MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
COLORLUX SIGNS
LTD. |
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Registered Office : |
59/1 Moo 8, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
2000 |
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Com. Reg. No.: |
0105543042930 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Corporate Identity Signage and Building Decoration Design, Manufacture and Installation Service. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Unknown |
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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 – March 31st, 2010
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
COLORLUX
SIGNS LTD.
SUMMARY
BUSINESS
ADDRESS : 59/1
MOO 8,
SAMWATAWANTOK, KLONGSAMWA,
TELEPHONE : [66] 2907-3820-2,
81 820-1120
FAX :
[66] 2914-1504
E-MIAL
ADDRESS : customerservice@colorlux.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543042930
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL
PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KIM NAUNTOFTE, DANISH
PRESIDENT
NO.
OF STAFF : 100
LINES
OF BUSINESS : CORPORATE IDENTITY
SIGNAGE AND BUILDING
DECORATION
DESIGN, MANUFACTURE
AND INSTALLATION
SERVICE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 3,
2000 as a
private limited company
under the registered name COLORLUX SIGNS LTD., by
Thai and Danish
groups, with the
business objective to develop, manufacture and install corporate
identity signage and building
decoration service for
local market. It
currently employs approximate
100 staff.
The subject’s registered address is 59/1 Moo
8, Prayasurentara Rd.,
Samwatawantok, Klongsamwa, Bangkok
10510, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kim Nauntofte |
|
Danish |
54 |
|
Mrs. Sroysajee Boonyalert |
|
Thai |
57 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kim Nauntofte
is the President.
He is Danish
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject’s activities
are developer, manufacturer and
install provider of
Corporate Identity Signage
and Building Decoration
service. The subject is
specialized in mass
production of Corporate
Identity Signage for
petrol stations, car
dealerships, convenient stores,
banks and etc.
PURCHASE
Raw
materials, equipment and
accessories are purchased
from both local
and overseas suppliers
in Philippines, Australia
and Denmark.
SALES
80% of the products and
service are for
local end-users such
as hotels, office
complexes, restaurant, convenience
store, banking, department
stores, factories, gas
station and etc.
EXPORT [COUNTRIES]
20% of
the products is also exported to Australia,
United States of America, 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 and services
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRATED AT USD
100,000.
COMMENT
The subject is a profession design and produce corporate identity
signage. It reported moderate
business in the
year 2009-2010 due to
expansion of commercial
sector in local
market. The subject’s current business
remains optimistic.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as the
followings:
Bht. 3,000,000 on
March 8, 2002
Bht. 6,000,000 on
March 11, 2005
The
latest registered capital
was increased to
Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid-up.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kim Nauntofte Nationality: Danish Address : Room
2601, SV City,
912 Rama 3
Rd.,
Bangpongpang, Yannawa, |
29,400 |
49.00 |
|
Mrs. Sroysajee Boonyalert Nationality: Thai Address : 37
Soi 3, A. Muang,
Chiangmai |
24,000 |
40.00 |
|
Mr. Puttaporn Paiboon Nationality: Thai Address : 77/37
Soi Ladprao 1,
Jatujak, |
1,400 |
2.33 |
|
Mr. Pongpao Boonyalert Nationality: Thai Address : 135
Moo 6, T.
Thapadook, A. Matha,
Lampoon |
1,300 |
2.17 |
|
Mr. Somkiat Vesaranant Nationality: Thai Address : 244/321
Moo 3, Anusaowaree, Bankhen,
|
1,300 |
2.17 |
|
Mr. Noppadol Sakunathawong Nationality: Thai Address : 10/11-14 Moo
6, T. Khaochonkan, A. Maewong,
Nakornsawan |
1,300 |
2.17 |
|
Ms. Pimruethai Vimuktanant Nationality: Thai Address : 128
Moo 2, Soi
Ratchaburana 26,
Ratchaburana, |
1,300 |
2.16 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Udomsak Nuakumuang
No. 8912
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank
|
183,726 |
597,559 |
|
Trade Accounts Receivable |
15,343,481 |
11,582,578 |
|
Inventories |
21,245,728 |
21,281,213 |
|
Other Current Assets
|
6,777,093 |
4,960,666 |
|
|
|
|
|
Total Current
Assets |
43,550,028 |
38,422,016 |
|
|
|
|
|
Lease Contract Improvement
& Equipment |
3,860,484 |
4,137,099 |
|
Total Assets
|
47,410,512 |
42,559,115 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Short-term Loan from
Bank |
5,000,000 |
4,000,000 |
|
Short-term Loan from
Director |
1,280,500 |
238,496 |
|
Trade Accounts Payable |
7,238,149 |
6,346,187 |
|
Current Portion of Finance
Lease Contract Liabilities |
771,290 |
560,776 |
|
Accrued Expenses |
5,046,435 |
5,684,261 |
|
Other Current Liabilities |
9,026,635 |
8,639,851 |
|
|
|
|
|
Total Current
Liabilities |
28,363,009 |
25,469,571 |
|
Finance Lease Contract
Liabilities, net
of
Current Portion |
1,606,855 |
- |
|
Total Liabilities |
29,969,863 |
25,469,571 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 60,000
shares |
6,000,000 |
6,000,000 |
|
|
|
|
|
Capital Paid |
6,000,000 |
6,000,000 |
|
Retained Earning -
Unappropriated |
11,440,648 |
11,089,544 |
|
Total
Shareholders' Equity |
17,440,648 |
17,089,544 |
|
Total
Liabilities & Shareholders' Equity |
47,410,512 |
42,559,115 |
PROFIT &
LOSS ACCOUNT
|
Sales |
2009 |
2008 |
|
|
|
|
|
Sales Income |
65,791,496 |
56,831,254 |
|
Total Saless
|
65,791,496 |
56,831,254 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
47,473,642 |
34,202,038 |
|
Selling Expenses |
3,418,257 |
2,744,786 |
|
Administrative Expenses |
13,722,906 |
17,672,143 |
|
Total Expenses |
64,614,805 |
54,618,967 |
|
|
|
|
|
Profit Before Interest Expenses
& Income Tax |
1,176,691 |
2,212,287 |
|
Interest Expenses |
[331,503] |
[184,287] |
|
Profit Before Income Tax |
845,187 |
2,028,000 |
|
Income Tax |
[494,083] |
[889,819] |
|
Net Profit / [Loss] |
351,105 |
1,138,181 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.54 |
1.51 |
|
QUICK RATIO |
TIMES |
0.55 |
0.48 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.39 |
1.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
163.35 |
227.11 |
|
INVENTORY TURNOVER |
TIMES |
2.23 |
1.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
85.12 |
74.39 |
|
RECEIVABLES TURNOVER |
TIMES |
4.29 |
4.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.65 |
67.73 |
|
CASH CONVERSION CYCLE |
DAYS |
192.82 |
233.77 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
72.16 |
60.18 |
|
SELLING & ADMINISTRATION |
% |
26.05 |
35.93 |
|
INTEREST |
% |
0.50 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
27.84 |
39.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.79 |
3.89 |
|
NET PROFIT MARGIN |
% |
0.53 |
2.00 |
|
RETURN ON EQUITY |
% |
2.01 |
6.66 |
|
RETURN ON ASSET |
% |
0.74 |
2.67 |
|
EARNING PER SHARE |
BAHT |
5.85 |
18.97 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.72 |
1.49 |
|
TIME INTEREST EARNED |
TIMES |
3.55 |
12.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.77 |
|
|
OPERATING PROFIT |
% |
(46.81) |
|
|
NET PROFIT |
% |
(69.15) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
11.40 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.84 |
Impressive |
Industrial Average |
18.95 |
|
Net Profit Margin |
0.53 |
Deteriorated |
Industrial Average |
1.66 |
|
Return on Assets |
0.74 |
Deteriorated |
Industrial Average |
2.06 |
|
Return on Equity |
2.01 |
Deteriorated |
Industrial Average |
4.55 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from Saless 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 27.84%. 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. The company's figure is 0.53%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.74%.
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. When compared with the
industry average, it was lower, the company's figure is 2.01%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.54 |
Satisfactory |
Industrial Average |
1.64 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
192.82 |
|
|
|
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 1.54 times in 2009, increase from 1.51 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 0.55 times in 2009,
increase from 0.48 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 193 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Impressive |
Industrial Average |
0.49 |
|
Debt to Equity Ratio |
1.72 |
Risky |
Industrial Average |
1.09 |
|
Times Interest Earned |
3.55 |
Impressive |
Industrial Average |
1.90 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.55 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 0.63 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
2.92 |
|
Total Assets Turnover |
1.39 |
Impressive |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
163.35 |
|
|
|
|
Inventory Turnover |
2.23 |
Acceptable |
Industrial Average |
3.22 |
|
Receivables Conversion Period |
85.12 |
|
|
|
|
Receivables Turnover |
4.29 |
Impressive |
Industrial Average |
4.06 |
|
Payables Conversion Period |
55.65 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
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.