MIRA INFORM REPORT
|
Report No. : |
322202 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
STC DIECASTING [THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
SHIN ANN [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
25 Moo 5, T. Mabkha, A. Nikhompattana, Rayong 21180 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.03.2000 |
|
|
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Com. Reg. No.: |
0215543000322 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Subject is
engaged in manufacturing and
servicing of parts
such as die
shafts and other
components for electric
appliances, automobile and
electronic products industries. |
|
|
|
|
No. of Employee : |
100 |
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 |
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|
|
|
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 – 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
STC DIECASTING [THAILAND] CO., LTD.
[FORMER : SHIN ANN [THAILAND] CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 25
MOO 5, T. MABKHA,
A. NIKHOMPATTANA,
RAYONG 21180,
THAILAND
TELEPHONE : [66] 38
637-737-9
FAX :
[66] 38
637-740
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0215543000322
TAX
ID NO. : 3241020356
CAPITAL REGISTERED : BHT. 90,000,000
CAPITAL PAID-UP : BHT.
90,000,000
SHAREHOLDER’S PROPORTION : SOUTH
KOREAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JIN HONG
SHIN, SOUTH KOREAN
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : ELECTRICAL AND
ELECTRONICS PARTS
MANUFACTURER, DISTRIBUTOR
AND
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 March 8,
2000 as a
private limited company under
the name style “Shin Ann
[Thailand] Co., Ltd.”,
by South Korean groups. On May
29, 2013, its
registered name was
changed to STC
DIECASTING [THAILAND] CO.,
LTD. Its business
objective is to manufacture and
distribute electrical and electronic parts
for various industries.
It currently employs
approximately 100 staff.
The
subject’s registered address
is 25 Moo 5,
T. Mabkha, A.
Nikhompattana,
Rayong
21180, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
Mr. Jin Hong Shin
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jin Hong Shin
is the Managing
Director.
He is South
Korean nationality with
the age of 43
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing and servicing
of parts such
as die shafts
and other components
for electric appliances,
automobile and electronic
products industries.
PURCHASE
80%
of raw materials
such as steel,
stainless steel and etc.,
are purchased from
local suppliers, the
remaining 20% is
imported from Japan,
Germany, Australia and
Republic of China.
SALES
80% of the products
is sold locally
to manufacturers and
end-users, the remaining
20% is exported
to Korea, Taiwan,
Singapore and Malaysia.
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
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
100 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at
the heading
address.
Premise is located
in provincial.
COMMENT
Subject
provides manufacturing, exporting and
distributing parts for
electrical, automobile and
electronic products industries. Subject has
good business growth despite sluggish market,
as well as
its current business
is growing steadily.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 2,000,000 divided into 20,000 shares
of Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on February 26,
2001
Bht. 8,000,000
on September 26,
2001
Bht. 15,000,000
on August 17,
2005
Bht. 38,000,000
on March 27,
2006
Bht. 90,000,000
on January 17,
2007
The
latest registered capital
was increased to
Bht. 90 million, divided
into 900,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at September 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kim Chong Dae Nationality: South Korean Address : Korea |
549,600 |
61.07 |
|
Shin Ann [Korea]
Co., Ltd. Nationality: South Korean Address : Korea |
340,000 |
37.78 |
|
Mr. Jin Hong Shin Nationality: South Korean Address
: T. Mabkha,
A. Nikhompattana, Rayong
|
4,000 |
0.44 |
|
Mr. Sor Myeong Shic Nationality: South Korean Address : Korea |
4,000 |
0.44 |
|
Mr. Kim Zhu Hong Nationality: South Korean Address : Korea |
800 |
|
|
Mr. Kim E Han Nationality: South Korean Address : Korea |
800 |
= 0.27 |
|
Mrs. Sor Myeong
Sook Nationality: South Korean Address : Korea |
800 |
|
Total Shareholders : 7
Share Structure [as
at September 26,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - South Korean |
7 |
900,000 |
100.00 |
|
Total |
7 |
900,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Nongnuch Rajawatra No.
1749
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 |
16,891.89 |
98,549.46 |
49,238.95 |
|
Short-term Investment |
5,299,283.12 |
5,179,395.47 |
1,435,654.82 |
|
Trade Accounts &
Other Receivable |
112,419,628.75 |
98,040,049.83 |
80,483,808.98 |
|
Inventories |
2,331,766.66 |
7,567,671.00 |
20,039,139.88 |
|
|
|
|
|
|
Total Current Assets
|
120,067,570.42 |
110,885,665.76 |
102,007,842.63 |
|
|
|
|
|
|
Fixed Assets |
173,427,571.03 |
190,343,980.87 |
172,459,924.76 |
|
Other Non - current Assets |
2,253,798.34 |
2,456,798.34 |
1,117,228.25 |
|
Total Assets |
295,748,939.79 |
303,686,444.97 |
275,584,995.64 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
51,356,708.00 |
55,253,353.04 |
54,050,270.82 |
|
Trade Accounts & Other
Payable |
118,865,210.43 |
112,130,349.40 |
90,732,330.85 |
|
Current Portion of Long-term from
Financial Institutions |
7,939,544.78 |
15,279,295.14 |
14,247,021.36 |
|
Current Portion of
Long-term Liabilities |
922,198.00 |
1,080,672.00 |
482,904.02 |
|
Accrued Income Tax |
557,890.71 |
465,825.66 |
339,238.66 |
|
|
|
|
|
|
Total Current Liabilities |
179,641,551.92 |
184,209,495.24 |
159,851,765.71 |
|
Long-term Loan from Financial Institutions |
9,560,772.72 |
17,521,614.31 |
18,584,038.05 |
|
Long-term Liabilities |
718,972.26 |
1,231,046.26 |
618,045.98 |
|
Long-term Loans |
2,321,920.00 |
2,321,920.00 |
2,321,920.00 |
|
Employee Benefits Obligation |
229,881.49 |
221,877.44 |
192,318.34 |
|
Total Liabilities |
192,473,098.39 |
205,505,953.25 |
181,568,088.08 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 900,000 shares |
90,000,000.00 |
90,000,000.00 |
90,000,000.00 |
|
|
|
|
|
|
Capital Paid |
90,000,000.00 |
90,000,000.00 |
90,000,000.00 |
|
Retained Earnings: Appropriated for statutory reserve |
350,000.00 |
350,000.00 |
350,000.00 |
|
Unappropriated |
12,925,841.40 |
7,830,491.72 |
3,666,907.56 |
|
Total Shareholders' Equity |
103,275,841.40 |
98,180,491.72 |
94,016,907.56 |
|
Total Liabilities & Shareholders' Equity |
295,748,939.79 |
303,686,444.97 |
275,584,995.64 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
402,607,928.79 |
382,979,330.92 |
289,255,602.77 |
|
Services Income |
- |
- |
5,663,000.00 |
|
Rental Income |
- |
- |
315,000.00 |
|
Sales of Electricity |
- |
- |
250,726.57 |
|
Gain on Disposal of Assets |
- |
- |
1,333,456.46 |
|
Gain on Exchange Rate |
113,968.97 |
- |
- |
|
Other Income |
42,483.21 |
32,227.38 |
11,333.22 |
|
Total Revenues |
402,764,380.97 |
383,011,558.30 |
296,829,119.02 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
364,095,827.00 |
349,241,340.62 |
261,860,128.49 |
|
Selling Expenses |
2,812,236.21 |
2,952,278.34 |
2,893,357.14 |
|
Administrative Expenses |
24,132,173.70 |
18,793,980.80 |
21,960,216.41 |
|
Loss on Exchange
Rate |
- |
423,561.97 |
1,707,913.35 |
|
Total Expenses |
391,040,236.91 |
371,411,161.73 |
288,421,615.39 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
11,724,144.06 |
11,600,396.57 |
8,407,503.63 |
|
Financial Cost |
[5,336,185.49] |
[6,184,315.07] |
[5,594,451.93] |
|
Profit before Income
Tax |
6,387,958.57 |
5,416,081.50 |
2,813,051.70 |
|
Income Tax |
[1,292,608.89] |
[1,252,497.34] |
[919,743.13] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,095,349.68 |
4,163,584.16 |
1,893,308.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.67 |
0.60 |
0.64 |
|
QUICK RATIO |
TIMES |
0.66 |
0.56 |
0.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.32 |
2.01 |
1.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.36 |
1.26 |
1.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.34 |
7.91 |
27.93 |
|
INVENTORY TURNOVER |
TIMES |
156.15 |
46.15 |
13.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.92 |
93.44 |
99.42 |
|
RECEIVABLES TURNOVER |
TIMES |
3.58 |
3.91 |
3.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
119.16 |
117.19 |
126.47 |
|
CASH CONVERSION CYCLE |
DAYS |
(14.90) |
(15.84) |
0.88 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.43 |
91.19 |
88.62 |
|
SELLING & ADMINISTRATION |
% |
6.69 |
5.68 |
8.41 |
|
INTEREST |
% |
1.33 |
1.61 |
1.89 |
|
GROSS PROFIT MARGIN |
% |
9.60 |
8.82 |
11.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.91 |
3.03 |
2.85 |
|
NET PROFIT MARGIN |
% |
1.27 |
1.09 |
0.64 |
|
RETURN ON EQUITY |
% |
4.93 |
4.24 |
2.01 |
|
RETURN ON ASSET |
% |
1.72 |
1.37 |
0.69 |
|
EARNING PER SHARE |
BAHT |
5.66 |
4.63 |
2.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.68 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.86 |
2.09 |
1.93 |
|
TIME INTEREST EARNED |
TIMES |
2.20 |
1.88 |
1.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.13 |
29.61 |
|
|
OPERATING PROFIT |
% |
1.07 |
37.98 |
|
|
NET PROFIT |
% |
22.38 |
119.91 |
|
|
FIXED ASSETS |
% |
(8.89) |
10.37 |
|
|
TOTAL ASSETS |
% |
(2.61) |
10.20 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 5.13%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.60 |
Deteriorated |
Industrial
Average |
21.47 |
|
Net Profit Margin |
1.27 |
Deteriorated |
Industrial
Average |
6.87 |
|
Return on Assets |
1.72 |
Deteriorated |
Industrial
Average |
11.50 |
|
Return on Equity |
4.93 |
Deteriorated |
Industrial
Average |
20.00 |
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 9.6%. 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 1.27%.
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 4.93%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.67 |
Risky |
Industrial
Average |
1.85 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
(14.90) |
|
|
|
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 0.67 times in 2013, increased from 0.6 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 0.66 times in 2013,
increased from 0.56 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 -15 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
1.86 |
Risky |
Industrial
Average |
0.73 |
|
Times Interest Earned |
2.20 |
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 2.2 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 0.65 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 |
2.32 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.36 |
Satisfactory |
Industrial
Average |
1.67 |
|
Inventory Conversion Period |
2.34 |
|
|
|
|
Inventory Turnover |
156.15 |
Impressive |
Industrial
Average |
7.80 |
|
Receivables Conversion Period |
101.92 |
|
|
|
|
Receivables Turnover |
3.58 |
Satisfactory |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
119.16 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.58 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 8 days at the end
of 2012 to 2 days at the end of 2013. This represents a positive trend. And
Inventory turnover has increased from 46.15 times in year 2012 to 156.15 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.36 times and 1.26
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.