MIRA
INFORM REPORT
|
Report Date : |
21.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAGOTTEAUX CO., LTD. |
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Registered Office : |
14
MOO 3, Suwannasorn Road, Bualoy, Nongkae, Saraburi
Province 18230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.11.1990 |
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Com. Reg. No.: |
0105533138861 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Grinding
Equipment and Spare
Parts Manufacturer, Exporter and
Distributor |
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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
MAGOTTEAUX CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 14
MOO 3, SUWANNASORN ROAD, BUALOY,
NONGKAE, SARABURI
PROVINCE 18230
TELEPHONE : [66] 36 379-015-7
FAX : [66] 36
337-063, 36 223-243
E-MAIL ADDRESS : chuchai.compeecharoenporn@magotteaux.com,
Boonchuay.pungyati@magotteaux.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533138861
CAPITAL
REGISTERED : BHT. 560,000,000
CAPITAL
PAID-UP : BHT. 560,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
STEPHANE PLAPIED, BELGIAN
MANAGING DIRECTOR
NO. OF
STAFF : 150
LINES OF
BUSINESS : GRINDING EQUIPMENT AND SPARE
PARTS
MANUFACTURER, EXPORTER
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 November 23, 1990 as a
private limited company under the name style
MAGOTTEAUX CO., LTD.,
by Singaporean and
Belgian groups, in
order to manufacture
and distribute grinding
equipment and spare
parts to both
domestic and oversea
markets. It currently
employs approximately 150
staff.
Subject
is a joint venture
between Magotteaux International Participation S.A.,
Belgian and Magotteaux Pte. Ltd.,
Singapore, with the
investment around 91%
and 9% of the subject’s
shares respectively.
The
subject’s registered address
is 14 Moo 3, Suwannasorn
Rd., Bualoy, Nongkae,
Saraburi 18230, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bernard Gobelt |
[x] |
Belgian |
- |
|
Mr. Jean Mark Augsowale |
[x] |
Belgian |
- |
|
Mr. Sebastien Dossogne |
[x] |
Belgian |
- |
|
Mr. Stephane Plapied |
[x] |
Belgian |
- |
|
Mr. Sukvichai Thanasunthorn |
|
Thai |
- |
AUTHORIZED PERSON
Two of the mentioned directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Stephane Plapied
is the Managing Director.
He is Belgian nationality.
Mr. Sebastien Dossogne
is the Deputy Managing Director.
He is Belgian nationality.
Mr. Yongphong Klanklinhom is
the Purchasing Manager.
He is Thai nationality.
Mr. Chuchai Kampeecharoenporn is
the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of grinding balls
and spare parts,
used in cement and
mining industries.
PURCHASE
Most of raw
material are purchased
from local suppliers,
and the remaining,
as well as machinery are imported from
Belgium, Singapore, Germany
and United States of America.
SALES
80% of the products is
exported to Belgium,
U.S.A., Japan and
Singapore and the
remaining 20% is
sold locally to
manufacturers and end-users.
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 or T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 150 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial.
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
The
subject is doing
good business as
a supplier of
grinding equipment for
cement industries. With
its expert and
experience in the
industry for more
than 15 years,
it has enabled
the subject to
earn good reputation of
the products and
services.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 560,000,000 divided
into 560,000 shares of
Bht. 1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 26,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Magotteaux International Participation S.A. Nationality: Belgian Address : Belgium |
509,000 |
90.89 |
|
Magotteaux Pte.
Ltd. Nationality: Singaporean Address : Singapore |
50,995 |
9.11 |
|
Mr. Walte Mearch Nationality: Belgian Address : Belgium |
1 |
- |
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Mr. Chark Detruex Nationality: Belgian Address : Belgium |
1 |
- |
|
Mr. Jan Clough
Smith Nationality: Belgian Address : Belgium |
1 |
- |
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Mr. Fracous Jeviux Nationality: Belgian Address : Belgium |
1 |
- |
|
Mr. Jean Marc
Augsowale Nationality: Belgian Address : Belgium |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Somporn Wuthiwatana No.
4349
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
17,368,204 |
12,228,459 |
|
Trade Accts. Receivable |
55,861,591 |
27,516,559 |
|
Trade Accts. Receivable - Related Company |
316,797,499 |
331,796,933 |
|
Related Company Receivable |
779,652 |
1,116,822 |
|
Inventories |
364,252,252 |
256,866,046 |
|
Other Current Assets
|
15,783,639 |
19,925,532 |
|
|
|
|
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Total Current
Assets |
770,842,837 |
649,450,351 |
|
Intangible Assets |
1,646,316 |
1,869,082 |
|
Fixed Assets |
293,726,514 |
274,067,469 |
|
Other Assets |
1,168,532 |
1,168,632 |
|
Total Assets |
1,067,384,199 |
926,555,534 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
40,430,169 |
49,336,875 |
|
Trade Accts. Payable |
55,532,081 |
29,840,327 |
|
Trade Accts. Payable
- Related Company |
28,059,643 |
18,656,600 |
|
Related Company Payable |
25,944,333 |
15,006,343 |
|
Short-term Loan from
Bank |
290,000,000 |
333,590,968 |
|
Current Portion of
Long-term Loan |
41,091,354 |
18,205,174 |
|
Accrued Income Tax |
18,000,369 |
19,359,216 |
|
Other Current Liabilities |
6,745,744 |
7,772,773 |
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|
|
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Total Current
Liabilities |
505,803,693 |
491,768,276 |
|
Liabilities from Employee’s Remuneration |
2,828,589 |
2,360,062 |
|
Long-term Loan from
Bank |
71,534,930 |
85,880,495 |
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Total Liabilities |
580,167,212 |
580,008,833 |
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Shareholders'
Equity |
|
|
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|
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
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|
|
|
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Capital Paid |
100,000,000 |
100,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
10,000,000 |
10,000,000 |
|
Unappropriated |
377,216,987 |
236,546,701 |
|
Total
Shareholders' Equity |
487,216,987 |
346,546,701 |
|
Total
Liabilities & Shareholders' Equity |
1,067,384,199 |
926,555,534 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,365,911,613 |
1,137,393,242 |
|
Other Income |
11,059,349 |
26,041,946 |
|
Total Revenues
|
1,376,970,962 |
1,163,435,188 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
998,896,116 |
864,334,917 |
|
Selling & Administrative Expenses |
177,880,015 |
166,494,420 |
|
Total Expenses |
1,176,776,130 |
1,030,829,337 |
|
|
|
|
|
Profit / [Loss] Before |
200,194,832 |
132,605,851 |
|
Interest Expenses |
[27,432,430] |
[18,374,666] |
|
Income Tax |
[32,092,116] |
[29,641,763] |
|
|
|
|
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Net Profit / [Loss] |
140,670,286 |
84,589,422 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
20.09 |
|
|
Operating Profit |
25.71 |
|
|
Net Profit |
66.30 |
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|
Fixed Assets |
7.17 |
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Total Assets |
15.20 |
|
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Profitability |
|
|
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Cost of Good
Sold |
73.13 |
75.99 |
|
Operating Profit Margin |
14.66 |
11.66 |
|
S & A
Expenses |
13.02 |
14.64 |
|
Interest Paid |
2.01 |
1.62 |
|
Other Revenues |
0.81 |
2.29 |
|
Net Profit Margin |
10.30 |
7.44 |
|
Earning Per Shares |
1,406.70 |
845.89 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 20.09%,
Operating Profit was
increased by 25.71%,
Net Profit was
increased by 66.30%,
Fixed Assets was
increased by 7.17%,
Total Assets was
increased by 15.20%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 75.99%
to 73.13%, Operating
Profit Margin was
increased from 11.66%
to 14.66%, S
& A Expenses
was decreased from
14.64% to 13.02%,
Interest Paid was increased
from 1.62% to
2.01%, Other Revenues
was decreased from
2.29% to 0.81%,
Net Profit Margin
was increased from
7.44% to 10.30%.
Earning Per Shares
was increased from
845.89 baht per
share to 1,406.70
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.52 |
1.32 |
|
Quick-Assets Ratio |
0.77 |
0.76 |
Current Ratio was
increased from 1.32
to 1.52, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.76 to 0.77,
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 |
1.19 |
1.67 |
|
Times Interest Earned |
7.30 |
7.22 |
D/E Ratio was
decreased from 1.67
to 1.19, 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
7.22 to 7.30,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.65 |
4.15 |
|
Total Assets Turnover |
1.28 |
1.23 |
|
Return on Assets |
13.18 |
9.13 |
|
Return on Equity |
28.87 |
24.41 |
|
Day's Payable |
14.64 |
9.44 |
|
Day’s Inventories |
96.00 |
81.30 |
|
Day’s Receivables |
14.72 |
8.71 |
Fixed Assets Turnover
was increased from
4.15 times to
4.65 times, Total
Assets Turnover was
increased from 1.23
times to 1.28
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
9.13 to 13.18,
Return on Equity
was increased from
24.41 to 28.87,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 10
days to 15
days, Day’s Inventories
was increased from
82 days to
97 days, and
Day’s Receivables was
increased from 9
days to 15
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 |
|
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%)