MIRA
INFORM REPORT
|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
S.O.M.
INTERNATIONAL CO., LTD. |
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|
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Registered Office : |
145 Soi Sukhumvit
49 [Klang], |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.09.2008 |
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Com. Reg. No.: |
0105551110353 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
importer
and distributor of industrial
chemicals and solutions |
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No. of Employees : |
03 |
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 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
S.O.M. INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 145
SOI SUKHUMVIT 49
[KLANG],
WATTANA,
TELEPHONE : [66] 2807-3347-9,
089 074-7834
FAX :
[66] 2807-9452
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551110353
TAX
ID NO. : 3033235852
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KENG SUWATTANAPIM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
AND SOLUTIONS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 26,
2008 as a
private limited company under
the registered name
S.O.M. INTERNATIONAL CO.,
LTD., by Thai groups, with the
business objective to
distribute various kinds
of industrial chemicals
and solutions to
domestic market. It
currently employs 3
staff.
The
subject’s registered address
is 145 Soi
Sukhumvit 49 [Klang],
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Keng Suwattanapim |
[x] |
Thai |
35 |
|
Mrs. Sumalee Suwattanapim |
|
Thai |
60 |
|
Mrs. Anchalee Suwattanapim |
|
Thai |
35 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or both
of the rest
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Keng Suwattanapim is
the Managing Director.
He is Thai
nationality with the
age of 35
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing various
kinds of industrial
chemicals and solutions, including
tanning solutions, tanning
soap, liquid floor
cleaner, liquid dish
cleaner, instant adhesives
and etc., mainly
used for tannery
and cleaning industries.
PURCHASE
Most
of the products
are purchased from
local suppliers and
agents, the remaining
is imported from
Republic of China
and Taiwan.
MAJOR
SUPPLIER
Selic Chemical Co.,
Ltd. : Thailand
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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
T/T on negotiated
terms.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 3 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject’s business growth has potential
as well as showing a continuous expanding in consumer market. Industrial
chemicals and household cleaning products
also looks on the rise. Market
outlook is promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Sumanee Suwattanapim Nationality: Thai Address : 103
Petchkasem 3 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
6,000 |
60.00 |
|
Mr. Keng Suwattanapim Nationality: Thai Address : 103
Petchkasem 3 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
2,000 |
20.00 |
|
Mrs. Anchalee Suwattanapim Nationality: Thai Address : 103
Petchkasem 3 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Vimolluck
Phanrattanapong No. 4102
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
76,198.65 |
1,629,281.89 |
|
Trade Accounts & Other Receivable |
8,545,957.42 |
13,230,878.31 |
|
Revenue Department Receivable |
10,453,066.96 |
4,008,172.91 |
|
Inventories |
1,814,665.92 |
- |
|
Other Current Assets
|
39,334.19 |
24,100.35 |
|
|
|
|
|
Total Current Assets
|
20,929,223.14 |
18,892,433.46 |
|
|
|
|
|
Fixed Assets |
20,371.59 |
28,298.68 |
|
Other Assets |
3,628.15 |
- |
|
Total Assets |
20,953,222.88 |
18,920,732.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
3,978,624.91 |
- |
|
Trade Accounts & Other
Payable |
15,471,384.39 |
19,097,423.00 |
|
Short-term Loan from Director |
10,851.00 |
10,851.00 |
|
Accrued Income Tax |
102,831.35 |
- |
|
Other Current Liabilities |
48,579.25 |
59,012.52 |
|
|
|
|
|
Total Current Liabilities |
19,612,270.90 |
19,167,286.52 |
|
|
|
|
|
Reserve for Employee’s
Benefit |
450,000.00 |
- |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
[109,048.02] |
[1,246,554.38] |
|
Total Shareholders' Equity
[Deficit] |
890,951.98 |
[246,554.38] |
|
Total Liabilities & Shareholders' Equity |
20,953,222.88 |
18,920,732.14 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
97,492,532.53 |
57,851,099.07 |
|
Other Income |
1,020,941.30 |
53,660.99 |
|
Total Revenues |
98,513,473.83 |
57,904,760.06 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
87,491,425.10 |
50,388,295.54 |
|
Selling Expenses |
6,053,864.26 |
5,113,217.03 |
|
Administrative Expenses |
3,627,876.74 |
3,020,395.46 |
|
Total Expenses |
97,173,166.10 |
58,521,908.03 |
|
|
|
|
|
Profit / Loss] before Finance
Costs & Income Tax |
1,340,307.73 |
[617,147.97] |
|
Finance Costs |
[91,720.02] |
[52,228.97] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,248,587.71 |
[669,376.94] |
|
Income Tax |
[111,081.35] |
- |
|
Net Profit / [Loss] |
1,137,506.36 |
[669,376.94] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
0.99 |
|
QUICK RATIO |
TIMES |
0.97 |
0.98 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4,785.71 |
2,044.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.65 |
3.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
7.57 |
- |
|
INVENTORY TURNOVER |
TIMES |
48.21 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.00 |
83.48 |
|
RECEIVABLES TURNOVER |
TIMES |
11.41 |
4.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
64.54 |
138.34 |
|
CASH CONVERSION CYCLE |
DAYS |
(24.98) |
(54.86) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.74 |
87.10 |
|
SELLING & ADMINISTRATION |
% |
9.93 |
14.06 |
|
INTEREST |
% |
0.09 |
0.09 |
|
GROSS PROFIT MARGIN |
% |
11.31 |
12.99 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.37 |
(1.07) |
|
NET PROFIT MARGIN |
% |
1.17 |
(1.16) |
|
RETURN ON EQUITY |
% |
127.67 |
- |
|
RETURN ON ASSET |
% |
5.43 |
(3.54) |
|
EARNING PER SHARE |
BAHT |
113.75 |
(66.94) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
- |
- |
|
DEBT TO EQUITY RATIO |
TIMES |
- |
- |
|
TIME INTEREST EARNED |
TIMES |
14.61 |
(11.82) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
68.52 |
|
|
OPERATING PROFIT |
% |
(317.18) |
|
|
NET PROFIT |
% |
269.94 |
|
|
FIXED ASSETS |
% |
(28.01) |
|
|
TOTAL ASSETS |
% |
10.74 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.31 |
Satisfactory |
Industrial
Average |
12.07 |
|
Net Profit Margin |
1.17 |
Acceptable |
Industrial
Average |
1.82 |
|
Return on Assets |
5.43 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
127.67 |
Impressive |
Industrial
Average |
11.66 |
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 11.31%. When compared with
the industry average, the ratio of the company was lower, 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 1.17%.
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. Return on Assets ratio is 5.43%, 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 127.67%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.07 |
Acceptable |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
(24.98) |
|
|
|
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 1.07 times in 2011, increased from 0.99 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 0.97 times in 2011,
decreased from 0.98 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 -25 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
- |
|
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
- |
|
Industrial
Average |
1.51 |
|
Times Interest Earned |
14.61 |
Impressive |
Industrial
Average |
3.36 |
Times Interest Earned measuring a company's ability to meet its debt obligations.
Ratio is 14.62 higher than 1, so the company can pay interest expenses on
outstanding 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 |
4,785.71 |
Impressive |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
4.65 |
Impressive |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
7.57 |
|
|
|
|
Inventory Turnover |
48.21 |
Impressive |
Industrial Average |
6.90 |
|
Receivables Conversion Period |
32.00 |
|
|
|
|
Receivables Turnover |
11.41 |
Impressive |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
64.54 |
|
|
|
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.55.76 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.