MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
S & L TRADING CO., LTD. |
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Registered Office : |
461/3
Chan Road, Watprayakrai, Bangkorlaem, Bangkok
10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.05.2006 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
0105540055631 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and exporting
wide range of
jewelry 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 : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
S & L TRADING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 461/3 CHAN ROAD, WATPRAYAKRAI,
BANGKORLAEM, BANGKOK
10120
TELEPHONE : [66] 2675-2719
FAX : [66] 2675-2720
E-MAIL ADDRESS : wimol@sl-trading.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO.
: 0105540055631 [Former : [3]1040/2540]
CAPITAL
REGISTERED : BHT. 5,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : MAY 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SORALICH LERTVIWATTRAKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 80
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on June 12,
1997 as a
private limited company under the name style
S & L TRADING CO.,
LTD., by Thai
groups, with the business
objective to manufacture
and distribute wide
range of jewelry
products for exports.
It currently employs
approximately 80 staff.
The
subject’s registered address
is 461/3 Chan Rd., Watprayakrai, Bangkorlaem, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Soralich Lertviwattrakul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Soralich Lertviwattrakul is
the Managing Director.
He is Thai nationality with
the age of
37 years old.
Ms. Wimol Lertviwattrakul is the Sales Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and exporting
wide range of
jewelry products such as
chain, bracelet, ring,
earring, necklace, pin,
cuff link and etc.
IMPORT
Diamonds
and gemstones are
imported from India,
Hong Kong and
South Africa.
EXPORT
100% of the
products is exported
to U.S.A., Hong
Kong, Korea, Japan
and Canada.
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 for
the past two
years.
CREDIT
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 80 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in commercial/ residential area
Branch
office is located
at 461/31 Chan
Rd., Watprayakrai, Bangkorlaem, Bangkok 10120.
COMMENT
The subject produces medium to high-end
products with sophisticated design and high technology, which
most of the
products have been
marketed in international markets.
The
subject is doing
good business and
its business trend
is progressing.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each.
On
December 22, 2005,
the capital was
increased to Bht. 5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at September 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Soralich Lertviwattrakul Nationality: Thai Address : 461/3
Chan Rd., Watprayakrai, Bangkorlaem, Bangkok |
25,000 |
50.00 |
|
Ms. Wimol Lertviwattrakul Nationality: Thai Address : 461/3
Chan Rd., Watprayakrai,
Bangkorlaem, Bangkok |
24,995 |
49.99 |
|
Ms. Chalai Vanasilpsiriwong Nationality: Thai Address :
503/69 Charansanitwong Rd.,
Bangkhunsri,
Bangkoknoi, Bangkok |
1 |
|
|
Mr. Krisana Tutchaiwong Nationality: Thai Address : 550/210
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
1 |
|
|
Mrs.
Amornrat Tutchaiwong Nationality: Thai Address : 550/210 Asoke-Dindaeng Rd.,
Dindaeng, Bangkok |
1 |
= 0.01 |
|
Mrs.
Boonrat Lertviwattrakul Nationality: Thai Address : 461/3
Chan Rd., Watprayakrai, Bangkorlaem,
Bangkok |
1 |
|
|
Ms. Naparat Pongsawit Nationality: Thai Address : 3601/218-219 Bangklo,
Bangkorlaem, Bangkok |
1 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Samarn Rangsiyokrit No.
1117
BALANCE SHEET [BAHT]
The
latest financial figures
published for May
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
279,684.17 |
92,094.91 |
|
Trade Accts. Receivable [note 1] |
253,090,497.40 |
77,902,177.79 |
|
Inventories [note 2] |
23,554,570.18 |
5,062,469.53 |
|
Other Current Assets [note 3] |
1,373,019.23 |
757,358.39 |
|
Total Current
Assets |
278,297,770.98 |
83,814,100.62 |
|
|
|
|
|
Fixed Assets [note 4] |
1,151,396.81 |
1,123,405.43 |
|
Other Assets |
|
|
|
Total Assets |
279,449,167.79 |
84,937,506.05 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
28,831,779.44 |
- |
|
Trade Accts. Payable |
19,073,707.69 |
1,712,320.12 |
|
Other Current Liabilities |
1,721,576.18 |
3,276,246.71 |
|
Total Current
Liabilities |
49,627,063.31 |
4,988,566.83 |
|
Long Term Loan
from Person or
Related Company |
215,300,000.00 |
73,835,159.25 |
|
Total Liabilities |
264,927,063.31 |
78,823,726.08 |
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|
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued and
fully paid share
capital 500,000 &
10,000 shares in 2006 & 2005 |
5,000,000.00 |
1,000,000.00 |
|
Capital Paid |
5,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
9,522,104.48 |
5,113,779.97 |
|
Total
Shareholders' Equity |
14,522,104.48 |
6,113,779.97 |
|
Total
Liabilities & Shareholders' Equity |
279,449,167.79 |
84,937,506.05 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
388,973,140.33 |
74,918,811.94 |
|
Other Income |
- |
3,397,311.38 |
|
Total Revenues
|
388,973,140.33 |
78,316,123.32 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
361,112,641.99 |
68,541,684.00 |
|
Selling & Administrative Expenses |
7,419,385.91 |
2,863,599.96 |
|
Other Expenses |
13,745,387.32 |
- |
|
Total Expenses |
382,277,415.22 |
71,405,283.96 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
6,695,725.11 |
6,910,839.36 |
|
Interest Expenses |
[679,544.82] |
- |
|
Income Tax |
[1,607,855.78] |
[1,865,136.06] |
|
Net Profit / [Loss] |
4,408,324.51 |
5,045,703.30 |
FINANCIAL NOTE
NOTE 1
Trade Accts. Receivable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable-Local |
- |
14,232.39 |
|
Trade Accts. Receivable-Foreign |
253,090,497.40 |
77,887,945.40 |
|
Total
|
253,090,497.40 |
77,902,177.79 |
NOTE 2
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
1,151,215.97 |
23,586.54 |
|
Finished Goods |
1,668,032.26 |
939,126.48 |
|
Work in Process |
20,735,321.95 |
4,099,756.51 |
|
Total
|
23,554,570.18 |
5,062,469.53 |
NOTE 3
Other Current Assets
|
|
2006 |
2005 |
|
|
|
|
|
Receivable Revenue Department |
1,360,537.80 |
757,358.39 |
|
Business Tax |
1,666.39 |
- |
|
Undue Business Tax |
10,815.04 |
- |
|
Total
|
1,373,019.23 |
757,358.39 |
NOTE 4
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Office Automation |
206,784.63 |
81,829.15 |
|
Less: Depreciation |
[33,034.05] |
[1,544.66] |
|
Machine & Equipment |
1,213,490.82 |
1,050,790.82 |
|
Less: Depreciation |
[235,844.59] |
[7,669.88] |
|
Total
|
1,151,396.81 |
1,123,405.43 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
419.19 |
|
|
Operating Profit |
[43.03] |
|
|
Net Profit |
[12.63] |
|
|
Fixed Assets |
2.49 |
|
|
Total Assets |
229.01 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
92.84 |
91.49 |
|
Operating Profit Margin |
5.26 |
9.22 |
|
S & A
Expenses |
1.91 |
3.82 |
|
Interest Paid |
0.17 |
0.00 |
|
Other Revenues |
0.00 |
4.53 |
|
Net Profit Margin |
1.13 |
6.73 |
|
Earning Per Shares |
8.82 |
50.46 |
|
No. of Shares |
500,000 |
100,000 |
Net Sales was
increased by 419.19%,
Operating Profit was
decreased by 43.03%,
Net Profit was
decreased by 12.63%,
Fixed Assets was
increased by 2.49%,
Total Assets was
increased by 229.01%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 91.49%
to 92.84%, Operating
Profit Margin was
decreased from 9.22%
to 5.26%, S
& A Expenses
was decreased from
3.82% to 1.91%,
Interest Paid was increased
from 0.00% to
0.17%, Other Revenues
was decreased from
4.53% to 0.00%,
Net Profit Margin
was decreased from
6.73% to 1.13%.
Earning Per Shares
was decreased from
50.46 baht per
share to 8.82
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
5.61 |
16.80 |
|
Quick-Assets Ratio |
5.11 |
15.63 |
Current Ratio was
decreased from 16.80
to 5.61, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
15.63 to 5.11,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
18.24 |
12.89 |
|
Times Interest Earned |
30.08 |
0.00 |
D/E Ratio was
increased from 12.89
to 18.24, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is high,
Times Interest Earned
was increased from
0.00 to 30.08,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
337.83 |
66.69 |
|
Total Assets Turnover |
1.39 |
0.88 |
|
Return on Assets |
1.58 |
5.94 |
|
Return on Equity |
30.36 |
82.53 |
|
Day's Payable |
17.65 |
8.23 |
|
Day’s Inventories |
21.80 |
24.33 |
|
Day’s Receivables |
234.24 |
374.34 |
Fixed Assets Turnover
was increased from
66.69 times to
337.83 times, Total
Assets Turnover was
increased from 0.88
times to 1.39
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
5.94 to 1.58,
Return on Equity
was decreased from
82.53 to 30.36,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 9
days to 18
days, while Day’s
Inventories was decreased
from 25 days
to 22 days, and Day’s
Receivables was decreased
from 375 days
to 235 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 |
|
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%)