MIRA
INFORM REPORT
|
Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM DYEMASTER CO., LTD. |
|
|
|
|
Registered Office : |
EPZ
Gateway City Road
13/3, 247 Moo 7, Hua Samrong, Plengyao,
Chachoengsao 24190 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0135543000340 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in dyeing
service wide range
of synthetic yarns
and silk for
textile industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
name
SIAM DYEMASTER CO., LTD.
SUMMARY
BUSINESS ADDRESS : EPZ
GATEWAY CITY ROAD
13/3,
247 MOO 7,
HUA SAMRONG, PLENGYAO,
CHACHOENGSAO 24190,
THAILAND
TELEPHONE : [66] 38 575-408-9, 01-782-7275
FAX :
[66] 38
575-401
E-MAIL ADDRESS : siamdm@loginfo.coth.
REGISTRATION ADDRESS : 100/11 MOO 1, SAMKOK,
PATHUMTHANI 12160
ESTABLISHED : 2000
REGISTRATION NO.
: 0135543000340 [Former : POR THOR. 4037]
CAPITAL
REGISTERED : BHT. 25,000,000
CAPITAL
PAID-UP : BHT. 25,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
GEOFF HOEES, NEW
ZEALANDER
MANAGING DIRECTOR
NO. OF
STAFF : 55
LINES OF
BUSINESS : SYNTHETIC, YARN AND SILK
DYEING SERVICE
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 January 25,
2000 as a
private limited company
under the name
style SIAM DYEMASTER
CO., LTD., by Thai
and foreign groups,
to provide dye
service for synthetic
yarn and silk.
It currently employs
55 staff.
The
subject’s registered address
is 100/11 Moo 1,
Samkok, Pathumthani 12160,
while the company’s
current operation address is at EPZ Gateway City
Road 11/3, 247 Moo 7,
Hua Samrong, Plengyao, Chachoengsao 24910.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sodsai Romrarerk |
|
Thai |
56 |
|
Mr. Nathalapat Chavaroj |
|
Thai |
44 |
|
Mr. Vachara Tantikranont |
|
Thai |
43 |
|
Mr. Geoff Hoees |
|
New Zealander |
51 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Geoff
Hoees is the Managing Director.
He is New Zealander
nationality with the
of 51 years old.
Mr. Jiraphan
Yangsomboon is the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in dyeing
service wide range
of synthetic yarns
and silk for
textile industry.
PURCHASE
100%
of its raw materials is
purchased from local
suppliers.
SALES /SERVICES
The
products are sold
and serviced to
traders and manufacturers both domestic and
overseas countries, such
as Malaysia, Philippines, Hong Kong, India and Oman.
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.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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.
Exports
are against L/C
at sight or
T/T.
BANKING
TMB Bank
Public Co., Ltd.
[Plengyao Branch : 69/36 T. Wangyen,
A. Plengyao, Chachoengsao]
Krung Thai
Bank Public Co., Ltd.
[Head Office : 35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok 10110]
Export-Import Bank
of Thailand
[Head Office : 1193
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok 10400]
EMPLOYMENT
The
subject employs 55
staff [office staff,
sales staff and factory workers].
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse at the
heading address. Premise
is located in industrial
area.
REMARK
CREDIT
OF US$ 500,000 SHOULD BE
ON SECURED BASIS
COMMENT
The subject’s sales has grown
steadily. The subject has high technology in dying
industry to serve high
end market both domestic and
internationals.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 25,000,000 divided
into 250,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Siam Carpet
Industry Co., Ltd. Nationality : Thai Address : 100/11 Moo 1,
Somkok, Pathumthani |
106,250 |
42.50 |
|
Mr. Sodsai
Romraperk Nationality : Thai Address : 273 Ladprao 80 Rd.,
Wangthonglang, Bangkok |
25,000 |
10.00 |
|
Mr. Nathalapat Chavaroj Nationality : Thai Address : 207/3-4 Phyathai
Rd., Pathumwan, Bangkok
10330 |
25,000 |
10.00 |
|
Mr. Geoff
Hoees Nationality : New Zealand Address : 165/911 Moo 5,
Bangkadee, Muang, Pathumthani |
25,000 |
10.00 |
|
Mr. Robert
George Kury Nationality : American Address : 273 Ladprao 80 Rd.,
Wangthonglang, Bangkok |
25,000 |
10.00 |
|
Mr. Thomas
Merdock Nationality : New Zealand Address : 165/911 Moo 5,
Bangkadee, Muang, Pathumthani |
25,000 |
10.00 |
|
Mr. Vachara Tantikranont Nationality : Thai Address : 105/77 Moo
6, Talingchan-Supanburi Rd., Bangrakpattana, Bangbuathong, Nonthaburi |
18,750 |
7.50 |
Total Shareholders
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Thanyahatai Suphakasem No. 5394
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
784,297.02 |
639,560.01 |
|
Short Term Investment |
105,048.98 |
104,019.19 |
|
Trade Accts. & Notes Receivable |
6,898,309.30 |
1,668,836.53 |
|
Inventories |
3,725,344.73 |
4,680,427.11 |
|
Other Current Assets
|
196,877.78 |
39,028.50 |
|
Total Current
Assets |
11,709,877.81 |
7,131,871.34 |
|
|
|
|
|
Fixed Assets |
19,939,891.26 |
21,680,306.84 |
|
Other Assets |
149,871.00 |
774,982.94 |
|
Total Assets |
31,799,640.07 |
29,587,161.12 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan |
8,640,376.55 |
8,658,138.98 |
|
Trade Accts. & Notes Payable |
10,349,457.56 |
5,191,561.74 |
|
Current Portion of
Hire-purchase Contract Liabilities |
196,547.05 |
183,449.34 |
|
Current Portion of
Long Tem Loan
from Finance |
558,000.00 |
3,524,000.00 |
|
Other Current Liabilities |
615,430.25 |
2,902,614.30 |
|
Total Current
Liabilities |
20,359,811.41 |
20,459,764.36 |
|
Long Term Loan
from Person & Related Company |
11,725,232.90 |
10,351,619.42 |
|
Hire-purchase Liabilities Net
of Current Portion |
470,784.35 |
667,331.40 |
|
Other Long Term
Loan from Financial Institution |
- |
558,000.00 |
|
Total Liabilities |
32,555,828.66 |
32,036,715.18 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Less: Receivable-Capital Share |
- |
[1,250,000.00] |
|
Retained Earning -
Unappropriated |
[25,756,188.59] |
[26,199,554.06] |
|
Total
Shareholders' Equity |
[756,188.59] |
[2,449,554.06] |
|
Total
Liabilities & Shareholders' Equity |
31,799,640.07 |
29,587,161.12 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services |
73,453,102.36 |
65,743,879.78 |
|
Other Income |
7,001,665.72 |
3,881,157.39 |
|
Total Revenues
|
80,454,768.08 |
69,625,037.17 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
64,394,958.07 |
56,890,666.47 |
|
Selling & Administrative Expenses |
13,684,979.81 |
10,304,367.28 |
|
Total Expenses |
78,079,937.88 |
67,195,033.75 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
2,374,830.20 |
2,430,003.42 |
|
Interest Expenses |
[1,573,886.95] |
[1,789,925.90] |
|
Income Tax |
[357,577.78] |
[492,874.29] |
|
Net Profit / [Loss] |
443,365.47 |
147,203.23 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
11.73 |
|
|
Operating Profit |
[12.53] |
|
|
Net Profit |
201.19 |
|
|
Fixed Assets |
[8.03] |
|
|
Total Assets |
7.48 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.67 |
86.53 |
|
Operating Profit Margin |
3.23 |
3.70 |
|
S & A
Expenses |
18.63 |
15.67 |
|
Interest Paid |
2.14 |
2.72 |
|
Other Revenues |
9.53 |
5.90 |
|
Net Profit Margin |
0.60 |
0.22 |
|
Earning Per Shares |
1.77 |
0.59 |
|
No. of Shares |
250,000 |
250,000 |
Net Sales was
increased by 11.73%,
Operating Profit was
decreased by 12.53%,
Net Profit was
increased by 201.19%,
Fixed Assets was
decreased by 8.03%,
Total Assets was
increased by 7.48%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 86.53%
to 87.67%, Operating
Profit Margin was
decreased from 3.70%
to 3.23%, S
& A Expenses
was increased from
15.67% to 18.63%,
Interest Paid was decreased
from 2.72% to
2.14%, Other Revenues
was increased from
5.90% to 9.53%,
Net Profit Margin
was increased from
0.22% to 0.60%.
Earning Per Shares
was increased from
0.59 baht per
share to 1.77
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.58 |
0.35 |
|
Quick-Assets Ratio |
0.38 |
0.12 |
Current Ratio was
increased from 0.35
to 0.58, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.12 to 0.38,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[43.05] |
[13.08] |
|
Times Interest Earned |
1.51 |
1.36 |
D/E Ratio was
decreased from -13.08
to -43.05, 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 1.36
to 1.51, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.68 |
3.03 |
|
Total Assets Turnover |
2.31 |
2.22 |
|
Return on Assets |
1.39 |
0.50 |
|
Return on Equity |
58.63 |
6.01 |
|
Day's Payable |
50.72 |
28.43 |
|
Day’s Inventories |
18.26 |
25.63 |
|
Day’s Receivables |
33.81 |
9.14 |
Fixed Assets Turnover
was increased from
3.03 times to
3.68 times, Total
Assets Turnover was
increased from 2.22
times to 2.31
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.50 to 1.39,
Return on Equity
was increased from
6.01 to 58.63,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 29
days to 51
days, while Day’s
Inventories was decreased
from 26 days
to 19 days, but Day’s
Receivables was increased
from 10 days
to 34 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 |
|
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%)