MIRA
INFORM REPORT
|
Report Date : |
09.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TOWNSON ENTERPRISES CO., LTD. |
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Registered Office : |
11th Floor, Serm-Mit
Tower, 159 Sukhumvit 21 Road, Klongtonnua, Wattana, Bangkok
10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.11. 2006 |
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Com. Reg. No.: |
0105549132779 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Supplier of Expansion Joints |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 & address
TOWNSON ENTERPRISES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 11th FLOOR,
SERM-MIT TOWER,
159 SUKHUMVIT 21
ROAD, KLONGTONNUA,
WATTANA,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2692-4470-1
FAX : [66] 2692-4472
E-MAIL
ADDRESS : sales@townsonthailand.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION NO. : 0105549132779
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. KARAN YAMDAGNI, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : EXPANSION JOINTS
IMPORTER AND
SUPPLIER
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 November 9,
2006 as a
private limited company under the name style
TOWNSON ENTERPRISES CO.,
LTD., by Thai
and Indian groups,
with the business
objective to import
and supply wide
range of expansion
joints for various
industrial sectors. It
currently employs approximately 30 staff.
The
subject’s registered address
is 159 Serm-mit Tower, Sukhumvit
21 Rd., Klongtonnua, Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Karan Yamdagni |
|
Indian |
37 |
|
Mr. Paul Atkins |
|
Thai |
33 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Karan Yamdagni
is the Managing Director.
He is Indian nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of expansion
joints for various
industrial sectors, such
as fabric expansion
joints, metallic expansion
joints, rubber expansion
joints, PTFE expansion
joints, industrial textiles
and insulation products.
PURCHASE
Most of the
products are imported
from Singapore, India,
Taiwan, U.K. and
France, the remaining
is purchased from
local suppliers.
SALES
The products are
sold locally by
wholesale to manufacturers and end-users.
MAJOR CUSTOMERS
- PTT
Public Company Limited
- The
Electricity Generating Authority
of Thailand
- Esso
[Thailand] Public Company
Limited
- Italthai
Engineering Co., Ltd.
- The
Bangchak Petroleum Co.,
Ltd.
- Siam
City Cement Public
Company Limited
- Chevron
Group
- Padaeng
Industry Public Company
Limited
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.
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
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 30 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in a prime commercial area.
Branch/warehouse :
267/165
Muangmai Mabtaphut, Sukhumvit
Rd., T. Mabtaphut, A. Muang,
Rayong 21150.
Tel.
38 607-960.
REMARK
CREDIT
OF US$ 500,000 D/A
SHOULD BE IN
ORDER.
COMMENT
The subject
was formed in 2006
as an importer and
supplier of expansion
joints. Its business
has moderately grown
from local consumption
in the previous year. Since
it has been in the
business in 2006,
the subject has
supplied various kinds
of expansion joints
which mostly are
for industrial users.
However, economic slowdown
has also affected
subject’s business in term
of higher raw
materials costs and
operating expenses. It
is estimated that
the subject’s business
performance would slowly
grown.
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 March 18,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Life Cycle
Ventures Co., Ltd. Nationality: Thai Address : 990
Rama 4 Rd., Silom,
Bangrak, Bangkok |
6,200 |
31.00 |
|
Mr. Karan Yamdagni Nationality: Indian Address : 135/27
Ratchadapisek Rd., Dindaeng,
Bangkok |
6,000 |
30.00 |
|
Mr. Paphon Kulnavin Nationality: Thai Address : 52/457
Moo 9, Bangpood,
Pakkred, Nonthaburi |
4,000 |
20.00 |
|
Ms. Sonia Yamdagni Nationality: Indian Address : 159
Sukhumvit 21 Rd.,
Klongtoeynua,
Wattana, Bangkok |
1,800 |
9.00 |
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Ms.
Yupayong Kaewsee Nationality: Thai Address : 49/651
Moo 4, Klongkum,
Buengkum, Bangkok |
1,997 |
9.98 |
|
Mr. Paul Atkins Nationality: Thai Address : 316/36
Moo 2, Thungsonghong, Laksi, Bangkok |
1 |
|
|
Mr. Sutthi Kongsaktrakul Nationality: Thai Address : 86
Manus Rd., Naimuang,
Muang,
Nakornratchasima |
1 |
= 0.02 |
|
Ms. Pimpisa Visetsinthop Nationality: Thai Address : 36
Sutthisarn Rd., Samsennai, Phyathai, Bangkok |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Narumol Sangwalngern No.
7162
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
519,763.77 |
28,491.25 |
|
Trade Accts. Receivable |
4,738,120.50 |
- |
|
Notes Receivable pledged as a Collateral |
844,760.00 |
- |
|
Deferred Interest |
- |
399.18 |
|
Short-tem Loan to
Related Person |
- |
470,000.00 |
|
Inventories |
2,352,246.66 |
- |
|
Other Current Assets
|
100,701.44 |
1,508.70 |
|
|
|
|
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Total Current
Assets |
8,555,592.37 |
500,399.13 |
|
Fixed Assets |
346,005.12 |
- |
|
Total Assets |
8,901,597.49 |
500,399.13 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
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Trade Accts. Payable |
2,899,344.63 |
- |
|
Short-term Loan |
1,144,760.00 |
- |
|
Short-term Loan from
Related Person |
1,365,000.00 |
- |
|
Deposit |
844,760.00 |
- |
|
Other Current Liabilities |
644,167.42 |
121,020.48 |
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|
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Total Current
Liabilities |
6,898,032.05 |
121,020.48 |
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Total Liabilities |
6,898,032.05 |
121,020.48 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
Authorized &
issued share capital
20,000 shares |
2,000,000.00 |
2,000,000.00 |
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|
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Capital Paid |
2,000,000.00 |
500,000.00 |
|
Retained Earning -
Unappropriated |
3,565.44 |
[120,621.35] |
|
Total
Shareholders' Equity |
2,003,565.44 |
379,378.65 |
|
Total
Liabilities & Shareholders' Equity |
8,901,597.49 |
500,399.13 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
Nov. 9, 2006
- Dec. 31,
2006 |
|
|
|
|
|
Sales |
9,494,144.10 |
- |
|
Service Income |
168,000.00 |
- |
|
Other Income |
3,155.53 |
399.18 |
|
Total Revenues
|
9,665,299.63 |
399.18 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
4,737,896.55 |
- |
|
Cost of Service |
61,423.34 |
- |
|
Selling & Administrative Expenses |
4,737,872.33 |
121,020.53 |
|
Total Expenses |
9,537,192.22 |
121,020.53 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
128,107.41 |
[120,621.35] |
|
Interest Expenses |
[3,920.62] |
- |
|
|
|
|
|
Net Profit / [Loss] |
124,186.79 |
[120,621.35] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Profit |
202.96 |
|
|
Total Assets |
1,678.90 |
|
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Profitability |
|
|
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Cost of Good
Sold |
49.67 |
0.00 |
|
Operating Profit Margin |
1.33 |
0.00 |
|
S & A
Expenses |
49.04 |
0.00 |
|
Interest Paid |
0.04 |
0.00 |
|
Other Revenues |
0.03 |
0.00 |
|
Net Profit Margin |
1.29 |
0.00 |
|
Earning Per Shares |
6.21 |
[24.12] |
|
No. of Shares |
20,000 |
5,000 |
Net Profit was
increased by 202.96%,
Total Assets was
increased by 1,678.90%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 0.00%
to 49.67%, Operating
Profit Margin was
increased from 0.00%
to 1.33%, S
& A Expenses
was increased from
0.00% to 49.04%,
Interest Paid was increased
from 0.00% to
0.04%, Other Revenues
was increased from
0.00% to 0.03%,
Net Profit Margin
was increased from
0.00% to 1.29%.
Earning Per Shares
was increased from
-24.12 baht per
share to 6.21
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.24 |
4.13 |
|
Quick-Assets Ratio |
0.88 |
4.12 |
Current Ratio was
decreased from 4.13
to 1.24, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
4.12 to 0.88,
capacity to pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
3.44 |
0.32 |
|
Times Interest Earned |
32.68 |
0.00 |
D/E Ratio was
increased from 0.32
to 3.44, 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 0.00
to 32.68, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
27.92 |
0.00 |
|
Total Assets Turnover |
1.09 |
0.00 |
|
Return on Assets |
1.40 |
[24.11] |
|
Return on Equity |
6.20 |
[31.79] |
|
Day's Payable |
108.03 |
0.00 |
|
Day’s Inventories |
87.64 |
0.00 |
|
Day’s Receivables |
176.54 |
0.00 |
Fixed Assets Turnover
was increased from
0.00 times to
27.92 times, Total
Assets Turnover was increased from
0.00 times to
1.09 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from -24.11 to
1.40, Return on
Equity was increased
from -31.79 to
6.20, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 0
days to 109
days, Day’s Inventories
was increased from
0 days to 88 days,
and Day’s Receivables
was increased from
0 days to 177 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
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%)