MIRA INFORM REPORT
|
Report No. : |
325580 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KS SIAMRICE CO.,
LTD. |
|
|
|
|
Formerly Known As : |
B & P INTERTRADE CO., LTD. |
|
|
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Registered Office : |
53 Moo 12, T. Kubangluang, A. Latlumkaew,
Pathumthani 12140 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2013 |
|
|
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Date of Incorporation : |
19.08.2011 |
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Com. Reg. No.: |
0125555010566 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Manufacturer and Exporter of Packaged Rice Products. |
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|
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No. of Employees : |
30 |
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 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
KS
SIAMRICE CO., LTD.
[FORMER : B & P INTERTRADE CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 53
MOO 12, T. KUBANGLUANG, A. LATLUMKAEW,
PATHUMTHANI 12140,
THAILAND
TELEPHONE : [66] 2159-0639,
081 866-7478
FAX :
[66] 2159-0640
E-MAIL
ADDRESS : ks_siamrice@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0125555010566
TAX
ID NO. : -
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KAWEEWAT WORACHITPAIROJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : PACKAGED RICE
PRODUCTS MANUFACTURER AND
EXPORTER
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 August 19,
2011 as a private
limited company under
the originally registered
name “B & P Intertrade
Co., Ltd.” by
Thai group. On
March 9, 2015,
its registered name
was changed to
KS SIAMRICE CO.,
LTD. Its business
objective is to
manufacture and export
packaged rice products. It
currently employs approximately 30
staff.
The
subject’s registered address
is 53 Moo
12, T. Kubangluang,
A. Latlumkaew,
Pathumthani
12140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Sudarat Worachitpairoj |
|
Thai |
31 |
|
Mr. Kaweewat Worachitpairoj |
|
Thai |
33 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kaweewat Worachitpairoj is
the Managing Director.
He is Thai
nationality with the
age of 33
years old.
Mrs. Sudarat Worachitpairoj is the Deputy
Managing Director.
She is Thai
nationality with the
age of 31
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing and exporting
various kinds of
packaged rice products
such as jasmine
rice, brown rice,
white rice, white
glutinous rice, parboiled
rice and etc.,
under its own
brand “KS”.
PURCHASE
100% of the
products and packaging
is purchased from
local suppliers.
EXPORT
100% of the
products is exported
to Russia and
many countries in
Europe and Asia.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The premise is
owned for administrative office
and packing mill
at the heading
address. Premise is
located in provincial.
COMMENT
Subject
was formed in
2011 as an
exporter of rice.
Thai rice has
been known very
well in global
markets due to
its high quality.
During the last
few years rice
from Thailand has
strongly grown in
international markets. With
various types and
premium quality of
the products has
enabled the subject
to have a bright
prospect.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each with
fully paid.
On
October 1, 2014,
the registered capital
was increased to
Bht. 50,000,000 divided into
500,000 shares of
Bht. 100 each, which
is currently fully-paid
up.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 2, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Sudarat Worachitpairoj Nationality: Thai Address : 99/141
Moo 4, T. Klongchoi, A. Pakkred, Nonthaburi |
225,000 |
45.00 |
|
Mr. Kaweewat Worachitpairoj Nationality: Thai Address : 99/141
Moo 4, T. Klongchoi, A. Pakkred,
Nonthaburi |
225,000 |
45.00 |
|
Ms. Usaneerat Na Takuathung Nationality: Thai Address : 102/113
Moo 2, T. Saima,
A. Muang, Nonthaburi |
50,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at March 2,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Prasert Kawinmutthatorn No.
10085
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013 &
2012 were:
ASSETS
|
Current Assets |
2013 |
2012 |
|
|
|
|
|
Cash and Cash Equivalents
|
2,949,261.48 |
10,000.00 |
|
Trade Account & Other
Receivable |
41,709,282.50 |
14,728.77 |
|
Short-term Lending |
- |
1,200,000.00 |
|
|
|
|
|
Total Current Assets
|
44,658,543.98 |
1,224,728.77 |
|
Total Assets |
44,658,543.98 |
1,224,728.77 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
|
|
|
|
|
Trade Account & Other
Payable |
39,191,826.74 |
6,486.05 |
|
Accrued Income Tax |
365,715.36 |
- |
|
|
|
|
|
Total Current Liabilities |
39,557,542.10 |
6,486.05 |
|
Total Liabilities |
39,557,542.10 |
6,486.05 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital
50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
3,750,000.00 |
1,250,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
1,351,001.88 |
[31,757.28] |
|
Total Shareholders' Equity |
5,101,001.88 |
1,218,242.72 |
|
Total Liabilities & Shareholders' Equity |
44,658,543.98 |
1,224,728.77 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
|
|
|
|
|
Sales Income |
131,411,618.96 |
- |
|
Other Income |
2,970,670.35 |
14,728.77 |
|
Total Revenues |
134,382,289.31 |
14,728.77 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
124,589,014.12 |
- |
|
Selling Expenses |
6,038,481.17 |
- |
|
Administrative Expenses |
2,006,276.97 |
46,486.05 |
|
Total Expenses |
132,633,772.27 |
46,486.05 |
|
|
|
|
|
Profit / [Loss] before Income Tax
|
1,748,517.04 |
[31,757.28] |
|
Income Tax |
[365,757.88] |
- |
|
Net Profit / [Loss] |
1,382,759.16 |
[31,757.28] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
188.83 |
|
QUICK RATIO |
TIMES |
1.13 |
188.83 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.94 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
115.85 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
3.15 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
114.82 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
1.03 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.81 |
- |
|
SELLING & ADMINISTRATION |
% |
6.12 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
7.45 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.33 |
- |
|
NET PROFIT MARGIN |
% |
1.05 |
- |
|
RETURN ON EQUITY |
% |
27.11 |
(2.61) |
|
RETURN ON ASSET |
% |
3.10 |
(2.59) |
|
EARNING PER SHARE |
BAHT |
36.87 |
(2.54) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.75 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
OPERATING PROFIT |
% |
(5,605.88) |
- |
|
NET PROFIT |
% |
4,454.15 |
- |
|
FIXED ASSETS |
% |
- |
- |
|
TOTAL ASSETS |
% |
3,546.40 |
- |
PROFITABILITY:
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.45 |
Impressive |
Industrial
Average |
4.08 |
|
Net Profit Margin |
1.05 |
Impressive |
Industrial
Average |
(0.18) |
|
Return on Assets |
3.10 |
Impressive |
Industrial
Average |
(0.44) |
|
Return on Equity |
27.11 |
Impressive |
Industrial
Average |
(2.43) |
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 7.45%. 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 1.05%, 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 3.1%, 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 27.11%, 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 :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.13 |
Impressive |
Industrial
Average |
1.03 |
|
Quick Ratio |
1.13 |
|
|
|
|
Cash Conversion Cycle |
1.03 |
|
|
|
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 1.13 times in 2013, decreased from 188.83 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 1.13 times in 2013,
decreased from 188.83 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 2 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial Average |
0.84 |
|
Debt to Equity Ratio |
7.75 |
Risky |
Industrial Average |
5.07 |
|
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 0.89 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
- |
|
Total Assets Turnover |
2.94 |
Impressive |
Industrial
Average |
2.38 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
4.94 |
|
Receivables Conversion Period |
115.85 |
|
|
|
|
Receivables Turnover |
3.15 |
Acceptable |
Industrial
Average |
4.23 |
|
Payables Conversion Period |
114.82 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.15 and 0.00 in
2013 and 2012 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 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 2.94 times and 0
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.