MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ALLIED-TEK [ |
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Registered Office : |
21/27
Moo 10, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0105527026585 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importing, distributing &
installation wide range
of welding and
oxy-fuel 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
ALLIED-TEK [
SUMMARY
BUSINESS ADDRESS : 21/27
MOO 10,
KLONGKUM, BUENGKUM,
TELEPHONE : [66] 2944-1931-40
FAX : [66] 2510-8209
E-MAIL ADDRESS : info@allied-tek.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527026585 [Former: 2657/2527]
CAPITAL
REGISTERED : BHT.
33,000,000
CAPITAL
PAID-UP : BHT.
33,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMPORN PONGKACHORN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 65
LINES OF
BUSINESS : TECHNICAL CUTTING
& WELDING EQUIPMENTS
IMPORTER, DISTRIBUTOR
AND INSTALLATION
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
20, 1984 as
a private limited
company under the name
style ALLIED-TEK [THAILAND]
CO., LTD., by Thai
groups, in order
to provide products
and service of
technical cutting and welding equipments
for various industries.
It currently employs
65 staff.
The subject’s registered
address is 21/27 Moo 10,
Navamintr Rd., Klongkum,
Buengkum, Bangkok 10230,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somporn Pongkachorn |
[x] |
Thai |
54 |
|
Mr. Virach Benjaphantawee |
[+] |
Thai |
59 |
|
Mr. Piyanant Chutinuntakul |
[+] |
Thai |
48 |
|
Ms. Chaveewan Chutinuntakul |
|
Thai |
42 |
|
Mr. Somkiat Wongkittikul |
|
Thai |
45 |
|
Ms. Choojit Rodthong |
|
Thai |
46 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the directors
[+] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somporn
Pongkachorn is the
Managing Director.
He is Thai
nationality with the
age of 54
years old.
Ms. Choojit
Rodthong is the
Executive Director.
She is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing & installation
wide range of
welding and oxy-fuel
equipment, such as
welding consumables, welding
machinery & equipment,
ATE chains, sugar
cane shredder, machinery
parts, block rubber
parts and etc.
The products are
divided into 2
main categories as
follows:
-
Welding
Technology; consists of
welding consumables, welding
machines, welding processes
technology and equipments.
-
Oxy-fuel
Gas Cutting &
Welding; consists of
gas cutting &
welding torches, nozzles, pressure regulators,
flash back arrestors
as well as
special heating torches.
-
Welding
Electrode TIG, MIG
The subject also
provides repairing, maintaining
and technical welding
services.
MAJOR BRANDS
“FRONIUS”, “BOHLER”, “UTP”
and etc.
IMPORT
90% of its
products is imported
from Germany and
Austria.
MAJOR SUPPLIERS
- Fronius GmbH & Co. KG. :
- Bohler Schweisstecnik GmbH :
- UTP Schwei &
Material GmbH. :
SALES
100% of its
products is sold
locally to dealers
and end-users.
RELATED COMPANY
Allied -Tek Engineering
Co., Ltd.
Business Type: Importer
& distributor of
mechanical engineering machinery & equipment.
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 on
negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Trokchan Branch :
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 65 staff
[office and sales staff].
LOCATION DETAILS
The premise is
rented for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT OF EUR
490,692 SHOULD BE
IN ORDER.
COMMENT
Despite the outlook of domestic
industries is slowing down, subject’s business performance
remains steady grown.
Demand of industrial tools, equipment and
machinery is still upbeat
especially from maintenance
and repairing services.
The subject also maintains its growth at
strong level.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
Bht. 3,000,000
on December 8,
1987
Bht. 6,000,000
on July 26,
1989
Bht. 12,000,000 on
October 3, 1991
Bht. 33,000,000 on
December 28, 1995
The latest registered
capital was increased
to Bht. 33,000,000 divided
into 330,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Somporn
Pongkachorn Nationality: Thai Address : 21/28 Moo 10,
|
38,200 |
11.58 |
|
Ms. Saniwar
Pongkachorn Nationality: Thai Address : 21/28 Moo 10,
|
30,000 |
9.09 |
|
Mr. Virach
Benjaphantawee Nationality: Thai Address : 33/42 Moo 10,
|
26,000 |
7.88 |
|
Mrs. Somsri
Pongkachorn Nationality: Thai Address : 21/28 Moo 10,
|
25,000 |
7.58 |
|
Mrs.
Thitaporn Benjaphantawee Nationality: Thai Address : 33/42 Moo 10,
|
25,000 |
7.58 |
|
Mr. Piyanant
Chutinuntakul Nationality: Thai Address : 21/29 Moo 10,
|
23,300 |
7.06 |
|
Mr. Atichart
Panchorn Nationality: Thai Address : 33/69 Moo 10,
Buengkum, |
13,000 |
3.94 |
|
Mr. Somboon
Pongkachorn Nationality: Thai Address : 122/2 Moo 13,
Naimuang, Muang, Khon Kaen |
11,000 |
3.33 |
|
Others |
138,500 |
41.96 |
Total Shareholders
31
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Chaleaw Yimlamai
No. 1177
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
24,990.04 |
122,631.48 |
|
Trade Accts. Receivable |
41,947,800.23 |
31,786,316.32 |
|
Inventories |
47,568,072.68 |
50,007,129.10 |
|
Other Current Assets
|
24,436.25 |
48,147.81 |
|
Total Current
Assets |
89,565,299.20 |
81,964,224.71 |
|
Other Long Term
Investment |
2,777,500.00 |
2,777,500.00 |
|
Fixed Assets [note 1] |
24,202,276.82 |
24,082,051.23 |
|
Other Assets |
250,000.00 |
1,995.00 |
|
Total Assets
|
116,795,076.02 |
108,825,770.94 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
30,458,232.61 |
23,111,324.03 |
|
Trade Accts. Payable |
16,010,477.48 |
20,015,758.57 |
|
Other Current Liabilities |
3,915,515.91 |
1,333,797.85 |
|
Total Current
Liabilities |
50,384,226.00 |
44,460,880.45 |
|
Total Liabilities |
50,384,226.00 |
44,460,880.45 |
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Shareholders'
Equity |
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 330,000 shares |
33,000,000.00 |
33,000,000.00 |
|
Capital Paid |
33,000,000.00 |
33,000,000.00 |
|
Statutory Reserve |
732,595.95 |
330,000.00 |
|
Retained Earning -
Unappropriated |
32,678,254.07 |
31,364,890.49 |
|
Total
Shareholders' Equity |
66,410,850.02 |
64,364,890.49 |
|
Total
Liabilities & Shareholders' Equity |
116,795,076.02 |
108,825,770.94 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Service |
108,299,311.16 |
102,044,514.57 |
|
Other Income |
1,033,489.80 |
340,436.98 |
|
Total Revenues
|
109,332,800.96 |
102,384,951.55 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
76,557,260.42 |
71,642,343.14 |
|
Selling & Administrative Expenses |
26,609,067.60 |
24,005,659.86 |
|
Other Expenses |
26,348.27 |
599,814.38 |
|
Total Expenses |
103,192,676.29 |
96,247,817.38 |
|
Profit / [Loss] from Operation |
6,140,124.67 |
6,137,134.17 |
|
Interest Expenses |
[221,341.98] |
[233,030.44] |
|
Income Tax |
[1,892,823.16] |
[1,819,207.37] |
|
Net Profit / [Loss] |
4,025,959.53 |
4,084,896.36 |
FINANCIAL NOTE
NOTE 1
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
8,523,262.00 |
8,523,262.00 |
|
Building |
18,192,724.10 |
18,192,724.10 |
|
Building Improvement |
1,875,623.80 |
1,875,623.80 |
|
Hand Tool &
Equipment |
843,790.17 |
776,630.17 |
|
Decorate & Furniture |
1,782,583.08 |
1,735,480.28 |
|
Office Automation |
7,704,107.40 |
7,513,693.28 |
|
Vehicle |
7,469,944.86 |
4,850,944.86 |
|
Total |
46,392,035.41 |
43,468,358.49 |
|
Less: Depreciation |
[22,189,758.59] |
[19,386,307.26] |
|
Total
|
24,202,276.82 |
24,082,051.23 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
6.13 |
|
|
Operating |
[0.91] |
|
|
Net Profit |
[1.44] |
|
|
Fixed Assets |
0.50 |
|
|
Total Assets |
7.32 |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
70.69 |
70.21 |
|
Operating Profit Margin |
29.31 |
29.79 |
|
S&A expenses |
24.57 |
23.52 |
|
Interest |
0.20 |
0.23 |
|
Other Revenues |
0.95 |
0.33 |
|
Net Profit Margin |
3.72 |
4.00 |
|
Earning Per Shares |
12.20 |
12.38 |
|
No. of Shares |
330,000 |
330,000 |
Net Sales was increased by 6.13%, Operating Profit was decreased by 0.91%, Net Profit was decreased by 1.44%, Fixed Assets was increased by 0.50%, Total Assets was increased by 7.32%.
Compare each cost with sales, Cost of Goods Sold was increased from 70.21% to 70.69%, Operating Profit Margin was decreased from 29.79% to 29.31%, S & A Expenses were decreased from 23.52% to 24.57%, Interest Paid was decreased from 0.23% to 0.20%, Other Revenues was increased from 0.33% to 0.95%, Net Profit Margin was decreased from 4.00% to 3.72%.
Earning Per Shares
was decreased from
12.38 baht per
share to 12.20
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.78 |
1.84 |
|
Quick - assets ratio |
0.83 |
0.72 |
Current Ratio was decreased from 1.84 to 1.78, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.72 to 0.83, 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 |
0.76 |
0.69 |
|
Times Interest Earned |
23.19 |
27.45 |
D/E Ratio was increased from 0.69 to 0.76, show the company had fund from Equity more than fund from Loan, investment risked of the company is low and Times Interest Earned was decreased from 27.45 to 23.19, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
4.47 |
4.24 |
|
Total Assets Turnover |
0.93 |
0.94 |
|
Return on Assets |
3.45 |
3.75 |
|
Return on Equity |
6.06 |
6.35 |
|
Day’s Payable |
76.33 |
101.98 |
|
Day’s Inventories |
226.79 |
254.77 |
|
Days’ Receivables |
141.38 |
113.70 |
Fixed Assets Turnover was increased from 4.24 times to 4.47 times, Total Assets Turnover was decreased from 0.94 times to 0.93 times, show the company could use Fixed Assets so efficiently, and Return on Assets was decreased from 3.75 to 3.45, Return on Equity was decreased from 6.35 to 6.06, capacity to use Assets to make profit was not good.
Day’s Payable was
decreased from 102
days to 77
days, and Day’s
Inventories was decreased
from 255 days
to 227 days,
while Day’s Receivables
was increased from
114 days to
142 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%)