MIRA INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
CERNIC INTERNATIONAL CO., LTD |
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Registered Office : |
77/37-38 Putthamonthon Sai 5 Road, T. Raikhing, A. Sampran,
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
19.01.1994 |
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Com. Reg. No.: |
0735537000150 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Kaolin and Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
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 |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY NAME
CERNIC INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 77/37-38 PUTTHAMONTHON
SAI 5 ROAD,
T. RAIKHING,
A. SAMPRAN,
TELEPHONE : [66] 2811-9050-70
FAX :
[66] 2811-9071-3
E-MAIL
ADDRESS : cernic@cernicinter.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0735537000150
CAPITAL REGISTERED : BHT. 35,000,000
CAPITAL PAID-UP : BHT.
35,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PORNCHAI NATAKLAO, THAI
MANAGING DIRECTOR
NO. OF STAFF : 12
LINES OF BUSINESS : KAOLIN AND CHEMICALS
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on January
19, 1994 as
a private limited
company under the
name style CERNIC
INTERNATIONAL COMPANY LIMITED
by Thai groups,
with the business
objective to import
and distribute kaolin and
chemicals for local
ceramic industry. Subject
currently employs 12
staff.
The subject’s registered
address is 77/37-38
Putthamonthon Sai 5 Rd.,
T. Raikhing, A.
Sampran, Nakornpathom 73210,
and this is
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Pornchai Nataklao |
[x] |
Thai |
58 |
|
Mrs. Yosawadee Nataklao |
|
Thai |
58 |
|
Ms. Kamolthip Chumjit |
|
Thai |
48 |
|
Mrs. Sumalee Vijitkul |
|
Thai |
43 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pornchai Nataklao
is the Managing
Director.
He is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and distributor of
kaolin and chemicals
for local ceramic
industry.
PURCHASE
80% of the
products is imported
from Japan and
France, the remaining
20% is purchased
from local suppliers.
SALES [LOCAL]
100% of the
products is sold
locally to manufacturers
and wholesalers.
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 T/T.
BANKING
Kasikornbank Public Co.,
Ltd.: [Nakornpathom Branch]
EMPLOYMENT
The subject employs
12 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for operating
administrative office and
warehouse at the
heading address. Premise
is located on
the outskirts of
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT USD
100,000.
COMMENT
Since the country
economic slowdown hit
many industries, the
ceramic industry was also affected
as property sector
was in slow
demand. However subject
current business performance
is growing better due to
good market prospect
from industry improvement.
At the present,
many producers are
reluctant to upgrade
an advanced ceramics
because they are
uncertain about their
marketability for both
domestic and international.
FINANCIAL INFORMATION
The capital was
registered at Bht.
20,000,000 divided into
200,000 shares of
Bht. 100 each.
On December 4,
1998 the capital
was increased to
Bht. 35,000,000 divided into
350,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
Mr. Pornchai Nataklao Nationality: Thai Address : 12
Soi Charansanitwong 53,
Bangbamru,
Bangplad, |
250,000 |
71.43 |
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Mrs. Yosawadee Nataklao Nationality: Thai Address : 12
Soi Charansanitwong 53, Bangbamru,
Bangplad, |
33,000 |
9.43 |
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Ms. Atima Nataklao Nationality: Thai Address : 12
Soi Charansanitwong 53,
Bangbamru,
Bangplad, |
33,000 |
9.43 |
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Ms. Natanich Nataklao Nationality: Thai Address : 12
Soi Charansanitwong 53,
Bangbamru,
Bangplad, |
33,000 |
9.43 |
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Mr. Bancha Thanomboon Nationality: Thai Address : Nongkham,
|
500 |
0.14 |
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Ms. Kamolthip Chumjit Nationality: Thai Address : 16/1 Moo
5, T. Kokechang, A.
Pakhai,
Phranakornsriayudhya |
250 |
0.07 |
|
Mrs. Sumalee Vijitkul Nationality: Thai Address : 257
Soi Yimprayoon, Bangsue, |
250 |
0.07 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vorasak Yimpienpatr
No. 3054
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
19,539,599.82 |
18,533,436.54 |
|
Short-term Investment |
5,462,260.15 |
5,349,097.19 |
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Trade Accounts & Notes
Receivable |
5,156,117.32 |
6,302,809.75 |
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Inventories |
26,037,699.16 |
28,049,496.54 |
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Other Current Assets |
3,404,367.82 |
3,638,245.38 |
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Total Current Assets
|
59,600,044.27 |
61,873,085.40 |
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Fixed Assets |
6,233,562.88 |
7,505,929.59 |
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Intangible Assets |
9,764.16 |
12,558.37 |
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Other Assets |
160,747.66 |
160,747.66 |
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Total Assets |
66,004,118.97 |
69,552,321.02 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
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Loan from Financial Institute |
4,640,780.52 |
5,222,132.00 |
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Trade Accounts Payable |
375,506.89 |
737,380.59 |
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Accrued Income Tax |
- |
97,123.98 |
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Accrued Expenses |
3,153,530.20 |
5,639,305.73 |
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Other Current Liabilities |
449,868.33 |
474,877.87 |
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Total Current Liabilities |
8,619,685.94 |
12,170,820.17 |
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Total Liabilities |
8,619,685.94 |
12,170,820.17 |
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Shareholders’ Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 350,000 shares |
35,000,000.00 |
35,000,000.00 |
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Capital Paid |
35,000,000.00 |
35,000,000.00 |
|
Statutory Reserve |
822,500.00 |
822,500.00 |
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Retained Earning-
Unappropriated |
21,561,933.03 |
21,559,000.85 |
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Total Shareholders' Equity |
57,384,433.03 |
57,381,500.85 |
|
Total Liabilities & Shareholders' Equity |
66,004,118.97 |
69,552,321.02 |
PROFIT & LOSS ACCOUNT
|
Sales |
2009 |
2008 |
|
|
|
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Sales |
25,136,331.65 |
35,116,306.86 |
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Other Income |
693,724.37 |
614,880.26 |
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Total Sales |
25,830,056.02 |
35,731,187.12 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
13,690,964.24 |
19,181,329.15 |
|
Selling Expenses |
3,302,594.20 |
4,973,843.15 |
|
Administrative Expenses |
8,636,421.08 |
10,532,010.30 |
|
Other Expenses |
- |
159,569.38 |
|
Financial Expenses |
185,897.71 |
303,807.94 |
|
Total Expenses |
25,815,877.23 |
35,150,559.92 |
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Profit / [Loss] before Income
Tax |
14,178.79 |
580,627.20 |
|
Income Tax |
[11,246.61] |
[237,157.32] |
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Net Profit / [Loss] |
2,932.18 |
343,469.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
6.91 |
5.08 |
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QUICK RATIO |
TIMES |
3.50 |
2.48 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
4.03 |
4.68 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.38 |
0.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
694.16 |
533.75 |
|
INVENTORY TURNOVER |
TIMES |
0.53 |
0.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
74.87 |
65.51 |
|
RECEIVABLES TURNOVER |
TIMES |
4.88 |
5.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.01 |
14.03 |
|
CASH CONVERSION CYCLE |
DAYS |
759.02 |
585.23 |
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PROFITABILITY
RATIO |
|
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COST OF GOODS SOLD |
% |
54.47 |
54.62 |
|
SELLING & ADMINISTRATION |
% |
47.50 |
44.16 |
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INTEREST |
% |
0.74 |
0.87 |
|
GROSS PROFIT MARGIN |
% |
48.29 |
47.13 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.06 |
1.65 |
|
NET PROFIT MARGIN |
% |
0.01 |
0.98 |
|
RETURN ON EQUITY |
% |
0.01 |
0.60 |
|
RETURN ON ASSET |
% |
0.00 |
0.49 |
|
EARNING PER SHARE |
BAHT |
0.01 |
0.98 |
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LEVERAGE RATIO |
|
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DEBT RATIO |
TIMES |
0.13 |
0.17 |
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DEBT TO EQUITY RATIO |
TIMES |
0.15 |
0.21 |
|
TIME INTEREST EARNED |
TIMES |
0.08 |
1.91 |
|
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|
ANNUAL GROWTH |
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|
|
SALES GROWTH |
% |
(28.42) |
|
|
OPERATING PROFIT |
% |
(97.56) |
|
|
NET PROFIT |
% |
(99.15) |
|
|
FIXED ASSETS |
% |
(16.95) |
|
|
TOTAL ASSETS |
% |
(5.10) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
48.29 |
Impressive |
Industrial Average |
26.41 |
|
Net Profit Margin |
0.01 |
Impressive |
Industrial Average |
(14.23) |
|
Return on Assets |
0.00 |
Impressive |
Industrial Average |
(3.31) |
|
Return on Equity |
0.01 |
Impressive |
Industrial Average |
(4.36) |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 48.29%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin is 0.01%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator in a dominant position within its
industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets is 0%, higher
figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant position
within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity is
0.01%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
6.91 |
Deteriorated |
Industrial Average |
31.37 |
|
Quick Ratio |
3.50 |
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Cash Conversion Cycle |
759.02 |
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The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 6.91 times in 2009, increase from 5.08 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 3.5 times in 2009,
increase from 2.48 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash is
tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 760 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.13 |
Impressive |
Industrial Average |
1.03 |
|
Debt to Equity Ratio |
0.15 |
Impressive |
Industrial Average |
2.18 |
|
Times Interest Earned |
0.08 |
Risky |
Industrial Average |
207.49 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.08 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.13 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.03 |
Deteriorated |
Industrial Average |
25.12 |
|
Total Assets Turnover |
0.38 |
Deteriorated |
Industrial Average |
1.00 |
|
Inventory Conversion Period |
694.16 |
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Inventory Turnover |
0.53 |
Deteriorated |
Industrial Average |
6.44 |
|
Receivables Conversion Period |
74.87 |
|
|
|
|
Receivables Turnover |
4.88 |
Deteriorated |
Industrial Average |
17.24 |
|
Payables Conversion Period |
10.01 |
|
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|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.