MIRA
INFORM REPORT
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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
STANDARD METALS COMPANY LIMITED |
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Registered Office : |
1004/1 Moo 6, |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
15.07.1988 |
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Com. Reg. No.: |
0105531052960 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor Of Mineral Products |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
STANDARD METALS COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 1004/1 MOO
6, PHAHOLYOTHIN ROAD,
SAIMAI, BANGKOK
10220, THAILAND
TELEPHONE : [66] 2613-9541-2
FAX :
[66] 2613-9578-9
E-MAIL
ADDRESS : smmetals@cscom.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531052960
TAX
ID NO. : 3101540956
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRASERT KIATTISAKSRI,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : MINERAL PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 15,
1988 as a
private limited company under
the registered name
STANDARD METALS COMPANY
LIMITED by Thai groups, with the
business objective to
import and distribute
mineral products for
various industries. It
currently employs approximately
20 staff.
The
subject’s registered address
is 1004/1 Moo
6, Phaholyothin Rd.,
Saimai, Bangkok 10220,
and this is
the subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
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|
Mr. Prasert Kiattisaksri |
|
Thai |
63 |
|
Mr. Pratheep Kiattisaksri |
|
Thai |
53 |
AUTHORIZED PERSON
One of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prasert Kiattisaksri is
the Managing Director.
He is Thai
nationality with the
age of 63 years
old.
Mr. Pratheep Kiattisaksri is
the Deputy Managing Director.
He is Thai
nationality with the
age of 53 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of mineral products,
such as coals,
coke, and other
products, mainly supply to
automotive, metal casting,
metal workings and
steel industry.
PURCHASE
90%
of the products
is imported from
Republic of China,
India, Japan, U.S.A.
and Europe, the
remaining 10% is
purchased from local
suppliers and agents.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers, and end-users.
RELATED AND
AFFILIATED COMPANY
P.S. Steel Co.,
Ltd.
Business Type :
Distributor of steels
and metal 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.
Imports are by
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject
is an importer
and distributor of
mineral products
particularly coal and coke
as raw material
for the production
of various industries
i.e. automotive, metal casting,
metal workings and
steel industry. Its
business performance is
related to the
demand of the products
from various industries.
Generally, the subject’s business
operation is solid
and remains profitable.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 5,000,000 divided into 50,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 31, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Chalor Kiattisaksri Nationality: Thai Address : 47
Jarumuang Rd., Rongmuang,
Pathumwan, Bangkok |
10,000 |
20.00 |
|
Mrs. Zai-im Sae-tang Nationality: Thai Address : 47
Jarumuang Rd., Rongmuang,
Pathumwan, Bangkok |
10,000 |
20.00 |
|
Mr. Prasert Kiattisaksri Nationality: Thai Address : 47
Jarumuang Rd., Rongmuang,
Pathumwan, Bangkok |
10,000 |
20.00 |
|
Mr. Prasit Kiattisaksri Nationality: Thai Address : 28/2
Moo 11, Bangpleeyai, Bangplee,
Samutprakarn |
5,000 |
10.00 |
|
Mr. Pratheep Kiattisaksri Nationality: Thai Address : 29/8
Moo 2, Bangnamjued, Muang,
Samutsakorn |
5,000 |
10.00 |
|
Mrs. Chinda Wattanakornviroj Nationality: Thai Address : 45/5
Jarumuang Rd., Rongmuang,
Pathumwan, Bangkok |
5,000 |
10.00 |
|
Mrs. Krisana Kiattisaksri Nationality: Thai Address : 102/686
Moo 4, Bangmuang,
Muang,
Samutprakarn |
5,000 |
10.00 |
Total Shareholders : 7
Share Structure [as
at October 31,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Phisit Sahavichienchai No.
3891
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
767,764.27 |
601,642.55 |
|
Trade Accounts Receivable
|
129,458,310.23 |
102,324,040.51 |
|
Inventories |
116,248,047.94 |
100,254,135.07 |
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Other Current Assets
|
4,567,026.29 |
9,844,954.01 |
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|
|
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Total Current Assets
|
251,041,148.73 |
213,024,772.14 |
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Fixed Assets |
1,012,799.52 |
1,173,479.02 |
|
Other Assets |
3,500.00 |
3,500.00 |
|
Total Assets |
252,057,448.25 |
214,201,751.16 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
30,978,606.97 |
21,129,223.60 |
|
Trade Accounts Payable |
143,826,415.23 |
114,750,647.10 |
|
Short-term Loan |
30,000,000.00 |
50,000,000.00 |
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Accrued Interest |
2,099,833.40 |
2,224,503.20 |
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Other Current Liabilities |
3,497,856.00 |
915,312.38 |
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Total Current Liabilities |
210,402,711.60 |
189,019,686.28 |
|
Long-term Loan from Person |
11,850,600.00 |
- |
|
Total Liabilities |
222,253,311.60 |
189,019,686.28 |
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Shareholders' Equity |
|
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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|
|
|
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
24,804,136.65 |
20,182,064.88 |
|
Total Shareholders' Equity |
29,804,136.65 |
25,182,064.88 |
|
Total Liabilities & Shareholders' Equity |
252,057,448.25 |
214,201,751.16 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
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Sales |
577,780,367.22 |
422,304,674.85 |
|
Other Income |
7,205,450.17 |
3,848,632.27 |
|
Total Revenues |
584,985,817.39 |
426,153,307.12 |
|
Expenses |
|
|
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Cost of Goods
Sold |
507,409,142.07 |
381,700,000.17 |
|
Selling Expenses |
52,342,567.21 |
27,459,908.76 |
|
Administrative Expenses |
14,436,966.67 |
9,523,271.06 |
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Total Expenses |
574,188,675.95 |
418,683,179.99 |
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Profit before Interest Expenses & Income Tax |
10,797,141.44 |
7,470,127.13 |
|
Finance Costs |
[4,528,798.86] |
[3,567,082.26] |
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Profit before Income Tax |
6,268,342.58 |
3,903,044.87 |
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Income Tax |
[1,645,767.81] |
[904,970.89] |
|
Net Profit / [Loss] |
4,622,574.77 |
2,998,073.98 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
1.19 |
1.13 |
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QUICK RATIO |
TIMES |
0.62 |
0.54 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
570.48 |
359.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.29 |
1.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
83.62 |
95.87 |
|
INVENTORY TURNOVER |
TIMES |
4.36 |
3.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
81.78 |
88.44 |
|
RECEIVABLES TURNOVER |
TIMES |
4.46 |
4.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
103.46 |
109.73 |
|
CASH CONVERSION CYCLE |
DAYS |
61.94 |
74.58 |
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PROFITABILITY
RATIO |
|
|
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COST OF GOODS SOLD |
% |
87.82 |
90.38 |
|
SELLING & ADMINISTRATION |
% |
11.56 |
8.76 |
|
INTEREST |
% |
0.78 |
0.84 |
|
GROSS PROFIT MARGIN |
% |
13.43 |
10.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.87 |
1.77 |
|
NET PROFIT MARGIN |
% |
0.80 |
0.71 |
|
RETURN ON EQUITY |
% |
15.51 |
11.91 |
|
RETURN ON ASSET |
% |
1.83 |
1.40 |
|
EARNING PER SHARE |
BAHT |
92.45 |
59.96 |
|
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.88 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.46 |
7.51 |
|
TIME INTEREST EARNED |
TIMES |
2.38 |
2.09 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
36.82 |
|
|
OPERATING PROFIT |
% |
44.54 |
|
|
NET PROFIT |
% |
54.18 |
|
|
FIXED ASSETS |
% |
(13.69) |
|
|
TOTAL ASSETS |
% |
17.67 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
13.43 |
Impressive |
Industrial
Average |
5.79 |
|
Net Profit Margin |
0.80 |
Impressive |
Industrial
Average |
0.48 |
|
Return on Assets |
1.83 |
Impressive |
Industrial
Average |
1.11 |
|
Return on Equity |
15.51 |
Impressive |
Industrial
Average |
3.23 |
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 13.43%. 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. Net Profit Margin ratio is 0.8%,
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
1.83%, 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 15.51%, 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 |
1.19 |
Satisfactory |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.62 |
|
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Cash Conversion Cycle |
61.94 |
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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 1.19 times in 2011, increase from 1.13 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 0.62 times in 2011,
increase from 0.54 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 62 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
7.46 |
Risky |
Industrial
Average |
2.11 |
|
Times Interest Earned |
2.38 |
Impressive |
Industrial
Average |
1.43 |
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 2.39 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 0.88 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
570.48 |
Impressive |
Industrial
Average |
8.97 |
|
Total Assets Turnover |
2.29 |
Satisfactory |
Industrial
Average |
2.33 |
|
Inventory Conversion Period |
83.62 |
|
|
|
|
Inventory Turnover |
4.36 |
Satisfactory |
Industrial
Average |
5.23 |
|
Receivables Conversion Period |
81.78 |
|
|
|
|
Receivables Turnover |
4.46 |
Satisfactory |
Industrial
Average |
5.70 |
|
Payables Conversion Period |
103.46 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.