MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAXXIS
INTERNATIONAL [THAILAND] CO., LTD. |
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Registered Office : |
300/1 Moo 1, T. Tasith,
A. Pluakdaeng, Rayong 21140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.11. 2002 |
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Com. Reg. No.: |
0105545117180 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Automobile Tyres |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
MAXXIS INTERNATIONAL
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 300/1 MOO 1, T. TASITH,
A. PLUAKDAENG,
RAYONG
21140, THAILAND
TELEPHONE : [66] 38
955-856, 38 955-708-11, 38 959-221-2
FAX : [66] 38 955-712,
38 954-498
E-MAI ADDRESS : mitm2@maxxis.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO.
: 0105545117180 [Former : 1045450203]
CAPITAL REGISTERED
: BHT.
6,500,000,000
CAPITAL PAID-UP
: BHT.
6,500,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHEN YUN HWA, TAIWANESE
PRESIDENT
NO. OF
STAFF : 200
LINES OF
BUSINESS : AUTOMOBILE TYRES
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The
subject was established
on November 5,
2002 as a
private limited company under the name style MAXXIS
INTERNATIONAL [THAILAND] CO., LTD.,
by Taiwanese groups to
manufacture automotive tyres.
It currently employs
200 staff.
It
is a subsidiary of Maxxis
Holdings [BVI] Company
Ltd., British Virgin
Island.
The
subject’s registered address
is 300/1 Moo 1,
T. Tasith, A. Pluakdaeng, Rayong
21140, 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. Chen Yun Hwa |
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Taiwanese |
58 |
|
Mr. Lo Tsai Jen |
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Taiwanese |
55 |
|
Mr. Chen Shiu Hsiung |
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Taiwanese |
68 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chen Yun Hwa
is the President.
He is Taiwanese nationality with
the age of
58 years old.
Mr. H. M. Wu is
the Vice President
[Financial].
He is Taiwanese nationality.
Mr. H. K. Lee is
the Vice President [Administration].
He is Taiwanese nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing various kinds of
tyres for automotive
industry, such as
passenger car, picked
up truck, off-road
4 wheels drive,
motorcycle and bicycle.
MAJOR BRAND
“MAXXIS”
PRODUCTION
20,000 sets per
day
PURCHASE
Raw materials and
components are purchased
from suppliers and
agents both in
domestic and overseas
such as Taiwan,
Japan, United States
of America and
Germany.
MAJOR SUPPLIERS
- Cheng Shin Rubber
Industry Ltd. :
Taiwan
- Maxxis International Inc. :
United States of
America
SALES
80% of the products is
exported to United
States of America,
Japan, Korea, Africa,
Middle East and
Europe, the remaining
20% is sold locally by
wholesale to dealers.
MAJOR CUSTOMER
Chavakij Ruamyang
Co., Ltd. : Thailand
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.
Exports are against
L/C at sight & T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Pluakdaeng Branch, Pluakdaeng,
Rayong]
EMPLOYMENT
The
subject employs approximately 200 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
on 267,200 square
meters at the
heading address. Premise
is located in
provincial.
COMMENT
Subject was
formed in 2002
as a manufacturer,
distributor and exporter
of auto tyres. The
environment had brightened
subject’s market prospect.
Even though growth of automotive
industry was declined,
subject has also doing
active business and
expanding during the
past several years.
However,
some uncertain factors
have occurred like
higher material costs,
political uncertainty and
world economic meltdown.
These have led
to current slow down
of subject’s business.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000,000 divided
into 20,000,000 shares
of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 4,000,000,000 on August 3,
2004
Bht. 6,500,000,000 on October 24,
2007
The
latest registered capital
was increased to
Bht. 6,500,000,000 divided into
65,000,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at June
30, 2008]
|
NAME |
HOLDING |
% |
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Maxxis Holdings [BVI]
Company Limited Nationality: BVI Address : British
Virgin Island |
64,999,400 |
99.99 |
|
Mr. Lo Tsai Jen Nationality: Taiwanese Address : 215
Meekong Rd., Ta-Zoon,
Changhwa, Taiwan |
100 |
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Mr. Chen Shiu Hsiung Nationality: Taiwanese Address : 215
Meekong Rd., Ta-Zoon,
Changhwa, Taiwan |
100 |
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Ms. Liu Shiu Lee
Shing Nationality: Taiwanese Address : 215
Meekong Rd., Ta-Zoon,
Changhwa, Taiwan |
100 |
=0.01 |
|
Ms. Chen Han Shi Nationality: Taiwanese Address : 215
Meekong Rd., Ta-Zoon,
Changhwa, Taiwan |
100 |
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Ms. Chen Lo Ming
Yi Nationality: Taiwanese Address : 215
Meekong Rd., Ta-Zoon,
Changhwa, Taiwan |
100 |
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Ms. Chen Yoon Hwa Nationality: Taiwanese Address : 215
Meekong Rd., Ta-Zoon,
Changhwa, Taiwan |
100 |
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Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 & 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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Cash in Hand
& at Bank |
292,104,258 |
59,829,619 |
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Trade Accts. Receivable - Related Company |
514,371,116 |
299,879,043 |
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- Other Company |
808,987,924 |
406,884,504 |
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Related Company Receivable |
293,360 |
122,869 |
|
Inventories |
1,123,869,067 |
1,029,765,908 |
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Refundable Value Added Tax |
17,091,008 |
228,568,203 |
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Prepayment |
2,827,326 |
2,168,720 |
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Advance Payment |
3,216,671 |
316,649 |
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Other Current Assets
|
1,764,902 |
642,002 |
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Total Current Assets
|
2,764,525,632 |
2,028,177,517 |
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Fixed Assets |
8,565,128,139 |
8,789,777,085 |
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Intangible Assets |
1,931,852 |
1,058,173 |
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Deposit |
740,560 |
325,360 |
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Total Assets |
11,332,326,183 |
10,819,338,135 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
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|
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Short-term Loan from Bank |
1,092,103,008 |
1,507,155,127 |
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Current Portion of Long-term
Loan |
1,615,185,000 |
483,077,334 |
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Trade Accts. Payable - Related Company |
42,406,971 |
48,166,100 |
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- Other Company |
682,556,131 |
204,049,285 |
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Fixed Assets Payable - Related Company |
146,031,617 |
28,554,508 |
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- Other Company |
13,315,098 |
139,040,531 |
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Advance Income from
Share Capital |
50,850,000 |
- |
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Other Payable |
71,252,981 |
30,246,657 |
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Accrued Interest |
18,973,976 |
25,260,987 |
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Accrued Expenses |
100,970,820 |
54,448,352 |
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Retention Payable according
to Construction Contract |
- |
35,274,628 |
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Other Current Liabilities |
26,302,482 |
25,013,700 |
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Total Current Liabilities |
3,859,948,084 |
2,580,287,209 |
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Long-term Loan from Bank |
3,286,845,000 |
5,241,389,067 |
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Total Liabilities |
7,146,793,084 |
7,821,676,276 |
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Shareholders' Equity |
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|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 46,250,000 &
40,000,000 shares in
2007 & 2006
respectively |
4,625,000,000 |
4,000,000,000 |
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Capital Paid |
4,625,000,000 |
4,000,000,000 |
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Retained Earning -
Unappropriated |
[439,466,901] |
[1,002,338,141] |
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Total Shareholders' Equity |
4,185,533,099 |
2,997,661,859 |
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Total Liabilities & Shareholders' Equity |
11,332,326,183 |
10,819,338,135 |
PROFIT & LOSS ACCOUNT
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Revenue |
2007 |
2006 |
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Sales |
7,385,420,111 |
4,867,772,636 |
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Gain on Exchange
Rate |
434,809,979 |
763,554,131 |
|
Sales of Scrap |
13,794,057 |
10,816,233 |
|
Interest Expenses |
856,036 |
1,025,448 |
|
Other Income |
6,303,753 |
6,908,378 |
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Total Revenues |
7,841,183,936 |
5,650,076,826 |
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Expenses |
|
|
|
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Cost of Goods
Sold |
5,874,434,939 |
4,378,961,530 |
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Selling & Administrative Expenses |
1,014,088,223 |
774,378,942 |
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Total Expenses |
6,888,523,162 |
5,153,340,472 |
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Profit / [Loss] before Interest
Expenses |
952,660,774 |
496,736,354 |
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Interest Expenses |
[389,789,534] |
[388,910,644] |
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Net Profit / [Loss] |
562,871,240 |
107,825,710 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
51.72 |
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Operating Profit |
26.41 |
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Net Profit |
422.02 |
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Fixed Assets |
[2.56] |
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Total Assets |
4.74 |
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Profitability |
|
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Cost of Good
Sold |
79.54 |
89.96 |
|
Operating Profit Margin |
12.90 |
10.20 |
|
S & A
Expenses |
13.73 |
15.91 |
|
Interest Paid |
5.27 |
7.97 |
|
Other Revenues |
6.17 |
16.07 |
|
Net Profit Margin |
7.62 |
2.22 |
|
Earning Per Shares |
12.17 |
2.70 |
|
No. of Shares |
46,250,000 |
40,000,000 |
Net Sales was
increased by 51.72%,
Operating Profit was
increased by 26.41%,
Net Profit was
increased by 422.02%,
Fixed Assets was decreased by
2.56%, Total Assets
was increased by
4.74%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 89.96%
to 79.54%, Operating
Profit Margin was
increased from 10.20%
to 12.90%, S
& A Expenses
was decreased from
15.91% to 13.73%,
Interest Paid was decreased
from 7.97% to
5.27%, Other Revenues
was decreased from
16.07% to 6.17%,
Net Profit Margin
was increased from
2.22% to 7.62%.
Earning Per Shares
was increased from
2.70 baht per
share to 12.17
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.72 |
0.79 |
|
Quick-Assets Ratio |
0.42 |
0.30 |
Current Ratio was
decreased from 0.79
to 0.72, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.30 to 0.42,
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 |
1.71 |
2.61 |
|
Times Interest Earned |
2.45 |
1.28 |
D/E Ratio was
decreased from 2.61
to 1.71, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
1.28 to 2.45,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
0.86 |
0.55 |
|
Total Assets Turnover |
0.65 |
0.45 |
|
Return on Assets |
4.97 |
1.00 |
|
Return on Equity |
13.45 |
3.60 |
|
Day's Payable |
33.27 |
15.09 |
|
Day’s Inventories |
54.78 |
76.16 |
|
Day’s Receivables |
39.43 |
30.09 |
Fixed Assets Turnover
was increased from
0.55 times to
0.86 times, Total
Assets Turnover was
increased from 0.45
times to 0.65
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.00 to 4.97,
Return on Equity
was increased from
3.60 to 13.45,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 16
days to 34
days, while Day’s
Inventories was decreased
from 77 days
to 55 days, but Day’s
Receivables was increased
from 31 days
to 40 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)