MIRA INFORM REPORT
|
Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
K.M.
SIAM CO., LTD. |
|
|
|
|
Registered Office : |
579/16-17 Bamrungmuang Road, Klongmahanark, Pomprabsattrupai, Bangkok 10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.03.1987 |
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Com. Reg. No.: |
0105530012204 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Automobile Parts |
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No. of Employees
: |
04 |
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 |
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Payment
Behaviour : |
No Complaints |
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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 – 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
K.M. SIAM
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 579/16-17 BAMRUNGMUANG
ROAD,
KLONGMAHANARK, POMPRABSATTRUPAI,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2223-0360-6
FAX :
[66] 2223-0500
E-MAIL
ADDRESS : orcation@kmsiam.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530012204
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 : MRS. VARAPHA THIENPHOSUWAN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : AUTOMOBILE PARTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 13, 1987 as a
private limited company under
the registered name
K.M. SIAM CO., LTD., by
Thai groups, with the
business objective to
distribute various kinds of
automobile parts to domestic
market. It currently
employs 4 staff.
The
subject’s registered address
is 579/16-17 Bamrungmuang
Rd., Klongmahanark, Pomprabsattrupai, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Varapha Thienphosuwan |
|
Thai |
59 |
|
Mr. Chaowanont Jiratra-anand |
|
Thai |
64 |
|
Mr. Vichit Jiratra-anand |
|
Thai |
69 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Varapha Thienphosuwan is
the Managing Director.
She is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
automobile parts, mainly
for tractors and
picked-up cars.
MAJOR BRANDS
“KOMATSU”,
“HITACHI”, “KOBELCO”, “CATERPILLAR”, “MITSUBISHI”,
“ISUZU”, “HINO”, “TOYOMA”,
“IKUSI”, “S-LOY” and
etc.
PURCHASE
Its products
are purchased from suppliers both
domestic and overseas,
mainly in Japan,
Republic of China,
Taiwan, and European
countries.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
RELATED
AND AFFILIATED COMPANY
Auto Pro Intertrade
Co., Ltd.
Business Type :
Importer and distributor
of automobile parts.
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
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial
area.
Branch is
located at 354/5 Wisutkasat Rd.,
Banpanthom, Pranakorn,
Bangkok 10200.
Tel.
[66] 2629-2154-9, Fax.
[66] 2629-2160-1.
REMARK
CREDIT
OF US$ 100,000
SHOULD BE IN
ORDER.
COMMENT
The subject had moderate sales in
2010. This was due to
market demand for
repair segment and strong
consumption. Industrial upturn
had also spurred
demand of automobile parts especially
tractors. However, floods
in the last quarter of
2011 has increased
consumption of such
products from repair
and improvement markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of Bht.
100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 1,500,000
on March 3,
1990
Bht. 4,000,000
on July 18,
2005
The
latest registered 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, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Varapha Thienphosuwan Nationality: Thai Address : 579/16-17
Bamrungmuang Rd.,
Klongmahanark,
Pomprabsattrupai, Bangkok |
11,000 |
27.50 |
|
Ms. Suthida Jiratra-anand Nationality: Thai Address : 25 Charansanitwong Rd.,
Bangyikhan,
Bangplad, Bangkok |
6,200 |
15.50 |
|
Mr. Vichit Jiratra-anand Nationality: Thai Address : 105/122
Moo 4, Bangbon,
Bangbon, Bangkok |
6,000 |
15.00 |
|
Ms. Pichsinee Jiratra-anand Nationality: Thai Address : 105/122
Moo 4, Bangbon,
Bangbon, Bangkok |
6,000 |
15.00 |
|
Mr. Chaowanont Jiratra-anand Nationality: Thai Address : 25
Charansanitwong Rd., Bangyikhan,
Bangplad, Bangkok |
6,000 |
15.00 |
|
Mr. Somyos Thienphosuwan Nationality: Thai Address : 579/16-17
Bamrungmuang Rd.,
Klongmahanark,
Pomprabsattrupai, Bangkok |
2,400 |
6.00 |
|
Mr. Porameth Thienphosuwan Nationality: Thai Address : 21/65
Moo 2, Bangramad,
Talingchan, Bangkok |
2,400 |
6.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
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. Suporn Tanpanich No.
1539
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
468,146.27 |
561,524.02 |
|
Trade Accounts Receivable |
2,760,647.43 |
2,355,425.36 |
|
Inventories |
19,033,492.00 |
19,865,780.00 |
|
Other Current Assets |
308,717.53 |
121,330.37 |
|
|
|
|
|
Total Current Assets
|
22,571,003.23 |
22,904,059.75 |
|
|
|
|
|
Fixed Assets |
14,779,849.57 |
15,054,870.07 |
|
Other Assets |
42,571.97 |
41,371.97 |
|
Total Assets |
37,393,424.77 |
38,000,301.79 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
3,398,000.00 |
6,542,000.00 |
|
Trade Accounts Payable |
1,704,097.61 |
671,536.11 |
|
Short-term Loan from Person
Related |
15,640,000.00 |
15,640,000.00 |
|
Other Current Liabilities |
189,762.78 |
146,350.03 |
|
|
|
|
|
Total Current Liabilities |
20,931,860.39 |
22,699,886.14 |
|
Total Liabilities |
20,931,860.39 |
22,699,886.14 |
|
|
|
|
|
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 |
12,461,564.38 |
11,300,415.65 |
|
Total Shareholders' Equity |
16,461,564.38 |
15,300,415.65 |
|
Total Liabilities & Shareholders' Equity |
37,393,424.77 |
38,000,301.79 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
18,689,526.44 |
16,644,568.96 |
|
Other Income |
134,835.18 |
23,891.21 |
|
Total Sales |
18,824,361.62 |
16,668,460.17 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
14,431,972.35 |
11,413,048.81 |
|
Selling Expenses |
211,783.69 |
191,607.94 |
|
Administrative Expenses |
2,751,561.21 |
3,844,553.41 |
|
Total Expenses |
17,395,317.25 |
15,449,210.16 |
|
|
|
|
|
Profit / [Loss] before Finance
Cost & Income Tax |
1,429,044.37 |
1,219,250.01 |
|
Finance Cost |
[17,173.93] |
[25,790.07] |
|
Profit / [Loss] before Income
Tax |
1,411,870.44 |
1,193,459.94 |
|
Income Tax |
[250,721.71] |
[210,132.61] |
|
|
|
|
|
Net Profit / [Loss] |
1,161,148.73 |
983,327.33 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.01 |
|
QUICK RATIO |
TIMES |
0.15 |
0.13 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.26 |
1.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.50 |
0.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
481.38 |
635.33 |
|
INVENTORY TURNOVER |
TIMES |
0.76 |
0.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.91 |
51.65 |
|
RECEIVABLES TURNOVER |
TIMES |
6.77 |
7.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.10 |
21.48 |
|
CASH CONVERSION CYCLE |
DAYS |
492.19 |
665.50 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.22 |
68.57 |
|
SELLING & ADMINISTRATION |
% |
15.86 |
24.25 |
|
INTEREST |
% |
0.09 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
23.50 |
31.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.65 |
7.33 |
|
NET PROFIT MARGIN |
% |
6.21 |
5.91 |
|
RETURN ON EQUITY |
% |
7.05 |
6.43 |
|
RETURN ON ASSET |
% |
3.11 |
2.59 |
|
EARNING PER SHARE |
BAHT |
29.03 |
24.58 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.56 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.27 |
1.48 |
|
TIME INTEREST EARNED |
TIMES |
83.21 |
47.28 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
12.29 |
|
|
OPERATING PROFIT |
% |
17.21 |
|
|
NET PROFIT |
% |
18.08 |
|
|
FIXED ASSETS |
% |
(1.83) |
|
|
TOTAL ASSETS |
% |
(1.60) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
23.50 |
Impressive |
Industrial Average |
10.55 |
|
Net Profit Margin |
6.21 |
Impressive |
Industrial
Average |
1.63 |
|
Return on Assets |
3.11 |
Satisfactory |
Industrial
Average |
3.64 |
|
Return on Equity |
7.05 |
Acceptable |
Industrial
Average |
9.84 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 23.5%. 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 6.21%, 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. When compared with the
industry average, it was lower, the company's figure is 3.11%.
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 7.05%.
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 |
1.08 |
Acceptable |
Industrial
Average |
1.62 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
492.19 |
|
|
|
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 1.08 times in 2010, increased from 1.01 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 0.15 times in 2010,
increased from 0.13 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 493 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.56 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
1.27 |
Acceptable |
Industrial
Average |
1.67 |
|
Times Interest Earned |
83.21 |
Impressive |
Industrial
Average |
4.08 |
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 83.22 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 0.56 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 |
1.26 |
Deteriorated |
Industrial
Average |
11.45 |
|
Total Assets Turnover |
0.50 |
Deteriorated |
Industrial
Average |
2.23 |
|
Inventory Conversion Period |
481.38 |
|
|
|
|
Inventory Turnover |
0.76 |
Deteriorated |
Industrial
Average |
4.90 |
|
Receivables Conversion Period |
53.91 |
|
|
|
|
Receivables Turnover |
6.77 |
Impressive |
Industrial
Average |
4.56 |
|
Payables Conversion Period |
43.10 |
|
|
|
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.49.05 |
|
UK Pound |
1 |
Rs.77.78 |
|
Euro |
1 |
Rs.65.89 |
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.