MIRA
INFORM REPORT
|
Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
EVOLUTION ENGINEERING & SERVICES CO., LTD. |
|
|
|
|
Registered Office : |
117
Soi Sirinthon 2,
Sirinthon Road, Bangplad, Bangkok
10700 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Com. Reg. No.: |
0105548080422 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in importing
and distributing wide
range of industrial machinery and spare
parts for petrochemical, cement, oil refinery,
steel and others,
as well as
providing installation
and maintenance services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name
EVOLUTION ENGINEERING & SERVICES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 117
SOI SIRINTHON 2,
SIRINTHON ROAD,
BANGPLAD, BANGKOK
10700
TELEPHONE : [66] 2433-0992
FAX : [66] 2435-1338
E-MAIL ADDRESS : evolutioneng@csloxinfo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0105548080422
CAPITAL
REGISTERED : BHT. 2,000,000
CAPITAL
PAID-UP : BHT. 2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. PIYANANT TRIRATANAPHAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : INDUSTRIAL MACHINERY AND PARTS
DISTRIBUTOR AND
SERVICE PROVIDER
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 June 21,
2005 as a
private limited company under the name style
EVOLUTION ENGINEERING &
SERVICES CO., LTD., by Thai
groups, with the
business objective to
provide industrial
machinery and parts
including services. It
currently employs approximately 10 staff.
The
subject’s registered address
is 117 Soi Sirinthorn 2,
Sirinthon Rd., Bangplad,
Bangkok 10700, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mrs. Piyanant Triratanaphan
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Piyanant Triratanaphan is
the Managing Director.
She is Thai nationality with
the age of
39 years old.
Mr. Viwat Triratanaphan is
the Marketing &
Sales Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
machinery and spare
parts for petrochemical, cement, oil refinery,
steel and others,
as well as
providing installation and maintenance
services.
IMPORT
Most
of the products are
imported from Taiwan,
Republic of China,
India, Japan, Germany,
Italy and Spain.
SALES/SERVICES
The products are
sold 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
The Siam Commercial
Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 office staff,
engineers and service
workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial / residential area.
REMARK
CREDIT
OF US$ 15,000,000 IS
NOT RECOMMENDED.
COMMENT
The
subject’s operating performance
remains slow. Its
sales revenue has
slowly improved as
well as business
expanding is stagnant.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
10,000 shares of Bht. 100 each.
On
June 11, 2007,
the capital was
increased to Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
May 31, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs.
Piyanant Triratanaphan Nationality: Thai Address : 117
Sirinthon Rd., Bangplad,
Bangkok |
9,800 |
49.00 |
|
Mr. Chumpol Santichotirat Nationality: Thai Address : 1382
Charansanitwong Rd., Bangplad,
Bangkok |
2,000 |
10.00 |
|
Mr. Viwat Triratanaphan Nationality: Thai Address : 290/76
Moo 3, Banchang,
Rayong |
2,000 |
10.00 |
|
Mr.
Kasempong Santichotirat Nationality: Thai Address : 5
Kao Rd., Thabthieng, Muang, Trang |
2,000 |
10.00 |
|
Ms.
Siriluck Som-on Nationality: Thai Address : 311
Wongsawang Rd., Bangsue,
Bangkok |
2,000 |
10.00 |
|
Mr. Supoj Ratanapibuldej Nationality: Thai Address : 1382
Charansanitwong Rd., Bangplad,
Bangkok |
1,000 |
5.00 |
|
Mrs. Lek Triratanaphan Nationality: Thai Address : 56
Kantang Rd., Thabthieng, Muang, Trang |
500 |
2.50 |
|
Mr. Chairat Triratanaphan Nationality: Thai Address : 56
Kantang Rd., Thabthieng, Muang, Trang |
500 |
2.50 |
|
Mr.
Napatrapol Santichotirat Nationality: Thai Address : 11/402
Popular Rd., Banmai,
Pakkred, Nonthaburi |
200 |
1.00 |
Total Shareholders
9
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Samrith Prapawong No.
8296
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
216,932.35 |
413,668.55 |
|
Trade Accts. Receivable |
987,208.75 |
117,325.50 |
|
Inventories |
85,975.49 |
40,596.65 |
|
Other Current Assets
|
156,286.30 |
14,263.69 |
|
Total Current
Assets |
1,446,402.89 |
585,854.39 |
|
|
|
|
|
Fixed Assets |
659,690.32 |
638,779.45 |
|
Total Assets |
2,106,093.21 |
1,224,633.84 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
28,290.80 |
- |
|
Current Portion of Hire-purchase Payable |
110,250.00 |
110,250.00 |
|
Short Term Loan
from Related Company |
9,000.00 |
10,000.00 |
|
Other Current Liabilities |
165,904.01 |
48,471.63 |
|
Total Current
Liabilities |
313,444.81 |
168,721.63 |
|
Hire-purchase Payable Net
of Current Portion |
174,562.00 |
294,000.00 |
|
Total Liabilities |
488,006.81 |
462,721.63 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
800,000.00 |
|
Retained Earning -
Unappropriated |
618,086.40 |
[38,087.79] |
|
Total
Shareholders' Equity |
1,618,086.40 |
761,912.21 |
|
Total
Liabilities & Shareholders' Equity |
2,106,093.21 |
1,224,633.84 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
June 21,
2005- Dec.
31, 2005 |
|
|
|
|
|
Sales |
10,418,876.12 |
718,300.00 |
|
Other Income |
18,710.97 |
876.50 |
|
Total Revenues
|
10,437,587.09 |
719,176.50 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,191,039.45 |
368,558.58 |
|
Selling & Administrative Expenses |
2,454,790.96 |
384,659.71 |
|
Total Expenses |
9,645,830.41 |
753,218.29 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
791,756.68 |
[34,041.79] |
|
Interest Expenses |
[13,149.00] |
[4,046.00] |
|
Income Tax |
[122,433.49] |
- |
|
Net Profit / [Loss] |
656,174.19 |
[38,087.79] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
1,350.49 |
|
|
Operating Profit |
[260.35] |
|
|
Net Profit |
1,822.79 |
|
|
Fixed Assets |
3.27 |
|
|
Total Assets |
71.98 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
69.02 |
51.31 |
|
Operating Profit Margin |
7.60 |
[4.74] |
|
S & A
Expenses |
23.56 |
53.55 |
|
Interest Paid |
0.13 |
0.56 |
|
Other Revenues |
0.18 |
0.12 |
|
Net Profit Margin |
6.30 |
[5.30] |
|
Earning Per Shares |
65.62 |
[3.81] |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 1,350.49%,
Operating Profit was
decreased by 260.35%,
Net Profit was
increased by 1,822.79%,
Fixed Assets was
increased by 3.27%,
Total Assets was
increased by 71.98%.
Compare each cost with sales, Cost of
Good Sold was
increased from 51.31%
to 69.02%, Operating
Profit Margin was
increased from -4.74%
to 7.60%, S
& A Expenses
was decreased from
53.55% to 23.56%,
Interest Paid was decreased
from 0.56% to
0.13%, Other Revenues
was increased from
0.12% to 0.18%,
Net Profit Margin
was increased from
-5.30% to 6.30%.
Earning Per Shares
was increased from
-3.81 baht per
share to 65.62
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.61 |
3.47 |
|
Quick-Assets Ratio |
3.84 |
3.15 |
Current Ratio was
increased from 3.47
to 4.61, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
3.15 to 3.84,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.30 |
0.61 |
|
Times Interest Earned |
60.21 |
[8.41] |
D/E Ratio was
decreased from 0.61
to 0.30, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
-8.41 to 60.21,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
15.79 |
1.12 |
|
Total Assets Turnover |
4.95 |
0.59 |
|
Return on Assets |
31.16 |
[3.11] |
|
Return on Equity |
40.55 |
[5.00] |
|
Day's Payable |
0.98 |
0.00 |
|
Day’s Inventories |
2.97 |
20.35 |
|
Day’s Receivables |
34.11 |
58.80 |
Fixed Assets Turnover
was increased from
1.12 times to
15.79 times, Total
Assets Turnover was
increased from 0.59
times to 4.95
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-3.11 to 31.16,
Return on Equity
was increased from
-5.00 to 40.55,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 0
days to 1
days, while Day’s
Inventories was decreased
from 21 days
to 3 days, and Day’s
Receivables was decreased
from 59 days
to 35 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. |
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%)