MIRA
INFORM REPORT
|
Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
S I W [ |
|
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|
Registered Office : |
Eastern Seaboard Industrial Estate, 64/169 Moo
4, t. Pluakdaeng, a. Pluakdaeng, Rayong 21140
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.03.2006 |
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Com. Reg. No.: |
0215549000707 |
|
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturing, exporting and distributing rubber
tracks for construction machinery
and agricultural tractor
assembling industry |
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No. of Employees : |
100 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries,
Source
: CIA
Company name and address
S I W
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : EASTERN SEABOARD
INDUSTRIAL ESTATE,
64/169 MOO 4, T.
PLUAKDAENG, A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 38
955-978, 085 101-8394
FAX :
[66] 38
955-974
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0215549000707
TAX
ID NO. : 3032114424
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : FOREIGN : 99.99%
THAI : 0.01%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VITTAYA AUEAMNUAY,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : RUBBER TRACKS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 March 8,
2006 as a
private limited company under
the registered name S
I W [THAILAND] CO.,
LTD. by Foreign
and Thai groups.
Its business objective
is to manufacture
and distribute rubber
tracks for construction
machinery and agricultural
tractors of both
domestic and overseas
markets. It currently
employs approximately 100 staff.
At
present, the subject
is a wholly
owned subsidiary of
Switz Holding Pte. Ltd.,
Singapore.
The
subject’s registered address
is Eastern Seaboard
Industrial Estate, 64/169
Moo 4,
T. Pluakdaeng, A. Pluakdaeng, Rayong
21140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vittaya Aueamnuay |
|
Thai |
35 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vittaya Aueamnuay is
the Managing Director.
He is Thai
nationality with the
age of 35
years old.
Mr. Sinsook Phaiwongsa is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, exporting and distributing rubber
tracks for construction
machinery and agricultural
tractor assembling industry.
PURCHASE
80% of raw
materials such as
concentrated latex, rubber
sheet and spare
parts are purchased
from local suppliers,
the remaining 20% is imported
from Republic of
China and Malaysia.
SALES
70% of the
products is exported
to Singapore, U.S.A.
and the countries
in Europe, the
remaining 30% is
sold locally.
RELATED AND
AFFILIATED COMPANY
Mclaren Industry [Thailand]
Co., Ltd.
Business Type :
Manufacturer and distributor
of rubber products
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 100 staff.
LOCATION DETAILS
The premise
is owned for administrative office,
factory and warehouse at
the heading address.
Premise is located
in industrial area,
in the Eastern
region.
COMMENT
The
subject is a
manufacturer, exporter and
distributor of rubber tracks
for construction machinery
and agricultural tractors.
The subject’s sales
in 2012 was
impressive with a
drastic increase in
sales revenue and
net profit comparing
to the previous
year. Its business
is promising and
growing steadily in
line with a
demand of the
products from related industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 100,000 shares of
Bht. 200 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Switz Holding Pte. Ltd. Nationality: Singaporean Address : 80
Raffle Place, #32-01
UOB Plaza, Singapore |
99,993 |
99.99 |
|
Mr. Vittaya Aueamnuay Nationality: Thai Address : 58/1841
Moo 10, Bangmod,
Jomthong,
Bangkok |
3 |
|
|
Ms. Pimpinan Aueamnuay Nationality: Thai Address : 58/1846
Moo 10, Bangmod,
Jomthong, Bangkok |
3 |
= 0.01 |
|
Mr. Thomas Schulz Nationality: Dutch Address : 64/169
Moo 4, T. Pluakdaeng, A.
Pluakdaeng, Rayong |
1 |
|
Total Shareholders : 4
Share Structure [as
at April 30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
6 |
0.01 |
|
Foreign |
2 |
99,994 |
99.99 |
|
Total |
4 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chatchawal Noowattana
No. 10074
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
14,230,623.73 |
3,031,502.17 |
2,546,394.58 |
|
Trade Accounts & Other Receivable |
27,159,256.46 |
15,576,142.20 |
7,191,728.73 |
|
Short-term Loan to Person or Other
|
3,500,000.00 |
1,500,000.00 |
- |
|
Inventories |
58,558,900.50 |
42,694,780.70 |
49,133,306.45 |
|
|
|
|
|
|
Total Current Assets
|
103,448,780.69 |
62,802,425.07 |
58,871,429.76 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
642,760.29 |
631,520.16 |
1,061,522.89 |
|
Fixed Assets |
112,263,093.84 |
110,921,523.90 |
121,893,267.53 |
|
Intangible Assets |
4,413,711.44 |
- |
- |
|
Other Non-current Assets |
50,000.00 |
26,500.00 |
26,500.00 |
|
Total Assets |
220,818,346.26 |
174,381,969.13 |
181,852,720.18 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
40,099,166.86 |
34,060,669.05 |
13,899,900.66 |
|
Trade Accounts & Other Payable
|
63,626,645.47 |
48,611,334.82 |
65,050,271.47 |
|
Current Portion of
Long-term Loans from Financial Institutions |
5,665,312.36 |
4,565,221.73 |
4,429,161.91 |
|
Current Portion of
Lease Contract Liabilities |
13,971.32 |
83,829.24 |
83,829.24 |
|
|
|
|
|
|
Total Current Liabilities |
109,405,096.01 |
87,321,054.84 |
83,463,163.28 |
|
Long-term Loans from Financial Institutions, Net of Current
Portion |
5,446,121.23 |
8,981,298.15 |
13,432,000.08 |
|
Lease Contract Liabilities, Net of Current Portion |
- |
13,971.32 |
97,800.56 |
|
Long-term Loan from Person & Related Company |
51,347,000.49 |
52,964,287.24 |
52,586,914.03 |
|
Other Long-term Loan from Other |
19,174,382.50 |
19,831,273.70 |
18,874,594.90 |
|
Total Liabilities |
185,372,600.23 |
169,111,885.22 |
168,454,472.85 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 200
par value authorized, issued
and fully paid share
capital 100,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
15,445,746.03 |
[14,729,916.09] |
[6,601,752.67] |
|
Total Shareholders' Equity |
35,445,746.03 |
5,270,083.91 |
13,398,247.33 |
|
Total Liabilities & Shareholders' Equity |
220,818,346.26 |
174,381,969.13 |
181,852,720.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
293,347,963.08 |
207,003,763.91 |
100,285,668.07 |
|
Other Income |
4,349,249.96 |
820,792.22 |
10,418,902.15 |
|
Total Revenues |
297,697,213.04 |
207,824,556.13 |
110,704,570.22 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
252,869,666.81 |
200,831,356.49 |
102,444,859.45 |
|
Selling Expenses |
4,606,001.58 |
3,018,305.25 |
2,703,524.69 |
|
Administrative Expenses |
6,388,363.34 |
8,882,776.31 |
5,029,611.79 |
|
Total Expenses |
263,864,031.73 |
212,752,438.05 |
110,177,995.93 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
33,833,181.31 |
[4,927,881.92] |
526,574.29 |
|
Financial Cost |
[3,657,519.19] |
[3,200,281.50] |
[2,492,015.37] |
|
|
|
|
|
|
Net Profit / [Loss] |
30,175,662.12 |
[8,128,163.42] |
[1,965,441.08] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
0.72 |
0.71 |
|
QUICK RATIO |
TIMES |
0.41 |
0.23 |
0.12 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.61 |
1.87 |
0.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.33 |
1.19 |
0.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.53 |
77.60 |
175.06 |
|
INVENTORY TURNOVER |
TIMES |
4.32 |
4.70 |
2.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.79 |
27.46 |
26.18 |
|
RECEIVABLES TURNOVER |
TIMES |
10.80 |
13.29 |
13.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
91.84 |
88.35 |
231.77 |
|
CASH CONVERSION CYCLE |
DAYS |
26.48 |
16.71 |
(30.54) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.20 |
97.02 |
102.15 |
|
SELLING & ADMINISTRATION |
% |
3.75 |
5.75 |
7.71 |
|
INTEREST |
% |
1.25 |
1.55 |
2.48 |
|
GROSS PROFIT MARGIN |
% |
15.28 |
3.38 |
8.24 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.53 |
(2.38) |
0.53 |
|
NET PROFIT MARGIN |
% |
10.29 |
(3.93) |
(1.96) |
|
RETURN ON EQUITY |
% |
85.13 |
(154.23) |
(14.67) |
|
RETURN ON ASSET |
% |
13.67 |
(4.66) |
(1.08) |
|
EARNING PER SHARE |
BAHT |
301.76 |
(81.28) |
(19.65) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.97 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.23 |
32.09 |
12.57 |
|
TIME INTEREST EARNED |
TIMES |
9.25 |
(1.54) |
0.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
41.71 |
106.41 |
|
|
OPERATING PROFIT |
% |
(786.57) |
(1,035.84) |
|
|
NET PROFIT |
% |
471.25 |
(313.55) |
|
|
FIXED ASSETS |
% |
1.21 |
(9.00) |
|
|
TOTAL ASSETS |
% |
26.63 |
(4.11) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 41.71%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.28 |
Deteriorated |
Industrial
Average |
71.21 |
|
Net Profit Margin |
10.29 |
Impressive |
Industrial
Average |
7.68 |
|
Return on Assets |
13.67 |
Satisfactory |
Industrial
Average |
15.61 |
|
Return on Equity |
85.13 |
Impressive |
Industrial
Average |
26.61 |
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 15.28%. 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. Net Profit Margin ratio is 10.29%,
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. When compared with the
industry average, it was lower, the company's figure is 13.67%.
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 85.13%, 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 Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.95 |
Risky |
Industrial
Average |
1.97 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
26.48 |
|
|
|
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 0.95 times in 2012, increase from 0.72 times, then the company may have
problems meeting its short-term obligations. 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 0.41 times in 2012,
increase from 0.23 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 27 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
5.23 |
Risky |
Industrial
Average |
0.63 |
|
Times Interest Earned |
9.25 |
Impressive |
Industrial
Average |
- |
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 9.26 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 0.84 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 Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.61 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.33 |
Acceptable |
Industrial
Average |
2.03 |
|
Inventory Conversion Period |
84.53 |
|
|
|
|
Inventory Turnover |
4.32 |
Acceptable |
Industrial
Average |
8.58 |
|
Receivables Conversion Period |
33.79 |
|
|
|
|
Receivables Turnover |
10.80 |
Impressive |
Industrial
Average |
4.92 |
|
Payables Conversion Period |
91.84 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.80 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 78 days at the
end of 2011 to 85 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 4.7 times in year 2011 to 4.32 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.33 times and 1.19
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
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.