MIRA
INFORM REPORT
|
Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
EXTRA AWNING CO., LTD. |
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Registered Office : |
96/7 Moo 2, T. Puntainorasingh, A. Muang, Samutsakorn 74000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.09.1993 |
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Com. Reg. No.: |
0105536105646 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Design, manufacturing and
installation services of
retraceable awing, canopy,
tent and tension
membrane structure. |
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No. of Employees : |
35 |
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 -
averaging more than 4% per year - as it recovered from the Asian financial
crisis of 1997-98. Thai exports - mostly machinery and electronic components,
agricultural commodities, and jewelry - continue to drive the economy,
accounting for more than half of GDP. The global financial crisis of 2008-09 severely
cut Thailand's exports, with most sectors experiencing double-digit drops. In
2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded from their depressed 2009
level. Steady economic growth at just below 4% during the first three quarters
of 2011 was interrupted by historic flooding in October and November in the
industrial areas north of Bangkok, crippling the manufacturing sector and
leading to a revised growth rate of only 0.1% for the year. The industrial
sector is poised to recover from the second quarter of 2012 onward, however,
and the government anticipates the economy will probably grow between 5.5 and
6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
Source : CIA
Company name
EXTRA
AWNING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 96/7
MOO 2, T.
PUNTAINORASINGH, A. MUANG,
SAMUTSAKORN 74000
TELEPHONE : [66] 2416-3458,
2416-4041, 34 865-550-9
FAX : [66] 2416-1128,
34 865-561
E-MAIL
ADDRESS : awning@extra-awning.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536105646
TAX
ID NO. : 3011326862
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANANT SURIYAPRAPADILOK, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES
OF BUSINESS : AWNING AND
CANOPY
MANUFACTURER, IMPORTER,
DISTRIBUTOR AND
SERVICE
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 September 15,
1993 as a
private limited company under
the name style
EXTRA AWNING CO.,
LTD., by Thai group,
Suriyaprapadilok family. Its
business objective is
to manufacture and
distribute various types
of awning and
canopy to local
market. It currently
employs 35 staff.
The
subject’s registered address
was initially at 1748/21-22
New Rd., Yannawa, Sathorn,
Bangkok 10120.
In
May 2008, the
registered address was
relocated to 96/7
Moo 2, T.
Puntainorasingh, A. Muang,
Samutsakorn 74000, and
this is the company’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anant Suriyaprapadilok |
[x] |
Thai |
50 |
|
Ms. Chanida Suriyaprapadilok |
[x] |
Thai |
47 |
|
Mr. Sukij Suriyaprapadilok |
|
Thai |
43 |
AUTHORIZED PERSON
Both of the
mentioned directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Anant Suriyaprapadilok is
the Managing Director.
He is Thai
nationality with the
age of 50
years old.
Ms. Chanida Suriyaprapadilok is
the General Manager.
She is Thai
nationality with the
age of 47 years
old.
BUSINESS OPERATIONS
The subject’s activities
can be classified
as the followings:
- Design, manufacturing
and installation services
of retraceable awing,
canopy, tent and
tension membrane
structure.
- Importer and
distributor various types of
aluminum awning, canvas
shutter and
accessories mainly
for vehicle, truck,
tent and covering
appliances.
The subject
also provides repair
and maintenance services.
MAJOR BRANDS
“SATTLER”, “FERRARI”, “ELERO”
and “TOPLINE”
PURCHASE
80% of
the products is
imported from Germany, Belgium,
France, Taiwan, Austria
and Italy, the
remaining 20% is
purchased from local
suppliers.
MAJOR
SUPPLIERS
Sattler
AG. : Germany
Ferrari
SA : France
Elero
GmbH. : Germany
SALES
100% of the
products is sold
and serviced locally
to dealers and
end-users both private
and government sectors.
RELATED AND AFFILIATED COMPANIES
Sahaphol Canvas
Limited Partnership
Business Type : Distributor of
canvas products.
Thai Vinyter Co.,
Ltd.
Business Type :
Manufacturer, importer and
distributor of canvas
machines.
Extra Truck Cover
Co., Ltd.
Business Type : Manufacturer of
automotive covering 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
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Yannawa Branch :
New Rd., Yannawa,
Sathorn, Bangkok]
EMPLOYMENT
The
subject employs 35
office staff and
service workers.
LOCATION DETAILS
The
premise is owned for
administrative office, factory and
warehouse at the
heading address. Premise
is located on
the outskirts of
Bangkok.
COMMENT
The subject has gained its high
recognition in developing
and servicing efficiency
have resulted in
sales increased in 2011
in accordance with strong consumption
in domestic market.
Subject is considered
an active business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 50,000
shares of Bht. 100
each.
On December 21, 1999,
the capital was
increased to Bht. 12,000,000 divided
into 120,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sukij Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn, Bangkok |
36,750 |
30.62 |
|
Ms. Chanida Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
Bangkok |
36,750 |
30.62 |
|
Mr. Anant Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
Bangkok |
31,750 |
26.46 |
|
Ms. Lalida Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
Bangkok |
11,750 |
9.79 |
|
Mrs. Mayuree Suriyaprapadilok Nationality: Thai Address : 13 Soi
Padungmitr, New Rd.,
Yannawa,
Sathorn, Bangkok |
1,000 |
|
|
Mrs. Jaithip Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
Bangkok |
1,000 |
= 2.51 |
|
Mr. Sanguan Suriyaprapadilok Nationality: Thai Address : 1769 New
Rd., Yannawa, Sathorn,
Bangkok |
1,000 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
60,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Paibul Paspanthong No. 4149
Note:
The half-year of
2012 financial statement
was not available
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,651,680.05 |
1,272,831.20 |
|
Trade Accounts &
Other Receivable |
8,717,231.11 |
5,508,882.31 |
|
Inventories |
13,927,607.58 |
14,105,047.23 |
|
|
|
|
|
Total Current Assets
|
24,296,518.74 |
20,886,760.74 |
|
Fixed Assets |
8,630,022.01 |
2,197,848.32 |
|
Deferred Leasehold Right |
1,772,803.87 |
1,913,593.87 |
|
Total Assets |
34,699,344.62 |
24,998,202.93 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts &
Other Payable |
7,840,698.82 |
7,618,213.84 |
|
Current Portion of
Hire-purchase Contract Payable |
233,645.93 |
130,412.16 |
|
Accrued Income Tax |
1,386,494.38 |
164,014.45 |
|
Other Current Liabilities |
314,537.99 |
- |
|
|
|
|
|
Total Current Liabilities |
9,775,377.12 |
7,912,640.45 |
|
Long-term Loan |
4,000,000.00 |
- |
|
Hire-purchase Contract Payable |
359,966.62 |
206,485.93 |
|
Obligation from Employee
Benefits |
1,089,013.24 |
- |
|
Other Liabilities |
141,729.00 |
141,729.00 |
|
Total Liabilities |
15,366,085.98 |
8,260,855.38 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning -
Unappropriated |
7,333,258.64 |
4,737,347.55 |
|
Total Shareholders' Equity |
19,333,258.64 |
16,737,347.55 |
|
Total Liabilities & Shareholders' Equity |
34,699,344.62 |
24,998,202.93 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services
Income |
38,901,884.43 |
29,110,893.03 |
|
Other Income |
390,747.29 |
139,765.88 |
|
Total Revenues |
39,292,631.72 |
29,250,658.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
24,621,619.20 |
19,924,984.95 |
|
Selling Expenses |
2,113,741.84 |
1,990,318.74 |
|
Administrative Expenses |
8,188,194.21 |
6,193,713.23 |
|
Total Expenses |
34,923,555.25 |
28,109,016.92 |
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
4,369,076.47 |
1,141,641.99 |
|
Financial Cost |
[74,653.68] |
[19,665.49] |
|
|
|
|
|
Profit before Income Tax |
4,294,422.79 |
1,121,976.50 |
|
Income Tax |
[1,698,511.70] |
[330,167.62] |
|
Net Profit / [Loss] |
2,595,911.09 |
791,808.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.49 |
2.64 |
|
QUICK RATIO |
TIMES |
1.06 |
0.86 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.51 |
13.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.12 |
1.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
206.47 |
258.39 |
|
INVENTORY TURNOVER |
TIMES |
1.77 |
1.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
81.79 |
69.07 |
|
RECEIVABLES TURNOVER |
TIMES |
4.46 |
5.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
116.23 |
139.56 |
|
CASH CONVERSION CYCLE |
DAYS |
172.02 |
187.90 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
63.29 |
68.45 |
|
SELLING & ADMINISTRATION |
% |
26.48 |
28.11 |
|
INTEREST |
% |
0.19 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
37.71 |
32.03 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.23 |
3.92 |
|
NET PROFIT MARGIN |
% |
6.67 |
2.72 |
|
RETURN ON EQUITY |
% |
13.43 |
4.73 |
|
RETURN ON ASSET |
% |
7.48 |
3.17 |
|
EARNING PER SHARE |
BAHT |
21.63 |
6.60 |
|
|
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|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.33 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.79 |
0.49 |
|
TIME INTEREST EARNED |
TIMES |
58.52 |
58.05 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
33.63 |
|
|
OPERATING PROFIT |
% |
282.70 |
|
|
NET PROFIT |
% |
227.85 |
|
|
FIXED ASSETS |
% |
292.66 |
|
|
TOTAL ASSETS |
% |
38.81 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
37.71 |
Impressive |
Industrial
Average |
17.54 |
|
Net Profit Margin |
6.67 |
Impressive |
Industrial
Average |
1.20 |
|
Return on Assets |
7.48 |
Impressive |
Industrial
Average |
1.11 |
|
Return on Equity |
13.43 |
Impressive |
Industrial
Average |
2.92 |
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 37.71%. 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 6.67%,
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
7.48%, 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 13.43%, 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.
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 |
2.49 |
Impressive |
Industrial
Average |
1.32 |
|
Quick Ratio |
1.06 |
|
|
|
|
Cash Conversion Cycle |
172.02 |
|
|
|
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 2.49 times in 2011, decreased from 2.64 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 1.06 times in 2011,
increased from 0.86 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 173 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.79 |
Impressive |
Industrial
Average |
1.43 |
|
Times Interest Earned |
58.52 |
Impressive |
Industrial
Average |
1.48 |
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 58.53 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 0.44 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 |
4.51 |
Impressive |
Industrial
Average |
2.16 |
|
Total Assets Turnover |
1.12 |
Impressive |
Industrial
Average |
0.92 |
|
Inventory Conversion Period |
206.47 |
|
|
|
|
Inventory Turnover |
1.77 |
Acceptable |
Industrial
Average |
2.59 |
|
Receivables Conversion Period |
81.79 |
|
|
|
|
Receivables Turnover |
4.46 |
Impressive |
Industrial
Average |
3.07 |
|
Payables Conversion Period |
116.23 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.21 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
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.