MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIAMKAMONAKE CO., LTD. |
|
|
|
|
Registered Office : |
58 Soi Rongmuang 3, Rongmuang Road, Rongmuang, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
30.07.1991 |
|
|
|
|
Com. Reg. No.: |
0105534071230 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Papers |
|
|
|
|
No. of Employees : |
30 |
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 : |
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 (31.03.2011) |
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
SIAMKAMONAKE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 58
SOI RONGMUANG 3,
RONGMUANG ROAD,
RONGMUANG, PATHUMWAN,
BANGKOK 10330
TELEPHONE : [66] 2219-3555-64
FAX :
[66] 2215-9788,
2214-0576
E-MAIL
ADDRESS : siamkamonake@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534071230
TAX
ID NO. : 3011004036
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SAMART CHINPRASITTHIPHOL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : PAPERS
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 July 30,
1991 as a
private limited company
under the registered
name style SIAMKAMONAKE CO., LTD. by
Thai groups. Its business objective
is to import
and distribute various
kinds of papers
to domestic market.
It currently employs
approximately 30 staff.
The
subject’s registered address
is 58 Soi
Rongmuang 3, Rongmuang
Rd., Rongmuang, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samart Chinprasitthiphol |
|
Thai |
64 |
|
Ms. Anchalee Sermpornviwat |
|
Thai |
58 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Samart Chinprasitthiphol is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Ms. Anchalee Sermpornviwat is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of papers,
such as printing
and writing paper,
packaging paper, copying
paper, and special
printing paper for
printing house, printing
and packaging industry.
MAJOR BRAND
“DOUBLE A”
PURCHASE
Most
of the products
are purchased from
local suppliers, the
remaining is imported
from Republic of China,
Japan, Korea, Indonesia
and India.
MAJOR
SUPPLIER
Double
A [1991] Public Company
Limited
SALES
100% of the
products is sold
locally to wholesalers, retailers,
and end-users both
private, public and
government sectors.
MAJOR CUSTOMER
Thai Government Lottery
Office
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.
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
The
subject is the
leading importer and
distributor of printing and
writing paper in local
market. The subject
obtained higher revenues
on a yearly
basis though it
was slightly dropped
in 2012 comparing
to the same
period of 2011.
The subject’s business
activity is contributed
to the growth
and development of
printing industries and
its business outlook
is positive.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 31, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Samart Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
11,500 |
23.00 |
|
Ms. Anchalee Sermpornviwat Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan,
Bangkok |
11,498 |
23.00 |
|
Mr. Kritaboon Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
9,000 |
18.00 |
|
Mr. Nathapat Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
9,000 |
18.00 |
|
Mr. Ekawit Chinprasitthiphol Nationality: Thai Address : 48/29-31
Phyathai Rd., Wangmai,
Pathumwan, Bangkok |
9,000 |
18.00 |
|
Ms. Alaiwan Akkanand Nationality: Thai Address : 29
Moo 8, Dongling,
Malasai, Kalasin |
1 |
- |
|
Mrs. Chintana Varodomvijit Nationality: Thai Address : 31/1060
Moo 10, Minburi,
Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at October 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Noraseth Vasunaraseth No.
5898
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
243,578.19 |
110,822.16 |
133,972.50 |
|
Trade Accounts &
Other Receivable |
87,667,886.13 |
98,766,515.53 |
84,582,741.85 |
|
Inventories |
109,823,278.29 |
92,072,243.15 |
80,035,465.50 |
|
Other Current Assets
|
- |
- |
1,371,895.56 |
|
|
|
|
|
|
Total Current Assets
|
197,734,742.61 |
190,949,580.84 |
166,124,075.41 |
|
Fixed Assets |
12,418,996.52 |
13,554,486.23 |
14,677,045.07 |
|
Other Non-current Assets |
1,756,785.37 |
1,452,154.13 |
960,455.32 |
|
Total Assets |
211,910,524.50 |
205,956,221.20 |
181,761,575.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
126,555,947.13 |
100,529,745.01 |
65,342,672.61 |
|
Trade Accounts & Other Payable |
42,490,659.12 |
40,279,805.91 |
40,374,552.66 |
|
Accrued Income Tax |
- |
- |
780,895.27 |
|
Short-term Loan from
Related Person |
11,270,000.00 |
33,800,000.00 |
44,100,000.00 |
|
Other Current Liabilities |
- |
- |
330,231.66 |
|
|
|
|
|
|
Total Current Liabilities |
180,316,606.25 |
174,609,550.92 |
150,928,352.20 |
|
Employee Benefits Obligation |
236,700.00 |
- |
- |
|
Total Liabilities |
180,553,306.25 |
174,609,550.92 |
150,928,352.20 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 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 Appropriated for
Statutory Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Unappropriated |
25,857,218.25 |
25,846,670.28 |
25,333,223.60 |
|
Total Shareholders' Equity |
31,357,218.25 |
31,346,670.28 |
30,833,223.60 |
|
Total Liabilities &
Shareholders' Equity |
211,910,524.50 |
205,956,221.20 |
181,761,575.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
353,215,335.97 |
364,264,273.92 |
353,850,441.70 |
|
Other Income |
68.03 |
11,799.61 |
153,812.79 |
|
Total Revenues |
353,215,404.00 |
364,276,073.53 |
354,004,254.49 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
339,145,087.39 |
348,916,835.92 |
335,796,494.67 |
|
Selling Expenses |
1,415,400.00 |
1,719,000.00 |
1,833,600.00 |
|
Administrative Expenses |
8,171,083.16 |
10,783,580.64 |
11,117,218.95 |
|
Total Expenses |
348,731,570.55 |
361,419,416.56 |
348,747,313.62 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
4,483,833.45 |
2,856,656.97 |
5,256,940.87 |
|
Financial Cost |
[4,300,831.11] |
[2,214,851.94] |
[1,641,417.70 ] |
|
Profit before Income Tax |
183,002.34 |
641,805.03 |
3,615,523.17 |
|
Income Tax |
[43,154.37] |
[128,358.35] |
[972,270.49] |
|
|
|
|
|
|
Net Profit / [Loss] |
139,847.97 |
513,446.68 |
2,643,252.68 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.09 |
1.10 |
|
QUICK RATIO |
TIMES |
0.49 |
0.57 |
0.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
28.44 |
26.87 |
24.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.67 |
1.77 |
1.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
118.20 |
96.32 |
87.00 |
|
INVENTORY TURNOVER |
TIMES |
3.09 |
3.79 |
4.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.59 |
98.97 |
87.25 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
3.69 |
4.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.73 |
42.14 |
43.89 |
|
CASH CONVERSION CYCLE |
DAYS |
163.06 |
153.15 |
130.36 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.02 |
95.79 |
94.90 |
|
SELLING & ADMINISTRATION |
% |
2.71 |
3.43 |
3.66 |
|
INTEREST |
% |
1.22 |
0.61 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
3.98 |
4.22 |
5.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.27 |
0.78 |
1.49 |
|
NET PROFIT MARGIN |
% |
0.04 |
0.14 |
0.75 |
|
RETURN ON EQUITY |
% |
0.45 |
1.64 |
8.57 |
|
RETURN ON ASSET |
% |
0.07 |
0.25 |
1.45 |
|
EARNING PER SHARE |
BAHT |
2.80 |
10.27 |
52.87 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.85 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.76 |
5.57 |
4.89 |
|
TIME INTEREST EARNED |
TIMES |
1.04 |
1.29 |
3.20 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.03) |
2.94 |
|
|
OPERATING PROFIT |
% |
56.96 |
(45.66) |
|
|
NET PROFIT |
% |
(72.76) |
(80.58) |
|
|
FIXED ASSETS |
% |
(8.38) |
(7.65) |
|
|
TOTAL ASSETS |
% |
2.89 |
13.31 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -3.03%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.98 |
Deteriorated |
Industrial
Average |
15.36 |
|
Net Profit Margin |
0.04 |
Deteriorated |
Industrial
Average |
1.61 |
|
Return on Assets |
0.07 |
Deteriorated |
Industrial
Average |
3.07 |
|
Return on Equity |
0.45 |
Deteriorated |
Industrial
Average |
7.50 |
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 3.98%. 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 0.04%.
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 0.07%.
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 0.45%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.10 |
Acceptable |
Industrial
Average |
1.67 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
163.06 |
|
|
|
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 1.1 times in 2012, increased from 1.09 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 0.49 times in 2012,
decreased from 0.57 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 164 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
5.76 |
Risky |
Industrial
Average |
1.19 |
|
Times Interest Earned |
1.04 |
Deteriorated |
Industrial
Average |
2.18 |
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 1.05 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 0.85 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 |
28.44 |
Impressive |
Industrial
Average |
7.89 |
|
Total Assets Turnover |
1.67 |
Satisfactory |
Industrial
Average |
1.89 |
|
Inventory Conversion Period |
118.20 |
|
|
|
|
Inventory Turnover |
3.09 |
Acceptable |
Industrial
Average |
4.58 |
|
Receivables Conversion Period |
90.59 |
|
|
|
|
Receivables Turnover |
4.03 |
Satisfactory |
Industrial
Average |
4.25 |
|
Payables Conversion Period |
45.73 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.03 and
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 96 days at the
end of 2011 to 118 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.79 times in year 2011 to 3.09 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.67 times and 1.77
times in 2012 and 2011 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 : |
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.