MIRA INFORM REPORT
|
Report No. : |
351744 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DETAIL PRODUCTS CO., LTD. |
|
|
|
|
Registered Office : |
466 Soi Sukhumvit 93,
Sukhumvit Road, Bangchak, Prakanong,
Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
25.01.1995 |
|
|
|
|
Com. Reg. No.: |
0105538011916 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting wide range
of pewter ware and
other related products,
including pewter household
items, pewter decorative
items and tabletop
pewter items. The
products are beer
mug, wine goblet,
whiskey flask, tea
container, vase, key
chain, water cup,
wine related items,
hip flasks, tankards,
flatware, stemware, house
ware, table top,
frames, candle holders,
pitchers, figurines, gift
items. |
|
|
|
|
No. of Employees : |
200 |
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 |
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, 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
DETAIL PRODUCTS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 466 SOI SUKHUMVIT
93, SUKHUMVIT ROAD,
BANGCHAK, PRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2742-4049,
2331-7141-2, 2742-5951
FAX : [66] 2742-4062,
2331-7144
E-MAIL ADDRESS : dtpewter@truemail.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538011916
TAX ID NO. : 3011537060
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SUTTIROTE BUSSAYAJIRAPONG, THAI
MANAGING DIRECTOR
NO. OF STAFF : 200
LINES OF BUSINESS : PEWTER WARE
AND RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
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 January
25, 1995 as
a private limited
company under the
registered name DETAIL
PRODUCTS CO., LTD., by
Thai group, with the business
objective to manufacture
and distribute wide
range of pewter
ware and related
products to both domestic
and international markets. It currently employs approximately 200
staff.
The subject’s registered
address is 466
Soi Sukhumvit 93,
Sukhumvit Road, Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suttirote Bussayajirapong |
|
Thai |
55 |
|
Mrs. Nalinrat Bussayajirapong |
|
Thai |
56 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suttirote Bussayajirapong is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
Mrs. Nalinrat
Bussayajirapong is the
Deputy Managing Director & Export Manager.
She is Thai
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of pewter
ware and other related
products, including pewter
household items, pewter
decorative items and
tabletop pewter items.
The products are
beer mug, wine
goblet, whiskey flask,
tea container, vase,
key chain, water
cup, wine related
items, hip flasks,
tankards, flatware, stemware,
house ware, table
top, frames, candle
holders, pitchers, figurines,
gift items.
PURCHASE
Raw materials are
purchased from both
local and overseas
suppliers in Republic
of China, Taiwan
and India.
SALES
Its products are
sold by wholesale
to traders and
end-users both locally
and overseas in
Japan, Hong Kong, Singapore,
U.S.A., and the
country in Europe.
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 currently
employs approximately 200
staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is
a manufacturer, distributor
and exporter of
pewter goods for
household users. Its
business performance has
been slowing down
since the year 2014. Slow
economy growth has
affected on domestic
consumption which pressured
its business performance
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suttirote
Bussayajirapong Nationality: Thai Address : 466
Soi Sukhumvit 93,
Sukhumvit Road, Bangchak, Prakanong,
Bangkok |
5,000 |
50.00 |
|
Mrs. Nalinrat
Bussayajirapong Nationality: Thai Address : 32
Soi Saensabai, Rama
4 Road,
KLongtoey, Bangkok |
4,900 |
49.00 |
|
Ms. Busayarin Bussayajirapong Nationality: Thai Address : 466
Soi Sukhumvit 93,
Sukhumvit Road,
Bangchak, Prakanong, Bangkok
|
100 |
1.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Nanthida Eiawsakul No. 7106
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
16,828,831.52 |
24,015,132.44 |
19,868,645.09 |
|
Trade Accounts Receivable |
7,139,365.21 |
4,579,470.89 |
3,118,893.80 |
|
Material Supplies |
- |
- |
680,839.54 |
|
Other Current Assets
|
648,392.37 |
1,506,575.48 |
1,526,207.74 |
|
|
|
|
|
|
Total Current Assets
|
24,616,589.10 |
30,101,178.81 |
25,194,586.17 |
|
Investment |
11,000,000.00 |
11,000,000.00 |
1,000,000.00 |
|
Equipment - Net |
1,627,204.44 |
1,947,061.24 |
1,965,787.28 |
|
Other Non-current Assets |
230,940.12 |
230,412.62 |
229,975.12 |
|
Total Assets |
37,474,733.66 |
43,278,652.67 |
28,390,348.57 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
3,453,615.42 |
4,718,734.71 |
3,660,781.58 |
|
Short-term Loan |
- |
7,500,000.00 |
6,000,000.00 |
|
Accrued Income Tax |
522,082.40 |
996,867.17 |
787,630.14 |
|
Other Current Liabilities |
519,614.02 |
1,603,020.82 |
1,099,702.74 |
|
|
|
|
|
|
Total Current Liabilities |
4,495,311.84 |
14,818,622.70 |
11,548,114.46 |
|
Other Long-term Loan |
3,874,855.97 |
4,842,645.93 |
- |
|
Total Liabilities |
8,370,167.81 |
19,661,268.63 |
11,548,114.46 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
10,000 shares
|
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
28,104,565.85 |
22,617,384.04 |
15,842,234.11 |
|
|
|
|
|
|
Total Shareholders' Equity |
29,104,565.85 |
23,617,384.04 |
16,842,234.11 |
|
Total Liabilities & Shareholders' Equity |
37,474,733.66 |
43,278,652.67 |
28,390,348.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
74,918,521.56 |
94,203,872.73 |
88,099,414.61 |
|
Tax Compensation |
684,548.99 |
566,355.18 |
269,807.93 |
|
Gain on Exchange
Rate |
106,078.95 |
795,166.02 |
- |
|
Interest Income |
653,943.51 |
334,181.80 |
97,725.62 |
|
Other Income |
145,722.78 |
2,447,441.91 |
2,219,073.36 |
|
Total Revenues |
76,508,815.79 |
98,347,017.64 |
90,686,021.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
59,897,492.58 |
79,447,378.72 |
74,636,245.63 |
|
Selling Expenses |
2,935,246.35 |
4,323,911.72 |
4,002,766.41 |
|
Administrative Expenses |
6,629,767.61 |
6,069,064.17 |
5,553,633.18 |
|
Loss on Exchange
Rate |
- |
- |
207,778.37 |
|
Total Expenses |
69,462,506.54 |
89,840,354.61 |
84,400,423.59 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
7,046,309.25 |
8,506,663.03 |
6,285,597.93 |
|
Financial Cost |
[187,045.04] |
[34,645.93] |
[9,768.92] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
6,859,264.21 |
8,472,017.10 |
6,275,829.01 |
|
Income Tax |
[1,372,082.40] |
[1,696,867.17] |
[1,443,880.14] |
|
Net Profit / [Loss] |
5,487,181.81 |
6,775,149.93 |
4,831,948.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.48 |
2.03 |
2.18 |
|
QUICK RATIO |
TIMES |
5.33 |
1.93 |
1.99 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.04 |
48.38 |
44.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.00 |
2.18 |
3.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
3.33 |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
109.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.78 |
17.74 |
12.92 |
|
RECEIVABLES TURNOVER |
TIMES |
10.49 |
20.57 |
28.25 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.05 |
21.68 |
17.90 |
|
CASH CONVERSION CYCLE |
DAYS |
13.74 |
(3.94) |
(1.65) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.95 |
84.34 |
84.72 |
|
SELLING & ADMINISTRATION |
% |
12.77 |
11.03 |
10.85 |
|
INTEREST |
% |
0.25 |
0.04 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
22.17 |
20.06 |
18.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.41 |
9.03 |
7.13 |
|
NET PROFIT MARGIN |
% |
7.32 |
7.19 |
5.48 |
|
RETURN ON EQUITY |
% |
18.85 |
28.69 |
28.69 |
|
RETURN ON ASSET |
% |
14.64 |
15.65 |
17.02 |
|
EARNING PER SHARE |
BAHT |
548.72 |
677.51 |
483.19 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.45 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.29 |
0.83 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
37.67 |
245.53 |
643.43 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(20.47) |
6.93 |
|
|
OPERATING PROFIT |
% |
(17.17) |
35.34 |
|
|
NET PROFIT |
% |
(19.01) |
40.22 |
|
|
FIXED ASSETS |
% |
(16.43) |
(0.95) |
|
|
TOTAL ASSETS |
% |
(13.41) |
52.44 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -20.47%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.17 |
Deteriorated |
Industrial Average |
605.18 |
|
Net Profit Margin |
7.32 |
Impressive |
Industrial Average |
5.95 |
|
Return on Assets |
14.64 |
Impressive |
Industrial Average |
5.06 |
|
Return on Equity |
18.85 |
Impressive |
Industrial Average |
8.63 |
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 22.17%. 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. Net Profit Margin ratio is 7.32%,
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
14.64%, 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 18.85%, 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 :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
5.48 |
Impressive |
Industrial Average |
1.62 |
|
Quick Ratio |
5.33 |
|
|
|
|
Cash Conversion Cycle |
13.74 |
|
|
|
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 5.48 times in 2014, increase from 2.03 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 5.33 times in 2014,
increase from 1.93 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 14 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.29 |
Impressive |
Industrial Average |
0.68 |
|
Times Interest Earned |
37.67 |
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 37.68 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 0.22 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 |
46.04 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.00 |
Impressive |
Industrial Average |
0.85 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
3.93 |
|
Receivables Conversion Period |
34.78 |
|
|
|
|
Receivables Turnover |
10.49 |
Impressive |
Industrial Average |
4.56 |
|
Payables Conversion Period |
21.05 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.49 and
The company's Total Asset Turnover is calculated as 2 times and 2.18
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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
Thai Baht |
1 |
Rs.1.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.