MIRA INFORM REPORT
|
Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIAMKAMONAKE
CO., LTD. |
|
|
|
|
Registered Office : |
58 Soi Rongmuang 3, Rongmuang Road, Rongmuang, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
30.07.1991 |
|
|
|
|
Com. Reg. No.: |
0105534071230 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importer and distributor of printing and writing paper |
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
SIAMKAMONAKE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 58
SOI RONGMUANG 3, RONGMUANG ROAD,
RONGMUANG, PATHUMWAN,
BANGKOK 10330
TELEPHONE : [66] 2219-355-64
FAX :
[66] 2215-9788,
2214-0576
E-MAIL
ADDRESS : siamkamonake@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534071230
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SAMART CHINPRASITTHIPHOL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : PRINTING AND
WRITING PAPER
IMPORTER AND
DISTRIBUTOR
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 July 30,
1991 as a
private limited company
under the registered
name style SIAMKAMONAKE
CO., LTD. by Thai groups.
Its business objective
is to import
and distribute various
kinds of printing
and writing paper
to domestic market.
It currently employs
approximately 30 staff.
The
subject’s registered address
is 58 Soi
Rongmuang 3, Rongmuang
Rd., Rongmuang, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samart Chinprasitthiphol |
|
Thai |
62 |
|
Ms. Anchalee Sermpornviwat |
|
Thai |
56 |
AUTHORIZED PERSON
One of the above directors can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Samart Chinprasitthiphol is
the Managing Director.
He is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing various kinds
of printing and
writing paper.
MAJOR BRAND
“DOUBLE A”
PURCHASE
Most
of the products
are purchased from
local supplier, the
remaining is imported
from Republic of
China, Japan and
India.
MAJOR SUPPLIER
Double
A [1991] Public Company
Limited
SALES
100% of the
products is sold
locally to wholesalers,
retailers, and end-users.
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.
BANKING
Kasikornbank
Public Co., Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok Bank
Public Co., Ltd.
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial
area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The subject is the leading
importer and distributor of printing
and writing paper in
local market. The
subject obtained higher
sales on a
yearly basis though
it was slightly
dropped in 2010
comparing to the
same period of
2009, but it was
able to gain
higher profit at
the end of
year. Generally, the subject
maintains its solid
business growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at October
31, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Samart Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
11,500 |
23.00 |
|
Ms. Anchalee Sermpornviwat Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
11,498 |
23.00 |
|
Mr. Kritaboon Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
9,000 |
18.00 |
|
Mr. Nathapat Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
9,000 |
18.00 |
|
Mr. Ekawit Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
9,000 |
18.00 |
|
Ms. Alaiwan Akkanand Nationality: Thai Address : 29
Moo 8, Dongling,
Malasai, Kalasin |
1 |
- |
|
Mrs. Chintana Varodomvijit Nationality: Thai Address : 31/1060
Moo 10, Minburi,
Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Noraseth Vasunaraseth No.
5898
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
133,972.50 |
135,303.28 |
|
Trade Accounts Receivable |
84,582,741.85 |
83,421,732.84 |
|
Inventories |
80,035,465.50 |
69,038,272.60 |
|
Other Current Assets
|
1,371,895.56 |
198,071.88 |
|
|
|
|
|
Total Current Assets
|
166,124,075.41 |
152,793,380.60 |
|
Fixed Assets |
14,677,045.07 |
16,194,958.46 |
|
Other Assets |
960,455.32 |
960,455.32 |
|
Total Assets |
181,761,575.80 |
169,948,794.38 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
65,342,672.61 |
43,704,511.51 |
|
Trade Accounts Payable |
40,374,552.66 |
36,806,097.93 |
|
Accrued Income Tax |
780,895.27 |
- |
|
Short-term Loan from
Related Person |
44,100,000.00 |
61,000,000.00 |
|
Other Current Liabilities |
330,231.66 |
248,214.02 |
|
|
|
|
|
Total Current Liabilities |
150,928,352.20 |
141,758,823.46 |
|
Total Liabilities |
150,928,352.20 |
141,758,823.46 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
500,000.00 |
500,000.00 |
|
Unappropriated |
25,333,223.60 |
22,689,970.92 |
|
Total Shareholders' Equity |
30,833,223.60 |
28,189,970.92 |
|
Total Liabilities & Shareholders' Equity |
181,761,575.80 |
169,948,794.38 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
353,850,441.70 |
361,392,053.47 |
|
Other Income |
153,812.79 |
1,572,839.17 |
|
Total Sales |
354,004,254.49 |
362,964,892.64 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
335,796,494.67 |
348,597,906.90 |
|
Selling Expenses |
1,833,600.00 |
1,852,129.50 |
|
Administrative Expenses |
11,117,218.95 |
10,260,234.55 |
|
Total Expenses |
348,747,313.62 |
360,710,270.95 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
5,256,940.87 |
2,254,621.69 |
|
Financial Cost |
[1,641,417.70] |
[1,784,805.83] |
|
Income Tax |
[972,270.49] |
[116,834.19] |
|
|
|
|
|
Net Profit / [Loss] |
2,643,252.68 |
352,981.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.08 |
|
QUICK RATIO |
TIMES |
0.56 |
0.59 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.11 |
22.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.95 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
87.00 |
72.29 |
|
INVENTORY TURNOVER |
TIMES |
4.20 |
5.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.25 |
84.25 |
|
RECEIVABLES TURNOVER |
TIMES |
4.18 |
4.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.89 |
38.54 |
|
CASH CONVERSION CYCLE |
DAYS |
130.36 |
118.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.90 |
96.46 |
|
SELLING & ADMINISTRATION |
% |
3.66 |
3.35 |
|
INTEREST |
% |
0.46 |
0.49 |
|
GROSS PROFIT MARGIN |
% |
5.15 |
3.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.49 |
0.62 |
|
NET PROFIT MARGIN |
% |
0.75 |
0.10 |
|
RETURN ON EQUITY |
% |
8.57 |
1.25 |
|
RETURN ON ASSET |
% |
1.45 |
0.21 |
|
EARNING PER SHARE |
BAHT |
52.87 |
7.06 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.89 |
5.03 |
|
TIME INTEREST EARNED |
TIMES |
3.20 |
1.26 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.09) |
|
|
OPERATING PROFIT |
% |
133.16 |
|
|
NET PROFIT |
% |
648.84 |
|
|
FIXED ASSETS |
% |
(9.37) |
|
|
TOTAL ASSETS |
% |
6.95 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
5.15 |
Deteriorated |
Industrial Average |
22.82 |
|
Net Profit Margin |
0.75 |
Impressive |
Industrial Average |
(3.99) |
|
Return on Assets |
1.45 |
Impressive |
Industrial Average |
1.20 |
|
Return on Equity |
8.57 |
Impressive |
Industrial Average |
6.51 |
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 5.15%. 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. Net Profit Margin is 0.75%
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
1.45%, 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 8.57%, 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 |
1.10 |
Deteriorated |
Industrial Average |
19.92 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
130.36 |
|
|
|
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 1.1 times in 2010, increase from 1.08 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 0.56 times in 2010,
decrease from 0.59 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 131 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Impressive |
Industrial Average |
0.77 |
|
Debt to Equity Ratio |
4.89 |
Risky |
Industrial Average |
1.36 |
|
Times Interest Earned |
3.20 |
Deteriorated |
Industrial Average |
117.26 |
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 3.21 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 0.83 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
24.11 |
Deteriorated |
Industrial Average |
13,159.88 |
|
Total Assets Turnover |
1.95 |
Satisfactory |
Industrial Average |
2.02 |
|
Inventory Conversion Period |
87.00 |
|
|
|
|
Inventory Turnover |
4.20 |
Deteriorated |
Industrial Average |
19.21 |
|
Receivables Conversion Period |
87.25 |
|
|
|
|
Receivables Turnover |
4.18 |
Deteriorated |
Industrial Average |
13.47 |
|
Payables Conversion Period |
43.89 |
|
|
|
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.45.38 |
|
UK Pound |
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
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.