MIRA
INFORM REPORT
|
Report Date : |
31.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
CUDSON
INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
40 Charrnsanitwong 51 Rd., Bangplad, Bangkok 10700 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Com. Reg. No.: |
0105536059172 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Distributor
of various kinds of sawn woods, both soft wood and hard wood such as teak
wood, oak wood, ash wood, maple wood, para wood and lumber. |
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 : |
Usually
correct |
|
|
|
|
Litigation : |
Clear |
name
CUDSON INTERNATIONAL LTD.
SUMMARY
BUSINESS ADDRESS : 40 CHARRNSANITWONG 51 RD., BANGPLAD,
BANGKOK 10700,
THAILAND
TELEPHONE : [66]
2435-7771-5
FAX :
[66] 2435-7575
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536059172 [Former: 4767/2536]
CAPITAL REGISTERED : BHT. 19,500,000
CAPITAL PAID-UP
: BHT. 19,500,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHAMNAN
DANCHAIVICHIT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 35
LINES OF
BUSINESS : WOODEN
IMPORTER &
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 24, 1993
as a private limited company
under the name
style CUDSON INTERNATIONAL LTD by Thai Groups,
in order to
distribute various kinds
of sawn woods
to domestic market.
It currently employs
35 staff.
The subject’s
registered address is
40 Charansanitwong 51
Rd., Bangbamru, Bangplad,
Bangkok 10700, and
this is the
company’s operation address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Charnsak
Wong-Anansak Thai 53
Mr. Paibul
Polsuwanna Thai 54
Mr.
Kosol Wongsrisart Thai 57
Mr. Chaiyasith
Pereeratanasomporn Thai 55
Mr. Chamnan
Danchaivichit Thai 55
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Chamnan Danchaivichit is the Managing
Director.
He is
Thai nationality with
the age of
55 years old.
Mr.
Charnsak Wong-Anansak
is the Deputy Managing Director
[Marketing].
He is
Thai nationality with
the age of
53 years old.
BUSINESS OPERATIONS
The subject’s
activity is a
distributor various kinds
of sawn woods,
both soft wood
and hard wood
such as teak
wood, oak wood,
ash wood, maple
wood, para wood and
lumber.
IMPORT [COUNTRIES]
50% of
the products is
imported from U.S.A.
South America, South
Africa, New Zealand,
Switzerland, Australia, Myanmar,
Vietnam, Singapore, Malaysia,
Laos and etc.
SALES [LOCAL]
100% of
the products is
sold locally to
wholesalers, retailers and
end-users.
AFFILIATED COMPANY
Cudson
Co., Ltd.
Business
Type: Exporter of
canned foods
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 L/C at sight &
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject
employs approximately 20
staff. [office & sales
staff]
LOCATION DETAILS
The premise
is owned for
operating office and
warehouse at the
heading address in
commercial/residential area.
COMMENT
Demand for
wooden especially hard
woods has substantially increased during this
few years due
to a shortage of local
teak and hard
woods as well
as environment protection
campaigns launched by
government and non-governmental organizations.
Therefore, an
imports of sawn
wood, teak wood
and other hard
woods are still
essential as local
demand of wood
now worth about
100 billion Baht
a year, and
demand is likely
to increase every
year.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 15
million, divided into
150,000 shares of
Bht. 100 each.
On June
19, 2001, the
capital was increased
to 19,500,000 divided
into 195,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 29,
2006]
|
NAME |
HOLDING |
% |
|
Mr.
Chamnan Danchaivichit Nationality: Thai Address :
356/41 Samsen Rd.,
Dusit, Bangkok |
39,000 |
20.00 |
|
Mr.
Chaiyasith Pereeratanasomporn Nationality: Thai Address :
28/126 Moo 8,
Bangkae, Jomthong, Bangkok |
31,850 |
16.33 |
|
Mr.
Charnsak Wong-Anansak Nationality: Thai Address :
1019 Charansanitwong 65
Rd., Bangbamru, Bangplad,
Bangkok |
31,850 |
16.33 |
|
Mr.
Paibul Polsuwanna Nationality: Thai Address :
180/7 Sukhumvit 81
Rd., Bangchak, Prakanong, Bangkok |
31,850 |
16.33 |
|
Mr.
Kosol Wongsrisart Nationality: Thai Address :
89/344 Moo 5,
Klongkum, Bangkapi, Bangkok |
19,500 |
10.00 |
|
Mr.
Zikeru Mazuko Nationality: Japanese Address :
2427-87 Yokohama, Kanakawa,
Japan |
19,500 |
10.00 |
|
Mr.
Pornchai Jariyamethin Nationality: Thai Address :
4/97 Moo 8,
Anusawaree, Bangkhen, Bangkok |
9,750 |
5.00 |
|
Mr.
Suchart Tamapitakkul Nationality: Thai Address :
230/57 Chan Rd.,
Thungwatdon, Sathorn, Bangkok |
3,250 |
1.67 |
|
Mr.
Manoch Wongchaikul Nationality: Thai Address :
41/1 Yannawa, Sathorn,
Bangkok |
3,250 |
1.67 |
|
Mr. Sutthipong Pipatanatiganand Nationality: Thai Address :
1596 Rama 6
Rd., Wangmai, Pathumwan, Bangkok |
3,250 |
1.67 |
|
Ms.
Kulrat Methivuthikorn Nationality: Thai Address :
99/11 Nares Rd.,
Siphya, Bangrak, Bangkok |
1,950 |
1.00 |
Total Shareholders
11
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Sanit
Sanasuk No. 19
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
10,373,439.91 |
13,528,294.02 |
|
Trade Accts.
Receivable |
15,018,375.55 |
20,118,044.70 |
|
Inventories |
27,616,213.28 |
20,451,412.82 |
|
Good in
Transit |
6,050,084.56 |
7,899,502.89 |
|
Other Current
Assets |
187,062.70 |
491,209.35 |
|
Total
Current Assets |
59,245,176.00 |
62,488,463.78 |
|
Long Term
Investment |
3,000,000.00 |
3,000,000.00 |
|
Fixed
Assets |
905,766.50 |
1,186,703.98 |
|
Total
Assets |
63,150,942.50 |
66,675,167.76 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Loan from Bank |
9,949,194.25 |
9,963,540.82 |
|
Trade Accts.
& Notes Payable |
24,389,296.38 |
28,992,502.81 |
|
Accrued Income
Tax |
614,202.67 |
1,432,404.62 |
|
Accrued Expenses |
631,155.03 |
2,941,770.74 |
|
Deferred Income
Tax |
97,037.72 |
54,816.85 |
|
Other Current
Liabilities |
118,827.62 |
- |
|
Total Current Liabilities |
35,799,713.67 |
43,385,035.84 |
|
Total
Liabilities |
35,799,713.67 |
43,385,035.84 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Capital Paid |
19,500,000.00 |
15,000,000.00 |
|
Statutory Reserve |
888,139.95 |
587,334.41 |
|
Retained Earning - Unappropriated |
6,963,088.88 |
7,702,797.51 |
|
Total Shareholders' Equity |
27,351,228.83 |
23,290,131.92 |
|
Total Liabilities &
Shareholders' Equity |
63,150,942.50 |
66,675,167.76 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
123,850,222.10 |
128,404,868.00 |
|
Other Income |
99,859.27 |
767,294.24 |
|
Total
Revenues |
123,950,081.37 |
129,172,162.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
109,003,974.07 |
111,354,200.81 |
|
Selling &
Administrative Expenses |
8,358,395.36 |
8,161,175.48 |
|
Total Expenses
|
117,362,369.43 |
119,515,376.29 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
6,587,711.94 |
9,656,785.95 |
|
Interest Expenses |
[786,144.93] |
[707,192.93] |
|
Income Tax |
[1,740,470.10] |
[2,933,482.16] |
|
Net
Profit / [Loss] |
4,061,096.91 |
6,016,110.86 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[3.55] |
|
|
Operating |
[2.20] |
|
|
Net Profit |
[32.50] |
|
|
Fixed Assets |
[23.67] |
|
|
Total Assets |
[5.29] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
88.01 |
86.72 |
|
Operating Profit
Margin |
11.99 |
13.28 |
|
S&A expenses |
6.75 |
6.36 |
|
Interest |
0.63 |
0.55 |
|
Other Revenues |
0.08 |
0.60 |
|
Net Profit
Margin |
3.28 |
4.69 |
Net Sales was decreased by 3.55%, Operating Profit was decreased by 2.20%, Net Profit was decreased by 32.50%, Fixed Assets was decreased by 23.67%, Total Assets was decreased by 5.29%.
Compare each cost with sales, Cost of Goods Sold was increased from 86.72% to 88.01%, Operating Profit Margin was decreased from 13.28% to 11.99%, S & A Expenses were increased from 6.36% to 6.75%, Interest Paid was increased from 0.55% to 0.63%, Other Revenues was decreased from 0.60% to 0.08%, Net Profit Margin was decreased from 4.69 % to 3.28%.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.65 |
1.44 |
|
Quick
- assets ratio |
0.71 |
0.78 |
Current Ratio
was increased from
1.44 to 1.65,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.78 to 0.71,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.31 |
1.86 |
|
Times Interest
Earned |
8.25 |
12.57 |
D/E Ratio was decreased from 1.86 to 1.31, 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 12.57 to 8.25, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
136.74 |
108.20 |
|
Total Assets
Turnover |
1.96 |
1.93 |
|
Return on
Assets |
6.43 |
9.02 |
|
Return on
Equity |
14.85 |
25.83 |
|
Day’s Payable |
81.67 |
95.03 |
|
Day’s Inventories |
92.47 |
67.04 |
|
Days’ Receivables |
44.26 |
57.19 |
Fixed Assets Turnover was increased from 108.20 times to 136.74 times, Total Assets Turnover was increased from 1.93 times to 1.96 times, show the company could use Assets so efficiently, and Return on Assets was decreased from 9.02 to 6.43, Return on Equity was decreased from 25.83 to 14.85, capacity to use Assets to make profit was not good.
Day’s Payable was decreased from 96 days to 82 days, while Day’s Inventories was increased from 68 days to 93 days, but Day’s Receivables was decreased from 58 days to 45 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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|