MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UAWITHYA MACHINERY CO., LTD. |
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Registered Office : |
457, 383/73-74, 383/80-81
Chakrapadipong Road,
Klongmahanark, Pomprab, Bangkok
10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.03.1968 |
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Com. Reg. No.: |
0105511001561 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of
Quarry Equipment and
Commercial Explosives |
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
UAWITHYA MACHINERY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 457,
383/73-74, 383/80-81 CHAKRAPADIPONG ROAD,
KLONGMAHANARK, POMPRAB,
BANGKOK 10100
TELEPHONE : [66] 2223-0151-3
FAX : [66] 2224-6271
E-MAIL
ADDRESS : natthakan@uawithya.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1968
REGISTRATION NO. : 0105511001561 [Former: 187/2511]
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT. 80,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SUPACHAI UAWITHYA, THAI
PRESIDENT
NO.
OF STAFF : 100
LINES
OF BUSINESS : QUARRY EQUIPMENT & COMMERCIAL
EXPLOSIVES
IMPORTER &
DISTRIBUTOR
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 March 14,
1968 as a
private limited company under
the name style
UAWITHYA MACHINERY CO., LTD.
by Thai groups.
The subject is the
leading supplier of
high quality Quarry Equipment
and Commercial Explosives in Thailand. It currently
employs 100 staff.
The subject has expertise
in the field of drilling
and blasting is
well known in
the Quarry and
Cement Industry in
Thailand. It works
closely with the
Mineral Resource Department
and the Quarry
Association to give
lectures and seminars
to the Quarry community with
the emphasis on
advance technology safety
and the environment.
Its registered address
is 457, 383/73-74, 383/80-81
Chakrapadipong Rd., Klongmahanark, Romprab, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Navapol Uawithya |
|
Thai |
43 |
|
Mr. Supachai Uawithya |
|
Thai |
56 |
|
Ms. Kejkanok Uawithya |
|
Thai |
46 |
|
Mr. Vicharn Boonlee |
|
Thai |
32 |
|
Mr. Parinthorn Khanthong |
|
Thai |
39 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Supachai
Uawithya is the President.
He is Thai nationality with
the age of
56 years old.
Ms. Kejkanok
Uawithya is the Managing Director.
She is Thai nationality with
the age of
46 years old.
Mr. Navapol
Uawithya is the Engineering Manager.
He is Thai nationality with
the age of
43 years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and
sole agent wide
range of high
quality Quarry Equipment
and Commercial Explosives
for mining industry.
Its products are
as follows:
Products Brands
Machinery & Equipments
Crawler Drills “FURUKAWA”
Hydraulic Breakers “FURUKAWA”
Hand Tools “FURUKAWA”
Quarrying Products “PEWAG”
Exploder, Ohmmeters, Tester “WASAGCHEMIE”
Explosive Products
- Package Explosive
- Detonators
- Detonating Cord
- Safety Fuse
Subject also provides
full range of
service for blast
design, customer training,
explosives license management,
drill, blast consultant
and after sales
service.
SERVICE
Blast Design
Almost 40 years
experience in the
quarry and cement
industry, Uawithya is
able to offer
expert advice to
the customers regarding
drilling and blasting.
Subject’s technical team
is able to
tack blasting design
as well as
solving drilling and
blasting problems hands
on.
Customer Training
Subject offers
on site and
classroom training on all
products according to
customers’ requirement. Seminars
in conjunction with
the suppliers’ technical
experts are also
conducted throughout the
year
Explosives License Management
Subject has a
skilled team in
own License Department
to carry out
Application and Manage customer
Licenses and Permit
efficiently.
Drill and
Blast Consultant
The Quarry Service
Team are ready
to assist in
all aspects of
Drilling and Blasting
engineers have experience
in open pit
Quarry, Tunnelling, Presplit
and Mineral Mining.
Aftersales Service
Uawithya Machinery has
one of the most experienced
service team in
Thailand. Subject’s mechanics
are through and
proactive in their
approach.
Subject offers both
on site repair
and in subject’s well equipped
workshop in customer
local area.
MAJOR BRANDS
“FURUKAWA”,
“PEWAG”, “WASAGCHEMIE”, “SANDVIK”,
“METSO”, “LIEBHERR”, “RAMMER”,
“TEREX” and etc.
IMPORT [COUNTRIES]
Its products are imported from
Japan, Austria, Sweden,
Finland, Germany, Australia,
Republic of China
and France.
MAJOR SUPPLIERS
- Furukawa Rock Drills Sales
Co., Ltd. : Japan
- Pewag : Austria
- Orica Explosives : Australia
- Sandvik AB. :
Sweden
- Wasagchemie Sythen GmbH. : Germany
- Metso Corporation : Finland
SALES [LOCAL]
100% of its
products is sold
locally to mining,
cement business, Thai Government and contractors.
MAJOR CUSTOMERS
- Siam Cement Public
Co., Ltd. : Thailand
- Siam City Cement
Public Co., Ltd. : Thailand
- TPI Polene Public
Co., Ltd. : Thailand
ASSOCIATED &
AFFILIATED COMPANIES
The subject is
a member of
Uawithya Group of
companies which consists
of:
Business Type:
- Thanom Changkol
Co., Ltd.
Business Type : Importer of commercial explosives
Investment :
The subject holds
99.40% of company’s
total shares
- Thai Explosives
Co., Ltd.
Business Type : Importer of commercial explosives
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 of
30-60 days.
Local bills are
paid by cash
or on the credits of
30-60 days.
Imports are by
L/C at sight or T/T.
BUSINESS TRANSACTION
The products are
sold and serviced
both cash and
credit with maximum credit given at 30-60
days. There is no
payment problem from
customers.
BANKING
Siam Commercial Bank Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok 10900]
[Surawong Branch : 291 Surawong Rd., Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Vorachak Branch :
195/1-3 Vorachak Rd.,
Pomprab, Bangkok 10100]
EMPLOYMENT
The subject employs
approximately 100 staff.
[office staff and
service workers]
LOCATION DETAILS
The premise is
rented for administrative office, service center and
warehouse at the
heading address. Premise
is located in commercial/residential
area.
Branch offices are
located at the
following addresses:
-
437 Mitraphap Rd.,
Pakpriew, Muang, Saraburi
-
333/3-5 Moo 5, Pluangban,
Prasart, Surin
-
530/16 Moo 14, Malaiman,
Jarakaewamphun, U-Thong, Supanburi
-
243, 245 Moo 8,
Lampang-Ngao Rd., Suandok, Muang,
Lampang
-
23/2 Moo 5, Sukhumvit
Rd., Huaykapi, Muang,
Chonburi
-
69/11-12 Moo 1, Lopburi-Ramesuan Rd., Klonghae, Hadyai,
Songkhla
-
275/4-5 Moo 2, Tungsong-Huayyod Rd., Chamai,
Thungsong, Nakornsrithammarat
-
73/17 Moo 2, Punpin,
Suratthani
-
Chinat Province
REMARK
CREDIT OF EUR
110,000 SHOULD BE
IN ORDER.
COMMENT
The company is
the only company in the country able to offer the most comprehensive and
after sales support for both drilling and blasting requirement, as well as one
of the most experienced service team in Thailand.
Since establishment in
1968, its experiences
and proactive term specializing in the care
and maintenance of all
Quarry machinery from
Drills, Hammers loaders excavators to crushing equipment
has enabled subject
to stay in
its business for
more than four
decades.
FINANCIAL INFORMATION
The capital was
registered at Bht.
3,000,000 divided into
30,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 10,000,000
on March 16,
1973
Bht. 20,000,000
on October 17,
1979
Bht. 60,000,000
on October 17,
2005
Bht. 80,000,000
on February 15,
2006
The latest registered
capital was increased
to Bht. 80,000,000
divided into 800,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Uawithya Enterprises Co., Ltd. Nationality: Thai Address : 383/74
Chakrapadipong Rd., Pomprab, Bangkok |
799,994 |
99.99 |
|
Ms. Kejkanok Uawithya Nationality: Thai Address : 355
Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
|
|
Mr. Sompiti
Uawithya Nationality: Thai Address : 355
Pattanakarn Rd., Suanluang,
Bangkok 10250 |
1 |
|
|
Mr. Supachai
Uawithya Nationality: Thai Address : 439/1
Mitraphap Rd., Pakpreaw,
Muang, Saraburi |
1 |
=0.01 |
|
Mr. Navapol
Uawithya Nationality: Thai Address : 1182/11
New Petchburi Rd.,
Makkasan,
Prakanong, Bangkok 10110 |
1 |
|
|
Ms. Keerata
Karnchanasathit Nationality: Thai Address : 355
Pattanakarn Rd., Suanluang,
Bangkok 10250 |
1 |
|
|
Ms. Som
Karnchanasathit Nationality: Thai Address : 355
Pattanakarn Rd., Suanluang,
Bangkok 10250 |
1 |
|
Total Shareholders: 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO0.
Mr. Komkrish Prachakrit
No. 3814
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,170,745 |
18,592,744 |
|
Trade Accts. &
Notes Receivable |
42,416,642 |
145,833,414 |
|
Current Portion of
Receivable under Lease Financial Institution Contract |
48,503,792 |
12,579,143 |
|
Short Term Loan
to Person or
Related Company |
- |
61,359 |
|
Inventories |
299,598,630 |
216,008,306 |
|
Advanced for Goods |
- |
4,012,865 |
|
Business Tax |
2,662,732 |
- |
|
Other Current Assets
|
4,697,588 |
3,703,997 |
|
|
|
|
|
Total Current
Assets |
401,050,129 |
400,791,828 |
|
Receivable under Lease Financial Institution Contract net
of Current Portion |
32,488,160 |
17,656,439 |
|
Long Term Investment in Related Company |
598,800 |
598,800 |
|
Fixed Assets |
119,380,976 |
102,242,797 |
|
Intangible at Assets |
56,238 |
1,239,616 |
|
Other Assets |
481,057 |
402,057 |
|
Total Assets |
554,055,360 |
522,931,537 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
165,412,875 |
118,572,389 |
|
Trade Accts. Payable |
103,252,235 |
82,007,411 |
|
Other Payable |
23,135,544 |
14,517,660 |
|
Current Portion of Liabilities under Lease Financial Institution Contract
|
10,341,504 |
9,638,940 |
|
Current Portion of
Long Term Loan
from Bank |
24,759,770 |
21,723,833 |
|
Short Term Loan
from Person or
Related Company |
131,389 |
19,679,885 |
|
Accrued Income Tax |
3,246,603 |
3,285,123 |
|
Accrued Services |
39,204,201 |
61,266,056 |
|
|
|
|
|
Total Current
Liabilities |
369,484,121 |
330,691,297 |
|
Long-term Loan from Person or Related Company |
- |
32,112,422 |
|
Liabilities under Lease Financial Institution Current Portion
net of Current
Portion |
6,228,230 |
16,965,513 |
|
Long Term Loan
from Bank Net
of Current Portion |
57,327,017 |
51,418,272 |
|
Total Liabilities |
433,039,368 |
431,187,504 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 800,000 & 600,000 shares in 2006 & 2005 |
80,000,000 |
60,000,000 |
|
|
|
|
|
Capital Paid |
80,000,000 |
60,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
2,000,000 |
2,000,000 |
|
Other Reserve |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
29,015,992 |
19,744,033 |
|
Total
Shareholders' Equity |
121,015,992 |
91,744,033 |
|
Total
Liabilities & Shareholders' Equity |
554,055,360 |
522,931,537 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services |
606,152,290 |
683,687,986 |
|
Other Income |
12,256,630 |
19,967,650 |
|
Total Revenues
|
618,408,920 |
703,655,636 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
453,662,163 |
520,559,341 |
|
Selling & Administrative Expenses |
142,569,763 |
166,139,084 |
|
Total Expenses |
596,231,926 |
686,698,425 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
22,176,994 |
16,957,211 |
|
Interest Expenses |
[6,798,415] |
[5,774,143] |
|
Income Tax |
[6,106,620] |
[5,310,046] |
|
Net Profit / [Loss] |
9,271,959 |
5,873,022 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[11.34] |
|
|
Operating Profit |
47.51 |
|
|
Net Profit |
57.87 |
|
|
Fixed Assets |
16.76 |
|
|
Total Assets |
5.95 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
74.84 |
76.14 |
|
Operating Profit Margin |
3.66 |
2.48 |
|
S & A
Expenses |
23.52 |
24.30 |
|
Interest Paid |
1.12 |
0.84 |
|
Other Revenues |
2.02 |
2.92 |
|
Net Profit Margin |
1.53 |
0.86 |
|
Earning Per Shares |
11.59 |
9.79 |
|
No. of Shares |
800,000 |
600,000 |
Net Sales was
decreased by 11.34%,
Operating Profit was
increased by 47.51%,
Net Profit was
increased by 57.87%,
Fixed Assets was
increased by 16.76%,
Total Assets was
increased by 5.95%,
Compare each cost
with sales, Cost of
Good Sold was
decreased from 76.14%
to 74.84%, Operating
Profit Margin was
increased from 2.48%
to 3.66%, S
& A Expenses
was decreased from
24.30% to 23.52%,
Interest Paid was increased
from 0.84% to
1.12%, Other Revenues
was decreased from
2.92% to 2.02%,
Net Profit Margin
was increased from
0.86% to 1.53%.
Earning Per Shares
was increased from
9.79 baht per
share to 11.59
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.09 |
1.21 |
|
Quick-Assets Ratio |
0.25 |
0.54 |
Current Ratio was
decreased from 1.21
to 1.09, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.54 to 0.25,
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 |
3.58 |
4.70 |
|
Times Interest Earned |
3.26 |
2.94 |
D/E Ratio was
decreased from 4.70
to 3.58, 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
2.94 to 3.26,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
5.08 |
6.69 |
|
Total Assets Turnover |
1.09 |
1.31 |
|
Return on Assets |
1.67 |
1.12 |
|
Return on Equity |
7.66 |
6.40 |
|
Day's Payable |
13.74 |
7.64 |
|
Day’s Inventories |
177.93 |
113.74 |
|
Day’s Receivables |
25.19 |
76.79 |
Fixed Assets Turnover
was decreased from
6.69 times to
5.08 times, Total
Assets Turnover was
decreased from 1.31
times to 1.09
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 1.12 to
1.67, Return on
Equity was increased
from 6.40 to
7.66, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 8
days to 14
days, and Day’s
Inventories was increased
from 114 days
to 178 days, while Day’s
Receivables was decreased
from 77 days
to 26 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%)