MIRA INFORM REPORT

 

 

Report Date :

09.01.2014

 

IDENTIFICATION DETAILS

 

Name :

THE THAI SILK CO., LTD.

 

 

Registered Office :

9 Surawongse Road, Suriyawongse, Bangrak, Bangkok 10500

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1951

 

 

Com. Reg. No.:

0105494000264

 

 

Legal Form :

Private  Limited  Company         

 

 

Line of Business :

Distributor and Business Operator of Thai  Silk  Products 

 

 

No. of Employees :

1,200   

 

 

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 :

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

THE THAI SILK CO., LTD.

 

[JIM  THOMPSON  SHOP]

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           96  SOI  PUNGMEE  29,  SUKHUMVIT  93  ROAD,

                                                                        BANGCHAK,  PHRAKANONG,

                                                                        BANGKOK  10260,  THAILAND  

TELEPHONE                                         :           [66]  2762-2600

FAX                                                      :           [66]  2762-2609

E-MAIL  ADDRESS                                :           office@jimthompson.com

                                                                        executive@jimthompson.com     

REGISTRATION  ADDRESS                   :           9   SURAWONGSE  ROAD, 

SURIYAWONGSE,  BANGRAK, 

                                                                        BANGKOK  10500,   THAILAND 

 

ESTABLISHED                                     :           1951    

REGISTRATION  NO.                            :           0105494000264 

TAX  ID  NO.                                          :           3101065657

CAPITAL REGISTERED                         :           BHT.  200,000,000   

CAPITAL PAID-UP                                 :           BHT.  200,000,000   

SHAREHOLDER’S  PROPORTION         :           THAI           :   70.98%

                                                                        FOREIGN   :   29.02%

FISCALYEAR CLOSING DATE               :           DECEMBER  31           

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY 

EXECUTIVE                                         :           MR.  VUDTHI  NATTHAMETHIKUL,  THAI

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                    :           1,200      

LINES  OF  BUSINESS                         :           THAI  SILK  PRODUCTS 

                                                                        DISTRIBUTOR  AND BUSINESS  OPERATOR

                                                             

 

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   February  1,  1951  as  a  private  limited  company  under  the  registered  name  THE  THAI  SILK  CO., LTD.,  with  the  business  objective  to  engage  in Thai  Silk  fabrics  and  related  products,  under  the  well  known  name  JIM  THOMSON  THAI  SILK,  as  well  as  operating   bar & restaurant,  including  banquet  hall  service.   Subject  currently  employs  approximately  1,200  staff.

 

The  subject  was  born  after  Mr. Thompson,  a  former  architect,  arrived  in  Thailand  as an agent  with  the  U.S. Office of  Strategic Services [which  later became the Central Intelligence  Agency]  just  before  the  end of  World War II.  An  avid  art  collector and aesthete,  he  decided  to  make  the  country  his  home.  He  discovered  Thailand’s  dying  art of  silk  weaving  and  sought  to  revive  it.  He  discovered  a  small  tribe  of  craftsman  who were  still  weaving  by  hand  and  taught  them  how  to  use  bright  Western  dyes  and designs.  He  shot  to  world  fame  when  his  silks  were  used  for  the  costumes  in  the Hollywood  version  of  “The King  and  I”,  then  the  subject  quickly  expanded.  In  1968,  after  opening  his  first  big  store  in  Bangkok,  he  went  into  the  Malaysian  jungle  for  a  vacation  and   disappear.  Police  has  never  found  any  clues  to  his  disappearance.

 

At  present,  there  are  1  main  shop  and  45  retail  shops  in  both  domestic  and  oversea  countries.

 

The subject’s  registered  address  and  flagship  store  are  9  Surawongse Rd.,  Suriyawongse,  Bangrak,  Bangkok  10500,  while  the  subject’s  current  headquarter  address  is  at  96  Soi  Pungmee  29,  Sukhumvit  93  Rd.,  Bangchak,  Phrakanong,  Bangkok  10260.

 

 

THE  BOARD  OF  DIRECTORS

 

     Name

 

Nationality

Age

 

 

 

 

Mr.  Vudthi  Natthamethikul

[x]

Thai

66

  [Former : Mr. William  M.  Booth]

 

 

 

Mr.  Pongsak  Assakul

 

Thai

-

Lady  Ornsri   Wangviwat

 

Thai

82

Mr.  Surin  Supasawatphan

 

Thai

77

Mr.  Pichet  Buranasathitporn

 

Thai

64

Mr.  Pawaphan  Bunnag  Booth

 

Thai

45

Mr.  Patrick  Kevin  Booth

 

American

59

ML.  Chayothit  Krisadakorn

 

Thai

46

Mr.  Anake  Srisanit

 

Thai

68

 

Note: Mr. William  M. Booth  changed  his  name  to  Mr.  Vudthi  Natthamethikul.

 

 

AUTHORIZED  PERSON

 

The  mentioned  director  [x]  can  jointly  sign  with  one  of  the  rest  directors  on  behalf  of  the  subject  with  company’s  affixed. 

MANAGEMENT

 

Mr.  Vudthi  Natthamethikul  is  the  Managing  Director. 

He  is  Thai  nationality  with  the  age  of  66  years  old.

 

Mr.  Pichet  Buranasathitporn  is  the  Deputy  Managing  Director.

He  is  Thai  nationality  with  the  age  of  64  years  old.

 

Mr.  Surin  Supasawatphan  is  the  Deputy  Managing  Director.

He  is  Thai  nationality  with  the  age  of  77  years  old.

 

Mr.  Patrick  Kevin  Booth  is  the  Project  Development  Director.

He  is  American  nationality  with  the  age  of  59  years  old.

 

Mrs.  Ajcharee  Lee   is  the  Sales  &  Marketing  Director.

She  is  Thai  nationality.

 

Mr.  Chonlatorn  Lowichakorntikul   is  the  International  Restaurant  Manager.

He  is  Thai  nationality.

 

 

BUSINESS  OPERATIONS

 

The  subject  core  business  is   engaged  in  3  main  groups  as  follows:

 

1. Exporting and  distributing  all  kinds  of  silk  products under the  brand  name   “JIM    

    THOMPSON” as  the  followings:

- Silk  fabrics,  plain  and  printed  for  fashion.

- Silk  fabrics,  plain  and  printed for  furnishings.

- Ready-to-wear  silk  and  cotton  garments.

- Cushions  [silk  and cotton printed].

- Scarves,  neckties  and  other  ready  goods  in  silk.

- Cotton  fabrics,  plain  and  printed  for  fashion.

- Heavyweight  cotton,  plain  and  printed  for  furnishings.

 

2. Operating  a  restaurant  and  bar  which  currently  has  5  branches,  located  both  in 

    Thailand  and  overseas  as  follows:

 

-  “JIM  THOMPSON  RESTAURANT”,  Demsey  Hill,  Singapore

-  “CAFÉ’9”,  on  Surawong  Rd.,  Suriyawong,  Bangrak,  Bangkok

-  “JIM  THOMPSON’S  TABLE  GINZA  MARRONNIER”,  Japan

-  “JIM  THOMPSON’S  AKASAKA  BIZ  TOWER”,  Japan

-  “JIM  THOMPSON’S  TOKYO”,  Japan

 

 

3. Banquet  hall  service  namely  “THE  AYARA  HALL”,  located  on  the  second  floor  of  the  complex  and  suitable  for  a  wide  range  of  activities, e.g.  private  luncheons  and  dinners,  corporate  functions,  meeting,  fashion  shows,  wedding  ceremonies,  and  press  conference.  Tradition  Thai  entertainment  can  be  arranged  on  request.  Ayara  Hall  is around 167  square  meters,  including  bar  on  90  square  meters  of  area.

 

Capacity :                     Cocktail  Function                      [approximately  70-80  persons]

                                    Buffet  Function                        [approximately  60  persons]

                                    Thai  Set  Function                     [approximately  40  persons]

                                    Theatre  Style  Meeting             [approximately  60-80  persons]

                                    Classroom  Style  Meeting          [approximately  20-40  persons]

 

The  hall  is  located  at  6/1  Soi  Kasemsan  2,  Rama  1  Rd.,  Pathumwan,  Bangkok  10330.

 

 

PURCHASE

 

100%  of  the  purchasing  is  from  local  suppliers.

 

 

MAJOR  SUPPLIERS

 

Thai  Printers  and  Finishers  Co., Ltd.    :  Thailand

SSK  Manufacturing  Co.,  Ltd.    :              Thailand

 

 

SALES  [LOCAL]

 

20% of  the  products  is  sold  locally  to  wholesalers,  retailers  and  end-users.

 

 

EXPORTS  [COUNTRIES]

 

80%  of  the  products is  exported  to  overseas  countries,  such  as  Singapore,  Hong  Kong,  Philippines, Indonesia, Korea, United States of  America,  Japan,  Malaysia,  Dubai,  Australia,  Austria,  Belgium,  France,  Finland,  Brunei,  Chile,  Italy,  Germany,  Spain,  Peru,  Portugal,  Russia,  India,  Israel,  South  America,  Switzerland,  Taiwan,  Canada,  Brazil,  Hungary,  Latvia,  Slovakia,  United Kingdom,  Turkey,  New  Zealand 

 

 

MAJOR  CUSTOMERS

 

Jim  Thompson  Korea  Ltd.                    :          Korea

The  Siam  Silk  Company  Pte. Ltd.        :           Singapore

JT  Thai  Silk  Company  Sdn. Bhd.         :           Malaysia

Jim  Thompson  Europe  GmbH   :                      Germany

Manas  Trading  Incorporated                  :           Japan

Jim  Thompson  America  Inc.     :                      U.S.A.

SUBSIDIARIES  &  AFFILIATED  COMPANIES

 

Name

Country

Line of  Business

 

 

 

SSK  Manufacturing  Co., Ltd.

Thailand

Manufacturer  silk  fabric

Thai  Printers  and  Finishers  Co., Ltd.

Thailand

Fabric  printing  factory

Pakpitak  Co., Ltd.

Thailand

Fabric  printing  factory

JT  Thai  Silk  Company  Sdn. Bhd.

Malaysia

Distributor  of  Thai  Silk  products

The  Siam  Silk  Company  Pte. Ltd.

Singapore

Distributor  of  Thai  Silk  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  according  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  credit  term  of  30-60  days.

Imports  are  by  L/C  at  sight  or  T/T.

Exports  are  against  L/C  at  sight  or  T/T.

 

 

BANKING

 

Bangkok  Bank  Public  Co., Ltd.                    

  [Surawongse  Branch : Surawong  Rd., Suriyawongse,  Bangrak,  Bangkok  10500]

 

Hong  Kong  &  Shanghai  Banking  Corp.      

  [Bangkok  Branch : 968  Rama 4 Rd.,  Silom,  Bangrak,  Bangkok  10500]

 

 

EMPLOYMENT

 

The  subject  employs  approximately  1,200  staff.

LOCATION  DETAILS

 

The  premise  is  owned  for  administrative  office  and  shop   at  the  heading  address.  Premises  is  located  in  a  prime  commercial  area.

 

Main  Shop  and  Export  Department :

9  Surawong  Road,  Suriyawongse,  Bangrak,  Bangkok  10500.

 

Domestic  Shops/Branches:

 

There  are  45  retail  shops  nationwide   as  the  followings:

 

70/12  Prachasamosorn,  T. Naimuang,  A. Muang,  Khon  Kaen  40000.

799/1  Moo  11,  Suebsiri  Road,  T. Pakthongchai,  A. Pakthongchai,  Nakornratchasima  30150.

100  Sukhumvit  93  Road,  Bangchak,  Prakanong,  Bangkok  10260.

222  Moo  6,  T. Maikhao,  A. Thalang,  Phuket  83110.

48  Charoenkrung  Road,  Bangrak,  Bangkok  10500.

2  Soi  Captain  Bush,  Charoenkrung  Road,  Bangrak,  Bangkok  10500.

153  Soi  Sukhumvit  93,  Bangchak,  Prakanong,  Bangkok  10260.

14  katanoi  Road,  T. Karon,  A. Muang,  Phuket  83110.

4/1-2  Rajdamri  Road,  Pathumwan,  Bangkok  10330.

622  Moo  1,  Pakthongchai-Takob  Road,  T. Takob,  A. Pakthongchai,  Nakornratchasima  30150.

457  Moo  1,  Bayai-Makluamai  Road,  T. Takob,  A. Pakthongchai,  Nakornratchasima  30150.

9/29-30, 9/31-32  Surawong  Road,  Suriyawongse,  Bangrak,  Bangkok  10500.

555  Moo  1,  Pakthongchai-Takob  Road,  T. Takob,  A. Pakthongchai,  Nakornratchasima  30150.

83  Moo  7,  T. Panao,  A. Muang,  Nakornratchasima  30000.

10  Soi  Kasemsant  2,  Rama  1  Road,  Wangmai,  Pathumwan,  Bangkok  10330.

29  Soi  Karonnui,  T. Karon,  A. Muang,  Phuket  83100.

390/12-15, 390/44-47  Moo  1,  Srisunthorn  Road,  T. Choengtalay,  A. Thalang,  Phuket  83110.

149/4-6, 149/38-40  Surawong  Road,  Suriyawongse,  Bangrak,  Bangkok  10500.

6/1, 6/2  10  Soi  Kasemsant  2,  Rama  1  Road,  Wangmai,  Pathumwan, 

Bangkok  10330.

99  Moo  4,  T. Borpud,  A. Koh  Samui,  Surratthani  84320.

218  Moo  10,  Pattaya  Sai  2  Road,  T. Nongprue,  A. Banglamung, 

Chonburi  20150.

570/12  Moo  5,  T. Thawangthong,  A. Muang,  Payao  56000.

Main  Floor,  Paragon  Shopping  Center,  991  Rama  1  Road,  Pathumwan, 

Bangkok  10330.

333  Charoennakorn  Road,  Klongtonsai,  Klongsan,  Bangkok  10600.

622  Sukhumvit  Road,  Klongton,  Klongtoey,  Bangkok  10110.

257/1-3  Charoennakorn  Road,  Samrei,  Thonburi,  Bangkok  10600.

1  Damnoenkasem  Road,  T. Hua  Hin,  A. Hua  Hin,  Prachuabkirikhan  77110.

38/2  Moo  3,  T. Borpud,  A. Koh  Samui,  Suratthani  84320.

155  Rajdamri  Road,  Lumpini,  Pathumwan,  Bangkok  10330.

157  Moo  4,  T. Banfang,  A. Banfang,  Khon  Kaen  40270.

146/1  Moo  4,  Thanarach  Road,  T. Moosee,  A. Pakchong, 

Nakornratchasima  30130.

240/2  Moo  5,  T. Naklua,  A. Banglamung,  Chonburi  20260.

Ground  Floor,  Hilton-Huahin  Hotel  Building,  33  Naresdamri  Road,  Hua  Hin,  Prachuabkirikhan  77110.

353  Moo  12,  Phratamnak  Road,  T. Nongprue,  A. Banglamung,  Chonburi  20260.

1st  Floor,  B. Building,  565/66  Moo  10,  T. Nongprue,  A. Banglamung, 

Chonburi  20150.

90/5  Moo  2,  Chaofah  Tawan-Tok  Road,  T. Vichit,  A. Muang,  Phuket  83000.

1st  Floor  Central  Festival  74-75  Moo  5,  T. Vichit,  A. Muang,  Phuket  83000.

96/1  Soi  Puengmee  29,  Sukhumvit  Road,  Bangchak,  Prakanong,  Bangkok  10260.

96/2  Soi  Puengmee  29,  Sukhumvit  Road,  Bangchak,  Prakanong,  Bangkok  10260.

1st  Floor,  The  Central  World,  4, 4/1-2, 4/4  Rajdamri  Road,  Pathumwan, 

Bangkok  10330.

G  Floor,  Turtle  Village  Shop  and  Cuisine  889  Moo  3,  T. Maikhao,  A. Thalang,  Phuket  83110.

G. Floor,  Central  Festival  Pattaya  Beach,  333/99  Moo  9,  T. Nongprue, 

A. Banglamung,  Chonburi  20150.

502  Moo  1,  Maerim-samerng  Road,  T. Rimtai,  A. Maerim,  Chiangmai  50180.

89  Soi  Wadsuanplu,  Charoenkrung Road,  Bangrak,  Bangkok  10500.

222  Vibhavadi-Rangsit  Road,  Sanambin,  Donmuang,  Bangkok  10210.

 

Overseas  Shops

- Germany                                 :  1  branch

- Malaysia                                 :  4  branches

- Singapore                                :  4  branches

- United States of America          :  1  branch

 

 

COMMENT

 

At present, the Jim Thompson chain of stores has become a top tourist draw in Thailand. It  is  very  popular  for  foreigners  and  V.I.P. visitors from  around  the  world.  Many well known  film  stars from  Hollywood  also  went shopping for Thompson silks and  products.  As  well showrooms in New York  and London have become popular with  sophistic   interior designs.  Singer Madonna brightened up her Florida mansion by lining the walls with a shocking pink Thompson silk. 

 

Revenue remains strong, and the company is growing rapidly.  Sales has  continued  growing largely  from  visitors.    About 70% of its sales come from the Asian stores, with the rest from home  furnishings  sold  abroad.

 

 

FINANCIAL  INFORMATION

 

The  capital   was  registered  at  Bht.  500,000  divided   into  500  shares  of  Bht. 1,000  each.

 

The  capital  was increased  later  as  followings:

 

            Bht.      5,000,000  on  July  11,  1979

            Bht.    10,000,000  on  March  17,  1983

            Bht.    20,000,000  on  May  12,  1986

            Bht.  200,000,000  on  January  21,  1998

            Bht.  147,000,000  on  April  12,  2001    [decreased]

 

On  July  24, 2003  the  latest  registered  capital  was  increased  to  Bht. 200,000,000  divided  into  2,000,000  shares  of  Bht.  100  each  with  fully  paid.

 

 

MAIN  SHAREHOLDERS 

 

[as  at  May  29,  2013]

 

NAME

HOLDING

%

 

 

 

The  Iphigenia  Trust

Nationality: Hong  Kong

Address     : 5 Queen’s  Road,  Central,  Hong Kong

439,244

21.96

S.H.  Navaphan  Yukol

Nationality: Thai

Address     : 588/167  Charansanitwong  Rd.,

                    Bangkoknoi,  Bangkok 

108,696

  5.43

S.H.  Bhanuma  Yukol

Nationality: Thai

Address     : 588/167  Charansanitwong  Rd.,

                    Bangkoknoi,  Bangkok

  97,826

  4.89

Mrs.  Ubaida  Yamalee

Nationality: Thai

Address     : 88  Rama 6 Rd.,  Rongmuang, 

                    Pathumwan,  Bangkok 

  76,087

  3.80

Zimmer  Rudht  GmbH

Nationality: German

Address     : Germany

  54,348

  2.72

Mr.  Pichet  Buranasathitporn

Nationality: Thai

Address     : 52/82  Soi  Sukhumvit  3,  Klongtoeynua, 

                    Wattana,  Bangkok

  42,935

  2.15

Mr.  Surin  Supasawatphan

Nationality: Thai

Address     : 52/75  Soi  Sukhumvit  3,  Klongtoeynua, 

                    Wattana,  Bangkok

  40,068

  2.00

Mrs. Sinee  Kongsiri

Nationality: Thai

Address     : 128/1  Sukhumvit  55  Rd.,  Klongtonnua,

                    Wattana,  Bangkok

38,043

1.90

Yupatuch-Morakot  Associates

Nationality:  Thai

Address     :  9  Soi  Phrapinij,  Thungmahamek,

                     Yannawa,  Bangkok

35,223

1.76

Mrs.  Anchalee  Bunnag

Nationality:  Thai

Address     :  111/10  Sanambinnam Rd.,  Muang, 

                     Nonthaburi

32,609

  1.63

Mrs.  Surat  Suwannatat

Nationality:  Thai

Address     :  139  Sukhumvit  Soi  81 Rd.,  Phrakanong, 

                     Bangkok

  32,609

  1.63

Mrs.  Angkana  Siwarak

Nationality:  Thai

Address     :  139  Sukhumvit  Soi  81  Rd.,  Phrakanong, 

                     Bangkok

  32,609

  1.63

Others

969,703

48.50

 

Total  Shareholders  :  150  

 

Share  Structure  [as  at  May  29,  2013]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

137

1,419,587

70.98

Foreign 

13

580,413

29.02

 

Total

 

150

 

2,000,000

 

100.00

 

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

 

Mr. Niti  Cheungnijrand  No.        3809

 

 

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     

51,852,161

36,111,385

86,997,515

Short-term Investment

889,124,693

580,162,908

754,776,565

Trade  Accounts  and  Other Receivable 

211,780,013

207,019,121

224,280,193

Short-term  Lending  to  Related  Company

 

7,727,740

 

21,819,864

 

31,239,626

Inventories     

1,749,318,629

1,822,324,130

1,511,436,401

Other  Current  Assets                  

2,568,368

820,300

1,152,378

 

 

 

 

Total  Current  Assets                 

2,912,371,604

2,668,257,708

2,609,882,678

 

Cash  at Bank  pledged as  a Collateral

 

4,700,000

 

5,500,000

 

3,800,000

Investment  in  Subsidiaries            

278,673,027

476,887,318

402,184,918

Fixed Assets

891,324,928

933,330,423

924,283,103

Copy Right

94,317,486

105,219,779

116,111,258

Intangible Assets

4,045,904

4,436,853

4,390,748

Other  Non - current  Assets                    

34,076,880

33,079,923

33,958,048

 

Total  Assets                  

 

4,219,509,829

 

4,226,712,004

 

4,094,610,753

 

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

 

Current Liabilities

2012

2011

2010

 

 

 

 

Trade  Accounts  and  Other  Payable    

125,129,846

248,024,402

123,030,099

Short-term Loan from Related  Company

-

-

31,971,983

Accrued  Income Tax

57,689,636

62,107,575

33,927,576

Accrued  Withholding  Income Tax

21,625,044

19,536,606

18,021,235

Other  Current  Liabilities             

13,429,405

9,750,549

9,574,535

 

 

 

 

Total Current Liabilities

217,873,931

339,419,132

216,525,428

 

 

 

 

Employee  Benefits  Obligation

120,241,902

106,735,124

-

 

Total  Liabilities               

 

338,115,833

 

446,154,256

 

216,525,428

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

Share  capital : Baht  100  par  value 

  authorized,  issued  and  fully 

  paid  share  capital  2,000,000  shares

 

 

200,000,000

 

 

200,000,000

 

 

200,000,000

 

 

 

 

Capital  Paid                      

200,000,000

200,000,000

200,000,000

Retained Earnings:

  Appropriated - Statutory Reserve

 

20,000,000

 

20,000,000

 

20,000,000

                        - Other Reserve   

74,914,000

74,914,000

74,914,000

  Unappropriated                   

3,582,814,902

3,483,006,297  

3,584,268,559

Other Components  of  Shareholder

   Equity

 

3,665,094

 

2,637,451

 

[1,097,234]

 

Total  Shareholders' Equity

 

3,881,393,996

 

3,780,557,748

 

3,878,085,325

 

Total  Liabilities  &  Shareholders' 

   Equity

 

 

4,219,509,829

 

 

4,226,712,004

 

 

4,094,610,753

PROFIT  &  LOSS  ACCOUNT

 

 Revenue

2012

2011

2010

 

 

 

 

Sales  Income

2,461,228,367

2,116,223,871

1,944,739,081

Gain  on Disposal  of  Investment

3,666,240

1,653,082

4,796,976

Gain on Exchange Rate

1,639,115

4,679,518

-

Dividend  Income

-

5,895,000

932,291

Other  Income                 

47,853,414

73,669,558

63,433,104

 

Total  Revenues              

 

2,514,387,136

 

2,202,121,029

 

2,013,901,452

 

Expenses

 

 

 

 

 

 

 

Cost  of  Goods  Sold  

1,203,240,311

1,076,861,095

1,061,745,683

Selling  Expenses

362,573,310

333,525,783

298,039,387

Administrative  Expenses

411,111,608

398,916,221

389,184,494

Loss  on Exchange Rate

-

-

8,865,106

Loss  on  Impairment  Investment

   [Reversal]

 

[4,332,979]

 

[53,350,429]

 

133,391,206

Loss  on  Impairment  Equipment

-

31,068,626

-

 

Total Expenses               

 

1,972,592,250

 

1,787,021,296

 

1,891,225,876

 

 

 

 

Profit  before  Financial Cost

  &  Income  Tax

 

541,794,886

 

415,099,733

 

122,675,576

Financial Costs

[1,968]

[920,367]

[639,957]

 

Profit  before  Income  Tax

 

541,792,918

 

414,179,366

 

122,035,619

Income  Tax

[107,984,313]

[119,569,221]

[81,627,712]

 

 

 

 

Net  Profit / [Loss]

433,808,605

294,610,145

40,407,907

 

 

FINANCIAL  ANALYSIS

 

ITEM

UNIT

2012

2011

2010

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

13.37

7.86

12.05

QUICK RATIO

TIMES

5.33

2.49

5.07

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

2.76

2.27

2.10

TOTAL ASSETS TURNOVER

TIMES

0.58

0.50

0.47

INVENTORY CONVERSION PERIOD

DAYS

530.65

617.67

519.59

INVENTORY TURNOVER

TIMES

0.69

0.59

0.70

RECEIVABLES CONVERSION PERIOD

DAYS

31.41

35.71

42.09

RECEIVABLES TURNOVER

TIMES

11.62

10.22

8.67

PAYABLES CONVERSION PERIOD

DAYS

37.96

84.07

42.29

CASH CONVERSION CYCLE

DAYS

524.10

569.31

519.39

 

 

 

 

 

PROFITABILITY RATIO

  

 

 

 

COST OF GOODS SOLD

%

48.89

50.89

54.60

SELLING & ADMINISTRATION

%

31.43

34.61

35.34

INTEREST

%

0.00

0.04

0.03

GROSS PROFIT MARGIN

%

53.27

53.17

48.96

NET PROFIT MARGIN BEFORE EX. ITEM

%

22.01

19.62

6.31

NET PROFIT MARGIN

%

17.63

13.92

2.08

RETURN ON EQUITY

%

11.18

7.79

1.04

RETURN ON ASSET

%

10.28

6.97

0.99

EARNING PER SHARE

BAHT

216.90

147.31

20.20

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

0.08

0.11

0.05

DEBT TO EQUITY RATIO

TIMES

0.09

0.12

0.06

TIME INTEREST EARNED

TIMES

275,302.28

451.02

191.69

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

16.30

8.82

 

OPERATING PROFIT

%

30.52

238.37

 

NET PROFIT

%

47.25

629.09

 

FIXED ASSETS

%

(4.50)

0.98

 

TOTAL ASSETS

%

(0.17)

3.23

 

 

 

ANNUAL GROWTH : SATISFACTORY

 

An annual sales growth is 16.3%. Turnover has increased from THB 2,116,223,871.00 in 2011 to THB 2,461,228,367.00 in 2012. While net profit has increased from THB 294,610,145.00 in 2011 to THB 433,808,605.00 in 2012. And total assets has decreased from THB 4,226,712,004.00 in 2011 to THB 4,219,509,829.00 in 2012.                   

                       


PROFITABILITY : EXCELLENT

 

PROFITABILITY RATIO

 

Gross Profit Margin

53.27

Impressive

Industrial Average

9.17

Net Profit Margin

17.63

Impressive

Industrial Average

0.67

Return on Assets

10.28

Impressive

Industrial Average

1.12

Return on Equity

11.18

Impressive

Industrial Average

3.91

 

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  53.27%. 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  17.63%, 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 10.28%, 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 11.18%, 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                       Downtrend

Return on Equity                        Downtrend

 

 

LIQUIDITY : SATISFACTORY

 

 

LIQUIDITY RATIO

 

Current Ratio

13.37

Impressive

Industrial Average

1.42

Quick Ratio

5.33

 

 

 

Cash Conversion Cycle

524.10

 

 

 

 

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 13.37 times in 2012, increased from 7.86 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 5.33 times in 2012, increased from 2.49 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 525 days.

 

Trend of the average competitors in the same industry for last 5 years

Current Ratio                 Downtrend

 

LEVERAGE : EXCELLENT

 

 

LEVERAGE RATIO

 

Debt Ratio

0.08

Impressive

Industrial Average

0.72

Debt to Equity Ratio

0.09

Impressive

Industrial Average

2.59

Times Interest Earned

275,302.28

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 275302.28 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 0.08 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                                 Uptrend

Times Interest Earned                Downtrend

 

ACTIVITY : SATISFACTORY

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

2.76

Impressive

Industrial Average

-

Total Assets Turnover

0.58

Deteriorated

Industrial Average

1.67

Inventory Conversion Period

530.65

 

 

 

Inventory Turnover

0.69

Deteriorated

Industrial Average

4.68

Receivables Conversion Period

31.41

 

 

 

Receivables Turnover

11.62

Impressive

Industrial Average

2.33

Payables Conversion Period

37.96

 

 

 

 

The company's Account Receivable Ratio is calculated as 11.62 and 10.22 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 618 days at the end of 2011 to 531 days at the end of 2012. This represents a positive trend. And Inventory turnover has increased from 0.59 times in year 2011 to 0.69 times in year 2012.

 

The company's Total Asset Turnover is calculated as 0.58 times and 0.5 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.62.24

UK Pound

1

Rs.102.17

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.