MIRA
INFORM REPORT
|
Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM INDO TOOLS LIMITED |
|
|
|
|
Registered Office : |
Suite 505, Sita
Building, 388 Mahaesak
Road, Suriyawongse,
Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
24.06.2008 |
|
|
|
|
Date of Incorporation : |
25.06.1976 |
|
|
|
|
Com. Reg. No.: |
0105519006775 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer
and Distributor of
Cutting Tools |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
SIAM INDO TOOLS LIMITED
SUMMARY
BUSINESS ADDRESS : SUITE 505, SITA BUILDING, 388 MAHAESAK ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2233-3960, 2266-3514-5
FAX :
[66] 2236-6923
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1976
REGISTRATION NO.
: 0105519006775
CAPITAL REGISTERED : BHT. 6,500,000
CAPITAL PAID-UP : BHT. 6,500,000
FISCAL YEAR CLOSING
DATE : JUNE
24
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. UDAI CHAND GUNECHA, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 26
LINES OF BUSINESS : CUTTING TOOLS
MANUFACTURER 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 June 25,
1976 as a
private limited company under the name style
SIAM INDO TOOLS
LIMITED by Thai and
Indian groups, with
the business objective
to manufacture various
kinds of cutting
tools to domestic
market. It currently
employs approximately 26
staff.
The
subject’s registered address
is 388 Mahaesak Rd., Suriyawongse, Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Udai Chand Gunecha |
|
Indian |
57 |
|
Mr. Nash Purswani |
|
Indian |
45 |
|
Mr. Vikram Hata |
|
Indian |
33 |
|
Mr. Nirin Sajdev |
|
Thai |
79 |
|
Mr. Jaturong Polnil |
|
Thai |
46 |
|
Mrs. Chantana
Thamrongveerachart |
|
Thai |
40 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Udai Chand Gunecha
is the Managing Director.
He is Indian nationality with
the age of
57 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing various
kinds of cutting
tools, such as
hack saw blade,
jig saws, slitting
saws, band saws,
tool bits, bow
saws and etc.
MAJOR BRANDS
“HADA” and “ROCKET”
PURCHASE
Raw materials and
equipments are purchased
from suppliers in
both domestic and
overseas, mainly Japan, Taiwan and Germany.
SALES
90% of the products is
sold locally by
wholesale to dealers,
manufacturers and end-users,
the remaining 10%
is exported to
India.
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.
Bharat Overseas Bank
Ltd.
EMPLOYMENT
The
subject employs approximately 26 staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
a prime commercial
area.
Factory
is located at
57 Moo 7, Sai
Asia Rd., T.
Banmai, A. Maharaj,
Ayudhya 13150 Tel
: [66] 389-186
REMARK
CREDIT
OF US$ 10,000,000 D/A
IS NOT RECOMMENDED.
COMMENT
The
company was formed
in 1976 as
a manufacturer and
distributor of cutting
tools in response
to the demand of industrial
sectors. Its performance
closely links with the
condition of domestic
industrial sectors, which
are likely to
expand at slower
pace than the
previous year.
Despite
sales income and
profit in 2008
were reported increased
from the previous
year, but economic
outlook and impact
of political setback
would slow down its
sales for this
fiscal year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,500,000 divided
into 55,000 shares of
Bht. 100 each.
On
February 28, 1984,
the capital was
increased to Bht. 6,500,000
divided into 65,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at October
20, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Karom Chand
Bohara
Nationality: Indian Address : 45/50
Sukhumvit 59 Rd.,
Klongtoey, Bangkok |
30,750 |
47.31 |
|
Mrs. Prem Kalra Nationality: Indian Address : Sathupradit Rd., Bangpongpang, Yannawa, Bangkok |
14,000 |
21.54 |
|
Mrs. Bimladebi Gunecha Nationality: Indian Address : 64/16
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
12,000 |
18.46 |
|
Mr. Udai Chand Gunecha Nationality: Indian Address : 25/6
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
3,240 |
4.98 |
|
Mr. Prawin Kumar Gunecha Nationality: Indian Address : 57
Moo 1, Asia
Highway, Banmai,
Maharaj, Ayuthaya |
2,690 |
4.14 |
|
Mr. Prawin Gunecha Nationality: Indian Address : 64/16
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
2,290 |
3.52 |
|
|
|
|
|
Ms. Busaba Kumaree Gunecha Nationality: Indian Address : 64/16
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
10 |
|
|
Mr. Asoke Jen Nationality: Indian Address : Sathupradit Rd., Bangpongpang, Yannawa, Bangkok |
10 |
= 0.05 |
|
Mrs. Manishar Jen Nationality: Indian Address : 168/102
Sukhumvit 23 Rd.,
Klongtoeynua,
Wattana, Bangkok |
10 |
|
Total Shareholders :
9
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Pichit Srimabchantha No.
1501
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
24, 2008 &
2007 were:
ASSETS
|
Current Assets |
2008 |
2007 |
|
Current Assets |
|
|
|
Cash in
Hand |
22,602.62 |
55,589.75 |
|
Trade Accts.
Receivable |
4,916,422.38 |
4,563,715.38 |
|
Inventories |
|
|
|
Finished Goods |
1,517,710.30 |
1,780,792.70 |
|
Goods in
Process |
85,456.00 |
70,237.40 |
|
Raw Material |
12,293,532.77 |
13,282,448.11 |
|
Factory Supplies |
789,211.01 |
894,004.79 |
|
Other Assets |
96,114.50 |
53,752.48 |
|
|
|
|
|
Total Current Assets
|
19,721,049.58 |
20,700,540.61 |
|
|
|
|
|
Fixed Assets Land |
2,400,000.00 |
2,400,000.00 |
|
Building |
8,059,226.81 |
8,028,646.81 |
|
Machinery &
Equipment |
14,062,394.77 |
12,477,394.77 |
|
Office Appliance
& Office Equipment |
1,100,382.79 |
1,027,924.85 |
|
Vehicle |
2,665,000.00 |
2,665,000.00 |
|
|
28,287,004.37 |
26,598,966.43 |
|
Less: Accumulated Depreciation |
[17,518,684.89] |
[16,320,923.17] |
|
Fixed Assets -
Net |
10,768,319.48 |
10,278,043.26 |
|
Other Assets |
220,700.00 |
220,700.00 |
|
Total Assets |
30,710,069.06 |
31,199,283.87 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2008 |
2007 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
6,756,620.81 |
9,093,583.15 |
|
Trade Accts. Payable
& Accrued Expenses |
2,785,142.03 |
2,493,790.65 |
|
Loan from Director |
11,410,000.00 |
9,820,000.00 |
|
|
|
|
|
Total Current Liabilities |
20,951,762.84 |
21,407,373.80 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 65,000 shares |
6,500,000.00 |
6,500,000.00 |
|
|
|
|
|
Capital Paid |
6,500,000.00 |
6,500,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
650,000.00 |
650,000.00 |
|
General Reserve |
10,000,000.00 |
10,000,000.00 |
|
Unappropriated |
[7,391,693.78] |
[7,358,089.93] |
|
Total Shareholders' Equity |
9,758,306.22 |
9,791,910.07 |
|
Total Liabilities & Shareholders' Equity |
30,710,069.06 |
31,199,283.87 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2008 |
2007 |
|
|
|
|
|
Sales |
17,467,738.08 |
11,740,472.75 |
|
Total Revenues |
17,467,738.08 |
11,740,472.75 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
14,812,787.39 |
9,376,690.83 |
|
Selling & Administrative Expenses |
2,350,532.11 |
2,232,102.52 |
|
Total Expenses |
17,163,319.50 |
11,608,793.35 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
304,418.58 |
131,679.40 |
|
Interest Expenses |
- |
- |
|
Income Tax |
[338,022.43] |
[318,744.99] |
|
|
|
|
|
Net Profit / [Loss] |
33,603.85 |
[187,065.59] |
|
Retained Earning
[deficit], beginning of
year |
[7,358,089.93] |
[7,171,024.34] |
|
Retained Earning
[deficit], end of
year |
[7,391,693.78] |
[7,358,089.93] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2008 |
2007 |
|
Net Sales |
48.78 |
|
|
Operating Profit |
55.38 |
|
|
Net Profit |
117.96 |
|
|
Fixed Assets |
4.77 |
|
|
Total Assets |
[1.57] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.80 |
79.87 |
|
Operating Profit Margin |
1.74 |
1.12 |
|
S & A
Expenses |
13.46 |
19.01 |
|
Net Profit Margin |
0.19 |
[1.59] |
|
Earning Per Shares |
0.52 |
[2.88] |
|
No. of Shares |
65,000 |
65,000 |
Net Sales was
increased by 48.78%,
Operating Profit was
increased by 55.38%,
Net Profit was
increased by 117.96%,
Fixed Assets was
increased by 4.77%,
Total Assets was
decreased by 1.57%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 79.87%
to 84.80%, Operating
Profit Margin was
increased from 1.12%
to 1.74%, S
& A Expenses
was decreased from
19.01% to 13.46%,
,Net Profit Margin
was increased from
-1.59% to 0.19%.
Earning Per Shares
was increased from
-2.88 baht per
share to 0.52
baht per share.
Liquidity
|
Liquidity |
2008 |
2007 |
|
Current Ratio |
0.94 |
0.97 |
|
Quick-Assets Ratio |
0.24 |
0.22 |
Current Ratio was decreased from
0.97 to 0.94,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, Quick-Assets Ratio
was increased from
0.22 to 0.24,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2008 |
2007 |
|
D/E Ratio |
2.15 |
2.19 |
D/E Ratio was
decreased from 2.19
to 2.15, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2008 |
2007 |
|
Fixed Assets Turnover |
1.62 |
1.14 |
|
Total Assets Turnover |
0.57 |
0.38 |
|
Return on Assets |
0.11 |
[0.60] |
|
Return on Equity |
0.34 |
[1.91] |
|
Day’s Inventories |
302.67 |
491.45 |
|
Day’s Receivables |
101.32 |
139.94 |
Fixed Assets Turnover
was increased from
1.14 times to 1.62 times, Total
Assets Turnover was
increased from 0.38
times to 0.57
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-0.60 to 0.11,
Return on Equity
was increased from
-1.91 to 0.34,
capacity to use
Assets to make
profit was good.
Day’s Inventories was
decreased from 492
days to 303
days, and Day’s
Receivables was decreased
from 140 days
to 102 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.75.03 |
|
Euro |
1 |
Rs.63.14 |
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%)