MIRA
INFORM REPORT
|
Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STONE
TRADE CO., LTD. |
|
|
|
|
Registered Office : |
35/45
Moo 3, Pattanakarn Road, Taweewattana,
Bangkok 10700 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
26.06.2003 |
|
|
|
|
Com. Reg. No.: |
0105546073852 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importing and distributing wide range of decoration stones, including granite,
marble 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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NAME OF THE COMPANY
STONE TRADE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 35/45 MOO 3, PATTANAKARN
ROAD,
TAWEEWATTANA, BANGKOK
10700
TELEPHONE : [66] 2889-1601-3, 081 870-1730
FAX : [66] 2889-1607
E-MAIL ADDRESS : jain@jaingranite.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546073852
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 : MR. RACHEN JAIN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 6
LINES OF
BUSINESS : STONE
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on June 26,
2003 as a
private limited company under the name style
STONE TRADE CO.,
LTD., by Thai groups, with the business
objective to import
and distribute decoration
stone to domestic
market. It currently
employs 6 staff.
The
subject’s registered address
is 35/45 Moo 3, Pattanakarn Rd., Taweewattana, Bangkok 10700, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Rachen Jain
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rachen Jain
is the Managing Director.
He is Thai nationality with
the age of
49 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of decoration stones,
including granite, marble
and others.
IMPORT
Most
of the products are imported
from India, Republic
of China, Brazil,
Vietnam, Norway, Finland,
South Africa, Australia
and others.
SALES
100% of the
products is sold
locally by wholesale
and retail to
traders and end-users.
RELATED AND AFFILIATED COMPANY
Jain Granite
Co., Ltd.
Business Type :
Importer and distributor
of granite.
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
TMB Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 6
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A TERMS
SHOULD BE ON SECURED
BASIS.
COMMENT
Demand
of stones such
as granite and
marble are depending
upon construction industry.
At present construction industry is slowing
down from economic
uncertainty. The subject’s
sales revenue in
2006-2007 were likely
contract from slow
growth of construction sector.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
September 23, 2004,
the capital was
increased to Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rachen Jain Nationality: Thai Address : 35/45
Moo 3, Taweewattana, Bangkok |
4,000 |
40.00 |
|
Capt. R.N.
Sukhon Rantasewee Nationality: Thai Address : 90/261
Moo 9, Krathumlom, Sampran, Nakornpathom |
3,500 |
35.00 |
|
Mrs. Sukanya Siripanich Nationality: Thai Address : 692/89
Petchburi Rd., Thanon
Petchburi,
Rajthevee, Bangkok |
500 |
5.00 |
|
Mr. Pongsak Siripanich Nationality: Thai Address : 125/12
Tivanont Rd., Bangkrasor, Muang, Nonthaburi |
500 |
5.00 |
|
Mr. Santi Asawarangseekul Nationality: Thai Address : 159/79
Songprapa Rd., Seekan,
Donmuang, Bangkok |
500 |
5.00 |
|
Mr.
Chanchai Asawarangseekul Nationality: Thai Address : 90/81
Onnuch Rd., Pravet,
Bangkok |
500 |
5.00 |
|
Mr.
Dermsith Siripanich Nationality: Thai Address : 125/12
Tivanont Rd., Bangkrasor, Muang, Nonthaburi |
500 |
5.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sutham Lertvitchuhat No.
5173
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
122,911.77 |
37,765.01 |
|
Short Term Loan
to Directors |
1,000,000.00 |
2,100,000.00 |
|
Inventories |
3,955,720.00 |
2,792,660.00 |
|
Other Current Assets
|
30,000.00 |
63,000.00 |
|
Total Current
Assets |
5,108,631.77 |
4,993,425.01 |
|
|
|
|
|
Fixed Assets [note 2] |
125,691.53 |
173,408.04 |
|
Total Assets |
5,234,323.30 |
5,166,833.05 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Other Current Liabilities [note 3] |
22,143.30 |
20,070.72 |
|
Total Current
Liabilities |
22,143.30 |
20,070.72 |
|
Total Liabilities |
22,143.30 |
20,070.72 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
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 |
|
Retained Earning -
Unappropriated |
212,180.00 |
146,762.33 |
|
Total
Shareholders' Equity |
5,212,180.00 |
5,146,762.33 |
|
Total
Liabilities & Shareholders' Equity |
5,234,323.30 |
5,166,833.05 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
5,032,083.82 |
7,482,142.37 |
|
Other Income |
30,261.69 |
63,216.85 |
|
Total Revenues
|
5,062,345.51 |
7,545,359.22 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,845,098.38 |
6,103,274.92 |
|
Selling & Administrative Expenses |
1,140,285.16 |
1,353,110.68 |
|
Total Expenses |
4,985,383.54 |
7,456,385.60 |
|
Profit / [Loss] Before Income
Tax |
76,961.97 |
88,973.62 |
|
Interest Expenses |
[11,544.30] |
[13,346.04] |
|
Net Profit / [Loss] |
65,417.67 |
75,627.58 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2006 |
2005 |
|
|
|
|
|
Cash in hand |
112,388.50 |
35,843.88 |
|
Cash at bank |
10,523.27 |
1,921.13 |
|
Total
|
122,911.77 |
37,765.01 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Office Automation |
53,626.17 |
49,897.20 |
|
Hand Tools |
206,850.19 |
206,850.19 |
|
Total |
260,476.36 |
256,747.39 |
|
Less: Depreciation |
[134,784.83] |
[83,339.35] |
|
Total
|
125,691.53 |
173,408.04 |
NOTE 3
Other Current Liabilities
|
|
2006 |
2005 |
|
|
|
|
|
Accrued Value Added
Tax |
3,244.00 |
76.33 |
|
Accrued Social Securities |
2,600.00 |
2,990.00 |
|
Accrued Auditor Fee |
9,000.00 |
9,000.00 |
|
Accrued Withholding Income
Tax |
1,005.00 |
658.35 |
|
Accrued Income Tax |
6,294.30 |
7,346.04 |
|
Total
|
22,143.30 |
20,070.72 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[32.75] |
|
|
Operating Profit |
28.62 |
|
|
Net Profit |
[13.50] |
|
|
Fixed Assets |
[27.52] |
|
|
Total Assets |
1.31 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
76.41 |
81.57 |
|
Operating Profit Margin |
1.53 |
1.19 |
|
S & A
Expenses |
22.66 |
18.08 |
|
Interest Paid |
0.23 |
0.18 |
|
Other Revenues |
0.60 |
0.84 |
|
Net Profit Margin |
1.30 |
1.01 |
|
Earning Per Shares |
1.31 |
1.51 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 32.75%,
Operating Profit was
increased by 28.62%,
Net Profit was
decreased by 13.50%,
Fixed Assets was
decreased by 27.52%,
Total Assets was
increased by 1.31%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 81.57%
to 76.41%, Operating
Profit Margin was
increased from 1.19%
to 1.53%, S
& A Expenses
was increased from
18.08% to 22.66%,
Interest Paid was increased
from 0.18% to
0.23%, Other Revenues
was decreased from
0.84% to 0.60%,
Net Profit Margin
was increased from
1.01% to 1.30%.
Earning Per Shares
was decreased from
1.51 baht per
share to 1.31
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
230.71 |
248.79 |
|
Quick-Assets Ratio |
50.71 |
106.51 |
Current Ratio was
decreased from 248.79
to 230.71, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
106.51 to 50.71,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.00 |
0.00 |
|
Times Interest Earned |
6.67 |
6.67 |
D/E Ratio was increased from
0.00 to 0.00,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low, Times Interest
Earned was decreased
from 6.67 to
6.67, capacity to
pay interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
40.04 |
43.15 |
|
Total Assets Turnover |
0.96 |
1.45 |
|
Return on Assets |
1.25 |
1.46 |
|
Return on Equity |
1.26 |
1.47 |
|
Day’s Inventories |
283.00 |
134.37 |
Fixed Assets Turnover
was decreased from
43.15 times to
40.04 times, Total
Assets Turnover was
decreased from 1.45
times to 0.96
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 1.46
to 1.25, Return
on Equity was
decreased from 1.47
to 1.26, capacity
to use Assets to make
profit was good.
Day’s Inventories was
increased from 135
days to 283
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%)