MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CARRIER LINDE REFRIGERATION [THAILAND] LTD. |
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Registered Office : |
72
Ramindra Road, T. Minburi, A. Minburi, Bangkok
10510 |
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Country : |
Thailand |
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Financials (as on) : |
30.11.2006 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0105537150726 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and distributing of
freezers, as well
as providing design
and installation service
of freezers and
refrigeration system. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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
CARRIER LINDE REFRIGERATION [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 72
RAMINDRA ROAD, T. MINBURI,
A.
MINBURI, BANGKOK 10510
TELEPHONE : [66] 2517-2000
FAX : [66] 2517-2652
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537150726 [Former : [2]5709/2537]
CAPITAL
REGISTERED : BHT. 137,445,800
CAPITAL
PAID-UP : BHT. 137,445,800
FISCAL
YEAR CLOSING DATE : NOVEMBER 30
[Former : DECEMBER 31]
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. GIL HABALUYAS
PENAFLORIDA, FILIPINO
MANAGING DIRECTOR
NO. OF
STAFF : 135
LINES OF
BUSINESS : FREEZER
MANUFACTURER 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 December 23,
1994 as a
private limited company under the originally registered
name “Linde B. Grimm Refrigeration Ltd.” by
American groups. On
June 9, 2005,
subject was changed
its name to
be CARRIER LINDE
REFRIGERATION [THAILAND] LTD.
It business objective
is a manufacturer and service
provider of refrigeration system for both
domestic and international markets. It currently
employs 135 staff.
Subject
is a wholly owned subsidiary
of Carrier Refrigeration [Thailand] Ltd.
The
subject’s registered address
is 72 Ramindra Rd., Minburi,
Bangkok 10510, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Gil Habaluyas Penaflorida |
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Filipino |
52 |
|
Mr. Hwee Kiong Tan |
|
Singaporean |
41 |
|
Mr. Eric Noel Witt |
|
American |
42 |
|
Ms. Saisunee Kaewkajorn |
|
Thai |
48 |
AUTHORIZED PERSON
Any of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Gil Habaluyas
Penaflorida is the Managing Director.
He is Thai nationality with
the age of
52 years old.
Ms. Surangkana Methawuthinan is
the Sales & Marketing Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing of
freezers, as well
as providing design
and installation service
of freezers and
refrigeration system.
BRAND NAME
“CARRIER LINDE”
IMPORT
Compressors
and parts are
imported from Japan,
Taiwan and Germany.
SALES
70% of the products is
sold locally by
wholesale to dealers
and end-users, the
remaining 30% is
exported to Germany,
Italy, United Kingdom and
France.
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.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 135
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
The subject
is doing good
business and continued
expanding. Its products
has been widely
used in food
and storage industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000
divided into 300,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 61,445,800 on April 12,
1999
Bht. 137,445,800 on November 14, 2001
The
latest registered capital
was increased to
Bht. 137,445.800 divided into 1,374,458 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 28, 2006]
|
NAME |
HOLDING |
% |
|
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Carrier Refrigeration [Thailand] Ltd. Nationality: Thai Address : 46/63-74
Bangna-Trad Rd, Bangna, Bangkok |
1,374,452 |
100.00 |
|
Mr. Titus, Man
G. Tsu Nationality: Chinese Address : 88
Krungthep-Kreetha Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
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Mr. John Wernon Nationality: American Address : 12-32
Konun 2-cjhome, Minato-ku, Tokyo, Japan |
1 |
- |
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Mr. Gillis Duncan
Angus Nationality: American Address : Anson
Rd., Singapore |
1 |
- |
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Mr. A.H. Hundugu Nationality: Nigerian Address : Anson
Rd., Singapore |
1 |
- |
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Mr. Philip Delpace Nationality: French Address : Anson
Rd., Singapore |
1 |
- |
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Mr. Jark Bories Nationality: American Address : Anson
Rd., Singapore |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Anothai Leekijwattana No.
3442
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2006 & December
31, 2005 were:
ASSETS
|
Current Assets |
Nov. 30,
2006 |
Dec. 31, 2005 |
|
|
|
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Cash in Hand
& at Bank |
168,632,876 |
114,923,138 |
|
Trade Accts. Receivable - Other Company |
102,778,966 |
96,441,192 |
|
- Related Company |
40,894,947 |
39,881,877 |
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Inventories |
110,109,617 |
175,319,111 |
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Other Current Assets
|
3,661,755 |
4,522,302 |
|
|
|
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Total Current
Assets |
426,078,161 |
431,087,620 |
|
Building for Rent
Improvement & Equipment |
18,851,274 |
9,697,582 |
|
Deferred Income Tax |
7,016,307 |
15,277,804 |
|
Intangible Assets |
728,816 |
896,245 |
|
Deposit |
3,799,214 |
2,607,989 |
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Total Assets |
456,473,772 |
459,567,240 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
Nov. 30,
2006 |
Dec. 31, 2005 |
|
|
|
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Trade Accts. Payable - Other Company |
121,375,373 |
109,135,391 |
|
- Related Company |
12,122,124 |
15,545,240 |
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Estimated Liabilities from
Goods Warranty |
3,359,841 |
14,486,064 |
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Advance Income from Customers |
38,083,571 |
103,007,041 |
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Accrued Income Tax |
5,156,328 |
- |
|
Other Current Liabilities |
20,045,193 |
29,118,076 |
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Total Current
Liabilities |
200,142,430 |
271,291,812 |
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Total Liabilities |
200,142,430 |
271,291,812 |
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Shareholders'
Equity |
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Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 1,374,458 shares |
137,445,800 |
137,445,800 |
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Capital Paid |
137,445,800 |
137,445,800 |
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Retained Earning -
Unappropriated |
118,885,542 |
50,829,628 |
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Total
Shareholders' Equity |
256,331,342 |
188,275,428 |
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Total
Liabilities & Shareholders' Equity |
456,473,772 |
459,567,240 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan. 1, 2006 – Nov. 30, 2006 |
Dec.
31, 2005 |
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Sales & Service
Income |
656,529,893 |
636,596,250 |
|
Other Income |
120,697 |
6,793,470 |
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Total Revenues
|
656,650,590 |
643,389,720 |
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Expenses |
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Cost of Goods
Sold |
512,766,973 |
519,768,626 |
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Selling & Administrative Expenses |
46,990,030 |
90,504,436 |
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Total Expenses |
559,757,003 |
610,273,062 |
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|
|
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Profit / [Loss] before Income
Tax |
96,893,587 |
33,116,658 |
|
Income Tax |
[28,837,673] |
[9,298,105] |
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|
|
|
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Net Profit / [Loss] |
68,055,914 |
23,818,553 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
3.13 |
|
|
Operating Profit |
183.70 |
|
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Net Profit |
185.73 |
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Fixed Assets |
94.39 |
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Total Assets |
[0.67] |
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Profitability |
|
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Cost of Good
Sold |
78.10 |
81.65 |
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Operating Profit Margin |
14.76 |
5.20 |
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S & A
Expenses |
7.16 |
14.22 |
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Other Revenues |
0.02 |
1.07 |
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Net Profit Margin |
10.37 |
3.74 |
|
Earning Per Shares |
49.51 |
17.33 |
|
No. of Shares |
1,374,458 |
1,374,458 |
Net Sales was
increased by 3.13%,
Operating Profit was
increased by 183.70%,
Net Profit was
increased by 185.73%,
Fixed Assets was
increased by 94.39%,
Total Assets was
decreased by 0.67%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 81.65%
to 78.10%, Operating
Profit Margin was
increased from 5.20%
to 14.76%, S
& A Expenses
was decreased from
14.22% to 7.16%,
Other Revenues was
decreased from 1.07%
to 0.02%, Net
Profit Margin was
increased from 3.74%
to 10.37%.
Earning Per Shares
was increased from
17.33 baht per
share to 49.51
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.13 |
1.59 |
|
Quick-Assets Ratio |
1.56 |
0.93 |
Current Ratio was
increased from 1.59
to 2.13, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
increased from 0.93
to 1.56, 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 |
0.78 |
1.44 |
D/E Ratio was
decreased from 1.44
to 0.78, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
34.83 |
65.64 |
|
Total Assets Turnover |
1.44 |
1.39 |
|
Return on Assets |
14.91 |
5.18 |
|
Return on Equity |
26.55 |
12.65 |
|
Day's Payable |
66.55 |
61.72 |
|
Day’s Inventories |
60.38 |
99.14 |
|
Day’s Receivables |
56.36 |
54.54 |
Fixed Assets Turnover
was decreased from
65.64 times to
34.83 times, Total
Assets Turnover was increased from
1.39 times to
1.44 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 5.18 to
14.91, Return on
Equity was increased
from 12.65 to
26.55, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 62
days to 67
days, while Day’s
Inventories was decreased
from 100 days
to 61 days, but Day’s
Receivables was increased
from 55 days
to 57 days.
RATING EXPLANATIONS
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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. |
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 |
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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%)