MIRA
INFORM REPORT
|
Report Date : |
21st
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MARUBENI TEKMATEX
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
Room 2091, 9th Floor, Sindhorn Tower 2, 130-132 Wittayu Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
24.06.1986 |
|
|
|
|
Com. Reg. No.: |
0105529021297 [Former : 2129/2529] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and Service provider
various types of textile
machinery and related
products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name
MARUBENI TEKMATEX
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM
2091, 9th FLOOR, SINDHORN
TOWER 2,
130-132 WITTAYU
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2256-6890-2
FAX : [66]
2256-6226
E-MAIL ADDRESS : bgktekm@bgk.marubenicorp.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO.
: 0105529021297 [Former : 2129/2529]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP
: BHT. 5,000,000
FISCAL YEAR CLOSING
DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NAOKI MASUDA, JAPANESE
MANAGING
DIRECTOR
NO. OF
STAFF : 8
LINES OF
BUSINESS : TEXTILE MACHINERY
IMPORTER,
DISTRIBUTOR & BROKER
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 24, 1986
as a private limited company under the name style MARUBENI
TEKMATEX [THAILAND] CO.,
LTD., by Thai
and Japanese groups, to
provide textile machinery and services to domestic
market. It currently
employs 8 staff.
Subject is a
member of Marubeni
Corporation, Japan.
The
subject’s registered address
is 130-132 Sindhorn
Tower 2, Wittayu
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Naoki Masuda |
[x] |
Japanese |
43 |
|
Mr.
Toru Takizawa |
|
Japanese |
58 |
|
Mr.
Tetsuji Banno |
|
Japanese |
56 |
|
Mr.
Chusak Dilokwatanakun |
|
Thai |
75 |
|
Mr.
Kasem Nananukul |
|
Thai |
70 |
|
Mr.
Surapol Meksilpastit |
|
Thai |
67 |
AUTHORIZED PERSON
Only the
mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Naoki
Masuda is
the Managing Director.
He is
Japanese nationality with
the age of
43 years old.
BUSINESS OPERATIONS
The subject’s
activities are importer,
distributor and service
provider various types of
textile machinery and
related products.
IMPORT
The products
are imported from
Japan and Germany.
SALES/SERVICES
The products
are sold and
serviced locally to
end-users.
PARENT COMPANY
Marubeni Corporation : Japan
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 and
services are by
cash or on
the credits term
of 30-60 days.
Imports
are by L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Kasikornbank Public
Co., Ltd.
[Head
Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok]
Bank of
Tokyo-Mitsubishi Corporation.
[Bangkok
Office : 54
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 8
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Thai textile
industry has lose
competitive edge with
other countries in
the region from
old processing technology.
Therefore to cope with this problem, the textile manufacturer would focus more on
upgrading machinery and
technology. This is
potential to the subject
in order to provide
machinery and services
to local players,
which demand is likely to
increase from the industry.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided into
20,000 shares of Bht.
100 each.
On
February 19, 1993,
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 July 28,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Marubeni
Corporation Nationality: Japanese Address :
4-2 Otemashi 1-chome
Chiyoda-ku, Tokyo, Japan |
16,500 |
33.00 |
|
Siam
Marubeni International Co.,
Ltd. Nationality: Thai Address :
130-132 Wittayu Rd.,
Lumpini, Pathumwan, Bangkok |
15,000 |
30.00 |
|
Marubeni
Tekematex Corp. Nationality: Japanese Address :
4-2 Otemashi 1-chome
Chiyoda-ku, Tokyo, Japan |
8,000 |
16.00 |
|
Mr. Chusak Dilokwattanakun Nationality: Thai Address :
150 Vanich Rd.,
Chakrawad, Samphantawong, Bangkok |
5,000 |
10.00 |
|
Mrs. Panida Thepkanchana Nationality: Thai Address :
2 Nares Rd.,
Siphaya, Bangrak, Bangkok |
2,500 |
5.00 |
|
Mr. Kasem
Nananukul Nationality: Thai Address :
60/3 Moo 8,
Krungthep-Nont Rd., Bangkhen, Muang,
Nonthaburi |
1,500 |
3.00 |
|
Mr. Surapol Meksilpastit Nationality: Thai Address :
8 Ramkhamhaeng Rd.,
Suanluang, Bangkok |
1,500 |
3.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Vichart Logestkravee No.
4451
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in
hand & at
Bank |
8,600,547 |
4,237,937 |
|
Trade Accts.
Receivable -
Related Company |
9,972,956 |
13,665,796 |
|
-
Other Company |
- |
12,573 |
|
Total
Trade Accts. Receivable |
9,972,956 |
13,678,369 |
|
Advanced Payment
to Related & Other Company |
679,673 |
125,561 |
|
Other Current
Assets |
1,140,871 |
272,102 |
|
Total
Current Assets |
20,394,047 |
18,313,969 |
|
Other Long
Term Investment |
3,440,000 |
3,440,000 |
|
Fixed
Assets [note 1] |
1,626,212 |
2,481,187 |
|
Other
Assets |
1,177,168 |
1,183,168 |
|
Total
Assets |
26,637,427 |
25,418,324 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts.
Payable |
250,070 |
173,540 |
|
Payable-Related Company |
1,286,078 |
1,299,451 |
|
Accrued Income
Tax |
- |
546,109 |
|
Accrued Expenses |
2,351,436 |
315,897 |
|
Other Current
Liabilities |
269,728 |
282,992 |
|
Total Current Liabilities |
4,157,312 |
2,617,989 |
|
Total
Liabilities |
4,157,312 |
2,617,989 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 50,000
shares |
5,000,000 |
5,000,000 |
|
Capital Paid |
5,000,000 |
5,000,000 |
|
Statutory Reserve |
500,000 |
500,000 |
|
Retained Earning - Unappropriated |
16,980,115 |
17,300,335 |
|
Total Shareholders' Equity |
22,480,115 |
22,800,335 |
|
Total Liabilities &
Shareholders' Equity |
26,637,427 |
25,418,324 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Services |
23,783,673 |
26,193,230 |
|
Sales |
30,777,700 |
1,772,240 |
|
Other Income |
145,023 |
149,020 |
|
Total
Revenues |
54,706,396 |
28,114,490 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold & Services |
28,680,019 |
2,673,583 |
|
Selling &
Administrative Expenses |
25,585,674 |
24,172,107 |
|
Total Expenses
|
54,265,693 |
26,845,690 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
440,703 |
1,268,800 |
|
Interest Expenses |
[2,152] |
[2,021] |
|
Income Tax |
[158,771] |
[625,868] |
|
Net
Profit / [Loss] |
279,780 |
640,911 |
FINANCIAL NOTE
NOTE
1 Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Building
|
855,000 |
855,000 |
|
Vehicle |
3,895,700 |
3,895,700 |
|
Office Furniture |
2,638,191 |
2,638,191 |
|
Software |
130,000 |
130,000 |
|
Total |
7,518,891 |
7,518,891 |
|
Less:
Depreciation |
[5,892,679] |
[4,990,190] |
|
Total |
1,626,212 |
2,481,187 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2006 |
2005 |
|
Sales |
1,636.66 |
|
|
Operating |
[98.00] |
|
|
Net Profit |
[56.35] |
|
|
Fixed Assets |
[34.46] |
|
|
Total Assets |
4.80 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
93.18 |
150.86 |
|
Operating Profit
Margin |
1.43 |
71.59 |
|
S&A expenses |
83.13 |
1,363.93 |
|
Interest |
0.01 |
0.11 |
|
Other Revenues |
77.75 |
1,486.38 |
|
Net Profit
Margin |
0.91 |
36.16 |
|
Earning Per
Shares |
5.60 |
12.82 |
|
No. of
Shares |
50,000 |
50,000 |
Net Sales was
increased by 1,636.66%,
Operating Profit was
decreased by 1,636.66%,
Net Profit was
decreased by 56.35%,
Fixed Assets was
decreased by 34.46%,
Total Assets was
increased by 4.80%.
Compare each cost with sales, Cost of Goods Sold was decreased from 150.86% to 93.18%, Operating Profit Margin was decreased from 71.59% to 1.43%, S & A Expenses were decreased from 1,363.93% to 83.1%, Interest Paid was decreased from 0.11% to 0.01%, Other Revenues was decreased from 1,486.38% to 77.75%, Net Profit Margin was decreased from 36.16% to 0.91%.
Earning Per Shares was decreased from 12.82 baht per share to 5.60 baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.91 |
7.00 |
|
Quick
- assets ratio |
4.63 |
6.89 |
Current Ratio
was decreased from
7.00 to 4.91,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
6.89 to 4.63,
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 |
0.48 |
0.11 |
|
Times Interest
Earned |
204.79 |
627.81 |
D/E Ratio was
increased from 0.11
to 0.48, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was decreased
from 627.81 to
204.79, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets
Turnover |
18.93 |
0.71 |
|
Total Assets
Turnover |
1.16 |
0.07 |
|
Return on
Assets |
1.05 |
2.52 |
|
Return on
Equity |
1.24 |
2.81 |
|
Day’s Payable |
2.93 |
35.25 |
|
Days’ Receivables |
116.65 |
2,778.52 |
Fixed Assets Turnover
was increased from
0.71 times to
18.93 times, Total
Assets Turnover was
increased from 0.07
times to 1.16times,
show the company
could use Assets
so efficiently, and
Return on Assets
was decreased from
2.52 to 1.05,
Return on Equity
was decreased from
2.81 to 1.24,
capacity to use
Assets to make
profit was not
good.
Day’s Payable
was decreased from
36 days to
3 days, and
Day’s Receivables was
decreased from 2,778.52
days to 116.65days.
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 |
|