37 times in year 2016.
The company's Total Asset Turnover is calculated as 8.28 times and 6.91
times in 2016 and 2015 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.92 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
|
Thai Baht |
1 |
INR 2.08 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.