MIRA INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
STUDIO
CLOUD 9 CO.,
LTD |
|
|
|
|
Registered Office : |
8TH Floor,
Maneeya Center Building, 518/3 Ploenchit
Road, Lumpini, Pathumwan,
Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
26.01. 2005 |
|
|
|
|
Com. Reg. No.: |
0105548012401 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of fashion garments |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
STUDIO
CLOUD 9 CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
MANEEYA CENTER BUILDING,
518/3 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2652-0871-2
FAX :
[66] 2652-0873
E-MAIL
ADDRESS : financemgr@cloud9bkk.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548012401
CAPITAL REGISTERED : BHT. 17,400,000
CAPITAL PAID-UP : BHT.
17,400,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
PRANAPDA PORNPRAPA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 16
LINES
OF BUSINESS : FASHION GARMENTS
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 January 26,
2005 as a
private limited company under
the name style STUDIO CLOUD 9
CO., LTD., by
Thai groups, in
order to import
and distribute fashion
garments and accessories
to domestic market.
It currently employs
16 staff.
The
subject’s registered address
was initially located
at 10th Flr.,
Siam Motors Bldg.,
891/1 Rama 1
Rd., Wangmai, Pathumwan,
Bangkok 10330.
On November 1, 2010, its registered address was relocated to 8th Flr.,
Maneeya Center Bldg.,
518/3 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok 10330, and this
is the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Pranapda Pornprapa |
[x] |
Thai |
35 |
|
Ms. Nisa Nakanithi |
[x] |
Thai |
36 |
|
Ms. Nalinee Vorawongvasu |
|
Thai |
34 |
|
Ms. Sirisopa Julsavek |
|
Thai |
41 |
AUTHORIZED PERSON
One of the
above directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Pranapda Pornprapa is
the Managing Director.
She is Thai
nationality with the
age of 35
years old.
Ms. Pattarin Chitvibulsopon is the
Operation Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and retail distributing
various international’s brands
of fashion apparel
and accessories such
as “YANUK JEANS”,
“PLENTY BY TRACY
REESE”, “TRUE RELIGION”, “JAMES DENIM JEANS”, “HABITUAL T-BAGS”, “BOTKIER”,
“NOT RATIONAL”, “PAPER
PENIM CLOTH”, “MINT” ,
“CHRISTIAN LOUBOUTIN”, PEDRO
GARCIA”, “ALEXANDER WANG”,
ELIZABETH & JAMES”,
“MARCHESA”, “EVER JENNIFER
BEHR”, “HOUSE OF
HARLOW”, “ELIZABETH COLE”,
“LEE ANGLE” and
etc. under the
shop’s name “STUDIO
CLOUD 9”.
IMPORT
100%
of the products
is imported from United States of
America, United Kingdom, France,
Italy and Hong
Kong.
SALES
100% of the
products is sold
locally by retail
through the subject’s
store.
RELATED AND AFFILIATED COMPANY
Bear Feat Co.,
Ltd.
Business Type :
Importer and distributor
of “HAVAIANAS” fashion
shoes.
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
negotiated term.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 16 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Branch:
·
2nd
Flr., Gaysorn Shopping
Center, Ploenchit Rd.,
Pathumwan, Bangkok 10330.
REMARK
MAXIMUM
CREDIT SHOULD BE GRANTED
AT US$ 300,000.
COMMENT
Subject’s
business performance remains
moderate due to sales
have been dramatically increased
after the violence in Ratprasong
intersection stopped in May
2010. The products
are for niche
market which purchasing
remains strong.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 5,000,000 divided into 5,000
shares of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 10,000,000
on October 10,
2006
Bht. 11,400,000
on February 7,
2007
Bht. 12,900,000
on March 22,
2007
Bht. 17,400,000
on December 9,
2009
The
latest registered capital
was increased to
Bht. 17,400,000 divided into 17,400
shares of Bht.
1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Nalinee Vorawongvasu Nationality: Thai Address : 42/16
Soi Meksawad, Chongnonsi,
Yannawa, Bangkok |
5,000 |
28.74 |
|
Ms. Pranapda Pornprapa Nationality: Thai Address : 208
Ramkhamhaeng 9 Rd.,
Wangthonglang, Bangkok |
2,304 |
13.24 |
|
Mr. Thanathit Raktabutra Nationality: Thai Address : 83/106
Silom, Bangrak, Bangkok |
2,000 |
11.49 |
|
Mrs. Duangkaew Pakdeephum Nationality: Thai Address : 106/3
Moo 13, Ladyao,
Jatujak, Bangkok |
2,000 |
11.49 |
|
Ms. Achiraya Ingkatanuwat Nationality: Thai Address : 81
Soi Santisuk, Prakanong,
Klongtoey, Bangkok |
2,000 |
11.49 |
|
Ms. Khem-absorn Sirisukha Nationality: Thai Address : 529 Moo
10, Klongkum, Buengkum,
Bangkok |
1,947 |
11.19 |
|
Ms. Nisa Nakasonthi Nationality: Thai Address : 345/1
Sukhumvit 31 Rd.,
Klongtonnua, Wattana, Bangkok |
1,237 |
7.11 |
|
Mr. Pranithan Pornprapa Nationality: Thai Address : 8
Ramkhamhaeng 24 Rd.,
Huamark,
Bangkapi, Bangkok |
846 |
4.87 |
|
Mrs. Palleeporn Pornprapa Nationality: Thai Address : 157/14
Rajvithee Rd., Vajira,
Dusit, Bangkok |
66 |
0.38 |
Total Shareholders : 9
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Aniwat Sawaengnaitham No.
5556
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
5,702,241.36 |
3,547,782.61 |
|
Trade Accts. Receivable |
320,873.00 |
39,376.44 |
|
Inventories |
7,809,458.20 |
3,103,162.91 |
|
Other Receivable |
- |
6,235.40 |
|
Other Current Assets
|
117,988.99 |
135,403.35 |
|
Total Current Assets
|
13,950,561.55 |
6,831,960.71 |
|
Investment in Related Company |
- |
1,019,980.00 |
|
Fixed Assets |
743,846.01 |
957,800.56 |
|
Other Assets |
232,350.22 |
1,130,500.22 |
|
Total Assets |
14,926,757.78 |
9,940,241.49 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
985,899.29 |
1,102,655.33 |
|
Other Payable |
315,198.17 |
119,711.11 |
|
Sale Department Payable |
196,693.27 |
37,157.33 |
|
Accrued Expenses |
1,729,708.87 |
23,006.81 |
|
Accrued Expenses & Other
Current Liabilities |
41,006.77 |
32,513.05 |
|
Total Current Liabilities |
3,268,506.37 |
1,315,043.63 |
|
Total Liabilities |
3,268,506.37 |
1,315,043.63 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 17,400 shares
|
17,400,000.00 |
17,400,000.00 |
|
Capital Paid |
17,400,000.00 |
17,400,000.00 |
|
Premium on Share Capital |
2,100,000.00 |
2,100,000.00 |
|
Retained Earning -
Unappropriated |
[7,841,748.59] |
[10,874,802.14] |
|
Total Shareholders' Equity |
11,658,251.41 |
8,625,197.86 |
|
Total Liabilities & Shareholders' Equity |
14,926,757.78 |
9,940,241.49 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
34,423,625.14 |
14,452,719.37 |
|
Interest & Other
Income |
715,887.42 |
3,535,401.47 |
|
Total Sales |
35,139,512.56 |
17,988,120.84 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
21,047,846.58 |
11,888,258.53 |
|
Selling Expenses |
918,119.22 |
605,998.75 |
|
Administrative Expenses |
9,310,813.75 |
9,375,782.05 |
|
Total Expenses |
31,276,779.55 |
21,870,039.33 |
|
Profit / [Loss] Before Financial Cost |
3,862,733.01 |
[3,881,918.49] |
|
Financial Cost |
[829,679.46] |
[387,498.91] |
|
Net Profit / [Loss] |
3,033,053.55 |
[4,269,417.40] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
4.27 |
5.20 |
|
QUICK RATIO |
TIMES |
1.84 |
2.73 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.28 |
15.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.31 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
135.43 |
95.28 |
|
INVENTORY TURNOVER |
TIMES |
2.70 |
3.83 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
3.40 |
0.99 |
|
RECEIVABLES TURNOVER |
TIMES |
107.28 |
367.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.10 |
33.85 |
|
CASH CONVERSION CYCLE |
DAYS |
121.73 |
62.42 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
61.14 |
82.26 |
|
SELLING & ADMINISTRATION |
% |
29.71 |
69.07 |
|
INTEREST |
% |
2.41 |
2.68 |
|
GROSS PROFIT MARGIN |
% |
40.94 |
42.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.22 |
(26.86) |
|
NET PROFIT MARGIN |
% |
8.81 |
(29.54) |
|
RETURN ON EQUITY |
% |
26.02 |
(49.50) |
|
RETURN ON ASSET |
% |
20.32 |
(42.95) |
|
EARNING PER SHARE |
BAHT |
174.31 |
(245.37) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.28 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
4.66 |
(10.02) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
138.18 |
|
|
OPERATING PROFIT |
% |
(199.51) |
|
|
NET PROFIT |
% |
171.04 |
|
|
FIXED ASSETS |
% |
(22.34) |
|
|
TOTAL ASSETS |
% |
50.16 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
40.94 |
Impressive |
Industrial Average |
34.74 |
|
Net Profit Margin |
8.81 |
Impressive |
Industrial Average |
(18.02) |
|
Return on Assets |
20.32 |
Impressive |
Industrial Average |
(6.66) |
|
Return on Equity |
26.02 |
Impressive |
Industrial Average |
(10.88) |
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. The company’s figure
is 40.94%. When compared with the industry average, the ratio of the
company was higher. This 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. The company’s figure
is 8.81% higher figure when 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 ratio is
20.32%, 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 ratio
is 26.02%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
4.27 |
Deteriorated |
Industrial Average |
43.01 |
|
Quick Ratio |
1.84 |
|
|
|
|
Cash Conversion Cycle |
121.73 |
|
|
|
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 4.27 times in 2010, decrease from 5.2 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 1.84 times in 2010,
decrease from 2.73 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 122 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial Average |
1.03 |
|
Debt to Equity Ratio |
0.28 |
Impressive |
Industrial Average |
1.93 |
|
Times Interest Earned |
4.66 |
Deteriorated |
Industrial Average |
235.48 |
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 4.66 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.22 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 |
46.28 |
Deteriorated |
Industrial Average |
26,281.67 |
|
Total Assets Turnover |
2.31 |
Impressive |
Industrial Average |
1.12 |
|
Inventory Conversion Period |
135.43 |
|
|
|
|
Inventory Turnover |
2.70 |
Deteriorated |
Industrial Average |
7.70 |
|
Receivables Conversion Period |
3.40 |
|
|
|
|
Receivables Turnover |
107.28 |
Impressive |
Industrial Average |
29.88 |
|
Payables Conversion Period |
17.10 |
|
|
|
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.44.50 |
|
UK Pound |
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
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.