MIRA
INFORM REPORT
|
Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
EURO SIAM ENGINEERING CO., LTD. |
|
|
|
|
Registered Office : |
6/13-14
Soi Sammit, Sukhumvit
16 Road, Klongtoey,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Com. Reg. No.: |
0105548073264 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in distributing machinery
and spare parts
for boiler and
heater systems to
general industrial plants. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
EURO SIAM ENGINEERING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 6/13-14 SOI
SAMMIT, SUKHUMVIT 16
ROAD,
KLONGTOEY,
TELEPHONE : [66] 2747-0600
FAX : [66] 2747-1684
E-MAIL ADDRESS : eurosiam@truemail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548073264
CAPITAL
REGISTERED : BHT.
5,000,000
CAPITAL
PAID-UP : BHT.
5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMSAK NIVESWIWAT,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : BOILER AND
HEATER MACHINERY AND
SPARE PARTS
DISTRIBUTOR AND SERVICE PROVIDER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 3,
2005 as a
private limited company under
the name style
EURO SIAM ENGINEERING
CO., LTD., by
Thai groups, with the
business objective to
supply and service of
boiler and heater
systems to local
market. It currently
employs 12 staff.
The
subject’s registered address
is 6/13-14 Soi
Sammit, Sukhumvit 16
Rd., Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Somsak
Niveswiwat
AUTHORIZED PERSON
The
above director can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somsak Niveswiwat
is the Managing
Director.
He is Thai
nationality with the
age of 45 years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
machinery and spare
parts for boiler
and heater systems
to general industrial
plants. The subject
also provides service
including designs, installation,
maintenance and repairing
of boiler and
heater systems.
PURCHASE
The products are
purchased from suppliers
both in domestic
and overseas, mainly
Germany and United
States of America.
SALES
The products
are sold and
serviced locally to
manufacturers and end-users.
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.
BANKING
Banker’s
name was not
disclosed.
EMPLOYMENT
The subject
employs 12 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
In
2005, it was
the first year
of company’s operation.
It was recorded
no sales revenue,
however in 2006
its business had been
improved but still
slow.
In
2007, its business
is likely to
grow slightly stronger
than previous years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
divided into 5,000
shares of Bht.
100 each.
On
April 21, 2006,
the capital was
increased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 10,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somsak Niveswiwat Nationality: Thai Address : 212/21
Moo 11, Bangna,
|
49,994 |
99.99 |
|
Mr. Vorathep Niveswiwat Nationality: Thai Address : 6/14
Sukhumvit 16 Rd.,
Klongtoey, |
1 |
|
|
Mrs.
Yuwadee Niveswiwat Nationality: Thai Address : 119
Moo 12, Salalamduan, Muang, Srakaew |
1 |
|
|
Ms. Valanya Niveswiwat Nationality: Thai Address : 212/22
Moo 11, Bangna,
|
1 |
|
|
Ms.
Ratchada Niveswiwat Nationality: Thai Address : 40/204
Moo 10, Bangkaew,
Bangplee, Samutprakarn |
1 |
= 0.01 |
|
Mr. Jirasek Techakampood Nationality: Thai Address : |
1 |
|
|
Mr. Pathom Sanpetchudayarn Nationality: Thai Address : 198/119
Tungwatdon, Sathorn, |
1 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Thanapong Taengsamut No.
7383
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank |
606,620.12 |
1,500.00 |
|
Short-term Loan to
Person or Related Company |
614,400.00 |
488,500.00 |
|
Trade Accts. Receivable |
1,855,852.02 |
- |
|
Other Current Assets |
691,889.83 |
1,017.71 |
|
|
|
|
|
Total Current
Assets |
3,768,761.97 |
491,017.71 |
|
Cash at Bank
pledged as a
Collateral |
100,160.02 |
- |
|
Fixed Assets |
2,712,371.84 |
- |
|
Total Assets
|
6,581,293.83 |
491,017.71 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from
Related Person |
468,250.47 |
- |
|
Trade Accts. Payable |
1,261,522.77 |
- |
|
Current Portion of
Long-term Loan |
387,678.72 |
- |
|
Other Current Liabilities |
993,004.01 |
6,000.00 |
|
Total Current
Liabilities |
3,110,455.97 |
6,000.00 |
|
Hire-purchase Vehicle Payable |
1,421,488.64 |
- |
|
Total Liabilities |
4,531,944.61 |
6,000.00 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
50,000 &
5,000 shares in
2006 & 2005
respectively |
5,000,000.00 |
500,000.00 |
|
|
|
|
|
Capital Paid |
1,625,000.00 |
500,000.00 |
|
Retained Earning -
Unappropriated |
424,349.22 |
[14,982.29] |
|
Total
Shareholders' Equity |
2,049,349.22 |
485,017.71 |
|
Total
Liabilities & Shareholders' Equity |
6,581,293.83 |
491,017.71 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
June
3, 2005-Dec. 31,
2005 |
|
|
|
|
|
Sales |
5,317,179.56 |
- |
|
Services Income |
4,020,812.87 |
- |
|
Interest Income |
1,465.37 |
1,017.71 |
|
Other Income |
4.90 |
- |
|
Total Revenues
|
9,339,462.70 |
1,017.71 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
6,089,992.41 |
- |
|
Selling & Administrative Expenses |
2,709,293.59 |
16,000.00 |
|
Total Expenses |
8,799,286.00 |
16,000.00 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
540,176.70 |
[14,982.29] |
|
Interest Expenses |
[23,103.35] |
- |
|
Income Tax |
[77,741.84] |
- |
|
Net Profit / [Loss] |
439,331.51 |
[14,982.29] |
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. |
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%)