MIRA INFORM REPORT
|
Report No. : |
328712 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUKSAWAD CONVERTING CENTER CO., LTD. |
|
|
|
|
Formerly Known As : |
SUKSAWAD SLITTING CENTER CO., LTD. |
|
|
|
|
Registered Office : |
551 Kongboonma Building, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
09.08.1996 |
|
|
|
|
Com. Reg. No.: |
0105539088386 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Service Provider of Papers and Related Products |
|
|
|
|
No. of Employees : |
300 |
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 |
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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 |
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
SUKSAWAD CONVERTING CENTER CO., LTD.
[FORMER: SUKSAWAD
SLITTING CENTER CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 551
KONGBOONMA BUILDING, SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2635-3000,
2635-3355
FAX
:
[66] 2237-1978
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0105539088386
TAX
ID NO. : 3011755167
CAPITAL REGISTERED : BHT. 108,000,000
CAPITAL PAID-UP : BHT.
108,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NAIYAPONG KONGBOONMA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : PAPERS AND
RELATED PRODUCTS
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND SERVICE
PROVIDER
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 9,
1996 as a
private limited company
under the originally
registered name “Suksawad
Slitting Center Co.,
Ltd.”, by Thai
group. On November 3,
2008, its registered
name was changed
to SUKSAWAD CONVERTING
CENTER CO., LTD. Its
business objective is to manufacture, import and
distribute papers and
cover products to
domestic market. It
currently employs approximately
300 staff.
The
subject’s registered address
is 551 Kongboonma
Building, Silom Road,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Naiyapong Kongboonma |
|
Thai |
52 |
|
Mr. Thanapol Kongboonma |
|
Thai |
46 |
|
Mrs. Bovornrudee Poonsornsiri |
|
Thai |
49 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Naiyapong Kongboonma is
the Managing Director.
He is Thai
nationality with the
age of 52 years
old.
Ms. Busawan Pholprasert is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing and distributing
of sheet and
small rolled printing
papers under its
owned brand “DIAMOND”,
as well as
importing and distributing
of printing papers
and cover products.
The subject also
provides paper cutting
service with state-of-art
machines.
PURCHASE
100% of raw material
is purchased from
local supplier, while
printing papers and
cover products are
imported from Canada,
Republic of China,
Taiwan, India and
the countries in
Europe.
MAJOR
SUPPLIER
Howa
Sound Pulp and
Paper Ltd. : Canada
SALES
100% of the products is
sold locally by
wholesale to dealers.
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 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
L/C at sight or
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime commercial
area.
Factory
and warehouse are
located at 30/15
Sinsakhon Industrial Estate,
Moo 1,
T. Kokkam,
A. Muang, Samutsakorn 74000. Tel.
[66] 34 452-333,
Fax [66] 34
452-321.
COMMENT
The
subject is specialized
in manufacturing paper
and related products
including cutting services.
With strong experience
the subject has
gained creditability and
comprehensive network with
the Thai and overseas customers. Generally,
its business is
solid and growing
considerably.
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. 6,000,000
on September 8,
2004
Bht. 24,000,000
on February 13,
2009
Bht. 108,000,000
on October 30,
2014
The
latest registered capital
was increased to
Bht. 108 million,
divided into 1,080,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Suksawad Holding Co.,
Ltd. Nationality: Thai Address : 551
Silom Road, Silom,
Bangrak, Bangkok |
270,000 |
25.00 |
|
Mr. Ronachai Kongboonma Nationality: Thai Address : 18
Trok Tampeeza, Silom
Road, Silom,
Bangrak, Bangkok |
202,500 |
18.75 |
|
Mr. Marachai Kongboonma Nationality: Thai Address : 118
Soi Sueksawithaya, Silom
Road, Silom, Bangrak,
Bangkok |
202,500 |
18.75 |
|
Mr. Naiyapong Kongboonma Nationality: Thai Address : 61/5
Chuaploeng Road, Chongnonsi,
Yannawa, Bangkok |
202,500 |
18.75 |
|
Mr. Thanapol Kongboonma Nationality: Thai Address : 240
Soi Klonglamjiak School,
Klongchan, Bangkapi,
Bangkok |
202,500 |
18.75 |
Total Shareholders : 5
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
1,080,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
1,080,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Thewa Damdaeng No. 10777
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
31,125,710 |
20,307,182 |
15,480,181 |
|
Trade Accounts &
Other Receivable |
162,340,251 |
205,641,080 |
114,198,308 |
|
Short-term Loan to Employees |
- |
- |
493,000 |
|
Inventories |
179,128,875 |
231,965,927 |
169,089,490 |
|
Revenue Department Receivable |
- |
- |
6,729,441 |
|
Other Current Assets
|
2,252,307 |
2,957,768 |
2,190,802 |
|
|
|
|
|
|
Total Current Assets
|
374,847,143 |
460,871,957 |
308,181,222 |
|
|
|
|
|
|
Fixed Assets |
400,498,753 |
430,528,691 |
432,256,794 |
|
Intangible Assets |
1,438,350 |
1,081,456 |
549,263 |
|
Other Non - current Assets |
23,056,654 |
5,170,693 |
18,347,073 |
|
Total Assets |
799,840,900 |
897,652,797 |
759,334,352 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
149,393,196 |
294,578,056 |
230,180,830 |
|
Trade Accounts & Other
Payable |
55,836,347 |
60,062,895 |
49,238,337 |
|
Short-term Loan from Related
Company |
269,000,000 |
143,000,000 |
236,000,000 |
|
Accrued Income Tax |
184,278 |
- |
- |
|
Other Current Liabilities |
1,589,033 |
2,988,551 |
1,202,973 |
|
|
|
|
|
|
Total Current Liabilities |
476,002,854 |
500,629,502 |
516,622,140 |
|
|
|
|
|
|
Estimated Liabilities
Employee Benefits |
940,250 |
- |
- |
|
Total Liabilities |
476,943,104 |
500,629,502 |
516,622,140 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
1,080,000 shares in 2014; 240,000 shares in 2013 & 2012 |
108,000,000 |
24,000,000 |
24,000,000 |
|
|
|
|
|
|
Capital Paid |
108,000,000 |
24,000,000 |
24,000,000 |
|
Retained Earnings: Appropriated for statutory
reserve |
2,400,000 |
- |
- |
|
Unappropriated |
212,497,796 |
373,023,295 |
218,712,212 |
|
Total Shareholders' Equity |
322,897,796 |
397,023,295 |
242,712,212 |
|
Total Liabilities & Shareholders' Equity |
799,840,900 |
897,652,797 |
759,334,352 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
693,027,243 |
731,824,406 |
444,044,621 |
|
Revenue from Printing |
219,234,230 |
186,340,469 |
116,846,446 |
|
Other Services |
- |
- |
6,049,728 |
|
Other Income |
9,036,893 |
10,448,578 |
3,843,585 |
|
Total Revenues |
921,298,366 |
928,613,453 |
570,784,380 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold, Printing & Service |
667,641,552 |
717,504,892 |
455,080,742 |
|
Selling Expenses |
22,972,375 |
17,885,030 |
11,863,998 |
|
Administrative Expenses |
26,795,725 |
21,829,068 |
15,682,399 |
|
Total Expenses |
717,409,652 |
757,218,990 |
482,627,139 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
203,888,714 |
171,394,463 |
88,157,241 |
|
Financial Cost |
[16,282,263] |
[17,083,380] |
[18,056,961] |
|
Profit / [Loss] before Income
Tax |
187,606,451 |
154,311,083 |
70,100,280 |
|
Income Tax |
[3,251,950] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
184,354,501 |
154,311,083 |
70,100,280 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.79 |
0.92 |
0.60 |
|
QUICK RATIO |
TIMES |
0.41 |
0.45 |
0.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.28 |
2.13 |
1.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.14 |
1.02 |
0.74 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.93 |
118.00 |
135.62 |
|
INVENTORY TURNOVER |
TIMES |
3.73 |
3.09 |
2.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.95 |
81.75 |
74.31 |
|
RECEIVABLES TURNOVER |
TIMES |
5.62 |
4.46 |
4.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.53 |
30.55 |
39.49 |
|
CASH CONVERSION CYCLE |
DAYS |
132.36 |
169.20 |
170.44 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.19 |
78.15 |
81.14 |
|
SELLING & ADMINISTRATION |
% |
5.46 |
4.33 |
4.91 |
|
INTEREST |
% |
1.78 |
1.86 |
3.22 |
|
GROSS PROFIT MARGIN |
% |
27.81 |
22.99 |
20.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
22.35 |
18.67 |
15.72 |
|
NET PROFIT MARGIN |
% |
20.21 |
16.81 |
12.50 |
|
RETURN ON EQUITY |
% |
57.09 |
38.87 |
28.88 |
|
RETURN ON ASSET |
% |
23.05 |
17.19 |
9.23 |
|
EARNING PER SHARE |
BAHT |
170.70 |
642.96 |
292.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.56 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.48 |
1.26 |
2.13 |
|
TIME INTEREST EARNED |
TIMES |
12.52 |
10.03 |
4.88 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(0.64) |
63.70 |
|
|
OPERATING PROFIT |
% |
18.96 |
94.42 |
|
|
NET PROFIT |
% |
19.47 |
120.13 |
|
|
FIXED ASSETS |
% |
(6.98) |
(0.40) |
|
|
TOTAL ASSETS |
% |
(10.90) |
18.22 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -0.64%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.81 |
Acceptable |
Industrial
Average |
54.08 |
|
Net Profit Margin |
20.21 |
Impressive |
Industrial
Average |
5.56 |
|
Return on Assets |
23.05 |
Impressive |
Industrial
Average |
7.26 |
|
Return on Equity |
57.09 |
Impressive |
Industrial
Average |
12.27 |
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 27.81%. 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 20.21% 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
23.05%, 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 57.09%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.79 |
Risky |
Industrial
Average |
1.85 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
132.36 |
|
|
|
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 0.79 times in 2014, decreased from 0.92 times, 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 0.41 times in 2014,
decreased from 0.45 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 133 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
1.48 |
Risky |
Industrial
Average |
0.56 |
|
Times Interest Earned |
12.52 |
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 12.53 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 0.6 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.28 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.14 |
Satisfactory |
Industrial
Average |
1.31 |
|
Inventory Conversion Period |
97.93 |
|
|
|
|
Inventory Turnover |
3.73 |
Acceptable |
Industrial
Average |
5.72 |
|
Receivables Conversion Period |
64.95 |
|
|
|
|
Receivables Turnover |
5.62 |
Impressive |
Industrial
Average |
4.61 |
|
Payables Conversion Period |
30.53 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.62 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 decreased from 118 days at the
end of 2013 to 98 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.09 times in year 2013 to 3.73 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.14 times and 1.02
times in 2014 and 2013 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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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.