MIRA INFORM REPORT
|
Report No. : |
306720 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
OPALPAINT CO., LTD. |
|
|
|
|
Registered Office : |
104/33 Moo 12, Teparak Road, T. Bangpla, A. Bangplee, Samutprakarn 10540, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.01.2007 |
|
|
|
|
Com. Reg. No.: |
0115550000431 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Industrial
Paints and Other Related Products. |
|
|
|
|
No. of Employees : |
20 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 in 2013
implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed 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 recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company
Name
OPALPAINT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 104/33 MOO
12, TEPARAK ROAD,
T. BANGPLA,
A.
BANGPLEE, SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2174-6308-9
FAX
: [66] 2174-6310
E-MAIL
ADDRESS : saree@opalpaint.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0115550000431
TAX
ID NO. : 3032493963
CAPITAL REGISTERED : BHT.
2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SAREE THONGPHUBAL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : INDUSTRIAL PAINTS
AND OTHER RELATED
PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
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 January 18, 2007 as
a private limited
company under the registered name
OPALPAINT CO., LTD., by Thai group,
with the business
objective to manufacture
and distribute wide
range of industrial
paints and other
related products to
domestic market. It
currently employs 20
staff.
The
subject’s registered address
is 104/33 Moo
12, Teparak Road,
T. Bangpla,
A. Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Saree Thongphubal |
|
Thai |
56 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Saree Thongphubal is
the Managing Director.
He is Thai
nationality with the
age of 56 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing and distributing
wide range of
industrial paints, such
as polyurethane paints,
epoxy paints, solvent
based enamel paints
and water based
paints, as well
as other related products, such
as acrylic air
dry coatings, fire
resistance paints, fiberglass
reinforced plastic [FRP], color
flakes floor, proofing
net, fiber optic,
rollers and etc.
BRAND NAME
“OPAL”
PURCHASE
100% of raw
material is purchased
from local suppliers.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the
subject according 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
20 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and factory
on 600 square
meters of area
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
The
subject is a manufacturer and
distributor of industrial
paint and related
products. The products
are mainly served
to both industrial
and construction users. Domestic
industry has dramatically declined in
line with the economic
slowdown. Decreased consumption of the
products has contributed
a downward trend
of its business.
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
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Saree Thongphubal Nationality: Thai Address : 100/53
Moo 11, T. Bangpla,
A. Bangplee,
Samutprakarn |
16,000 |
80.00 |
|
Mrs. Sudjai Thongphubal Nationality: Thai Address : 100/53
Moo 11, T. Bangpla,
A. Bangplee,
Samutprakarn |
2,000 |
10.00 |
|
Ms. Sumonnart Thongphubal Nationality: Thai Address : 100/53
Moo 11, T. Bangpla,
A. Bangplee,
Samutprakarn |
1,000 |
5.00 |
|
Mr. Korngkiat Poolkerd Nationality: Thai Address : 72
Moo 1, T. West
Pakpanang, A.
Pakpanang, Nakornsrithammarat |
500 |
2.50 |
|
Mr. Jirathip Thongphubal Nationality: Thai Address : 100/53
Moo 11, T. Bangpla,
A. Bangplee,
Samutprakarn |
500 |
2.50 |
Total Shareholders : 5
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
20,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mrs. Phenkae Kongmalai No.
6143
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
1,744,240.02 |
5,031,019.70 |
27,180.00 |
|
Trade Accounts &
Other Receivable |
25,965,041.74 |
22,360,861.88 |
18,108,296.44 |
|
Inventories |
6,665,106.56 |
6,278,725.56 |
5,353,188.49 |
|
Other Current Assets
|
33,374.27 |
44,870.95 |
63,517.38 |
|
|
|
|
|
|
Total Current Assets
|
34,407,762.59 |
33,715,478.09 |
23,552,182.31 |
|
Fixed Assets |
9,914,870.12 |
11,145,044.93 |
10,883,244.40 |
|
Other Non-current Assets |
24,600.00 |
24,600.00 |
24,600.00 |
|
Total Assets |
44,347,232.71 |
44,885,123.02 |
34,460,026.71 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft |
- |
- |
711,398.10 |
|
Trade Accounts
& Other Payable |
14,820,471.84 |
19,438,759.31 |
12,553,482.59 |
|
Finance Lease
Contract Liabilities -
Net of
Current Portion |
683,079.14 |
747,165.39 |
510,243.78 |
|
Current Portion
of Long-term Loan
from Financial
Institution |
1,000,000.00 |
900,000.00 |
820,000.00 |
|
Accrued Income
Tax |
417,860.30 |
500,156.71 |
355,256.79 |
|
Other Current
Liabilities |
199,587.13 |
276,577.36 |
112,392.32 |
|
|
|
|
|
|
Total Current
Liabilities |
17,120,998.41 |
21,862,658.77 |
15,062,773.58 |
|
Finance Lease
Contract Liabilities |
547,773.06 |
1,230,852.00 |
946,977.78 |
|
Long-term Loan from
Financial Institution |
2,196,397.00 |
3,207,513.33 |
- |
|
Long-term Loan |
11,224,000.00 |
7,074,000.00 |
9,361,004.65 |
|
Total Liabilities |
31,089,168.47 |
33,375,024.10 |
25,370,756.01 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
20,000 shares
|
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
11,258,064.24 |
9,510,098.92 |
7,089,270.70 |
|
|
|
|
|
|
Total Shareholders' Equity |
13,258,064.24 |
11,510,098.92 |
9,089,270.70 |
|
Total Liabilities & Shareholders' Equity |
44,347,232.71 |
44,885,123.02 |
34,460,026.71 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
79,255,664.87 |
94,586,315.51 |
58,037,278.05 |
|
Other Income |
3,239.39 |
5,868.47 |
4,120.80 |
|
Total Revenues |
79,258,904.26 |
94,592,183.98 |
58,041,398.85 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
68,506,492.31 |
81,462,071.78 |
49,735,712.41 |
|
Selling Expenses |
4,080,711.11 |
5,220,775.12 |
2,868,920.67 |
|
Administrative Expenses |
3,772,191.25 |
4,080,548.51 |
2,753,429.99 |
|
Other Expenses |
- |
- |
54,257.53 |
|
Total Expenses |
76,359,394.67 |
90,763,395.41 |
55,412,320.60 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
2,899,509.59 |
3,828,788.57 |
2,629,078.25 |
|
Financial Cost |
[453,683.97] |
[574,303.64] |
[546,199.51] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
2,445,825.62 |
3,254,484.93 |
2,082,878.74 |
|
Income Tax |
[697,860.30] |
[833,656.71] |
[545,256.79] |
|
Net Profit / [Loss] |
1,747,965.32 |
2,420,828.22 |
1,537,621.95 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.01 |
1.54 |
1.56 |
|
QUICK RATIO |
TIMES |
1.62 |
1.25 |
1.20 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.99 |
8.49 |
5.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
2.11 |
1.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.51 |
28.13 |
39.29 |
|
INVENTORY TURNOVER |
TIMES |
10.28 |
12.97 |
9.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
119.58 |
86.29 |
113.88 |
|
RECEIVABLES TURNOVER |
TIMES |
3.05 |
4.23 |
3.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
78.96 |
87.10 |
92.13 |
|
CASH CONVERSION CYCLE |
DAYS |
76.13 |
27.32 |
61.04 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.44 |
86.12 |
85.70 |
|
SELLING & ADMINISTRATION |
% |
9.91 |
9.83 |
9.69 |
|
INTEREST |
% |
0.57 |
0.61 |
0.94 |
|
GROSS PROFIT MARGIN |
% |
13.57 |
13.88 |
14.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.66 |
4.05 |
4.53 |
|
NET PROFIT MARGIN |
% |
2.21 |
2.56 |
2.65 |
|
RETURN ON EQUITY |
% |
13.18 |
21.03 |
16.92 |
|
RETURN ON ASSET |
% |
3.94 |
5.39 |
4.46 |
|
EARNING PER SHARE |
BAHT |
87.40 |
121.04 |
76.88 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.74 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.34 |
2.90 |
2.79 |
|
TIME INTEREST EARNED |
TIMES |
6.39 |
6.67 |
4.81 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(16.21) |
62.98 |
|
|
OPERATING PROFIT |
% |
(24.27) |
45.63 |
|
|
NET PROFIT |
% |
(27.79) |
57.44 |
|
|
FIXED ASSETS |
% |
(11.04) |
2.41 |
|
|
TOTAL ASSETS |
% |
(1.20) |
30.25 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -16.21%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.57 |
Satisfactory |
Industrial
Average |
15.95 |
|
Net Profit Margin |
2.21 |
Acceptable |
Industrial
Average |
4.31 |
|
Return on Assets |
3.94 |
Acceptable |
Industrial
Average |
5.47 |
|
Return on Equity |
13.18 |
Impressive |
Industrial
Average |
12.68 |
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 13.57%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.21%.
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 3.94%.
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 13.18%, 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 Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.01 |
Impressive |
Industrial
Average |
1.48 |
|
Quick Ratio |
1.62 |
|
|
|
|
Cash Conversion Cycle |
76.13 |
|
|
|
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 2.01 times in 2013, increased from 1.54 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 1.62 times in 2013,
increased from 1.25 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 77 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
2.34 |
Risky |
Industrial
Average |
1.27 |
|
Times Interest Earned |
6.39 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 6.4 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 0.7 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY:
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.99 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.79 |
Impressive |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
35.51 |
|
|
|
|
Inventory Turnover |
10.28 |
Impressive |
Industrial
Average |
4.72 |
|
Receivables Conversion Period |
119.58 |
|
|
|
|
Receivables Turnover |
3.05 |
Satisfactory |
Industrial
Average |
3.33 |
|
Payables Conversion Period |
78.96 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.05 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 28 days at the
end of 2012 to 36 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 12.97 times in year 2012 to 10.28
times in year 2013.
The company's Total Asset Turnover is calculated as 1.79 times and 2.11
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.