MIRA
INFORM REPORT
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Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ACME INSULATION CO., LTD. |
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Registered Office : |
62 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0115547001162 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing and distributing various kinds of electrical
insulation and related products. |
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
ACME INSULATION CO., LTD.
SUMMARY
BUSINESS ADDRESS :
MUANG, SAMUTPRAKARN
10280
TELEPHONE : [66] 2387-1318
FAX : [66] 2700-5961
E-MAIL ADDRESS : acmeinsulation@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0115547001162
CAPITAL
REGISTERED : BHT.
2,000,000
CAPITAL
PAID-UP : BHT.
2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DINESH KUMAR
AGAWAL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : ELECTRICAL INSULATION
PRODUCTS
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 February 4,
2004 as a
private limited company under
the name style
ACME INSULATION CO.,
LTD., by Thai
and Indian groups,
with the business
objective to import
and distribute various
kinds of electrical
insulation products to
domestic market. It
currently employs 9
staff.
The
subject’s registered address
is 62 Klongtaket
Western Rd., Paknam,
Muang, Samutprakarn 10280,
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. Dinesh Kumar Agawal |
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Indian |
33 |
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Mr. Anoop Dhanuka |
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Indian |
34 |
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Mr. Alok Dhanuka |
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Indian |
33 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Dinesh Kumar
Agawal is the
Managing Director.
He is Indian
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing various kinds of
electrical insulation and related products,
including pre-compressed press boards, pre-compressed laminated boards,
machined components, molded components,
electrical insulation papers, cork sheets & components, transformer
bushing, enameled copper winding wire,
paper covered copper wire & strips, laminated perma wood components, glass
fiber components, cotton tapes & vanishes and etc.
IMPORT
100%
of the products
is imported from
India, United States of America,
and Germany.
MAJOR SUPPLIER
Umang
Boards Pvt. Ltd. :
SALES
100% of the
products is sold
and supplied locally
to wholesalers and
manufacturers.
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.
Imports are by L/C at
sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The premise is rented for administrative office
and showroom at the heading address. Premise is located in industrial
area.
COMMENT
The subject
has a good
business. Its products
have been used
in various industries,
demand has strong
increased from domestic
consumption.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Dinesh Kumar
Agawal Nationality: Indian Address : |
4,900 |
24.50 |
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Mrs. Seema Agawal Nationality: Indian Address : |
4,900 |
24.50 |
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Ms. Nipa Prakobjai Nationality: Thai Address : |
2,600 |
13.00 |
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Mr. Lue Maleesamran Nationality: Thai Address : 26
Moo 2, Kokfaed,
Nongjok, |
1,900 |
9.50 |
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Mr.
Vacharapol Laha Nationality: Thai Address : 61
Moo 5, Nongpho,
Nachuek, Mahasarakam |
1,900 |
9.50 |
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Ms.
Nuchanart Puwatsom Nationality: Thai Address : 33/1097
Moo 10, Ladprao,
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1,900 |
9.50 |
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Ms.
Duangrudee Sukprasong Nationality: Thai Address : 556/10
Moo 6, Saimai,
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1,900 |
9.50 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Jirapong Kuakij No.
5149
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank |
525,757.10 |
474,102.66 |
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Trade Accts. Receivable |
4,399,755.92 |
1,516,466.27 |
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Short Term Loan
to Director |
- |
600,000.00 |
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Inventories |
1,956,669.08 |
2,440,035.49 |
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Other Current Assets
|
92,185.73 |
79,788.12 |
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Total Current
Assets |
6,974,367.83 |
5,110,392.54 |
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Fixed Assets |
505,657.03 |
47,525.74 |
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Other Assets |
28,000.00 |
28,000.00 |
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Total Assets
|
7,508,024.86 |
5,185,918.28 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
1,677,584.59 |
3,443,983.95 |
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Current Portion of Hire-purchase Liabilities |
101,793.96 |
- |
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Short Term Loan
from Director |
230,000.00 |
- |
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Accrued Commission |
273,742.75 |
- |
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Accrued Bonus |
180,000.00 |
- |
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Accrued Income Tax |
581,322.81 |
- |
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Accrued Expenses |
79,679.15 |
43,112.15 |
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Total Current
Liabilities |
3,124,123.26 |
3,487,096.10 |
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Hire-purchase Payable |
334,248.08 |
- |
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Total Liabilities |
3,458,371.34 |
3,487,096.10 |
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Shareholders'
Equity |
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Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
2,049,653.52 |
[301,177.82] |
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Total
Shareholders' Equity |
4,049,653.52 |
1,698,822.18 |
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Total
Liabilities & Shareholders' Equity |
7,508,024.86 |
5,185,918.28 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
16,421,687.65 |
7,207,261.85 |
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Other Income |
554,108.48 |
25,954.39 |
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Total Revenues
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16,975,796.13 |
7,233,216.24 |
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Expenses |
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Cost of Goods
Sold |
11,377,779.38 |
5,372,129.44 |
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Selling & Administrative Expenses |
2,619,243.40 |
1,498,771.32 |
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Total Expenses |
13,997,022.78 |
6,870,900.76 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
2,978,773.35 |
362,315.48 |
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Interest Expenses |
[6,606.70] |
- |
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Income Tax |
[621,335.31] |
- |
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Net Profit / [Loss] |
2,350,831.34 |
362,315.48 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
127.85 |
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Operating Profit |
260.83 |
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Net Profit |
548.84 |
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Fixed Assets |
963.96 |
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Total Assets |
44.78 |
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Profitability |
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Cost of Good
Sold |
69.29 |
74.54 |
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Operating Profit Margin |
18.14 |
5.03 |
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S & A
Expenses |
15.95 |
20.80 |
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Interest Paid |
0.04 |
0.00 |
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Other Revenues |
3.37 |
0.36 |
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Net Profit Margin |
14.32 |
5.03 |
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Earning Per Shares |
117.54 |
18.12 |
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No. of Shares |
20,000 |
20,000 |
Net Sales was increased by
127.85%, Operating Profit
was increased by
260.83%, Net Profit
was increased by
548.84%, Fixed Assets
was increased by
963.96%, Total Assets
was increased by
44.78%.
Compare each cost
with sales, Cost of Good
Sold was decreased
from 74.54% to
69.29%, Operating Profit
Margin was increased
from 5.03% to
18.14%, S &
A Expenses was
decreased from 20.80%
to 15.95%, Interest Paid
was increased from
0.00% to 0.04%,
Other Revenues was
increased from 0.36%
to 3.37%, Net
Profit Margin was
increased from 5.03%
to 14.32%.
Earning Per Shares
was increased from
18.12 baht per
share to 117.54
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.23 |
1.47 |
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Quick-Assets Ratio |
1.58 |
0.74 |
Current Ratio was
increased from 1.47
to 2.23, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.74 to 1.58,
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 |
0.85 |
2.05 |
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Times Interest Earned |
450.87 |
0.00 |
D/E Ratio was
decreased from 2.05
to 0.85, 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 0.00 to
450.87, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
32.48 |
151.65 |
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Total Assets Turnover |
2.19 |
1.39 |
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Return on Assets |
31.31 |
6.99 |
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Return on Equity |
58.05 |
21.33 |
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Day's Payable |
36.78 |
172.03 |
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Day’s Inventories |
42.89 |
121.88 |
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Day’s Receivables |
96.45 |
75.75 |
Fixed Assets Turnover
was decreased from
151.65 times to
32.48 times, Total
Assets Turnover was
increased from 1.39
times to 2.19
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
6.99 to 31.31,
Return on Equity
was increased from
21.33 to 58.05,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 173
days to 37
days, Day’s Inventories
was decreased from
122 days to
43 days, Day’s
Receivables was increased
from 76 days
to 97 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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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%)