MIRA INFORM REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIAMRAK COMPANY LIMITED |
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Registered Office : |
2/42 Moo 6, Soi Pluem Manee, Ratchadapisek Road, Ladyao, Chatuchak, Bangkok 10900, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.02.1990 |
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Com. Reg. No.: |
0105533022669 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter & Distributor of Home Fragrance Products |
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No. of Employees : |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Slow but correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company
name
SIAMRAK
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 2/42
MOO 6, SOI
PLUEM MANEE,
RATCHADAPISEK ROAD,
LADYAO,
CHATUCHAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2979-5474-9,
082 555-9696, 082
555-4646
FAX :
[66] 2979-5211-2
E-MAIL
ADDRESS : info@siamrak.co.th
sales@siamrak.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533022669 [Former
: 2267/2533]
TAX
ID NO. : 3101958317
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAVEESAK HIRUNRAK, THAI
MANAGING DIRECTOR
AND PRODUCTION MANAGER
NO.
OF STAFF : 80
LINES
OF BUSINESS : HOME
FRAGRANCE PRODUCTS
MANUFACTURER, EXPORTER
& 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 February 23,
1990 as a
private limited company under
the name style
SIAMRAK COMPANY LIMITED
by Thai group,
Hirunrak family, in order
to manufacture home
fragrance products for
both local and
overseas markets. It
currently employs 80
staff.
The subject’s registered
address is 2/42 Moo 6, Soi Pluem
Manee, Ratchadapisek Rd.,
Ladyao, Chatuchak, Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Taveesak Hirunrak
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Taveesak Hirunrak is
the Managing Director
and Production Manager.
He is Thai
nationality with the
age of 49
years old.
Ms. Varaporn Markkaew
is the Export
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing wide
range of home fragrance
products, especially potpourri set
and reed diffuser
set in various
styles and packages
such as poly
bag, box’n bow,
plastic container, glass, rock
bead, paper, air
freshener spray, ceramic
pot, fabric &
doll, wooden box, frame,
incense, woven and etc., under
the brand name SIAMRAK and
customers’ own brands,
with the production
capacity of 4-5
million pieces per
annum.
PURCHASE
70%
of raw materials mainly
perfume, fragrance and
dried flowers are
imported from India,
Republic of China,
Indonesia, France and
Malaysia, and the
remaining 30% is
purchased from local
suppliers.
SALES
90% of its
products is exported directly
to over 20
countries, such as
Japan, Germany, Hong Kong, Belgium,
United States of
America, Italy, France,
United Kingdom, Netherlands,
Korea, Taiwan and
Singapore, and the
remaining 10% is sold
locally by Taveetorn Co., Ltd., the
subject’s affiliated company.
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.
RELATED/AFFILIATED COMPANIES
Taveetorn Co., Ltd.
Business Type: Distributor
of home fragrance
products
Gateway Art Co.,
Ltd.
Business Type :
Manufacturer and distributor
of blank cassette
tapes
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 or T/T.
Exports
are against L/C
at sight or
T/T.
BUSINESS
TRANSACTION
The
products are sold
both by cash
or credit, with the maximum credit given at
30-60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Chatujak, Bangkok 10900]
TMB
Bank Public Co., Ltd.
[Head Office : 3000 Phaholyothin
Rd., Ladyao, Chatujak,
Bangkok 10900]
EMPLOYMENT
The
subject employs approximately
80 staff [office,
sales staff and
workers].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
19 Moo 4, T.
Chiangraknoi, A. Bangsai,
Ayutthya 13190.
Tel.:
[66] 35 372-918-9, Fax. :
[66] 35 372-920.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
25,000.
COMMENT
The
subject was badly
hit from a
severe flood crisis
during November -
December 2011, which
caused the factory
to stop its
production temporarily
during that time.
However, the subject
has resumed its
production normally in
March 2012.
In
general, the subject’s business
remains healthy despite
slow consumption especially
from exported markets
due to economic sluggish.
Subject is still
optimistic about its
products from development and innovation of high-quality
products at competitive prices in
long term prospect.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 10,000,000
on September 10,
2001
Bht. 20,000,000
on December 29,
2008
Bht. 25,000,000
on August 22,
2011
The
latest registered capital
was increased to
Bht. 25,000,000 divided
into 250,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Taveesak Hirunrak Nationality: Thai Address : 2/42 Moo 6,
Soi Pluem Manee,
Ratchadapisek Rd., Ladyao,
Chatuchak, Bangkok 10900 |
249,500 |
99.80 |
|
Mr. Tanongsak Hirunrak Nationality: Thai Address : 1/20
Sukhumvit 3 Rd., Klongtoey, Bangkok 10110 |
100 |
0.04 |
|
Mrs. Amporn Hirunrak Nationality: Thai Address : 1/20 Sukhumvit 3 Rd.,
Klongtoey, Bangkok 10110 |
100 |
0.04 |
|
Mrs. Nongnuch Hirunrak Nationality: Thai Address : 118/122 Sompamitr
Rd., Kalasin, Muang, Kalasin |
100 |
0.04 |
|
Mr. Adisak Hirunrak Nationality: Thai Address : 118/122 Sompamitr
Rd., Kalasin, Muang, Kalasin |
100 |
0.04 |
|
Ms. Narumol Hirunrak Nationality: Thai Address : 2/42 Moo 6,
Soi Pluem Manee,
Ratchadapisek
Rd., Ladyao, Chatuchak, Bangkok 10900 |
100 |
0.04 |
Total Shareholders : 6
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
250,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Suvimol Kritayakiat No.
2982
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
445,518.03 |
373,085.17 |
|
Trade Accounts & Other
Receivable |
16,600,094.28 |
10,933,807.72 |
|
Inventories |
2,514,779.86 |
19,500,918.37 |
|
|
|
|
|
Total Current Assets
|
19,560,392.17 |
30,807,811.26 |
|
Investment in Subsidiaries |
- |
500,000.00 |
|
Long-term Lending to Related
Person |
13,708,346.68 |
4,090,743.00 |
|
Fixed Assets |
14,299,736.48 |
18,781,707.58 |
|
Intangible Assets |
67,106.41 |
170,658.98 |
|
Other Non-current Assets |
306,916.13 |
477,221.00 |
|
Total Assets |
47,942,497.87 |
54,828,141.82 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
53,067,141.94 |
40,768,844.52 |
|
Trade Accounts & Other Payable |
20,570,792.66 |
6,445,874.17 |
|
Current Portion of Long-term
Loan from Financial Institutions |
2,927,295.91 |
2,821,814.62 |
|
|
|
|
|
Total Current Liabilities |
76,565,230.51 |
50,036,533.31 |
|
Long-term Loan |
9,496,643.03 |
11,943,440.17 |
|
Employee Benefits Obligation |
1,427,453.97 |
- |
|
Total Liabilities |
87,489,327.51 |
61,979,973.48 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 250,000 & 200,000 shares in 2011
& 2010 respectively |
25,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
25,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
[64,546,829.64] |
[27,151,831.66] |
|
Total Shareholders' Equity |
[39,546,829.64] |
[7,151,831.66] |
|
Total Liabilities & Shareholders' Equity |
47,942,497.87 |
54,828,141.82 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
64,305,217.29 |
75,439,121.03 |
|
Other Income |
3,150,905.52 |
5,852,893.57 |
|
Total Revenues |
67,456,122.81 |
81,292,014.60 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
45,794,718.29 |
53,112,264.27 |
|
Selling Expenses |
7,536,176.85 |
6,813,948.82 |
|
Administrative Expenses |
18,570,693.55 |
17,699,413.04 |
|
Loss from Flood Crisis |
28,716,771.03 |
- |
|
Total Expenses |
100,618,359.72 |
77,625,626.13 |
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
[33,162,236.91] |
3,666,388.47 |
|
Financial Cost |
[4,232,761.07] |
[3,255,108.62] |
|
Profit / [Loss] before Income Tax |
[37,394,997.98] |
411,279.85 |
|
Income Tax |
- |
[57,139.62] |
|
|
|
|
|
Net Profit / [Loss] |
[37,394,997.98] |
354,140.23 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.26 |
0.62 |
|
QUICK RATIO |
TIMES |
0.22 |
0.23 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.50 |
4.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.34 |
1.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.04 |
134.01 |
|
INVENTORY TURNOVER |
TIMES |
18.21 |
2.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
94.22 |
52.90 |
|
RECEIVABLES TURNOVER |
TIMES |
3.87 |
6.90 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
163.96 |
44.30 |
|
CASH CONVERSION CYCLE |
DAYS |
(49.69) |
142.62 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.21 |
70.40 |
|
SELLING & ADMINISTRATION |
% |
40.60 |
32.49 |
|
INTEREST |
% |
6.58 |
4.31 |
|
GROSS PROFIT MARGIN |
% |
33.69 |
37.35 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(51.57) |
4.86 |
|
NET PROFIT MARGIN |
% |
(58.15) |
0.47 |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
(78.00) |
0.65 |
|
EARNING PER SHARE |
BAHT |
(149.58) |
1.77 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.82 |
1.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
(2.21) |
(8.67) |
|
TIME INTEREST EARNED |
TIMES |
(7.83) |
1.13 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(14.76) |
|
|
OPERATING PROFIT |
% |
(1,004.49) |
|
|
NET PROFIT |
% |
(10,659.38) |
|
|
FIXED ASSETS |
% |
(23.86) |
|
|
TOTAL ASSETS |
% |
(12.56) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.69 |
Impressive |
Industrial
Average |
22.28 |
|
Net Profit Margin |
(58.15) |
Deteriorated |
Industrial
Average |
2.20 |
|
Return on Assets |
(78.00) |
Deteriorated |
Industrial
Average |
2.59 |
|
Return on Equity |
- |
|
Industrial
Average |
5.66 |
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 33.69%. 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 -58.15%.
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 -78%.
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 |
0.26 |
Risky |
Industrial
Average |
1.71 |
|
Quick Ratio |
0.22 |
|
|
|
|
Cash Conversion Cycle |
(49.69) |
|
|
|
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 0.26 times in 2011, decreased from 0.62 times, then the company may
not be efficiently using its current assets. 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 0.22 times in 2011,
decreased from 0.23 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 -50 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.82 |
Risky |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
(2.21) |
Risky |
Industrial
Average |
1.01 |
|
Times Interest Earned |
(7.83) |
Risky |
Industrial
Average |
2.34 |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -7.84 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
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 |
4.50 |
Impressive |
Industrial
Average |
2.80 |
|
Total Assets Turnover |
1.34 |
Impressive |
Industrial
Average |
1.15 |
|
Inventory Conversion Period |
20.04 |
|
|
|
|
Inventory Turnover |
18.21 |
Impressive |
Industrial
Average |
3.17 |
|
Receivables Conversion Period |
94.22 |
|
|
|
|
Receivables Turnover |
3.87 |
Impressive |
Industrial
Average |
3.75 |
|
Payables Conversion Period |
163.96 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
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.