MIRA
INFORM REPORT
|
Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EXTRA AWNING CO., LTD. |
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Registered Office : |
1748/21-22
New Road, Yannawa,
Sathorn, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
0105536105646 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
styles of aluminum
awning and canvas
shutter products |
RATING & COMMENTS
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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 : |
Regular |
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Litigation : |
Clear |
name
EXTRA AWNING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1748/21-22 NEW
ROAD, YANNAWA,
SATHORN,
TELEPHONE : [66] 2675-0139-42, 2211-1469,
2211-3067
FAX : [66] 2212-5994
E-MAIL ADDRESS : infoextra@csloxinfo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536105646 [Former : 7014/2536]
CAPITAL
REGISTERED : BHT.
12,000,000
CAPITAL
PAID-UP : BHT.
12,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ANANT SURIYAPRAPADILOK, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 18
LINES OF
BUSINESS : AWNING AND
CANVAS
IMPORTER 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 September 15,
1993 as a
private limited company by
Thai group, the Suriyaprapadilok family,
under the name
style EXTRA AWNING
CO., LTD., in
order to import
and distribute various
styles of awning
and canvas products
to domestic market.
It currently employs
18 staff.
The
subject’s registered address
is 1748/21-22 New
Rd., Yannawa, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anant Suriyaprapadilok |
[x] |
Thai |
45 |
|
Ms. Chanida Suriyaprapadilok |
[x] |
Thai |
42 |
|
Mr. Sukij Suriyaprapadilok |
|
Thai |
38 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Anant Suriyaprapadilok is
the Managing Director.
He is Thai
nationality with the
age of 45
years old.
Ms. Chanida Suriyaprapadilok is
the General Manager.
She is Thai nationality with
the age of 42 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
styles of aluminum
awning and canvas
shutter products, mainly
for vehicle, truck,
tent and covering
appliances. The subject
also provides designs
and installation services.
MAJOR BRANDS
“EXTRA”, “SESAM”, “ZIDEKURTAINS”, “ETES”,
“TOPLINE” and etc.
IMPORT
The
products is imported
from Germany, Belgium,
U.S.A., France and
Taiwan.
MAJOR SUPPLIERS
- Hoechst
GmbH. :
- Extra
Truck Cover Co.,
Ltd. :
SALES
100% of the
products is sold
and serviced locally
to dealers and
end-users.
RELATED AND
AFFILIATED COMPANY
Sahaphol
Canvas Limited Partnership
Business Type : Distributor of
canvas products.
Thai Viniter
Co., Ltd.
Business Type :
Manufacturer, importer and
distributor of canvas
machines.
Extra Track
Cover Co., Ltd.
Business Type : Manufacturer of
automotive covering products.
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.
BANKING
Kasikornbank Public
Co., Ltd.
[Yannawa Branch, New
Rd., Yannawa, Sathorn,
EMPLOYMENT
The
subject employs 18
staff.
LOCATION DETAILS
The
premise is owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Service
Center is located
at 904 Seacon
Square Center, Srinakarin
Rd., Suanluang, Bangkok
10250.
REMARK
CREDIT
OF EUR 70,000
SHOULD BE IN
ORDER.
COMMENT
The
company is able
to serve in
the wake of
local consumption decline
by importing quality
product and excellent
services, as well as
trimming costs, using
the reliable sources
of materials and
expanding its customer
base.
However,
the company’s sales
of all types
of products this
year are projected
to slowdown with
the awing product
for industrial used
leading the market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each.
On
December 21, 1999,
the capital was
increased to Bht. 12,000,000 divided
into 120,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Sukij Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
36,750 |
30.62 |
|
Ms. Chanida Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
36,750 |
30.62 |
|
Mr. Anant Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
|
31,750 |
26.46 |
|
Ms. Lalida
Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
|
11,750 |
9.79 |
|
|
|
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Mrs. Mayuree
Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
|
1,000 |
|
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Mrs. Jaithip Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
|
1,000 |
= 2.51 |
|
Mr. Sanguan Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
|
1,000 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Paibul Paspanthong No. 4149
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
4,264,522 |
4,228,205 |
|
Trade Accts. Receivable |
1,779,931 |
2,299,447 |
|
Inventories |
6,355,406 |
3,188,412 |
|
Other Current Assets
|
191,201 |
50,034 |
|
Total Current
Assets |
12,591,060 |
9,766,098 |
|
|
|
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Fixed Assets |
3,011,961 |
3,919,845 |
|
Deferred Leasehold Right |
2,617,541 |
2,758,330 |
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Other Assets |
64,797 |
182,220 |
|
Total Assets
|
18,285,359 |
16,626,493 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Trade Accts. Payable |
5,229,975 |
725,078 |
|
Accrued Expenses |
1,065,354 |
1,652,869 |
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Loan from Director |
- |
2,500,000 |
|
Accrued Income Tax |
219,538 |
650,200 |
|
Other Current Liabilities |
19,531 |
131,977 |
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Total Current
Liabilities |
6,534,398 |
5,660,124 |
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Other Liabilities |
102,807 |
102,807 |
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Total Liabilities |
6,637,205 |
5,762,931 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000 |
12,000,000 |
|
Capital Paid |
12,000,000 |
12,000,000 |
|
Retained Earning -
Unappropriated |
[351,846] |
[1,136,438] |
|
Total
Shareholders' Equity |
11,648,154 |
10,863,562 |
|
Total
Liabilities & Shareholders' Equity |
18,285,359 |
16,626,493 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales & Services |
23,505,921 |
28,469,519 |
|
Other Income |
939 |
6,811 |
|
Total Revenues
|
23,506,860 |
28,476,330 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
15,587,927 |
18,940,359 |
|
Selling & Administrative Expenses |
6,665,995 |
6,677,222 |
|
Total Expenses |
22,253,922 |
25,617,581 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,252,938 |
2,858,749 |
|
Interest Expenses |
[11,844] |
[72,756] |
|
Income Tax |
[456,502] |
[934,631] |
|
Net Profit / [Loss] |
784,592 |
1,851,372 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[17.43] |
|
|
Operating Profit |
[46.92] |
|
|
Net Profit |
[57.62] |
|
|
Fixed Assets |
[23.16] |
|
|
Total Assets |
9.98 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
66.31 |
66.53 |
|
Operating Profit Margin |
5.33 |
10.04 |
|
S & A
Expenses |
28.36 |
23.45 |
|
Interest Paid |
0.05 |
0.26 |
|
Other Revenues |
0.00 |
0.02 |
|
Net Profit Margin |
3.34 |
6.50 |
|
Earning Per Shares |
6.54 |
15.43 |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was decreased by 17.43%, Operating Profit was decreased by 46.92%, Net Profit was decreased by 57.62%, Fixed Assets was decreased by 23.16%, Total Assets was increased by 9.98%.
Compare each cost
with sales, Cost of
Good Sold was decreased from
66.53% to 66.31%,
Operating Profit Margin
was decreased from
10.04% to 5.33%,
S & A
Expenses was increased
from 23.45% to
28.36%, Interest Paid was
decreased from 0.26%
to 0.05%, Other
Revenues was decreased
from 0.02% to
0.00%, Net Profit
Margin was decreased
from 6.50% to
3.34%.
Earning Per Shares
was decreased from
15.43 baht per
share to 6.54
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.93 |
1.73 |
|
Quick-Assets Ratio |
0.93 |
1.15 |
Current Ratio was
increased from 1.73
to 1.93, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.15 to 0.93,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.57 |
0.53 |
|
Times Interest Earned |
105.79 |
39.29 |
D/E Ratio was
increased from 0.53
to 0.57, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
39.29 to 105.79,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
7.80 |
7.26 |
|
Total Assets Turnover |
1.29 |
1.71 |
|
Return on Assets |
4.29 |
11.14 |
|
Return on Equity |
6.74 |
17.04 |
|
Day's Payable |
80.10 |
9.17 |
|
Day’s Inventories |
97.33 |
40.32 |
|
Day’s Receivables |
27.26 |
29.08 |
Fixed Assets Turnover
was increased from
7.26 times to
7.80 times, Total
Assets Turnover was
decreased from 1.71
times to 1.29
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 11.14 to
4.29, Return on
Equity was decreased
from 17.04 to
6.74, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 10
days to 81
days, and Day’s
Inventories was increased
from 41 days
to 98 days,
while Day’s Receivables
was decreased from
30 days to
28 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 |
|
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 |
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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%)