MIRA
INFORM REPORT
|
Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BASIC MACHINING CO., LTD. |
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Registered Office : |
68/3
Moo 5, Srisathong, Nakornchaisri, Nakornpathom
Province 73120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0735544001476 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing service wide
range of plastic
and metal parts
for computer, electric
home appliance and
automotive industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
BASIC MACHINING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 68/3
MOO 5, SRISATHONG,
NAKORNCHAISRI,
NAKORNPATHOM PROVINCE
73120
TELEPHONE : [66] 34 339-396-7, 085
803-1509
FAX : [66] 34
332-516
E-MAIL ADDRESS : basic_job@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0735544001476 [Former :
NOR THOR. 2911]
CAPITAL
REGISTERED : BHT. 2,000,000
CAPITAL
PAID-UP : BHT. 2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. CHINTANA CHANYAWONG,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 40
LINES OF
BUSINESS : METAL AND PLASTIC PARTS
MANUFACTURE CONTRACTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on September 12,
2001 as a private
limited company under the name
style BASIC MACHINING
CO., LTD., by
Thai groups, with the
business objective to
manufacture of reading
head for computer.
In
2005, subject has
stopped its activity
temporarily. In 2006,
it has re-started the production
to new business lines, plastic
and metal parts
for computer, electric
home appliances and
automotive industry. It
currently employs approximately 40 staff.
The
subject’s registered address
was initially located
at 25/45 Moo
2, Sanamchan Rd.,
Muang, Nakornpathom 73120.
On
January 25, 2003,
it was relocated to 68/3
Moo 5, T. Srisathong, A.
Nakornchaisri, Nakornpathom 73120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chintana Chanyawong |
|
Thai |
46 |
|
Mr. Rajeev Vijayan |
|
Thai |
43 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Chintana Chanyawong
is the Managing Director.
She is Thai nationality with
the age of
46 years old.
Mr. Rajeev Vijayan
is the General Manager.
He is Thai nationality with
the age of
43 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service wide range
of plastic and
metal parts for
computer, electric home
appliance and automotive
industry.
PURCHASE
Most of raw
material and component
are purchased from
local suppliers, the
remaining is imported
from Germany and
United States of America.
SALES [LOCAL]
80% of the products is
sold and service
locally to manufacturers.
EXPORT
20% of the products is
exported to U.S.A.
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 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.
Exports are against
L/C or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 40 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
upcountry.
REMARK
CREDIT
OF US$ 150,000 AGAINST
D/A ON 90 DAYS SHOULD
BE ON SECURED BASIS.
COMMENT
The
subject claimed no
income from temporarily
stopped its productivity. Since 2006, it
has re-started new
production of metal
and plastic parts
for computer, electric
appliances and automobile. However, its production
has been started
and it is still
in an early stage, therefore
no good operating result
is shown as
yet.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
On October
18, 2001, the
capital was increased
to Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs.
Chintana Chanyawong Nationality: Thai Address : 32/2
Moo 4, Srisathong, Nakornchaisri,
Nakornpathom |
19,994 |
99.97 |
|
Ms.
Chantima Chanyawong Nationality: Thai Address : 66
Moo 5, Srsathong, Nakornchaisri, Nakornathom |
1 |
|
|
Mr. Songkiat Suwannatee Nationality: Thai Address : 453
Thesa Rd., Phrapratone, Muang, Nakornpathom |
1 |
|
|
Mrs. Sunee Takona Nationality: Thai Address : 31/4
Moo 4, Srisathong, Nakornchaisri, Nakornpathom |
1 |
= 0.03 |
|
Ms. Sunan Chanyawong Nationality: Thai Address : 66/3
Moo 5, Srsathong, Nakornchaisri, Nakornathom |
1 |
|
|
Mr. Nawapol Kosook Nationality: Thai Address : 87/21 Moo
3, Srsathong, Nakornchaisri, Nakornathom |
1 |
|
|
Ms.
Chittinan Suwannatee Nationality: Thai Address : 453
Thesa Rd., Phrapratone, Muang, Nakornpathom |
1 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mrs. Burong Faengsawasdi No.
4524
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
75,965.93 |
145,846.53 |
|
Trade Accts. Receivable |
196,609.39 |
87,363.45 |
|
Inventories |
173,584.00 |
173,584.00 |
|
Other Current Assets
|
50,666.76 |
252,434.90 |
|
Total Current
Assets |
496,826.08 |
659,228.88 |
|
|
|
|
|
Fixed Assets |
269,421.60 |
623,573.56 |
|
Total Assets |
766,247.68 |
1,282,802.44 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
61,778.62 |
210,065.54 |
|
Other Current Liabilities |
2,366,550.55 |
1,349,529.61 |
|
Total Current
Liabilities |
2,428,329.17 |
1,559,595.15 |
|
Loan from Director |
7,261,468.18 |
5,802,419.25 |
|
Total Liabilities |
9,689,797.35 |
7,362,014.40 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[10,923,549.67] |
[8,128,744.55] |
|
Total
Shareholders' Equity |
[8,923,549.67] |
[6,128,744.55] |
|
Total
Liabilities & Shareholders' Equity |
766,247.68 |
1,233,269.85 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
- |
8,662.31 |
|
Other Income |
- |
- |
|
Total Revenues
|
- |
8,662.31 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
- |
70,601.86 |
|
Selling & Administrative Expenses |
2,311,132.70 |
2,203,394.04 |
|
Total Expenses |
2,311,132.70 |
2,273,995.90 |
|
Profit / [Loss] Before Interest
Expenses |
[2,311,132.70 |
[2,265,333.59] |
|
Interest Expenses |
[483,672.42] |
[477,347.94] |
|
Net Profit / [Loss] |
[2,794,805.15] |
[2,742,681.53] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[100.00] |
|
|
Operating Profit |
[100.00] |
|
|
Net Profit |
[1.90] |
|
|
Fixed Assets |
[56.79] |
|
|
Total Assets |
[40.27] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
- |
815.05 |
|
Operating Profit Margin |
- |
[26,151.61] |
|
S & A
Expenses |
- |
25,436.56 |
|
Interest Paid |
- |
5,510.63 |
|
Net Profit Margin |
- |
[31,662.24] |
|
Earning Per Shares |
[139.74] |
[137.13] |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
decreased by 100.00%,
Operating Profit was
decreased by 100.00%,
Net Profit was
decreased by 1.90%,
Fixed Assets was
decreased by 56.79%,
Total Assets was
decreased by 40.27%.
Compare each cost
with sales, Cost of
Good Sold was
815.05%, Operating Profit
Margin was -26,151.61%, S & A
Expenses was 25,436.56%,
Interest Paid was 5,510.63%,
Net Profit Margin
was -31,662.24%.
Earning Per Shares
was decreased from
-137.13 baht per
share to-139.74 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.20 |
0.42 |
|
Quick - assets
ratio |
0.11 |
0.15 |
Current Ratio was
decreased from 0.42
to 0.20, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick -
assets ratio was
decreased from 0.15
to 0.11, capacity
to pay Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
[1.09] |
[1.21] |
|
Times Interest Earned |
[4.78] |
[4.75] |
D/E Ratio
was increased from
-1.21 to -1.09,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
medium, Times Interest
Earned was decreased
from -4.75 to-4.78,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.00 |
0.01 |
|
Total Assets Turnover |
0.00 |
0.01 |
|
Return on Assets |
[364.74] |
[213.80] |
|
Return on Equity |
[31.32] |
[45.12] |
|
Day's Payable |
- |
8,730.19 |
|
Day’s Inventories |
- |
7,214.04 |
|
Day’s Receivables |
- |
3,630.77 |
Fixed Assets Turnover
was decreased from
0.01 times to
0.00 times, Total
Assets Turnover was
decreased from 0.01
times to 0.00
times, show the
company could not
use Assets so
efficiently, Return on Assets was
decreased from -213.80
to -364.74, Return
on Equity was
increased from -45.12 to
-31.32, capacity to
use Assets to
make profit was
good.
Day's Payable was
8,731 days, Day’s
Inventories was 7,215
days, and Day’s
Receivables was 3,631
days.
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 |
|
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%)