MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
THAVORN TRACTOR ENGINEERING CO., LTD. |
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Registered Office : |
155/10-13
Soi Rongmuang 4, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1976
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Com. Reg. No.: |
0105519008506 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor
of tractor’s spare
parts & industrial equipment. |
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
THAVORN TRACTOR ENGINEERING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 155/10-13 SOI
RONGMUANG 4,
TELEPHONE : [66] 2216-4499,
2216-4509
FAX : [66] 2216-4477-8,
2215-2284
E-MAIL ADDRESS : info@thavorntractor.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1976
REGISTRATION NO. : 0105519008506 [Former : 849/2519]
CAPITAL
REGISTERED : BHT.
20,000,000
CAPITAL
PAID-UP : BHT.
20,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAVALIT THAWEEYONTCHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 56
LINES OF
BUSINESS : TRACTOR’S SPARE
PARTS AND INDUSTRIAL
EQUIPMENT
IMPORTER &
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 August
3, 1976 as
a private limited
company under the
name style THAVORN
TRACTOR ENGINEERING CO., LTD.,
by Thai group,
Thaweeyontchai family, in order
to distribute tractor’s
spare parts and
equipments to local
markets. It currently
employs 56 staff.
The subject’s registered
address is 155/10-13
Soi Rongmuang 4,
Rongmuang Rd., Rongmuang,
Pathumwan, Bangkok 10330,
and this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Chavalit Thaweeyontchai [x] |
Thai |
73 |
|
Mr. Saranrith Thaweeyontchai |
Thai |
- |
|
Mr. Chatchai Thaweeyontchai |
Thai |
38 |
|
Ms. Chantana Thaweeyontchai |
Thai |
- |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or two
of the rest
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chavalit Thaweeyontchai is
the Managing Director.
He is Thai
nationality with the
age of 73
years old.
Mr. Chatchai
Thaweeyontchai is the
Assistant Managing Director.
He is Thai
nationality with the
age of 38
years old.
Mr. Teeradej Tangdajahiran is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s
activities are importer
and distributor of
tractor’s spare parts
& industrial equipment, including
filters, undercarriages
[rollers, track shoes],
engines and power
systems, electrical parts,
ground engaging tools
and etc.
MAJOR BRANDS
“KOMATSU”, “CATERPILLAR”, “KOBELCO”,
“I T M”, “HYUNDAI”, “HITACHI”,
“MTG”, “SCHWITZER” and
etc.
PURCHASE
80% of its
products is imported
from Singapore, Italy,
United States of
America, Japan, Germany,
and the remaining
20% is purchased
locally.
MAJOR SUPPLIERS
- Komatsu Ltd. :
- Caterpillar Inc. :
- Bucyrus Blades Inc. :
SALES [LOCAL]
100% of its products
is sold locally
by wholesale to
dealers and end-users.
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.
SUBSIDIARIES &
AFFILIATED COMPANY
Thavorn Tractor
Machinery Co., Ltd.
Business Type : Importer of tractor’s
spare parts
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
30-60-90 days.
Imports are by
L/C at sight
& T/T.
BUSINESS TRANSACTION
The products are
sold to customer
mainly by credit,
with the maximum credit given at
30-60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Pubplachai Branch :
Kasikornbank Public
Co., Ltd.
[Banthadthong Branch : 1266-1274 Rama
6 Rd., Wangmai,
Pathumthani]
[Silom Branch
:
EMPLOYMENT
The subject employs
56 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse in
a 3.5 storey building
of 4 rows
shop houses at the
heading address. Premise
is located in
residential/commercial area.
COMMENT
The tractor’s industry
is leading with
the replacement market.
However, the business
would be slowdown
caused by current
improvement of industrial
sector and would
sustain its growth
through a new
market like agricultural
industry.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
10,000 shares of
Bht. 1,000 each.
On December 9,
1977, its capital
was increased to
Bht. 20,000,000 divided
into 20,000 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. Chavalit
Thaweeyontchai Nationality: Thai Address : 155/10-13 Rongmuang
4 Rd.,
Rongmuang, Pathumwan, |
7,000 |
35.00 |
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Mr. Charn
Thaweeyontchai Nationality: Thai Address : 163 Rongmuang 4
Rd., Rongmuang,
Pathumwan, |
4,000 |
20.00 |
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Mr. Saranrit
Thaweeyontchai Nationality: Thai Address : 155/10-13 Rongmuang
4 Rd.,
Rongmuang, Pathumwan, |
4,000 |
20.00 |
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Mr. Chatchai
Thaweeyontchai Nationality: Thai Address : 155/10-13 Rongmuang
4 Rd.,
Rongmuang, Pathumwan, |
2,000 |
10.00 |
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Mrs. Yuwaree
Leenutpong Nationality: Thai Address : 929 Rama
1 Rd., Wangmai, Pathumwan, |
1,000 |
5.00 |
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Ms. Chantana
Thaweeyontchai Nationality: Thai Address : 155/10-13 Rongmuang
4 Rd.,
Rongmuang, Pathumwan, |
1,000 |
5.00 |
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Ms. Chariya
Thaweeyontchai Nationality: Thai Address : 155/10-13 Rongmuang
4 Rd.,
Rongmuang, Pathumwan, |
1,000 |
5.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Phensri Klongwatanakij No.
1746
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 &
2004 were:
ASSETS
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|
2005 |
2004 |
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Cash in hand
& at Bank
|
970,161.90 |
814,784.98 |
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Trade Accts. Receivable |
45,222,116.33 |
34,556,050.70 |
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Inventories |
326,504,353.20 |
316,809,971.10 |
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Other Current Assets
|
1,452,023.04 |
1,452,023.04 |
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Total Current
Assets |
374,148,654.47 |
353,632,829.82 |
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Fixed Assets |
2,056,411.54 |
2,350,297.41 |
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Total Assets
|
376,205,066.01 |
355,983,127.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
96,430,606.42 |
93,883,530.93 |
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Trade Accts. Payable |
86,300,730.09 |
92,633,416.10 |
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Accrued Expenses |
1,077,817.46 |
541,920.16 |
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Total Current
Liabilities |
183,809,153.97 |
187,058,867.19 |
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Loan from Financial
Institution |
170,000,000.00 |
148,400,000.00 |
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Total Liabilities |
353,809,153.97 |
335,458,867.19 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
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Unappropriated [Deficit] |
2,395,912.04 |
524,260.04 |
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Total Shareholders'
Equity |
22,395,912.04 |
20,524,260.04 |
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Total
Liabilities & Shareholders' Equity |
376,205,066.01 |
355,983,127.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
236,449,455.63 |
221,819,312.23 |
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Others |
- |
289,651.79 |
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Total Revenues
|
236,449,455.63 |
222,108,964.02 |
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Expenses |
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Cost of Goods
Sold |
194,413,471.41 |
181,825,290.23 |
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Selling & Administrative Expenses |
33,992,737.20 |
32,873,365.77 |
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Total Expenses |
228,406,208.61 |
214,698,656.00 |
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Profit/[Loss] Before Interest Expenses & Income Tax |
8,043,247.02 |
7,410,308.02 |
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Interest Expenses |
[5,315,210.69] |
[5,112,895.14] |
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Income Tax |
[856,384.33] |
[722,956.20] |
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Net Profit / [Loss] |
1,871,652.00 |
1,574,456.68 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
6.60 |
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Operating Profit |
1.83 |
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Net Profit |
18.88 |
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Fixed Assets |
[12.50] |
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Total Assets |
5.68 |
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Profitability |
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Cost of Good
Sold |
82.22 |
81.97 |
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Operating Profit Margin |
3.40 |
3.34 |
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S & A
Expenses |
14.38 |
14.82 |
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Interest Paid |
2.25 |
2.30 |
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Other Revenues |
0.00 |
0.13 |
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Net Profit Margin |
0.79 |
0.71 |
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Earning Per Shares |
93.58 |
78.72 |
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No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 6.60%,
Operating Profit was
increased by 1.83%,
Net Profit was
increased by 18.88%,
Fixed Assets was
decreased by 12.50%,
Total Assets was
increased by 5.68%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 81.97%
to 82.22%, Operating
Profit Margin was
increased from 3.34%
to 3.40%, S
& A Expenses
was decreased from
14.82% to 14.38%,
Interest Paid was decreased
from 2.30% to
2.25%, Other Revenues
was decreased from
0.13% to 0.00%,
Net Profit Margin
was increased from
0.71% to 0.79%.
Earning Per Shares
was increased from
78.72 baht per
share to 93.58
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.04 |
1.89 |
|
Quick-Assets Ratio |
0.25 |
0.19 |
Current Ratio was
increased from 1.89
to 2.04, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
so good, Quick-Assets
Ratio was increased
from 0.19 to
0.25, 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 |
15.80 |
16.34 |
|
Times Interest Earned |
1.51 |
1.45 |
D/E Ratio was
decreased from 16.34
to 15.80, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
1.45 to 1.51,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
114.98 |
94.38 |
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Total Assets Turnover |
0.63 |
0.62 |
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Return on Assets |
0.50 |
0.44 |
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Return on Equity |
8.36 |
7.67 |
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Day's Payable |
131.39 |
150.34 |
|
Day’s Inventories |
497.11 |
514.16 |
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Day’s Receivables |
68.85 |
56.08 |
Fixed Assets Turnover
was increased from
94.38 times to
114.98 times, Total
Assets Turnover was
increased from 0.62
times to 0.63
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
0.44 to 0.50,
Return on Equity
was increased from
7.67 to 8.36,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 151
days to 132
days, and Day’s
Inventories was decreased
from 515 days
to 498 days,
while Day’s Receivables
was increased from
57 days to
69 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%)