MIRA INFORM REPORT
|
Report No. : |
321735 |
|
Report Date : |
13.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLUESTONE CO., LTD. |
|
|
|
|
Registered Office : |
28 Soi Onnuch 88, Yaek 2, Onnuch Road, Prawet, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.01.1997 |
|
|
|
|
Com. Reg. No.: |
0105540011821 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and distributing various
kinds of electrical
and electronics equipment, such as
high/low voltage equipment,
power supply, home & building automations, PCB,
surge arrester, surge
protective devices, terminal
blocks, industrial connector,
fuse, switches and
etc., as well
as providing design
and installation services
for lighting protection
system for high rise
building, hotel, condominium, hospital,
department store and
industrial plant. |
|
|
|
|
No. of Employee : |
21 |
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
BLUESTONE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 28
SOI ONNUCH 88,
YAEK 2, ONNUCH
ROAD,
PRAWET, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2726-1585-8
FAX :
[66] 2726-1589
E-MAIL
ADDRESS : infos@bluestone.co.th
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0105540011821 [Former : [4]
220/2540]
TAX
ID NO. : 3011809280
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHANOS NANDAVISAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 21
LINES
OF BUSINESS : ELECTRICAL AND
ELECTRONICS EQUIPMENT
IMPORTER AND
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 January
31, 1997 as
a private limited
company under the name style
BLUESTONE CO., LTD.,
by Thai group,
in order to import
and distribute high
and low voltage electrical
and electronics equipments.
It currently employs
21 staff.
The subject’s registered
was initially at
188/54 Ladprao 84 Rd.,
Wangthonglang, Bangkok 10310.
On June 11,
2007, the subject’s
registered address was
relocated to 28
Soi Onnuch 88,
Yaek 2, Onnuch
Road, Prawet, Bangkok
10250, and this
is the company’s
current operation address.
THE
BOARD OF DIRECTOR
Mr. Chanos Nandavisai
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chanos Nandavisai
is the
Managing Director.
He is Thai
nationality with the
age of 48 years
old.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing various kinds
of electrical and
electronics equipment, such as
high/low voltage equipment,
power supply, home & building automations,
PCB, surge arrester,
surge protective devices,
terminal blocks, industrial
connector, fuse, switches
and etc., as
well as providing
design and installation
services for lighting
protection system for high
rise building, hotel,
condominium, hospital, department
store and industrial
plant.
MAJOR
BRANDS
“PHOENIX CONTACT”, “SIBA”,
“PETER REINE”, “TELE”,
“SURGE”, “SEG”, “FANOX”,
“MONITORING”, “BERKER”, “HAGER”
and etc.
IMPORT
[COUNTRIES]
100% of the
products is imported
from Germany, Austria,
France, Taiwan,
Republic of China
and Spain.
MAJOR
SUPPLIERS
|
Name |
Country |
|
|
|
|
Phoenix Contact GmbH
& Co. |
Germany |
|
Fanox Electronic SL. |
Spain |
|
Siba GmbH. |
Germany |
|
Tele Haase Steuergerate |
Austria |
SALES
[LOCAL]
100% of its
products is sold locally to
manufacturers, wholesalers, end-users
and Thai government.
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
Kasikornbank Public Co., Ltd.
[Ladprao 67 Branch :
Ladprao 67 Rd.,
Wangthonglang, Bangkok]
EMPLOYMENT
The subject employs
21 staff. [office
& sales staff ]
LOCATION
DETAILS
The premise is
owned for operating
office at the heading address.
Premise is located
in commercial/
residential area.
COMMENT
The subject’s business
performance is satisfactory
in line with
high demand of the
products from related
industries and many
infrastructure projects adopted
by government and
private sectors. Generally, the subject’s
business is promising.
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. 3,000,000 on November 10,
2000
Bht. 5,000,000 On December
6, 2006
Bht. 10,000,000 on
October 11, 2012
The latest registered
capital was increased
to Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chanos Nandavisai Nationality: Thai Address : 23
Onnuch 88 Rd.,
Prawet, Bangkok |
50,000 |
50.00 |
|
Mrs. Oranuch Nandavisai Nationality: Thai Address : 23
Onnuch 88 Rd.,
Prawes, Bangkok |
49,999 |
50.00 |
|
Mrs. Penkae Nandavisai Nationality: Thai Address : 8/4
Petchkasem 1 Rd.,
T. Namuang, A.
Muang, Ratchaburi |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
100,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Bantoon Riewrangkusol No. 1088
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 |
2,724,976.77 |
1,638,200.31 |
1,185,914.81 |
|
Trade Accounts &
Other Receivable |
19,186,045.10 |
25,365,709.29 |
24,652,745.86 |
|
Inventories |
20,053,447.47 |
13,660,581.77 |
15,392,519.54 |
|
Other Current Assets
|
162,485.84 |
978,948.20 |
336,069.90 |
|
|
|
|
|
|
Total Current Assets
|
42,126,955.18 |
41,643,439.57 |
41,567,250.11 |
|
|
|
|
|
|
Fixed Assets |
12,404,003.92 |
13,116,654.22 |
12,341,548.03 |
|
Other Non - current Assets |
47,665.42 |
1,047,665.42 |
1,048,600.00 |
|
Total Assets |
54,578,624.52 |
55,807,759.21 |
54,957,398.14 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
- |
- |
5,501,235.62 |
|
Trade Accounts & Other
Payable |
18,841,459.00 |
15,785,370.30 |
12,710,606.28 |
|
Current Portion of
Long-term Liabilities |
140,291.47 |
289,472.07 |
289,472.07 |
|
Accrued Income Tax |
180,978.23 |
394,937.35 |
458,115.12 |
|
Other Current Liabilities |
347,739.58 |
574,583.36 |
393,487.44 |
|
|
|
|
|
|
Total Current Liabilities |
19,510,468.28 |
17,044,363.08 |
19,352,916.53 |
|
Long-term Loan |
1,970,000.00 |
5,473,913.00 |
8,293,735.56 |
|
Total Liabilities |
21,480,468.28 |
22,518,276.08 |
27,646,652.09 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
100,000 shares in 2013 & 2012; 50,000
shares in 2011 |
10,000,000.00 |
10,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated |
23,098,156.25 |
23,289,483.13 |
22,310,746.05 |
|
Total Shareholders' Equity |
33,098,156.25 |
33,289,483.13 |
27,310,746.05 |
|
Total Liabilities & Shareholders' Equity |
54,578,624.52 |
55,807,759.21 |
54,957,398.14 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
97,783,031.74 |
109,235,293.48 |
115,007,484.65 |
|
Other Income |
313,078.83 |
643,098.37 |
584,912.76 |
|
Total Revenues |
98,096,110.57 |
109,878,391.85 |
115,592,397.41 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
80,892,766.05 |
92,134,167.95 |
95,646,575.56 |
|
Selling Expenses |
2,965,222.19 |
2,523,304.41 |
2,607,504.18 |
|
Administrative Expenses |
11,399,903.96 |
11,877,099.10 |
11,589,197.50 |
|
Other Expenses |
782,064.93 |
- |
2,223,994.59 |
|
Total Expenses |
96,039,957.13 |
106,534,571.46 |
112,067,271.83 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
2,056,153.44 |
3,343,820.39 |
3,525,125.58 |
|
Financial Cost |
[21,554.43] |
[27,478.27] |
[53,348.29] |
|
Profit / [Loss] before Income
Tax |
2,034,599.01 |
3,316,342.12 |
3,471,777.29 |
|
Income Tax |
[526,883.44] |
[837,605.04] |
[830,285.38] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,507,715.57 |
2,478,737.08 |
2,641,491.91 |
|
Retained Earning, Beginning
of Year |
23,289,483.13 |
22,310,746.05 |
20,826,150.85 |
|
Less : Dividend |
[1,699,042.46] |
[1,500,000.00] |
[1,156,896.71] |
|
|
|
|
|
|
Retained Earning, End of Year |
23,098,156.24 |
23,289,483.13 |
22,310,746.05 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.16 |
2.44 |
2.15 |
|
QUICK RATIO |
TIMES |
1.12 |
1.58 |
1.34 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.88 |
8.33 |
9.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
1.96 |
2.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
90.48 |
54.12 |
58.74 |
|
INVENTORY TURNOVER |
TIMES |
4.03 |
6.74 |
6.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.62 |
84.76 |
78.24 |
|
RECEIVABLES TURNOVER |
TIMES |
5.10 |
4.31 |
4.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
85.02 |
62.54 |
48.51 |
|
CASH CONVERSION CYCLE |
DAYS |
77.09 |
76.34 |
88.48 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.73 |
84.34 |
83.17 |
|
SELLING & ADMINISTRATION |
% |
14.69 |
13.18 |
12.34 |
|
INTEREST |
% |
0.02 |
0.03 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
17.59 |
16.24 |
17.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.10 |
3.06 |
3.07 |
|
NET PROFIT MARGIN |
% |
1.54 |
2.27 |
2.30 |
|
RETURN ON EQUITY |
% |
4.56 |
7.45 |
9.67 |
|
RETURN ON ASSET |
% |
2.76 |
4.44 |
4.81 |
|
EARNING PER SHARE |
BAHT |
15.08 |
24.79 |
52.83 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.39 |
0.40 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.65 |
0.68 |
1.01 |
|
TIME INTEREST EARNED |
TIMES |
95.39 |
121.69 |
66.08 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(10.48) |
(5.02) |
|
|
OPERATING PROFIT |
% |
(38.51) |
(5.14) |
|
|
NET PROFIT |
% |
(39.17) |
(6.16) |
|
|
FIXED ASSETS |
% |
(5.43) |
6.28 |
|
|
TOTAL ASSETS |
% |
(2.20) |
1.55 |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -10.48%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.59 |
Deteriorated |
Industrial
Average |
43.19 |
|
Net Profit Margin |
1.54 |
Deteriorated |
Industrial
Average |
4.50 |
|
Return on Assets |
2.76 |
Deteriorated |
Industrial
Average |
7.04 |
|
Return on Equity |
4.56 |
Deteriorated |
Industrial
Average |
16.65 |
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 17.59%. 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 1.54%.
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 2.76%.
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 4.56%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.16 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.12 |
|
|
|
|
Cash Conversion Cycle |
77.09 |
|
|
|
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 2.16 times in 2013, decreased from 2.44 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 1.12 times in 2013,
decreased from 1.58 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 78 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.39 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.65 |
Impressive |
Industrial
Average |
1.32 |
|
Times Interest Earned |
95.39 |
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 lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 95.4 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 0.39 less than 0.5, most of the company's
assets are financed through equity.
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 |
7.88 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.79 |
Impressive |
Industrial
Average |
1.56 |
|
Inventory Conversion Period |
90.48 |
|
|
|
|
Inventory Turnover |
4.03 |
Impressive |
Industrial
Average |
3.70 |
|
Receivables Conversion Period |
71.62 |
|
|
|
|
Receivables Turnover |
5.10 |
Impressive |
Industrial
Average |
3.87 |
|
Payables Conversion Period |
85.02 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.10 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 54 days at the
end of 2012 to 90 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 6.74 times in year 2012 to 4.03 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.79 times and 1.96
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.20 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.