MIRA
INFORM REPORT
|
Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASIA RESOURCES TRADING COMPANY LIMITED |
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Registered Office : |
12/570 Moo 15, Bangna-Trad Road, T. Bangkaew, A. Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
24.01.1995 |
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Com. Reg. No.: |
0105538011142 [Former :
[2]379/2538] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing various
kinds of wooden
furniture made from
rubber wood. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
Usually Correct |
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Litigation : |
Clear |
Company Name
ASIA RESOURCES
TRADING COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 12/570 MOO 15, BANGNA-TRAD
ROAD,
T. BANGKAEW,
A. BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2397-5835-8
FAX : [66] 2397-5839
E-MAIL ADDRESS : alice@masialto.com
REGISTRATION ADDRESS : 160/252-254 SILOM ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538011142 [Former : [2]379/2538]
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. TASSANEE WANG-UDOMSUK, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 130
LINES OF
BUSINESS : WOODEN FURNITURES
MANUFACTURER AND
SERVICE PROVIDER
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 24,
1995 as a
private limited company under the name style ASIA RESOURCES
TRADING COMPANY LIMITED, by
Thai and American
groups, in order
to manufacture wooden
furniture for exports.
It currently employs
approximately 130 staff.
The
subject’s registered address
is 160/252-254 Silom
Rd., Suriyawongse, Bangrak,
Bangkok 10500, while
the current operation
address is located
at 12/570 Moo
15, Bangna-Trad Rd.,
Bangkaew, Bangplee, Samutprakarn 10540.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Henry, Hyu Hsian
Wu |
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American |
47 |
|
Ms. Tassanee Wang-udomsuk |
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Thai |
45 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Tassanee Wang-udomsuk is
the Managing Director.
She is Thai nationality with
the age of
45 old year.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing various kinds of
wooden furniture made
from rubber wood. The
product includes living
room set, dining
set, bedroom set,
kitchen room set
and etc. The
subject also provides
design and installation service of furniture
set, as well
as after services.
MAJOR BRAND
“MASIALTO”
PURCHASE
Most of raw
materials and accessories
are purchased from
local suppliers, and
the remaining is
imported from Italy,
Spain and Germany.
SALES
The products are
sold to both
local and overseas
customers in U.S.A.,
Korea, Italy, Spain,
France, Sweden and
United Kingdom.
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 or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
United Oversea Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 130 staff, comprising
30 office staff
and 100 factory
workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at the heading address.
Premise is located
in commercial/residential area.
Factory
is located at
Nakornsrithammarat province.
COMMENT
Rubber
wood furniture from
Thai producers was
poised to strong
growth in the
past few years.
However, there were
many players in
low cost country
like China entering
into the markets,
turned it into
fierce competition.
The
subject is doing
fine business, but
trend is downward.
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. 3,000,000 on June 12,
2000
Bht. 5,000,000 on June 13,
2002
The
latest registered 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 April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Ms.
Tassanee Wang-udomsuk Nationality: Thai Address : 23
Petchburi Rd., Thanon
Phyathai,
Rajthewee, Bangkok |
25,495 |
50.99 |
|
Mr. Henry, Hyu
Hsian Wu Nationality: American Address : 78/1-3
Chan Rd., Yannawa,
Bangkok |
24,500 |
49.00 |
|
Ms. Sirima Apaipolcharn Nationality: Thai Address : 84
Inthamara, Dindaeng, Bangkok |
1 |
|
|
Ms.
Chaveewan Eiamsak-ularn Nationality: Thai Address : 36/25
Daokanong-Jomthong Rd., Bang-or,
Jomthong, Bangkok |
1 |
|
|
Ms.
Sunantha Traiwithaya Nationality: Thai Address : 36/7
Moo 6, Huaror,
Phranakornsri- Ayutthaya |
1 |
= 0.01 |
|
Mr. Chanin Charnvipas Nationality: Thai Address : 493
Ladprao 101 Rd.,
Klongchan,
Bangkapi, Bangkok |
1 |
|
|
Mr. Supoj Porngkan Nationality: Thai Address : 82/1
Moo 1, Nongprue,
Kanchanaburi |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Chaleaw Yimlamai No. 1177
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
113,966.01 |
148,371.32 |
|
Trade Accts. Receivable [note 2] |
5,115,763.24 |
8,209,144.93 |
|
Short Term Loan
to Person or
Related Company |
3,520,000.00 |
5,000,000.00 |
|
Inventories |
2,438,298.55 |
2,595,536.99 |
|
Other Current Assets
[note 3] |
13,762,420.49 |
13,329,200.00 |
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Total Current
Assets |
24,950,448.29 |
29,282,253.24 |
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|
|
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Fixed Assets [note 4] |
3,215,004.45 |
4,231,234.58 |
|
Other Assets |
699,371.64 |
948,277.08 |
|
Total Assets |
28,864,824.38 |
34,461,764.90 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
19,755,924.96 |
28,898,690.00 |
|
Trade Accts. Payable |
3,911,052.41 |
92,888.89 |
|
Other Current Liabilities |
1,835,399.80 |
2,496,341.31 |
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Total Current
Liabilities |
25,502,377.17 |
31,487,920.20 |
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Total Liabilities |
25,502,377.17 |
31,487,920.20 |
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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 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
[1,637,552.79] |
[2,026,155.30] |
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Total
Shareholders' Equity |
3,362,447.21 |
2,973,844.70 |
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Total
Liabilities & Shareholders' Equity |
28,864,824.38 |
34,461,764.90 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales & Services
|
60,466,560.97 |
92,686,603.88 |
|
Services Income |
7,059,705.00 |
- |
|
Other Income |
664,409.02 |
2,116,723.34 |
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Total Revenues
|
68,190,674.99 |
94,803,327.22 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
54,506,044.01 |
82,645,048.11 |
|
Selling & Administrative Expenses |
11,325,714.59 |
11,764,932.87 |
|
Other Expenses |
158,300.73 |
675,811.81 |
|
Total Expenses |
65,990,059.33 |
95,085,792.79 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
2,200,615.66 |
[282,465.57] |
|
Interest Expenses |
[1,682,634.25] |
[1,457,856.35] |
|
Income Tax |
[129,378.90] |
[123,915.27] |
|
Net Profit / [Loss] |
388,602.51 |
[1,864,237.19] |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
17,444.78 |
51,638.98 |
|
Cash at bank |
96,521.23 |
96,732.34 |
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Total
|
113,966.01 |
148,371.32 |
NOTE 2
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts. Receivable |
5,109,032.94 |
8,209,144.93 |
|
Postdated Cheque |
6,730.30 |
- |
|
Total
|
5,115,763.24 |
8,209,144.93 |
NOTE 3
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
|
Receivable-Revenue Department |
52,790.20 |
523,193.18 |
|
Undue Business Tax |
7,056.71 |
24,441.56 |
|
Prepaid Expenses |
1,546,390.70 |
66,220.15 |
|
Receivable Retention |
- |
10,244.00 |
|
Other Receivable |
132.75 |
544.78 |
|
Advanced Paid |
15,000.00 |
769,104.00 |
|
Prepaid Goods |
11,517,303.13 |
11,560,452.33 |
|
|
623,747.00 |
375,000.00 |
|
Total
|
13,762,420.49 |
13,329,200.00 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Vehicle |
4,599,000.00 |
4,599,000.00 |
|
Office Automation |
532,577.10 |
507,469.62 |
|
Furniture & Decorate |
73,518.00 |
70,218.00 |
|
Hand Tools |
246,020.00 |
236,620.00 |
|
Total |
5,451,115.10 |
5,413,307.62 |
|
Less: Depreciation |
[2,236,110.65] |
[1,182,073.04] |
|
Total
|
3,215,004.45 |
4,231,234.58 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
[34.76] |
|
|
Operating |
819.26 |
|
|
Net Profit |
120.85 |
|
|
Fixed Assets |
[24.02] |
|
|
Total Assets |
[16.24] |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
90.14 |
89.17 |
|
Operating Profit Margin |
3.90 |
0.42 |
|
S&A expenses |
18.73 |
12.69 |
|
Interest |
2.78 |
1.57 |
|
Other Revenues |
12.77 |
2.28 |
|
Net Profit Margin |
0.64 |
[2.01] |
|
Earning Per Shares |
7.77 |
[37.28] |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 34.76%,
Operating Profit was
increased by 819.26%,
Net Profit was
increased by 120.85%,
Fixed Assets was decreased by
24.02%, Total Assets
was decreased by
16.24%.
Compare each cost with sales, Cost of Goods Sold was increased from 89.17% to 90.14%, Operating Profit Margin was increased from 0.42% to 3.90%, S & A Expenses were increased from 12.69% to 18.73%, Interest Paid was increased from 1.57% to 2.78%, Other Revenues was increased from 2.28% to 12.77%, Net Profit Margin was increased from -2.01% to 0.64%.
Earning Per
Shares was increased
from -37.28 baht
per share to
7.77 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.98 |
0.93 |
|
Quick - assets ratio |
0.34 |
0.42 |
Current Ratio was
increased from 0.93
to 0.98, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, and Quick-assets Ratio was decreased
from 0.42 to 0.34, capacity
to pay Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
7.58 |
10.59 |
|
Times Interest Earned |
1.40 |
0.27 |
D/E Ratio was
decreased from 10.59
to 7.58, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was increased
from 0.27 to
1.40, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
18.81 |
21.91 |
|
Total Assets Turnover |
2.09 |
2.69 |
|
Return on Assets |
1.35 |
[5.41] |
|
Return on Equity |
11.56 |
[62.69] |
|
Day’s Payable |
23.29 |
0.36 |
|
Day’s Inventories |
14.52 |
10.08 |
|
Days’ Receivables |
30.46 |
31.88 |
Fixed Assets Turnover
was decreased from
21.91 times to
18.81 times, Total
Assets Turnover was
decreased from 2.69
times to 2.09
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
increased from -5.41
to 1.35, Return
on Equity was
increased from -62.69
to 11.56, capacity
to use Assets to make
profit was so
good.
Day’s Payable was
increased from 1
days to 24
days, and Day’s
Inventories was increased
from 11 days
to 15 days, while Day’s
Receivables was decreased
from 32 days
to 31 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/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%)