MIRA
INFORM REPORT
|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
COLORLUX SIGNS LTD. |
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Registered Office : |
59/1 Moo 8, Prayasurentara Road, Samwatawantok, Klongsamwa, Bangkok 10510 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.05.2000 |
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Com. Reg. No.: |
0105543042930 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Decoration Design, Manufacture and Installation Service of Corporate Identity Signage and Building |
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No. of Employees : |
125 |
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 |
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Payment Behaviour : |
No Complaints |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
COLORLUX SIGNS
LTD.
SUMMARY
BUSINESS ADDRESS : 59/1 MOO 8,
PRAYASURENTARA ROAD,
SAMWATAWANTOK, KLONGSAMWA,
BANGKOK
10510
TELEPHONE : [66] 2907-3820-2,
81 820-1120
FAX : [66] 2914-1504
E-MAIL ADDRESS : customerservice@colorlux.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543042930
TAX ID NO. : 3030086235
CAPITAL REGISTERED : BHT.
6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
DANISH :
49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KIM NAUNTOFTE, DANISH
PRESIDENT
NO. OF STAFF : 125
LINES OF BUSINESS : CORPORATE IDENTITY
SIGNAGE AND BUILDING
DECORATION DESIGN, MANUFACTURE
AND INSTALLATION SERVICE
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 May
3, 2000 as
a private limited
company under the
registered name COLORLUX SIGNS
LTD., by Thai and Danish
groups, with the
business objective to develop, manufacture and install corporate
identity signage and building
decoration service. It
currently employs 125
staff.
The subject’s registered
address is 59/1 Moo 8,
Prayasurentara Rd., Samwatawantok, Klongsamwa,
Bangkok 10510, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kim Nauntofte |
|
Danish |
56 |
|
Mrs. Sroysajee Boonyalert |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kim Nauntofte
is the President.
He is Danish
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject’s activities
are developer, manufacturer and
installation of Corporate
Identity Signage and
Building Decoration service. The
subject is specialized
in mass production
of Corporate Identity
Signage for petrol
stations, car dealerships,
convenient stores, banks
and etc.
PURCHASE
Raw materials, equipment
and accessories are
purchased from both
local and overseas
suppliers in Philippines,
Republic of China,
Taiwan, Australia and
Denmark.
SALES
80% of the
products and service
are for local
end-users such as
hotels, office complexes,
restaurant, convenience store,
banking, department stores,
factories, gas station, car showroom and
etc.
EXPORT [COUNTRIES]
20% of the products
is also exported to
Australia, United States of America, Asia
and Europe.
MAJOR CUSTOMER
Triple J. Enterprises
Inc. : U.S.A.
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 IRICO’S
DATABASE for the
past two years.
CREDIT
Sales and services
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
125 staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is
a profession in
design and producer
of corporate identity
signage. It reported
moderate business in the
year 2011-2012 due to
expansion of commercial
sector in local
market. The subject’s current business
remains optimistic.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each.
The capital was
increased later as
the followings:
Bht. 3,000,000 on
March 8, 2002
Bht. 6,000,000 on March 11,
2005
The latest registered
capital was increased
to Bht. 6,000,000
divided into 60,000
shares of Bht.
100 each with
fully paid-up.
THE SHAREHOLDERS LISTED WERE
[as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kim Nauntofte Nationality: Danish Address : 12
Soi 7, Serithai
Rd., Kwaeng Kannayao, Khet Kannayao,
Bangkok |
29,400 |
49.00 |
|
Mrs. Sroysajee Boonyalert Nationality: Thai Address : 37
Soi 3, Kampangdin
Rd., T. Haiya,
A. Muang,
Chiangmai |
28,000 |
46.66 |
|
Mr. Pongpao Boonyalert Nationality: Thai Address : 135
Moo 6, T.
Thapadook, A. Matha,
Lampoon |
1,300 |
2.17 |
|
Ms. Pimruethai Vimuktanant Nationality: Thai Address : 128
Moo 2, Soi
Ratchaburana 26,
Ratchaburana, Bangkok |
1,300 |
2.17 |
Total Shareholders : 4
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
30,600 |
51.00 |
|
Foreign - Danish |
1 |
29,400 |
49.00 |
|
Total |
4 |
60,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Varayuth Yarnthasanakij
No. 10635
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank
|
4,205,441.30 |
5,464,873.20 |
|
Trade Accounts &
Notes Receivable |
32,409,435.01 |
13,976,291.11 |
|
Inventories |
9,588,655.34 |
21,245,728.18 |
|
Other Current Assets
|
5,791,807.04 |
8,004,094.90 |
|
|
|
|
|
Total Current Assets
|
51,995,338.78 |
48,690,987.39 |
|
|
|
|
|
Lease Contract Improvement
& Equipment |
2,007,356.68 |
3,297,531.37 |
|
Total Assets |
54,002,695.46 |
51,988,518.76 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Notes
Payable |
6,726,972.15 |
6,574,926.74 |
|
Current Portion of Finance
Lease Contract Liabilities |
771,920.00 |
771,290.00 |
|
Accrued Expenses |
9,934,735.29 |
7,806,392.54 |
|
Other Current Liabilities |
5,433,254.36 |
8,305,465.85 |
|
|
|
|
|
Total Current Liabilities |
22,866,881.80 |
23,458,075.13 |
|
Finance Lease Contract
Liabilities, net of Current Portion |
1,153,481.04 |
1,784,951.04 |
|
Long-term Loan from
Financial Institution |
10,000,000.00 |
1,798,500.00 |
|
Long-term Loan from
Related Company |
1,511,500.00 |
7,200,000.00 |
|
Total Liabilities |
35,531,862.84 |
34,241,526.17 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 60,000
shares |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
12,470,832.62 |
11,746,992.59 |
|
Total Shareholders' Equity |
18,470,832.62 |
17,746,992.59 |
|
Total Liabilities &
Shareholders' Equity |
54,002,695.46 |
51,988,518.76 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales and Services
Income |
84,989,105.25 |
59,656,079.59 |
|
Gain on Exchange Rate |
1,075,032.72 |
- |
|
Other Income |
- |
6,441.17 |
|
Total Revenues |
86,064,137.97 |
59,662,520.76 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
68,130,630.46 |
41,171,923.24 |
|
Selling Expenses |
4,897,330.76 |
4,217,602.47 |
|
Administrative Expenses |
11,224,087.30 |
12,966,739.82 |
|
Loss on Exchange
Rate |
- |
386,471.22 |
|
Total Expenses |
84,252,048.52 |
58,742,736.75 |
|
Profit / [Loss] before financial Cost & Income Tax |
1,812,089.45 |
919,784.01 |
|
Financial Cost |
[731,293.14] |
[482,148.88] |
|
Income Tax |
[356,956.28] |
[131,290.54] |
|
Net Profit / [Loss] |
723,840.03 |
306,344.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.27 |
2.08 |
|
QUICK RATIO |
TIMES |
1.60 |
0.83 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42.34 |
18.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.57 |
1.15 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
51.37 |
188.35 |
|
INVENTORY TURNOVER |
TIMES |
7.11 |
1.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
139.19 |
85.51 |
|
RECEIVABLES TURNOVER |
TIMES |
2.62 |
4.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.04 |
58.29 |
|
CASH CONVERSION CYCLE |
DAYS |
154.52 |
215.57 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.16 |
69.02 |
|
SELLING & ADMINISTRATION |
% |
18.97 |
28.81 |
|
INTEREST |
% |
0.86 |
0.81 |
|
GROSS PROFIT MARGIN |
% |
21.10 |
31.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.13 |
1.54 |
|
NET PROFIT MARGIN |
% |
0.85 |
0.51 |
|
RETURN ON EQUITY |
% |
3.92 |
1.73 |
|
RETURN ON ASSET |
% |
1.34 |
0.59 |
|
EARNING PER SHARE |
BAHT |
12.06 |
5.11 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.92 |
1.93 |
|
TIME INTEREST EARNED |
TIMES |
2.48 |
1.91 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
42.47 |
|
|
OPERATING PROFIT |
% |
97.01 |
|
|
NET PROFIT |
% |
136.28 |
|
|
FIXED ASSETS |
% |
(39.13) |
|
|
TOTAL ASSETS |
% |
3.87 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
21.10 |
Acceptable |
Industrial Average |
29.03 |
|
Net Profit Margin |
0.85 |
Deteriorated |
Industrial Average |
3.42 |
|
Return on Assets |
1.34 |
Deteriorated |
Industrial Average |
4.09 |
|
Return on Equity |
3.92 |
Deteriorated |
Industrial Average |
8.82 |
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 21.1%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the 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 0.85%.
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 1.34%.
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 3.92%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.27 |
Impressive |
Industrial Average |
1.53 |
|
Quick Ratio |
1.60 |
|
|
|
|
Cash Conversion Cycle |
154.52 |
|
|
|
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 2.27 times in 2011, increase from 2.08 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 1.6 times in 2011,
increase from 0.83 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 155 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial Average |
0.51 |
|
Debt to Equity Ratio |
1.92 |
Risky |
Industrial Average |
1.11 |
|
Times Interest Earned |
2.48 |
Acceptable |
Industrial Average |
4.50 |
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 2.48 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 0.66 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 RATIO
|
Fixed Assets Turnover |
42.34 |
Impressive |
Industrial Average |
3.45 |
|
Total Assets Turnover |
1.57 |
Impressive |
Industrial Average |
1.16 |
|
Inventory Conversion Period |
51.37 |
|
|
|
|
Inventory Turnover |
7.11 |
Acceptable |
Industrial Average |
10.93 |
|
Receivables Conversion Period |
139.19 |
|
|
|
|
Receivables Turnover |
2.62 |
Impressive |
Industrial Average |
2.40 |
|
Payables Conversion Period |
36.04 |
|
|
|
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.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.