MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METRODE
[THAILAND] 1995 CO.,
LTD. |
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Registered Office : |
12/22 Soi 174
Ramkhamhaeng Road,
Minburi, Bangkok 10510 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.02.1995 |
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Com. Reg. No.: |
0105538016217 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Welding Products |
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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
METRODE [THAILAND]
1995 CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 12/22 SOI 174 RAMKHAMHAENG ROAD,
MINBURI, BANGKOK
10510, THAILAND
TELEPHONE : [66] 2917-4231,
2917-5008
FAX : [66] 2917-5009,
2917-4229
E-MAIL
ADDRESS : metrode-th1995@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION NO. : 0105538016217
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT. 3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. LAKHANA LUEHATHAI-OPAS, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : WELDING PRODUCTS
IMPORTER AND
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 February 6,
1995 as a
private limited company under the name style
METRODE [THAILAND] 1995
CO., LTD., by Thai group,
the Luehathai-opas family,
with the business
objective to import
and distribute various
kinds of welding
products to domestic
market. It currently
employs 9 staff.
The
subject’s registered address
is 12/22 Soi
174, Ramkhamhaeng Rd.,
Minburi, Bangkok 10510,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mrs. Lakhana Luehathai-opas |
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Thai |
54 |
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Mrs. Annop Luehathai-opas |
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Thai |
57 |
|
Mr. Thewan Luehathai-opas |
|
Thai |
60 |
|
Mr. Nanthapol Luehathai-opas |
|
Thai |
58 |
|
Mrs. Sumalee Luehathai-opas |
|
Thai |
59 |
|
Mrs. Chuenjit Luehathai-opas |
|
Thai |
53 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Lakhana Luehathai-opas is the Managing Director.
She is Thai nationality
with the age
of 54 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various kinds
of special welding
products, including welding
filler metals and
etc.
BRAND NAMES
“AAA”, “WTI” and
etc.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
United States of America, Sweden
and Germany.
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers and end-users.
RELATED AND AFFILIATED COMPANY
Siam Weld
Trading Co., Ltd.
Business Type :
Importer and distributor
of cutting machines.
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject
employs 9 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
residential area.
REMARK
CREDIT
OF US$ 500,000 AGAINST
D/A TERMS SHOULD
BE IN ORDER.
COMMENT
The
subject has moderate
business. Its products
have been marketed
for over ten
years.
However,
slowdown in some
industries have caused
its growth at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100 each with fully
paid.
November
20, 2001, the
capital was increased
to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS : [as
at April 30,
2007]
|
NAME |
HOLDING |
% |
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|
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Siam-WTI Technology International Co., Ltd. Nationality: Thai Address : 2/22
Moo 11, Minburi,
Bangkok |
25,989 |
86.63 |
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Mrs.
Lakhana Luehathai-opas Nationality: Thai Address : 21/739
Moo 5, Sukhapibal 1 Rd., Klongkum, Buengkum, Bangkok |
1,000 |
3.33 |
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Mr. Annop Luehathai-opas Nationality: Thai Address : 2/22
Moo 11, Minburi,
Bangkok |
1,000 |
3.33 |
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Mr. Thewan Luehathai-opas Nationality: Thai Address : 25/6
Sukhapibal 3 Rd.,
Sapansung, Bangkok |
500 |
1.67 |
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Mrs.
Sumalee Luehathai-opas Nationality: Thai Address : 25/6
Sukhapibal 3 Rd.,
Sapansung, Bangkok |
500 |
1.67 |
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Mr.
Nanthapol Luehathai-opas Nationality: Thai Address : 282/9
Sukhumvit 71 Rd.,
Prakanong,
Wattana, Bangkok |
500 |
1.67 |
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Mrs.
Chuenjit Luehathai-opas Nationality: Thai Address : 582/367
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
500 |
1.67 |
|
Others |
11 |
0.03 |
Total Shareholders
18
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sakchai
Prachakboonjesada No. 5927
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in Hand
& at Bank |
219,658.09 |
246,535.11 |
|
Trade Accts. Receivable |
12,958,789.81 |
1,156,503.83 |
|
Inventories |
4,395,304.45 |
4,344,309.72 |
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Other Current Assets
|
385,015.06 |
675,076.78 |
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Total Current
Assets |
17,958,767.41 |
6,422,425.44 |
|
Loan to Person or
Related Company |
- |
4,802,179.66 |
|
Long-term Investment |
4,418,800.00 |
3,336,000.00 |
|
Fixed Assets |
12,841,608.21 |
14,740,306.12 |
|
Electricity Guarantee |
4,400.00 |
4,400.00 |
|
Total Assets |
35,223,575.62 |
29,305,311.22 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Short-term Loan from
Bank |
7,457,874.20 |
6,432,251.98 |
|
Trade Accts. Payable |
22,185,968.34 |
380,953.71 |
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Accrued Income Tax |
16,720.40 |
- |
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Current portion of
Hire-purchase Payable |
212,616.00 |
212,616.00 |
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Other Current Liabilities |
662,124.82 |
479,415.77 |
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Total Current
Liabilities |
30,535,303.76 |
7,505,237.46 |
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Hire-purchase Payable |
- |
212,616.00 |
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Long-term Loan from
Bank |
896,241.76 |
1,578,821.72 |
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Long-term Loan from
Director |
4,091,061.72 |
20,929,561.14 |
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Total Liabilities |
35,522,607.24 |
30,226,236.32 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
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Capital Paid |
3,000,000.00 |
3,000,000.00 |
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Retained Earning –
Unappropriated [Deficit] |
[3,299,031.62] |
[3,920,925.10] |
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Total
Shareholders' Equity [Deficit] |
[299,031.62] |
[920,925.10] |
|
Total
Liabilities & Shareholders' Equity |
35,223,575.62 |
29,305,311.22 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales & Service
Income |
15,229,354.88 |
11,404,235.54 |
|
Other Income |
1,893,073.54 |
1,444,188.52 |
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Total Revenues
|
17,122,428.42 |
12,848,424.06 |
|
Expenses |
|
|
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Cost of Goods
Sold & Service
|
11,890,638.84 |
11,749,892.52 |
|
Selling & Administrative Expenses |
3,785,035.65 |
4,073,139.02 |
|
Total Expenses |
15,675,674.49 |
15,823,031.54 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
1,446,753.93 |
[2,974,607.48] |
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Interest Expenses |
[653,781.21] |
[729,074.16] |
|
Income Tax |
[171,079.24] |
- |
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Net Profit / [Loss] |
621,893.48 |
[3,703,681.64] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
33.54 |
|
|
Operating Profit |
[136.42] |
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Net Profit |
116.79 |
|
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Fixed Assets |
[12.88] |
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Total Assets |
20.20 |
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Profitability |
|
|
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Cost of Good
Sold |
78.08 |
103.03 |
|
Operating Profit Margin |
9.50 |
[26.08] |
|
S & A
Expenses |
24.85 |
35.72 |
|
Interest Paid |
4.29 |
6.39 |
|
Other Revenues |
12.43 |
12.66 |
|
Net Profit Margin |
4.08 |
[32.48] |
|
Earning Per Shares |
20.73 |
[123.46] |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 33.54%,
Operating Profit was
decreased by 136.42%,
Net Profit was
increased by 116.79%,
Fixed Assets was
decreased by 12.88%,
Total Assets was
increased by 20.20%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 103.03%
to 78.08%, Operating
Profit Margin was
increased from -26.08%
to 9.50%, S
& A Expenses
was decreased from
35.72% to 24.85%,
Interest Paid was decreased
from 6.39% to
4.29%, Other Revenues
was decreased from
12.66% to 12.43%,
Net Profit Margin
was increased from
-32.48% to 4.08%.
Earning Per Shares
was increased from
-123.46 baht per
share to 20.73
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.59 |
0.86 |
|
Quick-Assets Ratio |
0.43 |
0.19 |
Current Ratio was
decreased from 0.86
to 0.59, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not good, Quick-Assets Ratio was increased
from 0.19 to
0.43, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[118.79] |
[32.82] |
|
Times Interest Earned |
2.21 |
[4.08] |
D/E Ratio was
decreased from -32.82
to -118.79, 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
-4.08 to 2.21,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.19 |
0.77 |
|
Total Assets Turnover |
0.43 |
0.39 |
|
Return on Assets |
1.77 |
[12.64] |
|
Return on Equity |
207.97 |
[402.17] |
|
Day's Payable |
524.44 |
12.03 |
|
Day’s Inventories |
103.90 |
137.14 |
|
Day’s Receivables |
306.33 |
36.51 |
Fixed Assets Turnover
was increased from
0.77 times to
1.19 times, Total
Assets Turnover was
increased from 0.39
times to 0.43
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-12.64 to 1.77,
Return on Equity
was increased from
-402.17 to 207.97,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 13
days to 525
days, while Day’s
Inventories was decreased
from 138 days
to 104 days, but Day’s
Receivables was increased
from 37 days
to 307 days.
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%)