MIRA
INFORM REPORT
|
Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
FMA GROUP CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1994 |
|
|
|
|
Com. Reg. No.: |
0105537137801 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in distributing various
kinds of office
automation and related
products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
FMA GROUP CO., LTD.
SUMMARY
BUSINESS ADDRESS :
TELEPHONE : [66] 2235-0156,
2235-0176, 2238-1350
FAX : [66] 2236-6594
E-MAIL ADDRESS : sales@fma.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537137801 [Former: 3040/2537]
CAPITAL
REGISTERED : BHT.
60,000,000
CAPITAL
PAID-UP : BHT.
60,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KITI TAYCHACHAIWONGSE, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 130
LINES OF
BUSINESS : OFFICE AUTOMATION IMPORTER AND
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 November 18,
1994 as a
private limited company under the
name style FMA GROUP
CO., LTD., by
Thai groups, in order
to distribute and
supply various kinds
of office automation
to domestic market.
It currently employs
approximately 130 staff.
The
subject’s registered address
is 10/15 Convent Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kiti Taychachaiwongse |
[x] |
Thai |
71 |
|
Mr. Dej Cherdsuwanrak |
|
Thai |
48 |
|
Mr. Kiat Cherdsuwanrak |
|
Thai |
79 |
|
Mrs. Tassanee Taychachaiwongse |
[x] |
Thai |
74 |
|
Ms. Krisanee Taychachaiwongse |
[x] |
Thai |
37 |
|
Mr. Prasarn Pitulkija |
[x] |
Thai |
63 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kiti Taychachaiwongse is
the Managing Director.
He is Thai
nationality with the
age of 71
years old.
Mr. Prasarn Pitulkija
is the Marketing
Manager.
He is Thai
nationality with the
age of 63
years old.
Ms. Krisanee Taychachaiwongse is
the Operation Director.
She is Thai
nationality with the
age of 37
years old.
Mr. Sattha Noonkaew
is the Technical
Service Manager.
He is Thai
nationality.
Mr. Thavorn Matchseth
is the IT
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of office automation
and related products
as follows:
Products Brands
- Calculators : Aurora [Manufacturer
of Canon, Casio,
Citizen &
Sharp models]
- Facsimile : Daewoo and Brother
- Laminators [roll laminators,
roll film : Royal,
- Printers [Laser printer] : Konica-Minolta, Brother
- Shredders : Royal
Sovereign
- Digital multi-function : E-Studio, Toshiba
Other products
[General Photocopy supplies]
Subject also provides
repairing service.
PURCHASE
The products are
purchased from suppliers
both domestic and overseas,
mainly in Singapore,
Korea and Japan.
MAJOR SUPPLIERS
Toshiba
Bangkok
Business Equipment Automation
Co., Ltd. :
SALES
100% of the
products is sold
and serviced locally
by wholesale to
dealers nationwide.
SUBSIDIARY AND
AFFILIATED COMPANY
Kiti International
Co., Ltd.
Business Type :
Importer and distributor
of camera and
equipment.
FMA Rental
and Supplies Co.,
Ltd.
Business Address :
Rental service of
copier machines.
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
Bangkok Bank Public
Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
130 office staff
and service workers.
LOCATION DETAILS
The
premise is rented
for administrative office,
showroom and service
center at the
heading address. Premise
is located in a
prime commercial area.
COMMENT
Current economic slowdown
has resulted with
decline consumption of
office automation as
well as growth
in business arena
also sluggish.
The subject still
maintains its good
business and leading
role in office
supplies and automation,
but slow growth
would be seen
in short to
medium term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 60,000,000
divided into 600,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kiti Taychachaiwongse Nationality: Thai Address : 54
Sukhumvit 64 Rd.,
Prakanongnua, Wattana, |
198,000 |
33.00 |
|
Bangkok Automation
Co., Ltd. Nationality: Thai Address : Samsennai, Phythai,
|
179,998 |
30.00 |
|
Mrs.
Tassanee Taychachaiwongse Nationality: Thai Address : |
90,000 |
15.00 |
|
Ms.
Krisanee Taychachaiwongse Nationality: Thai Address : 54 Sukhumvit 64
Rd., Prakanongnua, Wattana, |
48,000 |
8.00 |
|
Mr. Prasarn Pitulkija Nationality: Thai Address : 16/61
Moo 8, Ladyao,
Jatujak, |
42,000 |
7.00 |
|
Mr. Ukrish Taychachaiwongse Nationality: Thai Address : 54
Sukhumvit 64 Rd.,
Prakanongnua, Wattana, |
30,000 |
5.00 |
|
Ms.
Supaluck Teerachetmongkol Nationality: Thai Address : 77/39
Moo 5, Klongkum,
Buengkum, |
6,000 |
1.00 |
|
Mrs. Taswan Teerapongvisanuporn Nationality: Thai Address : 118/115
Vibhavadee Rangsit 17
Rd., Ladyao, Jatujak,
|
6,000 |
1.00 |
|
Mr. Kiat Cherdsuwanrak Nationality: Thai Address : |
1 |
- |
|
Mr. Dej Cherdsuwanrak Nationality: Thai Address :
Samsennai, Phythai, |
1 |
- |
Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Krieng Yaowanavimol No.
1370
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
113,919,275.44 |
103,861,682.16 |
|
Trade Accts. Receivable |
73,997,029.91 |
78,580,526.69 |
|
Inventories |
34,934,878.65 |
34,669,789.93 |
|
Other Current Assets
|
4,035,724.34 |
2,758,695.95 |
|
Loan Receivable |
7,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Total Current
Assets |
233,886,908.34 |
229,870,694.73 |
|
Fixed Assets |
18,431,213.17 |
20,009,927.79 |
|
Other Assets |
918,068.91 |
1,836,137.81 |
|
Total Assets
|
253,236,190.42 |
251,716,760.33 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
6,613,597.36 |
4,554,977.68 |
|
Accrued Expenses |
3,127,881.82 |
3,557,206.10 |
|
Accrued Income Tax |
16,443.23 |
1,060,338.04 |
|
Other Current Liabilities |
75,307,211.38 |
74,363,714.52 |
|
|
|
|
|
Total Current
Liabilities |
85,065,133.79 |
83,536,236.34 |
|
Other Liabilities |
2,019,141.48 |
2,198,389.22 |
|
Total Liabilities |
87,084,275.27 |
85,734,625.56 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 600,000 shares |
60,000,000.00 |
60,000,000.00 |
|
|
|
|
|
Capital Paid |
60,000,000.00 |
60,000,000.00 |
|
Unappropriated |
106,151,915.15 |
105,982,134.77 |
|
Total
Shareholders' Equity |
166,151,915.15 |
165,982,134.77 |
|
Total
Liabilities & Shareholders' Equity |
253,236,190.42 |
251,716,760.33 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
236,899,826.47 |
251,416,332.98 |
|
Service Income |
5,808,316.54 |
5,700,908.05 |
|
Total Revenues
|
242,708,143.01 |
257,117,241.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
166,544,365.60 |
171,415,641.75 |
|
Administrative Expenses |
64,697,916.90 |
69,280,900.29 |
|
Total Expenses |
231,242,282.50 |
240,696,542.04 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
11,465,860.51 |
16,420,698.99 |
|
Interest Expenses |
[621.24] |
[3,730.16] |
|
Income Tax |
[3,475,392.18] |
[5,274,694.23] |
|
|
|
|
|
Net Profit / [Loss] |
7,989,847.09 |
11,142,274.60 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[5.77] |
|
|
Operating Profit |
[25.90] |
|
|
Net Profit |
[28.29] |
|
|
Fixed Assets |
[7.89] |
|
|
Total Assets |
0.60 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
70.30 |
68.18 |
|
Operating Profit Margin |
4.84 |
6.53 |
|
S & A
Expenses |
27.31 |
27.56 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
2.45 |
2.27 |
|
Net Profit Margin |
3.37 |
4.43 |
|
Earning Per Shares |
13.32 |
18.57 |
|
No. of Shares |
600,000 |
600,000 |
Net Sales was
decreased by 5.77%,
Operating Profit was
decreased by 25.90%,
Net Profit was
decreased by 28.29%,
Fixed Assets was
decreased by 7.89%,
Total Assets was
increased by 0.60%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 68.18%
to 70.30%, Operating
Profit Margin was
decreased from 6.53%
to 4.84%, S
& A Expenses
was decreased from
27.56% to 27.31%,
Interest Paid was decreased
from 0.00% to
0.00%, Other Revenues
was increased from
2.27% to 2.45%,
Net Profit Margin
was decreased from
4.43% to 3.37%.
Earning Per Shares
was decreased from
18.57 baht per
share to 13.32
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.75 |
2.75 |
|
Quick-Assets Ratio |
2.21 |
2.18 |
Current Ratio was
decreased from 2.75
to 2.75, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
2.18 to 2.21,
capacity to pay
Short Term Loan
was good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.52 |
0.52 |
|
Times Interest Earned |
18,456.41 |
4,402.14 |
D/E Ratio was
increased from 0.52
to 0.52, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
4,402.14 to 18,456.41,
capacity to pay
interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
12.85 |
12.56 |
|
Total Assets Turnover |
0.94 |
1.00 |
|
Return on Assets |
3.16 |
4.43 |
|
Return on Equity |
4.81 |
6.71 |
|
Day's Payable |
10.05 |
6.52 |
|
Day’s Inventories |
53.09 |
49.64 |
|
Day’s Receivables |
112.45 |
112.52 |
Fixed Assets Turnover
was increased from
12.56 times to
12.85 times, Total
Assets Turnover was
decreased from 1.00
times to 0.94
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 4.43 to
3.16, Return on
Equity was decreased
from 6.71 to
4.81, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 7
days to 11
days, and Day’s
Inventories was increased
from 50 days
to 54 days,
while Day’s Receivables
was stable at 113 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%)