MIRA
INFORM REPORT
|
Report Date : |
1st
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BEST
SUPPLY PLASCHEM CO.,
LTD. |
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|
|
|
Registered Office : |
65/660-664 Moo 6, Ekachai-Bangbon Road, Bangbon, Bangkok
10150 |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0105542045081 |
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|
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|
Legal Form : |
Private
limited company |
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|
|
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Line of Business : |
Dealers
of petrochemical products
|
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 : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME
BEST SUPPLY PLASCHEM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 65/660-664 MOO
6, EKACHAI-BANGBON ROAD,
BANGBON, BANGKOK
10150
TELEPHONE : [66]
2894-3650-5
FAX :
[66] 2894-3656
E-MAIL ADDRESS : bsp99@hotmail.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542045081 [FORMER : [3] 828/2542]
CAPITAL REGISTERED : BHT. 22,480,000
CAPITAL PAID-UP
: BHT. 22,480,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUMETH SIRIFAH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 11
LINES OF
BUSINESS : PETROCHEMICAL PRODUCTS
DEALER
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 June 28, 1999
as a private limited company under the name style BEST
SUPPLY PLASCHEM CO., LTD.
by Thai group, in
order to distribute
petrochemical products in
Thailand. It currently
employs 11 staff.
The
subject’s registered address
is 65/660-664 Moo 6,
Ekachai-Bangbon Rd., Bangbon,
Bangkok 10150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Sumeth Sirifah |
|
Thai |
59 |
|
Mr.
Somkid Amornpongmongkol |
|
Thai |
48 |
AUTHORIZED PERSON
Both of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sumeth
Sirifah is
the Managing Director.
He is
Thai nationality with
the age of
59 years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing petrochemical products
such as Polyprophylene, Polyethylene and Polystyrene, used in various industries such
as consumer products,
pipes, toys, household
plastic and packaging
& etc.
PURCHASE
100% of
the product is purchased
from local suppliers
and agents.
SALES
The
products are sold locally by
wholesale to sub-dealers
and end-users.
REVENUE
In 2005,
the subject’s revenue was increased around 10%
from the previous
year.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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 bills
are paid by
cash or on
the credits term
of 30-60 days.
BUSINESS TRANSACTION
The products
are sold by
cash and credit,
with the maximum credit given
at 30-60 days.
The subject is
not found to have problem on
its account receivable.
BANKING
Siam
Commercial Bank Public
Co., Ltd.
[Bangbon Branch :
103/132 Moo 8, Ekachai-Bangbon Rd., Bangbon, Bangkok
10150]
EMPLOYMENT
The
subject employs 11
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
in a 3 storey building
of 3 row shop houses at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject’s
sales has moderately grown. The
industrial sector is quite resilient to stable yields, good potential upside and has a growing product
base with strong consumption both domestic
and exports. The
subject reported its
sales revenue in 2005
to increase around
10% comparing to
the previous year
with an increase
in number of
local and overseas
customers.
FINANCIAL INFORMATION
The
capital was initially registered
at Bht. 3,000,000 divided into
30,000 shares of Bht. 100
each.
The
latest registered capital
was increased to Bht.
22,480,000 divided into
224,800 shares of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS : [as at April 30,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somkid Sirifah Nationality: Thai Address :
9/3 Moo 2, Bangkooviang, Bangkruay, Nonthaburi |
41,600 |
18.51 |
|
Mr. Sumeth Sirifah Nationality: Thai Address :
266/1-2 Rama 1
Rd., Pathumwan, Bangkok 10330 |
24,000 |
10.68 |
|
Mr. Kiat
Sirifah Nationality: Thai Address :
143-145 Samsen Rd.,
Wad Samphrya, Phranakorn, Bangkok
10200 |
24,000 |
10.68 |
|
Mrs. Fung
Sirifah Nationality: Thai Address :
842 Mahachai Rd.,
Wangburapa, Phranakorn, Bangkok
10200 |
24,000 |
10.68 |
|
Mr. Surachai Amornpongmongkol Nationality: Thai Address :
16/267 Moo 7, Thakham,
Bangkhunthien, Bangkok 10150
|
13,600 |
6.05 |
|
Mr. Metha
Maneeratanaporn Nationality: Thai Address :
2156 Moo 8, Theparak,
Muang, Samutprakarn |
13,600 |
6.05 |
|
Mr. Phansak Maneeratanaporn Nationality: Thai Address :
720 Krungkasem Rd.,
Wad Somanas, Pomprab, Bangkok
10100 |
13,600 |
6.05 |
|
Mrs.
Sureeporn Maneeratanaporn Nationality:
Thai Address : 141 Moo 10, Klonghinpoon,
Wangnamyen, Srakaew |
13,600 |
6.05 |
|
Other
Shareholders |
56,800 |
25.25 |
Total
Shareholders : 14
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Chanin Phuvichayasamrith No.
3629
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
Hand & at Bank |
185,250.46 |
482,502.51 |
|
Trade
Accts. Receivable |
32,865,499.56 |
23,190,760.84 |
|
Notes Receivable |
5,819,683.87 |
4,803,952.80 |
|
Inventories |
3,114,023.30 |
2,806,497.99 |
|
Work in
Process |
8,838,968.79 |
2,297,224.00 |
|
Other Current
Assets |
5,104,688.66 |
5,002,163.89 |
|
Total
Current Assets |
55,928,114.64 |
38,583,102.03 |
|
|
|
|
|
Fixed Assets [note 1] |
10,327,706.11 |
10,795,993.43 |
|
Total
Assets |
66,255,820.75 |
49,379,095.46 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Bank Overdraft |
12,116,373.60 |
- |
|
Trade Accts. Payable |
4,573,815.32 |
5,818,853.81 |
|
Notes Payable |
597,953.31 |
4,280,861.02 |
|
Accrued
Expenses |
6,006,620.45 |
963,526.56 |
|
Total Current Liabilities |
23,294,762.68 |
11,063,241.39 |
|
Advanced & Loan to Directors |
17,787,500.00 |
15,627,500.00 |
|
Long Term
Loan |
4,252,527.23 |
- |
|
Other Liabilities |
186,778.80 |
350,523.25 |
|
Total
Liabilities |
45,521,568.71 |
27,041,264.64 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par value
authorized, issued and fully
paid
share capital 224,800
shares |
22,480,000.00 |
22,480,000.00 |
|
Capital Paid |
22,480,000.00 |
22,480,000.00 |
|
Retained Earning - Unappropriated |
[1,745,747.96] |
[142,169.18] |
|
Total Shareholders' Equity |
20,734,252.04 |
22,337,830.82 |
|
Total Liabilities &
Shareholders' Equity |
66,255,820.75 |
49,379,095.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
231,496,886.56 |
220,295,819.89 |
|
Other Income |
- |
4,768.85 |
|
Total
Revenues |
231,496,886.56 |
220,300,588.74 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Sold |
227,881,614.51 |
213,894,914.65 |
|
Selling &
Administrative Expenses |
4,649,000.27 |
5,491,380.13 |
|
Interest Expenses
|
569,850.56 |
315,890.98 |
|
Total Expenses
|
233,100,465.34 |
219,702,185.76 |
|
Profit
/ [Loss] Before Income
Tax |
[1,603,578.78] |
598,402.98 |
|
Income Tax |
- |
[183,975.69] |
|
Net
Profit / [Loss] |
[1,603,578.78] |
414,427.29 |
FINANCIAL NOTE
NOTE
1 Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Land |
6,770,474.00 |
6,770,474.00 |
|
Building
|
3,199,945.21 |
3,419,945.21 |
|
Office Automation |
41,383.35 |
66,220.59 |
|
Office Furniture |
717.85 |
25,597.65 |
|
Hand Tool
& Equipment |
1.00 |
377.26 |
|
Vehicle |
315,184.70 |
513,378.72 |
|
Total |
10,327,706.11 |
10,795,993.43 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
5.08 |
|
|
Operating |
[0.86] |
|
|
Net Profit |
[486.94] |
|
|
Fixed Assets |
[4.34] |
|
|
Total Assets |
34.18 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
98.44 |
97.09 |
|
Operating Profit
Margin |
1.56 |
2.91 |
|
S&A expenses |
2.01 |
2.49 |
|
Interest |
0.25 |
0.14 |
|
Other Revenues |
0.00 |
0.00 |
|
Net Profit
Margin |
[0.69] |
0.19 |
|
Earning Per
Shares |
[7.13] |
1.84 |
|
No. of
Shares |
224,800 |
224,800 |
Net
Sales was increased
by 5.08%, Operating
Profit was decreased
by 0.86%, Net
Profit was decreased
by 486.94%, Fixed
Assets was decreased
by 4.34%, Total
Assets was increased
by
34.18%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
97.09% to 98.44%,
Operating Profit Margin
was decreased from
2.91% to 1.56%,
S & A
Expenses were decreased
from 2.49% to
2.01%, Interest Paid
was increased from
0.14% to 0.25%,
Other Revenues was
stable at 0.00%,
Net Profit Margin
was decreased from
0.19% to -0.69%.
Earning Per
Shares was decreased
from 1.84 baht
per share to
-7.13 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
2.40 |
3.49 |
|
Quick
- assets ratio |
1.67 |
2.57 |
Current Ratio
was decreased from
3.49 to 2.40,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
2.57 to 1.67,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
2.20 |
1.21 |
|
Times Interest
Earned |
[1.81] |
2.88 |
D/E Ratio was
increased from 1.21
to 2.20, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 2.88 to
-1.81, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
22.42 |
20.41 |
|
Total Assets
Turnover |
3.49 |
4.46 |
|
Return on
Assets |
[2.42] |
0.84 |
|
Return on
Equity |
[7.73] |
1.86 |
|
Day’s Payable |
7.33 |
9.93 |
|
Day’s Inventories |
4.99 |
4.79 |
|
Days’ Receivables |
51.82 |
38.42 |
Fixed Assets Turnover
was increased from
20.41 times to
22.42 times, Total
Assets Turnover was
decreased from 4.46
times to 3.49
times, show the
company could use
Fixed Assets so
efficiently, and Return
on Assets was
decreased from 0.84
to -2.42, Return
on Equity was
decreased from 1.86
to -7.73, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
10 days to
8 days, while
Day’s Inventories was
stable at 5
days, but Day’s
Receivables was increased
from 39 days
to 52 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |