MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
IMA PACIFIC COMPANY LIMITED |
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Registered Office : |
12th Floor,
All Seasons Place,
M. Thai Tower, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
0105546127804 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged in commission
agent servicing of
wide range of
industrial automatic machinery,
equipment and spare
parts, for foods & beverage, pharmaceuticals, cosmetics,
consumer goods industries,
etc. |
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 : |
Usually correct |
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Litigation : |
Clear |
name
IMA PACIFIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 12th FLOOR,
ALL SEASONS PLACE,
M.
87
WIRELESS
ROAD, LUMPINI, PATHUMWAN,
TELEPHONE : [66] 2654-0780-1
FAX : [66] 2654-0782
E-MAIL ADDRESS : ima@imapacific.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546127804 [Former : 10454602147]
CAPITAL
REGISTERED : BHT.
100,000,000
CAPITAL
PAID-UP : BHT.
100,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MAURIZIO FERRETTI,
ITALIAN
MANAGING DIRECTOR
NO. OF
STAFF : 4
LINES OF
BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
BROKER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on
October 24, 2003
as a private
limited company under the
name style IMA
PACIFIC COMPANY LIMITED,
by Italian groups, with
the business objective
to engage in
commission agent for
wide range of
industrial machinery, equipment
and spare parts.
It currently employs
4 staff.
Subject
is a wholly
owned subsidiary of
I..M.A. Industria Macchine
Automatiche Spa. from
The
subject’s registered address
is 87 All
Seasons Place, M. Thai
Tower, Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Maurizio Ferretti |
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Italian |
44 |
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Mr. Gaetano Castiglione |
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Italian |
45 |
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Mr. Giovanni Pecchioli |
|
Italian |
51 |
|
Mr. Andrea Malagoli |
|
Italian |
42 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Maurizio Ferretti
is the Managing
Director.
He is Italian
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in commission
agent servicing of
wide range of
industrial automatic machinery,
equipment and spare
parts, for foods & beverage, pharmaceuticals, cosmetics,
consumer goods industries
and etc. Its
product are supplied
from Italy, Germany,
Taiwan, India and
Republic of China.
MAJOR SUPPLIER
I.M.A. Industria Macchine
Automatiche Spa. :
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Services are by
credit on 30-90
days term.
Local bills are
paid by cash
and credit on 30-60
days term.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The consumption trend
reflected declines because
industrial investment is
steeper slowdown in
production as a
result of political
uncertainties and current
economic weakness, as
well as consumers
were more cautious
in their spending.
The subject’s business
is slowing down
and growth would
be lower than last
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 20,000,000 shares
of Bht. 5
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
March 20,
2006]
|
NAME |
HOLDING |
% |
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Nationality: Italian Address : |
19,999,993 |
100.00 |
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Mrs.
Peeraphan Tangsuwan Nationality: Thai Address : |
1 |
- |
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Ms. Wanee Visitwuthikul Nationality: Thai Address : |
1 |
- |
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Mr. Supoj Kiree Nationality: Thai Address : 59/462
Moo 4, Ladsawai,
Lamlukka, Pathumthani |
1 |
- |
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Ms. Jariya Thitiratanapinan Nationality: Thai Address : 82
Rama 4 Rd.,
Klongton, Klongtoey, |
1 |
- |
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Mrs. Wandee Aoumpranee Nationality: Thai Address : 3/212
Moo 2, Klongthanon, Bangkhen, |
1 |
- |
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Mrs. Maleerat
Tuchathikom Nationality: Thai Address : 1046
Charansanitwong 75 Rd.,
Bangplad, |
1 |
- |
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Ms. Jirakarn
Pipattananant Nationality : Thai
Address : 122/12
New Rd., Yannawa,
Sathorn, |
1 |
- |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Somporn Wuthiwatana No.
4349
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 |
6,601,953 |
11,678,748 |
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Trade Accts. Receivable - Related
Company |
6,544,922 |
41,825,068 |
|
- Other
Company |
831,182 |
- |
|
Deferred Commission -
Related Company |
90,722,992 |
128,305,353 |
|
Other Account Receivable |
195,266 |
839,340 |
|
Advance Payment to
Other Company |
14,381,746 |
- |
|
Advance Payment to
Director |
2,014,772 |
- |
|
Loan to Director |
1,840,614 |
2,011,340 |
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Value Added Tax
Receivable |
1,611,793 |
590,590 |
|
Prepaid Income Tax |
1,575,407 |
- |
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Other Current Assets
|
78,564 |
115,124 |
|
|
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Total Current
Assets |
126,399,211 |
185,365,563 |
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Loan to Director
|
- |
2,011,595 |
|
Computer Programme |
254,568 |
302,025 |
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Fixed Assets |
973,313 |
1,338,113 |
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Other Assets |
278,980 |
193,540 |
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Total Assets
|
127,906,072 |
189,210,836 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Trade Accts. Payable - Related
Company |
- |
4,464,764 |
|
- Other
Company |
1,102,757 |
13,480 |
|
Related Company Payable |
278,141 |
10,064,455 |
|
Advance Income from
Related Company |
1,891,818 |
- |
|
Accrued Commission - Related
Company |
27,092,822 |
34,073,740 |
|
- Other Company |
24,658,846 |
54,690,054 |
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Accrued Income Tax |
- |
5,622,112 |
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Accrued Expenses |
2,852,035 |
2,152,388 |
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Total Current
Liabilities |
57,876,419 |
111,080,993 |
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Shareholders'
Equity |
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Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 20,000,000 shares |
100,000,000 |
100,000,000 |
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Capital Paid |
40,219,000 |
40,219,000 |
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Retained Earning Appropriated for Statutory Reserve |
2,330,509 |
- |
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Unappropriated |
27,480,144 |
37,910,843 |
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Total
Shareholders' Equity |
70,029,653 |
78,129,843 |
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Total Liabilities
& Shareholders' Equity |
127,906,072 |
189,210,836 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Commission Income |
124,438,019 |
252,072,882 |
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Gain on Exchange
Rate |
- |
3,861,866 |
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Interest Income |
101,243 |
125,952 |
|
Other Income |
- |
707,419 |
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Total Revenues
|
124,539,262 |
256,768,119 |
|
Expenses |
|
|
|
|
|
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Service & Administrative Expenses |
115,614,447 |
193,901,482 |
|
Loss on Exchange
Rate |
6,210,801 |
- |
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Total Expenses |
121,825,248 |
193,901,482 |
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|
|
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Profit / [Loss] before
Income Tax |
2,714,014 |
62,866,637 |
|
Income Tax |
[814,204] |
[16,256,451] |
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Net Profit / [Loss] |
1,899,810 |
46,610,186 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[50.63] |
|
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Operating Profit |
[71.24] |
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Net Profit |
[95.92] |
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Fixed Assets |
[27.26] |
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Total Assets |
[32.40] |
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Profitability |
|
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Operating Profit Margin |
7.17 |
24.94 |
|
S & A
Expenses |
92.91 |
76.92 |
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Other Revenues |
0.08 |
1.86 |
|
Net Profit Margin |
1.53 |
18.49 |
|
Earning Per Shares |
0.24 |
5.79 |
|
No. of Shares |
8,043,800 |
8,043,800 |
Net Sales was
decreased by 50.63%,
Operating Profit was
decreased by 71.24%,
Net Profit was
decreased by 95.92%,
Fixed Assets was
decreased by 27.26%,
Total Assets was
decreased by 32.40%.
Compare each cost
with sales, , Operating
Profit Margin was
decreased from 24.94%
to 7.17%, S
& A Expenses
was increased from
76.92% to 92.91%,
, Other Revenues
was decreased from
1.86% to 0.08%,
Net Profit Margin
was decreased from
18.49% to 1.53%.
Earning Per Shares
was decreased from
5.79 baht per
share to 0.24
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.18 |
1.67 |
|
Quick-Assets Ratio |
2.18 |
1.67 |
Current Ratio was
increased from 1.67
to 2.18, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.67 to 2.18,
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 |
0.83 |
1.42 |
D/E Ratio was
decreased from 1.42
to 0.83, 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 |
127.85 |
188.38 |
|
Total Assets Turnover |
0.97 |
1.33 |
|
Return on Assets |
1.49 |
24.63 |
|
Return on Equity |
2.71 |
59.66 |
|
Day's Payable |
3.19 |
0.02 |
|
Day’s Receivables |
2.40 |
0.00 |
Fixed Assets Turnover
was decreased from
188.38 times to
127.85 times, Total
Assets Turnover was
decreased from 1.33
times to 0.97
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 24.63
to 1.49, Return
on Equity was
decreased from 59.66
to 2.71, capacity
to use Assets
to make profit
was good.
Day's Payable was
increased from 1
days to 4
days, and Day’s
Receivables was increased
from 0 days
to 3 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 |
|
<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%)