MIRA INFORM REPORT
|
Report No. : |
324808 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHALITA K. SWAN GROUP CO., LTD. |
|
|
|
|
Registered Office : |
88/16 Moo 15,
T. Bangsaothong, A. Bangsaothong,
Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.03.2011 |
|
|
|
|
Com. Reg. No.: |
0105554031632 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Battery Products
and Solar Cell
Equipment |
|
|
|
|
No. of Employee : |
24 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – 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 has had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand 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 both 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. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name
CHALITA K. SWAN GROUP
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 88/16 MOO 15, T.
BANGSAOTHONG,
A.
BANGSAOTHONG, SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 086
538-3884, 085 559-9153
FAX : [66] 2182-5143
E-MAIL ADDRESS : kolsattaya@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0105554031632
TAX ID NO. : 3034371320
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 96.00%
CHINESE :
4.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KARUN KOLSATTAYASAMITH, THAI
MANAGING DIRECTOR
NO. OF STAFF : 24
LINES OF BUSINESS : BATTERY PRODUCTS
AND SOLAR CELL
EQUIPMENT
IMPORTER AND
DISTRIBUTOR
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 March
3, 2011 as
a private limited
company under the
registered name CHALITA K.
SWAN GROUP CO.,
LTD., by Thai and
Chinese groups, with
the business objective
to import and
distribute battery products
and solar cell
equipment to domestic
market. It currently
employs 24 staff.
The subject’s registered
address is 88/16
Moo 15, T. Bangsaothong, A. Bangsaothong, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chalita Weerawatananan |
|
Thai |
58 |
|
Mr. Preecha Kolsattayasamith |
[x] |
Thai |
36 |
|
Mr. Karun Kolsattayasamith |
[x] |
Thai |
34 |
|
Mr. Liang Panhai |
|
Chinese |
36 |
|
Mr. Mo Kaining |
|
Chinese |
65 |
AUTHORIZED
PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Karun Kolsattayasamith is
the Managing Director.
He is Thai
nationality with the
age of 34
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing wide
range of battery
products and related
equipment, such as
car battery, dry
battery, taxi car
battery, dry charged
battery and solar
battery under the
brands “SIEMEN”, “MAXCCA”,
“GENFOR” and “AERO”,
as well as
solar cell equipment.
The subject also
provides electric testing and
metering for battery.
PURCHASE
The products are
purchased from both
local and overseas
suppliers in Republic
of China, India,
Taiwan and Germany.
SALES
100% of the
products is sold
locally to wholesalers.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales 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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 24 staff.
LOCATION
DETAILS
The premise is
owned for administrative office
and warehouse at
the heading address.
Premise is located
in provincial, the
outskirts of Bangkok.
COMMENT
The subject’s operating
performance in 2013
was considered fair
with an increase
in both sales
revenue and net
profit comparing to
the previous years.
The subject’s business has
a good prospect in
line with an
improvement and recovery
of automobile industries.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
1,000,000 divided into 200,000 shares of
Bht. 5 each
with fully paid.
On January 11,
2012, the registered
capital was increased
to Bht. 5,000,000 divided
into 1,000,000 shares
of Bht. 5 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Karun Kolsattayasamith Nationality: Thai Address : 11/8
Moo 5, T. Kukot,
A. Lamlukka, Pathumthani |
840,000 |
84.00 |
|
Mrs. Chalita Weerawatananan Nationality: Thai Address : 49/185
Moo 3, T. Klongluang, A.
Klongluang, Pathumthani |
80,000 |
8.00 |
|
Mr. Preecha Kolsattayasamith Nationality: Thai Address : 190
Krungthep-Ram 2 Road, Dokmai,
Pravet, Bangkok |
40,000 |
4.00 |
|
Mr. Mo Kaining Nationality: Chinese Address : Republic
of China |
20,000 |
2.00 |
|
Mr. Liang Panhai Nationality: Chinese Address : Republic
of China |
20,000 |
2.00 |
Total Shareholders : 5
Share Structure
[as at April
30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
960,000 |
96.00 |
|
Foreign - Chinese |
2 |
40,000 |
4.00 |
|
Total |
5 |
1,000,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Pornpreeya Piyawech No.
9794
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
161,523.30 |
184,629.62 |
116,765.46 |
|
Trade Accounts &
Other Receivable |
8,957,574.08 |
284,253.20 |
1,713,697.31 |
|
Inventories |
26,960,316.01 |
11,005,297.09 |
3,500,502.38 |
|
Short-term Loans to Related Person |
- |
900,000.00 |
2,640,000.00 |
|
|
|
|
|
|
Total Current Assets
|
36,079,413.39 |
12,374,179.91 |
7,970,965.15 |
|
|
|
|
|
|
Fixed Assets |
4,681,897.35 |
4,668,514.32 |
4,863,912.33 |
|
Other Assets |
422,247.66 |
422,247.66 |
422,247.66 |
|
Total Assets |
41,183,558.40 |
17,464,941.89 |
13,257,125.17 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
28,521,220.12 |
11,321,333.87 |
10,654,968.50 |
|
Short-term Loans to Related Person |
6,010,000.00 |
- |
- |
|
|
|
|
|
|
Total Current Liabilities |
34,531,220.12 |
11,321,333.87 |
10,654,968.50 |
|
Long-term Loan from Related Company |
- |
- |
3,471,105.87 |
|
Total Liabilities |
34,531,220.12 |
11,321,333.87 |
14,126,074.42 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5
par value authorized, issued
and fully paid share capital
1,000,000 shares in 2013 & 2012; 200,000 shares in 2011 |
5,000,000.00 |
5,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
1,000,000.00 |
|
Retained Earning-Unappropriated [Deficit] |
1,652,338.28 |
1,143,608.02 |
[1,868,949.28] |
|
Total Shareholders' Equity |
6,652,338.28 |
6,143,608.02 |
[868,949.28] |
|
Total Liabilities & Shareholders' Equity |
41,183,558.40 |
17,464,941.89 |
13,257,125.14 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
March 3,
2011 - Dec. 31,
2011 |
|
|
|
|
|
|
Sales and Service Income |
34,427,397.65 |
14,994,617.41 |
16,768,218.87 |
|
Gain on Exchange Rate |
70,069.30 |
158,239.13 |
93,792.26 |
|
Other Income |
8,974.51 |
1,372.71 |
19,172.01 |
|
|
|
|
|
|
Total Revenues |
34,506,441.46 |
15,154,229.25 |
16,881,183.14 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
32,407,517.45 |
13,583,840.45 |
17,965,172.15 |
|
Selling Expenses |
875,300.80 |
258,166.11 |
123,004.73 |
|
Administrative Expenses |
581,137.64 |
572,174.65 |
661,955.54 |
|
Total Expenses |
33,863,955.89 |
14,414,181.21 |
18,750,132.42 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
642,485.57 |
740,048.04 |
[1,868,949.28] |
|
Financial Cost |
[666.18] |
[178.43] |
- |
|
Profit / [Loss] before Income
Tax |
641,819.39 |
739,869.61 |
[1,868,949.28] |
|
Income Tax |
[138,790.02] |
[100,098.20] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
503,029.37 |
639,771.41 |
[1,868,949.28] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
1.09 |
0.75 |
|
QUICK RATIO |
TIMES |
0.26 |
0.04 |
0.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.35 |
3.21 |
3.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.84 |
0.86 |
1.26 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
303.65 |
295.71 |
71.12 |
|
INVENTORY TURNOVER |
TIMES |
1.20 |
1.23 |
5.13 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
94.97 |
6.92 |
37.30 |
|
RECEIVABLES TURNOVER |
TIMES |
3.84 |
52.75 |
9.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
321.23 |
304.21 |
216.48 |
|
CASH CONVERSION CYCLE |
DAYS |
77.39 |
(1.57) |
(108.06) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.13 |
90.59 |
107.14 |
|
SELLING & ADMINISTRATION |
% |
4.23 |
5.54 |
4.68 |
|
INTEREST |
% |
0.00 |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
6.10 |
10.47 |
(6.46) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.87 |
4.94 |
(11.15) |
|
NET PROFIT MARGIN |
% |
1.46 |
4.27 |
(11.15) |
|
RETURN ON EQUITY |
% |
7.56 |
10.41 |
- |
|
RETURN ON ASSET |
% |
1.22 |
3.66 |
(14.10) |
|
EARNING PER SHARE |
BAHT |
0.50 |
0.64 |
(9.34) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.65 |
1.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.19 |
1.84 |
(16.26) |
|
TIME INTEREST EARNED |
TIMES |
964.43 |
4,147.55 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
129.60 |
(10.58) |
|
|
OPERATING PROFIT |
% |
(13.18) |
(139.60) |
|
|
NET PROFIT |
% |
(21.37) |
134.23 |
|
|
FIXED ASSETS |
% |
0.29 |
(4.02) |
|
|
TOTAL ASSETS |
% |
135.81 |
31.74 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 129.6%. Turnover has increased from THB
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.10 |
Deteriorated |
Industrial Average |
55.98 |
|
Net Profit Margin |
1.46 |
Deteriorated |
Industrial Average |
5.01 |
|
Return on Assets |
1.22 |
Deteriorated |
Industrial Average |
9.47 |
|
Return on Equity |
7.56 |
Deteriorated |
Industrial Average |
20.19 |
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 6.1%. 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 1.46%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 1.22%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 7.56%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.04 |
Acceptable |
Industrial Average |
1.96 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
77.39 |
|
|
|
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 1.04 times in 2013, decrease from 1.09 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 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 0.26 times in 2013,
increase from 0.04 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 78 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 |
0.50 |
|
Debt to Equity Ratio |
5.19 |
Risky |
Industrial Average |
0.99 |
|
Times Interest Earned |
964.43 |
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 964.44 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 Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.35 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.84 |
Deteriorated |
Industrial Average |
1.89 |
|
Inventory Conversion Period |
303.65 |
|
|
|
|
Inventory Turnover |
1.20 |
Deteriorated |
Industrial Average |
4.45 |
|
Receivables Conversion Period |
94.97 |
|
|
|
|
Receivables Turnover |
3.84 |
Satisfactory |
Industrial Average |
4.34 |
|
Payables Conversion Period |
321.23 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.84 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 296 days at the
end of 2012 to 304 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 1.23 times in year 2012 to 1.2 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.84 times and 0.86
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.