MIRA
INFORM REPORT
|
Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
STAR TOYS
HOUSE CO., LTD. |
|
|
|
|
Registered Office : |
91/59 Moo
3, Soi Anamai
Ngamcharoen, Rama 2 Road,
Thakam, Bangkhunthien, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
25.06.2011 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0105543059301 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Wholesale distributing wide
range of children
toys, including wooden toys,
plastic toys, electronic
toys and etc. |
|
|
|
|
No. of Employees : |
3 |
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 : |
Slow |
|
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
STAR TOYS
HOUSE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 91/59
MOO 3, SOI
ANAMAI NGAMCHAROEN,
RAMA 2
ROAD, THAKAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2417-9474
FAX :
[66] 2405-7097
E-MAIL
ADDRESS : bkk_startoys@hotmail.com
REGISTRATION
ADDRESS : 551/20-21 SOI
SATHUPRADIT 45, SATHUPRADIT ROAD,
CHONGNONSI, YANNAWA,
BANGKOK 10120,
THAILAND
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543059301
TAX
ID NO. : 3030135025
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JUNE
25
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. NICHANAN KANTHAWANICH,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : CHILDREN TOYS
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 June 26,
2000 as a
private limited company under
the registered name
STAR TOYS HOUSE
CO., LTD., by
Thai groups, with the
business objective to
distribute wide range
of children toys
to domestic market.
It currently employs
3 staff.
The
subject’s registered address
is 551/20-21 Soi
Sathupradit 45, Sathupradit Rd.,
Chongnonsi, Yannawa, Bangkok
10120, while the
current operation address
is 91/59 Moo
3, Soi Anamai
Ngamcharoen, Rama 2
Rd., Thakam, Bangkhunthien, Bangkok
10150.
THE BOARD
OF DIRECTOR
Mrs. Nichanan Kanthawanich
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Nichanan Kanthawanich is
the Managing Director.
She is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject
is engaged in
wholesale distributing wide
range of children
toys, including wooden toys,
plastic toys, electronic
toys and etc.
PURCHASE
Most
of the products
are purchased from
local suppliers, the
remaining is imported
from Republic of
China and Japan.
SALES
100% of the
products is sold
locally by wholesale
to traders.
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
according 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
D/A and T/T
on negotiated terms.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at the heading
address. Premise is
located in commercial/residential area.
Note:
Refer
to your given
name “Nonnatee Kanjana” at
the address 551/64
Soi Sathupradit 45,
Chongnonsi, Yannawa, Bangkok
10120, with telephone
number 2417-9474 and fax
number 2405-7097, please
be informed that,
the given address is Mr.
Nonnatee Kanjana’s residence,
while the telephone
and fax numbers
belong to Star
Toys House Co.,
Ltd. Mr. Nonnatee
Kanjana is one of the
company’s shareholders.
COMMENT
Subject’s
sales is related
to economic conditions
and market consumption, which
is relatively slow. Its
business had been slowing
down in the year
2011, while current
business outlook is
still from slow
consumption in local
market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 1,000
shares of Bht.
2,000 each with
fully paid.
On
June 29, 2009,
the capital was
increased to Bht.
5,000,000 divided into 2,500
shares of Bht. 2,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 25, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Nichanan Kanthawanich Nationality: Thai Address : 551/64
Sathupradit 45 Rd.,
Chongnonsi,
Yannawa, Bangkok |
1,150 |
46.00 |
|
Mr. Suparerk Kanjana Nationality: Thai Address : 551/20
Sathupradit 45 Rd.,
Chongnonsi,
Yannawa, Bangkok |
445 |
17.80 |
|
Mr. Themnatee Kanjana Nationality: Thai Address : 551/64
Sathupradit 45 Rd.,
Chongnonsi,
Yannawa, Bangkok |
300 |
12.00 |
|
Mr. Nonnatee Kanjana Nationality: Thai Address : 551/64
Sathupradit 45 Rd.,
Chongnonsi,
Yannawa, Bangkok |
300 |
12.00 |
|
Mr. Kritanon Kanjana Nationality: Thai Address : 551/64
Sathupradit 45 Rd.,
Chongnonsi,
Yannawa, Bangkok |
300 |
12.00 |
|
Ms. Chintana Kanjana Nationality: Thai Address : 551/20
Sathupradit 45 Rd.,
Chongnonsi,
Yannawa, Bangkok |
1 |
0.04 |
|
Ms. Manee Kanthawanich Nationality: Thai Address : 164
Yaowarad Rd., Samphantawong, Bangkok |
1 |
0.04 |
|
|
|
|
|
Ms. Sunantha Kanthawanich Nationality: Thai Address : 318 Trok
Wat Kammatuyaram, Yaowaraj Rd., Samphanthawong, Bangkok |
1 |
0.04 |
|
Mr. Surasak Kanjana Nationality: Thai Address : 218/218
Rama 1 Rd.,
Pathumwan, Bangkok |
1 |
0.04 |
|
Ms. Chanjuree Kanjana Nationality: Thai Address : 218/218
Rama 1 Rd.,
Pathumwan, Bangkok |
1 |
0.04 |
Total Shareholders : 10
Share Structure [as
at October 25,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
2,500 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
2,500 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suwanna Puengsucharit
No. 1053
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
25, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
402,405.58 |
362,053.18 |
|
Trade Accounts Receivable
|
685,276.15 |
1,165,155.10 |
|
Inventories |
3,918,030.76 |
5,485,446.16 |
|
Other Current Assets
|
15,812.40 |
- |
|
|
|
|
|
Total Current Assets
|
5,021,524.89 |
7,012,654.44 |
|
|
|
|
|
Fixed Assets |
2,254,551.86 |
991,850.53 |
|
Total Assets |
7,276,076.75 |
8,004,504.97 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
1,227,539.97 |
1,348,737.75 |
|
Current Portion of
Hire-purchase Contract Payable |
571,289.64 |
- |
|
Other Current Liabilities |
34,070.96 |
59,590.60 |
|
|
|
|
|
Total Current Liabilities |
1,832,900.57 |
1,408,328.35 |
|
|
|
|
|
Long-term Loan from Related Company |
3,517,640.21 |
5,517,640.21 |
|
Hire-purchase Contract Payable |
446,130.78 |
- |
|
Total Liabilities |
5,796,671.56 |
6,925,968.56 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 2,000
value authorized, issued
and fully paid share
capital 2,500 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
[3,520,594.81] |
[3,921,463.59] |
|
Total Shareholders' Equity |
1,479,405.19 |
1,078,536.41 |
|
Total Liabilities & Shareholders' Equity |
7,276,076.75 |
8,004,504.97 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
19,773,515.00 |
24,953,666.00 |
|
Other Income |
126,457.13 |
- |
|
Total Revenues |
19,899,972.13 |
24,953,666.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,419,613.84 |
20,669,954.50 |
|
Selling Expenses |
2,016,098.22 |
2,894,992.52 |
|
Administrative Expenses |
1,019,120.33 |
935,319.64 |
|
Total Expenses |
19,454,832.39 |
24,500,266.66 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
445,139.74 |
453,399.34 |
|
Income Tax |
[44,270.96] |
[45,509.90] |
|
Net Profit / [Loss] |
400,868.78 |
407,889.44 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.74 |
4.98 |
|
QUICK RATIO |
TIMES |
0.59 |
1.08 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.77 |
25.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.72 |
3.12 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
87.10 |
96.86 |
|
INVENTORY TURNOVER |
TIMES |
4.19 |
3.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
12.65 |
17.04 |
|
RECEIVABLES TURNOVER |
TIMES |
28.85 |
21.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
27.29 |
23.82 |
|
CASH CONVERSION CYCLE |
DAYS |
72.46 |
90.09 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.04 |
82.83 |
|
SELLING & ADMINISTRATION |
% |
15.35 |
15.35 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
17.60 |
17.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.25 |
1.82 |
|
NET PROFIT MARGIN |
% |
2.03 |
1.63 |
|
RETURN ON EQUITY |
% |
27.10 |
37.82 |
|
RETURN ON ASSET |
% |
5.51 |
5.10 |
|
EARNING PER SHARE |
BAHT |
160.35 |
163.16 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.92 |
6.42 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(20.76) |
|
|
OPERATING PROFIT |
% |
(1.82) |
|
|
NET PROFIT |
% |
(1.72) |
|
|
FIXED ASSETS |
% |
127.31 |
|
|
TOTAL ASSETS |
% |
(9.10) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.60 |
Satisfactory |
Industrial
Average |
22.03 |
|
Net Profit Margin |
2.03 |
Deteriorated |
Industrial
Average |
6.62 |
|
Return on Assets |
5.51 |
Impressive |
Industrial
Average |
3.23 |
|
Return on Equity |
27.10 |
Impressive |
Industrial
Average |
5.11 |
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 17.6%. 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 2.03%. 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. Return on Assets ratio is 5.51%, 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 27.1%, 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 |
2.74 |
Impressive |
Industrial
Average |
(9.75) |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
72.46 |
|
|
|
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 2.74 times in 2011, decreased from 4.98 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 0.59 times in 2011,
decreased from 1.08 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 73 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Acceptable |
Industrial Average |
0.76 |
|
Debt to Equity Ratio |
3.92 |
Risky |
Industrial
Average |
2.74 |
|
Times Interest Earned |
- |
|
Industrial
Average |
(107.57) |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.8 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.77 |
Impressive |
Industrial
Average |
(576.97) |
|
Total Assets Turnover |
2.72 |
Impressive |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
87.10 |
|
|
|
|
Inventory Turnover |
4.19 |
Impressive |
Industrial
Average |
(0.59) |
|
Receivables Conversion Period |
12.65 |
|
|
|
|
Receivables Turnover |
28.85 |
Impressive |
Industrial
Average |
(4.29) |
|
Payables Conversion Period |
27.29 |
|
|
|
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.55.44 |
|
|
1 |
Rs.89.30 |
|
Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.