MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SILA CHAI
SURASTH CO., LTD. |
|
|
|
|
Registered Office : |
331 Tharabodee
Road, T. Thakam, A.
Punpin, Suratthani 84130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
1966 |
|
|
|
|
Com. Reg. No.: |
0845507000045 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
Distributor Rock Mining Operation |
|
|
|
|
No. of Employees : |
50 |
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 |
|
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 30, 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 |
SUMMARY
BUSINESS
ADDRESS : 331
THARABODEE ROAD, T. THAKAM,
A.
PUNPIN, SURATTHANI 84130
TELEPHONE : [66] 77
200-897
FAX :
[66] 77
201-080
E-MAIL
ADDRESS : southernsurat@southerngroup-thai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1966
REGISTRATION
NO. : 0845507000045
CAPITAL REGISTERED : BHT.
45,000,000
CAPITAL PAID-UP : BHT.
45,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THANARAK PONGPAETRA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : ROCK
MINING OPERATION
MANUFACTURER AND
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 October 7, 1966 as
a private limited
company under the registered name
SILA CHAI SURASTH
CO., LTD., by Thai groups, with the
objective to operate
in rock mining
in Suratthani province.
It currently employs
approximate 50 staff.
The subject’s registered
address is 331 Tharabodee Rd., T. Thakam, A. Punpin,
Suratthani 84130, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thanarak Pongpaetra |
[x] |
Thai |
56 |
|
Mr. Vichak Pongpaetra |
|
Thai |
54 |
|
Mrs. Wanvilai Pobsook |
[x] |
Thai |
52 |
|
Mr. Vijitr Julmaneechote |
|
Thai |
81 |
|
Pol. Col. Phrom Pariyavathee |
|
Thai |
78 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Thanarak Pongpaetra is
the Managing Director.
He is Thai
nationality with the age of
56 years old.
Mr. Lertchai Duandern is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
rock mining, to
manufacture various type
of rocks and
supply to road construction,
rail construction, cement
block producer and
common infrastructure construction
project.
PRODUCTION CAPACITY
420,000 metric
tons per annum
PURCHASE
100%
of its raw
material and mining
equipment are purchased
from local suppliers.
SALES
100% of the
products is sold locally
by wholesale to
construction contractors and
project owners.
RELATED AND AFFILIATED COMPANIES
Southern Palm Oil
Industry [1993] Co.,
Ltd.
Business Type :
Manufacturer of palm
oil products.
Chokephana [2512] Co.,
Ltd.
Business Type :
Manufacturer of mining
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
50 staff.
LOCATION DETAILS
The
premise is owned
for administrative office, mining
and factory I at
the heading address.
Premise is located
in provincial, in
the Southern region.
Factory
II is located
at 57 Moo
7, T. Banthamnieb, A. Kiriratnikom, Suratthani
84180.
Bangkok
Branch is located
at Petra Building,
478 Ratchadapisek Rd.,
Samsennok, Huaykwang, Bangkok
10320, Tel : [66]
2744-9071-5, Fax :
[66] 2744-9156-7.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 500,000.
COMMENT
The
company is regarded as
the rock mining
to served demand of
rock to infrastructure construction
and cement industry,
such as Department of Highway, the Department of
Rural Roads, the
Thai Railway Authority
as well as the
Provincial Administrative Organization. Therefore,
it continues to enjoy
stable growth, built on solid
excellence in production
processes and systems that
are guaranteed.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 1,000
shares of Bht. 1,000
each with fully
paid.
The
capital was increased
and decreased later
as follows:
Bht. 20,000,000
on October 15,
1992
Bht. 30,000,000
on December 29,
1997
Bht. 40,000,000
on March 14,
2003
Bht. 45,000,000
on July 12,
2004
Bht. 22,000,000
on December 2,
2004 [decreased]
Bht. 30,000,000
on December 27,
2004
Bht. 45,000,000
on July 2,
2010
The
latest registered capital
was increased to Bht.
45,000,000 divided into
45,000 shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Pol. Col. Pakkapong Pongpaetra Nationality: Thai Address : 105
Ramkhamhaeng 40 Rd.,
Huamark, Bangkapi, Bangkok |
8,100 |
18.00 |
|
Mr. Bodee Cherdvisawaphan Nationality: Thai Address : 69
Prachasongkroh Rd., Dindaeng,
Bangkok |
8,100 |
18.00 |
|
Mr. Thanarak Pongpaetra Nationality: Thai Address :
118 Moo 14,
Thakanon, Kiriratnikom, Suratthani |
6,300 |
14.00 |
|
Ms. Suphalak Kanchanavanich Nationality: Thai Address : 211
Mahadthai Rd., Naimuang,
Muang,
Nakornratchasima |
6,300 |
14.00 |
|
Mrs. Wanvilai Pobsook Nationality: Thai Address : 90/33
Moo 3, Makhamtia,
Muang, Suratthani |
6,300 |
14.00 |
|
Mr. Jermsak Siripanichakorn Nationality: Thai Address : 105/10
Moo 3, Ladyao,
Jatujak, Bangkok |
6,210 |
13.80 |
|
Mr. Eka Srinopnikom Nationality: Thai Address : 97/181
Moo 9, Bangkhen,
Muang, Nonthaburi |
3,690 |
8.20 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
45,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
45,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Krisana Thiwaree No.
2966
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
471,940.89 |
106,154.10 |
|
Trade Accounts &
Notes Receivable |
15,959,415.40 |
22,575,430.99 |
|
Loan to Person or Related
Company |
5,981,425.54 |
30,000.00 |
|
Inventories |
35,714,420.79 |
25,306,554.15 |
|
Other Current Assets |
22,037,960.36 |
18,153,416.42 |
|
|
|
|
|
Total Current Assets
|
80,165,162.98 |
66,171,555.66 |
|
Cash at Bank
pledged as a
Collateral |
891,643.61 |
420,609.42 |
|
Investment |
8,991,449.99 |
7,824,451.32 |
|
Fixed Assets |
31,304,160.37 |
23,390,010.02 |
|
Other Assets |
1,380,200.00 |
16,200.00 |
|
Total Assets |
122,732,616.95 |
97,822,826.42 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
30,191,155.24 |
25,836,036.32 |
|
Trade Accounts Payable |
20,585,813.93 |
13,374,349.10 |
|
Loan from Person or Related
Company |
17,537,267.81 |
22,668,513.16 |
|
Current Portion of Hire-purchase Payable |
1,511,111.16 |
1,630,798.62 |
|
Other Current Liabilities |
16,257,187.75 |
16,160,700.35 |
|
|
|
|
|
Total Current Liabilities |
86,082,535.89 |
79,670,397.55 |
|
|
|
|
|
Hire-purchase Payable, net of Current
Portion |
7,043,918.38 |
4,029,629.54 |
|
Total Liabilities |
93,126,454.27 |
83,700,027.09 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 45,000 & 30,000 shares in 2010 & 2009 respectively |
45,000,000.00 |
30,000,000.00 |
|
|
|
|
|
Capital Paid |
45,000,000.00 |
30,000,000.00 |
|
Retained Earnings -
Unappropriated [deficit] |
[15,393,837.32] |
[15,877,200.67] |
|
Total Shareholders' Equity |
29,606,162.68 |
14,122,799.33 |
|
Total Liabilities & Shareholders' Equity |
122,732,616.95 |
97,822,826.42 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
85,759,948.58 |
65,203,489.91 |
|
Gain on Disposal of
Assets |
- |
423,269.09 |
|
Interest Income |
3,665.91 |
3,970.67 |
|
Other Income |
10,009,778.47 |
938,292.46 |
|
Total Revenues |
95,773,392.96 |
66,569,022.13 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
53,057,965.06 |
52,678,445.45 |
|
Selling Expenses |
30,065,002.80 |
3,521,987.69 |
|
Administrative Expenses |
9,653,573.65 |
5,907,113.56 |
|
Total Expenses |
92,776,541.51 |
62,107,546.70 |
|
|
|
|
|
Profit / [Loss] before Financial Cost |
2,996,851.45 |
4,461,475.43 |
|
Financial Cost |
[2,513,488.10] |
[2,739,036.02] |
|
|
|
|
|
Net Profit / [Loss] |
483,363.35 |
1,722,439.41 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.93 |
0.83 |
|
QUICK RATIO |
TIMES |
0.26 |
0.29 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.74 |
2.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
245.69 |
175.34 |
|
INVENTORY TURNOVER |
TIMES |
1.49 |
2.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.92 |
126.37 |
|
RECEIVABLES TURNOVER |
TIMES |
5.37 |
2.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
141.62 |
92.67 |
|
CASH CONVERSION CYCLE |
DAYS |
172.00 |
209.05 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
61.87 |
80.79 |
|
SELLING & ADMINISTRATION |
% |
46.31 |
14.46 |
|
INTEREST |
% |
2.93 |
4.20 |
|
GROSS PROFIT MARGIN |
% |
49.81 |
21.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.49 |
6.84 |
|
NET PROFIT MARGIN |
% |
0.56 |
2.64 |
|
RETURN ON EQUITY |
% |
1.63 |
12.20 |
|
RETURN ON ASSET |
% |
0.39 |
1.76 |
|
EARNING PER SHARE |
BAHT |
10.74 |
57.41 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.15 |
5.93 |
|
TIME INTEREST EARNED |
TIMES |
1.19 |
1.63 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
31.53 |
|
|
OPERATING PROFIT |
% |
(32.83) |
|
|
NET PROFIT |
% |
(71.94) |
|
|
FIXED ASSETS |
% |
33.84 |
|
|
TOTAL ASSETS |
% |
25.46 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
49.81 |
Impressive |
Industrial
Average |
18.19 |
|
Net Profit Margin |
0.56 |
Impressive |
Industrial
Average |
(5.80) |
|
Return on Assets |
0.39 |
Impressive |
Industrial
Average |
(1.77) |
|
Return on Equity |
1.63 |
Impressive |
Industrial
Average |
(0.74) |
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 49.81%. 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 0.56%, 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
0.39%, 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 1.63%, 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 |
0.93 |
Risky |
Industrial
Average |
56.04 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
172.00 |
|
|
|
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 0.93 times in 2010, increased from 0.83 times, then the company may
have problems meeting its short-term obligations. 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 0.26 times in 2010,
decreased from 0.29 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 172 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial
Average |
1.21 |
|
Debt to Equity Ratio |
3.15 |
Risky |
Industrial
Average |
2.16 |
|
Times Interest Earned |
1.19 |
Impressive |
Industrial
Average |
(20.66) |
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 1.2 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 0.76 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.74 |
Deteriorated |
Industrial
Average |
8.52 |
|
Total Assets Turnover |
0.70 |
Deteriorated |
Industrial
Average |
1.46 |
|
Inventory Conversion Period |
245.69 |
|
|
|
|
Inventory Turnover |
1.49 |
Deteriorated |
Industrial
Average |
20.28 |
|
Receivables Conversion Period |
67.92 |
|
|
|
|
Receivables Turnover |
5.37 |
Deteriorated |
Industrial
Average |
16.54 |
|
Payables Conversion Period |
141.62 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.31 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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.