MIRA
INFORM REPORT
|
Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIAM PRASO CO., LTD. |
|
|
|
|
Registered Office : |
52/77 Soi Prachauthit 72, Prachauthit Road, Thungkhru, Bangkok 10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.11.2000 |
|
|
|
|
Com. Reg. No.: |
0105543109325 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Machinery, Equipment & Tools |
|
|
|
|
No. of Employees : |
9 |
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 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
SIAM
PRASO CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 52/77
SOI PRACHAUTHIT 72,
PRACHAUTHIT ROAD,
THUNGKHRU,
BANGKOK 10140
TELEPHONE : [66] 2871-8425
FAX :
[66] 2871-8426
E-MAIL
ADDRESS : siampraso@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543109325
TAX
ID NO. : 3030188878
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PHITAK PRASITPORN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : INDUSTRIAL MACHINERY,
EQUIPMENT & TOOLS
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on November 24,
2000 as a
private limited company under
the registered name
SIAM PRASO CO., LTD.,
by Thai groups. Its
business objective is to
import and distribute
industrial machinery, equipment
and tools to domestic
market. It currently
employs 9 staff.
The
subject’s registered address
was initially located
at 178/77 Moo
4, Soi Prachauthit
72, Prachauthit Rd.,
Thungkhru, Bangkok 10140.
On
January 19, 2011, its registered
address was changed
from “178/77 Moo 4”
to “52/77” by
the Government district
office, actually both
are the same
location. This is
also the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Phitak Prasitporn |
|
Thai |
54 |
|
Ms. Suwanna Roysri |
|
Thai |
43 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Phitak Prasitporn is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is engaged in distributing
various kinds of
industrial machinery, equipment
and tools, such as
rice huller machine,
rice huller rubber roller,
peanut shelling machine and
etc., as well
as providing after
sales services.
PURCHASE
Its
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China, India,
Hong Kong, Japan
and Taiwan.
SALES
100% of the
products is sold
and serviced locally
to manufacturers 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
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
The
banker’s name was not
disclosed.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Industrial
expansion had resulted to
increase consumption of machineries,
equipments and tools. Subject
had a strong
business growth in
2012, and continued
expanding in the
first half of
2013. However, overall
domestic market and
consumption slowdown would slow
its business growth
for entire year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
On February
15, 2009, the capital
was increased to Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phitak Prasitporn Nationality: Thai Address : 52/77
Prachauthit 72 Rd.,
Thungkhru, Bangkok |
11,800 |
59.00 |
|
Ms. Suwanna Roysri Nationality: Thai Address : 52/77
Prachauthit 72 Rd.,
Thungkhru, Bangkok |
8,000 |
40.00 |
|
Mr. Peerapong Prasitporn Nationality: Thai Address : 368/2
Charoenkrung 103 Rd.,
Bangkorlaem, Bangkok |
100 |
0.50 |
|
Mr. Paitoon Prasitporn Nationality: Thai Address : 368/2
Charoenkrung 103 Rd.,
Bangkorlaem, Bangkok |
100 |
0.50 |
Total Shareholders : 4
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pattana Darnklang No. 1099
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 and 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
111,949.39 |
113,014.73 |
122,243.17 |
|
Short-term Investment |
4,999,589.90 |
4,902,755.64 |
4,877,376.84 |
|
Trade Accounts Receivable |
15,205,789.52 |
5,583,718.78 |
824,683.24 |
|
Goods in Transit |
- |
1,917,801.60 |
572,725.94 |
|
Inventories |
21,283,970.77 |
10,370,343.56 |
6,359,698.77 |
|
Other Current Assets |
403,972.27 |
397,313.00 |
2,603,660.20 |
|
|
|
|
|
|
Total Current Assets
|
42,005,271.85 |
23,284,947.31 |
15,360,388.16 |
|
|
|
|
|
|
Long-term Lending to Related
Person |
4,758,895.13 |
4,430,000.00 |
3,480,000.00 |
|
Fixed Assets |
1,980,432.45 |
199,015.98 |
162,522.70 |
|
Total Assets |
48,744,599.43 |
27,913,963.29 |
19,002,910.86 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
33,021,000.80 |
9,417,139.72 |
10,062,093.29 |
|
Trade Accounts Payable |
968,000.00 |
9,542,101.00 |
513,745.30 |
|
Other Current Liabilities |
357,610.29 |
72,948.27 |
669,125.98 |
|
|
|
|
|
|
Total Current Liabilities |
34,346,611.09 |
19,032,188.99 |
11,244,964.57 |
|
|
|
|
|
|
Long-term Loan from Financial Institute |
8,514,396.23 |
4,745,992.67 |
4,010,962.47 |
|
Total Liabilities |
42,861,007.32 |
23,778,181.66 |
15,255,927.04 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning-
Unappropriated |
3,883,592.11 |
2,135,781.63 |
1,746,983.82 |
|
Total Shareholders' Equity |
5,883,592.11 |
4,135,781.63 |
3,746,983.82 |
|
Total Liabilities &
Shareholders' Equity |
48,744,599.43 |
27,913,963.29 |
19,002,910.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
216,477,268.57 |
44,205,471.96 |
27,969,207.10 |
|
Less: Discount Paid |
- |
[8,527.52] |
- |
|
Other Income |
141,754.56 |
60,659.23 |
532,543.72 |
|
Total Revenues |
216,619,020.13 |
44,257,603.67 |
28,501,750.82 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
209,598,553.59 |
40,308,199.96 |
25,017,361.66 |
|
Selling Expenses |
627,598.98 |
83,991.02 |
111,206.14 |
|
Administrative Expenses |
3,135,935.97 |
2,117,650.60 |
2,022,585.47 |
|
Other Expenses |
53,678.35 |
205,487.94 |
- |
|
Total Expenses |
213,415,766.89 |
42,715,329.52 |
27,151,153.27 |
|
|
|
|
|
|
Profit before Financial Cost &
Income Tax |
3,203,253.24 |
1,542,274.15 |
1,350,597.55 |
|
Financial Cost |
[929,003.56] |
[1,080,707.64] |
[938,922.48] |
|
Profit / [Loss] before Income
Tax |
2,274,249.68 |
461,566.51 |
411,675.07 |
|
Income Tax |
[526,439.20] |
[72,768.70] |
[59,440.67] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,747,810.48 |
388,797.81 |
352,234.40 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.22 |
1.22 |
1.37 |
|
QUICK RATIO |
TIMES |
0.59 |
0.56 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
109.31 |
222.12 |
172.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.44 |
1.58 |
1.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
37.06 |
111.27 |
101.14 |
|
INVENTORY TURNOVER |
TIMES |
9.85 |
3.28 |
3.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.64 |
46.10 |
10.76 |
|
RECEIVABLES TURNOVER |
TIMES |
14.24 |
7.92 |
33.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.69 |
86.41 |
7.50 |
|
CASH CONVERSION CYCLE |
DAYS |
61.02 |
70.97 |
104.41 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.82 |
91.18 |
89.45 |
|
SELLING & ADMINISTRATION |
% |
1.74 |
4.98 |
7.63 |
|
INTEREST |
% |
0.43 |
2.44 |
3.36 |
|
GROSS PROFIT MARGIN |
% |
3.24 |
8.93 |
12.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.48 |
3.49 |
4.83 |
|
NET PROFIT MARGIN |
% |
0.81 |
0.88 |
1.26 |
|
RETURN ON EQUITY |
% |
29.71 |
9.40 |
9.40 |
|
RETURN ON ASSET |
% |
3.59 |
1.39 |
1.85 |
|
EARNING PER SHARE |
BAHT |
87.39 |
19.44 |
17.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.85 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.28 |
5.75 |
4.07 |
|
TIME INTEREST EARNED |
TIMES |
3.45 |
1.43 |
1.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
389.71 |
58.05 |
|
|
OPERATING PROFIT |
% |
107.70 |
14.19 |
|
|
NET PROFIT |
% |
349.54 |
10.38 |
|
|
FIXED ASSETS |
% |
895.11 |
22.45 |
|
|
TOTAL ASSETS |
% |
74.62 |
46.89 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 389.71%. Turnover has increased from THB 44,205,471.96
in 2011 to THB 216,477,268.57 in 2012. While net profit has increased from THB
388,797.81 in 2011 to THB 1,747,810.48 in 2012. And total assets has increased
from THB 27,913,963.29 in 2011 to THB 48,744,599.43 in 2012.
PROFITABILITY : SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.24 |
Deteriorated |
Industrial
Average |
42.74 |
|
Net Profit Margin |
0.81 |
Deteriorated |
Industrial
Average |
1.65 |
|
Return on Assets |
3.59 |
Impressive |
Industrial
Average |
3.20 |
|
Return on Equity |
29.71 |
Impressive |
Industrial
Average |
8.90 |
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 3.24%. 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 0.81%.
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. Return on Assets ratio is
3.59%, 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 29.71%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.22 |
Satisfactory |
Industrial
Average |
1.48 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
61.02 |
|
|
|
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 1.22 times in 2012, same
figure as 1.22 times in
2011, 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 0.59 times in 2012,
increased from 0.56 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 62 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
7.28 |
Risky |
Industrial
Average |
1.83 |
|
Times Interest Earned |
3.45 |
Impressive |
Industrial
Average |
1.01 |
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 3.45 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 0.88 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
109.31 |
Impressive |
Industrial
Average |
1.33 |
|
Total Assets Turnover |
4.44 |
Impressive |
Industrial
Average |
1.93 |
|
Inventory Conversion Period |
37.06 |
|
|
|
|
Inventory Turnover |
9.85 |
Impressive |
Industrial
Average |
5.00 |
|
Receivables Conversion Period |
25.64 |
|
|
|
|
Receivables Turnover |
14.24 |
Impressive |
Industrial
Average |
3.39 |
|
Payables Conversion Period |
1.69 |
|
|
|
The company's Account Receivable Ratio is calculated as 14.24 and 7.92
in 2012 and 2011 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 2012
increased from 2011. 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 decreased from 111 days at the
end of 2011 to 37 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.28 times in year 2011 to 9.85 times
in year 2012.
The company's Total Asset Turnover is calculated as 4.44 times and 1.58
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
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.