MIRA
INFORM REPORT
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Report Date : |
4th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
STARLITE
INTERNATIONAL COMPANY LIMITED |
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Registered Office : |
359/6
Soi Sukhumvit 63
Road, T. Klongtonnua, A.
Wattana, Bangkok 10110, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
09.09.2004 |
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Com. Reg. No.: |
0105547123420 [Former : 0108754716251] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
importing, distributing and
exporting various kinds
of foods and
agriculture products,
such as dried/dehydrated foods, dried shrimps,
dried fishes, dried
chilly, fresh fruits,
fresh flowers, orchid and etc. |
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 |
Company Name
STARLITE INTERNATIONAL COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 359/6 SOI SUKHUMVIT 63
ROAD,
T. KLONGTONNUA, A. WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2711-7458-9
FAX : [66]
2711-4008
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547123420 [Former : 0108754716251]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP
: BHT. 5,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. CHUENJAI PROMMANEE,
THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : FOOD AND AGRICULTURE PRODUCTS
IMPORTER,
DISTRIBUTOR AND EXPORTER
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 September 9,
2004 as a
private limited company by
a joint venture
between Thai and
Indian groups, under the name
style STARLITE INTERNATIONAL COMPANY LIMITED, with
the objective to
engage in trading
business in food
and agriculture products.
It currently employs
9 staff.
The
subject’s registered address
is 359/6 Sukhumvit
63 Rd., Klongtonnua, Wattana, Bangkok 10110,
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.
Rajan Bakshi |
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Indian |
54 |
Mrs. Nitthikarn Bakshi
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Thai |
29 |
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Ms.
Chuenjai Prommanee |
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Thai |
41 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Chuenjai Prommanee is the Managing Director.
She is
Thai nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
exporting various kinds
of foods and
agriculture products, such as
dried/dehydrated foods, dried
shrimps, dried fishes,
dried chilly, fresh
fruits, fresh flowers,
orchid and etc., according
to customer’s requirement.
PURCHASE
The products
are purchased from
suppliers and agents
both local and
overseas, mainly in
India and Singapore.
SALES
The products
are sold to
customers both in
domestic and overseas
mainly in India,
Taiwan, Republic of
China and Hong
Kong.
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.
Exports are
against L/C at
sight or T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
[Ekamai Branch
: Sukhumvit 63
Rd., Klongtonnua, Wattana,
Bangkok]
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 150,000 AGAINST
D/A TERMS SHOULD
BE IN ORDER.
COMMENT
Subject is
doing good business
and expand steadily.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
2,000,000 divided into 20,000
shares of Bht.
100 each.
On
August 15, 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 November 27,
2006]
|
NAME |
HOLDING |
% |
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Mrs. Nitthikarn Bakshi Nationality: Thai Address :
380/1 Moo 9,
Honghin, Jun, Payao |
29,996 |
59.99 |
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Mr. Rajan
Bakshi Nationality: Indian Address :
359/6 Sukhumvit 63
Rd., Klongtonnua, Wattana, Bangkok |
10,000 |
20.00 |
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Ms. Chuenjai Prommanee Nationality: Thai Address :
9/2 Moo 4,
Bangwaek, Pasicharoen, Bangkok |
10,000 |
20.00 |
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Mr. Rakesh Bakshi Nationality: Indian Address :
359/6 Sukhumvit 63
Rd., Klongtonnua, Wattana, Bangkok |
1 |
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Mr. Somboon Wongchuen Nationality: Thai Address :
238 Moo 9,
Honghin, Jun, Payao |
1 |
=0.01 |
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Mr. Kuaraf Gupta Nationality: Indian Address :
359/6 Sukhumvit 63
Rd., Klongtonnua, Wattana, Bangkok |
1 |
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Mr. Montri Wongchuen Nationality: Thai Address :
238 Moo 9,
Honghin, Jun, Payao |
1 |
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Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms.
Dusadeephan Chaichomphu No.
7011
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
66,823.31 |
782,024.91 |
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Trade Accts.
Receivable |
2,425,217.55 |
883,363.69 |
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Receivable-Revenue Department |
38,304.35 |
10,926.32 |
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Inventories |
826,436.46 |
- |
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Total
Current Assets |
3,356,781.67 |
1,676,314.92 |
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Fixed
Assets |
7,155,126.26 |
152,603.36 |
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Other
Assets |
99,000.00 |
75,000.00 |
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Total
Assets |
10,610,907.93 |
1,903,918.28 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
341,838.79 |
- |
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Accrued Expenses |
19,308.54 |
12,660.76 |
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Other Current
Liabilities |
2,333,019.00 |
- |
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Total Current Liabilities |
2,694,166.33 |
12,660.76 |
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Payable Loan
Bank |
4,089,585.90 |
- |
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Total
Liabilities |
6,783,752.23 |
12,660.76 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 50,000
shares |
5,000,000.00 |
2,000,000.00 |
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Capital Paid |
5,000,000.00 |
2,000,000.00 |
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Retained Earning - Unappropriated |
[1,172,844.30] |
[108,742.48] |
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Total Shareholders' Equity |
3,827,155.70 |
1,891,257.52 |
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Total Liabilities &
Shareholders' Equity |
10,610,907.93 |
1,903,918.28 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales-Export |
9,366,500.30 |
- |
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Sales-Local |
1,015,207.63 |
2,928,327.97 |
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Gain on
Exchange Rate |
262,986.73 |
- |
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Total
Revenues |
10,644,694.66 |
2,928,327.97 |
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Expenses |
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Cost of
Goods Sold |
8,840,596.09 |
1,922,972.00 |
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Selling &
Administrative Expenses |
2,868,200.39 |
1,061,899.74 |
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Other Expenses |
- |
52,198.71 |
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Total Expenses
|
11,708,796.48 |
3,037,070.45 |
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Net
Profit / [Loss] |
[1,064,101.82] |
[108,742.48] |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
254.53 |
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Operating |
430.82 |
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Net Profit |
[878.55] |
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Fixed Assets |
4,588.71 |
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Total Assets |
457.32 |
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Profitability |
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Cost of
Goods Sold |
85.16 |
65.67 |
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Operating Profit
Margin |
[12.25] |
[1.93] |
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S&A expenses |
27.63 |
36.26 |
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Other Revenues |
2.53 |
0.00 |
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Net Profit
Margin |
[10.25] |
[3.71] |
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Earning Per
Shares |
[21.28] |
[2.17] |
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No. of
Shares |
50,000 |
50,000 |
Net Sales was
increased by 254.53%,
Operating Profit was
increased by 430.82%,
Net Profit was
decreased by 878.55%,
Fixed Assets was
increased by 4,588.71%,
Total Assets was
increased by 457.32%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
65.67% to 85.16%,
Operating Profit Margin
was decreased from
-1.93% to -12.25%,
S & A
Expenses were decreased
from 36.26% to
27.63%, Other Revenues
was increased from
0.00% to 2.53%,
Net Profit Margin
was decreased from
-3.71% to -10.25%.
Earning Per
Shares was decreased
from -2.17 baht
per share to
-21.28 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.25 |
132.40 |
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Quick
- assets ratio |
0.94 |
132.40 |
Current Ratio
was decreased from
132.40 to 1.25,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
132.40 to 0.94,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
1.77 |
0.01 |
D/E Ratio was
increased from 0.01
to 1.77, show
the company had
fund from Loan more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
1.45 |
19.19 |
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Total Assets
Turnover |
0.98 |
1.54 |
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Return on
Assets |
[10.03] |
[5.71] |
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Return on
Equity |
[27.80] |
[5.75] |
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Day’s Payable |
11.85 |
0.00 |
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Day’s Inventories |
28.66 |
0.00 |
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Days’ Receivables |
84.10 |
108.60 |
Fixed Assets Turnover
was decreased from
19.19 times to
1.45 times, Total
Assets Turnover was
decreased from 1.54
times to 0.98
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from -5.71
to -10.03, Return
on Equity was
decreased from -5.75
to -27.80, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
0 days to 12 days,
and Day’s Inventories
was increased from
0 days to 29 days,
while Day’s Receivables
was decreased from
109 days to 85 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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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/normal. |
Small |
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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 |
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<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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