MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LERTVILAI AND SONS COMPANY LIMITED |
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Registered Office : |
788-790 CHAROENKRUNG ROAD, SAMPHANTAWONG, BANGKOK
10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.12.1986 |
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Com. Reg. No.: |
0105529045846 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of
Welding and Related Consumable 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
LERTVILAI AND SONS COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 788-790 CHAROENKRUNG ROAD,
SAMPHANTAWONG, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2235-1105-9, 2234-9961
FAX : [66] 2236-7111,
2234-9894
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION NO. : 0105529045846
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. OUAYCHAI APINORASETH, THAI
GENERAL MANAGER
NO.
OF STAFF : 160
LINES
OF BUSINESS : WELDING & RELATED CONSUMABLE
PRODUCTS
IMPORTER &
DISTRIBUTOR
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
established on December
16, 1986 as
a private limited
company under
the name style
LERTVILAI AND SONS
COMPANY LIMITED, by
Thai group, Apinoraseth
family, in order
to provide products
and services of
welding & related
consumable products to local
market. It currently employs
160 staff.
The
subject’s registered address
is 788-790 Charoenkrung Rd., Samphantawong, Bangkok 10100, and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lertvilai Apinoraseth |
[x] |
Thai |
95 |
|
Mr. Chao Apinoraseth |
[x] |
Thai |
73 |
|
Mr. Pairoj Apinoraseth |
[x] |
Thai |
69 |
|
Mr. Prapin Apinoraseth |
[+] |
Thai |
- |
|
Mr. Ouaychai Apinoraseth |
[x] |
Thai |
60 |
|
Mr. Arak Apinoraseth |
|
Thai |
56 |
|
Mr. Apichart Apinoraseth |
|
Thai |
50 |
|
Mr. Thawatchai Apinoraseth |
|
Thai |
61 |
AUTHORIZED PERSON
Two of the above directors
[x] can jointly
sign or the
director [+] can
jointly sign with
one of the directors [x]
exception for Mr.
Ouaychai Apinoraseth on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ouaychai
Apinoraseth is the General Manager.
He is Thai nationality with
the age of
60 years old.
Mr. Pairoj
Apinoraseth is the Sales &
Marketing Manager.
He is Thai nationality with
the age of
69 years old.
Mr. Prapin
Apinoraseth is the Administration Manager.
He is Thai nationality.
Mr. Mana
Panyavast is the Technical
Manager.
He is Thai nationality.
Mr. Krisanapong
Mookkhan is the Sales Supervisor.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing & installation of welding &
related consumable products
and equipment as the
followings:
Products &
Brands
Welding Consumable : “YAWATA”, “MILLER”, “HOBART”
Welding/ Cutting Equipment : “KEMPPI”, “OTC”, “HYPERTHERM”
Gas Cutting & Welding Products : “TANAKA”,
“YAWATA”
Plasma Spray : “METCO”
Robotics : “NACHI”,
“OTC”
Safety Shoes : “LEMAITRE”,
Accessories : “BINZLE”,
“WELDCRAFT”, “TRIANGLE”
: “DAIHEN”
PURCHASE
60% of the products is
imported from United
States of America,
Japan, Taiwan, Singapore,
India, Finland, Germany
& United Kingdom, and
the remaining 40%
is purchased locally.
MAJOR SUPPLIERS
Thai Hansa Welding
Electrodes Co., Ltd .:
Thailand
Yawata [Thailand] Co.,
Ltd. : Thailand
Thanyanoraseth Co., Ltd. : Thailand
Gemini [Thailand] Co.,
Ltd. : Thailand
Hobart Welding Products
Inc. : United
States of America
Alexander Binzel [U.K]
Ltd. : United
Kingdom
Variamp Schweisstechnik Wessehmann
GmbH : Germany
Tanaka [Thailand] Co., Ltd. :
Thailand
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers, manufacturers and end-users.
SUBSIDIARIES &
AFFILIATED COMPANIES
Thanyanoraseth Co.,
Ltd.
Business Type:
Manufacturer of welding
wire products
Thai Hansa
Welding Electrode Co.,
Ltd.
Business Type:
Manufacturer of welding
products
Triangle Cables
Thailand Co., Ltd.
Business Type:
Manufacturer &
distributor flexible power & welding cables
Tanaka [Thailand]
Co., Ltd.
Business Type:
Manufacturer of regulators
& gas welding
cutting torches
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 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.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok 10140]
Krung Thai
Bank Public Co., Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok 10110]
EMPLOYMENT
The subject employs
160 staff. [office
staff, sales staff
and maintenance workers]
LOCATION DETAILS
The premise is
owned for administrative office at the
heading address in
a 3 storey building of
2 row shop houses. Premise is
located in commercial/residential area.
REMARK
CREDIT OF EUR
50,000 SHOULD BE
IN ORDER.
COMMENT
The subject was
formed in 1986
as an importer and distributor
of welding and
related consumable products.
Despite the slowdown of the country’s
economy, demand of
industrial equipment remained strong from some industries. Subject’s growth has continued seeing since
the last few
years, and also
posted strong growth in
2007.
With its long
term experiences and well reputation
in providing and
servicing high quality products,
subject has been staying
in the front row of
market.
FINANCIAL INFORMATION
The capital was
registered at Bht.
9,000,000 divided into
9,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 25,000,000
on November 9,
1992
Bht. 50,000,000
on December 26,
2000
The latest registered
capital was increased
to Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kasem
Apinoraseth Nationality: Thai Address : 784
Charoenkrung Rd., Samphantawong,
Bangkok |
9,315 |
18.63 |
|
Mr. Pairoj
Apinoraseth Nationality: Thai Address : 122
Sukhumvit Rd., Bangchak,
Phrakanong,
Bangkok |
7,651 |
15.30 |
|
Mr.
Sitthiboon Apinoraseth Nationality: Thai Address : 22
Rongmuang, Pathumwan, Bangkok |
3,826 |
7.65 |
|
|
|
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Mr. Than
Apinoraseth Nationality: Thai Address : 22
Rongmuang, Pathumwan, Bangkok
|
3,825 |
7.65 |
|
Mr. Ouaychai
Apinoraseth Nationality: Thai Address : 639/19
Ladprao Rd., Ladyao,
Bangkhen,
Bangkok |
3,485 |
6.97 |
|
Mr. Arak
Apinoraseth Nationality: Thai Address : 786
Charoenkrung Rd., Samphantawong, Bangkok |
3,485 |
6.97 |
|
Mr. Thawatchai Apinoraseth Nationality: Thai Address : 788-790
Charoenkrung Rd.,
Samphantawong, Bangkok |
3,485 |
6.97 |
|
Mr. Visith
Apinoraseth Nationality: Thai Address : 786
Charoenkrung Rd., Samphantawong, Bangkok |
3,485 |
6.97 |
|
Mr. Apichart
Apinoraseth Nationality: Thai Address : 788-790 Charoenkrung Rd.,
Samphantawong, Bangkok |
3,485 |
6.97 |
|
Mr. Sumana Apinoraseth Nationality: Thai Address : 142
Suanluang, Bangkok |
3,308 |
6.62 |
|
Mr. Prapin Apinoraseth Nationality: Thai Address : 788-790 Charoenkrung Rd.,
Samphantawong, Bangkok |
2,000 |
4.00 |
|
Mr. Amphan Apinoraseth Nationality: Thai Address : 22
Rongmuang, Pathumwan, Bangkok |
1,667 |
3.33 |
|
Mrs.
Prapaphan Apinoraseth Nationality: Thai Address : 784
Charoenkrung Rd., Samphantawong, Bangkok |
983 |
1.97 |
Total Shareholders : 13
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Yongyuth Tangsrisa-nguan No. 2400
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank |
791,997.55 |
1,037,243.09 |
|
Trade Accts. &
Notes Receivable |
211,989,949.59 |
155,340,570.93 |
|
Inventories |
148,876,143.59 |
145,883,551.27 |
|
Prepayment |
895,705.88 |
1,250,139.57 |
|
Deferred Income |
- |
140,325.70 |
|
Other Current Assets
|
704,885.93 |
692,829.22 |
|
Total Current
Assets |
363,258,682.54 |
304,344,659.78 |
|
Fixed Assets |
92,692,190.98 |
94,083,803.78 |
|
Long Term Investment |
46,149,574.40 |
46,149,574.40 |
|
Other Assets |
106,198.60 |
91,274.62 |
|
Total Assets |
502,206,646.52 |
444,669,312.58 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft & Loan from Financial Institution |
72,633,399.12 |
42,155,711.56 |
|
Short Term Loan
from Financial Institution |
109,492,266.59 |
118,935,806.55 |
|
Trade Accts. &
Notes Payable |
182,026,710.99 |
159,245,313.02 |
|
Current Portion of
Long Term Loans |
- |
1,612,376.43 |
|
Current Portion of
Hire-Purchase Payable |
3,819,859.80 |
4,254,021.53 |
|
Short Term Loan from
Related Person |
17,294,000.00 |
15,994,000.00 |
|
Accrued Income Tax |
1,683,282.02 |
1,886,225.99 |
|
Accrued Expenses |
5,571,400.04 |
3,996,018.30 |
|
Payable Assets |
25,700,000.00 |
27,000,000.00 |
|
Other Current Liabilities |
6,974,575.10 |
1,386,322.16 |
|
Total Current
Liabilities |
425,195,493.66 |
376,465,795.54 |
|
|
|
|
|
Hire - Purchase Payable |
2,104,861.05 |
3,260,435.10 |
|
Total Liabilities |
427,300,354.71 |
379,726,230.64 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital,
Baht 1,000 value authorized, issued
and fully paid
share capital 50,000
shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Statutory Reserve |
2,810,000.00 |
2,810,000.00 |
|
Retained Earning [deficit] |
22,096,291.81 |
12,133,081.94 |
|
Total
Shareholders' Equity |
74,906,291.81 |
64,943,081.94 |
|
Total
Liabilities & Shareholders' Equity |
502,206,646.52 |
444,669,312.58 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
788,574,906.69 |
689,088,074.73 |
|
Services Income |
15,176,080.00 |
9,871,953.27 |
|
Dividend Income |
3,265,315.00 |
526,315.00 |
|
Gain on Sales
of Assets |
27,257.54 |
315,907.83 |
|
Other Income |
5,280,995.53 |
7,453,511.62 |
|
Total Revenues
|
812,324,554.76 |
707,255,762.45 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
681,216,566.19 |
596,190,468.81 |
|
Cost of Services |
12,302,412.01 |
6,675,093.60 |
|
Selling & Administrative Expenses |
91,959,624.74 |
81,691,601.92 |
|
Total Expenses |
785,478,602.94 |
684,557,164.33 |
|
Profit/[Loss] Before Interest
Expenses & Income Tax |
26,845,951.82 |
22,698,598.12 |
|
Interest Expenses |
[13,169,355.68] |
[11,603,816.47] |
|
Income Tax |
[3,713,386.27] |
[3,354,168.88] |
|
Net Profit / [Loss] |
9,963,209.87 |
7,740,612.77 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
14.99 |
|
|
Operating Profit |
2.85 |
|
|
Net Profit |
28.71 |
|
|
Fixed Assets |
[1.48] |
|
|
Total Assets |
12.94 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
86.29 |
86.25 |
|
Operating Profit Margin |
3.34 |
3.25 |
|
S & A
Expenses |
11.44 |
11.69 |
|
Interest Paid |
1.64 |
1.66 |
|
Other Revenues |
1.07 |
1.19 |
|
Net Profit Margin |
1.24 |
1.11 |
|
Earning Per Shares |
199.26 |
154.81 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 14.99%,
Operating Profit was
increased by 2.85%,
Net Profit was
increased by 28.71%,
Fixed Assets was
decreased by 1.48%,
Total Assets was
increased by 12.94%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 86.25%
to 86.29%, Operating
Profit Margin was
increased from 3.25%
to 3.34%, S
& A Expenses
was decreased from
11.69% to 11.44%,
Interest Paid was decreased
from 1.66% to
1.64%, Other Revenues
was decreased from
1.19% to 1.07%,
Net Profit Margin
was increased from
1.11% to 1.24%.
Earning Per Shares
was increased from
154.81 baht per
share to 199.26
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.85 |
0.81 |
|
Quick-Assets Ratio |
0.50 |
0.42 |
Current Ratio was increased from
0.81 to 0.85,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, Quick-Assets Ratio
was increased from
0.42 to 0.50,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
5.70 |
5.85 |
|
Times Interest Earned |
2.04 |
1.96 |
D/E Ratio was decreased from
5.85 to 5.70,
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 1.96 to
2.04, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.67 |
7.43 |
|
Total Assets Turnover |
1.60 |
1.57 |
|
Return on Assets |
1.98 |
1.74 |
|
Return on Equity |
13.30 |
11.92 |
|
Day's Payable |
81.53 |
82.02 |
|
Day’s Inventories |
66.68 |
75.14 |
|
Day’s Receivables |
94.95 |
80.01 |
Fixed Assets Turnover
was increased from
7.43 times to
8.67 times, Total
Assets Turnover was
increased from 1.57
times to 1.60
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.74 to 1.98,
Return on Equity
was increased from
11.92 to 13.30,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 83
days to 82
days, and Day’s
Inventories was decreased
from 76 days
to 67 days, while Day’s
Receivables was increased
from 81 days
to 95 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 |
|
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%)