MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM K. D. F. CO., LTD. |
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Registered Office : |
-- |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544046246 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
-- |
RATING &
COMMENTS
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MIRA’s Rating : |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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Status : |
Ceased Operation |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
name
SIAM K. D. F. CO., LTD.
SUMMARY
BUSINESS ADDRESS : -
TELEPHONE : -
FAX : -
REGISTRATION ADDRESS : -
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544046246 [Former : [3] 873/2544]
CAPITAL
REGISTERED : BHT. 19,000,000
CAPITAL
PAID-UP : BHT. 19,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : -
NO. OF
STAFF : -
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : -
PRESENT SITUATION : CEASING COMPLETELY
REPUTATION : -
MANAGEMENT STANDARD : -
HISTORY
The
subject was established on May 18, 2001
as a private limited company under the registered name
SIAM K. D. F. CO.,
LTD., by Thai groups, with the business objective
to manufacture jewelry
products for exports.
On December 13,
2006, subject has
ceased its operation,
and has completed
the liquidation process
of their accounts
on December 26,
2006. However, subject
has formed its
new company under
the name style
“Paragon Worldwide
Co., Ltd.”, in
order to transfer
the jewelry production from the subject.
The new company
was set up
at the beginning of 2005.
The
account liquidation office
address is located
at 28, 31, 114 Moo
9, Mitraphap Rd.,
Klangdong, Pakchong, Nakornratchasima 30320.
THE LIQUIDATORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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Mr. Bunyarit Manassathit |
|
Thai |
- |
|
Mr. Charoen Manassathit |
|
Thai |
- |
|
Mrs. Napasri Manassathit |
|
Thai |
- |
|
Mr. Boonkiat Manassathit |
|
Thai |
- |
|
Mrs. Sirithip Wongthitiroj |
|
Thai |
- |
COMMENT
All operation
under the company
named Siam K.D.F. Co., Ltd.,
has completely stopped,
therefore any business
engagement with the
subject should be
ceased.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
12,000,000 divided into
120,000 shares of
Bht. 100 each.
On
April 7, 2003,
capital was increased
to Bht. 19,000,000 divided
into 190,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 29, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Bunyarit Manassathit Nationality: Thai Address : 23/4
Saladaeng Rd., Silom,
Bangrak, Bangkok |
47,500 |
25.00 |
|
Mr. Charoen Manassathit Nationality: Thai Address : 23/4
Saladaeng Rd., Silom,
Bangrak, Bangkok |
38,000 |
20.00 |
|
Mrs.
Napasri Manassathit Nationality: Thai Address : 23/4
Saladaeng Rd., Silom,
Bangrak, Bangkok |
38,000 |
20.00 |
|
Mr. Bonkiat Manassathit Nationality: Thai Address : 23/4
Saladaeng Rd., Silom,
Bangrak, Bangkok |
38,000 |
20.00 |
|
Mrs.
Bang-orn Manassathit Nationality: Thai Address : 23/4
Saladaeng Rd., Silom,
Bangrak, Bangkok |
9,500 |
5.00 |
|
Mrs.
Sirithip Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
9,500 |
5.00 |
|
Mr. Annop Wongthitiroj Nationality: Thai Address : 382
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
9,500 |
5.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Jirapong Kuakij No.
5149
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,158,781.70 |
9,623,009.26 |
|
Trade Accts. Receivable |
5,871,617.20 |
25,721,417.56 |
|
Other Receivable |
7,681,699.25 |
- |
|
Inventories [note 1] |
- |
6,363,402.56 |
|
Revenue Department Receivable |
410.28 |
480,367.53 |
|
Deferred Renting |
480,000.00 |
- |
|
Other Current Assets
|
13,386.71 |
30,513.97 |
|
Total Current
Assets |
15,205,895.14 |
42,218,710.88 |
|
|
|
|
|
Fixed Assets [note 2] |
37,807,506.37 |
50,154,370.10 |
|
Total Assets |
53,013,401.51 |
92,373,080.98 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
707,506.00 |
2,224,645.41 |
|
Current Portion of Long
Term Loan |
7,547,897.65 |
4,026,149.26 |
|
Deposit Good |
- |
4,981,698.08 |
|
Accrued Interest |
2,596,507.35 |
1,907,977.19 |
|
Accrued Expenses |
166,286.53 |
1,177,357.39 |
|
Total Current
Liabilities |
11,018,197.53 |
14,317,827.33 |
|
Loan from Director |
18,311,354.00 |
45,217,879.00 |
|
Long Term Loan |
- |
7,547,897.65 |
|
Total Liabilities |
29,329,551.53 |
67,083,603.98 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 190,000 shares |
19,000,000.00 |
19,000,000.00 |
|
Capital Paid |
19,000,000.00 |
19,000,000.00 |
|
Retained Earning -
Unappropriated |
4,683,849.98 |
6,289,477.00 |
|
Total
Shareholders' Equity |
23,683,849.98 |
25,289,477.00 |
|
Total
Liabilities & Shareholders' Equity |
53,013,401.51 |
92,373,080.98 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
132,869,352.61 |
210,376,391.09 |
|
Other Income |
2,116,528.00 |
161,696.35 |
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Total Revenues
|
134,985,880.61 |
210,538,087.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
113,525,277.53 |
179,077,248.07 |
|
Selling & Administrative Expenses |
21,819,849.20 |
12,145,402.32 |
|
Total Expenses |
135,345,126.73 |
191,222,650.39 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[359,246.12] |
19,315,437.05 |
|
Interest Expenses |
[1,246,380.90] |
[1,687,692.15] |
|
Net Profit / [Loss] |
[1,605,627.02] |
17,627,744.90 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
- |
5,374,680.41 |
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Finished Goods |
- |
519,258.97 |
|
Material Supplies |
- |
469,463.18 |
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Total
|
- |
6,363,402.56 |
NOTE 2 Fixed
Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building |
33,492,947.33 |
33,792,947.33 |
|
Utility System |
7,523,319.19 |
7,523,319.19 |
|
Electrical System |
8,785,025.58 |
8,785,025.58 |
|
Office Furniture |
642,175.59 |
566,385.59 |
|
Factory Furniture |
454,398.93 |
362,398.93 |
|
Machine & Equipment |
- |
9,601,516.47 |
|
Office Automation |
53,309.28 |
1,589,990.18 |
|
Factory Equipment |
279,250.00 |
279,250.00 |
|
Equipment |
341,889.86 |
341,889.86 |
|
Vehicle |
- |
1,948,000.00 |
|
Total |
51,572,315.76 |
64,490,723.13 |
|
Less: Depreciation |
[13,764,809.39] |
[14,336,353.03] |
|
Total
|
37,807,506.37 |
50,154,370.10 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[36.84] |
|
|
Operating Profit |
[102.94] |
|
|
Net Profit |
[109.11] |
|
|
Fixed Assets |
[24.62] |
|
|
Total Assets |
[42.61] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.44 |
85.12 |
|
Operating Profit Margin |
[0.27] |
9.18 |
|
S & A
Expenses |
16.42 |
5.77 |
|
Interest Paid |
0.94 |
0.80 |
|
Other Revenues |
1.59 |
0.08 |
|
Net Profit Margin |
[1.21] |
8.38 |
|
Earning Per Shares |
[8.45] |
92.78 |
|
No. of Shares |
190,000 |
190,000 |
Net Sales was
decreased by 36.84%,
Operating Profit was
decreased by 102.94%,
Net Profit was
decreased by 109.11%,
Fixed Assets was
decreased by 24.62%,
Total Assets was
decreased by 42.61%,
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.12%
to 85.44%, Operating
Profit Margin was
decreased from 9.18%
to -0.27%, S
& A Expenses
was increased from
5.77% to 16.42%,
Interest Paid was increased
from 0.80% to
0.94%, Other Revenues
was increased from
0.08% to 1.59%,
Net Profit Margin
was decreased from
8.38% to -1.21%,
Earning Per Shares
was decreased from
92.78 baht per
share to -8.45
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.38 |
2.95 |
|
Quick-Assets Ratio |
1.34 |
2.47 |
Current Ratio was
decreased from 2.95
to 1.38, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
2.47 to 1.34,
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 |
1.24 |
2.65 |
|
Times Interest Earned |
[0.29] |
11.44 |
D/E Ratio was
decreased from 2.65
to 1.24, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
11.44 to -0.29,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.51 |
4.19 |
|
Total Assets Turnover |
2.51 |
2.28 |
|
Return on Assets |
[3.03] |
19.08 |
|
Return on Equity |
[6.78] |
69.70 |
|
Day's Payable |
1.92 |
3.81 |
|
Day’s Inventories |
0.00 |
10.89 |
|
Day’s Receivables |
15.91 |
44.01 |
Fixed Assets Turnover
was decreased from
4.19 times to
3.51 times, Total
Assets Turnover was increased from
2.28 times to
2.51 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 19.08 to
-3.03, Return on
Equity was decreased
from 69.70 to
-6.78, capacity to
use Assets to
make profit was
not good,
Day's Payable was
decreased from 4
days to 2
days, Day’s Inventories
was decreased from
11 days to
0 days, and
Day’s Receivables was
decreased from 45
days to 16
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%)