MIRA
INFORM REPORT
|
Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SPORTS TURF SOLUTIONS
[THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
RS TECHNOLOGY AND MARKETING CO.,
LTD |
|
|
|
|
Registered Office : |
254 Soi Ladprao 107,
Ladprao Road, Klongchan,
Bangkapi, Bangkok 10240 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.06.2005 |
|
|
|
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Com. Reg. No.: |
0105548084517 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Golf And Golf
Course Equipment Importer And
Distributor |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 200,000 |
|
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 |
Company name
SPORTS TURF SOLUTIONS
[THAILAND] LTD.
[FORMER : RS
TECHNOLOGY AND MARKETING
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 254 SOI LADPRAO
107, LADPRAO ROAD,
KLONGCHAN,
BANGKAPI, BANGKOK 10240
TELEPHONE : [66] 2731-1992-5
FAX : [66] 2731-1971,
2731-1997
E-MAIL ADDRESS : contact@sportsturfsolutions.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548084517
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 70%
SINGAPOREAN :
30%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. KANNIKAR THEWAVITCHULADA., THAI
MANAGING DIRECTOR
NO. OF STAFF : 20
LINES OF BUSINESS : GOLF
AND GOLF COURSE
EQUIPMENT 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 June 29,
2005 as a private
limited company under
the originally registered name “RS
Technology and Marketing
Co., Ltd.” by
Thai and Singaporean
groups. On April
28, 2010, its
registered name was
changed to SPORTS
TURF SOLUTIONS [THAILAND] LTD.
Its business objective
is to import and distribute various kinds of
golf and golf
course equipment to domestic
market. It currently
employs approximately 20
staff.
The subject is
also an affiliate
of Sports Turf
Solutions Pte. Ltd.,
in Singapore.
The subject’s registered
address is 254
Soi Ladprao 107,
Ladprao Rd., Klongchan,
Bangkapi, Bangkok 10240,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Kannikar Thewavitchulada |
|
Thai |
47 |
|
Mr. Roj Dejcharnnarong |
|
Thai |
66 |
|
Mr. Bradley James Burgess |
|
Australian |
40 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Kannikar
Thewavitchulada is the
Managing Director.
She is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of equipment for
golf sports and golf
course, such as
sand trapper, grinders
equipment, turf &
battery for golf
cars, turf care machinery,
golf course hardware, soil & fertilizer for
golf course, drain belt,
banker liners and
etc.
The subject has
started its commercial
business activities in
2010.
MAJOR BRAND
“TURF SHIELD”, “FLORATINE”,
“ATLAS”, “SIFON”, “HUNTER”,
“TROJAN”, “BERNHARD”, “WIEDENMANN”,
“DAVID GOLF” and
etc.
PURCHASE
90% of the products
is imported from
U.S.A., United Kingdom, Australia
and Singapore, the
remaining 10% is
purchased from local
suppliers.
MAJOR SUPPLIER
Trojan Battery Company : U.S.A.
Hunter Industries Inc. : U.S.A.
Floratine Products Group
Inc. : U.S.A.
Indian Valley Industries
Inc. : U.S.A.
Bernhard and Company : U.K.
Wiedenmann [U.K.] Ltd. :
U.K.
David Golf & Engineering Pty.
Ltd. : Australia
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users.
RELATED AND
AFFILIATED COMPANY
Flowco Co., Ltd.
Business Type :
Importer and distributor
of petroleum equipment.
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.
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.
EMPLOYMENT
The subject employs
approximately 20 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial / residential area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 200,000.
COMMENT
The subject has
commenced its commercial
business activities in
2010. Its first
year operating performance
was not satisfactory. However,
it revealed an
increase in sales
revenue in 2011 comparing to the
previous year.
In 2011, the
subject has expanded
its customer base
nationwide with more
variety of new
products to satisfy
its customer’s needs. At
present, the subject
has more customers
nationwide. The recent
flood crisis in
Thailand has no
impact on the
subject’s business, it
is still operating
normally. Generally, the
subject’s business has
a good prospect
from an increase
in number of
Thailand’s golf lovers
on a yearly
basis.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
On December 1, 2010,
the capital was
increased to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE [as at
December 19, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sports Turf Solutions
Pte. Ltd. Nationality: Singaporean Address : 10
Edmirality Rd., North
Link Tower, Singapore |
60,000 |
30.00 |
|
Ms. Lisa Ann Barrett Nationality: Thai Address : 15
Soi 16, Seri
2 Rd., Suanluang,
Bangkok |
33,340 |
16.67 |
|
Mr. Philip Charles Barrett Nationality: Thai Address : 15
Soi 16, Seri
2 Rd., Suanluang,
Bangkok |
33,340 |
16.67 |
|
Mr. Thomas William Barrett Nationality: Thai Address : 15
Soi 16, Seri
2 Rd., Suanluang,
Bangkok |
33,320 |
16.66 |
|
Mrs. Kannikar Thewavitchulada Nationality: Thai Address : 67
Trok Wadratchanadda, Bovornnives,
Phranakorn, Bangkok |
10,000 |
5.00 |
|
Boonchong Co., Ltd. Nationality: Thai Address : 254
Ladprao 107 Rd.,
Klongchan,
Bangkapi, Bangkok |
10,000 |
5.00 |
|
Mr. Ong-arj Kiatpiriyapong Nationality: Thai Address : 23
Soi Laemthong 2
Village, Suanluang, Bangkok |
10,000 |
5.00 |
|
Mrs. Somsri Songserm Nationality: Thai Address : 37/18
Moo 3, Ladsawai,
Lamlukka, Pathumthani |
10,000 |
5.00 |
Total Shareholders : 8
Share Structure
[as at December
19, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
140,000 |
70.00 |
|
Singaporean |
1 |
60,000 |
30.00 |
|
Total |
8 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Srisurang Na Thalang
No. 2528
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
2,497,027.99 |
2,479,319.00 |
|
Trade Accounts Receivable |
2,659,837.71 |
- |
|
Inventories |
5,433,741.05 |
- |
|
Other Current Assets |
10,255,748.53 |
162,749.00 |
|
|
|
|
|
Total Current Assets
|
20,846,355.28 |
2,642,068.00 |
|
|
|
|
|
Fixed Assets |
624,238.88 |
- |
|
Total Assets |
21,470,594.16 |
2,642,068.00 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
1,076,294.66 |
- |
|
Current Portion of Hire-purchase Contract Liabilities |
140,153.78 |
- |
|
Other Current Liabilities |
375,273.76 |
8,000.00 |
|
|
|
|
|
Total Current Liabilities |
1,591,722.20 |
8,000.00 |
|
|
|
|
|
Hire-purchase Contract Liabilities, net of Current Portion |
79,799.56 |
- |
|
Total Liabilities |
1,671,521.76 |
8,000.00 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 & 10,000 shares in 2010 & 2009 respectively |
20,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated [deficit] |
[200,927.60] |
1,634,068.00 |
|
Total Shareholders' Equity |
19,799,072.40 |
2,634,068.00 |
|
Total Liabilities & Shareholders' Equity |
21,470,594.16 |
2,642,068.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
6,225,918.00 |
- |
|
Other Income |
56,614.67 |
10,687.00 |
|
Total Revenues |
6,282,532.67 |
10,687.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,792,045.54 |
- |
|
Selling and Administrative Expenses |
3,319,989.66 |
9,663.00 |
|
Total Expenses |
8,112,035.20 |
9,663.00 |
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[1,829,502.53] |
1,024.00 |
|
Financial Cost |
[5,493.07] |
- |
|
|
|
|
|
Net Profit / [Loss] |
[1,834,995.60] |
1,024.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
13.10 |
330.26 |
|
QUICK RATIO |
TIMES |
3.24 |
309.91 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.97 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.29 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
413.88 |
- |
|
INVENTORY TURNOVER |
TIMES |
0.88 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
155.94 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
2.34 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
81.98 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
487.83 |
- |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.97 |
- |
|
SELLING & ADMINISTRATION |
% |
53.33 |
- |
|
INTEREST |
% |
0.09 |
- |
|
GROSS PROFIT MARGIN |
% |
23.94 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(29.39) |
- |
|
NET PROFIT MARGIN |
% |
(29.47) |
- |
|
RETURN ON EQUITY |
% |
(9.27) |
0.04 |
|
RETURN ON ASSET |
% |
(8.55) |
0.04 |
|
EARNING PER SHARE |
BAHT |
(9.17) |
0.10 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
(333.06) |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
(178,762.36) |
|
|
NET PROFIT |
% |
(179,298.79) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
712.64 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
23.94 |
Acceptable |
Industrial Average |
40.77 |
|
Net Profit Margin |
(29.47) |
Deteriorated |
Industrial Average |
1.99 |
|
Return on Assets |
(8.55) |
Deteriorated |
Industrial Average |
2.50 |
|
Return on Equity |
(9.27) |
Deteriorated |
Industrial Average |
9.76 |
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 23.94%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 is 29.47%. 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 -8.55%.
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 -9.27%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
13.10 |
Deteriorated |
Industrial Average |
32.75 |
|
Quick Ratio |
3.24 |
|
|
|
|
Cash Conversion Cycle |
487.83 |
|
|
|
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 13.1 times in 2010, decrease from 330.26 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 3.24 times in 2010,
decrease from 309.91 times, although excluding inventory so the company still have
good short-term financial strength.
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 488 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial Average |
0.71 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial Average |
0.69 |
|
Times Interest Earned |
(333.06) |
Risky |
Industrial Average |
311.35 |
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 -333.06 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.08 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.97 |
Deteriorated |
Industrial Average |
2,188.90 |
|
Total Assets Turnover |
0.29 |
Deteriorated |
Industrial Average |
1.30 |
|
Inventory Conversion Period |
413.88 |
|
|
|
|
Inventory Turnover |
0.88 |
Deteriorated |
Industrial Average |
46.10 |
|
Receivables Conversion Period |
155.94 |
|
|
|
|
Receivables Turnover |
2.34 |
Deteriorated |
Industrial Average |
30.19 |
|
Payables Conversion Period |
81.98 |
|
|
|
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.51.75 |
|
|
1 |
Rs.80.00 |
|
Euro |
1 |
Rs.65.99 |
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.