MIRA
INFORM REPORT
|
Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIVE STAR PLUS CO., LTD. |
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Registered Office : |
911 Moo 15,Theparak Road, T. Bangsaothong, A. Bangsaothong, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
31.03.2005 |
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Com. Reg. No.: |
0105548045961 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture Contractor of Garment |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
FIVE STAR PLUS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 911
MOO 15, THEPARAK
ROAD, T. BANGSAOTHONG,
A.
BANGSAOTHONG, SAMUTPRAKARN 10540
TELEPHONE : [66] 2706-0206-8
FAX : [66] 2706-0228
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION NO. : 0105548045961
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SUPOJ PAKAVORAWUTH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : GARMENT
MANUFACTURE CONTRACTOR
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 31,
2005 as a
private limited company under the name style
FIVE STAR PLUS
CO., LTD., by
Thai groups, with
the business objective
to provide manufacturing service various kinds
of garments to
both domestic and
oversea markets. It
currently employs approximately 120 staff. Subject
is a company in Saha
Pathanapibul Group.
The
subject’s registered address is 911 Moo 15, Theparak Rd.,
Bangsaothong, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Manu Leelanuwat |
|
Thai |
63 |
|
Mr. Varin Leelanuwat |
|
Thai |
62 |
|
Mrs. Somporn Tiyavibulsiri |
|
Thai |
60 |
|
Mrs. Daranee Manavanichcharoen |
|
Thai |
57 |
|
Mr. Vichai Suthitivanit |
|
Thai |
57 |
|
Mr. Supoj Pakavorawuth |
|
Thai |
51 |
|
Mrs. Sasithorn Chokewattana |
|
Thai |
46 |
|
Mr. Chailert Manoonphol |
|
Thai |
49 |
|
Mr. Teerada Amphanwong |
|
Thai |
38 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Supoj Pakavorawuth is
the Managing Director.
He is Thai nationality with
the age of
51 years old.
Mr. Andregs Kirn
is the General Manager.
He is American nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service wide range
of garments for
men, women and
children, under customer’s
requirement and brands.
PURCHASE
Raw materials and accessories
are purchased from
suppliers in both domestic
and overseas, such
as Hong Kong,
Republic of China,
India, Taiwan and
Germany.
SALES
80% of the products is
served locally by
wholesale to traders,
and the remaining
20% is exported to many
countries in Asia
and Europe.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 120 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
The
subject was formed
in 2005 as
a manufacturer of
garments for men,
women and children.
Its products volume
remained small, as
well as high
operation costs which
was turned subject
to finally loss in
2007. However, its
sales and production
are expected to
grow slowly due
to the markets of Thai
garment is not promising
especially in overseas,
which has been
caused by strong
competitor like China producers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000
divided into 500,000
shares of Bht. 100 each.
MAIN SHAREHOLDERS
[as
at April 29,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Saha Pathana
Inter Holding Public
Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
97,500 |
19.50 |
|
I.C.C International Public Co., Ltd. Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
97,500 |
19.50 |
|
Thai Wacoal
Public Company Limited Nationality: Thai Address : 930/1
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
85,000 |
17.00 |
|
Thanulux Public
Company Limited Nationality: Thai Address : 129/1
Nonsee Rd., Chongnonsi, Yannawa, Bangkok |
84,993 |
16.99 |
|
Champ Ace
Co., Ltd. Nationality: Thai Address : 3885/2
Sathupradit Rd., Bangklo,
Bangkorlaem, Bangkok |
55,000 |
11.00 |
|
People Garment
Public Company Limited Nationality: Thai Address : 666
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
25,000 |
5.00 |
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I.D.F. Co.,
Ltd. Nationality: Thai Address : 747/161-162 Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
20,000 |
4.00 |
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|
|
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Sareeraporn Co.,
Ltd. Nationality: Thai Address : 729-729/1
Ratchadapisek Rd., Bangpongpang,
Yannawa, Bangkok |
12,500 |
2.50 |
|
Ramasorn Taweekarn
Co., Ltd. Nationality: Thai Address : 129/1
Nonsee Rd., Chongnonsi, Yannawa, Bangkok |
12,500 |
2.50 |
|
Naraporn Co.,
Ltd. Nationality: Thai Address : 666
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
10,000 |
2.00 |
|
Others |
7 |
0.01 |
Total Shareholders : 17
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Nathee Saeng-udomlert No.
300
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
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Cash in hand
& at Bank
|
305,981.96 |
98,678.64 |
|
Trade Accts. Receivable |
2,087,154.02 |
1,054,332.61 |
|
Current Portion of Long Term Loans |
120,000.00 |
3,635,558.39 |
|
Inventories |
8,505,883.42 |
4,148,678.06 |
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Other Current Assets
|
1,236,797.33 |
160,422.47 |
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Total Current
Assets |
12,255,816.73 |
9,097,670.17 |
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Cash at Bank under Commitment
|
209,206.50 |
201,237.50 |
|
Long Term Loan
to Related Person |
3,398,684.64 |
- |
|
Fixed Assets |
32,398,131.26 |
34,040,017.58 |
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Intangible Assets |
208,380.05 |
234,331.62 |
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Other Assets |
9,300.00 |
6,000.00 |
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Total Assets |
48,479,519.18 |
43,579,256.87 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
3,513,096.11 |
1,106,066.67 |
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Trade Accts. Payable |
418,619.74 |
236,636.77 |
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Short Term Loan
from Related Company |
24,000,000.00 |
8,500,000.00 |
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Other Current Liabilities |
1,431,678.21 |
710,185.90 |
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Total Current Liabilities
|
29,363,394.06 |
10,552,889.34 |
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Total Liabilities |
29,363,394.06 |
10,552,889.34 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
[30,883,874.88] |
[16,973,632.47] |
|
Total Shareholders'
Equity |
19,116,125.12 |
33,026,367.53 |
|
Total
Liabilities & Shareholders' Equity |
48,479,519.18 |
43,579,256.87 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales Income |
17,325,385.00 |
10,810,320.83 |
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Other Income |
484,897.94 |
404,899.78 |
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Total Revenues
|
17,810,282.94 |
11,215,220.61 |
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Expenses |
|
|
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Cost of Goods
Sold |
15,236,364.75 |
9,775,232.38 |
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Selling & Administrative Expenses |
15,564,750.97 |
14,653,067.09 |
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Total Expenses |
30,801,115.72 |
24,428,299.47 |
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Profit / [Loss] Before Interest
Expenses |
[12,990,832.78] |
[13,213,078.86] |
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Interest Expenses |
[919,409.63] |
[358,508.06] |
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Net Profit / [Loss] |
[13,910,242.41] |
[13,571,586.92] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
60.27 |
|
|
Operating Profit |
[38.65] |
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Net Profit |
[2.50] |
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Fixed Assets |
[4.82] |
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Total Assets |
11.24 |
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Profitability |
|
|
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Cost of Good
Sold |
87.94 |
90.42 |
|
Operating Profit Margin |
[74.98] |
[122.23] |
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S & A
Expenses |
89.84 |
135.55 |
|
Interest Paid |
5.31 |
3.32 |
|
Other Revenues |
2.80 |
3.75 |
|
Net Profit Margin |
[80.29] |
[125.54] |
|
Earning Per Shares |
[27.82] |
[27.14] |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
increased by 60.27%,
Operating Profit was
decreased by 38.65%,
Net Profit was
decreased by 2.50%,
Fixed Assets was
decreased by 4.82%,
Total Assets was
increased by 11.24%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.43%
to 87.94%, Operating
Profit Margin was
increased from -122.23%
to -74.98%, S
& A Expenses
was decreased from
135.55% to 89.84%,
Interest Paid was increased
from 3.32% to 5.31%, Other
Revenues was decreased
from 3.75% to
2.80%, Net Profit
Margin was increased
from -125.54% to
-80.29%.
Earning Per Shares
was decreased from
-27.14 baht per
share to -27.82
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.42 |
0.86 |
|
Quick-Assets Ratio |
0.09 |
0.45 |
Current Ratio was
decreased from 0.86
to 0.42, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.45 to 0.09,
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 |
1.54 |
0.32 |
|
Times Interest Earned |
[14.13] |
[36.86] |
D/E Ratio was
increased from 0.32
to 1.54, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
-36.86 to -14.13,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
0.53 |
0.32 |
|
Total Assets Turnover |
0.36 |
0.25 |
|
Return on Assets |
[28.69] |
[31.14] |
|
Return on Equity |
[72.77] |
[41.09] |
|
Day's Payable |
8.70 |
7.88 |
|
Day’s Inventories |
176.74 |
138.16 |
|
Day’s Receivables |
43.37 |
35.11 |
Fixed Assets Turnover
was increased from
0.32 times to
0.53 times, Total
Assets Turnover was
increased from 0.25
times to 0.36
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-31.14 to -28.69,
Return on Equity
was decreased from
-41.09 to -72.77,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
increased from 8
days to 9 days, Day’s
Inventories was increased
from 139 days
to 177 days, and Day’s
Receivables was increased
from 36 days
to 44 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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%)