MIRA INFORM REPORT
|
Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHANINTR
LIVING LIMITED |
|
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Registered Office : |
10th Floor,
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.08.2008 |
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Com. Reg. No.: |
0105551095923 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer
and Distributor of Home Furniture Products and Accessories |
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No. of Employees
: |
40 |
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 – 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
CHANINTR LIVING LIMITED
SUMMARY
BUSINESS
ADDRESS : 10th FLOOR,
NAI LERT TOWER,
2/4 WIRELESS ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330, THAILAND
TELEPHONE : [66] 2655-0415,
2655-5189
FAX :
[66] 2655-5189
E-MAIL
ADDRESS : sales@chanintr.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551095923
CAPITAL REGISTERED : BHT. 180,368,000
CAPITAL PAID-UP : BHT.
180,368,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANINTR SIRISANT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : HOME
FURNITURE PRODUCTS AND ACCESSORIES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established on August 25,
2008 as a
private limited company under the registered
name CHANINTR LIVING
LIMITED by Singaporean & American groups. Its
business objective is to
import and distribute various style of
home furniture products and
accessories. It currently
employs approximate 40
staff.
It
is a wholly
owned subsidiary of
Sea Larsen Singapore
Pte. Ltd., in
Singapore.
The subject’s registered address is 10th
Flr., Nai Lert Tower, 2/4 Wireless Rd., Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rajgopal Rajkumar |
|
Singaporean |
52 |
|
Mr. David T. La
Rue |
|
American |
70 |
|
Mr. Lee Kian Huad |
|
Singaporean |
50 |
|
Mr. Chanintr Sirisant |
|
Thai |
43 |
|
Mr. Chawin Banyatpiyapoj |
|
Thai |
44 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chanintr Sirisant is
the Managing Director.
He is Thai
nationality with the age of
43 years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing various styles of home furniture products,
including living room
set, dining room
set, bedroom set,
kitchen room, entertainment
furniture and accessories,
as well as
home decorative products.
MAJOR BRANDS
“BAKER”,
“BARBARA”, “BARRY”, “CHRISTIAN
LIAIGRE”, “DEDON”, “HABITAT”,
“THOMASVILLE”, “HBF”, “HERMAN
MILLER”, “KRAVET”, “HICKORY
CHAIR”, “MARTHA STEWART”,
“SLEEP TO LIVE”,
“MCGUIRE”, “MINOTTI”,
“VISUAL COMFORT” and
etc.
PURCHASE
90% of the
products is imported
from U.S.A., France,
Canada and Italy,
the remaining 10% is purchased
from local suppliers
and agents.
MAJOR
SUPPLIERS
The
Lane Company Inc. : U.S.A.
Herman
Miller Inc. : U.S.A.
Kingsdown
Inc. : Canada
Minotti
S.P.A. : Italy
Kravet
Inc. : U.S.A.
SALES
Most of the
products are sold locally by
retail through the 4 subject’s showrooms,
as well as
by wholesale to
residential and building
project owners and
contractors.
RELATED AND AFFILIATED
COMPANY
Chanintr Living [Thailand] Limited
Business Type :
Importer and distributor
of home furniture
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.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
40 office and
sales staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Branches/Showrooms :
-
Ground Floor, The
Promenade Décor, Nai Lert Park Hotel, 2/4 Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330.
-
Noble
Solo, Thonglor, 988/290
Sukhumvit 55 Rd.,
Klongton, Klongtoey, Bangkok 10110.
-
3rd
Floor, Siam Paragon
Shopping Center, 991
Rama 1 Rd.,
Pathumwan, Bangkok 10330.
-
Unit M6, The
Plaza Surin, 5/5 Moo 3, Srisoonthorn Rd., T. Cherngtalay, A. Thalay,
Phuket 83110.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
200,000.
COMMENT
Demand of
home furniture has bounce
back after floods.
Replacement market is the key
source of income of
furniture market. Subject
also has a
windfall from flood
as its sales has
rapidly grown during
the past three
by consumers which their
houses and furnitures were inundated by
floods during the
months of October to
December 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 162,000,000
on December 22,
2008
Bht. 180,368,000
on July 16,
2009
The
latest registered capital
was increased to Bht. 180,368,000 divided
into 1,803,680 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sea Larsen Singapore
Pte. Ltd. Nationality: Singaporean Address : #02-01 18
Pearls Hill Terrace,
Singapore |
1,803,677 |
100.00 |
|
Mr. Rajgopal Rajkumer Nationality: Singaporean Address : 2
Bin Chi Hill,
Singapore |
1 |
- |
|
Mr. David T. La
Rue Nationality: American Address : Gilstead
Rd., Singapore |
1 |
- |
|
Mr. Lee Kian
Huad Nationality: Singaporean Address : 18
May Flower Way,
Singapore |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
American |
1 |
1 |
- |
|
Singaporean |
3 |
1,803,679 |
100.00 |
|
Total |
4 |
1,803,680 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpith No. 4623
Note.
The 2011, financial
statement has yet
been submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
33,512,549 |
15,541,501 |
|
Trade Accounts Receivable |
18,781,078 |
9,346,593 |
|
Inventories |
139,693,412 |
68,760,513 |
|
Other Current Assets |
39,064,224 |
55,261,841 |
|
|
|
|
|
Total Current Assets
|
231,051,263 |
148,910,448 |
|
Cash at Bank
pledged as a
Collateral |
15,130,679 |
9,235,444 |
|
Investment in Subsidiaries |
122,525 |
- |
|
Equipment |
29,085,441 |
28,136,275 |
|
Intangible Assets |
2,512,629 |
3,122,096 |
|
Other Assets |
18,667,919 |
10,842,389 |
|
Total Assets |
296,570,456 |
200,246,652 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Account Payable Trust Receipt |
3,234,983 |
702,164 |
|
Trade Accounts Payable |
26,833,911 |
11,093,568 |
|
Current Portion of Financial
Lease Contract Liabilities |
688,164 |
233,803 |
|
Accrued Expenses |
7,270,127 |
4,875,401 |
|
Other Current Liabilities |
171,286,705 |
60,020,588 |
|
|
|
|
|
Total Current Liabilities |
209,313,890 |
76,925,524 |
|
Financial Lease Contract
Liabilities, Net of Current Portion |
1,425,592 |
406,016 |
|
Long-term Loan from
Related Company |
4,084,608 |
4,518,802 |
|
Total Liabilities |
214,824,090 |
81,850,342 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,803,680 shares |
180,368,000 |
180,368,000 |
|
|
|
|
|
Capital Paid |
180,368,000 |
180,368,000 |
|
Retained Earning Unappropriated |
[98,621,634] |
[61,971,690] |
|
Total Shareholders' Equity |
81,746,366 |
118,396,310 |
|
Total Liabilities & Shareholders' Equity |
296,570,456 |
200,246,652 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
279,085,261 |
107,791,980 |
|
Other Income |
1,536,312 |
361,993 |
|
Total Revenues |
280,621,573 |
108,153,973 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
146,407,751 |
60,320,179 |
|
Selling Expenses |
73,278,279 |
44,204,273 |
|
Administrative Expenses |
97,126,642 |
63,083,975 |
|
Total Expenses |
316,812,672 |
167,608,427 |
|
Loss Before Income Tax |
[36,191,099] |
[59,454,454] |
|
Income Tax |
[458,845] |
[366,310] |
|
|
|
|
|
Net Profit / [Loss] |
[36,649,944] |
[59,820,764] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.94 |
|
QUICK RATIO |
TIMES |
0.25 |
0.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.60 |
3.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
0.54 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
348.26 |
416.07 |
|
INVENTORY TURNOVER |
TIMES |
1.05 |
0.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
24.56 |
31.65 |
|
RECEIVABLES TURNOVER |
TIMES |
14.86 |
11.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.90 |
67.13 |
|
CASH CONVERSION CYCLE |
DAYS |
305.93 |
380.59 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
52.46 |
55.96 |
|
SELLING & ADMINISTRATION |
% |
61.06 |
99.53 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
48.09 |
44.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.97) |
(55.16) |
|
NET PROFIT MARGIN |
% |
(13.13) |
(55.50) |
|
RETURN ON EQUITY |
% |
(44.83) |
(50.53) |
|
RETURN ON ASSET |
% |
(12.36) |
(29.87) |
|
EARNING PER SHARE |
BAHT |
(20.32) |
(33.17) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.63 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
158.91 |
|
|
OPERATING PROFIT |
% |
(39.13) |
|
|
NET PROFIT |
% |
38.73 |
|
|
FIXED ASSETS |
% |
3.37 |
|
|
TOTAL ASSETS |
% |
48.10 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
48.09 |
Impressive |
Industrial
Average |
19.28 |
|
Net Profit Margin |
(13.13) |
Deteriorated |
Industrial
Average |
0.57 |
|
Return on Assets |
(12.36) |
Deteriorated |
Industrial
Average |
0.82 |
|
Return on Equity |
(44.83) |
Deteriorated |
Industrial
Average |
2.80 |
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 48.09%. 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 -13.13%.
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 -12.36%.
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 -44.83%.
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 |
1.10 |
Satisfactory |
Industrial Average |
1.46 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
305.93 |
|
|
|
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, decreased from 1.94 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 0.25 times in 2010,
decreased from 0.32 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 306 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial
Average |
0.70 |
|
Debt to Equity Ratio |
2.63 |
Risky |
Industrial
Average |
2.31 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.91 |
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 0.72 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 |
9.60 |
Impressive |
Industrial
Average |
3.54 |
|
Total Assets Turnover |
0.94 |
Acceptable |
Industrial
Average |
1.42 |
|
Inventory Conversion Period |
348.26 |
|
|
|
|
Inventory Turnover |
1.05 |
Deteriorated |
Industrial
Average |
2.51 |
|
Receivables Conversion Period |
24.56 |
|
|
|
|
Receivables Turnover |
14.86 |
Impressive |
Industrial
Average |
5.49 |
|
Payables Conversion Period |
66.90 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.56 |
|
UK Pound |
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.49 |
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.