MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MASTERPAC-ASIA CO., LTD. |
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Registered Office : |
9th Floor,
Amornphan 205 Tower
Ii, 135/21 Soi Nathong,
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Country : |
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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.: |
0105544067154 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing wide
range of industrial
supplies including steel
seals, mechanical packing,
graphite products, insulating & heat resistant,
gasket sheet, rubbers
and other products |
RATING & COMMENTS
|
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
MASTERPAC-ASIA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9th FLOOR,
AMORNPHAN 205 TOWER
II,
135/21 SOI
NATHONG,
DINDAENG,
TELEPHONE : [66] 2689-5393-6
FAX : [66] 2689-5397-8
E-MAIL ADDRESS : enquiry@mpac-asia.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544067154 [Former : [2]984/2544]
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 : MR. KARNCHAI PRUEKSANUBAL,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 48
LINES OF
BUSINESS : INDUSTRIAL SUPPLIES
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 July 18,
2001 as a
private limited company
under the name
style MASTERPAC-ASIA CO.,
LTD., by a joint
venture between Surface
Pro-Tech Co., Ltd.
The
subject’s registered address
is 135/21 Ratchadapisek
Rd., Dindaeng, Bangkok
10400, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Karnchai Prueksanubal |
[x] |
Thai |
54 |
|
Mrs. Wannee Prueksanubal |
[x] |
Thai |
54 |
|
Mr. Graham Reginald Sewell |
|
British |
57 |
|
Mr. John Richard Hew
Guest |
|
British |
57 |
|
Mr. Visith Chiamsirikarn |
|
Thai |
42 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Karnchai Prueksanubal is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
Mr. Panya Pipattanakij is
the Sales Manager
[Rayong].
He is Thai
nationality.
Ms. Ruethai Prasarnchart is
the Sales Manager
[
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
supplies including steel
seals, mechanical packing,
graphite products, insulating & heat resistant,
gasket sheet, rubbers
and other products,
under the brand name
“MASTER-PAC ASIA”.
IMPORT
The
products are imported
from
MAJOR SUPPLIER
Master - Pac
Australia Pty. Ltd. :
SALES
100% of the
products is sold
locally by wholesale
to dealers manufacturers
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 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.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 48
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch
Office:
COMMENT
The subject
performed well during
the last two
years, however the
current economic slowdown
had slightly affected
the industrial sector.
The subject’s revenue
growth expected to
revise down this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 100,000
shares of Bht.
10 each.
The
capital was increased
later as following:
Bht. 1,500,000
on December 19,
2003
Bht. 2,000,000
on January 23,
2006
The
latest registered capital
was increased to
Bht. 2,000,000 divided into
200,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
August 7, 2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr.
Karnchai Prueksanubal Nationality: Thai Address : Huaykwang, |
73,500 |
36.75 |
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Mr. Graham Reginald
Sewell Nationality: British Address : |
45,000 |
22.50 |
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Mr. John Richard
Hew Guest Nationality: British Address : |
45,000 |
22.50 |
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Mrs. Wannee Prueksanubal Nationality: Thai Address :
Huaykwang, |
36,497 |
18.25 |
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Mr. Vicharn Sutthiko Nationality: Thai Address :
Bangkorlaem, |
1 |
- |
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Mr. Visith Chiamsirikarn Nationality: Thai Address : Bangrak, |
1 |
- |
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Ms. Ruethai Prasarnchart Nationality: Thai Address : 99
Moo 2, Ponethong,
Muang, Chaiyaphum |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Suthep Trakulviriya No.
7183
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
[note 1] |
1,662,152.40 |
1,467,099.81 |
|
Trade Accts. Receivable [note 2] |
7,843,369.31 |
5,899,569.99 |
|
Inventories |
9,518,739.59 |
6,817,549.01 |
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Other Current Assets
[note 3]
|
1,284,083.27 |
285,359.56 |
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Total Current
Assets |
20,308,344.57 |
14,469,578.37 |
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Fixed Assets [note 4] |
6,239,825.59 |
3,713,609.49 |
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Other Assets |
245,750.00 |
231,600.00 |
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Total Assets
|
26,793,920.16 |
18,414,787.86 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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|
Bank Overdraft &
Loan from Bank |
175,445.52 |
5,487.94 |
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Trade Accts. Payable |
13,136,206.84 |
8,348,372.87 |
|
Current Portion of Hire-purchase Payable |
555,900.00 |
452,197.44 |
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Other Current Liabilities |
2,963,907.25 |
3,148,670.12 |
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Total Current Liabilities
|
16,831,459.61 |
11,954,728.37 |
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Long Term Liabilities |
630,136.21 |
856,047.57 |
|
Long Term Loan
from Person or
Related Company |
2,900,000.00 |
1,500,000.00 |
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Total Liabilities |
20,361,595.82 |
14,310,775.94 |
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Shareholders'
Equity |
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Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 150,000 shares |
1,500,000.00 |
1,500,000.00 |
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Capital Paid |
1,500,000.00 |
1,500,000.00 |
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Retained Earning -
Unappropriated |
4,932,324.34 |
2,604,011.92 |
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Total
Shareholders' Equity |
6,432,324.34 |
4,104,011.92 |
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Total
Liabilities & Shareholders' Equity |
26,793,920.16 |
18,414,787.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
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Sales |
44,194,827.13 |
27,261,935.87 |
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Other Income |
597,036.37 |
22,536.87 |
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Total Revenues
|
44,791,863.50 |
27,284,472.74 |
|
Expenses |
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Cost of Goods
Sold |
30,111,700.11 |
17,763,260.81 |
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Selling & Administrative Expenses |
11,114,602.89 |
7,390,655.53 |
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Total Expenses |
41,226,303.00 |
25,153,916.34 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
3,565,560.50 |
2,130,556.40 |
|
Interest Expenses |
[511,709.27] |
[72,873.84] |
|
Income Tax |
[725,538.81] |
[441,864.16] |
|
Net Profit / [Loss] |
2,328,312.42 |
1,615,818.40 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
9,664.12 |
20,709.75 |
|
Cash at bank |
1,652,488.28 |
1,446,390.06 |
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Total
|
1,662,152.40 |
1,467,099.81 |
NOTE 2
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
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Trade Accts. Receivable |
7,043,446.23 |
5,825,711.09 |
|
Notes Receivable |
799,923.08 |
73,858.90 |
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Total
|
7,843,369.31 |
5,899,569.99 |
NOTE 3
Other Current Assets
|
|
2005 |
2004 |
|
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Prepaid Goods |
550,297.23 |
210,973.12 |
|
Prepaid Insurance Premium |
48,265.11 |
39,160.14 |
|
Other Prepaid Payment |
353,907.22 |
- |
|
Advanced Paid to
Employees |
151,704.50 |
35,226.30 |
|
Undue Business Tax |
179,909.21 |
- |
|
Total
|
1,284,083.27 |
385,359.56 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building improvement |
- |
52,343.75 |
|
Hand Tools |
4,578,309.73 |
1,634,119.00 |
|
Office Equipment |
1,114,212.77 |
542,953.98 |
|
Vehicle |
1,934,404.56 |
1,934,404.56 |
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Total |
7,626,927.06 |
4,163,821.29 |
|
Less: Depreciation |
[1,387,101.47] |
[450,211.80] |
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Total
|
6,239,825.59 |
3,713,609.49 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
62.11 |
|
|
Operating Profit |
3.23 |
|
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Net Profit |
44.09 |
|
|
Fixed Assets |
68.03 |
|
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Total Assets |
45.50 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
68.13 |
65.16 |
|
Operating Profit Margin |
8.07 |
7.82 |
|
S & A
Expenses |
25.15 |
27.11 |
|
Interest Paid |
1.16 |
0.27 |
|
Other Revenues |
1.35 |
0.08 |
|
Net Profit Margin |
5.27 |
5.93 |
|
Earning Per Shares |
15.52 |
10.77 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was increased by 62.11%, Operating Profit was increased by 3.23%, Net Profit was increased by 44.09%, Fixed Assets was increased by 68.03%, Total Assets was increased by 45.50%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 65.16%
to 68.13%, Operating
Profit Margin was increased from
7.82% to 8.07%,
S & A
Expenses was decreased
from 27.11% to
25.15%, Interest Paid was
increased from 0.27%
to 1.16%, Other
Revenues was increased
from 0.08% to
1.35%, Net Profit
Margin was decreased
from 5.93% to
5.27%.
Earning Per Shares
was increased from
10.77 baht per
share to 15.52
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.21 |
1.21 |
|
Quick-Assets Ratio |
0.56 |
0.62 |
Current Ratio was
decreased from 1.21
to 1.21, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.62 to 0.56,
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 |
3.17 |
3.49 |
|
Times Interest Earned |
6.97 |
29.24 |
D/E Ratio was
decreased from 3.49
to 3.17, 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
29.24 to 6.97,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
7.08 |
7.34 |
|
Total Assets Turnover |
1.65 |
1.48 |
|
Return on Assets |
8.69 |
8.77 |
|
Return on Equity |
36.20 |
39.37 |
|
Day's Payable |
107.00 |
110.24 |
|
Day’s Inventories |
77.54 |
90.03 |
|
Day’s Receivables |
63.89 |
77.91 |
Fixed Assets Turnover
was decreased from
7.34 times to
7.08 times, Total
Assets Turnover was
increased from 1.48 times to
1.65 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 8.77 to
8.69, Return on
Equity was decreased
from 39.37 to
36.20, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 111
days to 108
days, Day’s Inventories
was decreased from
91 days to
78 days, and
Day’s Receivables was
decreased from 78
days to 64
days.
RATING EXPLANATIONS
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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 |
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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%)