MIRA
INFORM REPORT
|
Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNRAIN INTERNATIONAL [THAILAND]
COMPANY LIMITED |
|
|
|
|
Registered Office : |
99/1 Moo 12,
T. Raiking, A. Sampran,
Nakornpathom 73210 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.06.1994 |
|
|
|
|
Com. Reg. No.: |
0735537001431 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Stationery Manufacturer,
Exporter and Distributor |
|
|
|
|
No. of Employees : |
200 |
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$ 125,000 |
|
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
SUNRAIN INTERNATIONAL [THAILAND]
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 99/1 MOO 12, T.
RAIKING, A. SAMPRAN,
NAKORNPATHOM 73210,
THAILAND
TELEPHONE : [66] 2811-9100
FAX : [66]
2811-9911
E-MAIL ADDRESS : sunrain@thailand.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0735537001431
CAPITAL REGISTERED : BHT.
80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI
: 55%
CHINESE :
45%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAI TER HER,
CHINESE
MANAGING DIRECTOR
NO. OF STAFF : 200
LINES OF BUSINESS : STATIONERY
MANUFACTURER, EXPORTER
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 28,
1994 as a
private limited company
under the name style SUNRAIN
INTERNATIONAL [THAILAND] COMPANY
LIMITED by Thai
and Chinese groups. Its
business objective is to manufacture
and market various
kinds of stationery
products to both domestic and
international markets. It currently
employs approximately 200
staff.
The subject’s registered address is
99/1 Moo 12, T.
Raiking, A. Sampran, Nakornpathom
73210, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Chai Ter Her
AUTHORIZED PERSON
The above director can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chai Ter Her is
the Managing Director.
He is Chinese
nationality with the
age of 51
years old.
Mr. Saksorn Nakprasert is
the G.M. and
Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting stationery
products, under its
own “SUNRAIN” and
“PENCOM” brands. The
products are as
followings:
Pen: ballpoint pen,
gel pen, mechanical ball
pen, oil gel
pen, correction pen,
etc.
Pencil: mechanical pencil,
non-sharpening pencil, wooden
pencil, etc.
Marker: whiteboard pen
and permanent marker
Rocket erasers
Rocket crayons
Other products: gift
set, compass, cutter,
sharpener, pencil case,
ruler, refill, etc.
The subject also
provides manufacturing service
for OEM products
and brands.
PURCHASE
Most of raw materials
and accessories are
purchased from local
suppliers, the remaining
is imported from
Republic of China,
Japan and Germany.
SALES
80% of the
products is exported
to Philippines, Taiwan, Republic of
China, Singapore, Malaysia, Hong Kong, Indonesia and European countries, the
remaining 20% is sold
locally through Pencom
[Thailand] Co., Ltd.,
an affiliated company.
SUBSIDIARY AND
AFFILIATED COMPANY
Pencom [Thailand] Co.,
Ltd.
Business Type :
Distributor of stationery
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
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.
Exports are against
T/T.
BANKING
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 200 staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory at the
heading address. Premise
is located in
provincial.
REMARK
CREDIT OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The subject’s sales in
2010 was slightly
increased comparing to
the previous year,
due to growth in export markets. However, the
cost of administrative expenses
has risen sharply
which resulted to
a small profit
margin at the
end of year.
In 2011, the
subject has manufactured
new products and
expanded its new
customer base in
many countries, and
it reported its
sales in 2011
was slightly improved
from last year’s
level.
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. 10,000,000
on December 2,
1994
Bht. 39,000,000
on September 28,
1998
Bht. 50,000,000
on August 15,
2001
Bht. 80,000,000
on July 24,
2003
The latest registered
capital was increased
to Bht. 80 million, divided
into 800,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chai Ter Her Nationality: Chinese Address : Taipei,
Taiwan |
200,000 |
25.00 |
|
Mrs. Pranee Kranchamnong Nationality: Thai Address : 16/1
Moo 3, Wadsamrong,
Nakornchaisri,
Nakornpathom |
160,000 |
20.00 |
|
Mr. Yang Hyien Chen Nationality: Chinese Address : Taipei,
Taiwan |
150,000 |
18.75 |
|
Mr. Wad Mado Nationality: Thai Address : 195
Moo 10, Nernkham,
Chainat |
100,000 |
12.50 |
|
Mr. Chad Makhun Nationality: Thai Address : 99/4
Moo 12, Raiking,
Sampran,
Nakornpathom |
90,000 |
11.25 |
|
Ms. Chomjai Kidkumkha Nationality: Thai Address : 5
Moo 4, Huayphai,
Muang,
Nakornpathom |
90,000 |
11.25 |
|
Mrs. Chen Shu Hua Nationality: Chinese Address : Taipei,
Taiwan |
10,000 |
1.25 |
Total Shareholders : 7
Share Structure
: [as at
April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
440,000 |
55.00 |
|
Foreign - Chinese |
3 |
360,000 |
45.00 |
|
Total |
7 |
800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Boonsin Thavorn
No. 1059
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
5,325,104.38 |
5,711,075.39 |
|
Trade Accounts Receivable |
80,140,069.23 |
69,472,325.44 |
|
Inventories |
39,935,621.11 |
42,854,034.70 |
|
Other Current Assets
|
6,275,942.77 |
7,555,121.12 |
|
|
|
|
|
Total Current Assets
|
131,676,737.49 |
125,592,556.65 |
|
Investment in Other
Company |
1,066,465.00 |
1,066,465.00 |
|
Fixed Assets |
69,740,175.86 |
73,427,151.64 |
|
Intangible Assets |
33,548.55 |
51,588.07 |
|
Other Assets |
2,035,964.24 |
2,035,964.24 |
|
Total Assets |
204,552,891.14 |
202,173,725.60 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
18,000,000.00 |
25,000,110.19 |
|
Trade Accounts & Notes Payable |
24,699,273.39 |
24,743,126.76 |
|
Short-term Loan from
Person or Related Company |
78,913,326.69 |
68,100,000.00 |
|
Other Current Liabilities |
4,053,738.72 |
4,873,138.59 |
|
|
|
|
|
Total Current Liabilities |
125,666,338.80 |
122,716,375.54 |
|
Total Liabilities |
125,666,338.80 |
122,716,375.54 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 800,000 shares |
80,000,000.00 |
80,000,000.00 |
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[1,113,447.66] |
[542,649.94] |
|
Total Shareholders’ Equity |
78,886,552.34 |
79,457,350.06 |
|
Total Liabilities & Shareholders’ Equity |
204,552,891.14 |
202,173,725.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
122,364,920.02 |
110,901,533.93 |
|
Service Income |
240,000.00 |
480,000.00 |
|
Other Income |
56,702.45 |
441,681.39 |
|
Total Revenues |
122,661,622.47 |
111,823,215.32 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
101,282,227.54 |
94,888,678.16 |
|
Selling Expenses |
347,592.37 |
257,052.80 |
|
Administrative Expenses |
20,304,177.89 |
13,929,885.46 |
|
Total Expenses |
121,933,997.80 |
109,075,616.42 |
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
727,624.67 |
2,747,598.90 |
|
Financial Cost |
[1,298,422.39] |
[1,627,256.09] |
|
Income Tax |
- |
[459,743.03] |
|
|
|
|
|
Net Profit / [Loss] |
[570,797.72] |
660,599.78 |
|
Retained Earning [deficit],
beginning of year |
[542,649.94] |
[1,203,249.72] |
|
Retained Earning [deficit], end
of year |
[1,113,447.66] |
[542,649.94] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.05 |
1.02 |
|
QUICK RATIO |
TIMES |
0.68 |
0.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.76 |
1.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
143.92 |
164.84 |
|
INVENTORY TURNOVER |
TIMES |
2.54 |
2.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
238.58 |
227.66 |
|
RECEIVABLES TURNOVER |
TIMES |
1.53 |
1.60 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
89.01 |
95.18 |
|
CASH CONVERSION CYCLE |
DAYS |
293.49 |
297.33 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
82.61 |
85.19 |
|
SELLING & ADMINISTRATION |
% |
16.84 |
12.74 |
|
INTEREST |
% |
1.06 |
1.46 |
|
GROSS PROFIT MARGIN |
% |
17.44 |
15.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.59 |
2.47 |
|
NET PROFIT MARGIN |
% |
(0.47) |
0.59 |
|
RETURN ON EQUITY |
% |
(0.72) |
0.83 |
|
RETURN ON ASSET |
% |
(0.28) |
0.33 |
|
EARNING PER SHARE |
BAHT |
(0.71) |
0.83 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.59 |
1.54 |
|
TIME INTEREST EARNED |
TIMES |
0.56 |
1.69 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.08 |
|
|
OPERATING PROFIT |
% |
(73.52) |
|
|
NET PROFIT |
% |
(186.41) |
|
|
FIXED ASSETS |
% |
(5.02) |
|
|
TOTAL ASSETS |
% |
1.18 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
17.44 |
Satisfactory |
Industrial Average |
21.76 |
|
Net Profit Margin |
(0.47) |
Deteriorated |
Industrial Average |
2.88 |
|
Return on Assets |
(0.28) |
Deteriorated |
Industrial Average |
3.36 |
|
Return on Equity |
(0.72) |
Deteriorated |
Industrial Average |
1.78 |
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 17.44%. 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. The company's figure is -0.47%.
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 -0.28%.
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 -0.72%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.05 |
Deteriorated |
Industrial Average |
6.39 |
|
Quick Ratio |
0.68 |
|
|
|
|
Cash Conversion Cycle |
293.49 |
|
|
|
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 1.05 times in 2010, increase from 1.02 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 0.68 times in 2010,
increase from 0.61 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 294 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
1.59 |
Satisfactory |
Industrial Average |
2.25 |
|
Times Interest Earned |
0.56 |
Risky |
Industrial Average |
135.85 |
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 0.57 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 0.61 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.76 |
Deteriorated |
Industrial Average |
884.43 |
|
Total Assets Turnover |
0.60 |
Deteriorated |
Industrial Average |
1.31 |
|
Inventory Conversion Period |
143.92 |
|
|
|
|
Inventory Turnover |
2.54 |
Deteriorated |
Industrial Average |
11.78 |
|
Receivables Conversion Period |
238.58 |
|
|
|
|
Receivables Turnover |
1.53 |
Deteriorated |
Industrial Average |
9.90 |
|
Payables Conversion Period |
89.01 |
|
|
|
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.