MIRA
INFORM REPORT
|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NSST
ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
6/8-9 Moo 5, Kingkaew Road, Rajathewa, Bangplee, Samutprakarn 10540, Thailand |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.11.1998 |
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Com. Reg. No.: |
0105541068567 [Former
: 1027/2541] |
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|
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, distributor & service provider of papers and paper packaging products |
|
|
|
|
No. of Employees : |
15 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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
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
NSST ENTERPRISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 6/8-9
MOO 5, KINGKAEW
ROAD, RAJATHEWA,
BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2738-8160,
2738-8156-9
FAX :
[66] 2738-8157
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541068567 [Former
: 1027/2541]
TAX
ID NO. : 3011972922
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.
NARINT SRIVANASONT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : PAPERS AND
PAPER PACKAGING PRODUCTS
IMPORTER, DISTRIBUTOR & SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on November
2, 1998 as
a private limited
company under the registered
name NSST ENTERPRISE
CO., LTD., by
Thai groups, with
the business objective
to supply papers
and paper packaging
products to domestic
market. It currently
employs 15 staff.
The subject’s registered
address was initially
located at 71 Charoenkrung 39 Rd.,
Siphya, Bangrak, Bangkok
10500.
On March 28,
2000, the subject’s
registered address was
relocated to 6/8-9
Moo 5, Kingkaew
Rd., Rajathewa, Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operating address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narint Srivanasont |
[x] |
Thai |
42 |
|
Ms. Suchada Utsahakij-amnuay |
|
Thai |
43 |
|
Mr. Sitthichoke Hongthong |
|
Thai |
40 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Narint Srivanasont
is the Managing
Director.
He is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject is
engaged in supplying
and servicing of
papers and paper packaging products,
including cardboard, paper
box, paper bag,
paper cup &
lid, and etc.
PURCHASE
Most of the
products are purchased
from local suppliers,
the remaining is
imported from Norway
and Republic of
China.
MAJOR SUPPLIERS
Arne Vinsdal A.S. :
Norway
SALES [LOCAL]
100% of the
products is sold
and serviced locally
by wholesale to
traders and manufacturers.
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
15 staff.
LOCATION DETAILS
The premise is
owned for operating
office and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
The
subject was formed in
1998 as an
importer and distributor of papers
and paper packaging
products. The products
are varies for
both consumer and
commercial markets. With the strong consumption and an eye to the
future prospect, the
company strives to
maintain its distributing of quality and
services.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
100 shares of
Bht. 20,000 each
with fully paid.
On March 28,
2000, the capital
was increased to
Bht. 5,000,000 divided
into 250 shares
of Bht. 20,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narint Srivanasont Nationality: Thai Address : 74
Soi Charoenkrung 39,
Siphya,
Bangrak, Bangkok |
145 |
58.00 |
|
Mr. Sitthichoke Hongthong Nationality: Thai Address : 38 Ladprao 80
Rd., Wangthonglang,
Bangkapi, Bangkok |
30 |
12.00 |
|
Ms. Pornthip Srivanasont Nationality: Thai Address : 71
Soi Charoenkrung 39,
Siphya,
Bangrak, Bangkok |
25 |
10.00 |
|
Mrs. Yenchit Anankhaporn Nationality: Thai Address : 10-12
Chalermkhet Rd., Wad
Thepsirin,
Pomprab, Bangkok |
20 |
8.00 |
|
Ms. Suchada Utsahakij-amnuay Nationality: Thai Address : 9/1
Moo 3, Seyhakij 1
Rd., Omnoi,
Krathumbaen, Samutsakorn |
15 |
6.00 |
|
Ms. Narisra Srivanasont Nationality: Thai Address : 71
Soi Charoenkrung 39,
Siphya,
Bangrak, Bangkok |
15 |
6.00 |
Total Shareholders : 6
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
250 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
250 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Dhattaya Parivisuth No.
4415
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,449,278.45 |
2,719,076.54 |
|
Trade Accounts Receivable
|
6,530,766.05 |
6,050,399.25 |
|
Goods for Sales |
22,988,511.46 |
22,833,178.13 |
|
Other Current Assets
|
221,837.59 |
159,610.75 |
|
|
|
|
|
Total Current Assets
|
31,190,393.55 |
31,762,264.67 |
|
|
|
|
|
Cash at Bank
pledged as a
Collateral |
1,514,850.00 |
1,500,000.00 |
|
Fixed Assets |
2,180,774.00 |
1,505,013.00 |
|
Other Non-current Assets |
396,086.35 |
278,036.35 |
|
Total Assets |
35,282,103.90 |
35,045,314.02 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
16,482,894.14 |
8,274,349.54 |
|
Trade Accounts Payable |
191,180.11 |
286,091.17 |
|
Current Portion of
Lease Contract Liabilities |
- |
193,221.28 |
|
Current Portion of
Long-term Loan |
374,000.00 |
374,000.00 |
|
Loan from Director-Non Interest
|
7,200,000.00 |
12,000,000.00 |
|
Accrued Bonus |
- |
724,480.00 |
|
Accrued Income Tax |
- |
200,381.95 |
|
Accrued Commission |
- |
159,200.00 |
|
Other Current Liabilities |
375,469.16 |
528,087.54 |
|
|
|
|
|
Total Current Liabilities |
24,623,543.41 |
22,739,811.48 |
|
|
|
|
|
Long-term Loan, Net
of Current Portion |
970,331.96 |
1,222,936.10 |
|
Total Liabilities |
25,593,875.37 |
23,962,747.58 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 20,000
value authorized, issued
and fully paid share
capital 250 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
4,688,228.53 |
6,082,566.44 |
|
Total Shareholders' Equity |
9,688,228.53 |
11,082,566.44 |
|
Total Liabilities & Shareholders' Equity |
35,282,103.90 |
35,045,314.02 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
76,348,372.81 |
69,212,060.15 |
|
Services Income |
561,275.00 |
678,346.00 |
|
Gain on Exchange Rate |
- |
39,998.00 |
|
Other Income |
27,070.41 |
202,582.43 |
|
Total Revenues |
76,936,718.22 |
70,132,986.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
67,797,897.69 |
57,271,810.20 |
|
Selling Expenses |
184,321.91 |
211,186.77 |
|
Administrative Expenses |
8,931,761.60 |
9,919,941.18 |
|
Total Expenses |
76,913,981.20 |
67,402,938.15 |
|
|
|
|
|
Profit /[Loss] before Financial
Costs & Income Tax |
22,737.02 |
2,730,048.43 |
|
Financial Costs |
[1,417,074.93] |
[983,505.52] |
|
|
|
|
|
Profit /[Loss] before Income Tax
|
[1,394,337.91] |
1,746,542.91 |
|
Income Tax |
- |
[322,173.70] |
|
Net Profit / [Loss] |
[1,394,337.91] |
1,424,369.21 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.27 |
1.40 |
|
QUICK RATIO |
TIMES |
0.32 |
0.39 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
35.27 |
46.44 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.18 |
1.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
123.76 |
145.52 |
|
INVENTORY TURNOVER |
TIMES |
2.95 |
2.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.99 |
31.60 |
|
RECEIVABLES TURNOVER |
TIMES |
11.78 |
11.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.03 |
1.82 |
|
CASH CONVERSION CYCLE |
DAYS |
153.73 |
175.29 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.15 |
81.95 |
|
SELLING & ADMINISTRATION |
% |
11.85 |
14.50 |
|
INTEREST |
% |
1.84 |
1.41 |
|
GROSS PROFIT MARGIN |
% |
11.88 |
18.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.03 |
3.91 |
|
NET PROFIT MARGIN |
% |
(1.81) |
2.04 |
|
RETURN ON EQUITY |
% |
(14.39) |
12.85 |
|
RETURN ON ASSET |
% |
(3.95) |
4.06 |
|
EARNING PER SHARE |
BAHT |
(278.87) |
284.87 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.64 |
2.16 |
|
TIME INTEREST EARNED |
TIMES |
0.02 |
2.78 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.04 |
|
|
OPERATING PROFIT |
% |
(99.17) |
|
|
NET PROFIT |
% |
(197.89) |
|
|
FIXED ASSETS |
% |
44.90 |
|
|
TOTAL ASSETS |
% |
0.68 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.88 |
Satisfactory |
Industrial Average |
14.86 |
|
Net Profit Margin |
(1.81) |
Deteriorated |
Industrial
Average |
1.50 |
|
Return on Assets |
(3.95) |
Deteriorated |
Industrial
Average |
2.92 |
|
Return on Equity |
(14.39) |
Deteriorated |
Industrial
Average |
7.59 |
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 11.88%. 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 -1.81%.
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 -3.95%.
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 -14.39%.
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 |
1.27 |
Satisfactory |
Industrial
Average |
1.61 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
153.73 |
|
|
|
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 1.27 times in 2011, decreased from 1.4 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 0.32 times in 2011,
decreased from 0.39 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 154 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
2.64 |
Risky |
Industrial
Average |
1.40 |
|
Times Interest Earned |
0.02 |
Risky |
Industrial
Average |
2.06 |
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 0.02 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 0.73 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 |
35.27 |
Impressive |
Industrial Average |
8.04 |
|
Total Assets Turnover |
2.18 |
Impressive |
Industrial Average |
1.94 |
|
Inventory Conversion Period |
123.76 |
|
|
|
|
Inventory Turnover |
2.95 |
Acceptable |
Industrial Average |
4.76 |
|
Receivables Conversion Period |
30.99 |
|
|
|
|
Receivables Turnover |
11.78 |
Impressive |
Industrial Average |
4.22 |
|
Payables Conversion Period |
1.03 |
|
|
|
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.55.52 |
|
UK Pound |
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
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.