MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HELM MAHABOON LIMITED |
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Registered Office : |
12th
Floor, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532083796 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, distributor and
broker wide range
of industrial products
and chemicals |
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
HELM MAHABOON LIMITED
SUMMARY
BUSINESS ADDRESS : 12th FLOOR,
ROAD, LADYAO,
JATUJAK,
TELEPHONE : [66] 2273-8138-40, 2273-8716-7
FAX : [66] 2273-8137
E-MAIL ADDRESS : admin@helmmahaboon.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532083796 [Former : 8378/2532]
CAPITAL
REGISTERED : BHT.
7,000,000
CAPITAL
PAID-UP : BHT.
7,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RODRID EGON DECKERT, GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 45
LINES OF
BUSINESS : INDUSTRIAL PRODUCTS
AND CHEMICALS
IMPORTER, DISTRIBUTOR AND BROKER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on September
6, 1989 as
a private limited
company under the name
style HELM MAHABOON
LIMITED, by Thai - German
Groups in order
to supply and
service of industrial chemicals
to local market.
It is a
joint venture between
Mahaboon Holding Co.,
Ltd., Thailand and
Helm A.G. in
Helm A.G. is
a leading company
in an international
marketing, distributing, warehousing,
cargo terminals, processing
and service functions
of aroma chemicals,
aromatic, crop protection
chemicals, feed additives,
fertilizer, food additives,
inorganic chemicals, medicines,
olefins, organic chemicals,
active pharmaceutical ingredients,
plastic, solvents and
etc.
The Helm Group
has its headquarters
in Germany and
also branch offices
and participation global
network in 32
countries. Currently, Helm
A.G. has contracted
with business partners in
more than 130 countries
worldwide.
The subject’s initial
registered address was
located at 1082/23-26
Phaholyothin Rd., Ladyao,
Bangkhen, Bangkok 10900.
On April 5,
1991, it was
relocated to 12th/Floor, TST
Tower, 21 Vibhavadee
Rangsit Rd., Ladyao,
Jatujak, Bangkok 10900,
and this is
the company’s current
operating address. At
present, the subject
employs 45 staff.
THE BOARD
OF DIRECTORS
Name
Nationality Age
Mr. Rodrid Egon
Deckert German 67
Mr. Hans Christian
Chefver German 51
Ms. Thanita Mangkornkarn Thai 35
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Rodrid
Egon Deckert is
the Managing Director.
He is German
nationality with the
age of 67
years old.
Mrs. Phantipa
Phromrat is the
Account Manager.
She is Thai
nationality.
Ms. Oravee
Lomseangpraow is the
Food Chemical Manager.
She is Thai
nationality.
Ms. Ajcharee
Saengpetch is the
Pharmaceutical Chemical Manager.
She is Thai
nationality.
Mr. Chalermpong Wannapirom
is the Industrial
Chemical Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer, distributor
and broker wide
range of industrial
products and chemicals,
divided into 4 main products
as follows:
-
Animal
care products
-
Food
additive and ingredients
-
Pharmaceutical
raw material
-
Industrial
chemicals for paints,
plastics, rubbers, foods & etc.
IMPORT [COUNTRIES]
100% of its
products is imported
from Germany, U.S.A.,
United Kingdom, India, China,
Italy, France, Belgium,
Japan and Korea.
MAJOR SUPPLIERS
Helm A.G. :
Briess Industry Inc. :
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers, wholesalers
& end - users.
PARENT COMPANY
Helm AG.
Address : Nardkanalsters 28
D 200097,
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found
to have any
subsidiary or affiliated
company here in
Thailand.
LITIGATIONS
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
Imports are by
L/C at sight
and T/T.
Sales are by
cash or on
the credits term
of 30-60 days.
BUSINESS TRANSACTION
In term
of sales, the
subject sells the products
to local customers
by cash and
on the maximum
credit given at
60 days. Occasionally,
the subject has a problem
of late payment
from its customers
as some of them
request to pay
later than 60
days to 90
days. However, the
subject will consider
on the customers’
term of payment
case by case
depending on new
or existing customers and
their creditworthiness. Normally,
the new customers
usually make their
payment on time.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office
:
Deutsche Bank
[
EMPLOYMENT
The subject employs
45 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for operating
administrative office at 12th/Floor, TST
Tower, 21 Vibhavadee-Rangsit Rd.,
Ladyao, Jatujak, Bangkok
10900. It is located
in commercial /residential area.
Warehouse is located
at Klongtoey,
COMMENT
The subject is
the German/Thai Joint
Venture company active
in local distribution
of pharmaceutical raw
materials, food, feed
additives and other
industrial chemicals. Its
sales remains healthy
and expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000, divided into
20,000 shares of
Bht. 100 each.
The capital was
increased and decreased
later as followings
:
Bht. 3,500,000
on January 17,
1994
Bht. 12,138,400
on May 8,
1997
Bht. 7,000,000
on April 24,
2003
On July 3,
1998, the capital
was decreased to
Bht. 7,000,000 divided into
70,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [ as at
February 28,
2007]
|
NAME |
HOLDING |
% |
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Helm A.G.
[German] Nationality : German Address : Nardkanalsters 28
D 200097, |
34,296 |
48.99 |
|
Ms. Vinida
Mangkornkarn Nationality : Thai Address : 232/3
Sukhumvit 65, Phrakanong
Nua, Watana, |
33,836 |
48.33 |
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Ms. Thanita
Mangkornkarn Nationality : Thai Address : 232/3
Sukhumvit 65, Phrakanong
Nua, Watana, |
700 |
1.00 |
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Mrs. Heddy
Chen Nationality : Thai Address : 232/3
Sukhumvit 65, Phrakanong
Nua, Watana, |
588 |
0.84 |
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Mr. Kong
Mangkornkarn Nationality : Thai Address : 109
Trokchaiyapoom, Chakrawat,
Samphantawong, |
576 |
0.82 |
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Mr. Reiner
Detering Nationality : German Address : Nardkanalsters 28
D 200097, |
2 |
0.01 |
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Mr. Hans
Christian Chefver Nationality : German Address : Nardkanalsters 28
D 200097, |
2 |
0.01 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Vichart Logestkravee No.
4451
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
6,995,583 |
18,994,389 |
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Trade Accts. Receivable Related Company |
969,297 |
218,835 |
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Other Company |
173,506,907 |
174,666,297 |
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Trade Accts. Receivable
|
174,476,204 |
174,885,132 |
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Inventories [note 1] |
112,716,180 |
80,870,574 |
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Other Current Assets
|
5,027,219 |
1,631,374 |
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Total Current
Assets |
299,215,186 |
276,381,469 |
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Fixed Assets [note 2] |
8,989,982 |
11,470,799 |
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Other Assets |
1,805,083 |
1,926,000 |
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Total Assets
|
310,010,251 |
289,778,268 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft & Short-term Loan from Bank |
20,302,031 |
40,340,694 |
|
Trust Receipt Payable |
91,758,968 |
81,619,493 |
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Trade Accts. Payable Related Company |
3,680,259 |
7,275,795 |
|
Other Company |
134,193,710 |
128,803,177 |
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Trade Accts. Payable
|
137,873,969 |
136,078,972 |
|
Current Portion of Hire-purchase Contract
Liabilities |
636,300 |
609,851 |
|
Accrued Income Tax |
7,090,039 |
- |
|
Other Current Liabilities |
11,396,879 |
4,767,606 |
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Total Current
Liabilities |
269,058,186 |
263,416,616 |
|
Hire-purchase Contract Liabilities
- Net of Current Portion |
1,558,815 |
2,195,234 |
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Total Liabilities |
270,617,001 |
265,611,850 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 70,000 shares |
7,000,000 |
7,000,000 |
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Capital Paid |
7,000,000 |
7,000,000 |
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Retained Earning Appropriated for Statutory
Reserve |
700,000 |
700,000 |
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Unappropriated |
31,693,250 |
16,466,418 |
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Total
Shareholders' Equity |
39,393,250 |
24,166,418 |
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Total
Liabilities & Shareholders' Equity |
310,010,251 |
289,778,268 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
787,452,914 |
567,174,872 |
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Commission Income |
1,120,543 |
392,231 |
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Gain on Exchange
Rate |
- |
1,597,761 |
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Other Income |
71,855 |
280,037 |
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Total Revenues
|
788,645,312 |
569,444,901 |
|
Expenses |
|
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Cost of Goods
Sold |
655,081,719 |
481,463,065 |
|
Selling & Administrative Expenses |
87,257,220 |
74,989,786 |
|
Loss on Exchange
Rate |
8,752,258 |
- |
|
Total Expenses |
751,091,197 |
556,452,851 |
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Profit / [Loss] before
Interest Expenses &
Income Tax |
37,554,115 |
12,992,050 |
|
Interest Expenses |
[7,607,571] |
[5,050,363] |
|
Income Tax |
[10,912,574] |
[2,865,503] |
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|
|
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|
Net Profit / [Loss] |
19,033,970 |
5,076,184 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
65,369,642 |
64,598,795 |
|
Goods in Transit |
44,075,632 |
15,056,441 |
|
Goods in Process |
3,445,707 |
2,047,868 |
|
Total |
112,890,981 |
81,703,104 |
|
Less: Allowance
for Obsolescent Stock |
[174,801] |
[832,530] |
|
Inventories
- Net |
112,716,180 |
80,870,574 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Office Automation |
12,515,276 |
12,445,028 |
|
Decoration |
9,020,263 |
8,710,296 |
|
Vehicles |
5,453,768 |
5,453,768 |
|
Total |
26,989,307 |
26,609,092 |
|
Less : Depreciation |
[17,999,325] |
[15,138,293] |
|
Fixed
Assets – Net |
8,989,982 |
11,470,799 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
38.84 |
|
|
Operating Profit |
156.72 |
|
|
Net Profit |
274.97 |
|
|
Fixed Assets |
[21.63] |
|
|
Total Assets |
6.98 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
83.19 |
84.89 |
|
Operating Profit Margin |
5.88 |
2.29 |
|
S & A
Expenses |
11.08 |
13.22 |
|
Interest Paid |
0.97 |
0.89 |
|
Other Revenues |
0.15 |
0.40 |
|
Net Profit Margin |
2.42 |
0.89 |
|
Earning Per Shares |
271.91 |
72.52 |
|
No. of Shares |
70,000 |
70,000 |
Net Sales was
increased by 38.84%,
Operating Profit was
increased by 156.72%,
Net Profit was
increased by 274.97%,
Fixed Assets was
decreased by 21.63%,
Total Assets was
increased by 6.98%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 84.89%
to 83.19%, Operating
Profit Margin was
increased from 2.29%
to 5.88%, S
& A Expenses
was decreased from
13.22% to 11.08%,
Interest Paid was increased
from 0.89% to
0.97%, Other Revenues
was decreased from
0.40% to 0.15%,
Net Profit Margin
was increased from
0.89% to 2.42%.
Earning Per Shares
was increased from
72.52 baht per
share to 271.91
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.11 |
1.05 |
|
Quick-Assets Ratio |
0.67 |
0.74 |
Current Ratio was
increased from 1.05
to 1.11, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.74 to 0.67,
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 |
6.87 |
10.99 |
|
Times Interest Earned |
6.09 |
2.57 |
D/E Ratio was
decreased from 10.99
to 6.87, 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
2.57 to 6.09,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
87.59 |
49.45 |
|
Total Assets Turnover |
2.54 |
1.96 |
|
Return on Assets |
6.14 |
1.75 |
|
Return on Equity |
48.32 |
21.01 |
|
Day's Payable |
63.03 |
86.37 |
|
Day’s Inventories |
51.53 |
51.33 |
|
Day’s Receivables |
79.77 |
111.00 |
Fixed Assets Turnover
was increased from
49.45 times to
87.59 times, Total
Assets Turnover was
increased from 1.96
times to 2.54
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.75 to 6.14,
Return on Equity
was increased from
21.01 to 48.32,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 87
days to 64
days, while Day’s
Inventories was stable
at 52 days,
but Day’s Receivables
was decreased from
112 days to
80 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%)