MIRA INFORM REPORT
|
Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOSUCO
GROUP [2008] COMPANY LIMITED |
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|
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Registered Office : |
5th, 7-8th Floor, Olympia Thai Tower, Ratchadapisek Road, Samsennok, Huaykwang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.09.2008 |
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Com. Reg. No.: |
0105551111091 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Authorized distributor of ceramic floor/wall tiles |
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 |
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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
SOSUCO GROUP
[2008] COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 5th, 7-8th FLOOR,
OLYMPIA THAI TOWER,
444
RATCHADAPISEK
ROAD, SAMSENNOK,
HUAYKWANG,
BANGKOK 10310, THAILAND
TELEPHONE : [66]
2938-9898
FAX :
[66] 2938-9839
E-MAIL
ADDRESS : sales@sosuco2008.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551111091
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KITTICHAI KRAIKORKIJ,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 80
LINES
OF BUSINESS : CERAMIC FLOOR/WALL
TILES
AUTHORIZED DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on September 30,
2008 as a
private limited company under
the registered name
style SOSUCO AND
GROUP [2008] COMPANY LIMITED., by
Thai groups, with the
business objective to
wholesale distribute complete
range of ceramic
wall/floor tile products
to both domestic
and international markets.
It currently employs
approximate 80 staff.
The
subject is a
subsidiary of Cementhai
Ceramic Co., Ltd., which
is a member
of SCG group
of companies.
The
subject’s registered address
is 444 Olympia
Thai Tower, Ratchadapisek
Rd., Samsennok, Huaykwang,
Bangkok 10310, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kittichai Kraikorkij |
[x] |
Thai |
62 |
|
Mr. Siriwat Traisutthi |
[x] |
Thai |
61 |
|
Mr. Kajorndej Saengsuphan |
[x] |
Thai |
57 |
|
Mr. Pichit Maiphum |
[x] |
Thai |
54 |
|
Mr. Surasak Kraivitchaicharoen |
|
Thai |
53 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kittichai Kraikorkij is
the Managing Director.
He is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject
is engaged in
authorized distributing complete
range of ceramic
wall tiles
and floor
tiles under the
name “SOSUCO” and
“SGI” brands.
PURCHASE
100% of the
products is purchased
from local supplier.
MAJOR SUPPLIERS
Sosuco
Ceramic Co., Ltd. : Thailand
The
Siam Ceramic Industry
Co., Ltd. : Thailand
SALES
80% of the
products is sold
locally by wholesale
to dealers, the
remaining 20% is
exported to over
30 countries in
Europe, Asia, Africa
and Australia regions.
RELATED AND
AFFILIATED COMPANY
Sosuco Ceramic Co.,
Ltd.
Business Type :
Manufacturer and distributor
of ceramic tile
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
80 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The
subject is an
authorized distributor and
exporter of ceramic
floor/wall tiles for construction sector. Subject
has strong production capability in
order to serve the
construction industry.
Economic
recovery in the last
quarter of 2009, resulting
2010 better chance for
its business. With
its strengths in
production, sales and
marketing, the subject
will have outstanding
performance this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
On
January 16, 2009,
the capital was
increased to Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 18, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Cementhai Ceramic Co.,
Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
899,999 |
90.00 |
|
Mr. Kittichai Kraikorkij Nationality: Thai Address : 8/45
Moo 6, Thungsonghong, Laksi, Bangkok |
100,000 |
10.00 |
|
Mr. Siriwat Traisuth Nationality: Thai Address : 104
Moo 2, Nachalong,
Muang, Saraburi |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sureerat Thongaroonsaeng No.
4409
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
238,155,202 |
201,947,863 |
|
Trade Accounts Receivable Related Company |
477,130 |
459,351 |
|
Other Company |
326,557,451 |
350,786,127 |
|
Related Company Receivable |
44,235,047 |
17,657,980 |
|
Other Current Assets
|
3,592,448 |
5,521,069 |
|
|
|
576,372,390 |
|
Total Current Assets
|
613,017,278 |
576,372,390 |
|
Fixed Assets |
2,361,355 |
2,774,626 |
|
Other Assets |
3,355,345 |
4,330,010 |
|
Total Assets |
618,733,978 |
583,477,026 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable Related Company |
387,424,424 |
367,944,469 |
|
Other Company |
5,746,761 |
5,473,619 |
|
Related Company Payable |
919,734 |
1,794,336 |
|
Accrued Expenses |
144,946,384 |
133,571,980 |
|
Accrued Income Tax |
3,771,932 |
4,704,389 |
|
Other Current Liabilities |
3,517,268 |
2,996,013 |
|
|
|
|
|
Total Current Liabilities |
546,326,503 |
516,484,806 |
|
Total Liabilities |
546,326,503 |
516,484,806 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
1,000,000 shares |
100,000,000 |
100,000,000 |
|
|
|
|
|
Capital Paid |
50,000,000 |
50,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
849,611 |
- |
|
Unappropriated |
21,557,864 |
16,992,220 |
|
Total Shareholders' Equity |
72,407,475 |
66,992,220 |
|
Total Liabilities & Shareholders' Equity |
618,733,978 |
583,477,026 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
4,080,819,015 |
3,755,172,221 |
|
Other Income |
5,632,309 |
16,154,389 |
|
Gain on Exchange
Rate |
2,261,520 |
[218,352] |
|
Total Sale s |
4,088,712,844 |
3,771,108,258 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,758,623,031 |
3,464,485,613 |
|
Selling Expenses |
213,011,254 |
190,818,239 |
|
Administrative Expenses |
86,968,753 |
75,103,869 |
|
Total Expenses |
4,058,603,038 |
3,730,407,721 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
30,109,806 |
40,700,537 |
|
Income Tax |
[9,694,551] |
[7,406,149] |
|
|
|
|
|
Net Profit / [Loss] |
20,415,255 |
33,294,388 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.12 |
1.12 |
|
QUICK RATIO |
TIMES |
1.12 |
1.11 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,728.17 |
1,353.40 |
|
TOTAL ASSETS TURNOVER |
TIMES |
6.60 |
6.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.21 |
34.10 |
|
RECEIVABLES TURNOVER |
TIMES |
12.50 |
10.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.56 |
0.58 |
|
CASH CONVERSION CYCLE |
DAYS |
28.65 |
33.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.10 |
92.26 |
|
SELLING & ADMINISTRATION |
% |
7.35 |
7.08 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
8.09 |
8.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.74 |
1.08 |
|
NET PROFIT MARGIN |
% |
0.50 |
0.89 |
|
RETURN ON EQUITY |
% |
28.19 |
49.70 |
|
RETURN ON ASSET |
% |
3.30 |
5.71 |
|
EARNING PER SHARE |
BAHT |
40.83 |
66.59 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.89 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.55 |
7.71 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.67 |
|
|
OPERATING PROFIT |
% |
(26.02) |
|
|
NET PROFIT |
% |
(38.68) |
|
|
FIXED ASSETS |
% |
(14.89) |
|
|
TOTAL ASSETS |
% |
6.04 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.09 |
Satisfactory |
Industrial Average |
9.47 |
|
Net Profit Margin |
0.50 |
Acceptable |
Industrial Average |
0.90 |
|
Return on Assets |
3.30 |
Impressive |
Industrial Average |
2.46 |
|
Return on Equity |
28.19 |
Impressive |
Industrial Average |
6.31 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s 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 8.09%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 0.5%. 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. Return on Assets ratio is
3.3%, 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 28.19%, 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 |
1.12 |
Acceptable |
Industrial Average |
1.60 |
|
Quick Ratio |
1.12 |
|
|
|
|
Cash Conversion Cycle |
28.65 |
|
|
|
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 1.12 times in 2010, increase from 1.12 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 1.12 times in 2010,
increase from 1.11 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 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
7.55 |
Risky |
Industrial Average |
1.51 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.40 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.88 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 |
1,728.17 |
Impressive |
Industrial Average |
8.19 |
|
Total Assets Turnover |
6.60 |
Impressive |
Industrial Average |
2.71 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
5.71 |
|
Receivables Conversion Period |
29.21 |
|
|
|
|
Receivables Turnover |
12.50 |
Impressive |
Industrial Average |
6.27 |
|
Payables Conversion Period |
0.56 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
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.