MIRA
INFORM REPORT
|
Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
OSWALE
ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
1558/81
Mooban Klangkrung, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0105543086741 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in importing
and distributing wide range
of industrial chemicals
for domestic industries,
such as paint,
printing ink, rubber,
plastic and others. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
OSWALE ENTERPRISE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1558/81 MOOBAN
KLANGKRUNG, BANGNA-TRAD
ROAD, BANGNA,
TELEPHONE : [66] 2182-0212-4
FAX : [66] 2182-0215
E-MAIL ADDRESS : oswale_e@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543086741
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 : MS.
SIRICHAN RACHAKIJ, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
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 14,
2000 as a
private limited company under
the name style
OSWALE ENTERPRISE CO.,
LTD., by Thai
groups, to distribute
wide range of
industrial chemicals for
various industries. It
currently employs 12
staff.
The
subject’s registered address
was initially located
at 72/169 Moo
11, Soi Samakki,
Sukhumvit 103 Rd.,
Dokmai, Prawes, Bangkok
10250.
On
July 25, 2007,
it was relocated
to 1558/81 Mooban Klangkrung, Bangna-Trad
Rd., Bnagna, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Sirichan Rachakij |
|
Thai |
43 |
|
Mr. Vichai Saelee |
|
Thai |
66 |
|
Mrs. Benjaporn Asawanilsri |
|
Thai |
35 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Sirichan Rachakij
is the Managing
Director.
She is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide range
of industrial chemicals
for domestic industries,
such as paint,
printing ink, rubber,
plastic and others.
PURCHASE
Most of the
products are imported from
United States of America,
Germany, Taiwan.
SALES
100% of the
products is sold
and supplied locally
by wholesale to
manufacturers 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.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject is doing
moderate business. Its
sales were normal
but stable growth.
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,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Sirichan Rachakij Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai, Prawes, |
3,396 |
33.96 |
|
Mr. Suphat Rachakij Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai, Prawes, |
3,300 |
33.00 |
|
Mr.
Peeradej Rachakij Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai, Prawes, |
3,300 |
33.00 |
|
Mrs. Kobsuk Saelai Nationality: Thai Address : 72/169
Sukhumvit 103 Rd.,
Dokmai, Prawes, |
1 |
0.01 |
|
Mr. Vichai Saelai Nationality: Thai Address : |
1 |
0.01 |
|
Ms. Aree Cheungmahakun Nationality: Thai Address : 9
Soi 10, Klongrean
2, Hadyai, Songkhla |
1 |
0.01 |
|
Ms.
Prapaphan Wongprawat Nationality: Thai Address : 46
Moo 4, Jedsamean,
Photharam, Ratchaburi |
1 |
0.01 |
Total Shareholders
7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vinai Teerawit No.
1202
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,504,101.56 |
855,547.97 |
|
Trade Accts. Receivable |
1,193,735.10 |
783,240.00 |
|
Inventories |
1,942,162.20 |
733,782.75 |
|
Other Current Assets
|
5,527.67 |
- |
|
Total Current
Assets |
4,645,526.53 |
2,372,570.72 |
|
|
|
|
|
Fixed Assets |
500,519.17 |
616,789.58 |
|
Total Assets
|
5,146,045.70 |
2,989,360.30 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
137,495.00 |
373,590.50 |
|
Short Term Loan
from Directors |
2,350,000.00 |
350,000.00 |
|
Current Portion of Long
Term Liabilities |
134,392.56 |
134,392.56 |
|
Other Current Liabilities |
828,393.90 |
503,125.42 |
|
Total Current
Liabilities |
3,450,281.46 |
1,361,108.48 |
|
Other Liabilities |
156,791.32 |
291,183.88 |
|
Total Liabilities |
3,607,072.78 |
1,652,292.36 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
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 |
538,972.92 |
337,067.94 |
|
Total
Shareholders' Equity |
1,538,972.92 |
1,337,067.94 |
|
Total
Liabilities & Shareholders' Equity |
5,146,045.70 |
2,989,360.30 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
16,204,655.49 |
10,851,898.79 |
|
Other Income |
16,077.26 |
49.33 |
|
Total Revenues
|
16,220,732.75 |
10,851,948.12 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
13,257,620.43 |
8,707,905.27 |
|
Selling & Administrative Expenses |
2,723,751.53 |
1,983,692.01 |
|
Total Expenses |
15,981,371.96 |
10,691,597.28 |
|
Profit / [Loss] Before Income
Tax |
239,360.79 |
160,350.84 |
|
Income Tax |
[37,455.81] |
[26,756.82] |
|
Net Profit / [Loss] |
201,904.98 |
133,594.02 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
49.33 |
|
|
Operating Profit |
[0.04] |
|
|
Net Profit |
51.13 |
|
|
Fixed Assets |
[18.85] |
|
|
Total Assets |
72.15 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
81.81 |
80.24 |
|
Operating Profit Margin |
1.48 |
1.48 |
|
S & A
Expenses |
16.81 |
18.28 |
|
Other Revenues |
0.10 |
0.00 |
|
Net Profit Margin |
1.25 |
1.23 |
|
Earning Per Shares |
20.19 |
13.36 |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 49.33%,
Operating Profit was
decreased by 0.04%,
Net Profit was
increased by 51.13%,
Fixed Assets was
decreased by 18.85%,
Total Assets was
increased by 72.15%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 80.24%
to 81.81%, Operating
Profit Margin was
decreased from 1.48%
to 1.48%, S
& A Expenses
was decreased from
18.28% to 16.81%,
Other Revenues was
increased from 0.00%
to 0.10%, Net
Profit Margin was
increased from 1.23%
to 1.25%.
Earning Per Shares
was increased from
13.36 baht per
share to 20.19
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.35 |
1.74 |
|
Quick-Assets Ratio |
0.78 |
1.20 |
Current Ratio was
decreased from 1.74
to 1.35, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.20 to 0.78,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.34 |
1.24 |
D/E Ratio was
increased from 1.24
to 2.34, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
32.38 |
17.59 |
|
Total Assets Turnover |
3.15 |
3.63 |
|
Return on Assets |
3.92 |
4.47 |
|
Return on Equity |
13.12 |
9.99 |
|
Day's Payable |
3.05 |
12.39 |
|
Day’s Inventories |
43.15 |
24.34 |
|
Day’s Receivables |
26.52 |
25.98 |
Fixed Assets Turnover
was increased from
17.59 times to
32.38 times, Total
Assets Turnover was
decreased from 3.63
times to 3.15
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 4.47 to
3.92, Return on
Equity was increased
from 9.99 to
13.12, capacity to
use Assets to
make profit was
good.
Day's Payable was decreased from
13 days to
4 days, while
Day’s Inventories was
increased from 25
days to 44 days, and
Day’s Receivables was
increased from 26
days to 27 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. |
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%)