MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MAHAKIJ TRACTOR [1982] CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
0105525001933 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealer and distributor
of tractors and
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
MAHAKIJ TRACTOR [1982] CO., LTD.
SUMMARY
BUSINESS ADDRESS :
JATUJAK,
TELEPHONE : [66] 2537-8387-8
FAX : [66] 2537-8530
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO. : 0105525001933 [Former : 193/2525]
CAPITAL
REGISTERED : BHT.
120,000,000
CAPITAL
PAID-UP : BHT.
120,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANA MAHAKIJDEJACHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 35
LINES OF
BUSINESS : TRACTORS AND
SPARE PARTS
DISTRIBUTOR AND
SERVICE PROVIDER
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 18,
1982 as a
private limited company under
the name style MAHAKIJ TRACTOR
[1982] CO., LTD.,
by Thai groups,
to provide tractors
and spare parts including services
to domestic market.
It currently employs
approximately 35 staff.
The
subject’s registered address
is 7/13 Vibhavadee-Rangsit Rd.,
Ladyao, Jatujak, Bangkok
10900, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Chana Mahakijdejachai |
[x] |
Thai |
82 |
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Mr. Charee Mahakijdejachai |
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Thai |
53 |
|
Mr. Preecha Mahakijdejachai |
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Thai |
53 |
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Mrs. Thanapak Lipiphan |
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Thai |
51 |
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. Chana Mahakijdejachai is
the Managing Director.
He is Thai
nationality with the
age of 82
years old.
BUSINESS OPERATIONS
The subject’s activities
are dealer and
distributor of tractors
and spare parts.
Subject also provides
rental and maintenance
service.
MAJOR BRANDS
“KATO”, “MITSUBISHI”, “STANLEY”,
“CATERPILLAR”, “KOMATSU” and
etc.
PURCHASE
70% of the
products is purchased
from local suppliers,
and the remaining
30% is imported
from Republic of
China, Taiwan, Japan
and Singapore.
SALES/SERVICES
100% of the
products is sold
and serviced locally
to 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.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
35 office staff,
sales staff and
service workers.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF EUR 25,000
SHOULD BE ON
SECURED BASIS ONLY.
COMMENT
The subject’s
sales remained healthy
with spare parts
and services were
the key elements
for business operation.
The
subject’s business trend
is fair.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 40,000,000
on May 17,
1988
Bht. 80,000,000
on December 25,
1991
Bht. 120,000,000
on August 31,
1998
The
latest registered capital
was increased to
Bht. 120,000,000 divided into
1,200,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
November 25,
2005]
|
NAME |
HOLDING |
% |
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Mr. Chana Mahakijdejachai Nationality: Thai Address : |
713,000 |
59.42 |
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Mr. Charee Mahakijdejachai Nationality: Thai Address : |
162,000 |
13.50 |
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Mr. Preecha Mahakijdejachai Nationality: Thai Address : |
162,000 |
13.50 |
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Mrs.
Thanapak Lipiphan Nationality: Thai Address : |
54,000 |
4.50 |
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Ms. Vichaya Lipiphan Nationality: Thai Address : 55/145
Moo 9, Bangpood,
Pakkred, Nonthaburi |
54,000 |
4.50 |
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Ms. Rachaya Lipiphan Nationality: Thai Address : 55/145
Moo 9, Bangpood,
Pakkred, Nonthaburi |
54,000 |
4.50 |
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Mr.
Atchawuth Thamsamisorn Nationality: Thai Address : Muang, Chonburi |
1,000 |
0.08 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Wanna Maluangnont No.
4170
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
|
8,842,475.85 |
2,664,647.42 |
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Trade Accts. Receivable |
36,468,966.16 |
43,337,203.19 |
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Inventories [note 1] |
98,374,506.26 |
104,140,110.79 |
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Revenue Department Receivable |
- |
181,708.51 |
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Other Current Assets
|
1,541,202.24 |
1,763,838.23 |
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Total Current
Assets |
145,227,150.51 |
152,087,508.14 |
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Fixed Assets [note 2] |
6,060,793.27 |
5,631,170.94 |
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Other Assets |
3,513.00 |
3,513.00 |
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Total Assets
|
151,291,456.78 |
157,722,192.08 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
16,907,040.62 |
8,592,113.62 |
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Trust Receipt Payable |
5,919,074.11 |
6,056,787.16 |
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Trade Accts. Payable |
7,935,487.64 |
7,435,272.54 |
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Current Portion of
Hire-purchase Payable |
104,840.90 |
437,197.23 |
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Accrued Income Tax |
60,777.65 |
350,958.77 |
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Accrued Expenses |
1,359,311.42 |
1,271,061.05 |
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Other Current Liabilities |
224,763.01 |
121,731.27 |
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Total Current Liabilities
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32,511,295.35 |
24,265,121.64 |
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Hire-purchase Contract Payable
- Net of Current Portion |
- |
139,788.00 |
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Total Liabilities |
32,511,295.35 |
24,404,909.64 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,200,000 shares |
120,000,000.00 |
120,000,000.00 |
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Capital Paid |
120,000,000.00 |
120,000,000.00 |
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Unappropriated [Deficit] |
[1,219,838.57] |
13,317,282.44 |
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Total
Shareholders' Equity |
118,780,161.43 |
133,317,282.44 |
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Total
Liabilities & Shareholders' Equity |
151,291,456.78 |
157,722,192.08 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
85,410,565.51 |
83,663,703.38 |
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Service Income |
641,000.00 |
2,072,950.00 |
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Gain on Exchange
Rate |
268,018.23 |
786,141.39 |
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Other Income |
49,074.80 |
47,183.76 |
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Total Revenues
|
86,368,658.54 |
86,569,978.53 |
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Expenses |
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Cost of Goods
Sold & Service |
68,063,723.35 |
67,338,063.53 |
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Selling & Administrative Expenses |
32,077,896.08 |
17,038,707.94 |
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Total Expenses |
100,141,619.43 |
84,376,771.47 |
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Profit / [Loss] before
Interest Expenses &
Income Tax |
[13,772,960.89] |
2,193,207.06 |
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Interest Expenses |
[375,996.26] |
[263,073.34] |
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Income Tax |
[388,163.86] |
[639,575.33] |
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Net Profit / [Loss] |
[14,537,121.01] |
1,290,558.39 |
FINANCIAL NOTE
NOTE 1
Inventories
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|
2005 |
2004 |
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Inventories |
128,545,384.26 |
120,683,514.79 |
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Less: Allowance for
Obsolescent Stock |
[30,170,878.00] |
[16,543,404.00] |
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Total
|
98,374,506.26 |
104,140,110.79 |
NOTE 2
Fixed Assets
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|
2005 |
2004 |
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Vehicle |
15,820,174.06 |
13,820,174.06 |
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Hand Tools |
1,959,474.72 |
1,959,474.72 |
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Hand Tools & Furniture |
4,537,472.45 |
4,456,751.70 |
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Total |
22,317,121.23 |
20,236,400.48 |
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Less: Depreciation |
[6,256,327.96] |
[14,605,229.54] |
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Total
|
6,060,793.27 |
5,631,170.94 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
2.09 |
|
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Operating Profit |
[715.14] |
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Net Profit |
[1,226.42] |
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Fixed Assets |
7.63 |
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Total Assets |
[4.08] |
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Profitability |
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Cost of Good
Sold |
79.69 |
80.49 |
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Operating Profit Margin |
[16.13] |
2.62 |
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S & A
Expenses |
37.56 |
20.37 |
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Interest Paid |
0.44 |
0.31 |
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Other Revenues |
1.12 |
3.47 |
|
Net Profit Margin |
[17.02] |
1.54 |
|
Earning Per Shares |
[12.11] |
1.08 |
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No. of Shares |
1,200,000 |
1,200,000 |
Net Sales was
increased by 2.09%,
Operating Profit was
decreased by 715.14%,
Net Profit was decreased by
1,226.42%, Fixed Assets
was increased by
7.63%, Total Assets
was decreased by
4.08%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 80.49%
to 79.69%, Operating
Profit Margin was
decreased from 2.62%
to -16.13%, S
& A Expenses
was increased from
20.37% to 37.56%,
Interest Paid was increased
from 0.31% to
0.44%, Other Revenues
was decreased from
3.47% to 1.12%,
Net Profit Margin
was decreased from
1.54% to -17.02%.
Earning Per Shares
was decreased from
1.08 baht per
share to -12.11
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
4.47 |
6.27 |
|
Quick-Assets Ratio |
1.39 |
1.90 |
Current Ratio was
decreased from 6.27
to 4.47, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.90 to 1.39,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.27 |
0.18 |
|
Times Interest Earned |
[36.63] |
8.34 |
D/E Ratio was increased from
0.18 to 0.27,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low, Times Interest
Earned was decreased
from 8.34 to
-36.63, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
14.09 |
14.86 |
|
Total Assets Turnover |
0.56 |
0.53 |
|
Return on Assets |
[9.61] |
0.82 |
|
Return on Equity |
[12.24] |
0.97 |
|
Day's Payable |
33.45 |
31.99 |
|
Day’s Inventories |
414.64 |
448.11 |
|
Day’s Receivables |
153.71 |
186.48 |
Fixed Assets Turnover
was decreased from
14.86 times to
14.09 times, Total
Assets Turnover was
increased from 0.53
times to 0.56
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
0.82 to -9.61,
Return on Equity
was decreased from
0.97 to -12.24,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
increased from 32
days to 34
days, while Day’s
Inventories was decreased
from 449 days
to 415 days,
and Day’s Receivables
was decreased from
187 days to
154 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 |
|
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 |
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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%)