MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TECHNO WASINO [THAILAND] CO., LTD. |
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Registered Office : |
700/146 Moo 1, Amata Nakorn Industrial
Estate, Bankao Sub-District, Panthong, District, Chonburi Province 20160 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
0135548007881 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in an
authorized agent to
import, distribute and
re-export wide range
of industrial machinery
and parts |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
TECHNO WASINO [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 700/146 MOO 1, AMATA
NAKORN INDUSTRIAL
ESTATE, BANKAO
SUB-DISTRICT, PANTHONG,
DISTRICT, CHONBURI
PROVINCE 20160
TELEPHONE : [66] 38 468-920-2
FAX : [66] 38
468-923
E-MAIL ADDRESS : kuroda@wasino.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0135548007881
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. TOYOTADA TANAKA,
JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 30
LINES OF
BUSINESS : INDUSTRIAL MACHINERY AND PARTS
IMPORTER, DISTRIBUTOR
AND RE-EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was formed
on August 18,
2005 as a
private limited company by
Japanese group, under the
name style TECHNO
WASINO [THAILAND] CO.,
LTD., in order
to operate in
international trading business
for industrial machinery
and parts. It
currently employs approximately 30 staff.
Subject
is a wholly owned subsidiary
of Techno Wasino
Limited of Japan.
The
subject’s registered address
is located at
700/146 Moo 1,
Bankao sub-district, Panthong
district, Chonburi 20160,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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|
Mr. Hirohito Ikuma |
[x] |
Japanese |
57 |
|
Mr. Toyotada Tanaka |
[x] |
Japanese |
44 |
|
Mr. Takao Kuroda |
|
Japanese |
49 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Toyotada Tanaka
is the Managing Director.
He is Japanese nationality with
the age of
44 years old.
Mr. Kazushi Kurahashi
is the Assistant Managing Director.
He is Japanese nationality.
Mr. Takao Kuroda
is the Sales & Marketing
Manager.
He is Japanese nationality with
the age of
49 years old.
BUSINESS OPERATIONS
The subject is
engaged in an
authorized agent to
import, distribute and
re-export wide range
of industrial machinery
and parts, specialized
in CNC lathe, conventional lathe,
CNC optical profile
grinder, surface grinder,
grinder peripheral devices,
custom lathe, retro
robot, forming grinder,
rotary surface grinder,
etc., for automotive
and electronics industry.
The subject also
provides after sales
services.
IMPORT
100%
of the products is imported
from Japan.
MAJOR SUPPLIER
Techno
Wasino Limited :
Japan
SALES
The products is
sold and serviced
to manufacturers and
end-users both locally
and overseas mainly in
India, Malaysia, Singapore,
Vietnam, Indonesia and
Philippines.
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.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 30 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
workshop and warehouse
at the heading address. Premise
is located in
provincial and industrial
area.
COMMENT
The
subject’s business had
a good performance in the
past year due
to high demand
of the industrial machinery and
parts in both
local and export
markets. However, this
year the business
might have slow
growth mainly due
to economic slowdown.
In general, the
subject’s business is
promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000
divided into 20,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 25, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Techno Wasino
Limited Nationality: Japanese Address : 2-158
Nakashima-Shimobari
Komaki-shi, Eishi, Japan |
19,994 |
99.97 |
|
Mr.
Hirohito Ikuma Nationality: Japanese Address : 5-489
Iwazaki Komaki-shi, Eishi,
Japan |
1 |
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Mr. Azushi Zeno Nationality: Japanese Address : 12-21
Hoshikaoka-Motomashi,
Shikuzaku- ku,
Eishi, Japan |
1 |
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Mr. Mitsuru Kuka Nationality: Japanese Address : 5-52-6
Shiroyama Komaki-shi, Eishi,
Japan |
1 |
= 0.03 |
|
Mr.
Toyotada Tanaka Nationality: Japanese Address : 30-1
Kamishigehara-sho,
Shirui-shi Eishi, Japan |
1 |
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Mr. Takao Kuroda Nationality: Japanese Address : 2-13-11
Kita-ku, Nagoya-shi, Eishi, Japan |
1 |
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Mr.
Toyotada Tanaka Nationality: Japanese Address : 30-1
Kamishigehara-sho,
Shirui-shi Eishi, Japan |
1 |
|
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Vipavee Boonyaprasit No.
3096
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
115,689,176 |
395,005 |
|
Trade Accts. Receivable |
150,161,403 |
- |
|
Other Receivable |
5,288,417 |
- |
|
Inventories |
122,982,378 |
20,539,278 |
|
Revenue Department Receivable |
1,481,959 |
1,059,330 |
|
Other Current Assets
|
2,074,488 |
1,096,480 |
|
|
|
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Total Current
Assets |
397,677,821 |
23,090,093 |
|
Fixed Assets |
18,110,672 |
16,186,760 |
|
Other Assets |
1,520,933 |
1,084,776 |
|
Total Assets |
417,309,426 |
40,361,629 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from
Parent Company |
10,000,000 |
- |
|
Trade Accts. Payable
- Related Company |
335,658,649 |
22,119,259 |
|
- Other Company |
864,297 |
- |
|
Other Payable |
17,931,399 |
1,323,786 |
|
Accrued Expenses |
690,000 |
833,416 |
|
Accrued Interest |
609,288 |
- |
|
Other Current Liabilities |
11,571,346 |
480,998 |
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Total Current
Liabilities |
377,324,979 |
24,757,459 |
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Total Liabilities |
377,324,979 |
24,757,459 |
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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 |
20,000,000 |
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|
|
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Capital Paid |
20,000,000 |
20,000,000 |
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Retained Earning -
Unappropriated [Deficit] |
19,984,447 |
[4,395,830] |
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Total
Shareholders' Equity |
39,984,447 |
15,604,170 |
|
Total
Liabilities & Shareholders' Equity |
417,309,426 |
40,361,629 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
Aug. 18,
2005 - Dec. 31, 2005 |
|
|
|
|
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Sales |
394,616,507 |
- |
|
Other Income |
12,997,204 |
- |
|
Gain on Exchange
Rate |
14,582,478 |
- |
|
Total Revenues
|
422,196,189 |
- |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
333,583,404 |
- |
|
Selling & Administrative Expenses |
55,046,984 |
4,380,802 |
|
Loss on Exchange
Rate |
- |
15,028 |
|
Total Expenses |
388,630,388 |
4,395,830 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
33,565,801 |
[4,395,830] |
|
Interest Expenses |
[609,288] |
- |
|
Income Tax |
[8,576,236] |
- |
|
|
|
|
|
Net Profit / [Loss] |
24,380,277 |
[4,395,830] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Profit |
654.62 |
|
|
Fixed Assets |
11.89 |
|
|
Total Assets |
933.93 |
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Profitability |
|
|
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Cost of Good
Sold |
84.53 |
0.00 |
|
Operating Profit Margin |
8.51 |
0.00 |
|
S & A
Expenses |
13.95 |
0.00 |
|
Interest Paid |
0.15 |
0.00 |
|
Other Revenues |
6.99 |
0.00 |
|
Net Profit Margin |
6.18 |
0.00 |
|
Earning Per Shares |
1,219.01 |
[219.79] |
|
No. of Shares |
20,000 |
20,000 |
Net Profit was
increased by 654.62%,
Fixed Assets was
increased by 11.89%,
Total Assets was
increased by 933.93%.
Compare each cost
with sales, Cost of
Good Sold was increased from
0.00% to 84.53%,
Operating Profit Margin
was increased from
0.00% to 8.51%,
S & A
Expenses was increased
from 0.00% to
13.95%, Interest Paid was
increased from 0.00%
to 0.15%, Other
Revenues was increased
from 0.00% to
6.99%, Net Profit
Margin was increased
from 0.00% to
6.18%.
Earning Per Shares
was increased from
-219.79 baht per
share to 1,219.01
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.05 |
0.93 |
|
Quick-Assets Ratio |
0.72 |
0.02 |
Current Ratio was
increased from 0.93
to 1.05, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was increased
from 0.02 to
0.72, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
9.44 |
1.59 |
|
Times Interest Earned |
55.09 |
0.00 |
D/E Ratio was
increased from 1.59
to 9.44, 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
0.00 to 55.09,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
21.79 |
0.00 |
|
Total Assets Turnover |
0.95 |
0.00 |
|
Return on Assets |
5.84 |
[10.89] |
|
Return on Equity |
60.97 |
[28.17] |
|
Day's Payable |
0.79 |
0.00 |
|
Day’s Inventories |
112.19 |
0.00 |
|
Day’s Receivables |
136.99 |
0.00 |
Fixed Assets Turnover
was increased from
0.00 times to
21.79 times, Total
Assets Turnover was
increased from 0.00
times to 0.95
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-10.89 to 5.84,
Return on Equity
was increased from
-28.17 to 60.97,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 0
days to 1
days, Day’s Inventories
was increased from
0 days to 113 days,
and Day’s Receivables
was increased from
0 days to 137 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. |
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%)