MIRA INFORM REPORT
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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SAFE-T-SALES & SERVICE CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.03.1989 |
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Com. Reg. No.: |
0115532000840 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealer of Electrical Equipment |
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No. of Employees : |
10 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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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 |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source : CIA
Company name
SAFE-T-SALES
& SERVICE CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS :
JATUJAK,
TELEPHONE : [66] 2589-1320-1,
2589-1268-9
FAX :
[66] 2589-2542
E-MAIL
ADDRESS : safe_db2001@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0115532000840 [Former:
SOR POR. 1475]
TAX
ID NO. : 3101868104
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PORNCHAI UDOMPRASERTDEE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : ELECTRICAL EQUIPMENT
DEALER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 14,
1989 as a
private limited company under
the name style
SAFE-T-SALES & SERVICE
CO., LTD., by Thai
groups, in order
to distribute electrical
equipment for domestic
market. It currently
employs 10 staff.
The
subject’s registered address
is 36/17 Ngamwongwan
Rd., Ladyao, Jatujak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Pornchai Udomprasertdee |
[x] |
Thai |
61 |
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Mr. Vichien Chotesajjanant |
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Thai |
60 |
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Mr. Chavalit Udomprasertdee |
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Thai |
31 |
AUTHORIZED PERSON
The mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pornchai Udomprasertdee is
the Managing Director.
He is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
of electrical equipment
such as circuit
breaker, high & low voltage
equipment, plugs, switches,
ballast, electric wire,
lamp, electric control
component, motors, starters,
conductor and etc.,
used in general, e.g. industrial plant
and construction building.
MAJOR BRANDS
“
PURCHASE
100%
of the products
is purchased from
local suppliers and
agents.
MAJOR SUPPLIERS
Safe-T-Cut
[
ABB
Ltd.
Havells
Sylvania [
SALES
100% of the
products is sold
locally by wholesale
to 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.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Sales of
electronic and electrical equipment has
strongly grown during
the past few years in
line with booming
of construction and
industrial sectors.
Subject
provides a full
range of high
quality products. Its
business portfolio has
expanded steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht.
1,000 each.
The
capital was increased
and decreased later
as following:
Increased
were : Bht.
2,000,000 on May
21, 1990
Bht. 3,000,000
on July 5,
1991
Bht. 6,000,000
on December 15,
1994
Decreased
was Bht. 2,000,000
on May 25,
2005
On August
1, 2005, the
capital was increased
to Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at April 26,
2012]
|
NAME |
HOLDING |
% |
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Mr. Pornchai Udomprasertdee Nationality: Thai Address : 250/181
Moo 11, Chimplee,
Talingchan, |
22,166 |
44.33 |
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Mr. Chavalit Udomprasertdee Nationality: Thai Address : 131/10
Banbart, Pomprab, |
7,400 |
14.80 |
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Mr. Vichien Chotesajjanant Nationality: Thai Address : 604/27
Sukhumvit 63 Rd.,
Klongton,
Klongtoey, |
5,917 |
11.83 |
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Mrs. Lawal Chaiyaraj Nationality: Thai Address : 250/150
Moo 17, Salathammasop,
Taweewattana, |
5,666 |
11.33 |
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Mrs. Viwan Sutakavathin Nationality: Thai Address : Bangkhen, |
5,333 |
10.67 |
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Mr. Ekachai Udomprasertdee Nationality: Thai Address : 131/10
Banbart, Pomprabsatrupai, |
1,667 |
3.33 |
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Mr. Chakkrit Katethin Nationality: Thai Address : 39/152
Moo 3, Taladkwan,
Muang, Nonthaburi |
1,250 |
2.50 |
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Others |
601 |
1.21 |
Total Shareholders : 11
Share Structure [as
at April 26,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
11 |
50,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
11 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wathaneewan Vestkijkul No.
2208
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
1,677,632.78 |
4,697,201.52 |
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Trade Accounts & Other Receivable |
7,327,956.77 |
5,292,018.71 |
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Inventories |
3,073,682.88 |
3,347,745.56 |
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Other Current Assets
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3,001,696.22 |
413,700.00 |
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Total Current Assets
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15,080,968.65 |
13,750,665.79 |
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Fixed Assets |
11,590,717.92 |
11,561,649.70 |
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Other Non-current Assets |
2,245,478.51 |
2,238,856.22 |
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Total Assets |
28,917,165.08 |
27,551,171.71 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
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Current
Liabilities |
2011 |
2010 |
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Trade Accounts Payable |
188,138.74 |
177,865.80 |
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Short-term Loan from
Related Person |
17,428,138.70 |
17,088,939.70 |
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Other Current Liabilities |
226,892.37 |
110,086.34 |
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Total Current Liabilities |
17,843,169.81 |
17,376,891.84 |
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Total Liabilities |
17,843,169.81 |
17,376,891.84 |
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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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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
6,073,995.27 |
5,174,279.87 |
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Total Shareholders' Equity |
11,073,995.27 |
10,174,279.87 |
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Total Liabilities & Shareholders' Equity |
28,917,165.08 |
27,551,171.71 |
PROFIT & LOSS
ACCOUNT
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Revenue |
2011 |
2010 |
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Sales & Services
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38,746,191.27 |
37,359,090.11 |
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Other Income |
1,681,086.28 |
1,426,381.21 |
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Total Revenues |
40,427,277.55 |
38,785,471.32 |
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Expenses |
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Cost of Goods
Sold & Services |
29,741,008.42 |
29,566,835.82 |
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Selling Expenses |
1,673,473.94 |
1,468,766.41 |
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Administrative Expenses |
7,956,507.99 |
6,709,284.19 |
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Total Expenses |
39,370,990.35 |
37,744,886.42 |
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Profit / [Loss] before Income Tax |
1,056,287.20 |
1,040,584.90 |
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Income Tax |
[156,571.80] |
[152,724.85] |
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Net Profit / [Loss] |
899,715.40 |
887,860.05 |
FINANCIAL ANALYSIS
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ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.85 |
0.79 |
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QUICK RATIO |
TIMES |
0.50 |
0.57 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
3.34 |
3.23 |
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TOTAL ASSETS TURNOVER |
TIMES |
1.34 |
1.36 |
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INVENTORY CONVERSION PERIOD |
DAYS |
37.72 |
41.33 |
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INVENTORY TURNOVER |
TIMES |
9.68 |
8.83 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
69.03 |
51.70 |
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RECEIVABLES TURNOVER |
TIMES |
5.29 |
7.06 |
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PAYABLES CONVERSION PERIOD |
DAYS |
2.31 |
2.20 |
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CASH CONVERSION CYCLE |
DAYS |
104.44 |
90.84 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
76.76 |
79.14 |
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SELLING & ADMINISTRATION |
% |
24.85 |
21.89 |
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INTEREST |
% |
- |
- |
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GROSS PROFIT MARGIN |
% |
27.58 |
24.68 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.73 |
2.79 |
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NET PROFIT MARGIN |
% |
2.32 |
2.38 |
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RETURN ON EQUITY |
% |
8.12 |
8.73 |
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RETURN ON ASSET |
% |
3.11 |
3.22 |
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EARNING PER SHARE |
BAHT |
17.99 |
17.76 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.62 |
0.63 |
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DEBT TO EQUITY RATIO |
TIMES |
1.61 |
1.71 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
3.71 |
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OPERATING PROFIT |
% |
1.51 |
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NET PROFIT |
% |
1.34 |
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FIXED ASSETS |
% |
0.25 |
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TOTAL ASSETS |
% |
4.96 |
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PROFITABILITY
RATIO
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Gross Profit Margin |
27.58 |
Impressive |
Industrial
Average |
13.25 |
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Net Profit Margin |
2.32 |
Impressive |
Industrial
Average |
1.43 |
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Return on Assets |
3.11 |
Impressive |
Industrial
Average |
3.05 |
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Return on Equity |
8.12 |
Impressive |
Industrial
Average |
6.64 |
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 27.58%. 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 2.32%, 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
3.11%, 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 8.12%, 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 Downtrend
LIQUIDITY RATIO
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Current Ratio |
0.85 |
Risky |
Industrial
Average |
1.75 |
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Quick Ratio |
0.50 |
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Cash Conversion Cycle |
104.44 |
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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 0.85 times in 2011, increased from 0.79 times, then the company may have
problems meeting its short-term obligations. 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 0.5 times in 2011,
decreased from 0.57 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 105 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Acceptable |
Industrial
Average |
0.56 |
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Debt to Equity Ratio |
1.61 |
Risky |
Industrial
Average |
1.04 |
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Times Interest Earned |
- |
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Industrial
Average |
1.89 |
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 0.62 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.34 |
Deteriorated |
Industrial
Average |
7.69 |
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Total Assets Turnover |
1.34 |
Acceptable |
Industrial
Average |
2.06 |
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Inventory Conversion Period |
37.72 |
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Inventory Turnover |
9.68 |
Impressive |
Industrial
Average |
3.68 |
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Receivables Conversion Period |
69.03 |
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Receivables Turnover |
5.29 |
Satisfactory |
Industrial
Average |
6.38 |
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Payables Conversion Period |
2.31 |
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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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
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.