MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HUA SIANG COMPANY LIMITED |
|
|
|
|
Registered Office : |
611/5 Soi Raj-Uthis 2, Pradoo 1 Road, T. Bangklo, A. Bangkorlaem, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
26.03.1979 |
|
|
|
|
Com. Reg. No.: |
0105522006136 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Pigment and
Textile Chemicals |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
HUA SIANG COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 611/5 SOI RAJ-UTHIS 2,
PRADOO 1 ROAD,
T.
BANGKLO, A. BANGKORLAEM,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2291-0770-1
FAX : [66] 2291-0773
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION NO. : 0105522006136
[Former : 616/2522]
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 : MRS.
JARIYA FONG-AMORNKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : PIGMENT AND TEXTILE CHEMICALS
IMPORTER AND
DISTRIBUTOR
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 March 26,
1979 as a
private limited company under the name style
HUA SIANG COMPANY
LIMITED by Thai
group, with the
business objective to
import and distribute
pigment and textile
chemicals to domestic
for textile industry.
It currently employs
9 staff.
The
subject’s registered address
is located at
611/5 Soi Raj-uthis
2, Pradoo 1
Rd., Bangklo, Bangkorlaem, Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Jariya Fong-amornkul |
|
Thai |
55 |
|
Mrs. Tassanee Choosroypin |
|
Thai |
52 |
|
Mr. Varayuth Thamakorn |
|
Thai |
57 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Jariya Fong-amornkul is
the Managing Director.
She is Thai nationality with
the age of
55 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of pigment
and dyed chemical
for textile industry.
PURCHASE
Most of the
products are imported
from Republic of
China and Taiwan,
the remaining is
purchased from local
supplier.
SALES
100% of the
products is sold
locally 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
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/ residential area.
REMARK
CREDIT
OF US$ 500,000 SHOULD BE
IN ORDER.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
December 14, 1994,
the capital was
increased to Bht.
8,000,000 divided into
80,000 shares of
Bht. 100 each.
On
December 2, 2002,
the capital was
decreased to Bht. 5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 10,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Jariya Fong-amornkul Nationality: Thai Address : 611/5
Pradoo 1 Rd.,
Bangklo,
Bangkorlaem, Bangkok |
22,000 |
44.00 |
|
Mr.
Varayuth Thamakorn Nationality: Thai Address : 819/45
Bangpongpang, Yannawa, Bangkok |
10,000 |
20.00 |
|
Mr.
Surachai Fong-amornkul Nationality: Thai Address : 321/4 Trok Tonpho,
Bangkorlaem, Bangkok |
9,500 |
19.00 |
|
Mrs.
Tassanee Chusroypin Nationality: Thai Address : 55
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
5,000 |
10.00 |
|
Mrs.
Chuanpis Vorachart Nationality: Thai Address : 321/4 Trok Tonpho, Bangkorlaem, Bangkok |
2,500 |
5.00 |
|
Mrs. Chanida
Fong-amornkul Nationality: Thai Address : 321/4
Trok Tonpho, Bangkorlaem, Bangkok |
500 |
1.00 |
|
Mr. Surasak
Fong-amornkul Nationality: Thai Address : 141/65
Moo 6, Samaedam,
Bangkhunthien, Bangkok |
500 |
1.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Chintana
Techamontrikul No. 5131
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
18,161.62 |
36,532.94 |
|
Cash at bank
under Commitment |
2,371,337.77 |
2,271,200.74 |
|
Trade Accts. Receivable |
6,682,763.32 |
6,652,721.13 |
|
Inventories |
5,015,215.27 |
4,124,955.22 |
|
Other Current Assets
|
38,716.31 |
29,218.53 |
|
Total Current
Assets |
14,126,194.29 |
13,114,628.56 |
|
Cash at Bank under Commitment
|
|
|
|
Fixed Assets |
1,538,554.82 |
725,179.40 |
|
Intangible Assets |
1.00 |
1.00 |
|
Other Assets |
13,600.50 |
13,754.94 |
|
Total Assets |
15,678,350.61 |
13,853,563.90 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft from
Bank |
83,961.02 |
73,452.49 |
|
Trade Accts. Payable |
1,752,397.85 |
1,168,581.24 |
|
Short Term Loan from
Related Company |
570,000.00 |
240,000.00 |
|
Other Current Liabilities |
491,391.05 |
456,304.70 |
|
Total Current
Liabilities |
2,897,749.92 |
1,938,338.43 |
|
Total Liabilities |
2,897,749.92 |
1,938,338.43 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 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 |
|
Statutory Reserve |
50,000.00 |
50,000.00 |
|
Retained Earning -
Unappropriated |
7,730,600.69 |
6,865,225.47 |
|
Total
Shareholders' Equity |
12,780,600.69 |
11,915,225.47 |
|
Total
Liabilities & Shareholders' Equity |
15,678,350.61 |
13,853,563.90 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income |
23,310,062.50 |
21,426,643.36 |
|
Other Income |
251,169.77 |
151,734.43 |
|
Total Revenues
|
23,561,232.27 |
21,578,377.79 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,541,812.33 |
15,876,966.71 |
|
Selling & Administrative Expenses |
4,966,499.16 |
4,645,438.63 |
|
Total Expenses |
22,505,311.49 |
20,522,405.34 |
|
Profit / [Loss] Before Interest
Expenses |
1,052,920.78 |
1,055,972.45 |
|
Interest Expenses |
[149.08] |
[183.56] |
|
Income Tax |
[187,396.48] |
[171,318.73] |
|
Net Profit / [Loss] |
865,375.22 |
884,470.16 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
8.79 |
|
|
Operating Profit |
[8.35] |
|
|
Net Profit |
[2.16] |
|
|
Fixed Assets |
112.16 |
|
|
Total Assets |
13.17 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
75.25 |
74.10 |
|
Operating Profit Margin |
4.52 |
4.93 |
|
S & A
Expenses |
21.31 |
21.68 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
1.08 |
0.71 |
|
Net Profit Margin |
3.71 |
4.13 |
|
Earning Per Shares |
17.31 |
17.69 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 8.79%,
Operating Profit was
decreased by 8.35%, Net Profit was
decreased by 2.16%,
Fixed Assets was
increased by 112.16%,
Total Assets was
increased by 13.17%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 74.10%
to 75.25%, Operating
Profit Margin was
decreased from 4.93%
to 4.52%, S
& A Expenses
was decreased from
21.68% to 21.31%,
Interest Paid was decreased
from 0.00% to
0.00%, Other Revenues
was increased from
0.71% to 1.08%,
Net Profit Margin
was decreased from
4.13% to 3.71%.
Earning Per Shares
was decreased from
17.69 baht per
share to 17.31
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
4.87 |
6.77 |
|
Quick-Assets Ratio |
3.13 |
4.62 |
Current Ratio was
decreased from 6.77
to 4.87, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
4.62 to 3.13,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.23 |
0.16 |
|
Times Interest Earned |
7,062.79 |
5,752.74 |
D/E Ratio was
increased from 0.16
to 0.23, 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
5,752.74 to 7,062.79,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
15.15 |
29.55 |
|
Total Assets Turnover |
1.49 |
1.55 |
|
Return on Assets |
5.52 |
6.38 |
|
Return on Equity |
6.77 |
7.42 |
|
Day's Payable |
27.06 |
19.63 |
|
Day’s Inventories |
77.45 |
69.31 |
|
Day’s Receivables |
103.21 |
111.78 |
Fixed Assets Turnover
was decreased from
29.55 times to
15.15 times, Total
Assets Turnover was
decreased from 1.55
times to 1.49
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 6.38 to
5.52, Return on
Equity was decreased
from 7.42 to
6.77, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 20
days to 28
days, and Day’s
Inventories was increased
from 70 days
to 78 days, while Day’s
Receivables was decreased
from 112 days
to 104 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
UK Pound |
1 |
Rs. |
|
Euro |
1 |
Rs. |
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%)