MIRA
INFORM REPORT
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Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE WORLD STEEL CO., LTD. |
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Registered Office : |
Unit
2010, 20th Floor,
Sv |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0105545076700 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributing various kinds
of steel products,
as well as
provide consulting service
for steel business. |
RATING & COMMENTS
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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/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
name
ADVANCE WORLD STEEL CO., LTD.
SUMMARY
BUSINESS ADDRESS : UNIT
2010, 20th FLOOR,
SV
902/218 RAMA
3 ROAD, BANGPONGPANG,
YANNAWA,
TELEPHONE : [66] 2682-6620
FAX : [66] -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545076700
CAPITAL
REGISTERED : BHT.
1,000,000
CAPITAL
PAID-UP : BHT.
1,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VORAPOJ DEEJARIYA,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : -
LINES OF
BUSINESS : STEEL
PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 26,
2002 as a
private limited company under
the name style
ADVANCE WORLD STEEL
CO., LTD., by
Thai groups, with the
business objective to
distribute steel products
to domestic market
The
subject’s registered address
was initially located
at Unit 705, 7th Flr.,
SV City Bldg.,
8, 916/45 Rama
3 Rd., Bangpongpang,
Yannawa, Bangkok 10120.
On
June 7, 2007,
it was relocated
to Unit 2010,
20th Flr., SV
City Bldg., 1,
902/218 Rama 3
Rd., Bnagpongpang, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
Mr. Vorapoj Deejariya |
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Thai |
43 |
|
Mrs. Ananya Deejariya |
|
Thai |
37 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vorapoj Deejariya
is the Managing
Director.
He is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
steel products, as
well as provide
consulting service for
steel business.
PURCHASE
The products is
purchased from local
supplier.
SALES
The products is
sold locally to
construction 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.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
number of employees
was not disclosed.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject’s sales were
drastically dropped in
2005, and disclosed
its sales declined
for the year
later. However, its
business is unstable
and doubtful for
business commitment.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Vorapoj Deejariya Nationality: Thai Address : 905/140
Rama 9 Rd.,
Bangpongpang, Yannawa, |
8,000 |
80.00 |
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Mrs. Ananya Deejariya Nationality: Thai Address : 905/140
Rama 9 Rd.,
Bangpongpang, Yannawa, |
1,800 |
18.00 |
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Mr.
Chokechai Wongrookhun Nationality: Thai Address : 34
Moo 14, Naimuang,
Pimai,
Nakornratchasima |
196 |
1.96 |
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Mr.
Thanomsak Songpattanayothin Nationality: Thai Address : 155/6
Moo 6, Thungsukhla, Sriracha,
Chonburi |
1 |
0.01 |
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Mr. Somporn Jaiyen Nationality: Thai Address : 26/1
Moo 7, Jampa,
Tharua, Ayudhya |
1 |
0.01 |
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Ms.
Rungrudee Kanchanapayup Nationality: Thai Address : 103/1
Ladprao 26 Rd.,
Ladyao, Jatujak, |
1 |
0.01 |
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Ms. Naparat Songpatanayothin Nationality: Thai Address :
Klongtoey, |
1 |
0.01 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Thanachote Kowsuphat No.
2612
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in hand
& at Bank
|
115,532.91 |
726,353.04 |
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Trade Accts. Receivable |
282,480.00 |
2,244,218.00 |
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Other Current Assets
|
8,223.04 |
- |
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Total Current
Assets |
406,235.95 |
2,970,571.04 |
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Fixed Assets |
138,788.78 |
81,086.21 |
|
Other Assets |
23,507.66 |
23,490.03 |
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Total Assets
|
568,532.39 |
3,075,147.28 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Trade Accts. Payable |
- |
2,247,187.25 |
|
Other Current Liabilities |
342,702.44 |
58,066.77 |
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Total Current
Liabilities |
342,702.44 |
2,305,254.02 |
|
Total Liabilities |
342,702.44 |
2,305,254.02 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
[774,170.05] |
[230,106.74] |
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Total Shareholders'
Equity |
225,829.95 |
769,893.26 |
|
Total
Liabilities & Shareholders' Equity |
568,532.39 |
3,075,147.28 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales & Services |
399,200.00 |
20,954,048.00 |
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Other Income |
4,801.66 |
71,469.98 |
|
Total Revenues
|
404,001.66 |
21,025,517.98 |
|
Expenses |
|
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Cost of Goods
Sold & Services |
270,680.52 |
20,131,289.30 |
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Selling & Administrative Expenses |
677,099.62 |
871,335.83 |
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Other Expenses |
284.83 |
1,681.72 |
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Total Expenses |
948,064.97 |
21,004,306.85 |
|
Net Profit / [Loss] |
[544,063.31] |
21,211.13 |
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Retained Earning [deficit], beginning
of year |
[230,106.74] |
[251,317.87] |
|
Retained Earning [deficit], end
of year |
[774,170.05] |
[230,106.74] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[98.09] |
|
|
Operating Profit |
[124,780.79] |
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|
Net Profit |
[2,664.99] |
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Fixed Assets |
71.16 |
|
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Total Assets |
[81.51] |
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Profitability |
|
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Cost of Good
Sold |
67.81 |
96.07 |
|
Operating Profit Margin |
[136.22] |
0.11 |
|
S & A
Expenses |
169.61 |
4.16 |
|
Other Revenues |
1.20 |
0.34 |
|
Net Profit Margin |
[136.29] |
0.10 |
|
Earning Per Shares |
[54.41] |
2.12 |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
decreased by 98.09%,
Operating Profit was
decreased by 124,780.80%,
Net Profit was
decreased by 2,664.99%,
Fixed Assets was
increased by 71.16%,
Total Assets was
decreased by 81.51%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 96.07%
to 67.81%, Operating
Profit Margin was
decreased from 0.11%
to -136.22%, S
& A Expenses
was increased from
4.16% to 169.61%,
Other Revenues was
increased from 0.34%
to 1.20%, Net
Profit Margin was
decreased from 0.10%
to -136.29%.
Earning Per Shares
was decreased from
2.12 baht per
share to -54.41
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.19 |
1.29 |
|
Quick-Assets Ratio |
1.16 |
1.29 |
Current Ratio was
decreased from 1.29
to 1.19, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.29 to 1.16,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.52 |
2.99 |
D/E Ratio was
decreased from 2.99
to 1.52, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
2.88 |
258.42 |
|
Total Assets Turnover |
0.70 |
6.81 |
|
Return on Assets |
[95.70] |
0.69 |
|
Return on Equity |
[240.92] |
2.76 |
|
Day's Payable |
0.00 |
38.61 |
|
Day’s Receivables |
254.74 |
38.56 |
Fixed Assets Turnover
was decreased from
258.42 times to
2.88 times, Total
Assets Turnover was
decreased from 6.81
times to 0.70
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 0.69 to
-95.70, Return on
Equity was decreased
from 2.76 to
-240.92, capacity to
use Assets to
make profit was
not good.
Day's Payable was
decreased from 39
days to 0
days, while Day’s
Receivables was increased
from 39 days
to 255 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 |
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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 |
|
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 |
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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%)