MIRA
INFORM REPORT
|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIAM DURA STON CO., LTD. |
|
|
|
|
Registered Office : |
78/224
Soi Prayasurain 19,
Prayasurain Road, Bangchan, Klongsamwa,
Bangkok 10510 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.08.2012 |
|
|
|
|
Date of Incorporation : |
16.09.2010 |
|
|
|
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Com. Reg. No.: |
0135553011514 |
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|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Subject is engaged
in distributing and
supplying various kinds
of decorative stones,
such as State &
Quartzite, Pebble Mosaic,
Cobble Stone, Sukabumi
Stone, Mosaic Stone,
Granite |
|
|
|
|
No. of Employees : |
04 |
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 : |
No complaints |
|
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 crisis 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 and address
SIAM DURA STON
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 78/224 SOI
PRAYASURAIN 19, PRAYASURAIN
ROAD,
BANGCHAN, KLONGSAMWA,
BANGKOK 10510
TELEPHONE : [66] 2918-5573-4, 089
668-6108
FAX :
[66] 2918-5575
E-MAIL
ADDRESS : siamdurastone@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0135553011514
TAX
ID NO. : 3034102214
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : AUGUST 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TANUT APIDACHACHAI,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : DECORATIVE STONES
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 September 16,
2010 as a
private limited company
under the registered
name SIAM DURA STONE
CO., LTD. by
Thai group, with the
business objective to
import and distribute
various kinds of
decorative stones to domestic
market. It currently
employs 4 staff.
The
subject’s registered address
was initially located
at 70/9 Moo 1,
Rangsit-
Nakornnayok
Road, T. Bungsanan,
A. Thanyaburi, Pathumthani 12110.
On
April 17, 2012,
its registered address
was relocated to
78/224 Soi Prayasurain
19, Prayasurain Road, Bangchan,
Klongsamwa, Bangkok 10510, and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tanut Apidachachai |
[x] |
Thai |
34 |
|
Ms. Janjira Pattanasukkul |
|
Thai |
30 |
|
Mr. Thongchai Jamikornkajornkul |
|
Thai |
51 |
AUTHORIZED PERSON
Only the mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Tanut Apidachachai is
the Managing Director.
He is Thai
nationality with the
age of 34 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and supplying
various kinds of
decorative stones, such as
State & Quartzite, Pebble Mosaic,
Cobble Stone, Sukabumi
Stone, Mosaic Stone,
Granite and etc.,
under its own
brand “GRANBLEX”.
PURCHASE
80%
of the products
is purchased from
local suppliers, the
remaining 20% is
imported from Republic
of China and
Japan.
SALES
100% of the products
is sold locally
to wholesalers and
end-users.
RELATED AND AFFILIATED
COMPANY
I. G. M. Co., Ltd.
Business Type :
Importer and distributor of
construction and decorative
chemicals
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
T/T on negotiated
terms.
BANKING
Bangkok
Bank Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
4 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
showroom at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject has
been in its
business for only
few years. Growth
is predicted to
be at slow
pace due to
overall economic slowdown
including construction sector.
FINANCIAL INFORMATION
The
capital was registered at Bht. 2,000,000 divided
into 20,000 shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at December
31, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Tanut Apidachachai Nationality: Thai Address : 1255
Happy Land Road,
Klongchan,
Bangkapi, Bangkok |
16,000 |
80.00 |
|
Ms. Janjira Pattanasukkul Nationality: Thai Address : 10/364
Moo 7, Bangbon,
Bangbon,
Bangkok |
2,000 |
10.00 |
|
Mr. Thongchai Jamikornkajornkul Nationality: Thai Address : 1/6
Soi Promdaen 5,
Bangbon,
Bangbon, Bangkok |
2,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at December 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Arisra Rattanawongpibul No.
4150
BALANCE SHEET [BAHT]
The
latest financial figures
published for August
31, 2012 &
2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash and Cash Equivalents
|
43,552.36 |
277,159.91 |
|
Trade Account & Other
Receivable |
433,207.27 |
- |
|
Lending to Related Person |
1,400,000.00 |
- |
|
Inventories |
58,000.00 |
118,311.27 |
|
Other Current Assets
|
1,444.11 |
10,003.89 |
|
|
|
|
|
Total Current Assets
|
1,936,203.74 |
405,475.07 |
|
|
|
|
|
Fixed Assets |
49,429.11 |
2,226.79 |
|
Total Assets |
1,985,632.85 |
407,701.86 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
|
|
|
|
|
Trade Account & Other
Payable |
12,028.80 |
16,955.00 |
|
|
|
|
|
Total Current Liabilities |
12,028.80 |
16,955.00 |
|
Total Liabilities |
12,028.80 |
16,955.00 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, and
issued share capital
20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
500,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[26,395.95] |
[109,253.14] |
|
Total Shareholders' Equity |
1,973,604.05 |
390,746.86 |
|
Total Liabilities & Shareholders' Equity |
1,985,632.85 |
407,701.86 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
Aug. 31,
2012 |
Sept. 16,
2010- Aug. 31,
2011 |
|
|
|
|
|
Sales |
1,121,600.34 |
19,800.00 |
|
Other Income |
42,660.20 |
- |
|
Total Revenues |
1,164,260.54 |
19,800.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
834,718.36 |
13,860.00 |
|
Selling and Administrative Expenses |
246,684.99 |
115,193.14 |
|
Total Expenses |
1,081,403.35 |
129,053.14 |
|
Net Profit / [Loss] |
82,857.19 |
[109,253.14] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
160.96 |
23.91 |
|
QUICK RATIO |
TIMES |
156.02 |
16.35 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
22.69 |
8.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.56 |
0.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
25.36 |
3,115.70 |
|
INVENTORY TURNOVER |
TIMES |
14.39 |
0.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
140.98 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
2.59 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
5.26 |
446.51 |
|
CASH CONVERSION CYCLE |
DAYS |
161.08 |
2,669.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.42 |
70.00 |
|
SELLING & ADMINISTRATION |
% |
21.99 |
581.78 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
29.38 |
30.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.39 |
(551.78) |
|
NET PROFIT MARGIN |
% |
7.39 |
(551.78) |
|
RETURN ON EQUITY |
% |
4.20 |
(27.96) |
|
RETURN ON ASSET |
% |
4.17 |
(26.80) |
|
EARNING PER SHARE |
BAHT |
4.14 |
(21.85) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.01 |
0.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
0.04 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5,564.65 |
- |
|
OPERATING PROFIT |
% |
(175.84) |
- |
|
NET PROFIT |
% |
175.84 |
- |
|
FIXED ASSETS |
% |
2,119.75 |
- |
|
TOTAL ASSETS |
% |
387.03 |
- |
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.38 |
Impressive |
Industrial
Average |
18.93 |
|
Net Profit Margin |
7.39 |
Impressive |
Industrial
Average |
1.31 |
|
Return on Assets |
4.17 |
Impressive |
Industrial
Average |
2.44 |
|
Return on Equity |
4.20 |
Acceptable |
Industrial
Average |
5.92 |
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 29.38%. 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 7.39%, higher figure
when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
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
4.17%, 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. When compared with the
industry average, it was lower, the company's figure is 4.2%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
160.96 |
Impressive |
Industrial Average |
1.53 |
|
Quick Ratio |
156.02 |
|
|
|
|
Cash Conversion Cycle |
161.08 |
|
|
|
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 160.96 times in 2012, increased from 23.91 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 156.02 times in 2012,
increased from 16.35 times, although excluding inventory so the company still
have good short-term financial strength.
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 162 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial
Average |
1.45 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.47 |
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 0.01 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
22.69 |
Impressive |
Industrial
Average |
0.37 |
|
Total Assets Turnover |
0.56 |
Deteriorated |
Industrial
Average |
1.83 |
|
Inventory Conversion Period |
25.36 |
|
|
|
|
Inventory Turnover |
14.39 |
Impressive |
Industrial
Average |
4.25 |
|
Receivables Conversion Period |
140.98 |
|
|
|
|
Receivables Turnover |
2.59 |
Satisfactory |
Industrial
Average |
3.20 |
|
Payables Conversion Period |
5.26 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.59 and 0.00 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 3116 days at the
end of 2011 to 25 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 0.12 times in year 2011 to 14.39
times in year 2012.
The company's Total Asset Turnover is calculated as 0.56 times and 0.05
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.