MIRA
INFORM REPORT
|
Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
XALOY ASIA [ |
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Registered Office : |
Amata
Nakorn Industrial Estate, 700/446 Moo
7, T. Donhuaroh, A. Muang, Chonburi
20000 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
0205541003537 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing service and
exporting of barrels
and screw, which
are materials for
molding, extrusion and
injection machines. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
XALOY ASIA [
SUMMARY
BUSINESS ADDRESS : AMATA
NAKORN INDUSTRIAL ESTATE,
700/446 MOO
7, T. DONHUAROH,
A.
MUANG, CHONBURI 20000
TELEPHONE : [66] 38
717-084
FAX : [66] 38
454-377
E-MAIL ADDRESS : sales@th.xaloy.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0205541003537 [Former : CHOR BOR.
6630]
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. KEITH EDWARD
CALLAHAN, CANADIAN
MANAGING DIRECTOR
NO. OF
STAFF : 180
LINES OF
BUSINESS : BARRELS AND
SCREWS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 13,
1988 as a
private limited company under
the name style
XALOY ASIA [THAILAND]
LIMITED, by American
groups, in order
to manufacture barrels
and screw products
for plastic mold
and injection machinery.
It currently employs
approximately 180 staff.
Subject
is a wholly
owned subsidiary of
Xaloy Incorporated in
U.S.A.
The
subject’s registered address
is 700/446 Moo 7, T.
Donhuaroh, A. Muang, Chonburi
20000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Keith Edward Callahan |
[-] |
Canadian |
42 |
|
Mr. Walter Gene Cox,
Jr. |
[x] |
American |
54 |
|
Mr. Saengrith Yanumes |
|
Thai |
53 |
|
Mr. Roy Arno Sparks |
|
American |
49 |
|
Mr. Saize Oyama |
|
Japanese |
51 |
|
Ms. Anong Tangjitsomkid |
|
Thai |
- |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or the
mentioned director [-]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Keith Edward
Callahan is the
Managing Director.
He is Canadian
nationality with the
age of 42
years old.
Mr. Roy Arno
Sparks is the
Factory Manager.
He is American
nationality with the
age of 49
years old.
Mr. Saize Oyama
is the Sales
Manager.
He is Japanese
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service and exporting of
barrels and screw,
which are materials
for molding, extrusion
and injection machines.
IMPORT
Some
of raw material,
mainly special steel
is imported from U.S.A.,
Japan, Republic of
China and Singapore.
MAJOR SUPPLIER
Xaloy
Incorporated :
EXPORT
100% of the
products is exported
to U.S.A., and
Japan.
MAJOR CUSTOMERS
- Xaloy Incorporated :
- Xaloy [
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
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
The Siam Commercial
Bank Public Co.,
Ltd.
Bank of Tokyo-Mitsubishi Corporation
EMPLOYMENT
The
subject employs approximately 180
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
250,000.
COMMENT
The subject
is one of
a kind manufacturing
services of barrels
and screws for
special purpose of
molding and injection
machinery and equipment.
Its expertise and
know-how from parent
company in U.S.A.
has enabled the
subject to be
the leader in
the industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 28, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Xaloy Incorporated Nationality: American Address : |
999,994 |
100.00 |
|
New Castle
Screws Inc. Nationality: American Address : |
1 |
- |
|
New Castle
Screws Inc. Nationality: American Address : |
1 |
- |
|
New Castle
Industries Inc. Nationality: American Address : |
1 |
- |
|
Flametech Inc Nationality: American Address : |
1 |
- |
|
F.R. Gross
Inc. Nationality: American Address : |
1 |
- |
|
Keystone Rolls
Inc. Nationality: American Address : |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Kosol Yaemmool No. 4575
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
21,830,494 |
24,952,434 |
|
Trade Accts. Receivable - Other
Companies |
47,222,692 |
30,132,961 |
|
- Related
Companies |
59,975,156 |
48,720,876 |
|
Related Companies Receivable |
6,907,529 |
5,262,305 |
|
Inventories [note 1] |
96,944,283 |
61,444,839 |
|
Refundable Value Added
Tax |
2,757,604 |
5,241,817 |
|
Other Current Assets
|
1,700,721 |
1,745,675 |
|
|
|
|
|
Total Current
Assets |
237,338,479 |
177,500,907 |
|
Cash at Bank
under Restriction |
1,494,785 |
1,484,354 |
|
Fixed Assets [note 2] |
213,384,614 |
247,311,146 |
|
Other Assets |
123,235 |
123,235 |
|
Total Assets
|
452,341,113 |
426,419,642 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Short-term Loan from
Bank |
44,887,779 |
- |
|
Trade Accts. Payable - Other
Companies |
13,690,374 |
10,735,642 |
|
- Related
Companies |
39,377,429 |
61,642,135 |
|
Short-term Loan from
Related Companies |
276,719,943 |
326,822,200 |
|
Accrued Expenses |
6,242,535 |
11,606,631 |
|
Other Current Liabilities |
6,379,949 |
3,888,476 |
|
|
|
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Total Current
Liabilities |
387,298,009 |
414,695,084 |
|
|
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Shareholders'
Equity |
|
|
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|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
|
|
|
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Unappropriated [Deficit] |
[34,956,896] |
[88,275,442] |
|
Total
Shareholders' Equity |
65,043,104 |
11,724,558 |
|
Total
Liabilities & Shareholders' Equity |
452,341,113 |
426,419,642 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
399,906,056 |
356,681,438 |
|
Debt Exemption Income |
- |
313,559,312 |
|
Gain on Exchange
Rate |
16,621,362 |
- |
|
Other Income |
9,261,054 |
3,209,799 |
|
Total Revenues
|
425,788,472 |
673,450,549 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
279,118,351 |
244,428,287 |
|
Selling & Administrative Expenses |
86,393,225 |
101,597,671 |
|
Loss on Exchange
Rate |
- |
17,182,443 |
|
Total Expenses |
365,511,576 |
363,208,401 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses |
60,276,896 |
310,242,148 |
|
Interest Expenses |
[6,958,350] |
[7,553,300] |
|
|
|
|
|
Net Profit / [Loss] |
53,318,546 |
302,688,848 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
69,505,494 |
45,764,508 |
|
Works in Process |
1,727,085 |
2,144,830 |
|
Finished Goods |
16,632,108 |
7,462,816 |
|
Material Supplies |
9,216,113 |
7,180,466 |
|
Total |
97,080,800 |
62,552,620 |
|
Less: Allowance for
Obsolescent Stock |
[136,517] |
[1,107,781] |
|
Total
|
96,944,283 |
61,444,839 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
24,119,441 |
24,119,441 |
|
Building & Building
Improvement |
82,739,340 |
82,289,469 |
|
Machine, Equipment & Hand
Tools |
370,807,211 |
362,904,363 |
|
Furniture & Office Equipment |
17,730,669 |
15,523,417 |
|
Machine & Equipment under
Installation |
331,340 |
6,275,926 |
|
Total |
495,728,001 |
491,112,616 |
|
Less: Depreciation |
[282,343,387] |
[243,801,470] |
|
Total
|
213,384,614 |
247,311,146 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
12.12 |
|
|
Operating Profit |
[83.58] |
|
|
Net Profit |
[82.39] |
|
|
Fixed Assets |
[13.72] |
|
|
Total Assets |
6.08 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
69.80 |
68.53 |
|
Operating Profit Margin |
15.07 |
91.80 |
|
S & A
Expenses |
21.60 |
28.48 |
|
Interest Paid |
1.74 |
2.12 |
|
Other Revenues |
6.47 |
88.81 |
|
Net Profit Margin |
13.33 |
84.86 |
|
Earning Per Shares |
53.32 |
302.69 |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
increased by 12.12%,
Operating Profit was
decreased by 83.58%,
Net Profit was
decreased by 82.39%,
Fixed Assets was
decreased by 13.72%,
Total Assets was
increased by 6.08%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 68.53%
to 69.80%, Operating
Profit Margin was
decreased from 91.80%
to 15.07%, S
& A Expenses
was decreased from
28.48% to 21.60%,
Interest Paid was decreased
from 2.12% to
1.74%, Other Revenues
was decreased from 88.81% to
6.47%, Net Profit
Margin was decreased
from 84.86% to
13.33%.
Earning Per Shares
was decreased from
302.69 baht per
share to 53.32
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.61 |
0.43 |
|
Quick-Assets Ratio |
0.35 |
0.26 |
Current Ratio was
increased from 0.43
to 0.61, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.26
to 0.35, 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 |
5.95 |
35.37 |
|
Times Interest Earned |
8.66 |
43.35 |
D/E Ratio was
decreased from 35.37
to 5.95, 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
43.35 to 8.66,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.87 |
1.44 |
|
Total Assets Turnover |
0.88 |
0.84 |
|
Return on Assets |
11.79 |
70.98 |
|
Return on Equity |
81.97 |
2,581.67 |
|
Day's Payable |
12.32 |
10.84 |
|
Day’s Inventories |
87.27 |
62.02 |
|
Day’s Receivables |
42.51 |
30.41 |
Fixed Assets Turnover
was increased from
1.44 times to
1.87 times, Total
Assets Turnover was
increased from 0.84
times to 0.88
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
70.98 to 11.79,
Return on Equity
was decreased from
2,581.67 to 81.97,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 11
days to 13
days, Day’s Inventories
was increased from
63 days to
88 days, and
Day’s Receivables was
increased from 31
days to 43
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%)