MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
IWK PACKAGING MACHINERY LIMITED |
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Registered Office : |
888/45
Moo 19, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0115542001792 [SOR POR.
8828] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer
and distributor of
packaging machinery, spare
parts and related
equipments |
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 |
name
IWK PACKAGING MACHINERY LIMITED
SUMMARY
BUSINESS ADDRESS : 888/45
MOO 19,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2382-5440-6
FAX : [66] 2382-5447
E-MAIL ADDRESS : iwkbkk@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542001792 [SOR
POR. 8828]
CAPITAL REGISTERED : BHT.
2,100,000
CAPITAL PAID-UP : BHT.
2,100,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MATTHIAS JUNGLING, GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 20
LINES OF
BUSINESS : PACKAGING
MACHINERY & EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March
31, 1999 as a
private limited company
under the name
style IWK PACKAGING
MACHINERY LIMITED by German
groups, in order to distribute
and service of
packaging machinery and
equipment to local
market. It currently
employs 20 staff.
It is a
subsidiary of IWK
Verpackungstechnik GmbH from
The subject’s registered address is
888/45 Moo 19,
Bangplee-Tamru Rd., Bangpleeyai,
Bangplee, Samutprakarn 10540,
and this is
the company’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality |
Age |
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Mr. Matthias Jungling |
German |
40 |
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Matthias
Jungling is the
Managing Director.
He is German
nationality with the
age of 40
years old.
Mr. Apichart Lerschaianan is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor of packaging
machinery, spare parts
and related equipments
for various industries such as dairy products, food, pharmaceutical, cosmetics
and etc.
It is an
exclusive agent of IWK
Verpackungstechnik GmbH in
Germany, providing
engineering consulting, repairing
and maintenance services
of the products.
MAJOR BRANDS
“IWKA” and “BENHIL”
IMPORT [COUNTRIES]
100% of the
products is imported
from United Kingdom,
United States of
America, Taiwan, Republic
of China and
Germany.
MAJOR SUPPLIERS
- IWK Verpackungstechnik GmbH :
- IWKA Pacunion GmbH :
- Benz & Hilgers
GmbH :
- Hassia Ltd. :
SALES [LOCAL]
100% of the
products is sold
and serviced locally
to end-users mainly
manufacturers.
PARENT COMPANY
IWK Verpackungstechnik GmbH :
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.
Imports are by
L/C at sight
or T/T on
negotiated term.
BUSINESS TRANSACTION
The products are
sold to customers
by cash and
credit, with the maximum credit
given at 30-60
days. The subject
is not found
to have problem
on both accounts
receivable and accounts payable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 20 staff.
[office, sales staff
and engineers]
LOCATION DETAILS
The premise is
rented for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject has attained
a solid business
status over year’s
efforts. Its general
situation is favorable
and is witnessing
stable growth in
its business turnover.
The packaging sector remains healthy.
High technology for the packaging industry also has
high potential for
local industries in
order to upgrade their
products and playing
the great role
to improve competitiveness in
world market.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,100,000 divided into
21,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE: [as at
|
NAME |
HOLDING |
% |
|
IWK Verpackungstechnik GmbH Nationality : German Address : |
20,994 |
99.97 |
|
Mr. Hans K.
Zedel Nationality : German Address : |
1 |
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Dr. Rudolf Hilmar Nationality : German Address : |
1 |
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Mr. Earl Marcus
Adolf Nationality : German Address : |
1 |
= 0.03 |
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Mr. Matthias Jungling Nationality : German Address : |
1 |
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Mr. Deter V.
Grulich Nationality : German Address : |
1 |
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Mr. Frank O.
Hubner Nationality : German Address : |
1 |
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Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mrs. Saifon Inkaew
No. 4434
IWK PACKAGING MACHINERY
LIMITED
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
|
1,875,110 |
7,681,773 |
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Trade Accts. Receivable - Related
Company |
10,007,402 |
5,169,746 |
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- Other
Company |
6,136,575 |
4,672,543 |
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Trade Accts. Receivable
- Net |
16,143,977 |
9,842,289 |
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Advance Payment to
Related Company |
145,205 |
- |
|
Inventories [note 1] |
3,223,229 |
4,140,992 |
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Refundable Input Tax |
3,127,601 |
875,925 |
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Other Current Assets
|
1,026,167 |
502,482 |
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Total Current Assets
|
25,541,289 |
23,043,461 |
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Fixed Assets [note 2] |
6,271,434 |
4,197,923 |
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Deposit |
478,506 |
493,955 |
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Other Assets |
46,000 |
114,000 |
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Total Assets
|
32,337,229 |
27,849,339 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable - Related
Company |
100,786 |
2,621,329 |
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- Other
Company |
4,087,561 |
1,824,080 |
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Trade Accts. Payable
- Net |
4,188,347 |
4,445,409 |
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Account Payable &
Advance from Parent
Company |
18,529 |
- |
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Current Portion of
Finance Lease Contract
Payable |
1,262,482 |
515,522 |
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Accrued Income Tax |
1,128,469 |
3,796,900 |
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Accrued Expenses |
528,172 |
672,856 |
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Other Current Liabilities |
465,554 |
431,906 |
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Total Current Liabilities |
7,591,553 |
9,862,593 |
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Finance Lease Contract
Payable - Net
of Current Portion |
1,167,953 |
749,273 |
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Total Liabilities |
8,759,506 |
10,611,866 |
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Shareholders' Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 21,000 shares |
2,100,000 |
2,100,000 |
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Capital Paid |
2,100,000 |
2,100,000 |
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Retained Earning Appropriated for
Statutory Reserve |
210,000 |
210,000 |
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Unappropriated |
21,267,723 |
14,927,473 |
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Total Shareholders' Equity |
23,577,723 |
17,237,473 |
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Total Liabilities &
Shareholders' Equity |
32,337,229 |
27,849,339 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales & Service
Income |
124,634,058 |
79,710,996 |
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Commission Income |
6,988,155 |
12,810,264 |
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Other Income |
283,360 |
540,178 |
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Total Revenues |
131,905,573 |
93,061,438 |
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Expenses |
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Cost of Goods
Sold & Service
|
96,129,042 |
59,176,510 |
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Selling & Administrative Expenses |
26,922,425 |
18,059,002 |
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Total Expenses |
123,051,467 |
77,235,512 |
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Profit / [Loss] before
Income Tax |
8,854,106 |
15,825,926 |
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Income Tax |
[2,513,856] |
[4,883,507] |
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Net Profit / [Loss] |
6,340,250 |
10,942,419 |
FINANCIAL NOTES
NOTE 1 :
Inventories
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|
2005 |
2004 |
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Spare Parts |
3,223,229 |
3,924,944 |
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Goods in Transit |
- |
216,048 |
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Total |
3,223,229 |
4,140,992 |
NOTE 2 :
Fixed Assets
|
|
2005 |
2004 |
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|
1,048,137 |
1,048,137 |
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Office Equipment |
3,691,511 |
2,603,636 |
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Furniture & Fitting |
1,932,967 |
1,932,967 |
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Vehicle |
4,522,246 |
2,733,030 |
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Total |
11,194,861 |
8,317,770 |
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Less: Depreciation |
[4,923,427] |
[4,119,847] |
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Total |
6,271,434 |
4,197,923 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
56.36 |
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Operating Profit |
[64.22] |
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Net Profit |
[42.06] |
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Fixed Assets |
49.39 |
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Total Assets |
16.11 |
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Profitability |
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Cost of Good
Sold |
77.13 |
74.24 |
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Operating Profit Margin |
7.10 |
19.85 |
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S & A
Expenses |
21.60 |
22.66 |
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Other Revenues |
5.83 |
16.75 |
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Net Profit Margin |
5.09 |
13.73 |
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Earning Per Shares |
301.92 |
521.07 |
|
No. of Shares |
21,000 |
21,000 |
Net Sales was
increased by 56.36%,
Operating Profit was
decreased by 64.22%,
Net Profit was
decreased by 42.06%,
Fixed Assets was
increased by 49.39%,
Total Assets was
increased by 16.11%.
Compare each cost with sales, Cost of Good Sold was increased from 74.24% to 77.13%, Operating Profit Margin was decreased from 19.85% to 7.10%, S & A Expenses was decreased from 22.66% to 21.60%, Other Revenues was decreased from 16.75% to 5.83%, Net Profit Margin was decreased from 13.73% to 5.09%.
Earning Per Shares was decreased from 521.07 baht per share to 301.92 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
3.36 |
2.34 |
|
Quick-Assets Ratio |
2.39 |
1.78 |
Current Ratio was increased from 2.34 to 3.36, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, Quick-Assets Ratio was increased from 1.78 to 2.39, 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 |
0.37 |
0.62 |
D/E Ratio was decreased from 0.62 to 0.37, show the company had fund from Equity more than fund from Loan, investment risked of the company is low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
19.87 |
18.99 |
|
Total Assets Turnover |
3.85 |
2.86 |
|
Return on Assets |
19.61 |
39.29 |
|
Return on Equity |
26.89 |
63.48 |
|
Day's Payable |
11.81 |
8.24 |
|
Day’s Inventories |
9.31 |
18.70 |
|
Day’s Receivables |
17.73 |
21.10 |
Fixed Assets Turnover was increased from 18.99 times to 19.87 times, Total Assets Turnover was increased from 2.86 times to 3.85 times, show the company could use Assets so efficiently, Return on Assets was decreased from 39.29 to 19.61, Return on Equity was decreased from 63.48 to 26.89, capacity to use Assets to make profit was good.
Day's Payable was increased from 9 days to 12 days, while Day’s Inventories was decreased from 19 days to 10 days, and Day’s Receivables was decreased from 22 days to 18 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 |
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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 |
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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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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%)