MIRA INFORM REPORT
|
Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SILA HOUSE CO., LTD. |
|
|
|
|
Formerly Known As : |
SAKAOWSIN CO., LTD. |
|
|
|
|
Registered Office : |
42/322 Soi Nimitmai 20, Nimitmai Road,Saikongdin, Klongsamwa, Bangkok 10510 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
05.10.2006 |
|
|
|
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Com. Reg. No.: |
0105549119489 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Agricultural Products |
|
|
|
|
No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
SILA
HOUSE CO., LTD.
[FORMER
: SAKAOWSIN CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 45/315 MOO
10, T. KLONGSONG,
A. KLONGLUANG,
PATHUMTHANI 12120,
THAILAND
TELEPHONE : [66] 2520-3222,
087 656-5546, 089
532-2969
FAX :
[66] 2520-3222
E-MAIL
ADDRESS : punnasuth@gmail.com
REGISTRATION
ADDRESS : 42/322 SOI
NIMITMAI 20, NIMITMAI
ROAD,
SAIKONGDIN,
KLONGSAMWA, BANGKOK 10510
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549119489
TAX
ID NO. : -
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PORNTHEP AON-AMPORN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : LOW
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on October 5,
2006 as a
private limited company
under the originally
registered name “Sakaowsin
Co., Ltd.” by Thai
groups, with the
business objective to
import and distribute
various kinds of
agricultural products. On October 25,
2012, its registered name
was changed to
SILA HOUSE CO.,
LTD. It currently
employs 8 staff.
The
subject’s registered address is
42/322 Soi Nimitmai
20, Nimitmai Road,
Saikongdin, Klongsamwa, Bangkok
10510, while the
current operation address
is 45/315 Moo
10, T. Klongsong, A. Klongluang, Pathumthani
12120.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornthep Aon-amporn |
|
Thai |
41 |
|
Mr. Visith Kaengsila |
|
Thai |
45 |
|
Ms. Nuchanart Naprasert |
|
Thai |
45 |
AUTHORIZED PERSON
Any one of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pornthep Aon-amporn is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
agricultural products, both
fresh and dried
vegetables, such as
garlic, onion, pepper,
chili, bamboo shoot
and etc., as
well as fresh
fruits.
PURCHASE
Its
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China.
SALES
100% of the
products is sold
locally to wholesaler.
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
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
8 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
The subject
reported low sales
figure in the
year 2011. This
was due to
the massive floods in
the large area
of the country
during September to December 2011.
Most of agricultural
products had been
damaged by floods
as well as
logistic failure and
decline consumption were
also caused a
big loss. However,
all year round the subject
had too low income
from sales.
In
2012 its sales
had gradually increased
with strong domestic
consumptions.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 300,000 shares of
Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pornthep Aon-amporn Nationality: Thai Address :
80 Moo 13,
T. Srisamran, A.
Songpeenong Suphanburi |
100,000 |
33.33 |
|
Ms. Sasiprapa Namhom Nationality: Thai Address : 42/322
Soi Nimitmai 20,
Saikongdin,
Klongsamwa, Bangkok |
100,000 |
33.33 |
|
Mr. Visith Kaengsila Nationality: Thai Address : 41
Moo 12, T. Muangkao, A. Kabinburi, Prachinburi |
80,000 |
26.67 |
|
Mr. Boonchai Temwitvathanyoo Nationality: Thai Address : 86/4
Serithai 37 Rd., Klongkum,
Buengkum, Bangkok |
10,000 |
3.33 |
|
Ms. Nuchanart Parkkanchana Nationality: Thai Address : 42/322
Soi Nimitmai 20,
Saikongdin,
Klongsamwa, Bangkok |
10,000 |
3.34 |
Total Shareholders : 5
Share Structure [as
at September 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Natthinee Rodnoy No.
7197
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
585,751.22 |
257,000.25 |
94,142.78 |
|
Other Receivable |
18,750.00 |
18,750.00 |
- |
|
Inventories |
- |
1,659,595.00 |
1,459,595.00 |
|
Other Current Assets
|
- |
- |
18,750.00 |
|
|
|
|
|
|
Total Current Assets
|
604,501.22 |
1,935,345.25 |
1,572,487.78 |
|
|
|
|
|
|
Fixed Assets |
22,285,725.10 |
23,926,502.16 |
25,554,568.63 |
|
Total Assets |
22,890,226.32 |
25,861,847.41 |
27,127,056.41 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
7,000,000.00 |
- |
- |
|
Other Payable |
283,338.73 |
195,662.47 |
178,234.47 |
|
Short-term Loan |
100,000.00 |
1,200,000.00 |
- |
|
|
|
|
|
|
Total Current Liabilities |
7,383,338.73 |
1,395,662.47 |
178,234.47 |
|
|
|
|
|
|
Long-term Loan to Related
Person |
- |
- |
500,000.00 |
|
Long-term Loan |
16,541,911.92 |
21,194,114.48 |
23,583,292.82 |
|
Total Liabilities |
23,925,250.65 |
22,589,776.95 |
24,261,527.29 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
[4,035,024.33] |
272,070.46 |
[134,470.88] |
|
Total Shareholders' Equity |
[1,035,024.33] |
3,272,070.46 |
2,865,529.12 |
|
Total Liabilities &
Shareholders' Equity |
22,890,226.32 |
25,861,847.41 |
27,127,056.41 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
7,274,160.00 |
40,454,873.00 |
11,746,125.60 |
|
Total Revenues |
7,274,160.00 |
40,454,873.00 |
11,746,125.60 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,430,448.00 |
35,342,246.00 |
- |
|
Administrative Expenses |
3,682,390.52 |
3,969,851.07 |
- |
|
Change in Finished Goods |
- |
- |
[400,000.00] |
|
Purchase Goods |
- |
- |
7,988,668.00 |
|
Employee Expense |
- |
- |
842,280.00 |
|
Depreciation |
- |
- |
1,621,757.46 |
|
Other Expenses |
- |
- |
375,484.46 |
|
Total Expenses |
10,112,838.52 |
39,312,097.07 |
10,428,189.92 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[2,838,678.52] |
1,142,775.93 |
1,317,935.68 |
|
Financial Costs |
[1,468,416.27] |
[736,234.59] |
[1,902,102.52] |
|
|
|
|
|
|
Net Profit / [Loss] |
[4,307,094.79] |
406,541.34 |
[584,166.84] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.08 |
1.39 |
8.82 |
|
QUICK RATIO |
TIMES |
0.08 |
0.20 |
0.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.33 |
1.69 |
0.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.32 |
1.56 |
0.43 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
17.14 |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
21.30 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
17.14 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.40 |
87.36 |
- |
|
SELLING & ADMINISTRATION |
% |
50.62 |
9.81 |
13.81 |
|
INTEREST |
% |
20.19 |
1.82 |
16.19 |
|
GROSS PROFIT MARGIN |
% |
11.60 |
12.64 |
100.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(39.02) |
2.82 |
11.22 |
|
NET PROFIT MARGIN |
% |
(59.21) |
1.00 |
(4.97) |
|
RETURN ON EQUITY |
% |
- |
12.42 |
(20.39) |
|
RETURN ON ASSET |
% |
(18.82) |
1.57 |
(2.15) |
|
EARNING PER SHARE |
BAHT |
(143.57) |
13.55 |
(19.47) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.05 |
0.87 |
0.89 |
|
DEBT TO EQUITY RATIO |
TIMES |
(23.12) |
6.90 |
8.47 |
|
TIME INTEREST EARNED |
TIMES |
(1.93) |
1.55 |
0.69 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(82.02) |
244.41 |
|
|
OPERATING PROFIT |
% |
(348.40) |
(13.29) |
|
|
NET PROFIT |
% |
(1,159.45) |
169.59 |
|
|
FIXED ASSETS |
% |
(6.86) |
(6.37) |
|
|
TOTAL ASSETS |
% |
(11.49) |
(4.66) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -82.02%. Turnover has decreased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.60 |
Impressive |
Industrial
Average |
11.02 |
|
Net Profit Margin |
(59.21) |
Deteriorated |
Industrial
Average |
1.05 |
|
Return on Assets |
(18.82) |
Deteriorated |
Industrial
Average |
2.11 |
|
Return on Equity |
- |
|
Industrial
Average |
5.65 |
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 11.6%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 -59.21%.
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, its was lower, the company's figure is -18.82%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.08 |
Risky |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.08 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0.08 times in 2011, decreased from 1.39 times, then the company may
not be efficiently using its current assets. 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 0.08 times in 2011,
decreased from 0.2 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.05 |
Risky |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
(23.12) |
Risky |
Industrial
Average |
1.62 |
|
Times Interest Earned |
(1.93) |
Risky |
Industrial
Average |
1.70 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -1.94 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 1.05 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.33 |
Deteriorated |
Industrial
Average |
6.74 |
|
Total Assets Turnover |
0.32 |
Deteriorated |
Industrial
Average |
1.99 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
5.00 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
4.64 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 0.32 times and 1.56 times
in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.54.53 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
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.