MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TRACK
EQUIPMENT CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
0105520000432 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributing various kinds
of equipment and spare
parts for tractors |
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
TRACK EQUIPMENT CO., LTD.
SUMMARY
BUSINESS ADDRESS :
PATHUMWAN,
TELEPHONE : [66] 2214-3918,
2214-3886, 2214-2556, 2214-4614,
2214-5245
FAX : [66] 2215-9775,
2215-5063
E-MAIL ADDRESS : info@trackequipment.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION NO. : 0105520000432 [Former : 43/2520]
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.
ADISAK THAVEEYONCHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 35
LINES OF
BUSINESS : TRACTOR’S EQUIPMENT
& SPARE PARTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 12,
1977 as a
private limited company
under the name
style TRACK EQUIPMENT
CO., LTD., by Thai
groups, in order
to distribute tractor’s
equipment and spare
parts to local
market. It currently
employs 35 staff.
The
subject’s registered address
is 49-52 Rongmuang Rd., Rongmuang,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Adisak Thaveeyonchai |
|
Thai |
56 |
|
Mrs. Arunee Thaveeyonchai |
|
Thai |
63 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Adisak
Thaveeyonchai is the
Managing Director.
He is Thai
nationality with the
age of 56
years old.
Mrs. Arunee Thaveeyonchai is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 63
years old.
Ms. Natsuda Thaveeyonchai is
the Assistant Managing
Director.
She is Thai
nationality.
Mr. Thanathip Thaveeyonchai is
the Assistant Managing
Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
equipment and spare parts
for tractors including
engines & parts,
oil seals, filters,
chains, gears, motors,
hydraulic pumps, roller
bearing, tyres, bushes,
clutches, batteries and
etc., depending on
customer’s requirement.
MAJOR BRANDS
“KOMATSU”, “CATERPILLA”,
“DAEWOO”, “TINGKEN”, “KOBELCO”, “MITSUBISHI”, “CONMEE”,
“SUMITOMO”, “CUMMINS ENGINE”,
“HIGH GASKET”, “SUDO”,
“WORLD GASKET” and
etc.
PURCHASE
80%
of its products
is purchased from local
suppliers & agents,
and the remaining 20% is
imported from Taiwan,
Japan, Australia, U.S.A.,
Italy, Korea, U.K.
and
SALES [LOCAL]
100%
of its products
is sold locally
by wholesale to
sub-dealers and by retail
to end-users.
RELATED/
AFFILIATED COMPANY
Yonthavee Motor
Co., Ltd.
Business Type : Distributor of
engine parts for
tractors
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 on negotiated
term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
EMPLOYMENT
The
subject employs 35
staff [office and
sales staff].
LOCATION DETAILS
The
premise is owned
for administrative office,
showroom and warehouse
in a 4 storey building of
4 row shop
houses at the
heading address. Premise
is located in commercial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
150,000.
COMMENT
Domestic market for trucks engine and parts
are growing in line with the expansion of local industries, particularly on
logistic sectors. The subject has
adopted its strong expansion in local market with the goal of strong relationships
with customers by servicing the best products and services.
The
subject is doing
good business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
The
capital was increased
later as follows:
Bht. 15,000,000
on December 14,
1977
Bht. 25,000,000
on September 15,
1981
The
latest registered capital
was increased to
Bht. 25,000,000 divided into
25,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [ as at
April 30, 2006]
|
NAME |
HOLDING |
% |
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Mr. Adisak
Thaveeyonchai Nationality: Thai Address : 163 Rongmuang
Soi 3, Rongmuang,
Pathumwan, |
6,750 |
27.00 |
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Mrs. Arunee Thaveeyonchai Nationality: Thai Address : 163 Rongmuang
Soi 3, Rongmuang,
Pathumwan, |
6,750 |
27.00 |
|
Mr. Charoon
Wallopsiri Nationality: Thai Address : 56/18 Moo 1,
Huaykwang, |
2,300 |
9.20 |
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Mrs.
Jirawan Wallopsiri Nationality: Thai Address :
Pathumwan, |
2,300 |
9.20 |
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Mr. Sakchai Charnsethikul Nationality: Thai Address :
Pathumwan, |
2,300 |
9.20 |
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Mrs. Suchada
Charnsethikul Nationality: Thai Address : Pathumwan, |
2,300 |
9.20 |
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Mrs. Ratana
Thongthai Nationality: Thai Address :
Pathumwan, |
2,300 |
9.20 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Pensri Klongwatanakij No.
1746
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
|
745,248.23 |
169,517.63 |
|
Trade Accts. & Notes
Receivable |
55,762,118.97 |
46,887,036.07 |
|
Inventories |
153,561,819.97 |
153,957,516.89 |
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Other Current Assets
|
1,955,122.90 |
6,945,383.50 |
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Total Current
Assets |
212,024,310.07 |
207,959,454.09 |
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|
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Fixed Assets |
12,978,818.62 |
15,756,274.75 |
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Total Assets
|
225,003,128.69 |
223,715,728.84 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Bank Overdraft |
29,993,563.45 |
35,247,200.36 |
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Trade Accts. & Notes
Payable |
144,738,778.23 |
138,780,050.35 |
|
Accrued Expenses |
1,300,152.12 |
1,266,004.32 |
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Total Current
Liabilities |
176,032,493.80 |
175,293,255.03 |
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Total Liabilities |
176,032,493.80 |
175,293,255.03 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 25,000 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 |
23,970,634.89 |
23,422,473.81 |
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Total
Shareholders' Equity |
48,970,634.89 |
48,422,473.81 |
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Total
Liabilities & Shareholders' Equity |
225,003,128.69 |
223,715,728.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
203,228,865.53 |
196,548,631.92 |
|
Other Income |
749,865.07 |
1,633,628.78 |
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Total Revenues
|
203,978,730.60 |
198,182,260.70 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
182,485,695.75 |
178,079,810.63 |
|
Selling & Administrative Expenses |
19,125,798.21 |
17,468,654.95 |
|
Total Expenses |
201,611,493.96 |
195,548,465.58 |
|
Profit / [Loss] from Operation |
2,367,236.64 |
2,633,795.12 |
|
Interest Expenses |
[783,816.45] |
[680,347.48] |
|
Income Tax |
[1,007,584.36] |
[998,640.59] |
|
Net Profit / [Loss] |
575,835.83 |
954,807.05 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
3.40 |
|
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Operating Profit |
[13.08] |
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Net Profit |
[39.69] |
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|
Fixed Assets |
[17.63] |
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Total Assets |
0.58 |
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Profitability |
|
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Cost of Good
Sold |
89.79 |
90.60 |
|
Operating Profit Margin |
1.16 |
1.34 |
|
S & A
Expenses |
9.41 |
8.89 |
|
Interest Paid |
0.39 |
0.35 |
|
Other Revenues |
0.37 |
0.83 |
|
Net Profit Margin |
0.28 |
0.49 |
|
Earning Per Shares |
23.03 |
38.19 |
|
No. of Shares |
25,000 |
25,000 |
Net Sales was
increased by 3.40%,
Operating Profit was
decreased by 13.08%,
Net Profit was
decreased by 39.69%,
Fixed Assets was
decreased by 17.63%,
Total Assets was
increased by 0.58%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.60%
to 89.79%, Operating
Profit Margin was decreased from
1.34% to 1.16%,
S & A
Expenses was increased
from 8.89% to
9.41%, Interest Paid was
increased from 0.35%
to 0.39%, Other
Revenues was decreased
from 0.83% to
0.37%, Net Profit
Margin was decreased
from 0.49% to
0.28%.
Earning Per Shares
was decreased from
38.19 baht per
share to 23.03
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.20 |
1.19 |
|
Quick-Assets Ratio |
0.32 |
0.27 |
Current Ratio was
increased from 1.19
to 1.20, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.27 to 0.32,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
3.59 |
3.62 |
|
Times Interest Earned |
3.02 |
3.87 |
D/E Ratio was
decreased from 3.62
to 3.59, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
3.87 to 3.02,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
15.66 |
12.47 |
|
Total Assets Turnover |
0.90 |
0.88 |
|
Return on Assets |
0.26 |
0.43 |
|
Return on Equity |
1.18 |
1.97 |
|
Day's Payable |
256.39 |
254.19 |
|
Day’s Inventories |
272.02 |
281.99 |
|
Day’s Receivables |
98.78 |
85.88 |
Fixed Assets Turnover
was increased from
12.47 times to
15.66 times, Total
Assets Turnover was increased from
0.88 times to
0.90 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 0.43 to
0.26, Return on
Equity was decreased
from 1.97 to
1.18, capacity to
use Assets to make profit
was good.
Day's Payable was
increased from 255
days to 257
days, while Day’s
Inventories was decreased
from 282 days
to 273 days,
but Day’s Receivables
was increased from
86 days to
99 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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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%)