MIRA
INFORM REPORT
|
Report Date : |
28.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NAKARIN
VINYL LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
72
Moo 8, Mitraphap
Road, T. Nongnamdaeng, A.
Pakchong, Nakornratchasima 30130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
04.09.2003 |
|
|
|
|
Com. Reg. No.: |
0303546002862 |
|
|
|
|
Legal Form : |
Limited
Partnership |
|
|
|
|
Line of Business : |
Vinyl
Decorative Products
Manufacturer, Distributor and
Service Provider |
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
NAKARIN VINYL
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 72
MOO 8, MITRAPHAP ROAD, T. NONGNAMDAENG,
A.
PAKCHONG, NAKORNRATCHASIMA 30130
TELEPHONE : [66] 44
265-581-5
FAX : [66] 44
365-586
E-MAIL
ADDRESS : support@nakaringroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0303546002862
[Former : 23354600285]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT. 5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MS. RASAMEE SIMCHAROEN, THAI
MANAGING PARTNER
NO.
OF STAFF : 60
LINES
OF BUSINESS : VINYL DECORATIVE PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND SERVICE
PROVIDER
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 formed
on September 4,
2003 as a
limited partnership under the
name style NAKARIN
VINYL LIMITED PARTNERSHIP, by Thai group, with
the business objective
to manufacture and
distribute vinyl decorative
products for construction project. It currently
employs approximately 60
staff.
The subject’s registered address is 72
Moo 8, Mitraphap Rd., Nongnamdaeng, Pakchong, Nakornratchasima 30130,
and this is
the subject’s current
operation address.
THE AUTHORIZED PERSON
Ms. Rasmee Simcharoen can
sign on behalf
of the subject with seal
affixed.
MANAGEMENT
Ms. Rasmee Simcharoen
is the Managing Partner.
She is Thai nationality with
the age of
39 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing of
vinyl decorative products,
such as vinyl
doors, vinyl window
and window frame,
as well as
providing of installation service for construction project.
BRAND NAME
“WINDSOR”
PURCHASE
100% of raw material, mainly as PVC
board is purchased
from local supplier.
SALES
100% of the
products is sold
locally by wholesale
to construction and
decoration contractors and end-users.
RELATED AND AFFILIATED COMPANIES
Nakarin Decormart
Co., Ltd.
Business Type :
Dealer of sanitary
wares.
Nakarin
Pakchong Marble Limited
Partnership
Business Type :
Manufacturer and distributor
of marble.
Nakarin Marble
and Granite Co.,
Ltd.
Business Type :
Manufacturer and distributor
of marble and
granite products.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 60 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and showroom
at the heading address. Premise
is located in
provincial.
COMMENT
The
subject produced premium
quality products such
as door and
window including frames.
Its products have
been widely used
in high-end construction especially
residence, which are
looked modern and
beautiful with high
grade materials.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 which
was carried by 2
persons as followed:
Name Age Amount
Ms. Rasmee
Simcharoen [39] Bht.
4,500,000 [Unlimited Partner]
Ms. Pornvimol Chaysaeng [26] Bht.
500,000
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
None
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
65,558.91 |
100,929.53 |
|
Trade Accts. Receivable |
1,905,586.23 |
2,811,239.57 |
|
Inventories |
11,945,675.07 |
8,452,219.51 |
|
Other Current Assets
|
74,844.73 |
201,659.85 |
|
|
|
|
|
Total Current
Assets |
13,991,664.94 |
11,566,048.46 |
|
Fixed Assets |
3,156,548.45 |
3,076,266.27 |
|
Other Assets |
20,000.00 |
20,000.00 |
|
Total Assets |
17,168,213.39 |
14,662,314.73 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
573,387.98 |
1,027,970.28 |
|
Short-term Loan from
Person or Related
Company |
11,200,000.00 |
10,600,000.00 |
|
Other Current Liabilities |
2,277,585.52 |
623,489.02 |
|
|
|
|
|
Total Current
Liabilities |
14,050,973.50 |
12,251,459.30 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
1,117,239.89 |
410,855.43 |
|
Total
Shareholders' Equity |
3,117,239.89 |
2,410,855.43 |
|
Total
Liabilities & Shareholders' Equity |
17,168,213.39 |
14,662,314.73 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Service
Income |
28,673,551.40 |
22,632,106.53 |
|
Total Revenues
|
28,673,551.40 |
22,632,106.53 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
22,963,724.73 |
19,786,003.07 |
|
Selling & Administrative Expenses |
4,872,754.19 |
2,486,675.59 |
|
Total Expenses |
27,836,478.92 |
22,272,678.66 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
837,072.48 |
359,427.87 |
|
Income Tax |
[130,688.02] |
[61,514.24] |
|
|
|
|
|
Net Profit / [Loss] |
706,384.46 |
297,913.63 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
26.69 |
|
|
Operating Profit |
83.82 |
|
|
Net Profit |
137.11 |
|
|
Fixed Assets |
2.61 |
|
|
Total Assets |
17.09 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.09 |
87.42 |
|
Operating Profit Margin |
2.92 |
1.59 |
|
S & A
Expenses |
16.99 |
10.99 |
|
Net Profit Margin |
2.46 |
1.32 |
Net Sales was
increased by 26.69%,
Operating Profit was
increased by 83.82%,
Net Profit was
increased by 137.11%,
Fixed Assets was increased by
2.61%, Total Assets
was increased by
17.09%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 87.42%
to 80.09%, Operating
Profit Margin was
increased from 1.59%
to 2.92%, S
& A Expenses
was increased from
10.99% to 16.99%,
Net Profit Margin
was increased from
1.32% to 2.46%.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.00 |
0.94 |
|
Quick-Assets Ratio |
0.14 |
0.24 |
Current Ratio was
increased from 0.94
to 1.00, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.24 to 0.14,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
4.51 |
5.08 |
D/E Ratio was
decreased from 5.08
to 4.51, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
9.08 |
7.36 |
|
Total Assets Turnover |
1.67 |
1.54 |
|
Return on Assets |
4.11 |
2.03 |
|
Return on Equity |
22.66 |
12.36 |
|
Day's Payable |
7.20 |
16.35 |
|
Day’s Inventories |
149.98 |
134.45 |
|
Day’s Receivables |
23.92 |
44.72 |
Fixed Assets Turnover
was increased from
7.36 times to
9.08 times, Total
Assets Turnover was
increased from 1.54
times to 1.67
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
2.03 to 4.11,
Return on Equity
was increased from
12.36 to 22.66,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 17
days to 8
days, while Day’s
Inventories was increased
from 135 days
to 150 days, but Day’s
Receivables was decreased
from 45 days
to 24 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%)