MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
THAI SIMON SAFETY INDUSTRIES CO., LTD. |
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Registered Office : |
571 Moo 4,
Bangpoo Industrial Estate, |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
0115531001427 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing wide range
of safety shoes |
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
THAI SIMON SAFETY INDUSTRIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 571 MOO
4, BANGPOO INDUSTRIAL
ESTATE,
TELEPHONE : [66]
2324-0059-61, 2324-0075-7
FAX : [66] 2324-0356
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0115531001427 [Former : SOR
POR. 1177]
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP
: BHT. 15,000,000
FISCAL YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIDEFUMI YOSHIZAWA, JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 120
LINES OF
BUSINESS : SAFETY SHOES
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 16,
1988 as a
private limited company under
the originally registered
name “Ruamphol Pibool
Simon Co., Ltd.” by
Thai and Japanese
groups. On March
9, 1989, subject
was changed its
name to be
THAI SIMON SAFETY
INDUSTRIES CO., LTD.
Its business objective
is a manufacture
wide range of
safety shoes products
for domestic and
export markets. It
currently employs 120
staff.
The
subject’s registered address
is 571 Moo
4, Bangpoo Industrial
Estate, Sukhumvit Rd.,
Praeksa, Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Mitsuru Kobayashi |
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Japanese |
61 |
|
Mr. Katsunori Toshioka |
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Japanese |
- |
|
Mr. Hidefumi Yoshizawa |
|
Japanese |
48 |
|
Mrs. Ratana Suthaviwat |
|
Thai |
51 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hidefumi Yoshizawa is
the Managing Director.
He is Japanese
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of safety shoes,
including boots, sandal,
lather shoes for
men and children,
under its owned
brand name “SIMON”.
PURCHASE
Raw materials: finished
leather, synthetic leather,
textile and accessories
are purchased from
suppliers both in
domestic and overseas,
mainly Japan, Taiwan,
Singapore, and India.
SALES
95% of the
products are exported
to Japan, and
the remaining 5%
is to local end-users.
MAJOR CUSTOMER
Simon
Corporation :
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
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 120
staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
The subject’s
sales has moderately
grown from strong
consumption especially overseas
markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
400,000 shares of Bht.
5 each.
On
December 29, 1989,
the capital was increased to
Bht. 15,000,000 divided into
3,000,000 shares of
Bht. 5 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
December 13,
2006]
|
NAME |
HOLDING |
% |
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Simon Corporation Nationality: Japanese Address : 20-1
Honko 3 Rd.,
Chome, Bankyu-ku, |
1,949,998 |
65.00 |
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Mrs. Ratana Suthaviwat Nationality: Thai Address : 184
Pattanakarn 53 Rd.,
Suanluang, |
1,049,997 |
35.00 |
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Mr. Nobugashi Toshioka Nationality: Japanese Address : |
1 |
- |
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Mr.
Charnchai Chainarongkarn Nationality: Thai Address : |
1 |
- |
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Mr.
Teeradej Suthaviwat Nationality: Thai Address : 184
Pattanakarn 53 Rd.,
Suanluang, |
1 |
- |
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Bren Resources
Management Co., Ltd. Nationality: Thai Address : |
1 |
- |
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Mr.
Kasuyoshi Toshioka Nationality: Japanese Address : 38-4
3 Rd., |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Kornrith Pawayon No. 4991
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
[note 1]
|
12,284,029.84 |
7,947,115.42 |
|
Trade Accts. Receivable [note 2] |
10,939,098.51 |
8,497,881.37 |
|
Trade Accts. Receivable-Related Company |
9,815,529.73 |
6,893,940.36 |
|
Inventories [note 3] |
24,020,213.59 |
23,232,244.27 |
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Revenue Department Receivable |
2,080,291.72 |
1,791,257.77 |
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Other Current Assets
|
1,210,570.78 |
278,366.33 |
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Total Current
Assets |
60,349,734.17 |
48,640,805.52 |
|
|
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Fixed Assets |
12,223,539.77 |
12,249,977.61 |
|
Other Assets |
325,368.24 |
121,952.00 |
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Total Assets
|
72,898,642.18 |
61,012,735.13 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft &
Short Term Loan
from Financial Institute |
4,000,000.00 |
4,000,000.00 |
|
Trade Accts. Payable |
24,343,831.41 |
21,399,217.58 |
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Trade Accts. Payable & Accrued Expenses- Related Company |
13,048,050.28 |
9,488,334.51 |
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Other Payable |
1,692,231.82 |
1,309,670.58 |
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Accrued Expenses |
3,691,650.16 |
2,574,881.98 |
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Other Current Liabilities |
21,892.79 |
- |
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Total Current
Liabilities |
46,797,656.46 |
38,772,104.65 |
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Total Liabilities |
46,797,656.46 |
38,772,104.65 |
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Shareholders'
Equity |
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Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
15,000,000.00 |
15,000,000.00 |
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
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Retained Earning -
Unappropriated |
11,100,985.72 |
7,240,630.48 |
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Total
Shareholders' Equity |
26,100,985.72 |
22,240,630.48 |
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Total
Liabilities & Shareholders' Equity |
72,898,642.18 |
61,012,735.13 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
171,848,118.76 |
153,616,493.69 |
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Other Income |
2,329,984.76 |
1,154,833.58 |
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Total Revenues
|
174,178,103.52 |
154,771,327.27 |
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Expenses |
|
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Cost of Goods
Sold |
151,389,341.41 |
138,207,739.26 |
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Selling & Administrative Expenses |
17,553,135.77 |
17,542,933.02 |
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Total Expenses |
168,942,477.18 |
155,750,672.28 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
5,235,626.34 |
[979,345.01] |
|
Interest Expenses |
[179,133.13] |
[153,026.86] |
|
Income Tax |
[1,196,137.97] |
- |
|
Net Profit / [Loss] |
3,860,355.24 |
[1,132,371.87] |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2006 |
2005 |
|
|
|
|
|
Cash in hand |
91,668.00 |
55,507.75 |
|
Cash at bank |
11,592,070.82 |
7,891,607.67 |
|
Tax Coupon |
600,291.02 |
- |
|
Total
|
12,284,029.84 |
7,947,115.42 |
NOTE 2
Trade Accts. Receivable
|
|
2006 |
2005 |
|
|
|
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Trade Accts. Receivable-Local |
9,809,943.96 |
7,455,048.32 |
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Notes Receivable |
1,129,154.55 |
1,042,833.05 |
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Total
|
10,939,098.51 |
8,497,881.37 |
NOTE 3
Inventories
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|
2006 |
2005 |
|
|
|
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Finished Goods |
5,945,721.82 |
7,969,301.97 |
|
Goods in Process |
5,729,346.10 |
4,690,880.01 |
|
Raw Material |
11,281,148.47 |
9,779,893.94 |
|
Material Supplies |
1,063,997.20 |
792,168.35 |
|
Total
|
24,020,213.59 |
23,232,244.27 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
11.87 |
|
|
Operating Profit |
[577.89] |
|
|
Net Profit |
440.91 |
|
|
Fixed Assets |
[0.22] |
|
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Total Assets |
19.48 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
88.09 |
89.97 |
|
Operating Profit Margin |
3.05 |
[0.64] |
|
S & A
Expenses |
10.21 |
11.42 |
|
Interest Paid |
0.10 |
0.10 |
|
Other Revenues |
1.36 |
0.75 |
|
Net Profit Margin |
2.25 |
[0.74] |
|
Earning Per Shares |
1.29 |
[0.38] |
|
No. of Shares |
3,000,000 |
3,000,000 |
Net Sales was
increased by 11.87%,
Operating Profit was
decreased by 577.89%,
Net Profit was
increased by 440.91%,
Fixed Assets was
decreased by 0.22%,
Total Assets was
increased by 19.48%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 89.97%
to 88.09%, Operating
Profit Margin was
increased from -0.64%
to 3.05%, S
& A Expenses
was decreased from
11.42% to 10.21%,
Interest Paid was increased
from 0.10% to
0.10%, Other Revenues
was increased from
0.75% to 1.36%,
Net Profit Margin
was increased from
-0.74% to 2.25%.
Earning Per Shares
was increased from
-0.38 baht per
share to 1.29
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.29 |
1.25 |
|
Quick-Assets Ratio |
0.71 |
0.60 |
Current Ratio was
increased from 1.25
to 1.29, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.60 to 0.71,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.79 |
1.74 |
|
Times Interest Earned |
29.23 |
[6.40] |
D/E Ratio was
increased from 1.74
to 1.79, 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 -6.40
to 29.23, capacity
to pay interest
paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
14.06 |
12.54 |
|
Total Assets Turnover |
2.36 |
2.52 |
|
Return on Assets |
5.30 |
[1.86] |
|
Return on Equity |
14.79 |
[5.09] |
|
Day's Payable |
51.00 |
50.15 |
|
Day’s Inventories |
50.32 |
54.44 |
|
Day’s Receivables |
22.92 |
19.91 |
Fixed Assets Turnover
was increased from
12.54 times to
14.06 times, Total
Assets Turnover was
decreased from 2.52
times to 2.36
times, show the
company could use
Fixed Assets so efficiently, Return
on Assets was
increased from -1.86
to 5.30, Return
on Equity was
increased from -5.09
to 14.79, capacity
to use Assets
to make profit
was good.
Day's Payable was
stable at 51
days, while Day’s
Inventories was decreased
from 55 days
to 51 days,
but Day’s Receivables
was increased from
20 days to
23 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 |
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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/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%)