MIRA
INFORM REPORT
|
Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KRIENG THAI WATANA CO., LTD. |
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Registered Office : |
61/3
Moo 9, Rama
2 Road, Bangmod, Chomthong, Bangkok
10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
0105524004149 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of international brands of power
tools and construction related equipment |
RATING &
COMMENTS
|
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 : |
Usually correct |
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Litigation : |
Clear |
name
KRIENG THAI WATANA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 61/3
MOO 9, RAMA 2 ROAD,
BANGMOD,
CHOMTHONG, BANGKOK
10150, THAILAND
TELEPHONE : [66] 2867-0353-60,
2840-1712-4
FAX : [66] 2867-0361-2
E-MAIL ADDRESS : ktwoo@ktw.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1981
REGISTRATION NO.
: 0105524004149 [Former : 412/2524]
CAPITAL
REGISTERED : BHT.
40,000,000
CAPITAL
PAID-UP : BHT.
40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUWAT WAIWITLIKIT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 54
LINES OF
BUSINESS : HARDWARE AND HAND TOOL
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on February
26, 1981 as
a private limited
company under the
name KRIENG THAI
WATANA CO., LTD.
by Thai group,
Waiwitlikit family, with
the business objective
to distribute various
kinds of hardware
and hand tool
products to domestic
market. It currently
employs 54 staff.
The subject’s registered
address is 61/3
Moo 9, Rama II Rd.,
Bangmod, Chomthong, Bangkok
10150, and this
is also the
company’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Suwat Waiwitlikit
AUTHORIZED PERSON
Only Mr. Suwat
Waiwitlikit can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Suwat
Waiwitlikit is the Managing Director.
He is Thai nationality with
the age of
59 years old.
Mr. Somkiat Waiwitlikit is
the Deputy Managing
Director.
He is Thai nationality.
Mr. Prasit
Laopinitsathit is the
Marketing & Sales
Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is an importer and distributor of international brands of
power tools and
construction related equipment,
which divided into 6 main
products as follows:
·
Construction equipment miscellaneous
·
Cleaning equipment
·
Power tools and
accessories
·
Chemical, tapes, safety
equipment
·
Cutting tools
·
Water pumps, special
pumps
MAJOR BRANDS
“MAKITA”, “EBARA”, “NACHI”,
“KARCHER”, “SCRUBBER”, “KUKEN”,
“ASADA”, “KINKI”, “MIHASA”,
“EIKO”, “KARCHER”, “MITSUBISHI”, “3M” and etc.
IMPORT [COUNTRIES]
90% of the products is
imported from Japan,
Taiwan, Korea, United
States of America, Italy
and Germany.
MAJOR SUPPLIERS
- Makita Co., Ltd.
: Japan
- Ebara Corporation :
Japan
- Asada Co., Ltd.
: Japan
- Alfred Karcher GmbH.
: Germany
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers
& retailers.
SUBSIDIARIES &
AFFILIATED COMPANY
Krieng Kamol
Co., Ltd.
Business Type : Importer & distributor of construction materials
Address : 44, 50
Yawaraj Rd., Chakrawad,
Samphantawong, Bangkok 10100
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 on
the credits term
of 30-45 days.
Local bills are
paid by cash
or on the credits of
30-60 days.
Imports are by
L/C on the credits term
of 60-90 days
& T/T.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Rama 2 Branch :
Bangmod, Chomthong, Bangkok]
Kasikornbank Public
Co., Ltd.
[Rama 2 Branch :
Bangmod, Chomthong, Bangkok]
EMPLOYMENT
The subject employs
54 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for operating
office and warehouse
on 800 square meters of area
at the heading address. Premise
is located in
residential area.
COMMENT
Hardware and
hand tools for
industrial uses have
strong potential in
gearing demand. Consumption from
industrial sector remains
strong as they
have become important
tools for industrial
development and expansion.
Subject’s
sales were moderately
grown and expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
3 million, divided into
3,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings:
Bht. 9
million on April
22, 1992
Bht. 15
million on June
15, 1994
Bht. 30
million on June
26, 1996
Bht. 40
million on November 26, 1999
The latest registered
capital was increased
to Bht. 40
million, divided into
40,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2006]
NAME
|
HOLDING |
% |
Mr. Suwat
Waiwitlikit
Nationality: Thai Address : 44
Yawaraj Rd., Chakrawad,
Samphantawong, Bangkok |
11,100 |
30.33 |
Mr. Somkiat
Waiwitlikit
Nationality: Thai Address : 551
Boriphat Rd., Samphantawong, Bangkok |
8,600 |
22.00 |
Mrs. Nopwan
Waiwitlikit
Nationality: Thai Address : 61/3
Moo 9, Rama
II Rd., Bangmod,
Jomthong, Bangkok |
6,000 |
13.33 |
Mr. Ekapol
Waiwitlikit
Nationality: Thai Address : 44
Yawaraj Rd., Chakrawad,
Samphantawong, Bangkok |
5,500 |
11.67 |
Mrs. Thipwal
Waiwitlikit
Nationality: Thai Address : 228
Charoenkrung Rd., Samphahtawong, Bangkok |
5,000 |
10.00 |
Ms. Umaporn
Waiwitlikit
Nationality: Thai Address : 44
Yawaraj Rd., Chakrawad,
Samphantawong, Bangkok |
1,500 |
5.00 |
|
Ms. Sureeporn
Waiwitlikit Nationality: Thai Address : 44
Yawaraj Rd., Chakrawad, Samphantawong,
Bangkok |
1,500 |
5.00 |
Mrs. Penporn
Assaratana
Nationality: Thai Address : 354
Vorachak Rd., Banbart,
Pomprab, Bangkok |
300 |
1.00 |
|
Mrs. Thanapa
Aimnuwatana Nationality: Thai Address : 116/8
Moo 5, Samrongnua, Muang,
Samutprakarn |
300 |
1.00 |
Mr. Panas
Assaratanakul
Nationality: Thai Address : 60
Ekamai Rd., Klongton,
Klongtoey, Bangkok |
200 |
0.67 |
Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Pramul Na
Nakorn No. 5785
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
672,314.92 |
219,514.93 |
|
Trade Accts. Receivable |
7,216,891.36 |
4,469,226.97 |
|
Inventories |
205,198,909.00 |
184,640,755.00 |
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Other Current Assets
|
3,067,445.53 |
9,565,636.69 |
|
Total Current
Assets |
216,155,560.81 |
198,895,133.59 |
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|
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Fixed Assets |
39,370,509.78 |
33,623,554.85 |
|
Other Assets |
1,357,080.82 |
1,357,080.82 |
|
Total Assets |
256,883,151.41 |
233,875,769.26 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
37,580,938.92 |
63,628,783.60 |
|
Trade Accts. Payable |
103,435,359.29 |
38,736,817.75 |
|
Short Term Loan
from Person or
Related Company |
- |
43,000,000.00 |
|
Other Current Liabilities |
7,631,785.12 |
3,558,117.92 |
|
Total Current
Liabilities |
148,648,083.33 |
148,923,719.27 |
|
Total Liabilities |
148,648,083.33 |
148,923,719.27 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 40,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning -
Unappropriated |
68,235,068.08 |
44,952,049.99 |
|
Total
Shareholders' Equity |
108,235,068.08 |
84,952,049.99 |
|
Total
Liabilities & Shareholders' Equity |
256,883,151.41 |
233,875,769.26 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
1,221,589,628.63 |
1,180,268,495.72 |
|
Gain from Exchange
Rate |
2,829,659.17 |
5,331,201.52 |
|
Other Income |
150,341.00 |
512,544.00 |
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Total Revenues
|
1,224,569,628.80 |
1,186,112,241.24 |
|
Expenses |
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Cost of Goods
Sold |
1,110,944,828.01 |
1,099,718,052.52 |
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Selling & Administrative Expenses |
76,213,526.51 |
62,047,483.03 |
|
Total Expenses |
1,187,158,354.52 |
1,161,765,535.55 |
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Profit / [Loss] before Interest
and Income Tax |
37,411,274.28 |
24,346,705.69 |
|
Interest Expenses |
[4,066,394.54] |
[4,583,640.56] |
|
Income Tax |
[10,061,861.65] |
[6,060,014.19] |
|
Net Profit / [Loss] |
23,283,018.09 |
13,703,050.94 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
3.50 |
|
|
Operating Profit |
48.46 |
|
|
Net Profit |
69.91 |
|
|
Fixed Assets |
17.09 |
|
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Total Assets |
9.84 |
|
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Profitability |
|
|
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Cost of Good
Sold |
90.94 |
93.18 |
|
Operating Profit Margin |
3.06 |
2.06 |
|
S & A
Expenses |
6.24 |
5.26 |
|
Interest Paid |
0.33 |
0.39 |
|
Other Revenues |
0.24 |
0.50 |
|
Net Profit Margin |
1.91 |
1.16 |
|
Earning Per Shares |
582.08 |
342.58 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 3.50%,
Operating Profit was
increased by 48.46%,
Net Profit was
increased by 69.91%,
Fixed Assets was
increased by 17.09%,
Total Assets was
increased by 9.84%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.18%
to 90.94%, Operating
Profit Margin was
increased from 2.06%
to 3.06%, S
& A Expenses
was increased from
5.26% to 6.24%,
Interest Paid was decreased
from 0.39% to
0.33%, Other Revenues
was decreased from
0.50% to 0.24%,
Net Profit Margin
was increased from
1.16% to 1.91%.
Earning Per Shares
was increased from
342.58 baht per
share to 582.08
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.45 |
1.34 |
|
Quick-Assets Ratio |
0.05 |
0.03 |
Current Ratio was
increased from 1.34
to 1.45, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.03 to 0.05,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.37 |
1.75 |
|
Times Interest Earned |
9.20 |
5.31 |
D/E Ratio was
decreased from 1.75
to 1.37, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
5.31 to 9.20,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
31.03 |
35.10 |
|
Total Assets Turnover |
4.76 |
5.05 |
|
Return on Assets |
9.06 |
5.86 |
|
Return on Equity |
21.51 |
16.13 |
|
Day's Payable |
30.48 |
11.82 |
|
Day’s Inventories |
60.47 |
56.32 |
|
Day’s Receivables |
2.13 |
1.36 |
Fixed Assets Turnover
was decreased from
35.10 times to
31.03 times, Total
Assets Turnover was
decreased from 5.05
times to 4.76
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 5.86 to
9.06, Return on
Equity was increased
from 16.13 to
21.51, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 12
days to 31
days, Day’s Inventories
was increased from
57 days to
61 days, and
Day’s Receivables was
increased from 2
days to 3
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)