MIRA INFORM REPORT
|
Report Date : |
2nd May 2006 |
IDENTIFICATION DETAILS
|
Name : |
KITTISUPT THAI
TRACTOR LIMITED PARTNERSHIP |
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Registered Office : |
20/1-2 Soi
Prangsuppasat, Asadang Road, Chaophorsua, Phranakorn, Bangkok
10200 |
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Date of Incorporation : |
April
27, 1976 |
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Com. Reg. No.: |
0103519006994 |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
Importers
and distributors of tractors, equipment and spare parts |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
KITTISUPT THAI TRACTOR LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 20/1-2 SOI PRANGSUPPASAT,
ASADANG ROAD, CHAOPHORSUA,
PHRANAKORN, BANGKOK
10200
TELEPHONE : [66] 2224-1732, 2224-1695, 2224-
1755
FAX : [66] 2226-1264
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1976
REGISTRATION NO. : 0103519006994 [FORMER :
714/2519]
CAPITAL REGISTERED : BHT. 550,000
CAPITAL PAID-UP : BHT. 550,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. LAKHANAWAT
PILANTANAKITTI, THAI MANAGING
PARTNER
NO. OF STAFF : 9
LINES OF BUSINESS : USED TRACTORS, EQUIPMENT
AND SPARE PARTS 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 formed on April 27, 1976 as a limited partnership under the registered name KITTISUPT THAI TRACTOR LIMITED PARTNERSHIP, by Thai partners, the Pilantanakitti family, in order to distribute used tractors, equipment and spare parts to domestic market. It currently employs 9 staff.
The subject’s registered address is 20/1-2 Soi Prangsuppasat, Asadang Rd., Chaophorsua, Phranakorn, Bangkok 10200, and this is the subject’s current operation address.
AUTHORIZED PERSON
Mr. Lakhanawat Pilantanakitti can sign on behalf of the subject with seal affixed. He also bears full financial responsibility by law.
MANAGEMENT
Mr. Lakhanawat Pilantanakitti is the Managing Partner.
He is Thai nationality with the age of 53 years old.
BUSINESS OPERATIONS
The subject’s activities are distributor and dealer various kinds of used tractors, equipment and spare parts, under the brand name “CATERPILLAR”, “KOMUTSU” and etc.
PURCHASE
Most of tractor equipment and spare parts are purchased from local suppliers, the remaining, as well as used tractors are imported from Japan.
MAJOR SUPPLIER
Komutsu International Ltd. : Japan [20-30%]
SALES
80% of the products is sold locally by retail to end-users, and the remaining 20% is to sub-dealers.
REVENUE
In 2005, the subject’s revenue was increased around 5-10 % from the previous year.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is not found to have any subsidiary nor 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 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 L/C at sight or T/T.
EMPLOYMENT
The subject employs 9 staff.
LOCATION DETAILS
The premise is owned for administrative office and warehouse at the heading address. Premise is located in commercial area.
COMMENT
The subject
is doing slow
business due to
slowdown from overall
infrastructure project and industrial
sector resulting by higher
fuel prices and
operating costs, as
well as political
uncertainty.
Its business trend is likely stagnant this year.
FINANCIAL INFORMATION
The capital was registered at Bht. 550,000 which was carried by 3 persons as followed:
Name Age Amount
Mr.
Lakhanawat Pilantanakitti [53] Bht. 250,000[unlimited
partner]
Mrs. Rungthip Pilantanakitti [48] Bht. 250,000
Mr. Ekapong Pilantanakitti [27] Bht. 50,000
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Pattana Chanchaimongkol No. 0443
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
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|
|
|
|
Cash in hand & at Bank |
71,361.75 |
44,578.32 |
|
Inventories |
1,690,445.85 |
1,579,005.54 |
|
Short Term Loan to Share & Deferred Interest |
2,020,000.00 |
- |
|
Other Current Assets |
11,226.18 |
17,804.67 |
|
Total Current Assets |
3,793,033.78 |
1,641,388.53 |
|
|
|
|
|
Loan to Partners |
- |
1,400,000.00 |
|
Fixed Assets [note 1] |
1,630,715.14 |
44,976.75 |
|
Other Assets [note 2] |
8,179.67 |
14,226.18 |
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Total Assets |
5,431,928.59 |
3,100,591.46 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Accrued Income Tax |
- |
23,380.13 |
|
Other Current Liabilities [note 3] |
35,413.32 |
17,101.57 |
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Total Current Liabilities |
35,413.32 |
40,481.70 |
|
Hire-Purchase Payable |
1,246,738.00 |
- |
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Total Liabilities |
1,282,151.32 |
40,481.70 |
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|
|
|
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Shareholders' Equity |
|
|
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Capital Paid |
1,000,000.00 |
100,000.00 |
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Retained Earning - Unappropriated |
3,149,777.27 |
2,960,109.76 |
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Total Shareholders' Equity |
4,149,777.27 |
3,060,109.76 |
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Total
Liabilities & Shareholders' Equity |
5,431,928.59 |
3,100,591.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
8,766,829.47 |
10,670,091.29 |
|
Interest Income |
20,000.00 |
- |
|
Other Income |
- |
14,000.00 |
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Total Revenues |
8,786,829.47 |
10,684,091.29 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods Sold |
7,513,729.73 |
9,363,748.22 |
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Selling & Administrative Expenses |
1,049,961.49 |
1,110,592.56 |
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Total Expenses |
8,563,691.22 |
10,474,340.78 |
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Profit / [Loss] Before Income Tax |
223,138.25 |
209,750.51 |
|
Income Tax |
[33,470.74] |
[41,950.10] |
|
Net Profit / [Loss] |
189,667.51 |
167,800.41 |
|
Retained Earning, beginning of year |
2,960,109.76 |
2,792,309.35 |
|
Retained Earning,
end of year |
3,149,777.27 |
2,960,109.76 |
FINANCIAL NOTE
NOTE 1
Fixed Assets
|
|
2004 |
|
|
|
|
Vehicle |
1,661,944.00 |
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Office Automation |
166,347.29 |
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Total |
1,828,291.29 |
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Less: Depreciation |
[197,576.15] |
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Total |
1,630,715.14 |
NOTE 2
Other Assets
|
|
2004 |
|
|
|
|
Prepaid Insurance Premium |
5,179.67 |
|
Telephone Guarantee |
3,000.00 |
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Total |
8,179.67 |
NOTE 3
Other Current Liabilities
|
|
2004 |
|
|
|
|
Payable-Revenue Department |
7,577.08 |
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Accrued Auditor Account |
7,000.00 |
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Accrued Income Tax |
20,836.24 |
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Total |
35,413.32 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
[17.84] |
|
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Operating |
0.58 |
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Net Profit |
13.03 |
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|
Fixed Assets |
3,525.68 |
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Total Assets |
75.19 |
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Profitability |
|
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Cost of Goods Sold |
85.71 |
87.76 |
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Operating Profit Margin |
14.29 |
12.24 |
|
S&A expenses |
11.98 |
10.41 |
|
Other Revenues |
0.23 |
0.13 |
|
Net Profit Margin |
2.16 |
1.57 |
Net Sales
was decreased by
17.84%, Operating Profit
was increased by
0.58%, Net Profit
was increased by
13.03%, Fixed Assets
was increased by
3,525.68%, Total Assets
was increased by
75.19%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
87.76% to 85.71%,
Operating Profit Margin
was increased from
12.24% to 14.29%,
S & A
Expenses were increased
from 10.41% to
11.98%, Other Revenues
was increased from
0.13% to 0.23%,
Net Profit Margin
was increased from
1.57% to 2.16%.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
107.11 |
40.55 |
|
Quick - assets ratio |
2.02 |
1.10 |
Current Ratio was increased from 40.55 to 107.11, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 1.10 to 2.02, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
0.31 |
0.01 |
D/E Ratio was
increased from 0.01
to 0.31, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets Turnover |
5.38 |
237.24 |
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Total Assets Turnover |
1.61 |
3.44 |
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Return on Assets |
3.49 |
5.41 |
|
Return on Equity |
4.57 |
5.48 |
|
Day’s Inventories |
82.12 |
61.55 |
Fixed Assets Turnover
was decreased from
237.24 times to
5.38 times, Total
Assets Turnover was
decreased from 3.44
times to 1.61
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 5.41
to 3.49, Return
on Equity was
decreased from 5.48
to 4.57, capacity
to use Assets to make
profit was not
good.
Day’s Inventories was increased from 62 days to 83 days.
RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |