MIRA
INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MAKRO CUTTING BOARD CO., LTD. |
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Registered Office : |
673 Moo 4, T. Praeksa , A. Muang, Samutprakarn 10280 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.09.1994 |
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Com. Reg. No.: |
0105537115513 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Plastic Sheets |
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No. of Employees : |
5 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Thailand |
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 |
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
MAKRO
CUTTING BOARD CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 673
MOO 4, T. PRAEKSA ,
A. MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2208-9748,
081 808-5853
FAX :
[66] 2208-9315
E-MAIL
ADDRESS : makroiea@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537115513
TAX
ID NO. : 3011493168
CAPITAL REGISTERED : BHT. 35,000,000
CAPITAL PAID-UP : BHT.
35,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHAMNONG SAENGTHONG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : PLASTIC SHEETS
IMPORTER AND
DISTRIBUTOR
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 28, 1994
as a private
limited company under the
registered name MAKRO
CUTTING BOARD CO.,
LTD. by Thai groups,
with the business
objective to distribute
plastic sheets for
various industries. It
currently employs 5
staff.
The
subject’s registered address
is 673 Moo
4, T. Praeksa, A. Muang, Samutprakarn 10280,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Chamnong
Saengthong
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chamnong
Saengthong
is the Managing
Director.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds of
plastic sheets with
sizes 10 mm., 25mm., 30mm.,
and 50mm. thickness
for household products
and other industries.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
Korea.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers 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
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
The
subject was formed
in 1994 as an
importer and distributor
of plastic sheet for
various purposes from
household used to
industrial products. Its
business is relatively
low, while business
expansion and growth
rate are at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 15,000,000 on November 17,
2000
Bht. 35,000,000 on January 13,
2003
The
latest registered capital
was increased to Bht. 35,000,000 divided
into 350,000 shares
of Bht.
100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2012]
|
NAME |
HOLDING |
% |
|
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Mr. Chamnong
Saengthong Nationality: Thai Address : 673
Moo 4, Praeksa, Muang, Samutprakarn |
340,000 |
97.14 |
|
Mrs. Vararak
Pichiensawatetara Nationality: Thai Address : 484/25
Petchburi
Rd., Petchburi, Ratchathevi,
Bangkok |
9,500 |
2.71 |
|
Ms. Vilairat
Rachitpinyolert Nationality: Thai Address : 101 Trok Sahamitr, Mahaprutharam, Bangrak, Bangkok |
100 |
0.03 |
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Mr. Somkiat
Rachitpinyolert Nationality: Thai Address : 83 Trok Sahamitr, Mahaprutharam, Bangrak, Bangkok |
100 |
0.03 |
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Mr. Somchai
Rachitpinyolert Nationality: Thai Address : 101 Trok Sahamitr, Mahaprutharam, Bangrak, Bangkok |
100 |
0.03 |
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Mr. Pairat
Tantisriyanurak Nationality: Thai Address : 26/1
Moo 10, Lamae, Chumporn |
100 |
0.03 |
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Mr. Somkiat
Roddech Nationality: Thai Address : 337/2
Charansanitwong Rd.,
Thaphra,
Bangkokyai,
Bangkok |
100 |
0.03 |
Total Shareholders : 7
Share Structure [as
at April 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
7 |
350,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
7 |
350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Vice Admiral Naruedom Sa-ardyen No.
2416
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 |
633,567.72 |
464,384.39 |
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Trade Accounts & Other Receivable |
1,171,501.50 |
810,080.00 |
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Inventories |
5,318,260.50 |
6,080,184.80 |
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Other Current Assets
|
2,265,785.12 |
2,847,404.81 |
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Total Current Assets
|
9,389,114.84 |
10,202,054.00 |
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Fixed Assets |
86,536.26 |
126,718.23 |
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Deferred Income Tax |
15,000.00 |
15,000.00 |
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Other Non-current Assets |
2,575,670.33 |
2,340,093.61 |
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Total Assets |
12,066,321.43 |
12,683,865.84 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
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Trade Accounts & Other
Payable |
- |
354,542.16 |
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Other Current Liabilities |
64,527.40 |
168,447.18 |
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Total Current Liabilities |
64,527.40 |
522,989.34 |
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Long-term Loans |
24,115,000.00 |
24,115,000.00 |
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Total Liabilities |
24,179,527.00 |
24,637,989.34 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 350,000 shares |
35,000,000.00 |
35,000,000.00 |
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Capital Paid |
35,000,000.00 |
35,000,000.00 |
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Retained Earning - Unappropriated |
[47,113,205.97] |
[46,954,123.50] |
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Total Shareholders' Equity |
[12,113,205.97] |
[11,954,123.50] |
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Total Liabilities & Shareholders' Equity |
12,066,321.43 |
12,683,865.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
13,520,567.30 |
14,808,404.40 |
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Other Income |
- |
11,657.92 |
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Total Revenues |
13,520,567.30 |
14,820,062.32 |
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Expenses |
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Cost of Goods
Sold |
12,972,532.71 |
14,988,402.80 |
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Selling Expenses |
237,444.00 |
204,930.00 |
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Administrative Expenses |
469,673.06 |
727,128.23 |
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Total Expenses |
13,679,649.77 |
15,920,461.03 |
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Net Profit / [Loss] |
[159,082.47] |
[1,100,398.71] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
145.51 |
19.51 |
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QUICK RATIO |
TIMES |
27.97 |
2.44 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
156.24 |
116.86 |
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TOTAL ASSETS TURNOVER |
TIMES |
1.12 |
1.17 |
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INVENTORY CONVERSION PERIOD |
DAYS |
149.64 |
148.07 |
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INVENTORY TURNOVER |
TIMES |
2.44 |
2.47 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
31.63 |
19.97 |
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RECEIVABLES TURNOVER |
TIMES |
11.54 |
18.28 |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
8.63 |
|
CASH CONVERSION CYCLE |
DAYS |
181.26 |
159.40 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
95.95 |
101.22 |
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SELLING & ADMINISTRATION |
% |
5.23 |
6.29 |
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INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
4.05 |
(1.14) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.18) |
(7.43) |
|
NET PROFIT MARGIN |
% |
(1.18) |
(7.43) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
(1.32) |
(8.68) |
|
EARNING PER SHARE |
BAHT |
(0.45) |
(3.14) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
2.00 |
1.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
(2.00) |
(2.06) |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(8.70) |
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OPERATING PROFIT |
% |
(85.54) |
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|
NET PROFIT |
% |
85.54 |
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|
FIXED ASSETS |
% |
(31.71) |
|
|
TOTAL ASSETS |
% |
(4.87) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.05 |
Deteriorated |
Industrial
Average |
14.47 |
|
Net Profit Margin |
(1.18) |
Deteriorated |
Industrial
Average |
2.07 |
|
Return on Assets |
(1.32) |
Deteriorated |
Industrial
Average |
2.75 |
|
Return on Equity |
- |
|
Industrial
Average |
6.20 |
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 4.05%. 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 -1.18%.
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 -1.32%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
145.51 |
Impressive |
Industrial
Average |
1.26 |
|
Quick Ratio |
27.97 |
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Cash Conversion Cycle |
181.26 |
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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 145.51 times in 2011, increased from 19.51 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 27.97 times in 2011,
increased from 2.44 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 182 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
2.00 |
Risky |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
(2.00) |
Risky |
Industrial
Average |
1.26 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.85 |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
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 |
156.24 |
Impressive |
Industrial
Average |
2.61 |
|
Total Assets Turnover |
1.12 |
Satisfactory |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
149.64 |
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Inventory Turnover |
2.44 |
Deteriorated |
Industrial
Average |
6.32 |
|
Receivables Conversion Period |
31.63 |
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Receivables Turnover |
11.54 |
Impressive |
Industrial
Average |
4.79 |
|
Payables Conversion Period |
- |
|
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Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.49 |
|
Euro |
1 |
Rs.70.20 |
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.