MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
FIRM SUPPLIES CO., LTD. |
|
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|
|
Registered Office : |
68 Moo 2, T. Salaklang, A. Bangkruay, Nonthaburi 11130 |
|
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
02.01.1987 |
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Com. Reg. No.: |
0105530000303 |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Importer & Distributor of Measuring & Electrical Equipments |
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|
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No. of Employees : |
17 |
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
FIRM
SUPPLIES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 68
MOO 2, T.
SALAKLANG, A. BANGKRUAY,
NONTHABURI 11130
TELEPHONE : [66] 2449-2449,
2449-2443-4
FAX
:
[66] 2449-2440-1
E-MAIL
ADDRES : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530000303 [Former
: 32/2530]
TAX
ID NO. : 3101422962
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TANIN VASINYONT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 17
LINES
OF BUSINESS : MEASURING &
ELECTRICAL EQUIPMENTS
IMPORTER &
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 January 2,
1987 as a
private limited company
under the name style FIRM
SUPPLIES CO., LTD.
by Thai groups,
in order to distribute
electrical insulator and
measuring equipment for
local market. It
currently employs 17 staff.
The subject’s registered
address was initially
located at 1149/50 Klongbangkokyai Rd.,
Kuhasawan, Pasicharoen, Bangkok
10160.
On January 22,
2007, subject’s registered
address was relocated
to 68 Moo 2, T.
Salaklang, A. Bangkruay, Nonthaburi
11130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tanin Vasinyont |
[x] |
Thai |
52 |
|
Mr. Sathit Vasinyont |
|
Thai |
49 |
|
Mrs. Thitiporn Vasinyont |
|
Thai |
50 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tanin Vasinyont is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
electrical insulator, industrial
measuring equipments, copper
wires, electric wires
and cables. Its
products are imported
by customer’s order.
MAJOR BRANDS
“EFSEX” : U.S.A.
“AUGUST KREMPEL” :
Germany
“PDG” : U.S.A.
“VONROLL ISOLA” :
Switzerland & Italy
IMPORT [COUNTRIES]
Most of the
products are imported
from Germany, U.S.A.,
Singapore, Taiwan,
Republic of China,
Switzerland and Italy, and
the rest is
purchased locally.
MAJOR SUPPLIERS
August Krempel Soehne
GmbH. : Germany
Von Roll Holding
AG. : Switzerland
Von Roll Isola
Asia Pte. Ltd. : Singapore
SALES [LOCAL]
100% of the products
are supplied locally mainly
to power plant
and electric system
contractors, the remaining
is sold to
dealers nationwide.
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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Charansanitwong 11
Branch : 53/2
Charansanitwong Rd., Bangkokyai,
Pasicharoen,
Bangkok 10160
Dowkanong Branch :
911 Somdejprachaotaksin Rd.,
Bukkalo, Thonburi, Bangkok 10600
EMPLOYMENT
The subject employs
17 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse in
a 3 storey
building of 2 row
shop houses at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject provides
products with good
quality and well
known brands. The
products have potential
to grow steadily as
long as the
quality and price
continue to keep
the standard.
Subject reported good
business in 2011,
as well as its
current business performance is in
progress.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000 divided into
5,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 1,500,000
on July 29,
2002
Bht. 4,000,000
on July 19,
2005
The latest capital
was increased to Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Tanin Vasinyont Nationality: Thai Address : 1149/50
Klongbangkokyai Rd., Kuhasawan, Pasicharoen, Bangkok
10160 |
25,000 |
62.50 |
|
Mrs. Thitiporn Vasinyont Nationality: Thai Address : 1149/50
Klongbangkokyai Rd., Kuhasawan, Pasicharoen, Bangkok
10160 |
13,500 |
33.75 |
|
Mr. Sathit Vasinyont Nationality: Thai Address : 1149/50
Klongbangkokyai Rd., Kuhasawan, Pasicharoen, Bangkok
10160 |
500 |
1.25 |
|
Ms. Malinee Vasinyont Nationality: Thai Address : 11/26
Moo 9, Klongbangkokyai Rd.,
Kuhasawan, Pasicharoen, Bangkok
10160 |
250 |
|
|
Mr. Kamol Tantinarawat Nationality: Thai Address : 259/162
Petchkasem Rd.,
Pakklongpasicharoen,
Bangkok 10160 |
250 |
= 2.50 |
|
Mrs. Suchada Kerdrat Nationality: Thai Address : 90/75
Prachasongkroh Rd., Huaykwang, Bangkok 10310 |
250 |
|
|
Ms. Pranee Khunmuang Nationality: Thai Address : 1652
Soi Rimklongbangkokyai, Kuhasawan,
Pasicharoen, Bangkok 10160 |
250 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Usana Srisornkampol No.
5605
BALANCE SHEET
The
latest financial figures
published as at
December 31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
121,710.00 |
64,690.44 |
|
Inventories |
37,602,033.88 |
33,869,354.57 |
|
Trade Accounts Receivable |
24,105,616.77 |
19,379,040.63 |
|
Other Current Assets |
170,502.12 |
145,063.55 |
|
|
|
|
|
Total Current Assets
|
61,999,862.77 |
53,458,149.19 |
|
|
|
|
|
Fixed Assets |
22,113,327.32 |
24,453,773.99 |
|
Long-term Loan to Person
or Related Company |
8,892,571.00 |
6,900,000.00 |
|
Other Non current
Assets |
967,932.44 |
466,091.56 |
|
Total Assets |
93,973,693.53 |
85,278,014.74 |
LIABILITIES &
SHAREHOLDERS' EQUITY
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
7,267,864.00 |
2,900,218.12 |
|
Trade Accounts Payable |
13,175,103.32 |
10,746,210.37 |
|
Other Current Liabilities |
5,839,391.01 |
5,985,977.57 |
|
|
|
|
|
Total Current Liabilities |
26,282,358.33 |
19,632,406.06 |
|
Non-Current Liabilities |
|
|
|
Long-term Loan from Financial
Institution |
3,076,438.38 |
5,332,422.30 |
|
Long-term Loan from
Person or Related Company |
2,048,598.14 |
5,736,106.93 |
|
Promissory Note |
2,000,000.00 |
- |
|
Total Non-Current
Liabilities |
7,125,036.52 |
11,068,529.23 |
|
|
|
|
|
Total Liabilities |
33,407,394.85 |
30,700,935.29 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital : Baht. 100
par value authorized issued
and fully paid
share capital 40,000
shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning, Unappropriated |
56,566,298.68 |
50,577,079.45 |
|
Total Shareholders' Equity |
60,566,298.68 |
54,577,079.45 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
93,973,693.53 |
85,278,014.74 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
85,437,807.56 |
81,414,585.56 |
|
Other Revenues |
258,244.39 |
188,356.29 |
|
Total Revenues |
85,696,051.95 |
81,602,941.85 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
56,617,073.92 |
53,309,690.45 |
|
Selling Expenses |
5,063,198.23 |
5,715,057.92 |
|
Administrative Expenses |
13,879,574.25 |
13,009,171.53 |
|
Other Expenses |
14,605.90 |
15,159.66 |
|
Total Expenses |
75,574,452.30 |
72,049,079.56 |
|
|
|
|
|
Profit /[Loss] before Financial
Cost & Income Tax |
10,121,599.65 |
9,553,862.29 |
|
Financial Cost |
[1,716,232.74] |
[1,817,239.43] |
|
|
|
|
|
Profit /[Loss] before Income
Tax |
8,405,366.91 |
7,736,622.86 |
|
Income Tax |
[2,416,147.68] |
[2,179,445.46] |
|
Net Profit / [Loss] |
5,989,219.23 |
5,557,177.40 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.36 |
2.72 |
|
QUICK RATIO |
TIMES |
0.92 |
0.99 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.86 |
3.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.91 |
0.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
242.41 |
231.90 |
|
INVENTORY TURNOVER |
TIMES |
1.51 |
1.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.98 |
86.88 |
|
RECEIVABLES TURNOVER |
TIMES |
3.54 |
4.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
84.94 |
73.58 |
|
CASH CONVERSION CYCLE |
DAYS |
260.46 |
245.20 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
66.27 |
65.48 |
|
SELLING & ADMINISTRATION |
% |
22.17 |
23.00 |
|
INTEREST |
% |
2.01 |
2.23 |
|
GROSS PROFIT MARGIN |
% |
34.04 |
34.75 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.85 |
11.73 |
|
NET PROFIT MARGIN |
% |
7.01 |
6.83 |
|
RETURN ON EQUITY |
% |
9.89 |
10.18 |
|
RETURN ON ASSET |
% |
6.37 |
6.52 |
|
EARNING PER SHARE |
BAHT |
149.73 |
138.93 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.55 |
0.56 |
|
TIME INTEREST EARNED |
TIMES |
5.90 |
5.26 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.94 |
|
|
OPERATING PROFIT |
% |
5.94 |
|
|
NET PROFIT |
% |
7.77 |
|
|
FIXED ASSETS |
% |
(9.57) |
|
|
TOTAL ASSETS |
% |
10.20 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.04 |
Impressive |
Industrial Average |
17.10 |
|
Net Profit Margin |
7.01 |
Impressive |
Industrial Average |
1.84 |
|
Return on Assets |
6.37 |
Impressive |
Industrial Average |
2.95 |
|
Return on Equity |
9.89 |
Impressive |
Industrial Average |
6.97 |
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. Gross Profit Margin is 34.04%. 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. Net Profit Margin ratio is 7.01%,
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
6.37%, 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 9.89%, 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.
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 |
2.36 |
Impressive |
Industrial Average |
1.61 |
|
Quick Ratio |
0.92 |
|
|
|
|
Cash Conversion Cycle |
260.46 |
|
|
|
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 2.36 times in 2011, decrease from 2.72 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 0.92 times in 2011,
decrease from 0.99 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 261 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
0.55 |
Impressive |
Industrial Average |
1.48 |
|
Times Interest Earned |
5.90 |
Impressive |
Industrial Average |
2.59 |
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 5.9 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 0.36 less than 0.5, most of the company's
assets are financed through equity.
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 |
3.86 |
Acceptable |
Industrial Average |
5.90 |
|
Total Assets Turnover |
0.91 |
Acceptable |
Industrial Average |
1.59 |
|
Inventory Conversion Period |
242.41 |
|
|
|
|
Inventory Turnover |
1.51 |
Deteriorated |
Industrial Average |
4.52 |
|
Receivables Conversion Period |
102.98 |
|
|
|
|
Receivables Turnover |
3.54 |
Satisfactory |
Industrial Average |
4.06 |
|
Payables Conversion Period |
84.94 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.