MIRA
INFORM REPORT
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Report Date : |
22nd
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ENTECH
ASSOCIATE CO., LTD. |
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Registered Office : |
17/121 Moo 6, Soi Chinakhet 2/46,
Ngamwongwan Road, Thungsonghong,
Laksi, Bangkok 10210,
Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
24.03.1993 |
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Com. Reg. No.: |
0105536035591 [Former : [1] 672/2536] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
importing, distributing and
servicing various kinds of
measuring instruments for
industry, energy, safety
environment. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
ENTECH ASSOCIATE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 17/121 MOO 6, SOI CHINAKHET 2/46,
NGAMWONGWAN
ROAD, THUNGSONGHONG,
LAKSI, BANGKOK 10210,
THAILAND
TELEPHONE : [66] 2831-6666
FAX : [66]
2831-6667
E-MAIL ADDRESS : info@entech.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536035591 [Former : [1] 672/2536]
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP
: BHT. 25,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAIBOON
OONPATTANASIN, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 78
LINES OF
BUSINESS : INDUSTRIAL MEASURING
INSTRUMENTS
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
March 24, 1993
as a private limited company under the name style ENTECH ASSOCIATE CO., LTD., by
Thai groups, to import
and distribute measuring
instruments for variety industries. It currently employs
78 staff.
The
subject has achieved
the international standard ISO 9001:2000 certification for the products
and services quality
system from UKAS
and NAC.
The
subject’s registered address
is 17/121 Moo 6, Soi Chinakhet
2/46, Ngamwongwan Rd.,
Thungsonghong, Laksi, Bangkok
10210, and this is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Paiboon
Oonpattanasin |
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Thai |
40 |
|
Mr. Sophon
Nanasombat |
|
Thai |
38 |
AUTHORIZED PERSON
Both of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Paiboon Oonpattanasin
is the Managing Director
& Sales Manager.
He is
Thai nationality with
the age of
40 years old.
Mr.
Sophon Nanasombat
is the Managing Director &
Sales Engineering Manager.
He is
Thai nationality with
the age of
38 years old.
Mr.
Chakkrit Jitchamnong
is the Service Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The
subject is engaged in importing,
distributing and servicing
various kinds of measuring
instruments for industry,
energy, safety environment. Its products are
included measuring
instruments for temperature, humidity, air velocity,
flue gas, pressure
gas, indoor air
quality, water analysis,
gas detector, personal
sampling pump, passive sampler,
particulate monitor, sound
and noise dosimeter,
ultrasonic liquid flow
meter and etc.
MAJOR BRANDS
“TESTO”, “CASELLA”,
“OLDHAM”, “SKC”, “MICRONICS”, “DYNASONICS” and etc.
IMPORT
100%
of the products is imported
from Germany, Singapore,
France, U. K., United States of America and
Japan .
MAJOR SUPPLIERS
-
Testo GmbH : Germany
-
Hoelzle & Chelius GmbH :
Germany
- Oldham France
SA. : France
-
SKC Inc. : United States of
America
-Micronics Ltd. :
United Kingdom
SALES [LOCAL]
100%
of the products is sold
locally to dealers
and end-users.
MAJOR CUSTOMERS
-
The Siam Cement Public Co., Ltd. :
Thailand
-
Esso Standard Thailand Public Co., Ltd. :
Thailand
-
National Starch & Chemical Co., Ltd. :
Thailand
-
F.E. Zuelig [Bangkok] Ltd. : Thailand
REVENUE
In 2006,
the subject’s revenue
was increased around
5% from the previous year.
RELATED AND AFFILIATED COMPANY
CMS
Technology Co., Ltd.
Business
Type: Importer & distributor of
measuring and analyzing
equipments.
Accuplus
Instruments Co., Ltd.
Business Type:
Manufacturer of temperature
control incubators.
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 30-60-90 days.
Imports
are by L/C at sight or
T/T & D/A on negotiated
term.
BANKING
The Siam
Commercial Bank Public Co.,
Ltd.
[Prachanivet Branch :
Prachachuen Rd., Ladyao,
Jatujak, Bangkok 10900]
Kasikornbank Public
Co., Ltd.
[Ngamwongwan Branch :
Ngamwongwan Rd., Muang,
Nonthaburi]
EMPLOYMENT
The
subject employs 78
staff [office staff
and services workers].
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in residential area.
COMMENT
Sales of measuring equipment used in various industrial has been surged in the past years due to improvement and expansion of domestic industries. The flourishing of overall economy has continued with
several positive factors
for domestic industries.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The
capital was increased
later as followed:
Bht. 10,000,000
on April 10,
2000
Bht. 25,000,000
on December 18,
2003
The
latest registered capital
was increased to
Bht. 25,000,000 divided into
250,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr.
Paiboon Oonpattanasin Nationality:
Thai Address : 301/232 Moo 6, Thungsonghong,
Laksi, Bangkok 10210 |
124,925 |
49.97 |
|
Mr.
Sophon Nanasombat Nationality:
Thai Address : 17/121 Moo 6, Thungsonghong,
Laksi, Bangkok 10210 |
124,925 |
49.97 |
|
Ms. Suree
Nanasombat Nationality:
Thai Address : 93 Panijcharoen Rd.,
Banmai, Pakkred, Nonthaburi |
50 |
0.02 |
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Mr.
Paitoon Oonpattanasin Nationality:
Thai Address : 301/232 Moo 6, Thungsonghong,
Laksi, Bangkok 10210 |
25 |
0.01 |
|
Mr.
Narong Sapsitthivej Nationality:
Thai Address : 782
Charansanitwong 79 Rd.,
Bangplad, Bangkok 10700 |
25 |
0.01 |
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Mr.
Danai Nanasombat Nationality:
Thai Address : 7 Moo 6, Chaengwatana Rd., Banmai, Pakkred, Nonthaburi |
25 |
0.01 |
|
Pol.
Lt. Nathanant Nanasombat Nationality:
Thai Address : 93 Panijcharoen Rd.,
Banmai, Pakkred, Nonthaburi |
25 |
0.01 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms.
Suda Suksai No. 3827
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in
hand & at
Bank |
1,102,166.69 |
1,163,166.18 |
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Short Term
Investment |
1,337,917.59 |
1,331,215.89 |
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Trade Accts.
& Notes Receivable |
31,738,458.83 |
25,317,106.71 |
|
Inventories |
7,471,734.43 |
9,346,639.75 |
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Short Term
Loan to Related
Company |
709,375.26 |
839,712.46 |
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Other Current
Assets |
1,775,091.39 |
340,513.80 |
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Total
Current Assets |
44,134,744.19 |
38,338,354.79 |
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Long Term
Loan to Related
Company |
9,812,000.00 |
7,000,000.00 |
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Fixed
Assets |
12,847,040.58 |
14,007,951.16 |
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Deposit
& Other Guarantee |
648,920.97 |
318,198.13 |
|
Deferred Expenses |
- |
61,804.13 |
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Total
Assets |
67,442,705.74 |
59,726,308.21 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Bank Overdraft
& Loan from Bank |
2,712,938.20 |
5,100,636.38 |
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Trade Accts.
& Notes Payable |
19,501,037.96 |
9,886,116.78 |
|
Accrued Expenses |
1,191,371.92 |
744,700.90 |
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Other Current
Liabilities |
2,252,443.26 |
1,347,252.09 |
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Total Current Liabilities |
25,657,791.34 |
17,078,706.15 |
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Long Term
Loan from Person
or Related Company |
4,997,327.72 |
6,013,554.61 |
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Long Term
Loan from Financial Institute |
5,075,693.45 |
6,847,988.46 |
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Total
Liabilities |
35,730,812.51 |
29,940,249.22 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 250,000
shares |
25,000,000.00 |
25,000,000.00 |
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Capital Paid |
25,000,000.00 |
25,000,000.00 |
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Retained Earning - Unappropriated |
6,711,893.23 |
4,786,058.99 |
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Total Shareholders' Equity |
31,711,893.23 |
29,786,058.99 |
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Total Liabilities &
Shareholders' Equity |
67,442,705.74 |
59,726,308.21 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
113,795,937.87 |
94,125,006.89 |
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Other Income |
2,819,785.59 |
1,035,026.03 |
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Total
Revenues |
116,615,723.46 |
95,160,032.92 |
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Expenses |
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Cost of
Goods Sold |
69,182,757.57 |
58,845,720.62 |
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Selling &
Administrative Expenses |
43,913,200.19 |
33,797,509.79 |
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Other Expenses |
69,407.19 |
- |
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Total Expenses |
113,165,364.95 |
92,643,230.41 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
3,450,358.51 |
2,516,802.51 |
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Interest Expenses |
[683,944.47] |
[884,072.02] |
|
Income Tax |
[840,579.80] |
[523,108.56] |
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Net
Profit / [Loss] |
1,925,834.24 |
1,109,621.93 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
20.90 |
|
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Operating |
15.68 |
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Net Profit |
73.56 |
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Fixed Assets |
[8.29] |
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Total Assets |
12.92 |
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Profitability |
|
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Cost of
Goods Sold |
60.80 |
62.52 |
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Operating Profit
Margin |
3.09 |
2.67 |
|
S&A expenses |
38.59 |
35.91 |
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Interest |
0.60 |
0.94 |
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Other Revenues |
2.48 |
1.10 |
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Net Profit
Margin |
1.69 |
1.18 |
|
Earning Per
Shares |
7.70 |
4.44 |
|
No. of
Shares |
250,000 |
250,000 |
Net Sales was
increased by 20.90%,
Operating Profit was
increased by 15.68%,
Net Profit was
increased by 73.56%,
Fixed Assets was
decreased by 8.29%,
Total Assets was
increased by 12.92%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
62.52% to 60.80%,
Operating Profit Margin
was increased from
2.67% to 2.67%,
S & A
Expenses were increased
from 35.91% to
38.59%, Interest Paid
was decreased from
0.94% to 0.60%,
Other Revenues was
increased from 1.10%
to 2.48%, Net
Profit Margin was
increased from 1.18%
to 1.69%.
Earning Per
Shares was increased
from 4.44 baht
per share to
7.70 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.72 |
2.24 |
|
Quick
- assets ratio |
1.36 |
1.68 |
Current Ratio
was decreased from
2.24 to 1.72,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
1.68 to 1.36,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.13 |
1.01 |
|
Times Interest
Earned |
5.15 |
2.85 |
D/E Ratio was
increased from 1.01
to 1.13, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was increased
from 2.85 to
5.15, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
8.86 |
6.72 |
|
Total Assets
Turnover |
1.69 |
1.58 |
|
Return on
Assets |
2.86 |
1.86 |
|
Return on
Equity |
6.07 |
3.73 |
|
Day’s Payable |
61.69 |
37.81 |
|
Day’s Inventories |
23.64 |
35.75 |
|
Days’ Receivables |
100.41 |
96.83 |
Fixed Assets Turnover
was increased from
6.72 times to
8.86 times, Total
Assets Turnover was
increased from 1.58
times to 1.69
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 1.86 to
2.86, Return on
Equity was increased
from 3.73 to
6.07, capacity to
use Assets to
make profit was
good.
Day’s Payable
was increased from
38 days to
62 days, while
Day’s Inventories was
decreased from 36
days to 24
days, but Day’s
Receivables was increased
from 97 days
to 101 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/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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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