MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
UBT
ENGINEERING CO., LTD. |
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Registered Office : |
95/52 Moo 8, Narknivas Road, Ladprao,
Bangkok 10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13.02.1987 |
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Com. Reg. No.: |
0105530007138 [Former : 712/2530] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Distributor and
Installation service of
electronic & electric
power systems and
related products. |
RATING & COMMENTS
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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 |
Company Name
UBT ENGINEERING
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 95/52 MOO 8, NARKNIVAS
ROAD,
LADPRAO,
BANGKOK 10230
TELEPHONE : [66] 2530-2788
FAX : [66]
2530-4493
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530007138 [Former : 712/2530]
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP
: BHT. 3,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUCHART BANDITSUWAN, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS :
ELECTRONIC &
ELECTRIC POWER SYSTEMS
AND
RELATED
PRODUCTS
IMPORTER & DISTRIBUTOR
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
February 13, 1987
as a private limited company
under the name
style UBT ENGINEERING
CO., LTD. by
Thai groups, in
order to provide products
and service of
electrical & electric
power systems and
related products to
local market. It
currently employs 10
staff.
The registered
address was initially
located at 288/21
Surawongse Rd., Siphya,
Bangrak, Bangkok 10500.
In 2001,
it has been moved
to 5 Soi Preeyanuch, Rama
9 Rd., Bangkapi, Huaykwang, Bangkok
10320.
On August
31, 2006, the
subject’s registered address
was relocated to 95/52
Moo 8,
Narknivas Rd., Ladprao,
Bangkok 10230, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Suchart
Banditsuwan |
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Thai |
56 |
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Mr. Kriengsak
Chincharoenchai |
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Thai |
52 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Suchart Banditsuwan
is the Managing Director.
He is
Thai nationality with
the age of
56 years old.
Mr.
Kriengsak Chincharoenchai
is the General Manager &
Marketing Manager.
He is
Thai nationality with
the age of
52 years old.
BUSINESS OPERATIONS
The subject’s
activities are distributor
and installation service
of electronic &
electric power systems
and related products
as the followings:
-
HITZINGER -
Rectifier Machine from
Austria
- LISELO - Solar-cell Board
from South Africa
-
HUATONG, SADI - Access Floors
from Republic of China/Italy
-
& etc.
Subject is
also a construction contractor of
electric power system
installation mainly to
government enterprises.
IMPORT
Most of
its products are
imported from Italy,
Austria, South Africa,
Taiwan, Singapore, Germany
& Republic of
China.
SALES / SERVICES
The products
are sold and
serviced locally both
government and private
section.
MAJOR CUSTOMERS
-
Royal Thai Navy : Thailand
-
Royal Thai Army : Thailand
PARENT COMPANY
- U
Group Co., Ltd.
Business Type: Importer & distributor
of electrical equipments
RELATED COMPANY
- D
E P Engineering Co., Ltd.
Business
Type: Distributor of
service of electrical
system products
- U
Electric System Co.,
Ltd.
Business
Type : Importer & distributor
of electrical 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
TMB
Bank Public Co.,
Ltd.
[Head Office : 3000 Phaholyothin Rd.,
Ladyao, Jatujak, Bangkok
10900]
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The subject
employs approximately 10
staff. [office and sales staff]
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Sales of
electronic and electrical equipment has
strongly grown during
the past few years in
line with booming
of construction and
industrial sectors.
However,
subject’s sales this year is likely to cool down due to the strong
competition in local market and higher
products prices as
well as high
fuel and utility
costs would have an
effect to overall industrial growth.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
On December
18, 1989 the
capital was increased
to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at June 20,
2006]
|
NAME |
HOLDING |
% |
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Mr.
Suchart Banditsuwan Nationality:
Thai Address : 288/21 Surawongse Rd., Siphya,
Bangrak, Bangkok 10500 |
14,246 |
47.49 |
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Mr. Kriengsak Chincharoenchai Nationality:
Thai Address : 1122/8-9 Rama 4 Rd.,
Thungmahamek, Yannawa, Bangkok 10120 |
11,750 |
39.17 |
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Mr. Chukiat Withayatechakul Nationality: Thai Address :
143/1 Pinklao Rd.,
Arun Amarin, Bangkoknoi, Bangkok |
4,000 |
13.33 |
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Ms.
Suwannee Banditsuwan Nationality:
Thai Address : 288/21 Surawongse Rd., Siphya,
Bangrak, Bangkok 10500 |
1 |
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Mrs.
Rawadee Banditsuwan Nationality:
Thai Address : 286/14 Surawongse Rd., Siphya,
Bangrak, Bangkok
10500 |
1 |
=0.01 |
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Ms.
Suwanna Banditsuwan Nationality:
Thai Address : 286/14 Surawongse Rd., Siphya,
Bangrak, Bangkok 10500 |
1 |
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Mrs. Montha Vilamas Nationality:
Thai Address : 3/390
Moo 1, Tungsonghong, Laksi, Bangkok |
1 |
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Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Ms.
Supranee Chitpisitthachai No. 6374
BALANCE SHEET [BAHT]
The latest financial
figures published as
at December 31,
2005 & 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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Cash in
hand & at
Bank |
6,891,644.03 |
366,293.92 |
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Trade Accts.
Receivable |
1,566,355.50 |
4,831,141.50 |
|
Inventories [note 1] |
1,370,585.39 |
595,618.84 |
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Short-term Loan
to Other Companies |
5,000,000.00 |
5,000,000.00 |
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Revenue Department Receivable |
1,884,009.19 |
2,396,626.34 |
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Deferred Interest
|
1,261,267.12 |
968,767.12 |
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Other Current
Assets |
392,567.76 |
211,706.90 |
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Total
Current Assets |
18,366,428.99 |
14,370,154.62 |
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Fixed
Assets [note 2] |
183,947.22 |
324,331.01 |
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Total Assets |
18,550,376.21 |
14,694,485.63 |
,
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short-term Loan from
Bank |
98,287.69 |
1,479,840.60 |
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Trade Accts.
Payable |
6,250,843.35 |
3,574,146.30 |
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Advance Income |
120,138.63 |
921,833.27 |
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Short-term Loan
from Other Companies |
3,721,820.80 |
3,721,820.80 |
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Revenue Department Payable |
19,203.59 |
9,689.00 |
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Accrued Interest |
936,167.62 |
691,274.30 |
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Other Current
Liabilities |
1,348,644.98 |
1,322,039.04 |
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Total Current Liabilities |
12,495,106.66 |
11,720,643.31 |
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Long-term Loan
from Directors |
3,000,000.00 |
1,000,000.00 |
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Long-term Loan
from Related Companies |
- |
594,164.38 |
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Total
Liabilities |
15,495,106.66 |
13,314,807.69 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 30,000
shares |
3,000,000.00 |
3,000,000.00 |
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Capital Paid |
3,000,000.00 |
3,000,000.00 |
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Retained Earning Appropriated for Statutory Reserve |
800,000.00 |
800,000.00 |
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Unappropriated [Deficit] |
[744,730.45] |
[2,420,322.06] |
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Total Shareholders' Equity |
3,055,269.55 |
1,379,677.94 |
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Total Liabilities & Shareholders' Equity |
18,550,376.21 |
14,694,485.63 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Service Income |
7,880,745.16 |
11,466,883.07 |
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Sales |
83,167,602.54 |
2,853,867.36 |
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Other Income |
722,335.67 |
120,626.38 |
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Interest Income |
522,638.94 |
670,255.96 |
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Total
Revenues |
92,293,322.31 |
15,111,632.77 |
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Expenses |
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Cost of
Goods Sold |
84,688,928.67 |
8,174,474.39 |
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Selling &
Administrative Expenses |
4,798,298.63 |
5,196,460.84 |
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Total Expenses
|
89,487,227.30 |
13,370,935.23 |
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Profit
/ [Loss] before Interest Expenses
& Income
Tax |
2,806,095.01 |
1,740,697.54 |
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Interest Expenses |
[469,043.81] |
[452,352.31] |
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Income Tax |
[661,459.59] |
[262,196.13] |
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Net
Profit / [Loss] |
1,675,591.61 |
1,026,149.10 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
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Inventories |
214,083.78 |
272,355.59 |
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Works in
Process |
1,156,501.61 |
323,263.25 |
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Total |
1,370,585.39 |
595,618.84 |
NOTE
2 Fixed Assets
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|
2005 |
2004 |
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Office Equipment |
1,096,109.69 |
1,092,651.75 |
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Furniture
|
297,669.00 |
316,966.00 |
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Equipment & Tools |
303,446.23 |
303,446.23 |
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Computer |
619,111.00 |
619,111.00 |
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Vehicle
|
815,905.00 |
815,905.00 |
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Total |
3,132,240.92 |
3,148,079.98 |
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Less : Depreciation |
[2,948,293.70] |
[2,823,748.97] |
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Total |
183,947.22 |
324,331.01 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
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Sales |
535.78 |
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Operating |
[74.64] |
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Net Profit |
63.29 |
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Fixed Assets |
[43.28] |
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Total Assets |
26.24 |
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Profitability |
|
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Cost of
Goods Sold |
93.02 |
57.08 |
|
Operating Profit
Margin |
3.08 |
12.16 |
|
S&A expenses |
5.27 |
36.29 |
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Interest |
0.52 |
3.16 |
|
Other Revenues |
1.37 |
5.52 |
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Net Profit
Margin |
1.84 |
7.17 |
|
Earning Per
Shares |
55.85 |
34.20 |
|
No. of
Shares |
30,000 |
30,000 |
Net Sales was
increased by 535.78%,
Operating Profit was
decreased by 74.64%,
Net Profit was
increased by 63.29%,
Fixed Assets was
decreased by 43.28%,
Total Assets was
increased by 26.24%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
57.08% to 93.02%,
Operating Profit Margin
was decreased from
12.16% to 3.08%,
S & A
Expenses were decreased
from 36.29% to
5.27%, Interest Paid
was decreased from
3.16% to 0.52%,
Other Revenues was
decreased from 5.52%
to 1.37%, Net
Profit Margin was
decreased from 7.17%
to 1.84%.
Earning Per
Shares was increased
from 34.20 baht
per share to
55.85 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.47 |
1.23 |
|
Quick
- assets ratio |
0.68 |
0.44 |
Current Ratio
was increased from
1.23 to 1.47,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.44 to 0.68,
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 |
5.07 |
9.65 |
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Times Interest
Earned |
5.98 |
3.85 |
D/E Ratio was
decreased from 9.65
to 5.07, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was increased
from 3.85 to
5.98, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
494.97 |
44.15 |
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Total Assets
Turnover |
4.91 |
0.97 |
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Return on
Assets |
9.03 |
6.98 |
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Return on
Equity |
54.84 |
74.38 |
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Day’s Payable |
24.72 |
89.85 |
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Day’s Inventories |
5.42 |
14.97 |
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Days’ Receivables |
6.19 |
121.45 |
Fixed Assets Turnover
was increased from
44.15 times to
494.97 times, Total
Assets Turnover was
increased from 0.97
times to 4.91
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 6.98 to
9.03, Return on
Equity was decreased
from 74.38 to
54.84, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
90 days to
25 days, Day’s
Inventories was decreased
from 15 days
to 6 days, and Day’s
Receivables was decreased
from 122 days
to 7 days.
RATING EXPLANATIONS
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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 |
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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 |
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<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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