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|
MIRA INFORM REPORT
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Report No. : |
509260 |
|
Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TECKNOSERVE CO., LTD. |
|
|
|
|
Registered Office : |
21 Soi Rattanathibeth 28 Yaek 2, T. Bangkrasor,
A. Muang, Nonthaburi 11000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
16.02.2010 |
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|
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Com. Reg. No.: |
0125553003015 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
The subject is engaged in importing and distributing various kinds of electronics equipment, electronic tools, as well as computers
and peripherals. |
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|
|
|
No. of Employees : |
4 |
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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
TECKNOSERVE CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 21
SOI RATTANATHIBETH 28
YAEK 2,
T.
BANGKRASOR, A. MUANG,
NONTHABURI 11000,
THAILAND
TELEPHONE : [66] 2965-7202,
089 890-6605, 081
632-1296
FAX :
-
E-MAIL
ADDRESS : apongsuwan@tecknoserve.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0125553003015
TAX
ID NO. : 3033812602
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
61.00%
BRITISH :
39.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
YUTTHANA KLADEE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : ELECTRONICS AND COMPUTER 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 16,
2010 as a
private limited company
under the registered
name TECKNOSERVE CO.,
LTD., by Thai and
British groups, with
the business objective
to import and
distribute electronics and
computer equipment. It
currently employs 4 staff.
The
subject’s registered address
was initially located
at 2nd Floor,
68/983 Moo 8,
Soi Rattanathibeth 28,
Rattanathibeth Road, T. Bangkrasor, A. Muang,
Nonthaburi 11000.
On
April 29, 2015,
its registered address
was relocated to
21 Soi Rattanathibeth 28
Yaek 2, T. Bangkrasor, A. Muang,
Nonthaburi 11000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yutthana Kladee |
[x] |
Thai |
48 |
|
Mr. Roger James Attwood |
|
British |
57 |
AUTHORIZED PERSON
The mentioned director
[x] signs on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yutthana Kladee is
the Managing Director.
He is Thai
nationality with the age of
48 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
electronics equipment, electronic
tools, as well
as computers and
peripherals.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas in Republic
of China.
SALES
100% of the
products is sold
locally by wholesale
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
N/A
EMPLOYMENT
The
subject currently employs
4 staff.
LOCATION DETAILS
The premise is rented for administrative
office at the heading address. Premise is located in residential area.
COMMENT
The
subject’s operating performance
in 2016 was
slowdown from a
decrease in sales
or service income
and higher net
loss comparing to
the previous year.
Moreover, the subject
has obtained 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. The subject
would encounter a
slow growth and
negative performance unless
it manages to
increase its sales
figures and expansion on
its customer base
effectively.
FINANCIAL INFORMATION
The capital was registered at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100 each
with fully paid.
On
February 7, 2013,
the registered capital
was increased to
Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[As at April
30, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Yutthana Kladee Nationality: Thai Address : 201/194
Moo 1, T. Pimolrat, A.
Bangbuathong, Nonthaburi |
12,200 |
61.00 |
|
Mr. Roger James Attwood Nationality: British Address : 201/194
Moo 1, T. Pimolrat, A.
Bangbuathong, Nonthaburi |
7,799 |
39.00 |
|
Mr. Panich Nantachinda Nationality: Thai Address : 27
Soi Nonthaburi 17
Yaek 6, T.
Bangkrasor, A. Muang, Nonthaburi |
1 |
- |
Total Shareholders : 3
Share Structure
[as
at April 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
12,201 |
61.00 |
|
Foreign - British |
1 |
7,799 |
39.00 |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Thanakij Thepsumethanon No.
6701
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 |
244,334.20 |
202,894.67 |
292,664.71 |
|
Trade Accounts and
Other Receivable |
10,700.00 |
1,527,477.45 |
99,296.00 |
|
Inventories |
85,769.21 |
79,815.38 |
291,103.85 |
|
Other Current Assets |
87.71 |
2,142.89 |
26,473.26 |
|
Total Current Assets
|
340,891.12 |
1,812,330.39 |
709,537.82 |
|
|
|
|
|
|
Property, Plant and
Equipment |
236,560.23 |
470,513.32 |
776,025.83 |
|
Other Non-current Assets |
21,000.00 |
21,000.00 |
21,000.00 |
|
Total Assets |
598,451.35 |
2,303,843.71 |
1,506,563.65 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other
Payable |
152,505.05 |
947,227.12 |
140,240.47 |
|
Current Portion of Long-term Liabilities |
- |
28,490.14 |
170,942.21 |
|
Other Current Liabilities |
994.89 |
789.51 |
3,043.38 |
|
Total Current Liabilities |
153,499.94 |
976,506.77 |
314,226.06 |
|
|
|
|
|
|
Long-term Loan |
608,302.34 |
664,302.34 |
28,302.34 |
|
Other Non-current Liabilities |
- |
- |
28,490.33 |
|
Total Liabilities |
761,802.28 |
1,640,809.11 |
371,018.73 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
20,000 shares
|
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -Unappropriated [Deficit] |
[2,163,350.93] |
[1,336,965.40] |
[864,455.08] |
|
Total Shareholders’ Equity |
[163,350.93] |
663,034.60 |
1,135,544..92 |
|
Total Liabilities and
Shareholders’ Equity |
598,451.35 |
2,303,843.71 |
1,506,563.65 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales Income |
1,233,820.64 |
2,388,908.85 |
836,541.14 |
|
Services Income |
35,585.92 |
- |
519,991.00 |
|
Gain on Exchange Rate |
18,899.83 |
20,004.76 |
2,916.34 |
|
Other Income |
5,900.84 |
2,710.95 |
1,403.08 |
|
Total Revenues |
1,294,207.23 |
2,411,624.56 |
1,360,851.56 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold and Services |
269,982.55 |
1,161,109.72 |
558,189.54 |
|
Selling Expenses |
- |
4,000.00 |
- |
|
Administrative Expenses |
1,847,860.39 |
1,702,527.56 |
1,831,616.96 |
|
Total Expenses |
2,117,842.94 |
2,867,637.28 |
2,389,806.50 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost and Income Tax |
[823,635.71] |
[456,012.72] |
[1,028,954.94] |
|
Financial Cost |
[2,749.82] |
[16,497.60] |
[16,497.60] |
|
Net Profit / [Loss] |
[826,385.53] |
[472,510.32] |
[1,045,452.54] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.22 |
1.86 |
2.26 |
|
QUICK RATIO |
TIMES |
1.66 |
1.77 |
1.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.37 |
5.08 |
1.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.12 |
1.04 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
115.95 |
25.09 |
190.35 |
|
INVENTORY TURNOVER |
TIMES |
3.15 |
14.55 |
1.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
3.08 |
233.38 |
26.72 |
|
RECEIVABLES TURNOVER |
TIMES |
118.64 |
1.56 |
13.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
206.18 |
297.77 |
91.70 |
|
CASH CONVERSION CYCLE |
DAYS |
(87.15) |
(39.29) |
125.37 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
21.27 |
48.60 |
41.15 |
|
SELLING & ADMINISTRATION |
% |
145.57 |
71.44 |
135.02 |
|
INTEREST |
% |
0.22 |
0.69 |
1.22 |
|
GROSS PROFIT MARGIN |
% |
80.69 |
52.35 |
59.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(64.88) |
(19.09) |
(75.85) |
|
NET PROFIT MARGIN |
% |
(65.10) |
(19.78) |
(77.07) |
|
RETURN ON EQUITY |
% |
- |
(71.26) |
(92.07) |
|
RETURN ON ASSET |
% |
(138.09) |
(20.51) |
(69.39) |
|
EARNING PER SHARE |
BAHT |
(41.32) |
(23.63) |
(52.27) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.27 |
0.71 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
(4.66) |
2.47 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
(299.52) |
(27.64) |
(62.37) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(46.86) |
76.10 |
|
|
OPERATING PROFIT |
% |
80.62 |
(55.68) |
|
|
NET PROFIT |
% |
(74.89) |
54.80 |
|
|
FIXED ASSETS |
% |
(49.72) |
(39.37) |
|
|
TOTAL ASSETS |
% |
(74.02) |
52.92 |
|
ANNUAL GROWTH: RISKY
An annual sales growth is -46.86%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
80.69 |
Impressive |
Industrial Average |
19.72 |
|
Net Profit Margin |
(65.10) |
Deteriorated |
Industrial Average |
2.73 |
|
Return on Assets |
(138.09) |
Deteriorated |
Industrial Average |
4.55 |
|
Return on Equity |
- |
|
Industrial Average |
11.54 |
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 80.69%. 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 -65.1%.
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 -138.09%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY:
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.22 |
Impressive |
Industrial Average |
1.54 |
|
Quick Ratio |
1.66 |
|
|
|
|
Cash Conversion Cycle |
(87.15) |
|
|
|
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 2.22 times in 2016, increase from 1.86 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 1.66 times in 2016,
decrease from 1.77 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 -88 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.27 |
Risky |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
(4.66) |
Risky |
Industrial Average |
1.59 |
|
Times Interest Earned |
(299.52) |
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
-299.53 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 1.27 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.37 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.12 |
Impressive |
Industrial Average |
1.67 |
|
Inventory Conversion Period |
115.95 |
|
|
|
|
Inventory Turnover |
3.15 |
Satisfactory |
Industrial Average |
5.22 |
|
Receivables Conversion Period |
3.08 |
|
|
|
|
Receivables Turnover |
118.64 |
Impressive |
Industrial Average |
4.47 |
|
Payables Conversion Period |
206.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 118.64 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 25 days at the
end of 2015 to 116 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 14.55 times in year 2015 to 3.15
times in year 2016.
The company's Total Asset Turnover is calculated as 2.12 times and 1.04
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.53 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.53 |
|
Thai Baht |
1 |
INR 2.11 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.