MIRA
INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIAM PRASO CO., LTD. |
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Registered Office : |
52/77 Soi Prachauthit 72, Prachauthit Road, Thungkhru, Bangkok 10140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.11.2000 |
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Com. Reg. No.: |
0105543109325 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Industrial Machinery, Equipment & 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 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
SIAM
PRASO CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 52/77
SOI PRACHAUTHIT 72,
PRACHAUTHIT ROAD,
THUNGKHRU,
BANGKOK 10140
TELEPHONE : [66] 2871-8425
FAX :
[66] 2871-8426
E-MAIL
ADDRESS : siampraso@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543109325
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PHITAK PRASITPORN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : INDUSTRIAL MACHINERY,
EQUIPMENT & TOOLS
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 November 24,
2000 as a
private limited company under
the registered name
SIAM PRASO CO.,
LTD., by Thai groups.
Its business objective is
to import and
distribute industrial machinery,
equipment and tools
to domestic market. It
currently employs 12
staff.
The
subject’s registered address
was initially located
at 178/77 Moo
4, Soi Prachauthit
72, Prachauthit Rd.,
Thungkhru, Thungkhru, Bangkok
10140.
On
January 19, 2011,
its registered address
was changed from “178/77
Moo 4” to
“52/77” by the
Government district office,
actually both are
the same location.
This is also
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Phitak Prasitporn |
|
Thai |
52 |
|
Ms. Suwanna Roysri |
|
Thai |
41 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Phitak Prasitporn is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is engaged in distributing
various kinds of
industrial machinery, equipment
and tools, such as
rice huller machine,
rice huller rubber roller,
peanut shelling machine and
etc., as well
as providing after
sales services.
PURCHASE
Its
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
Taiwan.
SALES
100% of the
products is sold
and serviced locally
to manufacturers 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
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
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
The
company is a distributor of industrial
machine and part
for local agricultural
sector. Its products were mainly
related to such industries, which
had expanded slowly from
various factors, e.g.
drought and flooding
in the large area of
the country.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
On February
15, 2009, the capital
was increased to
Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phitak Prasitporn Nationality: Thai Address : 52/77
Prachauthit 72 Rd.,
Thungkhru, Bangkok |
11,800 |
59.00 |
|
Ms. Suwanna Roysri Nationality: Thai Address : 52/77
Prachauthit 72 Rd.,
Thungkhru, Bangkok |
8,000 |
40.00 |
|
Mr. Peerapong Prasitporn Nationality: Thai Address : 368/2
Charoenkrung 103 Rd.,
Bangkorlaem, Bangkok |
100 |
0.50 |
|
Mr. Paitoon Prasitporn Nationality: Thai Address : 368/2
Charoenkrung 103 Rd.,
Bangkorlaem, Bangkok |
100 |
0.50 |
Total Shareholders : 4
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Benjamas Inkheaw No.
7832
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
122,243.17 |
112,723.28 |
|
Short-term Investment |
4,877,376.84 |
6,104,240.84 |
|
Trade Accounts Receivable |
824,683.24 |
231,858.20 |
|
Goods in Transit |
572,725.94 |
- |
|
Inventories |
6,359,698.77 |
12,616,716.75 |
|
Other Current Assets |
2,603,660.20 |
624,570.57 |
|
|
|
|
|
Total Current Assets
|
15,360,388.16 |
19,690,109.64 |
|
|
|
|
|
Long-term Loan to Related
Person |
3,480,000.00 |
- |
|
Fixed Assets |
162,522.70 |
128,722.06 |
|
Total Assets |
19,002,910.86 |
19,818,831.70 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial
Institute |
10,062,093.29 |
9,617,164.96 |
|
Trade Accounts Payable |
513,745.30 |
- |
|
Other Current Liabilities |
669,125.98 |
1,126,917.32 |
|
|
|
|
|
Total Current Liabilities |
11,244,964.57 |
10,744,082.28 |
|
Long-term Loan from Financial Institute |
4,010,962.47 |
2,500,000.00 |
|
Long-term Loan from Related Person |
- |
3,180,000.00 |
|
Total Liabilities |
15,255,927.04 |
16,424,082.28 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning-
Unappropriated |
1,746,983.82 |
1,394,749.42 |
|
Total Shareholders' Equity |
3,746,983.82 |
3,394,749.42 |
|
Total Liabilities & Shareholders' Equity |
19,002,910.86 |
19,818,831.70 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
27,969,207.10 |
59,500,258.08 |
|
Other Income |
532,543.72 |
113,684.26 |
|
Total Revenues |
28,501,750.82 |
59,613,942.34 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
25,017,361.66 |
54,601,379.24 |
|
Selling Expenses |
111,206.14 |
927,658.28 |
|
Administrative Expenses |
2,022,585.47 |
2,101,073.50 |
|
Other Expenses |
- |
134,084.86 |
|
Total Expenses |
27,151,153.27 |
57,764,195.88 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,350,597.55 |
1,849,746.76 |
|
Financial Cost |
[938,922.48] |
[844,591.85] |
|
Profit / [Loss] before Income
Tax |
411,675.07 |
1,005,154.61 |
|
Income Tax |
[59,440.67] |
[163,424.19] |
|
|
|
|
|
Net Profit / [Loss] |
352,234.40 |
841,730.42 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
1.83 |
|
QUICK RATIO |
TIMES |
0.52 |
0.60 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
172.09 |
462.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.47 |
3.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
101.14 |
84.34 |
|
INVENTORY TURNOVER |
TIMES |
3.61 |
4.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
10.76 |
1.42 |
|
RECEIVABLES TURNOVER |
TIMES |
33.92 |
256.62 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.50 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
104.41 |
85.76 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.45 |
91.77 |
|
SELLING & ADMINISTRATION |
% |
7.63 |
5.09 |
|
INTEREST |
% |
3.36 |
1.42 |
|
GROSS PROFIT MARGIN |
% |
12.46 |
8.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.83 |
3.11 |
|
NET PROFIT MARGIN |
% |
1.26 |
1.41 |
|
RETURN ON EQUITY |
% |
9.40 |
24.80 |
|
RETURN ON ASSET |
% |
1.85 |
4.25 |
|
EARNING PER SHARE |
BAHT |
17.61 |
42.09 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.07 |
4.84 |
|
TIME INTEREST EARNED |
TIMES |
1.44 |
2.19 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(52.99) |
|
|
OPERATING PROFIT |
% |
(26.98) |
|
|
NET PROFIT |
% |
(58.15) |
|
|
FIXED ASSETS |
% |
26.26 |
|
|
TOTAL ASSETS |
% |
(4.12) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.46 |
Deteriorated |
Industrial Average |
26.87 |
|
Net Profit Margin |
1.26 |
Impressive |
Industrial
Average |
(2.38) |
|
Return on Assets |
1.85 |
Impressive |
Industrial
Average |
1.46 |
|
Return on Equity |
9.40 |
Impressive |
Industrial
Average |
7.85 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 12.46%. 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 1.26%, 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 1.85%, 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 9.4%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.37 |
Deteriorated |
Industrial Average |
30.33 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
104.41 |
|
|
|
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 1.37 times in 2010, decrease from 1.83 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 0.52 times in 2010,
decrease from 0.6 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 105 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 |
0.64 |
|
Debt to Equity Ratio |
4.07 |
Risky |
Industrial
Average |
1.34 |
|
Times Interest Earned |
1.44 |
Deteriorated |
Industrial
Average |
537.76 |
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 1.44 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 0.8 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 |
172.09 |
Deteriorated |
Industrial
Average |
23,979.62 |
|
Total Assets Turnover |
1.47 |
Acceptable |
Industrial
Average |
2.05 |
|
Inventory Conversion Period |
101.14 |
|
|
|
|
Inventory Turnover |
3.61 |
Deteriorated |
Industrial
Average |
24.38 |
|
Receivables Conversion Period |
10.76 |
|
|
|
|
Receivables Turnover |
33.92 |
Impressive |
Industrial
Average |
23.77 |
|
Payables Conversion Period |
7.50 |
|
|
|
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.49.22 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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.