MIRA INFORM REPORT
|
Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUKIT
MUSICAL CO., LTD. |
|
|
|
|
Registered Office : |
68/36-37
Moo 8, Rama
2 Road, Thakham, Bangkhunthien, Bangkok
10150 |
|
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.09.1975 |
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Com. Reg. No.: |
0105518009461 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, exporter and distributor of percussion instruments |
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No. of Employees
: |
20 |
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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|
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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
SUKIT MUSICAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 68/36-37 MOO
8, RAMA 2
ROAD, THAKHAM,
BANGKHUNTHIEN, BANGKOK
10150
TELEPHONE : [66] 2897-2111-6
FAX :
[66] 2897-2117
E-MAIL
ADDRESS : sukit@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1975
REGISTRATION
NO. : 0105518009461
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. ANONG TRIBORIRAK,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : PERCUSSION INSTRUMENTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 10,
1975 as a
private limited company
under the registered name SUKIT
MUSICAL CO., LTD.
by Thai groups, with the
business objective to manufacture
and distribute percussion instruments
and accessories. It
currently employs approximate 20 staff.
The subject’s registered address is 68/36-37 Moo 8, Rama 2 Rd.,
Thakham, Bangkhunthien,
Bangkok 10150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Anong Triborirak |
[x] |
Thai |
71 |
|
Mr. Sukit Triborirak |
|
Thai |
44 |
|
Ms. Thammika Triborirak |
|
Thai |
50 |
|
Mrs. Sangwal Sasombat |
|
Thai |
52 |
|
Mrs. Phanphen Nontananand |
|
Thai |
48 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any
two of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Anong Triborirak is
the Managing Director.
She is Thai
nationality with the
age of 71
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and exporting of percussion instruments,
mainly as drums,
hardware and accessories,
under its owned
brand “SM”.
PURCHASE
Raw
materials and components are purchased from suppliers both domestic and
overseas, mainly Republic
of China and
Taiwan.
SALES
The products are sold to
customers both local
and overseas, mainly
in U.S.A., Singapore
and Europe.
MAJOR
CUSTOMER
Kaman Music Corporation : U.S.A.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
nor 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
L/C at sight
or T/T on
negotiated terms.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
The subject
is a
manufacture and distributor of percussion
instruments. The products
are marketed both
domestic and exports.
Its products are favorable
through the performers
and end users. The subject’s
operating performance is considered satisfactory.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 100,000 divided into 1,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 1,000,000
on June 18,
1987
Bht. 10,000,000
on December 27,
1994
Bht. 25,000,000
on December 24,
2003
The
latest registered capital
was increased to
Bht. 25,000,000 divided into 250,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE :
[as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Anong Triborirak Nationality: Thai Address : 29/10-13
Rajaprarop Rd., Makkasan,
Rajthewi, Bangkok |
100,000 |
40.00 |
|
Mr. Sukit Triborirak Nationality: Thai Address : 68/36
Moo 8, Rama
2 Rd., Thakham,
Bangkhunthien, Bangkok |
38,000 |
15.20 |
|
Ms. Thammika Triborirak Nationality: Thai Address : 29/10-13
Rajaprarop Rd., Makkasan,
Rajthewi, Bangkok |
28,000 |
11.20 |
|
Mrs. Phanphen Nontananand Nationality: Thai Address : 29/14-15
Rajaprarop Rd., Makkasan,
Rajthewi, Bangkok |
28,000 |
11.20 |
|
Mrs. Phannee Sutthapirom Nationality: Thai Address : 68/37
Moo 8, Rama
2 Rd., Thakham,
Bangkhunthien, Bangkok |
28,000 |
11.20 |
|
Mrs. Sangwal Sasombat Nationality: Thai Address : 29/21
Rajaprarop Rd., Makkasan,
Rajthewi, Bangkok |
24,000 |
9.60 |
|
|
|
|
|
Mr. Damrong Sasombat Nationality: Thai Address : 23/7
Rajaprarop Rd., Makkasan,
Rajthewi, Bangkok |
4,000 |
1.60 |
Total Shareholders : 7
Share Structure [as at
April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
250,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Walapach Hiranrasamee
No. 6379
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
17,808,034.08 |
16,561,682.09 |
|
Trade Accounts Receivable |
8,890,393.12 |
7,079,107.77 |
|
Inventories |
4,751,429.59 |
4,547,435.64 |
|
Sale Department Receivable |
414,964.49 |
224,241.10 |
|
|
|
|
|
Total Current Assets
|
31,864,821.28 |
28,412,466.60 |
|
|
|
|
|
Fixed Assets |
5,582,262.98 |
7,599,895.90 |
|
Other Non-current Assets |
32,705.61 |
32,705.61 |
|
Total Assets |
37,479,789.87 |
36,045,068.11 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
2,235,214.42 |
1,401,849.42 |
|
Other Current Liabilities |
299,976.80 |
279,280.73 |
|
|
|
|
|
Total Current Liabilities |
2,535,191.22 |
1,681,130.15 |
|
Total Liabilities |
2,535,191.22 |
1,681,130.15 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
|
|
|
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning-
Unappropriated |
9,944,598.65 |
9,363,937.96 |
|
Total Shareholders' Equity |
34,944,598.65 |
34,363,937.96 |
|
Total Liabilities & Shareholders' Equity |
37,479,789.87 |
36,045,068.11 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
50,594,497.53 |
52,178,750.54 |
|
Other Income |
126,141.26 |
281,218.93 |
|
Total Sales |
50,720,638.79 |
52,459,969.47 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
42,590,715.51 |
43,627,284.97 |
|
Selling Expenses |
5,093,523.84 |
5,947,184.72 |
|
Administrative Expenses |
1,715,856.08 |
1,917,273.51 |
|
Other Expenses |
383,079.28 |
189,332.61 |
|
Total Expenses |
49,783,174.71 |
51,681,075.81 |
|
Profit before Income Tax |
937,464.08 |
778,893.66 |
|
Income Tax |
[356,803.39] |
[408,347.10] |
|
|
|
|
|
Net Profit / [Loss] |
580,660.69 |
370,546.56 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
12.57 |
16.90 |
|
QUICK RATIO |
TIMES |
10.53 |
14.06 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.06 |
6.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.35 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.72 |
38.05 |
|
INVENTORY TURNOVER |
TIMES |
8.96 |
9.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.14 |
49.52 |
|
RECEIVABLES TURNOVER |
TIMES |
5.69 |
7.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.16 |
11.73 |
|
CASH CONVERSION CYCLE |
DAYS |
85.70 |
75.84 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.18 |
83.61 |
|
SELLING & ADMINISTRATION |
% |
13.46 |
15.07 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
16.07 |
16.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.85 |
1.49 |
|
NET PROFIT MARGIN |
% |
1.15 |
0.71 |
|
RETURN ON EQUITY |
% |
1.66 |
1.08 |
|
RETURN ON ASSET |
% |
1.55 |
1.03 |
|
EARNING PER SHARE |
BAHT |
2.32 |
1.48 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.07 |
0.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.05 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(3.04) |
|
|
OPERATING PROFIT |
% |
20.36 |
|
|
NET PROFIT |
% |
56.70 |
|
|
FIXED ASSETS |
% |
(26.55) |
|
|
TOTAL ASSETS |
% |
3.98 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.07 |
Impressive |
Industrial Average |
13.24 |
|
Net Profit Margin |
1.15 |
Satisfactory |
Industrial
Average |
1.21 |
|
Return on Assets |
1.55 |
Acceptable |
Industrial
Average |
2.92 |
|
Return on Equity |
1.66 |
Deteriorated |
Industrial
Average |
7.30 |
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 16.07%. 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 1.15%.
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 1.55%.
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 1.66%.
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 |
12.57 |
Impressive |
Industrial
Average |
1.70 |
|
Quick Ratio |
10.53 |
|
|
|
|
Cash Conversion Cycle |
85.70 |
|
|
|
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 12.57 times in 2010, decrease from 16.9 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 10.53 times in 2010,
decrease from 14.06 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 86 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial
Average |
1.25 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.92 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.07 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.06 |
Impressive |
Industrial
Average |
8.67 |
|
Total Assets Turnover |
1.35 |
Acceptable |
Industrial
Average |
2.43 |
|
Inventory Conversion Period |
40.72 |
|
|
|
|
Inventory Turnover |
8.96 |
Impressive |
Industrial
Average |
5.56 |
|
Receivables Conversion Period |
64.14 |
|
|
|
|
Receivables Turnover |
5.69 |
Impressive |
Industrial
Average |
4.77 |
|
Payables Conversion Period |
19.16 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.12 |
|
UK Pound |
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.02 |
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.