MIRA INFORM REPORT
|
Report No. : |
346079 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SINGH GROUP COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
MILLENIUM SYNERGY [THAILAND] CO., LTD. |
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Registered Office : |
210/5 Soi Khu Bon 24, Raminthra Road, Kannayao, Bangkok 10230, |
|
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|
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.01.2008 |
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Com. Reg. No.: |
0105551009458 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in importing, distributing and re-exporting various kinds of mineral raw material such as low silica SMS grade limestone, natural dolomite, gypsum, Iron Ore and, as well as exporting of the local products mainly for tinplate production and metal works industry. |
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|
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No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
SINGH
GROUP COMPANY LIMITED
[FORMER
: MILLENIUM SYNERGY
[THAILAND] CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 210/5
SOI KHU BON
24, RAMINTHRA ROAD,
KANNAYAO, BANGKOK
10230, THAILAND
TELEPHONE : [66] 2943-3517
FAX :
[66] 2943-3074
E-MAIL
ADDRESS : sgcl@singhgroup.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551009458
TAX
ID NO. : 3032977708
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
SHAREHOLDER’S PROPORTION : THAI :
88.40%
INDIAN
: 11.60%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANIL KUMAR
SINGH, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : MINERAL RAW
MATERIAL
IMPORTER, 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
23, 2008 as
a private limited
company under the originally registered name “Millenium Synergy [Thailand] Co., Ltd.”, by
Thai and Indian groups. On December 24,
2009, its registered
name was changed
to SINGH GROUP COMPANY
LIMITED. Its business
objective is to
import, distribute and
export various kinds
of mineral raw
material for tinplate
production and metal
works industry. It currently
employs 12 staff.
The subject is
an affiliated company
of Singh Imperial
Export-Import Co., Ltd.,
the
Thai company.
The subject’s registered
address is 210/5
Soi Khu Bon
24, Raminthra Road, Kannayao,
Bangkok 10230, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Malta Singh |
[x] |
Thai |
39 |
|
Mr. Anil Kumar Singh |
[x] |
Indian |
- |
|
Mr. Mannan Chaubey |
|
Indian |
38 |
|
Mr. Soumen Bose |
|
Indian |
48 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Anil Kumar Singh
is the Managing Director.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
re-exporting various kinds
of mineral raw material such as
low silica SMS
grade limestone, natural
dolomite, gypsum, Iron
Ore and etc.,
as well as
exporting of the
local products mainly
for tinplate production and
metal works industry.
PURCHASE
Its products are
purchased from both
local and overseas
suppliers in India
and Republic of
China.
SALES
The products are
sold locally to
wholesalers, manufacturers and
end-users.
EXPORT
The products are
also exported and
re-exported to India,
Indonesia, Malaysia and
Singapore.
RELATED COMPANY
Singh Imperial Export-Import
Co., Ltd.
Business Type :
Trading company
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 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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 12 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject’s operating performance
in 2014 was
satisfactory with a sharp
increase in sales
revenue comparing to
the previous year, and
ended up with
net profit at
the end of
year. This was
mainly due to
an increase in
number of orders
and customers in the
past year. Generally, the subject’s business
is growing considerably
in line with
the improvement and
growth of related
industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into 100,000
shares of Bht. 100
each with fully
paid.
On
June 17, 2013,
the registered capital
was increased to
Bht. 25,000,000 divided
into 250,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
June 17, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Singh Imperial Export-Import Co.,
Ltd. Nationality: Thai Address : 210/5
Raminthra Road, Kannayao,
Bangkok |
150,001 |
60.00 |
|
Mrs. Malta Singh Nationality: Thai Address : 137/257
Moo 5, Raminthra
Road,
Tharaeng, Bangkhen, Bangkok
|
70,997 |
28.40 |
|
Mr. Sanje Kumar Singh Nationality: Indian Address : India |
10,000 |
4.00 |
|
Mr. Manan Chaubey Nationality: Indian Address : 60/678
Moo 11, T. Bangmuangmai, A.
Muang, Samutprakarn |
10,000 |
4.00 |
|
Mr. Anil Kumar Singh Nationality: Indian Address : 137/257
Moo 5, Raminthra
Road,
Tharaeng, Bangkhen, Bangkok
|
9,000 |
3.60 |
|
Ms. Namrata Singh Nationality: Thai Address : 137/257
Moo 5, Raminthra
Road,
Tharaeng, Bangkhen, Bangkok
|
1 |
- |
|
|
|
|
|
Ms. Sudha Bahadursingh Nationality: Thai Address : 22/12
Moo 7, Bangduan,
Pasicharoen, Bangkok |
1 |
- |
Total Shareholders : 7
Share
Structure [as at
June 17, 2013]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
221,000 |
88.40 |
|
Foreign - Indian |
3 |
29,000 |
11.60 |
|
Total |
7 |
250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Krisana Siripatcharawong No.
6584
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 |
130,513.75 |
120,908.08 |
310,249.96 |
|
Trade Accounts &
Other Receivable |
12,280,190.40 |
4,027,400.00 |
719,750.00 |
|
Inventories |
- |
4,267,269.41 |
- |
|
Short-term Loans |
13,640,100.00 |
500,000.00 |
6,908,500.00 |
|
Short-term Investments |
15,664,494.95 |
15,664,494.95 |
800,000.00 |
|
Other Current Assets
|
1,956,874.08 |
464,187.36 |
45,251.25 |
|
|
|
|
|
|
Total Current Assets
|
43,672,173.18 |
25,044,259.80 |
8,783,751.21 |
|
|
|
|
|
|
Land |
3,725,615.00 |
3,725,615.00 |
- |
|
Equipments |
5,823,526.15 |
4,896,626.83 |
79,381.24 |
|
Total Assets |
53,221,314.33 |
33,666,501.63 |
8,863,132.45 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
5,020,514.63 |
5,008,174.82 |
- |
|
Trade Accounts Payable
|
19,947,759.16 |
1,599,404.34 |
- |
|
Current Portion of
Lease Contract Liabilities |
267,972.00 |
- |
- |
|
Short-term Loans |
14,708,550.00 |
16,392,000.00 |
2,358,743.00 |
|
Other Current Liabilities |
399,440.81 |
34,107.95 |
345,565.95 |
|
|
|
|
|
|
Total Current Liabilities |
40,344,236.60 |
23,033,687.11 |
2,704,308.95 |
|
Other Long-term Loan |
803,916.00 |
- |
- |
|
Total Liabilities |
41,148,152.60 |
23,033,687.11 |
2,704,308.95 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital 250,000 shares
in 2014 & 2013 100,000 shares
in 2012 |
25,000,000.00 |
25,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[12,926,838.27] |
[14,367,185.48] |
[3,841,176.50] |
|
Total Shareholders' Equity |
12,073,161.73 |
10,632,814.52 |
6,158,823.50 |
|
Total Liabilities & Shareholders' Equity |
53,221,314.33 |
33,666,501.63 |
8,863,132.45 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
110,954,378.58 |
1,284,000.00 |
- |
|
Other Income |
1,827,920.82 |
125.21 |
155.65 |
|
Total Revenues |
112,782,299.40 |
1,284,125.21 |
155.65 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
103,046,047.20 |
1,290,846.29 |
- |
|
Selling Expenses |
1,870,584.30 |
799,212.51 |
25,522.00 |
|
Administrative Expenses |
5,358,481.17 |
9,720,075.39 |
1,761,327.42 |
|
Total Expenses |
110,275,112.67 |
11,810,134.19 |
1,786,849.42 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
2,507,186.73 |
[10,526,008.98] |
[1,786,693.77] |
|
Financial Cost |
[1,066,839.52] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
1,440,347.21 |
[10,526,008.98] |
[1,786,693.77] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.09 |
3.25 |
|
QUICK RATIO |
TIMES |
0.31 |
0.18 |
0.38 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.62 |
0.15 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
0.04 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
1,206.61 |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
0.30 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.40 |
1,144.86 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
9.04 |
0.32 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
70.66 |
452.25 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(30.26) |
1,899.23 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.87 |
100.53 |
- |
|
SELLING & ADMINISTRATION |
% |
6.52 |
819.26 |
- |
|
INTEREST |
% |
0.96 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
8.78 |
(0.52) |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.26 |
(819.78) |
- |
|
NET PROFIT MARGIN |
% |
1.30 |
(819.78) |
- |
|
RETURN ON EQUITY |
% |
11.93 |
(99.00) |
(29.01) |
|
RETURN ON ASSET |
% |
2.71 |
(31.27) |
(20.16) |
|
EARNING PER SHARE |
BAHT |
5.76 |
(42.10) |
(17.87) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.68 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.41 |
2.17 |
0.44 |
|
TIME INTEREST EARNED |
TIMES |
2.35 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8,541.31 |
- |
|
|
OPERATING PROFIT |
% |
(123.82) |
489.13 |
|
|
NET PROFIT |
% |
113.68 |
(489.13) |
|
|
FIXED ASSETS |
% |
10.75 |
10,761.81 |
|
|
TOTAL ASSETS |
% |
58.08 |
279.85 |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 8541.31%. Turnover has increased from THB
1,284,000.00 in 2013 to THB 110,954,378.58 in 2014. While net profit has
increased from THB -10,526,008.98 in 2013 to THB 1,440,347.21 in 2014. And
total assets has increased from THB 33,666,501.63 in 2013 to THB 53,221,314.33
in 2014.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.78 |
Deteriorated |
Industrial Average |
28.05 |
|
Net Profit Margin |
1.30 |
Acceptable |
Industrial Average |
1.75 |
|
Return on Assets |
2.71 |
Acceptable |
Industrial Average |
3.77 |
|
Return on Equity |
11.93 |
Impressive |
Industrial Average |
10.09 |
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 8.78%. 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 1.3%. 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 2.71%.
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 11.93%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
1.08 |
Acceptable |
Industrial Average |
1.60 |
|
Quick Ratio |
0.31 |
|
|
|
|
Cash Conversion Cycle |
(30.26) |
|
|
|
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 1.08 times in 2014, decrease from 1.09 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 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 0.31 times in 2014,
increase from 0.18 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 -31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
3.41 |
Risky |
Industrial Average |
1.37 |
|
Times Interest Earned |
2.35 |
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 2.36 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 0.77 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
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
11.62 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.08 |
Impressive |
Industrial Average |
2.06 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
6.76 |
|
Receivables Conversion Period |
40.40 |
|
|
|
|
Receivables Turnover |
9.04 |
Impressive |
Industrial Average |
4.59 |
|
Payables Conversion Period |
70.66 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.04 and 0.32 in
2014 and 2013 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2014
increased from 2013. This would suggest the company had good performance in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 2.08 times and 0.04 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
1.78 |
25.00 |
44.50 |
|
ACTIVITY RATIO |
4.00 |
20.00 |
80.00 |
|
PROFITABILITY
RATIO |
1.67 |
25.00 |
41.75 |
|
LEVERAGE RATIO |
1.78 |
10.00 |
17.80 |
|
ANNUAL GROWTH |
3.20 |
20.00 |
64.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
248.05 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.