MIRA INFORM REPORT
|
Report Date : |
3rd May 2006 |
IDENTIFICATION DETAILS
|
Name : |
ALLIED-TEK [THAILAND] CO., LTD. |
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Registered Office : |
21/27 Moo 10,
Navamintr Road, Klongkum, Buengkum, Bangkok 10230
Thailand |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0105527026585 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged
in importing, distributing &
installation wide range of technical cutting and welding equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
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
ALLIED-TEK [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 21/27 MOO 10, NAVAMINTR
ROAD, KLONGKUM, BUENGKUM,
BANGKOK 10230 THAILAND
TELEPHONE : [66] 2944-1931-40
FAX : [66] 2510-8209
E-MAIL ADDRESS : info@allied-tek.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527026585 [FORMER:
2657/2527]
CAPITAL REGISTERED : BHT. 33,000,000
CAPITAL PAID-UP : BHT. 33,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SOMPORN PONGKACHORN,
THAI MANAGING DIRECTOR
NO. OF STAFF : 50
LINES OF BUSINESS : TECHNICAL CUTTING &
WELDING EQUIPMENTS
IMPORTER, DISTRIBUTOR AND
INSTALLATION
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 July 20, 1984 as a private limited company under the name style ALLIED-TEK [THAILAND] CO., LTD., by Thai group, in order to provide products and service of technical cutting & welding equipments for various domestic industries. It currently employs 50 staff.
The subject’s registered address is 21/27 Moo 10, Navamintr Rd., Klongkum, Buengkum, Bangkok 10230, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
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Mr. Somporn Pongkachorn |
[x] |
Thai |
53 |
|
Mr. Virach Benjaphantawee |
[+] |
Thai |
58 |
|
Mr. Piyanant Chutinuntakul |
[+] |
Thai |
47 |
|
Ms. Chaveewan Chutinuntakul |
|
Thai |
41 |
|
Mr. Somkiat Wongkittikul |
|
Thai |
44 |
|
Ms. Choojit Rodthong |
|
Thai |
45 |
AUTHORIZED PERSON
One of the mentioned director [x] can jointly sign with one of the directors [+] on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Somporn Pongkachorn is the Managing Director.
He is Thai nationality with the age of 53 years old.
Ms. Choojit Rodthong is the Executive Director.
She is Thai nationality with the age of 45 years old.
BUSINESS OPERATIONS
The subject is engaged in importing, distributing & installation wide range of technical cutting and welding equipments. The products are divided into 2 main categories as follows:
- Welding Technology; consists of welding consumables, welding machines, and welding processes technology, as well as equipments.
- Oxyfuel Gas Cutting & Welding; consists of gas cutting & welding torches, nozzles, pressure regulators, flash back arrestors as well as special heating torches.
The subject also provides after sale service for repairing and maintaining.
MAJOR BRAND
“FRONIUS”, “BOHLER”
IMPORT
90% of its products is imported from Germany and Austria.
MAJOR SUPPLIERS
- Fronius GmbH & Co. KG. : Austria
- Bohler Schweisstecnik GmbH : Germany
SALES
100% of its products is sold locally to dealers and end-users.
REVENUE
In 2005, the subject’s revenue was increased around 10% from the previous year.
RELATED COMPANY
Allied -Tek Engineering
Co., Ltd.
Business Type: importer & distributor of mechanical engineering machinery & equipment.
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 on negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Trokchan Branch : 1564/8 Chan Rd., Thungwatdon, Sathorn, Bangkok 10120]
EMPLOYMENT
The subject employs approximately 50 staff [office and sales staff].
LOCATION DETAILS
The premise is rented for administrative office and warehouse at the heading address. Premise is located in commercial/residential area.
REMARK
CREDIT OF EUR 490,692 SHOULD BE IN ORDER.
COMMENT
The outlook of domestic industries is good and it has prompted the country to become a strategic location to invest and supply to the region. Industrial tools, equipment and machinery were also heavily increased from various industries.
The subject also enjoys its growth as sales were satisfactory for the past year as well as it would tend to continue growing for the future.
FINANCIAL INFORMATION
The capital was initially registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each.
Bht. 3,000,000 on December 8, 1987
Bht. 6,000,000 on July 26, 1989
Bht. 12,000,000 on October 3, 1991
Bht. 33,000,000 on December 28, 1995
The latest registered capital
was increased to Bht.
33,000,000 divided into
330,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
December 20, 2004]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Somporn
Pongkachorn Nationality: Thai Address : 21/28 Moo 10, Navamintr Rd., Klongkum, Bangkok |
38,200 |
11.58 |
|
Ms. Saniwar
Pongkachorn Nationality: Thai Address : 21/28 Moo 10, Navamintr Rd., Klongkum, Bangkok |
30,000 |
9.09 |
|
Mr. Virach
Benjaphantawee Nationality: Thai Address : 33/42 Moo 10, Navamintr Rd., Klongkum, Bangkok |
26,000 |
7.88 |
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Mrs. Somsri
Pongkachorn Nationality: Thai Address : 21/28 Moo 10, Navamintr Rd., Klongkum, Bangkok |
25,000 |
7.58 |
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Mrs. Thitaporn Benjaphantawee Nationality: Thai Address : 33/42 Moo 10, Navamintr Rd., Klongkum, Bangkok |
25,000 |
7.58 |
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Mr. Piyanant
Chutinuntakul Nationality: Thai Address : 21/29 Moo 10, Navamintr Rd., Klongkum, Bangkok |
23,300 |
7.06 |
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Mr. Atichart
Panchorn Nationality: Thai Address : 33/69 Moo 10, Navamintr Rd., Klongkum, Buengkum, Bangkok |
13,000 |
3.94 |
|
Mr. Somboon
Pongkachorn Nationality: Thai Address : 122/2 Moo 13, Naimuang, Muang, Khon Kaen |
11,000 |
3.33 |
|
Others |
138,500 |
41.96 |
Total Shareholders : 31
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Chaleaw Yimlamai No. 1177
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand & at Bank |
122,631.48 |
659,821.83 |
|
Trade Accts. Receivable |
31,786,316.32 |
38,934,902.10 |
|
Inventories |
50,007,129.10 |
52,450,927.94 |
|
Other Current Assets |
48,147.81 |
54,394.97 |
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Total Current Assets |
81,964,224.71 |
92,100,046.84 |
|
Other Long Term Investment |
2,777,500.00 |
2,777,500.00 |
|
Fixed Assets [note 1] |
24,082,051.23 |
26,352,349.70 |
|
Other Assets |
1,995.00 |
95,760.00 |
|
Total Assets |
108,825,770.94 |
121,325,656.54 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Bank Overdraft & Short Term Loan from Financial Institute |
23,111,324.03 |
21,114,467.60 |
|
Trade Accts. Payable |
20,015,758.57 |
36,002,755.76 |
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Other Current Liabilities |
1,333,797.85 |
3,928,439.05 |
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Total Current Liabilities |
44,460,880.45 |
61,045,662.41 |
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Total Liabilities |
44,460,880.45 |
61,045,662.41 |
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Shareholders' Equity |
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 330,000 shares |
33,000,000.00 |
33,000,000.00 |
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Capital Paid |
33,000,000.00 |
33,000,000.00 |
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Retained Earning - Unappropriated |
31,364,890.49 |
27,279,994.13 |
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Total Shareholders' Equity |
64,364,890.49 |
60,279,994.13 |
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Total
Liabilities & Shareholders' Equity |
108,825,770.94 |
121,325,656.54 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales & Service |
102,044,514.57 |
120,748,166.90 |
|
Other Income |
340,436.98 |
337,808.38 |
|
Total Revenues |
102,384,951.55 |
121,085,975.28 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods Sold |
71,642,343.14 |
85,284,966.08 |
|
Selling & Administrative Expenses |
23,882,246.89 |
25,494,606.03 |
|
Other Expenses |
723,227.35 |
3,026,227.78 |
|
Total Expenses |
96,247,817.38 |
113,805,799.89 |
|
Profit / [Loss] from Operation |
6,137,134.17 |
7,280,175.39 |
|
Interest Expenses |
[233,030.44] |
[1,261,413.96] |
|
Income Tax |
[1,819,207.37] |
[1,806,341.35] |
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Net Profit / [Loss] |
4,084,896.36 |
4,212,420.08 |
FINANCIAL NOTE
NOTE 1 Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Land |
8,523,262.00 |
8,523,262.00 |
|
Building |
18,192,724.10 |
18,192,724.10 |
|
Building Improvement |
1,875,623.80 |
1,875,623.80 |
|
Hand Tool & Equipment |
776,630.17 |
726,970.17 |
|
Decorate & Furniture |
1,735,480.28 |
1,735,480.28 |
|
Office Automation |
7,513,693.28 |
7,240,880.01 |
|
Vehicle |
4,850,944.86 |
4,850,944.86 |
|
Total |
43,468,358.49 |
43,145,885.22 |
|
Less: Depreciation |
[19,386,307.26] |
[16,793,535.52] |
|
Total |
24,082,051.23 |
26,352,349.70 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
[15.49] |
|
|
Operating |
[1.81] |
|
|
Net Profit |
[3.03] |
|
|
Fixed Assets |
[8.62] |
|
|
Total Assets |
[10.30] |
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Profitability |
|
|
|
Cost of Goods Sold |
70.21 |
70.63 |
|
Operating Profit Margin |
29.79 |
29.37 |
|
S&A expenses |
23.40 |
21.11 |
|
Interest |
0.23 |
1.04 |
|
Other Revenues |
0.33 |
0.28 |
|
Net Profit Margin |
4.00 |
3.49 |
|
Earning Per Shares |
12.38 |
12.76 |
|
No. of Shares |
330,000 |
330,000 |
Net Sales was
decreased by 15.49%,
Operating Profit was
decreased by 1.81%,
Net Profit was
decreased by 3.03%,
Fixed Assets was
decreased by 8.62%,
Total Assets was
decreased by 10.30%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
70.63% to 70.21%,
Operating Profit Margin
was increased from
29.37% to 29.79%,
S & A
Expenses were increased
from 21.11% to
23.40%, Interest Paid
was decreased from
1.04% to 0.23%,
Other Revenues was
increased from 0.28%
to 0.33%, Net
Profit Margin was
increased from 3.49%
to 4.00%.
Earning Per Shares was decreased from 12.76 baht per share to 12.38 baht per share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
1.84 |
1.51 |
|
Quick - assets ratio |
0.72 |
0.65 |
Current Ratio was increased from 1.51 to 1.84, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.65 to 0.72, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
0.69 |
1.01 |
|
Times Interest Earned |
27.98 |
7.90 |
D/E Ratio was
decreased from 1.01
to 0.69, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was increased
from 7.90 to
27.98, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets Turnover |
4.24 |
4.58 |
|
Total Assets Turnover |
0.94 |
1.00 |
|
Return on Assets |
3.75 |
3.47 |
|
Return on Equity |
6.35 |
6.99 |
|
Day’s Payable |
101.98 |
154.08 |
|
Day’s Inventories |
254.77 |
224.48 |
|
Days’ Receivables |
113.70 |
117.69 |
Fixed Assets Turnover
was decreased from
4.58 times to
4.24 times, Total
Assets Turnover was
decreased from 1.00
times to 0.94
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
increased from 3.47
to 3.75, Return
on Equity was
decreased from 6.99
to 6.35, capacity
to use Assets to make
profit was good.
Day’s Payable was decreased from 155 days to 102 days, while Day’s Inventories was increased from 225 days to 255 days, but Day’s Receivables was decreased from 118 days to 114 days.
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 |
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 |