MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EXTRA TRUCK COVER CO., LTD. |
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Registered Office : |
96/7
Moo 2, T. Pantainorasingh, Muang, Samutsakorn 74000 |
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Country : |
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Financials (as on) : |
31.05.2006 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
0105535096228 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and distributing of
canvas covered for
vehicle, pick-up car,
truck and trailer. |
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
EXTRA TRUCK COVER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 96/7
MOO 2, T. PANTAINORASINGH,
MUANG, SAMUTSAKORN
74000
TELEPHONE : [66] 2416-4041,
2416-3616
FAX : [66] 2416-1128
REGISTRATION ADDRESS : 1748/21-22 NEW
ROAD, YANNAWA, SATHORN,
ESTABLISHED : 1992
REGISTRATION NO. : 0105535096228 [Former : 9597/2535]
CAPITAL
REGISTERED : BHT.
37,000,000
CAPITAL
PAID-UP : BHT.
37,000,000
FISCAL
YEAR CLOSING DATE : MAY 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANANT SURIYAPRAPADILOK, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 55
LINES OF
BUSINESS : CANVAS COVERED
MANUFACTURER 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 June 29,
1992 as a
private limited company by
Thai group, the Suriyaprapadilok family,
under the name
style EXTRA TRUCK
COVER CO., LTD.,
in order to
manufacture and distribute
canvas covered to domestic
markets. It currently
employs 55 staff.
The
subject’s registered address
is 1748/21-22 New
Rd., Yannawa, Sathorn,
Bangkok 10120, while
the current operation
address is located
at 96/7 Moo
2, T. Pantainorasingh, A. Muang,
Samutsakorn province 74000.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Anant Suriyaprapadilok |
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Thai |
45 |
|
Mr. Sukij Suriyaprapadilok |
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Thai |
38 |
AUTHORIZED PERSON
Both of the
above directors 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.
Mr. Sukij Suriyaprapadilok is
the Assistant Managing
Director.
He is Thai
nationality with the age of
38 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of
canvas covered for
vehicle, pick-up car,
truck and trailer.
PURCHASE
Raw materials; plastic
resin, plastic sheet,
and components are
purchased from suppliers
and agents both
domestic and overseas
mainly in Japan,
Singapore and Taiwan.
SALES
100% of the
products is sold
locally by wholesale
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 Awning
Co., Ltd.
Business Type : Importer and
distributor of awning
and canvas 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
according to IRICO’S
DATABASE 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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 55
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial.
Warehouse
is located at
96/6 Moo 2, T.
Pantainorasingh, A. Muang, Samutsakorn
74000.
COMMENT
The
subject has been
enjoying its business
growth. Slow economy
has not been
affected on the
company’s business. Its
sales revenue is
moderate and growing
steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 12,000,000
on November 6,
1998
Bht. 37,000,000
on August 16,
2005
The
latest registered capital
was increased to
Bht. 37,000,000 divided into
370,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
September 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Anant Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
104,000 |
28.11 |
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Mr. Sukij Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
104,000 |
28.11 |
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Mrs.
Mayuree Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
55,000 |
14.86 |
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Ms. Chanida Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
41,750 |
11.28 |
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Ms. Lalita Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
41,750 |
11.28 |
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Mrs.
Jaithip Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
21,750 |
5.88 |
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Ms. Prinda Suriyaprapadilok Nationality: Thai Address : 1769
New Rd., Yannawa,
Sathorn, |
1,750 |
0.48 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Paibul Paspanthong No. 4149
BALANCE SHEET [BAHT]
The
latest financial figures
published for May 31, 2006
& 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
5,403,808.98 |
4,206,372.15 |
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Trade Accts. Receivable |
1,827,285.14 |
2,828,722.88 |
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Inventories |
5,977,196.13 |
7,153,342.35 |
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Other Current Assets
|
1,692,914.88 |
1,084,152.43 |
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Total Current
Assets |
14,901,205.13 |
15,272,589.81 |
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Fixed Assets |
136,204,463.83 |
15,013,019.20 |
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Other Assets |
61,733.27 |
97,969.94 |
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Total Assets
|
151,167,402.23 |
30,383,578.95 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
5,236,836.18 |
9,325,117.43 |
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Current Portion of Hire-purchase Payable |
157,009.32 |
- |
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Current Portion of Long-term
Loan |
8,638,711.08 |
- |
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Loan from Share |
20,130,000.00 |
- |
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Accrued Income Tax |
534,478.14 |
479,272.85 |
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Guarantee |
5,472,280.38 |
115,000.00 |
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Other Current Liabilities |
753,109.42 |
1,524,828.32 |
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Total Current
Liabilities |
40,922,424.52 |
11,444,218.60 |
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Hire-purchase Payable Net
of Current Portion |
26,168.22 |
- |
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Long-term Loan Net
of Current Portion |
64,170,163.72 |
- |
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Total Liabilities |
105,118,756.46 |
11,444,218.60 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 370,000 & 120,000
shares in 2006 & 2005 |
37,000,000.00 |
12,000,000.00 |
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Capital Paid |
37,000,000.00 |
12,000,000.00 |
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Retained Earning -
Unappropriated |
9,048,645.77 |
6,939,360.35 |
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Total
Shareholders' Equity |
46,048,645.77 |
18,939,360.35 |
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Total
Liabilities & Shareholders' Equity |
151,167,402.23 |
30,383,578.95 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
34,095,894.01 |
27,661,937.38 |
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Interest Income |
35,566.12 |
13,623.48 |
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Other Income |
61,459.86 |
177,335.88 |
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Total Revenues
|
34,192,919.99 |
27,852,896.74 |
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Expenses |
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Cost of Goods
Sold |
24,802,970.11 |
20,685,884.49 |
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Selling & Administrative Expenses |
5,414,253.40 |
4,185,967.75 |
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Total Expenses |
30,217,223.51 |
24,871,852.24 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
3,975,696.48 |
2,981,044.50 |
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Interest Expenses |
[925,866.02] |
[242.79] |
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Income Tax |
[940,545.04] |
[918,956.48] |
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Net Profit / [Loss] |
2,109,285.42 |
2,061,845.23 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
23.26 |
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Operating Profit |
8.20 |
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Net Profit |
2.30 |
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Fixed Assets |
807.24 |
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Total Assets |
397.53 |
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Profitability |
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Cost of Good
Sold |
72.74 |
74.78 |
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Operating Profit Margin |
11.66 |
10.78 |
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S & A
Expenses |
15.88 |
15.13 |
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Interest Paid |
2.72 |
0.00 |
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Other Revenues |
0.28 |
0.69 |
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Net Profit Margin |
6.19 |
7.45 |
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Earning Per Shares |
5.70 |
17.18 |
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No. of Shares |
370,000 |
120,000 |
Net Sales was
increased by 23.26%,
Operating Profit was
increased by 8.20%,
Net Profit was
increased by 2.30%,
Fixed Assets was
increased by 807.24%,
Total Assets was
increased by 397.53%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 74.78%
to 72.74%, Operating
Profit Margin was
increased from 10.78%
to 11.66%, S
& A Expenses
was increased from
15.13% to 15.88%,
Interest Paid was increased
from 0.00% to
2.72%, Other Revenues
was decreased from
0.69% to 0.28%,
Net Profit Margin
was decreased from
7.45% to 6.19%.
Earning Per Shares
was decreased from
17.18 baht per
share to 5.70
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.36 |
1.33 |
|
Quick-Assets Ratio |
0.18 |
0.61 |
Current Ratio was
decreased from 1.33
to 0.36, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was decreased
from 0.61 to
0.18, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.28 |
0.60 |
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Times Interest Earned |
4.29 |
12,278.28 |
D/E Ratio was
increased from 0.60
to 2.28, 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
12,278.28 to 4.29,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
0.25 |
1.84 |
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Total Assets Turnover |
0.23 |
0.91 |
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Return on Assets |
1.40 |
6.79 |
|
Return on Equity |
4.58 |
10.89 |
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Day's Payable |
55.29 |
121.36 |
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Day’s Inventories |
63.11 |
93.10 |
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Day’s Receivables |
19.29 |
36.81 |
Fixed Assets Turnover
was decreased from
1.84 times to
0.25 times, Total
Assets Turnover was
decreased from 0.91
times to 0.23
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 6.79 to
1.40, Return on
Equity was decreased
from 10.89 to
4.58, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 122
days to 56
days, Day’s Inventories
was decreased from
94 days to
64 days, and
Day’s Receivables was
decreased from 37
days to 20
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)