MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
S. VIWATPAPER
[1994] CO., LTD. |
|
|
|
|
Registered Office : |
1 Soi Suksawat 30, Yaek 5, Suksawat Road, Bangpakok, Ratburana, Bangkok 10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
22.08.1994 |
|
|
|
|
Com. Reg. No.: |
0105537097698 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor
Papers |
|
|
|
|
No. of Employees : |
15 |
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
S.
VIWATPAPER [1994] CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 1
SOI SUKSAWAT 30,
YAEK 5, SUKSAWAT
ROAD,
BANGPAKOK, RATBURANA,
BANGKOK 10140
TELEPHONE : [66] 2871-0088,
2871-0128, 085 100-0588
FAX :
[66] 2871-0127
E-MAIL
ADDRESS : n9477@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537097698
TAX
ID NO. : 3011462836
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. PRAMOTE SERMPORNVIWAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : PAPERS
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 August 22,
1994 as a
private limited company under
the registered name S. VIWATPAPER [1994] CO., LTD.,
by Thai groups, with
the business objective
to distribute various
kinds of papers.
It currently employs
15 staff.
The
subject’s registered address
was initially located
at 818 Moo
2, Bangpakok, Ratburana,
Bangkok 10140.
On
August 21, 2009,
its registered address
was changed to
1 Soi Suksawat
30, Yaek 5,
Suksawat Road, Bangpakok,
Ratburana, Bangkok 10140, by
the Ratburana District
Office, which actually
are the same
location, and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surapol Sermpornviwat |
|
Thai |
68 |
|
Mr. Pramote Sermpornviwat |
[x] |
Thai |
36 |
|
Ms. Buppha Sapsomboon |
|
Thai |
59 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pramote Sermpornviwat is
the Managing Director.
He is Thai
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject
is engaged in
dealer various kinds
of papers, such
as copier paper,
printing paper, wood
free paper, packaging
paper and etc.,
under the brand
“DOUBLE A” and
etc.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR
SUPPLIER
Double
A [1991] Public
Company Limited
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
according to for
the past two
years.
CREDIT
Sales are by
cash or on
the credits term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
15 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
showroom at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
Subject
reported increasing sales
in 2011 in accordance
with market improvement,
that resulted to end
up with
positive outcome. However,
its products and
services are ready to
grow in parallel with
the expansion of commercial
sector and printing
industry.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000 shares
of Bht. 1,000
each with fully
paid.
On December 27,
2005, the registered
capital was increased
to Bht. 5,000,000
divided 5,000 into
shares of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Surapol Sermpornviwat Nationality: Thai Address : 1
Soi Suksawat 30,
Yaek 5, Bangpakok,
Ratburana, Bangkok |
2,500 |
50.00 |
|
Ms. Buppha Sapsomboon Nationality: Thai Address : 1
Soi Suksawat 30,
Yaek 5, Bangpakok,
Ratburana, Bangkok |
1,500 |
30.00 |
|
Mr. Pramote Sermpornviwat Nationality: Thai Address : 1
Soi Suksawat 30,
Yaek 5, Bangpakok,
Ratburana, Bangkok |
499 |
10.00 |
|
Ms. Thitiwan Sermpornviwat Nationality: Thai Address : 1
Soi Suksawat 30,
Yaek 5, Bangpakok,
Ratburana, Bangkok |
245 |
4.90 |
|
Ms. Ratanachan Pailin-anulak Nationality: Thai Address : 1
Soi Suksawat 30,
Yaek 5, Bangpakok,
Ratburana, Bangkok
|
245 |
4.90 |
|
Mr. Benjapol Sermpornviwat Nationality: Thai Address : 1
Soi Suksawat 30,
Yaek 5, Bangpakok,
Ratburana, Bangkok |
10 |
0.20 |
|
Mr. Apichai Chaiyapa Nationality: Thai Address : 92
Moo 10, T. Nongluang, A.
Ratanaburi, Surin |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
5,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Yanyong Chiemsuksuchit No.
7516
Note:
The 2012 financial
statement was not
available during investigation.
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 |
95,628.25 |
52,702.54 |
1,413,645.35 |
|
Trade Accounts Receivable
|
11,874,384.81 |
13,530,702.09 |
6,177,236.48 |
|
Inventories |
67,339,128.17 |
55,860,786.37 |
51,900,684.26 |
|
Other Current Assets
|
656,038.53 |
441,450.30 |
328,964.87 |
|
|
|
|
|
|
Total Current Assets
|
79,965,179.76 |
69,885,641.30 |
59,820,530.96 |
|
|
|
|
|
|
Fixed Assets |
766,396.81 |
982,757.01 |
1,840,477.12 |
|
Other Non-current Assets |
400.00 |
400.00 |
400.00 |
|
Total Assets |
80,731,976.57 |
70,868,798.31 |
61,661,408.08 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft |
690,482.38 |
4,692,155.99 |
294.78 |
|
Trade Accounts and
Other Payable |
20,402,058.52 |
15,384,394.70 |
7,189,174.71 |
|
Current Portion of
Financial Lease Contract Payable |
- |
- |
458,579.40 |
|
Other Current Liabilities |
5,909,395.87 |
6,182,283.73 |
5,801,031.82 |
|
|
|
|
|
|
Total Current Liabilities |
27,001,936.77 |
26,258,834.42 |
13,449,080.71 |
|
Long-term Loan from
Related Person |
38,000,000.00 |
30,500,000.00 |
35,200,000.00 |
|
Total Liabilities |
65,001,936.77 |
56,758,834.42 |
48,649,080.71 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 5,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated |
10,730,039.80 |
9,109,963.89 |
8,012,327.37 |
|
Total Shareholders' Equity |
15,730,039.80 |
14,109,963.89 |
13,012,327.37 |
|
Total Liabilities &
Shareholders' Equity |
80,731,976.57 |
70,868,798.31 |
61,661,408.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
154,926,420.38 |
141,725,312.35 |
140,547,428.44 |
|
Other Income |
4,426.90 |
2,335.29 |
11,886.57 |
|
Total Revenues |
154,930,847.28 |
141,727,647.64 |
140,559,315.01 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
143,987,450.93 |
131,485,320.80 |
131,735,568.99 |
|
Selling and Administrative Expenses |
8,578,065.69 |
8,403,569.89 |
6,918,824.30 |
|
Total Expenses |
152,565,516.62 |
139,888,890.69 |
138,654,393.29 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
2,365,330.66 |
1,838,756.95 |
1,904,921.72 |
|
Financial Costs |
[328,002.35] |
[349,656.89] |
[354,109.88] |
|
Profit before Income
Tax |
2,037,328.31 |
1,489,100.06 |
1,550,811.84 |
|
Income Tax |
[417,252.40] |
[391,463.54] |
[378,991.31] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,620,075.91 |
1,097,636.52 |
1,171,820.53 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.96 |
2.66 |
4.45 |
|
QUICK RATIO |
TIMES |
0.44 |
0.52 |
0.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
202.15 |
144.21 |
76.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.92 |
2.00 |
2.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
170.70 |
155.07 |
143.80 |
|
INVENTORY TURNOVER |
TIMES |
2.14 |
2.35 |
2.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.98 |
34.85 |
16.04 |
|
RECEIVABLES TURNOVER |
TIMES |
13.05 |
10.47 |
22.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.72 |
42.71 |
19.92 |
|
CASH CONVERSION CYCLE |
DAYS |
146.96 |
147.21 |
139.92 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.94 |
92.77 |
93.73 |
|
SELLING & ADMINISTRATION |
% |
5.54 |
5.93 |
4.92 |
|
INTEREST |
% |
0.21 |
0.25 |
0.25 |
|
GROSS PROFIT MARGIN |
% |
7.06 |
7.23 |
6.28 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.53 |
1.30 |
1.36 |
|
NET PROFIT MARGIN |
% |
1.05 |
0.77 |
0.83 |
|
RETURN ON EQUITY |
% |
10.30 |
7.78 |
9.01 |
|
RETURN ON ASSET |
% |
2.01 |
1.55 |
1.90 |
|
EARNING PER SHARE |
BAHT |
324.02 |
219.53 |
234.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.80 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.13 |
4.02 |
3.74 |
|
TIME INTEREST EARNED |
TIMES |
7.21 |
5.26 |
5.38 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.31 |
0.84 |
|
|
OPERATING PROFIT |
% |
28.64 |
(3.47) |
|
|
NET PROFIT |
% |
47.60 |
(6.33) |
|
|
FIXED ASSETS |
% |
(22.02) |
(46.60) |
|
|
TOTAL ASSETS |
% |
13.92 |
14.93 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 9.31%. Turnover has increased from THB
141,725,312.35 in 2010 to THB 154,926,420.38 in 2011. While net profit has
increased from THB 1,097,636.52 in 2010 to THB 1,620,075.91 in 2011. And total
assets has increased from THB 70,868,798.31 in 2010 to THB 80,731,976.57 in
2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.06 |
Deteriorated |
Industrial
Average |
14.86 |
|
Net Profit Margin |
1.05 |
Acceptable |
Industrial
Average |
1.50 |
|
Return on Assets |
2.01 |
Acceptable |
Industrial
Average |
2.92 |
|
Return on Equity |
10.30 |
Impressive |
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 7.06%. When
compared with the industry average, the ratio of the company was lower, this
indicated that company may have 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 1.05%.
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 2.01%.
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 10.3%, 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 Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.96 |
Impressive |
Industrial
Average |
1.61 |
|
Quick Ratio |
0.44 |
|
|
|
|
Cash Conversion Cycle |
146.96 |
|
|
|
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 2.96 times in 2011, increased from 2.66 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 0.44 times in 2011,
decreased from 0.52 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 147 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
4.13 |
Risky |
Industrial
Average |
1.40 |
|
Times Interest Earned |
7.21 |
Impressive |
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 7.22 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 0.81 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
202.15 |
Impressive |
Industrial
Average |
8.04 |
|
Total Assets Turnover |
1.92 |
Satisfactory |
Industrial
Average |
1.94 |
|
Inventory Conversion Period |
170.70 |
|
|
|
|
Inventory Turnover |
2.14 |
Deteriorated |
Industrial
Average |
4.76 |
|
Receivables Conversion Period |
27.98 |
|
|
|
|
Receivables Turnover |
13.05 |
Impressive |
Industrial
Average |
4.22 |
|
Payables Conversion Period |
51.72 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.05 and 10.47
in 2011 and 2010 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2011 increased from 2010. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 155 days at the
end of 2010 to 171 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 2.35 times in year 2010 to 2.14 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.92 times and 2
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
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.