MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MULTI RESOURCE CO., LTD. |
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Registered Office : |
6/126
Moo 7, Srinakarin Road, Bangmuang, Muang, Samutprakarn 10270 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
0105533034071 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing and distributing various
kinds of industrial chemicals for textiles,
paints, papers, plastics,
rubbers and other
industries. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
MULTI RESOURCE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 6/126 MOO 7, SRINAKARIN
ROAD, BANGMUANG,
MUANG, SAMUTPRAKARN 10270, THAILAND
TELEPHONE : [66] 2759-8296-9
FAX :
[66] 2385-6591
E-MAIL ADDRESS : multire@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533034071
CAPITAL
REGISTERED : BHT. 15,000,000
CAPITAL
PAID-UP : BHT. 15,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. THEPACHAI JIARSAKULPHOL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 5
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
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 March 22,
1990 as a
private limited company under the name style
MULTI RESOURCE CO.,
LTD., by Thai
and Singaporean groups,
with the business
objective to import and distribute various kinds of
industrial chemicals to
domestic market. It
currently employs 5
staff.
The
subject’s registered address
is 6/126 Moo 7,
Srinakarin Rd., Bangmuang,
Muang, Samutprakarn 10270,
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. Thepachai Jiarsakulphol |
|
Thai |
52 |
|
Mr. Chavalit Wangcharoenvongsa |
|
Thai |
44 |
|
Mrs. Kanoengnij Ngamsucharit |
|
Thai |
52 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thepachai Jiarsakulphol is
the Managing Director.
He is Thai nationality with
the age of
52 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of industrial
chemicals for textiles,
paints, papers, plastics,
rubbers and other industries. The subject
imported the products
by customer’s orders.
PURCHASE
The products are
purchased from suppliers
and agents both
domestic and overseas,
mainly in Taiwan,
Republic of China,
Germany, France and
Singapore.
SALES
The products are
sold locally by
wholesale to dealers,
manufacturers 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
Kasikornbank Public
Co., Ltd.
[Srinakarin Branch,
Srinakarin Rd., KM.
17, Muang, Samutprakarn]
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
industrial area.
COMMENT
The
subject’s operating performance
is moderate. Sales
of industrial chemicals
remain stable, and
its business trend
is growing steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 2,000,000 on June 18,
1993
Bht. 4,000,000 on March 22,
1994
Bht. 8,000,000
on July 14,
2000
Bht. 15,000,000
on September 6,
2002
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
150,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
September 28,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Olamin Chen Nationality: Singaporean Address : 8-17
Orchard Plaza, 150
Orchard Rd., Singapore |
45,000 |
30.00 |
|
Mr. Virach Unhawat Nationality: Thai Address : 338/98
Moo 1, Prachatipat, Thanyaburi, Pathumthani |
37,200 |
24.80 |
|
Mr.
Thepachai Jiarsakulphol Nationality: Thai Address : 99/79
Moo 4, Budhamonthon Sai 2 Rd.,
Bangkaenua, Pasicharoen, Bangkok |
33,800 |
22.53 |
|
Mr. Somsak Kraikabkaew Nationality: Thai Address : 387/12
Mahaprutharam Rd.,
Mahaprutharam, Bangrak, Bangkok |
15,000 |
10.00 |
|
Mr.
Chavalit Wangcharoenvongsa Nationality: Thai Address : 25/857
Bangchak, Prakanong, Bangkok |
12,000 |
8.00 |
|
Ms. Ladda Duangdeeden Nationality: Thai Address : 220/115
Suksawad Rd., Naiklongbangplagod,
Phrasamutjaedee, Samutprakarn |
2,000 |
1.33 |
|
Mr. Charoen Laohathai Nationality: Thai Address : 52/662
Moo 7, Lakhok,
Muang, Pathumthani |
2,000 |
1.33 |
|
Mrs.
Kanungnij Ngansucharit Nationality: Thai Address : 52/662
Moo 7, Lakhok,
Muang, Pathumthani |
1,000 |
0.67 |
|
Mr. Sakchai Ngansucharit Nationality: Thai Address : 52/662
Moo 7, Lakhok,
Muang, Pathumthani |
1,000 |
0.67 |
|
Mr. Visith Pathom-athiwong Nationality: Thai Address : 165/453
Moo 3, Samed,
Muang, Chonburi |
1,000 |
0.67 |
Total Shareholders
11
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Nakorn Chantarasomboon No. 1608
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
31,241.00 |
94,772.25 |
|
Short Term Investment |
18,479,476.20 |
18,219,586.18 |
|
Trade Accts. & Notes Receivable |
10,277,063.58 |
14,183,562.97 |
|
Inventories |
1,336,203.58 |
1,299,754.30 |
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Other Current Assets
|
646,876.49 |
103,789.05 |
|
Total Current
Assets |
30,770,860.85 |
33,901,464.75 |
|
|
|
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Fixed Assets |
238,099.18 |
361,633.95 |
|
Other Assets |
700.00 |
700.00 |
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Total Assets |
31,009,660.03 |
34,263,798.70 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
2,270,124.45 |
4,597,022.17 |
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Trade Accts. & Notes Payable |
12,204,626.09 |
13,253,708.00 |
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Other Current Liabilities |
559,430.90 |
415,721.47 |
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Total Current
Liabilities |
15,034,181.44 |
18,266,451.64 |
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Total Liabilities |
15,034,181.44 |
18,266,451.64 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Statutory Reserve |
200,000.00 |
200,000.00 |
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Retained Earning -
Unappropriated |
775,478.59 |
797,347.06 |
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Total
Shareholders' Equity |
15,975,478.59 |
15,997,347.06 |
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Total
Liabilities & Shareholders' Equity |
31,009,660.03 |
34,263,798.70 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
43,649,447.74 |
46,393,793.10 |
|
Other Income |
572,730.85 |
118,169.12 |
|
Total Revenues
|
44,222,178.59 |
46,511,962.22 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
39,657,251.10 |
41,354,653.57 |
|
Selling & Administrative Expenses |
4,390,392.39 |
4,918,820.96 |
|
Total Expenses |
44,047,643.49 |
46,273,474.53 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
174,535.10 |
238,487.69 |
|
Interest Expenses |
[145,743.46] |
[166,140.63] |
|
Income Tax |
[50,660.11] |
[27,413.02] |
|
Net Profit / [Loss] |
[21,868.47] |
44,934.04 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[5.92] |
|
|
Operating Profit |
[22.21] |
|
|
Net Profit |
[148.67] |
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|
Fixed Assets |
[34.16] |
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Total Assets |
[9.50] |
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Profitability |
|
|
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Cost of Good
Sold |
90.85 |
89.14 |
|
Operating Profit Margin |
0.40 |
0.51 |
|
S & A
Expenses |
10.06 |
10.60 |
|
Interest Paid |
0.33 |
0.36 |
|
Other Revenues |
1.31 |
0.25 |
|
Net Profit Margin |
[0.05] |
0.10 |
|
Earning Per Shares |
[0.15] |
0.30 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
decreased by 5.92%,
Operating Profit was
decreased by 22.21%,
Net Profit was
decreased by 148.67%,
Fixed Assets was
decreased by 34.16%,
Total Assets was
decreased by 9.50%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.14%
to 90.85%, Operating
Profit Margin was
decreased from 0.51%
to 0.40%, S
& A Expenses
was decreased from
10.60% to 10.06%,
Interest Paid was decreased
from 0.36% to
0.33%, Other Revenues
was increased from
0.25% to 1.31%,
Net Profit Margin
was decreased from
0.10% to -0.05%.
Earning Per Shares
was decreased from
0.30 baht per share to
-0.15 baht per
share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.05 |
1.86 |
|
Quick-Assets Ratio |
1.91 |
1.78 |
Current Ratio was
increased from 1.86
to 2.05, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.78 to 1.91,
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 |
0.94 |
1.14 |
|
Times Interest Earned |
1.20 |
1.44 |
D/E Ratio was
decreased from 1.14
to 0.94, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
1.44 to 1.20,
capacity to pay
interest paid was
so good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
183.32 |
128.29 |
|
Total Assets Turnover |
1.41 |
1.35 |
|
Return on Assets |
[0.07] |
0.13 |
|
Return on Equity |
[0.14] |
0.28 |
|
Day's Payable |
100.66 |
102.84 |
|
Day’s Inventories |
11.02 |
10.09 |
|
Day’s Receivables |
84.76 |
110.06 |
Fixed Assets Turnover
was increased from
128.29 times to
183.32 times, Total
Assets Turnover was
increased from 1.35
times to 1.41
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
0.13 to -0.07,
Return on Equity
was decreased from
0.28 to -0.14,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 103
days to 101
days, while Day’s
Inventories was increased
from 11 days
to 12 days, while Day’s
Receivables was decreased
from 111 days
to 85 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. |
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 |
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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%)