MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TUNG NUM SENG
LEE LIMITED PARTNERSHIP |
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Registered Office : |
669-671
Trok Vanich 2, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1973 |
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Com. Reg. No.: |
0103516011652 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importing
and distributing various
kinds of automobile clutch and
brake systems, such
as clutch disc,
brake lining, brake
shoe, brake disc,
wheel cylinder, 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 : |
Regular |
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Litigation : |
Clear |
NAME
TUNG NUM SENG LEE LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 669-671 TROK
VANICH 2,
T.
TALADNOI, A. SAMPHANTAWONG,
TELEPHONE : [66] 2639-6657
FAX :
[66] 2639-0507
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1973
REGISTRATION NO. : 0103516011652 [Former : 1185/2516]
CAPITAL
REGISTERED : BHT.
1,500,000
CAPITAL
PAID-UP : BHT.
1,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. SOMCHAI DAMRONGPUTTHANONT, THAI
MANAGING PARTNER
NO. OF
STAFF : 3
LINES OF
BUSINESS : AUTO
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 April 17,
1973 as a
limited partnership under the name
style TUNG NUM
SENG LEE LIMITED
PARTNERSHIP, by Thai partner,
the Damrongputthanont family,
in order to
distribute various kinds
of auto spare
parts to domestic
market. It currently
employs 3 staff.
The
subject’s registered address
is 669-671 Trok
Vanich 2, Songwad
Rd., Taladnoi, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Somchai
Damrongputthanont can sign
on behalf of
the subject with
seal affixed.
MANAGEMENT
Mr. Somchai Damrongputthanont is
the Managing Partner.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
automobile clutch and brake
systems, such as
clutch disc, brake
lining, brake shoe,
brake disc, wheel
cylinder and etc.
PURCHASE
The products are
purchased from suppliers
and agents both
in domestic and
overseas, mainly in
Germany and Japan.
SALES
The products are
sold locally to
retailers and end-users.
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.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and shop at
the heading address.
Premise is located
in commercial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
15,000.
COMMENT
The subject
operates small automobile
spare parts shop.
Its sales performance
is normal, while
the market competitive
is quite strong.
Growth in 2007
is expected to
be on par
with the previous
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,500,000 which
was carried by
3 persons as
followed:
Name Age Amount
Mrs. Phongsri Damrongputthanont [73] Bht. 700,000
Ms. Wanna
Damrongputthanont [46] Bht.
400,000
Mr. Somchai
Damrongputthanont [50] Bht.
400,000 [unlimited partner]
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Sangad Narksrirung No.
0760
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in hand |
561,796.07 |
421,545.77 |
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Inventories |
917,194.00 |
1,445,181.00 |
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Other Current Assets
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1,064,500.00 |
29,530.00 |
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Total Current
Assets |
2,543,490.07 |
1,896,256.77 |
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Fixed Assets |
7.00 |
923.47 |
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Total Assets
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2,543,497.07 |
1,897,180.24 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
427,853.00 |
170,527.44 |
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Other Current Liabilities |
96,987.28 |
152,618.98 |
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Total Current
Liabilities |
524,840.28 |
323,146.42 |
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Total Liabilities |
524,840.28 |
323,146.42 |
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Shareholders'
Equity |
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Capital Paid |
1,500,000.00 |
1,500,000.00 |
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Retained Earning -
Unappropriated |
518,656.79 |
74,033.82 |
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Total
Shareholders' Equity |
2,018,656.79 |
1,574,033.82 |
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Total
Liabilities & Shareholders' Equity |
2,543,497.07 |
1,897,180.24 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
3,493,119.00 |
3,230,114.00 |
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Other Income |
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2,379.26 |
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Total Revenues
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3,493,119.00 |
3,232,493.26 |
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Expenses |
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Cost of Goods
Sold |
2,056,080.15 |
1,448,102.77 |
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Selling & Administrative Expenses |
900,887.77 |
897,811.61 |
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Other Expenses |
13,065.23 |
- |
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Total Expenses |
2,970,033.15 |
2,345,914.38 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
523,085.85 |
886,578.88 |
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Interest Expenses |
- |
[2,536.34] |
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Income Tax |
[78,462.88] |
[132,606.38] |
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Net Profit / [Loss] |
444,622.97 |
751,436.18 |
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Retained Earning,
beginning of year |
74,033.82 |
[677,402.34] |
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Retained Earning,
end of year |
518,656.79 |
74,033.82 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
8.14 |
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Operating Profit |
[44.08] |
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Net Profit |
[40.83] |
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Fixed Assets |
[99.24] |
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Total Assets |
34.07 |
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Profitability |
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Cost of Good Sold |
58.86 |
44.83 |
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Operating Profit Margin |
15.35 |
27.45 |
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S & A
Expenses |
25.79 |
27.80 |
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Interest Paid |
0.00 |
0.08 |
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Other Revenues |
0.00 |
0.07 |
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Net Profit Margin |
12.73 |
23.26 |
Net Sales was increased by
8.14%, Operating Profit
was decreased by
44.08%, Net Profit
was decreased by
40.83%, Fixed Assets
was decreased by
99.24%, Total Assets
was increased by
34.07%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 44.83%
to 58.86%, Operating
Profit Margin was
decreased from 27.45%
to 15.35%, S
& A Expenses
was decreased from
27.80% to 25.79%,
Interest Paid was decreased
from 0.08% to
0.00%, Other Revenues
was decreased from
0.07% to 0.00%,
Net Profit Margin
was decreased from
23.26% to 12.73%.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
4.85 |
5.87 |
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Quick-Assets Ratio |
1.07 |
1.30 |
Current Ratio was
decreased from 5.87
to 4.85, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.30 to 1.07,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
0.26 |
0.21 |
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Times Interest Earned |
0.00 |
349.55 |
D/E Ratio was
increased from 0.21
to 0.26, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
349.55 to 0.00,
capacity to pay
interest paid was
not good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
499,017.00 |
3,497.80 |
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Total Assets Turnover |
1.37 |
1.70 |
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Return on Assets |
17.48 |
39.61 |
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Return on Equity |
22.03 |
47.74 |
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Day's Payable |
44.09 |
19.01 |
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Day’s Inventories |
94.53 |
161.07 |
Fixed Assets Turnover
was increased from
3,497.80 times to
499,017.00 times, Total
Assets Turnover was
decreased from 1.70
times to 1.37
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 39.61 to
17.48, Return on
Equity was decreased
from 47.74 to
22.03, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 20
days to 45
days, while Day’s
Inventories was decreased
from 162 days
to 95 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 |
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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 |
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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%)