MIRA INFORM REPORT
|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
COLOSSAL
INTERNATIONAL CO., LTD. |
|
|
|
|
Registered Office : |
731/38-43 Soi
Watchannai, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.11.1991 |
|
|
|
|
Com. Reg. No.: |
0105534108761 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
and distributor of industrial chemicals |
|
|
|
|
No. of Employees
: |
120 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
COLOSSAL INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 731/38-43 SOI
WATCHANNAI, RATCHADAPISEK ROAD,
BANGPONGPANG, YANNAWA,
BANGKOK 10120
TELEPHONE : [66] 2683-5823-7,
2683-5706-16
FAX :
[66] 2683-5820-2
E-MAIL
ADDRESS : cclcenter@cclcolossal.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534108761 [Former
: 10875/2534]
CAPITAL REGISTERED : BHT. 36,000,000
CAPITAL PAID-UP : BHT.
36,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUCHARIT RANGSIMANTORAN, THAI
PRESIDENT
NO.
OF STAFF : 120
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
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 November 15, 1991 as
a private limited
company under the
registered name style
COLOSSAL INTERNATIONAL CO.,
LTD., by Thai
groups, with the
business objective to import
and distribute wide
range of industrial chemicals
to domestic market.
It currently employs
approximate 120 staff.
The
subject’s registered address
was initially located
at 69 Soi
Sanchaojed, Charoenkrung Rd.,
Siphya, Bangrak, Bangkok
10500.
On October 7, 2008, its
registered address was relocated
to 731/38-43 Soi Watchannai,
Ratchadapisek Rd., Bangpongpang, Yannawa, Bangkok 10120, and
this is also the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chalach Chinthammit |
[x] |
Thai |
43 |
|
Mr. Chalee Chinthammit |
[x] |
Thai |
41 |
|
Mr. Chatree Chinthammit |
[x] |
Thai |
39 |
|
Mr. Sucharit Rangsimantoran |
[+] |
Thai |
65 |
|
Mr. Yong Puttasantitham |
[+] |
Thai |
60 |
|
Mr. Ong-Arj Deeprasertkul |
[+] |
Thai |
60 |
|
Mr. Visith Kuakij |
|
Thai |
65 |
|
Mr. Niwat Poonpirom |
|
Thai |
64 |
|
Mr. Wudhinant Pitaksith |
[x] |
Thai |
37 |
AUTHORIZED PERSON
One of the
above directors [x]
can jointly sign
with one of the
directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sucharit Rangsimantoran is
the President.
He is Thai
nationality with the
age of 65
years old.
Mr. Yong Puttasantitham is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
Mr. Chalach Chinthammit is
the General Manager.
He is Thai
nationality with the
age of 43
years old.
Mr. Lek Vongvanichjit is
the Marketing Director.
He is Thai
nationality.
Mr. Ong-Arj Deeprasertkul is
the Sales Director.
He is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor various kinds of
industrial chemicals and
pigments mainly for
paints, plastics, foods
and cosmetic industries.
MAJOR
BRAND
“BYK”
IMPORT
[COUNTRIES]
100%
of its products
is imported from
United Kingdom, Germany,
Australia, U.S.A., Japan, Republic
of China, Taiwan
and Singapore.
MAJOR SUPPLIERS
BYK Chemic GmbH : Germany
Kikuchi Color &
Chemicals Corporation: Japan
Eckart GmbH. : Germany
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers
and wholesalers.
MAJOR CUSTOMERS
T.O.A. Paint [Thailand]
Co., Ltd. :
Thailand
Jotun [Thailand] Co.,
Ltd. : Thailand
Sigma Paints [Thailand]
Co., Ltd. : Thailand
I.C.I. Paints [Thailand]
Co., Ltd. :
Thailand
J.B.P. International Paint
Co., Ltd. : Thailand
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 on
the credits term
of 30-60 days.
Imports are by
L/C at sight
or on the
credits term of
30-60 days.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 120 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$ 10,000,000.
COMMENT
Economic
improvement had resulted to
strong growth of
industrial sector with
brighter prospect. The
company is thriving and
is now looking
to go unwaveringly
into the new expansion markets.
The subject is
considered an excellent
business.
FINANCIAL INFORMATION
The capital was registered
at Bht. 10 million, divided
into 100,000 shares of
Bht. 100 each.
The capital was increased later
as follows:
Bht. 20
million on September
22, 1995
Bht. 25
million on June
9, 1997
Bht. 30
million on September
4, 1998
Bht. 36
million on September
29, 2009
The latest registered capital was increased
to Bht. 36 million, divided into
360,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS : [as
at April 28,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sucharit Rangsimantoran Nationality: Thai Address : 626/137
Kanchanapisek Rd., Bangpai,
Bangkae, Bangkok |
91,540 |
25.43 |
|
Mr. Chavalit Chinthammit Nationality: Thai Address : 42/2
Sukhumvit 31 Rd.,
Klongtonnua,
Wattana, Bangkok |
50,400 |
14.00 |
|
Mr. Yong Puttasantitham Nationality: Thai Address : 9/219
Moo 4, Anusawaree,
Bangkhen, Bangkok |
42,148 |
11.72 |
|
Mr. Ong-Arj Deeprasertkul Nationality: Thai Address : 3/57
Krungthep-Kreetha 9 Rd.,
Huamark, Bangkapi, Bangkok |
40,416 |
11.23 |
|
Mrs. Nareerat Chinthammit Nationality: Thai Address : 42/2
Sukhumvit 31 Rd.,
Klongtonnua,
Wattana, Bangkok |
33,000 |
9.17 |
|
Mr. Chalach Chinthammit Nationality: Thai Address : 42/2
Sukhumvit 31 Rd.,
Klongtonnua,
Wattana, Bangkok |
19,750 |
5.48 |
|
Others |
82,746 |
22.97 |
Total Shareholders : 15
Share Structure [as
at April 28,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thailand |
15 |
360,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
15 |
360,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Bandit Sumethcherngprachya No.
0026
Note
The 2011 financial
statement was not
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 |
11,118,495.16 |
10,811,892.80 |
|
Short-term Investment |
116,488,879.66 |
86,922,989.15 |
|
Trade Accounts Receivable |
376,274,501.53 |
310,483,761.42 |
|
Inventories |
355,331,624.67 |
213,347,874.03 |
|
Other Current Assets |
49,202,579.12 |
62,404,420.46 |
|
|
|
|
|
Total Current Assets
|
908,416,080.14 |
683,970,937.86 |
|
|
|
|
|
Fixed Assets |
130,614,013.35 |
142,255,704.18 |
|
Other Assets |
30,849,571.02 |
29,175,144.64 |
|
Total Assets |
1,069,879,664.51 |
855,401,786.68 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
651,194,988.95 |
525,999,921.25 |
|
Trade Accounts Payable |
10,346,815.19 |
7,706,457.27 |
|
Other Current Liabilities |
23,664,569.23 |
15,609,919.16 |
|
|
|
|
|
Total Current Liabilities |
685,206,373.37 |
549,316,297.68 |
|
Long-term Loan from Person or Related Company |
226,000,000.00 |
192,000,000.00 |
|
Long-term Loan from
Financial Institution |
8,178,000.00 |
15,786,000.00 |
|
Hire-purchase Payable, Net of Current Portion |
7,164,177.03 |
5,408,007.75 |
|
Total Liabilities |
926,548,550.40 |
762,510,305.43 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 360,000 shares |
36,000,000.00 |
36,000,000.00 |
|
|
|
|
|
Capital Paid |
36,000,000.00 |
36,000,000.00 |
|
Statutory Reserve |
3,777,920.00 |
3,777,920.00 |
|
Retained Earning-
Unappropriated |
103,553,194.11 |
53,113,561.25 |
|
Total Shareholders' Equity |
143,331,114.11 |
92,891,481.25 |
|
Total Liabilities & Shareholders' Equity |
1,069,879,664.51 |
855,401,786.68 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
1,217,841,026.34 |
1,036,343,398.17 |
|
Other Income |
16,992,640.24 |
9,365,616.42 |
|
Total Revenues |
1,234,833,666.58 |
1,045,709,014.59 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
972,198,093.91 |
851,256,743.80 |
|
Selling Expenses |
73,796,642.91 |
69,428,899.66 |
|
Administrative Expenses |
72,622,711.29 |
67,082,683.49 |
|
Other Expenses |
7,783,268.90 |
6,768,001.77 |
|
Total Expenses |
1,126,400,717.01 |
994,536,328.72 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
108,432,949.57 |
51,172,685.87 |
|
Financial Cost |
[27,748,084.50] |
[27,358,488.55] |
|
Profit / [Loss] before Income
Tax |
80,684,865.07 |
23,814,197.32 |
|
Income Tax |
[28,318,387.00] |
[10,632,185.62] |
|
|
|
|
|
Net Profit / [Loss] |
52,366,478.07 |
13,182,011.70 |
|
Retained Earning, Beginning
of Year |
53,113,561.25 |
51,888,692.80 |
|
Adjustment Expenses |
[126,845.21] |
42,856.75 |
|
Dividend Paid |
[1,800,000.00] |
[12,000,000.00] |
|
Retained Earning, End
of Year |
103,553,194.11 |
53,113,561.25 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.33 |
1.25 |
|
QUICK RATIO |
TIMES |
0.74 |
0.74 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.32 |
7.29 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.14 |
1.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
133.40 |
91.48 |
|
INVENTORY TURNOVER |
TIMES |
2.74 |
3.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
112.77 |
109.35 |
|
RECEIVABLES TURNOVER |
TIMES |
3.24 |
3.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.88 |
3.30 |
|
CASH CONVERSION CYCLE |
DAYS |
242.29 |
197.53 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
79.83 |
82.14 |
|
SELLING & ADMINISTRATION |
% |
12.02 |
13.17 |
|
INTEREST |
% |
2.28 |
2.64 |
|
GROSS PROFIT MARGIN |
% |
21.57 |
18.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.90 |
4.94 |
|
NET PROFIT MARGIN |
% |
4.30 |
1.27 |
|
RETURN ON EQUITY |
% |
36.54 |
14.19 |
|
RETURN ON ASSET |
% |
4.89 |
1.54 |
|
EARNING PER SHARE |
BAHT |
145.46 |
36.62 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.87 |
0.89 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.46 |
8.21 |
|
TIME INTEREST EARNED |
TIMES |
3.91 |
1.87 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
17.51 |
|
|
OPERATING PROFIT |
% |
111.90 |
|
|
NET PROFIT |
% |
297.26 |
|
|
FIXED ASSETS |
% |
(8.18) |
|
|
TOTAL ASSETS |
% |
25.07 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.57 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
4.30 |
Impressive |
Industrial Average |
1.40 |
|
Return on Assets |
4.89 |
Impressive |
Industrial Average |
3.65 |
|
Return on Equity |
36.54 |
Impressive |
Industrial Average |
10.59 |
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 21.57%. 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 4.30%,
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
4.89%, 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 36.54%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.33 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
242.29 |
|
|
|
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 1.33 times in 2010, increased from 1.25 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 0.74 times in 2010,
equivalent to 0.74 times in
2009, 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 243 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
6.46 |
Risky |
Industrial
Average |
1.69 |
|
Times Interest Earned |
3.91 |
Impressive |
Industrial
Average |
2.08 |
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 3.91 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 0.87 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 |
9.32 |
Satisfactory |
Industrial
Average |
10.80 |
|
Total Assets Turnover |
1.14 |
Deteriorated |
Industrial
Average |
2.62 |
|
Inventory Conversion Period |
133.40 |
|
|
|
|
Inventory Turnover |
2.74 |
Deteriorated |
Industrial
Average |
7.53 |
|
Receivables Conversion Period |
112.77 |
|
|
|
|
Receivables Turnover |
3.24 |
Acceptable |
Industrial
Average |
4.81 |
|
Payables Conversion Period |
3.88 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.99 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
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.