MIRA INFORM REPORT
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Report No. : |
331491 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAMRUEAN TRADING CO., LTD. |
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|
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Registered Office : |
35 Soi Nakniwat
42 Yaek 5-2,
Nakniwat Road, Ladprao, Bangkok
10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
09.07.2014 |
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Com. Reg. No.: |
0105557097898 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in purchasing
and selling various
kinds of metal
scraps such as
aluminium scrap, copper
scrap, iron scrap,
steel rod |
|
|
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|
No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Slow |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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 has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’�tat, tourism
decreased 6-7% but is beginning to recover. The household debt to GDP ratio is
over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
name
SAMRUEAN TRADING
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 35 SOI NAKNIWAT
42 YAEK 5-2,
NAKNIWAT ROAD,
LADPRAO, BANGKOK
10230, THAILAND
TELEPHONE : [66] 089
477-2233, 081 817-9201
FAX : -
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2014
REGISTRATION NO. : 0105557097898
TAX ID NO. : -
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : -
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SIRISAKUL SUWANNAPA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : PURCHASE AND
SELL OF METAL
SCRAPS
FOR RECYCLING
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on July 9,
2014 as a
private limited company
under the registered
name SAMRUEAN TRADING CO.,
LTD., by Thai groups, with
the business objective to purchase and
sale various kinds
of metal scraps
for recycle business. It
currently employs 4
staff.
The subject’s registered
address is 35 Soi Nakniwat 42 Yeak 5-2,
Nakniwat Road, Ladprao, Bangkok 10230,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sirisakul Suwannapa |
|
Thai |
30 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sirisakul Suwannapa is
the Managing Director.
He is Thai
nationality with the
age of 30
years old.
BUSINESS OPERATIONS
The subject is
engaged in purchasing
and selling various
kinds of metal
scraps such as
aluminium scrap, copper
scrap, iron scrap,
steel rod., for recycle
business.
PURCHASE
100% of the
products is purchased
from local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers 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 to the
past two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 4 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject reported
its first year
operation at moderate
level. Its business
is considered good
in long term
prospect.
FINANCIAL INFORMATION
The capital was registered at Bht. 3,000,000
divided into 10,000
shares of Bht. 300
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sirisakul Suwannapa Nationality: Thai Address : 1267
Moo 6, T. Nachaliang, A. Nongphai, Petchabun |
9,800 |
98.00 |
|
Mr. Pumipat Wannangkul Nationality: Thai Address : 55/331
Soi Phrayasurane 44, Samwatawantok, Klongsamwa,
Bangkok |
100 |
1.00 |
|
Ms. Supaporn Saengpho Nationality: Thai Address : 35
Soi Nakniwat 42,
Yaek 5-2,
Nakniwat Road, Ladprao,
Bangkok |
100 |
1.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Kanaratp Kijtanapobrung No.
5939
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2014
was :
ASSETS
|
Current Assets |
2014 |
|
|
|
|
Cash and Cash Equivalents
|
55,711.05 |
|
Other Current Assets
|
25,000.00 |
|
|
|
|
Total Current Assets
|
80,711.05 |
|
|
|
|
Long-term Loan to Related Person |
8,150,000.00 |
|
Total Assets |
8,230,711.05 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
|
|
|
|
Trade Account Payable |
4,739,154.56 |
|
Accrued Income Tax |
89,180.58 |
|
Other Current Liabilities |
45,653.59 |
|
|
|
|
Total Current Liabilities |
4,873,988.73 |
|
Total Liabilities |
4,873,988.73 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 300
value authorized, issued
and fully paid share
capital 10,000 shares |
3,000,000.00 |
|
|
|
|
Capital Paid |
3,000,000.00 |
|
Retained Earning - Unappropriated |
356,722.32 |
|
Total Shareholders' Equity |
3,356,722.32 |
|
Total Liabilities &
Shareholders' Equity |
8,230,711.05 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
July 9,
2014 - Dec. 31, 2014 |
|
|
|
|
Sales Income |
40,607,563.42 |
|
Other Income |
25,013.61 |
|
Total Revenues |
40,632,577.03 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
39,476,127.48 |
|
Selling Expenses |
97,161.63 |
|
Administrative Expenses |
613,385.02 |
|
Total Expenses |
40,186,674.13 |
|
|
|
|
Profit before Income Tax
|
445,902.90 |
|
Income Tax |
[89,180.58] |
|
Net Profit / [Loss] |
356,722.32 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
0.02 |
|
QUICK RATIO |
TIMES |
0.01 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.82 |
|
CASH CONVERSION CYCLE |
DAYS |
(43.82) |
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
COST OF GOODS SOLD |
% |
97.21 |
|
SELLING & ADMINISTRATION |
% |
1.75 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
2.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.10 |
|
NET PROFIT MARGIN |
% |
0.88 |
|
RETURN ON EQUITY |
% |
10.63 |
|
RETURN ON ASSET |
% |
4.33 |
|
EARNING PER SHARE |
BAHT |
35.67 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.45 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.85 |
Acceptable |
Industrial Average |
5.55 |
|
Net Profit Margin |
0.88 |
Satisfactory |
Industrial Average |
1.12 |
|
Return on Assets |
4.33 |
Impressive |
Industrial Average |
2.85 |
|
Return on Equity |
10.63 |
Impressive |
Industrial Average |
7.24 |
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 2.85%. 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 0.88%.
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. Return on Assets ratio is
4.33%, 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 10.63%, 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 |
0.02 |
Risky |
Industrial Average |
1.67 |
|
Quick Ratio |
0.01 |
|
|
|
|
Cash Conversion Cycle |
(43.82) |
|
|
|
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 0.02 times in 2014, then the company may not be efficiently using its
current assets. 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 0.01 time in 2014,
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 -44 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
1.45 |
Risky |
Industrial Average |
1.17 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.59 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
4.93 |
Impressive |
Industrial Average |
2.54 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
7.59 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
5.22 |
|
Payables Conversion Period |
43.82 |
|
|
|
The company's Total Asset Turnover is calculated as 4.93 times in 2014.
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.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.