MIRA
INFORM REPORT
|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SING
TAVORN KOLAKARN CO.,
LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
22.02.1984 |
|
|
|
|
Com. Reg. No.: |
0105527007602 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of automotive spare
parts |
|
|
|
|
No. of Employees : |
15 employees |
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 |
|
Payment Behaviour : |
Slow but Correct |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
SING TAVORN KOLAKARN CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 383/62-64 CHAKRAPADIPONG ROAD,
KLONGMAHANARK, POMPRAB,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2224-0896,
2224-6028, 2224-5981
FAX :
[66] 2225-5329
E-MAIL
ADDRESS : singtavorn@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527007602
TAX
ID NO. : 3101285888
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMPONG WALLOPCHOTIPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : AUTOMOTIVE SPARE
PARTS
IMPORTER 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 February 22,
1984 as a
private limited company
under the name
style SING TAVORN
KOLAKARN CO., LTD.
by Thai groups. Its
business objective is
an importer and
distributor various kinds
of automotive parts.
It currently employs
15 staff.
The subject’s registered address is
383/62-64 Chakrapadipong Rd., Klongmahanark, Pomprab, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompong Wallopchotipong |
[x] |
Thai |
73 |
|
Mr. Narong Wallopchotipong |
|
Thai |
43 |
|
Ms. Benjamas Lochanacharoenporn |
|
Thai |
59 |
AUTHORIZED PERSON
Only the mentioned
director [x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sompong Wallopchotipong is
the Managing Director.
He is Thai
nationality with the
age of 73
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of automotive spare
parts, such as
bearing, o-ring, oil seal, gasket,
differential gear, beam,
diesel engine, chain,
camshaft, seal and
etc., for automobile,
agricultural engine and
tractor.
PURCHASE
80% of its
products is imported
from Japan, Taiwan, Republic of China,
India and Spain,
and the remaining 20%
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally to wholesalers
and 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.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
Krung
Thai Bank Public
Co., Ltd.
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
office : 88 Moo
4, T. Salaklang, A. Bangkruay,
Nonthaburi 11000.
COMMENT
Subject
was formed in 1984
as an importer
and distributor of
spare parts for
automobile, agriculture engine
and tractor. The
products are for
repair market. Sales
were strong in
the past year,
while demand had
grown viable. Local
market condition is positive,
which would rise
subject’s sales this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 5,000,000
on July 16,
1987
Bht. 20,000,000
on March 26,
1998
Bht. 30,000,000
on December 26,
2003
The
latest registered capital
was increased to
Bht. 30,000,000 divided into
300,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sompong Wallopchotipong Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
99,000 |
33.00 |
|
Mr. Surapol Wallopchotipong Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
42,000 |
14.00 |
|
Mr. Narong Wallopchotipong Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
42,000 |
14.00 |
|
Mr. Kriengsak Wallopchotipong Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
42,000 |
14.00 |
|
Ms. Benjamas Lochanacharoenporn Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
30,000 |
10.00 |
|
Mrs. Siriporn Rujiranont Nationality: Thai Address : 438
Rama 3 Rd.,
Bangklo, Bangkorlaem, Bangkok |
27,000 |
9.00 |
|
Mrs. Ratchaneekorn
Ratanarakpinyo Nationality: Thai Address : 720/12
Suksawad 26 Rd.,
Bangpakok,
Rajburana, Bangkok |
6,000 |
2.00 |
|
|
|
|
|
Ms. Pingporn Wallopchotipong Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
6,000 |
2.00 |
|
Ms. Rachaporn Wallopchotipong Nationality: Thai Address : 383/62-64
Chakrapadipong Rd.,
Klongmahanark, Pomprab, Bangkok |
6,000 |
2.00 |
Total Shareholders : 9
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Amornrat Wallopsiri
No. 5444
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
721,515.04 |
378,512.62 |
|
Trade Accounts & Other
Receivable |
1,177,044.28 |
1,474,323.02 |
|
Inventories |
96,201,557.36 |
111,268,394.25 |
|
Other Current Assets
|
2,841.31 |
2,317,915.24 |
|
Total Current Assets
|
98,102,957.99 |
115,439,145.13 |
|
|
|
|
|
Fixed Assets |
715,312.10 |
752,193.75 |
|
Other Non-current Assets |
27,000.00 |
27,000.00 |
|
Total Assets |
98,845,270.09 |
116,218,338.88 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
1,368,180.71 |
2,529,788.44 |
|
Trade Accounts & Other
Payable |
17,408,677.08 |
20,281,167.89 |
|
Loan from Director |
18,000,000.00 |
31,480,000.00 |
|
Accrued Income Tax |
801,643.72 |
929,685.06 |
|
Other Current Liabilities |
347,287.84 |
16,274.40 |
|
Total Current Liabilities |
37,925,789.35 |
55,236,915.79 |
|
Total Liabilities |
37,925,789.35 |
55,236,915.79 |
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning -
Unappropriated |
30,919,480.74 |
30,981,423.09 |
|
Total Shareholders' Equity |
60,919,480.74 |
60,981,423.09 |
|
Total Liabilities & Shareholders' Equity |
98,845,270.09 |
116,218,338.88 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
144,646,571.36 |
125,632,474.69 |
|
Promotion Income |
113,786.81 |
228,441.02 |
|
Other Income |
348,559.69 |
3,890,347.04 |
|
Total Sales |
145,108,917.86 |
129,751,262.75 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold
|
134,628,278.36 |
116,132,417.32 |
|
Administrative Expenses |
8,826,972.58 |
7,073,018.91 |
|
Total Expenses |
143,455,250.94 |
123,205,436.23 |
|
Profit before Financial Cost &
Income Tax |
1,653,666.92 |
6,545,826.52 |
|
Financial Cost |
[3,051.94] |
[576,664.94] |
|
Profit before Income
Tax |
1,650,614.98 |
5,969,161.58 |
|
Income Tax |
[1,712,557.33] |
[1,814,938.29] |
|
Net Profit / [Loss] |
[61,942.35] |
4,154,223.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.59 |
2.09 |
|
QUICK RATIO |
TIMES |
0.05 |
0.03 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
202.21 |
167.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.46 |
1.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
260.82 |
349.71 |
|
INVENTORY TURNOVER |
TIMES |
1.40 |
1.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
2.97 |
4.28 |
|
RECEIVABLES TURNOVER |
TIMES |
122.89 |
85.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.20 |
63.74 |
|
CASH CONVERSION CYCLE |
DAYS |
216.59 |
290.25 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.07 |
92.44 |
|
SELLING & ADMINISTRATION |
% |
6.10 |
5.63 |
|
INTEREST |
% |
0.00 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
7.25 |
10.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.14 |
5.21 |
|
NET PROFIT MARGIN |
% |
(0.04) |
3.31 |
|
RETURN ON EQUITY |
% |
(0.10) |
6.81 |
|
RETURN ON ASSET |
% |
(0.06) |
3.57 |
|
EARNING PER SHARE |
BAHT |
(0.21) |
13.85 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.62 |
0.91 |
|
TIME INTEREST EARNED |
TIMES |
541.84 |
11.35 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.13 |
|
|
OPERATING PROFIT |
% |
(74.74) |
|
|
NET PROFIT |
% |
(101.49) |
|
|
FIXED ASSETS |
% |
(4.90) |
|
|
TOTAL ASSETS |
% |
(14.95) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.25 |
Acceptable |
Industrial
Average |
12.76 |
|
Net Profit Margin |
(0.04) |
Deteriorated |
Industrial
Average |
1.77 |
|
Return on Assets |
(0.06) |
Deteriorated |
Industrial
Average |
3.31 |
|
Return on Equity |
(0.10) |
Deteriorated |
Industrial
Average |
8.52 |
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 7.25%. 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 -0.04%.
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 -0.06%.
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 -0.1%.
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 |
2.59 |
Impressive |
Industrial
Average |
1.79 |
|
Quick Ratio |
0.05 |
|
|
|
|
Cash Conversion Cycle |
216.59 |
|
|
|
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 2.59 times in 2011, increased from 2.09 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 0.05 times in 2011,
increased from 0.03 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 217 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.62 |
Impressive |
Industrial
Average |
1.50 |
|
Times Interest Earned |
541.84 |
Impressive |
Industrial Average |
2.55 |
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 541.85 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 0.38 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 |
202.21 |
Impressive |
Industrial
Average |
7.96 |
|
Total Assets Turnover |
1.46 |
Satisfactory |
Industrial
Average |
1.89 |
|
Inventory Conversion Period |
260.82 |
|
|
|
|
Inventory Turnover |
1.40 |
Deteriorated |
Industrial
Average |
3.45 |
|
Receivables Conversion Period |
2.97 |
|
|
|
|
Receivables Turnover |
122.89 |
Impressive |
Industrial
Average |
5.45 |
|
Payables Conversion Period |
47.20 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
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.