MIRA INFORM REPORT
|
Report No. : |
327352 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SURASIRI CO., LTD. |
|
|
|
|
Registered Office : |
49 Arunamarin [Tesabal Sai 2] Road, Wat Kalayanee, Thonburi, Bangkok 10600 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
04.04.1991 |
|
|
|
|
Com. Reg. No.: |
0105534031963 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor of Papers. |
|
|
|
|
No. of Employees : |
12 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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
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
SURASIRI CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 49
ARUNAMARIN [TESABAL SAI
2] ROAD,
WAT KALAYANEE,
THONBURI,
BANGKOK 10600,
THAILAND
TELEPHONE : [66] 2472-1959
FAX :
[66] 2890-0499
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534031963
TAX
ID NO. : 3101962574
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SURADA LAOBOVONNITAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : PAPERS
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 April
4, 1991 as a
private limited company
under the registered
name SURASIRI CO.,
LTD., by Thai group, with
the business objective
to supply products
and services various
kinds of papers.
It currently employs
12 staff.
The
subject’s registered address
is 49 Arunamarin [Tesabal
Sai 2]
Road, Wat Kalayanee,
Thonburi, Bangkok 10600,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Surada Laobovonnitat |
|
Thai |
59 |
|
Mr. Somyos Sirichantaropass |
|
Thai |
60 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Surada Laobovonnitat is
the Managing Director.
She is Thai
nationality with the
age of 59
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
distributing various kinds
of papers, such
as writing and
printing paper, art
paper, colored card
paper, drawing paper
and etc., as
well as provide cutting service
of the products.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR
SUPPLIERS
Thai
Paper Co., Ltd.
Double
A [1991] Public
Company Limited
SALES
100% of the
products is sold
and serviced 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 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.
BANKING
Bangkok
Bank Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
12 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and warehouse
at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at 265 Moo
10, T. Suanluang, A. Krathumban, Samutsakorn
74110.
COMMENT
Subject
was formed in
1991 as a
distributor of paper
products. Since commencement, subject
has grown in
line with demand
of paper products.
The products are
for consumer market.
However, overall consumption
of paper has
been slowing down
caused by economic
uncertainties. Sales in
2013 was reported
slowdown from the previous
year, while current
market consumption remains
still.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 10,000,000
on February 2,
1998
Bht. 40,000,000
on August 29,
2013
The
latest registered capital
was increased to
Bht. 40,000,000 divided into
400,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at August 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Dr. Tipayarat Sirichantaropass Nationality: Thai Address : 566/82-83
Rama 4 Road,
Mahaprutharam,
Bangrak, Bangkok |
110,000 |
27.50 |
|
Dr. Sakon Sirichantaropass Nationality: Thai Address : 566/82-83
Rama 4 Road,
Mahaprutharam,
Bangrak, Bangkok |
110,000 |
27.50 |
|
Mrs. Surada Laobovonnitat Nationality: Thai Address : 405-409
Tesabal Sai 2
Road, Wat Kalayanee,
Thonburi, Bangkok |
100,000 |
25.00 |
|
Mr. Somyos Sirichantaropass Nationality: Thai Address : 94
Tesabal Sai 2
Road, Wat Kalayanee,
Thonburi, Bangkok |
80,000 |
20.00 |
Total Shareholders : 4
Share Structure [as
at August 26,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
400,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Somyos Kuansonthi No.
3065
Note
The 2014 financial
statement has not
yet available during
investigation
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 |
1,152,324.08 |
128,338.64 |
236,667.92 |
|
Short-term Investment |
9,009,280.49 |
23,380,215.74 |
23,041,102.26 |
|
Trade Accounts & Other
Receivable |
84,973,779.69 |
62,596,927.84 |
50,029,983.31 |
|
Inventories |
111,172,087.92 |
76,277,424.77 |
62,500,484.20 |
|
Other Current Assets |
1,065,203.21 |
2,336,556.99 |
62,815.56 |
|
|
|
|
|
|
Total Current Assets
|
207,372,675.39 |
164,719,463.98 |
135,871,053.25 |
|
|
|
|
|
|
Fixed Assets |
106,630,079.29 |
39,330,337.39 |
30,641,755.87 |
|
Deferred Income Tax |
- |
18,336.67 |
- |
|
Total Assets |
314,002,754.68 |
204,068,138.04 |
166,512,809.12 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
159,013,278.84 |
120,465,186.80 |
69,710,219.84 |
|
Trade Accounts & Other
Payable |
33,723,556.03 |
54,716,970.92 |
73,912,558.01 |
|
Current Portion of
Long-term Liabilities |
15,054,789.55 |
503,901.55 |
- |
|
Accrued Income Tax |
457,051.55 |
- |
1,038,542.93 |
|
Other Current Liabilities |
360,822.71 |
247,249.13 |
347,315.05 |
|
|
|
|
|
|
Total Current Liabilities |
208,609,498.68 |
175,933,308.40 |
145,008,635.83 |
|
Long-term Loan |
32,248,000.00 |
- |
- |
|
Hire-purchase Payable, Net of Current Portion |
1,016,098.45 |
1,586,098.45 |
- |
|
Financial Lease Contract Payable, Net of
Current Portion |
10,101,226.08 |
- |
- |
|
Employee Benefits Obligation |
692,802.04 |
610,873.08 |
- |
|
Total Liabilities |
252,667,625.25 |
178,130,279.93 |
145,008,635.83 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
400,000 shares in 2013; 100,000 shares
in 2012 & 2011 |
40,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
40,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated |
21,335,129.43 |
15,937,858.11 |
11,504,173.29 |
|
Total Shareholders' Equity |
61,335,129.43 |
25,937,858.11 |
21,504,173.29 |
|
Total Liabilities & Shareholders' Equity |
314,002,754.68 |
204,068,138.04 |
166,512,809.12 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
325,872,929.54 |
346,789,020.55 |
273,000,446.16 |
|
Gain on Exchange Rate |
- |
2,924,698.74 |
- |
|
Other Income |
4,182,316.02 |
2,735,708.64 |
1,123,443.28 |
|
|
|
|
|
|
Total Revenues |
330,055,245.56 |
352,449,427.93 |
274,123,889.44 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
291,831,144.78 |
327,329,508.28 |
247,142,720.13 |
|
Selling Expenses |
- |
2,450,403.04 |
2,486,716.58 |
|
Administrative Expenses |
19,359,324.61 |
9,932,283.31 |
10,422,830.40 |
|
Other Expenses |
- |
- |
2,253,702.43 |
|
Total Expenses |
311,190,469.39 |
339,712,194.63 |
262,305,969.54 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
18,864,776.17 |
12,737,233.30 |
11,817,919.90 |
|
Financial Cost |
[12,008,140.13] |
[6,264,952.21] |
[5,564,622.45] |
|
Profit / [Loss] before Income
Tax |
6,856,636.04 |
6,472,281.09 |
6,253,297.45 |
|
Income Tax |
[1,454,304.72] |
[1,506,402.29] |
[1,912,456.68] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,402,331.32 |
4,965,878.80 |
4,340,840.77 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
0.94 |
0.94 |
|
QUICK RATIO |
TIMES |
0.46 |
0.49 |
0.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.06 |
8.82 |
8.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
1.70 |
1.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
139.05 |
85.06 |
92.31 |
|
INVENTORY TURNOVER |
TIMES |
2.63 |
4.29 |
3.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
95.18 |
65.88 |
66.89 |
|
RECEIVABLES TURNOVER |
TIMES |
3.83 |
5.54 |
5.46 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.18 |
61.01 |
109.16 |
|
CASH CONVERSION CYCLE |
DAYS |
192.04 |
89.93 |
50.04 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.55 |
94.39 |
90.53 |
|
SELLING & ADMINISTRATION |
% |
5.94 |
3.57 |
4.73 |
|
INTEREST |
% |
3.68 |
1.81 |
2.04 |
|
GROSS PROFIT MARGIN |
% |
11.73 |
7.24 |
9.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.79 |
3.67 |
4.33 |
|
NET PROFIT MARGIN |
% |
1.66 |
1.43 |
1.59 |
|
RETURN ON EQUITY |
% |
8.81 |
19.15 |
20.19 |
|
RETURN ON ASSET |
% |
1.72 |
2.43 |
2.61 |
|
EARNING PER SHARE |
BAHT |
13.51 |
49.66 |
43.41 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.87 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.12 |
6.87 |
6.74 |
|
TIME INTEREST EARNED |
TIMES |
1.57 |
2.03 |
2.12 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.03) |
27.03 |
|
|
OPERATING PROFIT |
% |
48.11 |
7.78 |
|
|
NET PROFIT |
% |
8.79 |
14.40 |
|
|
FIXED ASSETS |
% |
171.11 |
28.36 |
|
|
TOTAL ASSETS |
% |
53.87 |
22.55 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is -6.03%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.73 |
Acceptable |
Industrial
Average |
18.93 |
|
Net Profit Margin |
1.66 |
Acceptable |
Industrial
Average |
3.08 |
|
Return on Assets |
1.72 |
Deteriorated |
Industrial
Average |
4.49 |
|
Return on Equity |
8.81 |
Satisfactory |
Industrial
Average |
9.34 |
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 11.73%. 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 1.66%.
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 1.72%.
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 8.81%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.99 |
Risky |
Industrial
Average |
1.71 |
|
Quick Ratio |
0.46 |
|
|
|
|
Cash Conversion Cycle |
192.04 |
|
|
|
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 0.99 times in 2013, decreased from 0.94 times, then the company may
have problems meeting its short-term obligations. 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 0.46 times in 2013,
decreased from 0.49 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 193 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
4.12 |
Risky |
Industrial
Average |
1.06 |
|
Times Interest Earned |
1.57 |
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 1.58 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 0.8 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.06 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.04 |
Acceptable |
Industrial
Average |
1.46 |
|
Inventory Conversion Period |
139.05 |
|
|
|
|
Inventory Turnover |
2.63 |
Acceptable |
Industrial
Average |
4.60 |
|
Receivables Conversion Period |
95.18 |
|
|
|
|
Receivables Turnover |
3.83 |
Satisfactory |
Industrial
Average |
3.96 |
|
Payables Conversion Period |
42.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.83 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 85 days at the
end of 2012 to 139 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.29 times in year 2012 to 2.63 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.04 times and 1.7
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
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.