MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KAWIN INDUSTRY
CO., LTD. |
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Registered Office : |
A3rd
Floor, Zone C4, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.11.1996 |
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Com. Reg. No.: |
0105539122657 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Medical and
Industrial Equipment |
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
KAWIN INDUSTRY
CO., LTD.
SUMMARY
BUSINESS ADDRESS : A3rd
FLOOR, ZONE C4,
719
RAMA 9 ROAD,
BANGKAPI,
HUAYKWANG,
TELEPHONE : [66] 2717-1191-3
FAX : [66] 2717-1194
E-MAIL ADDRESS : sales@kawin.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO.
: 0105539122657 [Former
: [1] 2400/2539]
CAPITAL REGISTERED
: BHT.
1,000,000
CAPITAL PAID-UP
: BHT.
1,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. THIPARAT CHIMPALEE,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : MEDICAL AND INDUSTRIAL
EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
formed on November
5, 1996 as
a private limited
company under the name
style KAWIN INDUSTRY
CO., LTD., by
Thai groups, with
the business objective
to import and
distribute industrial products,
mainly anti-corrosion materials
and equipment. In
2004, the subject
has been expanded
to the medical
industry, specialize in
Orthopedic products. It
currently employs approximately
10 staff.
The subject’s registered
address was located
at 47/1 Phaholyothin
Rd., Samsennai. Phyathai,
On December 23,
2004, subject’s registered
address was relocated
to 719 KPN
Tower, Rama 9
Rd., Bangkapi, Huaykwang,
Bangkok 10320, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Name Nationality Age
Mrs. Thiparat Chimpalee
Thai
41
Mrs. Nongnuch Komut Thai 52
Mr. Krairat Komut Thai 67
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Thiparat Chimpalee
is the Managing
Director.
She is Thai nationality with
the age of 41 years.
BUSINESS OPERATION
The subject is
engaged in importing
and distributing wide
range of products,
which can be
divided into 2
main products as
follows:
1.
Medical
Division [Orthopeadic products,
including Vertebroplasty Needle,
Nucleotome, Spine-fix Bone
Cement Radiopaque, Bone
Cement with Antibiotics,
Continuous Passive Motion
2.
Industrial
Division
·
Graphite
products; HCI Synthesis
Unit, Cubical Block
Exchangers, Cylindrical Block
Exchangers, Shell & Tube Type
Heat Exchangers, Bursting
Disc, Centrifugal Pumps,
Columns, Dry HCI
Gas Generation Unit,
Ejector System, Pipes,
Valves and Fitting,
Sulphuric Acid Dilution
Cooling Unit
·
Plastic
Products
·
Metal
Products
·
others
IMPORT
90%
of the products
is imported from
Republic of China,
Taiwan, Japan, India,
Italy, Spain and
Germany.
SALES
The products are sold
locally by wholesale
to dealers and
end-users both private
and government sectors.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
LOCATION DETAIL
The premise is rented for operating office
at the heading
address in
commercial/residential area.
REMARK
CREDIT OF USD 500,000
ON D/A IS
NOT RECOMMENDED.
COMMENT
Subject was formed
in 1996 as
an importer and
distributor of medical
and industrial equipment.
Since inception, subject
has slow business
and business outlook
is estimated to
be slow. Its
products is unlikely
fitted with demand
in local market.
FINANCIAL INFORMATION
The capital was
registered at Bht.
250,000 divided into
10,000 shares of
Bht. 25 each.
In 2004, the
capital was increased
to Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid-up.
THE SHAREHOLDERS
LISTED WERE
[as at
July 29, 2008]
|
NAME |
HOLDING |
% |
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Mrs. Nongnuch Komut Nationality: Thai Address : 500
Moo 1, |
7,499 |
74.99 |
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Mrs. Sunisa Pongsroypetch Nationality: Thai Address :
Phyathai, |
500 |
5.00 |
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Ms. Tawistra Pongsroypetch Nationality: Thai Address : 14
Moo 11, Wangnamkeaw,
Nakornratchasima |
500 |
5.00 |
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Mrs. Thiparat Chimpalee Nationality: Thai Address : 126/158
Moo 12, Klongkum,
Buengkum, |
500 |
5.00 |
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Mrs. Krairat Komut Nationality: Thai Address : 500
Moo 1, |
500 |
5.00 |
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Mr. Thaveesak Pongsroypetch Nationality: Thai Address : |
500 |
5.00 |
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Mr. Chanatpol Viengseema Nationality: Thai Address :
39/89 Moo 11,
Klongkum, Buengkum, |
1 |
0.01 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Rungthip Charoendamrongkiat No.
5788
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 |
473,236.52 |
1,033,276.01 |
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Trade Accts. Receivable |
1,619,449.00 |
253,085.98 |
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Inventories |
851,645.82 |
577,311.51 |
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Other Current Assets
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1,565.97 |
1,222.19 |
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Total Current Assets
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2,945,897.31 |
1,864,895.69 |
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Fixed Assets |
1,715,272.54 |
1,951,645.81 |
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Other Assets |
109,284.10 |
175,970.20 |
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Total Assets |
4,770,453.95 |
3,992,511.70 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current
Liabilities |
2007 |
2006 |
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Trade Accts. Payable |
778,899.42 |
- |
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Short-term Loan from
Director |
2,052,000.00 |
2,601,342.72 |
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Other Current Liabilities |
526,677.44 |
161,518.91 |
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Total Current Liabilities |
3,357,576.86 |
2,762,861.63 |
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Total Liabilities |
3,357,576.86 |
2,762,861.63 |
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Shareholders' Equity |
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Share capital : Baht 100
par value Authorized &
issued share capital
10,000 shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
250,000.00 |
250,000.00 |
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Retained Earning -
Unappropriated |
1,162,877.09 |
979,650.07 |
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Total Shareholders' Equity |
1,412,877.09 |
1,229,650.07 |
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Total Liabilities & Shareholders' Equity |
4,770,453.95 |
3,992,511.70 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2007 |
2006 |
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Sales |
4,976,702.89 |
3,241,976.25 |
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Other Income |
12,030.41 |
32,191.86 |
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Total Revenues |
4,988,733.30 |
3,274,168.11 |
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Expenses |
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Cost of Goods
Sold |
1,813,595.00 |
1,000,368.96 |
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Selling & Administrative Expenses |
2,943,894.89 |
1,928,354.28 |
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Total Expenses |
4,757,489.89 |
2,928,723.24 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
231,243.41 |
345,444.87 |
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Interest Expenses |
[158.78] |
- |
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Income Tax |
[47,857.61] |
[12,736.73] |
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Net Profit / [Loss] |
183,227.02 |
332,708.14 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
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Annual Growth |
2007 |
2006 |
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Net Sales |
53.51 |
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Operating Profit |
[56.39] |
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Net Profit |
[44.93] |
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Fixed Assets |
[12.11] |
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Total Assets |
19.49 |
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Profitability |
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Cost of Good
Sold |
36.44 |
30.86 |
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Operating Profit Margin |
4.65 |
10.66 |
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S & A
Expenses |
59.15 |
59.48 |
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Interest Paid |
0.00 |
0.00 |
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Other Revenues |
0.24 |
0.99 |
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Net Profit Margin |
3.68 |
10.26 |
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Earning Per Shares |
73.29 |
133.08 |
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No. of Shares |
2,500 |
2,500 |
Net Sales was
increased by 53.51%,
Operating Profit was
decreased by 56.39%,
Net Profit was
decreased by 44.93%,
Fixed Assets was
decreased by 12.11%,
Total Assets was
increased by 19.49%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 30.86%
to 36.44%, Operating
Profit Margin was
decreased from 10.66%
to 4.65%, S
& A Expenses
was decreased from
59.48% to 59.15%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was decreased from
0.99% to 0.24%,
Net Profit Margin
was decreased from
10.26% to 3.68%.
Earning Per Shares
was decreased from
133.08 baht per
share to 73.29
baht per share.
Liquidity
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Liquidity |
2007 |
2006 |
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Current Ratio |
0.88 |
0.67 |
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Quick-Assets Ratio |
0.62 |
0.47 |
Current Ratio was
increased from 0.67
to 0.88, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.47
to 0.62, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
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D/E Ratio |
2.38 |
2.25 |
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Times Interest Earned |
1,456.38 |
0.00 |
D/E Ratio was
increased from 2.25
to 2.38, 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
0.00 to 1,456.38,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2007 |
2006 |
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Fixed Assets Turnover |
2.90 |
1.66 |
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Total Assets Turnover |
1.04 |
0.81 |
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Return on Assets |
3.84 |
8.33 |
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Return on Equity |
12.97 |
27.06 |
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Day's Payable |
56.34 |
0.00 |
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Day’s Inventories |
61.61 |
64.11 |
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Day’s Receivables |
117.15 |
28.10 |
Fixed Assets Turnover
was increased from
1.66 times to
2.90 times, Total
Assets Turnover was
increased from 0.81
times to 1.04
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from 8.33 to
3.84, Return on
Equity was decreased
from 27.06 to
12.97, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 0
days to 57
days, while Day’s
Inventories was decreased
from 65 days
to 62 days,
but Day’s Receivables
was increased from
29 days to
118 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.99 |
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|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.68.44 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)