MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
THAVEESAK TRACTOR LIMITED PARTNERSHIP |
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Registered Office : |
95/8-9
Moo 3, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1979
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Com. Reg. No.: |
0103522000853 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Engaged in distributing various
kinds of tractor’s
spare parts |
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
THAVEESAK TRACTOR LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 95/8-9 MOO
3,
TALADBANGKHEN, LAKSI,
TELEPHONE : [66] 2521-0828
FAX : [66] 2552-2901
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION NO. : 0103522000853 [Former : 86/2522]
CAPITAL
REGISTERED : BHT.
1,000,000
CAPITAL
PAID-UP : BHT.
1,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. PORNSAK DAMRONGTHAVEESAK, THAI
MANAGING PARTNER
NO. OF
STAFF : 12
LINES OF
BUSINESS : TRACTOR 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 15,
1979 as a
limited partnership under
the name style THAVEESAK TRACTOR
LIMITED PARTNERSHIP, by
Thai group, the
Damrongthaveesak family, in
order to distribute various
kinds of tractor
spare parts to
domestic market. It
currently employs 12
staff.
The
subject’s registered address
is 95/8-9 Moo
3, Vibhavadee Rangsit
Rd., Talad Bangkhen, Laksi,
Bangkok 10210, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Pornsak Damrongthaveesak signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pornsak Damrongthaveesak is
the Managing Partner.
He is Thai
nationality with the
age of 30
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
tractor’s spare parts,
under the various brand
names, such as
“CATERPILLAR”, “KOMATSU”, “MITSUBISHI”,
“KATO”, “STANLEY” and
etc.
PURCHASE
Most of the
products are imported
from Japan, Singapore,
Italy and Republic
of China, and the
remaining is purchased
from local supplier.
SALES
100% of the
products is sold
locally to wholesalers
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF EUR 15,000 SHOULD
BE IN ORDER.
COMMENT
The good
quality products and
services as well
as professional development
of work efficiency
resulted in steadily
growth of company’s
sales each year.
The
subject is doing
good business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
which was carried
by 3 persons
as followed:
Name Age Amount
Mr. Paisal
Damrongthaveesak [63] Bht.
500,000
Mr. Pornsak
Damrongthaveesak [30] Bht.
250,000 [unlimited partner]
Mr. Pornchai
Damrongthaveesak [31] Bht.
250,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Pol. Lt. Col. Sathien Chinapong
No. 6020
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
& at Bank
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565,308.14 |
1,063,855.72 |
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Trade Accts. Receivable |
5,517,732.01 |
6,642,141.04 |
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Inventories |
17,203,000.27 |
20,424,767.81 |
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Other Current Assets
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173,174.63 |
244,008.18 |
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Total Current
Assets |
23,459,215.05 |
28,374,772.75 |
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Fixed Assets |
1,291,710.19 |
1,165,940.84 |
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Other Assets |
16,000.00 |
16,000.00 |
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Total Assets
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24,766,925.24 |
29,556,713.59 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
5,542,618.18 |
6,358,777.35 |
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Other Current Liabilities |
252,346.10 |
282,188.31 |
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Total Current
Liabilities |
5,794,964.28 |
6,640,965.66 |
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Hire-purchase Contract Payable
Net of Current Portion |
179,036.97 |
- |
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Long Term Loan
from Person or
Related Company |
10,717,000.00 |
15,567,000.00 |
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Total Liabilities |
16,691,001.25 |
22,207,965.66 |
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Shareholders'
Equity |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
7,075,923.99 |
6,348,747.93 |
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Total
Shareholders' Equity |
8,075,923.99 |
7,348,747.93 |
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Total
Liabilities & Shareholders' Equity |
24,766,925.24 |
29,556,713.59 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
42,474,320.93 |
32,381,093.80 |
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Other Income |
153,689.35 |
106,029.68 |
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Total Revenues
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42,628,010.28 |
32,487,123.48 |
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Expenses |
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Cost of Goods
Sold |
38,422,423.46 |
28,801,277.08 |
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Selling & Administrative Expenses |
3,317,424.04 |
2,942,462.41 |
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Total Expenses |
41,739,847.50 |
31,743,739.49 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
888,162.78 |
743,383.99 |
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Interest Expenses |
[18,731.12] |
[2,786.08] |
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Income Tax |
[142,255.60] |
[117,731.96] |
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Net Profit / [Loss] |
727,176.06 |
622,865.95 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
31.17 |
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Operating Profit |
[8.92] |
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Net Profit |
16.75 |
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Fixed Assets |
10.79 |
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Total Assets |
[16.21] |
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Profitability |
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Cost of Good
Sold |
90.46 |
88.94 |
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Operating Profit Margin |
2.09 |
2.30 |
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S & A
Expenses |
7.81 |
9.09 |
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Interest Paid |
0.04 |
0.01 |
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Other Revenues |
0.36 |
0.33 |
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Net Profit Margin |
1.71 |
1.92 |
Net Sales was
increased by 31.17%,
Operating Profit was
decreased by 8.92%,
Net Profit was
increased by 16.75%,
Fixed Assets was
increased by 10.79%,
Total Assets was
decreased by 16.21%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 88.94%
to 90.46%, Operating
Profit Margin was
decreased from 2.30%
to 2.09%, S
& A Expenses
was decreased from
9.09% to 7.81%,
Interest Paid was increased
from 0.01% to
0.04%, Other Revenues
was increased from
0.33% to 0.36%,
Net Profit Margin
was decreased from
1.92% to 1.71%.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
4.05 |
4.27 |
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Quick-Assets Ratio |
1.05 |
1.16 |
Current Ratio was
decreased from 4.27
to 4.05, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.16 to 1.05,
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 |
2.07 |
3.02 |
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Times Interest Earned |
47.42 |
266.82 |
D/E Ratio was
decreased from 3.02
to 2.07, 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
266.82 to 47.42,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
32.88 |
27.77 |
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Total Assets Turnover |
1.71 |
1.10 |
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Return on Assets |
2.94 |
2.11 |
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Return on Equity |
9.00 |
8.48 |
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Day's Payable |
46.98 |
70.69 |
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Day’s Inventories |
145.81 |
227.07 |
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Day’s Receivables |
46.77 |
73.84 |
Fixed Assets Turnover
was increased from
27.77 times to
32.88 times, Total
Assets Turnover was
increased from 1.10
times to 1.71
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 2.11 to
2.94, Return on
Equity was increased
from 8.48 to
9.00, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 71
days to 47
days, Day’s Inventories
was decreased from
228 days to
146 days, and
Day’s Receivables was
decreased from 74
days to 47
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%)