MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALLIED-TEK [THAILAND] CO., LTD. |
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Registered Office : |
21/27
Moo 10, Navamintr Road,Klongkum, Buengkum, Bangkok
10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.07. 1984 |
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Com. Reg. No.: |
0105527026585 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
Distributor and Installation
of Technical Cutting and
Welding Equipments |
RATING &
COMMENTS
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
ALLIED-TEK [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 21/27 MOO 10, NAVAMINTR ROAD,
KLONGKUM, BUENGKUM,
BANGKOK 10230
THAILAND
TELEPHONE : [66] 2944-1931-40
FAX : [66] 2510-8209,
2510-8208, 2510-2721
E-MAIL
ADDRESS : info@allied-tek.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION NO. : 0105527026585 [Former:
2657/2527]
CAPITAL REGISTERED : BHT. 33,000,000
CAPITAL PAID-UP : BHT. 33,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMPORN PONGKACHORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 65
LINES
OF BUSINESS : TECHNICAL CUTTING & WELDING
EQUIPMENTS
IMPORTER, DISTRIBUTOR
AND INSTALLATION
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
20, 1984 as
a private limited
company under the name
style ALLIED-TEK [THAILAND]
CO., LTD., by Thai
groups, in order
to provide products
and service of
technical cutting and
welding equipments for
various industries. It
currently employs 65
staff.
The subject’s registered
address is 21/27 Moo 10,
Navamintr Rd., Klongkum,
Buengkum, Bangkok 10230,
and this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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Mr. Somporn Pongkachorn |
[x] |
Thai |
55 |
|
Mr. Virach Benjaphantawee |
[+] |
Thai |
60 |
|
Mr. Paphon Chutinuntakul |
[+] |
Thai |
49 |
|
Ms. Chaveewan Chutinuntakul |
|
Thai |
43 |
|
Mr. Somkiat Wongkittikul |
|
Thai |
46 |
|
Ms. Choojit Rodthong |
|
Thai |
47 |
Note.
Mr.
Paphon Chutinuntakul was
changed his name
from Mr. Piyanant Chutinuntakul.
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somporn
Pongkachorn is the Managing Director.
He is Thai nationality with
the age of
55 years old.
Ms. Choojit
Rodthong is the Executive Director.
She is Thai nationality with
the age of
47 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing & installation wide range of
welding and oxy-fuel
equipment, such as
welding consumables, welding
machinery & equipment,
ATE chains, sugar
cane shredder, machinery
parts, block rubber
parts and etc.
The products are
divided into 2
main categories as
follows:
-
Welding Technology; consists
of welding consumables, welding machines, welding
processes technology and
equipments.
-
Oxy-fuel Gas Cutting
& Welding; consists
of gas cutting & welding
torches, nozzles, pressure regulators,
flash back arrestors
as well as
special heating torches.
-
Welding Electrode TIG,
MIG
The subject also
provides repairing, maintaining
and technical welding
services.
MAJOR BRANDS
“FRONIUS”, “BOHLER”, “UTP”,
“LINN” and etc.
IMPORT
90% of its products is
imported from Germany,
Belgium and Austria.
MAJOR SUPPLIERS
- Fronius GmbH & Co. KG. : Austria
- Bohler Schweisstecnik GmbH :
Austria
- UTP Schwei &
Material GmbH. : Germany
SALES
100% of its
products is sold
locally to dealers
and end-users.
RELATED COMPANY
Allied -Tek Engineering
Co., Ltd.
Business Type: Importer
& distributor of
mechanical engineering machinery &
equipment.
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
on negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Trokchan Branch : 1564/8 Chan Rd., Thungwatdon, Sathorn, Bangkok 10120]
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 65 staff
[office and sales staff].
LOCATION DETAILS
The premise is
rented for administrative office and warehouse
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject was formed
in 1984 as a
an importer and
distributor of industrial
equipments. Despite the outlook of domestic industries is
slowing down, subject’s business
performance remains steady
grown with strong
reliable from its
customers. Demand of
industrial tools, equipment and machinery is still upbeat especially in sugar and rubber
industries for maintenance
and repairing services.
The subject also maintains its growth at strong level.
FINANCIAL INFORMATION
The capital was initially registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each.
Bht. 3,000,000
on December 8,
1987
Bht. 6,000,000
on July 26,
1989
Bht. 12,000,000 on
October 3, 1991
Bht. 33,000,000 on
December 28, 1995
The latest registered
capital was increased
to Bht. 33,000,000 divided
into 330,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Somporn
Pongkachorn Nationality: Thai Address : 21/28 Moo 10,
Navamintr Rd., Klongkum,
Bangkok |
38,200 |
11.58 |
|
Ms. Saniwar
Pongkachorn Nationality: Thai Address : 21/28 Moo 10,
Navamintr Rd., Klongkum,
Bangkok |
30,000 |
9.09 |
|
Mr. Virach
Benjaphantawee Nationality: Thai Address : 33/42 Moo 10,
Navamintr Rd., Klongkum,
Bangkok |
26,000 |
7.88 |
|
Mrs. Somsri
Pongkachorn Nationality: Thai Address : 21/28 Moo 10,
Navamintr Rd., Klongkum,
Bangkok |
25,000 |
7.58 |
|
Mrs.
Thitaporn Benjaphantawee Nationality: Thai Address : 33/42 Moo 10,
Navamintr Rd., Klongkum, Bangkok |
25,000 |
7.58 |
|
Mr. Piyanant
Chutinuntakul Nationality: Thai Address : 21/29 Moo 10,
Navamintr Rd., Klongkum,
Bangkok |
23,300 |
7.06 |
|
Mr. Atichart
Panchorn Nationality: Thai Address : 33/69 Moo 10,
Navamintr Rd., Klongkum,
Buengkum, Bangkok |
13,000 |
3.94 |
|
Mr. Somboon
Pongkachorn Nationality: Thai Address : 122/2 Moo 13,
Naimuang, Muang, Khon Kaen |
11,000 |
3.33 |
|
Others |
138,500 |
41.96 |
Total Shareholders : 31
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Viroon Pruthipithaya No.
2691
BALANCE
SHEET [BAHT]
The latest financial figures
published for December
31, 2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
35,885.42 |
24,990.04 |
|
Trade Accts. Receivable |
21,353,404.89 |
41,947,800.23 |
|
Inventories |
62,201,574.01 |
47,568,072.68 |
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Other Current Assets
|
95,302.19 |
24,436.25 |
|
Total Current
Assets |
83,686,166.51 |
89,565,299.20 |
|
Other Long Term
Investment |
2,777,500.00 |
2,777,500.00 |
|
Fixed Assets |
24,911,921.24 |
24,202,276.82 |
|
Other Assets |
687,110.00 |
250,000.00 |
|
Total Assets |
112,062,697.75 |
116,795,076.02 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
22,226,163.60 |
30,458,232.61 |
|
Trade Accts. Payable |
17,744,347.25 |
16,010,477.48 |
|
Other Current Liabilities |
4,952,466.97 |
3,915,515.91 |
|
Total Current
Liabilities |
44,922,977.82 |
50,384,226.00 |
|
Total Liabilities |
44,922,977.82 |
50,384,226.00 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 330,000 shares |
33,000,000.00 |
33,000,000.00 |
|
Capital Paid |
33,000,000.00 |
33,000,000.00 |
|
Statutory Reserve |
3,267,825.00 |
732,595.95 |
|
Retained Earning -
Unappropriated |
30,871,894.93 |
32,678,254.07 |
|
Total
Shareholders' Equity |
67,139,719.93 |
66,410,850.02 |
|
Total
Liabilities & Shareholders' Equity |
112,062,697.75 |
116,795,076.02 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Service |
118,268,707.58 |
108,299,311.16 |
|
Other Income |
1,627,603.20 |
1,033,489.80 |
|
Total Revenues
|
119,896,310.78 |
109,332,800.96 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
83,511,534.38 |
76,557,260.42 |
|
Selling & Administrative Expenses |
30,213,133.31 |
26,609,067.60 |
|
Other Expenses |
29,113.80 |
26,348.27 |
|
Total Expenses |
113,753,781.49 |
103,192,676.29 |
|
Profit / [Loss] from Operation |
6,142,529.29 |
6,140,124.67 |
|
Interest Expenses |
[108,919.45] |
[221,341.98] |
|
Income Tax |
[2,004,739.93] |
[1,892,823.16] |
|
Net Profit / [Loss] |
4,028,869.91 |
4,025,959.53 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
9.21 |
|
|
Operating Profit |
[8.35] |
|
|
Net Profit |
0.07 |
|
|
Fixed Assets |
2.93 |
|
|
Total Assets |
[4.05] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
70.61 |
70.69 |
|
Operating Profit Margin |
5.22 |
5.69 |
|
S & A
Expenses |
25.55 |
24.57 |
|
Interest Paid |
0.09 |
0.20 |
|
Other Revenues |
1.38 |
0.95 |
|
Net Profit Margin |
3.41 |
3.72 |
|
Earning Per Shares |
12.21 |
12.20 |
|
No. of Shares |
330,000 |
330,000 |
Net Sales was
increased by 9.21%,
Operating Profit was
decreased by 8.35%,
Net Profit was
increased by 0.07%,
Fixed Assets was
increased by 2.93%,
Total Assets was
decreased by 4.05%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 70.69%
to 70.61%, Operating
Profit Margin was
decreased from 5.69%
to 5.22%, S
& A Expenses
was increased from
24.57% to 25.55%,
Interest Paid was decreased
from 0.20% to
0.09%, Other Revenues
was increased from
0.95% to 1.38%,
Net Profit Margin
was decreased from
3.72% to 3.41%.
Earning Per Shares
was increased from
12.20 baht per
share to 12.21
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.86 |
1.78 |
|
Quick-Assets Ratio |
0.48 |
0.83 |
Current Ratio was
increased from 1.78
to 1.86, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.83 to 0.48,
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 |
0.67 |
0.76 |
|
Times Interest Earned |
56.66 |
27.86 |
D/E Ratio was decreased from
0.76 to 0.67,
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 27.86 to
56.66, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.75 |
4.47 |
|
Total Assets Turnover |
1.06 |
0.93 |
|
Return on Assets |
3.60 |
3.45 |
|
Return on Equity |
6.00 |
6.06 |
|
Day's Payable |
54.01 |
53.22 |
|
Day’s Inventories |
189.34 |
158.12 |
|
Day’s Receivables |
65.00 |
139.44 |
Fixed Assets Turnover
was increased from
4.47 times to
4.75 times, Total
Assets Turnover was
increased from 0.93
times to 1.06
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
3.45 to 3.60,
Return on Equity
was decreased from
6.06 to 6.00,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 54
days to 55
days, and Day’s
Inventories was increased
from 159 days
to 190 days, while Day’s
Receivables was decreased
from 140 days
to 65 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
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 |
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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%)