MIRA
INFORM REPORT
|
Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CENTRAL DEPARTMENT STORE
[WAREHOUSE] |
|
|
|
|
Registered Office : |
661/1
Charoennakorn Road, Bukkalo, Thonburi, Bangkok
10600 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Legal Form : |
Branch
Office |
|
|
|
|
Line of Business : |
Warehouse Operator |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Name
CENTRAL DEPARTMENT STORE
[WAREHOUSE]
SUMMARY
BUSINESS
ADDRESS : 661/1 CHAROENNAKORN ROAD, BUKKALO,
THONBURI, BANGKOK
10600, THAILAND
TELEPHONE : [66] 2877-8000,
2877-9500
FAX :
[66] 2877-9527
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
LEGAL
STATUS : BRANCH OFFICE
EXECUTIVE : MR. THOS CHIRATHIWAT, THAI
WAREHOUSE DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : WAREHOUSE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
HISTORY
The
subject was registered
as a branch office and
warehouse of Central
Department Store Ltd., named CENTRAL DEPARTMENT STORE [WAREHOUSE],
with the activity to operate as a Central Department Store’s
warehouse. It currently employs approximately 250
staff.
The
subject’s business address
is 661/1 Charoennakorn Rd., Bukkalo, Thonburi,
Bangkok 10600, while
the headquarter is at 1027 Ploenchit
Rd., Chidlom, Lumpini,
Pathumwan, Bangkok 10330.
MANAGEMENT
Mrs. Yuwadee Bricharnchitr is
the President.
She is Thai nationality with
the age of
55 years old.
Mr. Thos Chirathiwat is
the Warehouse Director.
He is Thai nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject’s main
activity is a
warehouse operator, to
stock, supply and
circulate wide range of local and
international products to
Central Department Store
and the group
of companies, such
as Robinson Department
Store, B2S book
center, and Homeworks
[construction and decorative
center] throughout the
country.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 250 staff [warehouse
only].
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
NOTE
The
subject is one
of Central Department
Store’s branch office
and warehouse, which
currently has 22
branches both in
Bangkok and up-country.
COMMENT
Subject
operated as a
warehouse for Central
Department Store. It
is one branch of
Central Department Store
group currently stocks
and supplies variety merchandises to the companies
in the group.
FINANCIAL INFORMATION
[Central Department
Store Ltd.]
The capital
was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 10,000,000 on January 20,
1977
Bht. 20,000,000 on April 25,
1988
Bht. 80,000,000 on December 27,
1991
Bht. 3,335,000,000 on
June 26, 1995
The
latest registered capital
was increased to Bht. 3,335,000,000 divided
into 333,500,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED WERE :
[ as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
Central Retail Corporation Ltd. Nationality: Thai Address : 22 Ploenchit
Rd., Lumpini,
Pathumwan, Bangkok 10330 |
333,499,973 |
100.00 |
|
Mr. Wanchai Chirathiwat Nationality: Thai Address : 118/1 Gozze Rd.,
Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Suthiporn Chirathiwat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Suthichai Chirathiwat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Suthikiat Chirathiwat Nationality: Thai Address : 22/5 Moo 9, Phaholyotin Rd.,
Ladyao, Jatujak, Bangkok
10900 |
3 |
- |
|
Mr. Suthichart Chirathiwat Nationality: Thai Address : 118/2 Gozze
Rd., Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Suthitham Chirathiwat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Suthisak Chirathiwat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Prin Chirathiwat Nationality: Thai Address : 22/15 Phaholyothin 23 Rd., Ladyao,
Jatujak, Bangkok 10900 |
3 |
- |
|
Mr. Thos Chirathiwat Nationality: Thai Address : 22/14 Phaholyothin 23 Rd., Ladyao,
Jatujak, Bangkok 10900 |
3 |
- |
Total Shareholders :
10
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vinij Silamongkol No.
3378
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,525,244,077 |
1,785,460,612 |
|
Short-term Investment |
719,560,059 |
10,162,696 |
|
Trade Accounts Receivable |
1,202,910,927 |
868,095,864 |
|
Inventories |
1,780,091,237 |
2,124,576,172 |
|
Other Current Assets
|
211,952,724 |
344,987,634 |
|
|
|
|
|
Total Current Assets
|
5,439,759,024 |
5,133,282,978 |
|
Investment in Equity
Securities |
1,625,366,397 |
814,201,852 |
|
Long-term Loan from
Person & Related
Company |
103,109,442 |
781,225,726 |
|
Fixed Assets |
4,197,758,437 |
4,224,994,962 |
|
Deferred Leasehold Right |
3,810,807,730 |
3,823,343,785 |
|
Intangible Assets |
19,168,014 |
18,381,376 |
|
Other Assets |
280,952,942 |
84,378,024 |
|
Total Assets |
15,476,921,986 |
14,879,808,703 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
95,753,810 |
167,357,808 |
|
Trade Accounts Payable |
4,171,106,731 |
3,760,514,998 |
|
Current Portion from
Financial Institute |
166,800,000 |
454,732,040 |
|
Short-term Loan &
Accrued Interest from
Related Company |
1,738,242,795 |
923,438,190 |
|
Current Portion of
Contract Liabilities |
156,415,909 |
108,000,000 |
|
Accrued Income Tax |
349,347,259 |
375,040,803 |
|
Other Current Liabilities |
2,110,448,393 |
2,480,232,622 |
|
|
|
|
|
Total Current Liabilities |
8,788,114,897 |
8,269,316,461 |
|
Contract Liabilities Net
of Current Portion |
641,300,000 |
883,736,000 |
|
Long-term Loan -
Net of Current
Portion |
137,739,378 |
- |
|
Unrecognized Income from
Leasehold Right |
308,032,528 |
363,063,720 |
|
Other Current Liabilities |
- |
20,100,000 |
|
Total Liabilities |
9,875,186,803 |
9,536,216,181 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 333,500,000 shares |
3,335,000,000 |
3,335,000,000 |
|
|
|
|
|
Capital Paid |
3,335,000,000 |
3,335,000,000 |
|
Retained Earning Statutory Reserve |
333,500,000 |
333,500,000 |
|
Unappropriated |
1,933,235,183 |
1,675,092,522 |
|
Total Shareholders' Equity |
5,601,735,183 |
5,343,592,522 |
|
Total Liabilities &
Shareholders' Equity |
15,476,921,986 |
14,879,808,703 |
PROFIT & LOSS
ACCOUNT
|
Sales |
2007 |
2006 |
|
|
|
|
|
Sales |
23,631,670,869 |
22,644,791,500 |
|
Rental & Services
Income |
1,482,381,066 |
1,162,039,502 |
|
Interest Income |
48,808,706 |
58,716,130 |
|
Other Income |
1,146,171,628 |
1,279,915,268 |
|
Total Sales s |
26,309,032,269 |
25,145,462,400 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,369,740,517 |
16,510,742,564 |
|
Selling & Administrative Expenses |
6,456,673,709 |
5,672,523,671 |
|
Total Expenses |
23,826,414,226 |
22,183,266,235 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
2,482,618,043 |
2,962,196,165 |
|
Interest Expenses |
[130,186,328] |
[128,823,663] |
|
Income Tax |
[793,639,054] |
[864,982,187] |
|
Net Profit / [Loss] |
1,558,792,661 |
1,968,390,315 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
4.36 |
|
|
Operating Profit |
[19.69] |
|
|
Net Profit |
[20.81] |
|
|
Fixed Assets |
[0.64] |
|
|
Total Assets |
4.01 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
73.50 |
72.91 |
|
Operating Profit Margin |
10.51 |
13.08 |
|
S & A
Expenses |
27.32 |
25.05 |
|
Interest Paid |
0.55 |
0.57 |
|
Other Sales s |
11.33 |
11.04 |
|
Net Profit Margin |
6.60 |
8.69 |
|
Earning Per Shares |
4.67 |
5.90 |
|
No. of Shares |
333,500,000 |
333,500,000 |
Net Sales was
increased by 4.36%,
Operating Profit was
decreased by 19.69%,
Net Profit was
decreased by 20.81%,
Fixed Assets was
decreased by 0.64%,
Total Assets was
increased by 4.01%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 72.91%
to 73.50%, Operating
Profit Margin was
decreased from 13.08%
to 10.51%, S
& A Expenses
was increased from
25.05% to 27.32%,
Interest Paid was decreased
from 0.57% to
0.55%, Other Sales s
was increased from
11.04% to 11.33%,
Net Profit Margin
was decreased from
8.69% to 6.60%.
Earning Per Shares
was decreased from
5.90 baht per
share to 4.67
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.62 |
0.62 |
|
Quick-Assets Ratio |
0.39 |
0.32 |
Current Ratio was
decreased from 0.62
to 0.62, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.32 to 0.39,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.76 |
1.78 |
|
Times Interest Earned |
19.07 |
22.99 |
D/E Ratio was
decreased from 1.78
to 1.76, 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
22.99 to 19.07,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
5.63 |
5.36 |
|
Total Assets Turnover |
1.53 |
1.52 |
|
Return on Assets |
10.07 |
13.23 |
|
Return on Equity |
27.83 |
36.84 |
|
Day's Payable |
63.54 |
59.78 |
|
Day’s Inventories |
27.12 |
33.78 |
|
Day’s Receivables |
18.32 |
13.80 |
Fixed Assets Turnover
was increased from
5.36 times to
5.63 times, Total
Assets Turnover was
increased from 1.52
times to 1.53
times, show the
company could use Assets so
efficiently, Return on
Assets was decreased
from 13.23 to
10.07, Return on
Equity was decreased
from 36.84 to
27.83, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 60
days to 64
days, while Day’s
Inventories was decreased
from 34 days
to 28 days, but Day’s
Receivables was increased
from 14 days
to 19 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
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%)