MIRA INFORM REPORT
|
Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SB TOOLS COMPANY LTD. |
|
|
|
|
Registered Office : |
2,4,6 Soi
Petchkasem 60/1, Petchkasem
Road, Bangwa, Pasicharoen, Bangkok
10160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
25.06.2004 |
|
|
|
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Com. Reg. No.: |
0108454714658 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
and Distributor of
Hardwares and Hand
Tools |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
SB TOOLS
COMPANY LTD.
SUMMARY
BUSINESS
ADDRESS : 2,4,6
SOI PETCHKASEM 60/1,
PETCHKASEM ROAD,
BANGWA, PASICHAROEN,
BANGKOK 10160
TELEPHONE : [66] 2805-2788,
2805-2785-7
FAX :
[66] 2718-0668,
2805-2784
E-MAIL
ADDRESS : info@sbtools.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0108454714658
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMBOON JARURATANAKUA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : HARDWARES AND
HAND TOOLS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGANEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on
June 25,
2004 as a
private limited company under
the name style SB TOOLS COMPANY LTD. by Thai
group, Jaruratanakua family,
in order to distribute and
supply hardware and
hand tools for agricultural
industry in domestic market.
It currently employs
8 staff.
The
subject’s registered address
was initially located
at 106, 106/20-21
Soi Petchkasem 60/1, Petchkasem
Rd., Bangduan, Pasicharoen, Bangkok 10160.
On
March 23, 2007,
its registered address
was changed to
2,4,6 Soi Petchkasem 60/1, Petchkasem
Rd., Bangwa, Pasicharoen, Bangkok 10160, by
the Pasicharoen District
Office, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somboon Jaruratanakua |
|
Thai |
61 |
|
Mrs. Varunee Jaruratanakua |
|
Thai |
64 |
AUTHORIZED
PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somboon Jaruratanakua is
the Managing Director.
He is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of hardware and
hand tools comprising
carpenter and construction
tools, mechanical tools, cleaning
tools, agricultural tools
and etc.
MAJOR BRANDS
CHAMPION DELUK, PROMA,
DOLLAR DUCK, IRON
BULL, SOGA, GOOD-D,
TIGER STAR, SAMURAI,
ODUR FIT.
IMPORT
70%
of its products
is imported from
India, Republic of
China, Sweden, Japan
and Taiwan.
MAJOR
SUPPLIER
Soga
Industrial Corp. :
Japan
SALES
100% of its
products is sold
locally to wholesalers
and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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.
BUSINESS TRANSACTION
The products are
sold both by cash
and credit, with the maximum credit given at
30-60 days. It is found
no problem on
its account receivable.
BANKING
Kasikornbank Public Co., Ltd.
[Head
Office : 1 Kasikorn Lane,
Rajburana Rd., Rajburana, Bangkok
10140]
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs 8
staff [office and sales staff]
LOCATION
DETAILS
The
premise is rented for administrative office
in a 3 storey building
of 3 row
shop houses at the
heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Subject
has fair business
in the past
few years. Its business
has grown slowly, while current
business is inactive
from sluggish market
due to flood
impact.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each.
On
January 13, 2005,
the capital was
increased to Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011] at
Bht. 10,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somboon Jaruratanakua Nationality: Thai Address : 195/1 New Petchburi Rd.,
Bangkapi,
Huaykwang, Bangkok 10320 |
52,000 |
52.00 |
|
Mrs. Varunee Jaruratanakua Nationality: Thai Address : 413 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320 |
20,000 |
20.00 |
|
Mr. Chanont Jaruratanakua Nationality: Thai Address : 195/1 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320 |
9,000 |
9.00 |
|
Ms. Nantawadee Jaruratanakua Nationality: Thai Address : 195/1 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320 |
9,000 |
5.00 |
|
Ms. Nantacha Jaruratanakua Nationality: Thai Address : 195/1 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320 |
9,000 |
9.00 |
|
Mrs. Punnee Jongsathienpornkul Nationality: Thai Address : 156/32 Pracharajbampen Rd.,
Huaykwang, Bangkok
10320 |
500 |
0.50 |
|
Mrs. Piengpen Hemaviriyapornwatana Nationality: Thai Address : 106/20 Moo 11,
Petchkasem Rd., Bangduan,
Pasicharoen, Bangkok 10160 |
500 |
0.50 |
Total Shareholders : 7
Share
Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000 |
00.00 |
|
Indian |
- |
- |
- |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Panisara
Viwitsunthornwong No. 8580
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
525,648.98 |
876,189.65 |
|
Trade Accounts Receivable |
2,668,636.86 |
2,530,876.37 |
|
Inventories |
11,650,388.12 |
13,472,103.34 |
|
Other Current Assets
|
798,005.47 |
798,021.42 |
|
|
|
|
|
Total Current Assets
|
15,642,679.43 |
17,677,190.78 |
|
Building & Equipment
Improvement |
1,735,570.25 |
1,879,120.84 |
|
Electricity Guarantee |
12,000.00 |
12,000.00 |
|
Total Assets |
17,390,249.68 |
19,563,311.62 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
- |
897,256.80 |
|
Trade Accounts Payable |
350,966.45 |
116,842.92 |
|
Other Current Liabilities |
126,292.08 |
323,857.04 |
|
|
|
|
|
Total Current Liabilities |
477,258.53 |
1,337,956.76 |
|
Long-term Loan from
Related Person |
13,500,000.00 |
14,936,000.00 |
|
Total Liabilities |
13,977,258.53 |
16,273,956.76 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
[6,587,008.85] |
[6,705,645.14] |
|
Total Shareholders' Equity |
3,412,991.15 |
3,294,354.86 |
|
Total Liabilities & Shareholders' Equity |
17,390,249.68 |
19,568,311.62 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
10,200,006.31 |
9,313,980.72 |
|
Other Income |
62,623.83 |
25,010.22 |
|
Total Sales |
10,262,630.14 |
9,338,990.94 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,285,890.11 |
6,408,304.85 |
|
Selling Expenses |
57,740.34 |
50,900.00 |
|
Administrative Expenses |
2,740,315.95 |
2,721,133.84 |
|
Total Expenses |
10,083,946.40 |
9,180,338.69 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
178,683.74 |
158,652.25 |
|
Financial Cost |
- |
[13,406.98] |
|
Income Tax |
[60,047.45] |
[51,306.39] |
|
|
|
|
|
Net Profit / [Loss] |
118,636.29 |
93,938.88 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
32.78 |
13.21 |
|
QUICK RATIO |
TIMES |
6.69 |
2.55 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.88 |
4.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.59 |
0.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
583.65 |
767.34 |
|
INVENTORY TURNOVER |
TIMES |
0.63 |
0.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
95.50 |
99.18 |
|
RECEIVABLES TURNOVER |
TIMES |
3.82 |
3.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.58 |
6.66 |
|
CASH CONVERSION CYCLE |
DAYS |
661.56 |
859.86 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.43 |
68.80 |
|
SELLING & ADMINISTRATION |
% |
27.43 |
29.76 |
|
INTEREST |
% |
- |
0.14 |
|
GROSS PROFIT MARGIN |
% |
29.18 |
31.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.75 |
1.70 |
|
NET PROFIT MARGIN |
% |
1.16 |
1.01 |
|
RETURN ON EQUITY |
% |
3.48 |
2.85 |
|
RETURN ON ASSET |
% |
0.68 |
0.48 |
|
EARNING PER SHARE |
BAHT |
1.19 |
0.94 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.10 |
4.94 |
|
TIME INTEREST EARNED |
TIMES |
- |
11.83 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.51 |
|
|
OPERATING PROFIT |
% |
12.63 |
|
|
NET PROFIT |
% |
26.29 |
|
|
FIXED ASSETS |
% |
(7.64) |
|
|
TOTAL ASSETS |
% |
(11.11) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.18 |
Impressive |
Industrial
Average |
11.20 |
|
Net Profit Margin |
1.16 |
Satisfactory |
Industrial
Average |
1.33 |
|
Return on Assets |
0.68 |
Deteriorated |
Industrial
Average |
3.03 |
|
Return on Equity |
3.48 |
Deteriorated |
Industrial
Average |
8.02 |
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 29.18%. 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 1.16%.
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 0.68%.
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 3.48%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
32.78 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
6.69 |
|
|
|
|
Cash Conversion Cycle |
661.56 |
|
|
|
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 32.78 times in 2010, increase from 13.21 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 6.69 times in 2010,
increase from 2.55 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 662 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
4.10 |
Risky |
Industrial
Average |
1.52 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.77 |
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 0.8 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.88 |
Acceptable |
Industrial
Average |
11.14 |
|
Total Assets Turnover |
0.59 |
Deteriorated |
Industrial
Average |
2.27 |
|
Inventory Conversion Period |
583.65 |
|
|
|
|
Inventory Turnover |
0.63 |
Deteriorated |
Industrial
Average |
4.69 |
|
Receivables Conversion Period |
95.50 |
|
|
|
|
Receivables Turnover |
3.82 |
Satisfactory |
Industrial
Average |
4.90 |
|
Payables Conversion Period |
17.58 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.