MIRA
INFORM REPORT
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
Siam Paper Decor Co Ltd |
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Registered Office : |
88 Moo 8, T. Ratniyom, A. Sainoi, Nonthaburi 11150 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.03.2010 |
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Com. Reg. No.: |
0105553043343 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Wood Surfacing Products |
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No. of Employees : |
41 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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
SIAM PAPER DECOR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 88
MOO 8, T. RATNIYOM,
A. SAINOI,
NONTHABURI 11150,
THAILAND
TELEPHONE : [66] 2985-5433,
2922-3622
FAX :
[66] 2922-3511
E-MAIL
ADDRESS : patrick@siampaperdecor.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553043343
TAX
ID NO. : 3033876741
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. LUCKSAMEE PIYASOMBATKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 41
LINES
OF BUSINESS : WOOD
SURFACING PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on March 26,
2010 as a
private limited company under
the registered name
style SIAM PAPER
DECOR CO., LTD.
by Thai groups.
Its business objective
is to manufacture wood surfacing
products for furniture industry both
domestic and export
markets. It currently
employs 41 staff.
The subject’s registered
address is 88 Moo
8, T. Ratniyom, A. Sainoi,
Nonthaburi 11150, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Lucksamee Piyasombatkul |
|
Thai |
48 |
|
Mr. Piya Piyasombatkul |
|
Thai |
47 |
|
Ms. Yaowaluck Piyasombatkul |
|
Thai |
42 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Lucksamee Piyasombatkul is
the Managing Director.
She is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of wood
surfacing products, mainly
melamine paper board
for furniture industry.
PURCHASE
80%
of raw materials
and components are
purchased from local
suppliers, the remaining
20% is imported
from Canada, Malaysia,
Germany, Spain and
France.
EXPORT [COUNTRIES]
70% of the
products is exported
to Taiwan, Japan,
Hong Kong, Vietnam,
India, Republic of
China, Australia, Philippines
and New Zealand.
SALES [LOCAL]
30% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
SUBSIDIARY AND AFFILIATED
COMPANIES
Metro MDF Co.,
Ltd.
Business Type :
Manufacturer of medium
density fiberboards
Metro Particle Co.,
Ltd.
Business Type :
Manufacturer of particle
board
Metro Industrial Park
Co., Ltd.
Business Type :
Operator of Real
estate
Metro Panel Co.,
Ltd.
Business Type :
Manufacturer of wooden
products
Metro Fiber Co.,
Ltd.
Business Type :
Manufacturer of molded
doors
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 41
office staff and
factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in residential area,
on the outskirts
of Bangkok.
COMMENT
Subject
was established in March
2010 as a
manufacturer of melamine paper
board, while its production has
been started in
August 2011. The
products have been served to
furniture industry. Subject reported
strong business performance in the
year 2011. Subject
has strong potential
business in domestic
industry.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into
10,000 shares of Bht.
100 each with
fully paid.
On
December 9, 2010,
the capital was
increased to Bht. 40,000,000
divided into 400,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2012] at
Bht. 40,000,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Lucksamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Ruechuphan
Rd., Saiyai,
Sainoi, Nonthaburi |
190,000 |
47.50 |
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineaw,
Thamaka,
Kanchanaburi |
70,000 |
17.50 |
|
Ms. Yaowaluck Piyasombatkul Nationality: Thai Address : 39/5
Moo 4, Ruechuphan
Rd., Saiyai,
Sainoi, Nonthaburi |
70,000 |
17.50 |
|
Mr. Vipas Piyasombatkul Nationality: Thai Address : 74
Moo 2, Nonthaburi
Rd., Bangkrasor, Muang, Nonthaburi |
70,000 |
17.50 |
Total Shareholders : 4
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanan Treeratrukawate
No. 9916
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were :
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
12,064,712.93 |
5,923,356.98 |
|
Trade Account Receivable |
72,012,419.61 |
- |
|
Inventories |
96,763,396.74 |
- |
|
Receivable - Revenue Department
|
20,061,080.17 |
- |
|
Other Current Assets |
3,949,362.78 |
985,596.07 |
|
|
|
|
|
Total Current Assets
|
204,850,972.23 |
6,908,953.05 |
|
|
|
|
|
Fixed Assets |
77,965,496.58 |
7,115,344.08 |
|
Other Non-current Assets |
- |
14,032,724.00 |
|
Total Assets |
282,816,468.81 |
28,057,021.13 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institution |
85,000,000.00 |
- |
|
Trade Accounts Payable |
72,720,547.89 |
7,389,844.80 |
|
Current Portion of Hire-purchase Payable |
147,699.96 |
- |
|
Other Current Liabilities |
7,977,166.02 |
450,791.94 |
|
|
|
|
|
Total Current Liabilities |
165,845,413.87 |
7,840,636.74 |
|
Long-term Loan from Financial Institution |
87,375,000.00 |
- |
|
Hire-purchase Payable, Net
of Current Portion |
320,016.74 |
- |
|
Total Liabilities |
253,540,430.61 |
7,840,636.74 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
|
|
|
|
|
Capital Paid |
40,000,000.00 |
20,500,000.00 |
|
Retained Earning-
Unappropriated |
[10,723,961.80] |
[283,615.61] |
|
Total Shareholders' Equity |
29,276,038.20 |
20,216,384.39 |
|
Total Liabilities &
Shareholders' Equity |
282,816,468.81 |
28,057,021.13 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
March 26,
2010 – Dec. 31,
2010 |
|
|
|
|
|
Sales Income |
221,137,053.38 |
- |
|
Profit/[Loss] on Exchange Rate |
7,885,954.10 |
- |
|
Other Income |
41,984.87 |
1,355.31 |
|
Total Revenues |
229,064,992.35 |
1,355.31 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
218,564,548.23 |
- |
|
Selling and Administrative Expenses |
14,170,201.98 |
284,970.92 |
|
Total Expenses |
232,734,750.21 |
284,970.92 |
|
Profit/[Loss] before Financial
Cost |
[3,669,757.86] |
[283,615.61] |
|
Financial Cost |
[6,770,588.33] |
- |
|
|
|
|
|
Net Profit/[Loss] |
[10,440,346.19] |
[283,615.61] |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.24 |
0.88 |
|
QUICK RATIO |
TIMES |
0.51 |
0.76 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.84 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.78 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
161.59 |
- |
|
INVENTORY TURNOVER |
TIMES |
2.26 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
118.86 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
3.07 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
121.44 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
159.01 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.84 |
- |
|
SELLING & ADMINISTRATION |
% |
6.41 |
- |
|
INTEREST |
% |
3.06 |
- |
|
GROSS PROFIT MARGIN |
% |
4.75 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.66) |
- |
|
NET PROFIT MARGIN |
% |
(4.72) |
- |
|
RETURN ON EQUITY |
% |
(35.66) |
(1.40) |
|
RETURN ON ASSET |
% |
(3.69) |
(1.01) |
|
EARNING PER SHARE |
BAHT |
(26.10) |
(1.38) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
8.66 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
(0.54) |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
1,193.92 |
|
|
NET PROFIT |
% |
(3,581.16) |
|
|
FIXED ASSETS |
% |
995.74 |
|
|
TOTAL ASSETS |
% |
908.01 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
4.75 |
Deteriorated |
Industrial
Average |
16.36 |
|
Net Profit Margin |
(4.72) |
Deteriorated |
Industrial
Average |
2.48 |
|
Return on Assets |
(3.69) |
Deteriorated |
Industrial
Average |
1.73 |
|
Return on Equity |
(35.66) |
Deteriorated |
Industrial
Average |
(2.44) |
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 4.75%. 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 -4.72%.
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 -3.69%.
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 -35.66%.
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 |
1.24 |
Satisfactory |
Industrial
Average |
1.33 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
159.01 |
|
|
|
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 1.24 times in 2011, increased from 0.88 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 0.51 times in 2011,
decreased from 0.76 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 160 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
8.66 |
Risky |
Industrial
Average |
0.01 |
|
Times Interest Earned |
(0.54) |
Risky |
Industrial
Average |
3.16 |
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 -0.55 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.9 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 |
2.84 |
Impressive |
Industrial
Average |
1.28 |
|
Total Assets Turnover |
0.78 |
Satisfactory |
Industrial
Average |
0.81 |
|
Inventory Conversion Period |
161.59 |
|
|
|
|
Inventory Turnover |
2.26 |
Acceptable |
Industrial
Average |
3.50 |
|
Receivables Conversion Period |
118.86 |
|
|
|
|
Receivables Turnover |
3.07 |
Deteriorated |
Industrial
Average |
6.19 |
|
Payables Conversion Period |
121.44 |
|
|
|
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.53.59 |
|
UK Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
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.