MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
GRAND ART STONE COMPANY LIMITED |
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Registered Office : |
1226
Rama 9 Road,
Suanluang, Suanluang, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
0105540055682 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
types of marble and
granite, as well
as distributing of
ceramic tiles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
GRAND ART STONE COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 1226
RAMA 9 ROAD,
SUANLUANG,
SUANLUANG,
TELEPHONE : [66] 2374-5342-3
FAX : [66] 2732-2500
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540055682 [Former : [4]1032/2540]
CAPITAL
REGISTERED : BHT.
2,000,000
CAPITAL
PAID-UP : BHT.
2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHAYISORN SATACHANANT,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 20
LINES OF
BUSINESS : MARBLE AND
GRANITE
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 12,
1997 as a private
limited company under the
name style GRAND
ART STONE COMPANY
LIMITED, by Thai
groups, with the
business objective to
distribute various styles
of marble and
granite to domestic
market. It currently
employs approximately 20 staff.
The
subject’s registered address
is 1226 Rama
9 Rd., Suanluang,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Chayisorn Satachanant |
|
Thai |
36 |
|
Ms. Napa Phochanasrichai |
|
Thai |
49 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chayisorn Satachanant
is the Managing
Director.
He is Thai
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
types of marble and
granite, as well
as distributing of
ceramic tiles. The
subject also provides
installation service of
floor system for
kitchen room, guestroom,
bathroom, bedroom and
office.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
Italy and Republic
of China.
SALES
The products are
sold and serviced
locally to wholesalers,
contractors and end-users.
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
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.
Imports are by
L/C at sight
or T/T.
BANKING
Bank of
Ayudhya Public Co.,
Ltd.
[Suanluang Branch, Rama
9 Rd., Suanluang,
EMPLOYMENT
The
subject employs
approximately 20 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Marble and
granite have been widely
used by construction
works both exterior
and interior. Construction
booming during 2002-2006
have spurred demand
of marble and
granite due to
there were new
properties in the market.
The
subject has done
a good business
during this few
years. However, slow
in construction sector
caused by economic
and political uncertainty
has resulted with
slow growth of
the company’s sales.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr.
Chayisorn Satachanant Nationality: Thai Address : 63/14
Charoennakorn 53 Rd.,
Banglampulang, Klongsan, |
10,000 |
50.00 |
|
Ms. Napa Phochanasrichai Nationality: Thai Address : 36/10
Moo 13, Bangkaew,
Bangplee, Samutprakarn |
9,500 |
47.50 |
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Ms.
Nipaporn Satachanant Nationality: Thai Address : 63/14
Charoennakorn 53 Rd.,
Banglampulang, Klongsan,
|
100 |
0.50 |
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Mrs.
Thasiri Satachanant Nationality: Thai Address : 67/68
Moo 6, Bangbon,
Bangkhunthien, |
100 |
0.50 |
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Ms.
Thananwan Satachanant Nationality: Thai Address : 63/14
Charoennakorn 53 Rd.,
Banglampulang, Klongsan, |
100 |
0.50 |
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Ms.
Sawitree Sayaraj Nationality: Thai Address : 69/428
Moo 10, Klongkum,
Buengkum, |
100 |
0.50 |
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Ms. Pafun Sirisawad Nationality: Thai Address : 51
Moo 5, Tha-uthane,
Nakornpanom |
100 |
0.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Pubest Jenthitikul No.
5820
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in hand
& at Bank
|
137,864.08 |
45,813.68 |
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Trade Accts. Receivable |
2,343,321.61 |
2,518,338.08 |
|
Loan to Related
Person |
5,200,000.00 |
1,450,000.00 |
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Inventories |
2,516,611.92 |
1,804,925.10 |
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Other Current Assets
|
124,040.00 |
294,223.94 |
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Total Current
Assets |
10,321,837.61 |
6,113,300.80 |
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Fixed Assets |
1,353,436.24 |
2,215,702.44 |
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Total Assets
|
11,675,273.85 |
8,329,003.24 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft |
996,489.17 |
1,071,581.80 |
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Trade Accts. Payable |
3,402,185.40 |
1,427,244.41 |
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Other Current Liabilities Advance Income
from Goods &
Services |
1,402,594.56 |
1,155,977.17 |
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Others |
554,483.08 |
161,841.59 |
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Total Current
Liabilities |
6,355,752.21 |
3,816,644.97 |
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Hire-purchase Contract Liabilities |
574,431.00 |
1,254,879.00 |
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Total Liabilities |
6,930,183.21 |
5,071,523.97 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Unappropriated |
2,745,090.64 |
1,257,479.27 |
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Total
Shareholders' Equity |
4,745,090.64 |
3,257,479.27 |
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Total
Liabilities & Shareholders' Equity |
11,675,273.85 |
8,329,003.24 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
66,736,120.37 |
30,488,297.16 |
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Service Income |
2,209,644.50 |
2,362,889.07 |
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Less: Discount Payment |
[353.08] |
[20.62] |
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Other Income Gain on
Exchange Rate |
12,333.80 |
7,987.31 |
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Interest Income |
104,778.99 |
28,067.52 |
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Total Revenues
|
69,062,524.58 |
32,887,220.44 |
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Expenses |
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Cost of Goods
Sold & Service
|
61,146,490.05 |
27,928,833.68 |
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Selling & Administrative Expenses |
5,817,886.40 |
4,316,737.63 |
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Total Expenses |
66,964,376.45 |
32,245,571.31 |
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Profit / [Loss] before
Interest Expenses &
Income Tax |
2,098,148.13 |
641,649.13 |
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Interest Expenses |
[94,035.79] |
[92,205.44] |
|
Income Tax |
[516,500.97] |
[145,248.68] |
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Net Profit / [Loss] |
1,487,611.37 |
404,195.01 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
109.87 |
|
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Operating Profit |
55.81 |
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Net Profit |
268.04 |
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Fixed Assets |
[38.92] |
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Total Assets |
40.18 |
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Profitability |
|
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Cost of Good
Sold |
88.69 |
85.02 |
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Operating Profit Margin |
3.04 |
1.95 |
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S & A
Expenses |
8.44 |
13.14 |
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Interest Paid |
0.14 |
0.28 |
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Other Revenues |
0.17 |
0.11 |
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Net Profit Margin |
2.16 |
1.23 |
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Earning Per Shares |
74.38 |
20.21 |
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No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 109.87%,
Operating Profit was
increased by 55.81%,
Net Profit was
increased by 268.04%,
Fixed Assets was
decreased by 38.92%,
Total Assets was
increased by 40.18%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.02%
to 88.69%, Operating
Profit Margin was
increased from 1.95%
to 3.04%, S
& A Expenses
was decreased from
13.14% to 8.44%,
Interest Paid was decreased
from 0.28% to
0.14%, Other Revenues
was increased from
0.11% to 0.17%,
Net Profit Margin
was increased from
1.23% to 2.16%.
Earning Per Shares
was increased from
20.21 baht per
share to 74.38
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.62 |
1.60 |
|
Quick-Assets Ratio |
1.21 |
1.05 |
Current Ratio was
increased from 1.60
to 1.62, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.05 to 1.21,
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 |
1.46 |
1.56 |
|
Times Interest Earned |
22.31 |
6.96 |
D/E Ratio was
decreased from 1.56
to 1.46, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
6.96 to 22.31,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
50.94 |
14.83 |
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Total Assets Turnover |
5.91 |
3.94 |
|
Return on Assets |
12.74 |
4.85 |
|
Return on Equity |
31.35 |
12.41 |
|
Day's Payable |
17.76 |
15.64 |
|
Day’s Inventories |
13.14 |
19.78 |
|
Day’s Receivables |
12.24 |
27.60 |
Fixed Assets Turnover
was increased from
14.83 times to
50.94 times, Total
Assets Turnover was
increased from 3.94
times to 5.91
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
4.85 to 12.74,
Return on Equity
was increased from
12.41 to 31.35,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 16
days to 18
days, while Day’s
Inventories was decreased
from 20 days
to 14 days,
and Day’s Receivables
was decreased from
28 days to
13 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)