MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IMA
PACIFIC COMPANY LIMITED |
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Registered Office : |
Ground
Floor, All Seasons
Place, M. Thai Tower,
87 Wireless Road,
Lumpini, Pathumwan, Bangkok
10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.10. 2003 |
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Com. Reg. No.: |
0105546127804 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Industrial Machinery and
Spare Parts Broker |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 of the company
IMA
PACIFIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : GROUND FLOOR, ALL SEASONS
PLACE,
M. THAI TOWER,
87 WIRELESS ROAD,
LUMPINI,
PATHUMWAN, BANGKOK
10330, THAILAND
TELEPHONE : [66] 2654-0780-1
FAX : [66] 2654-0782
E-MAIL
ADDRESS : ima@imapacific.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0105546127804
[Former : 10454602147]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT. 100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. MAURIZIO FERRETTI,
ITALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : INDUSTRIAL MACHINERY AND SPARE
PARTS
BROKER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
October 24, 2003
as a private limited company under the name style
IMA PACIFIC COMPANY
LIMITED, by Italian
groups, with the business
objective to engage
in commission agent
for wide range of industrial machinery,
equipment and spare
parts. It currently
employs 5 staff.
Subject
is a wholly owned subsidiary
of IMA Industria Macchine Automatiche
Spa. from Italy.
The
subject’s registered address
is 87 All Seasons Place,
M. Thai Tower, Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Maurizio Ferretti |
|
Italian |
45 |
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Mr. Gaetano Castiglione |
|
Italian |
46 |
|
Mr. Giovanni Pecchioli |
|
Italian |
52 |
|
Mr. Andrea Malagoli |
|
Italian |
43 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Maurizio Ferretti
is the Managing Director.
He is Italian nationality with
the age of
45 years old.
BUSINESS OPERATIONS
The subject is
engaged in commission
agent servicing of
wide range of industrial automatic
machinery, equipment and
spare parts for foods & beverage, pharmaceuticals, packaging,
cosmetics, consumer goods
industries and etc.
Its product are
supplied from Italy,
Germany, Taiwan, India
and Republic of
China.
Subject also provides
servicing of industrial machinery
consultation, as well as
engineer and technician
procurement.
MAJOR SUPPLIER
IMA
Industria Macchine Automatiche
Spa. : Italy
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 for
the past two
years.
CREDIT
Services are by
cash or on
the credits term
of 30-90 days
term.
Local bills are
paid by cash
and credit on 30-60
days term.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a prime
commercial area.
COMMENT
Its
products mostly used
in industrial work,
subject’s performance closely
link with the
condition of domestic
industrial sector, which
is likely to
expand at a
slower pace than
the previous years.
The
impact of oil
prices increased, political
uncertainties and current
economic weakness are major
factors concerning to the
current economic which
would pressure subject’s
performance this year,
nevertheless, its strong
fundamental business was
able to maintain moderate
result.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 20,000,000 shares
of Bht. 5 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 19,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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IMA Industria
Macchine Automatiche Spa. Nationality: Italian Address : Bolonia,
Italy |
19,999,993 |
100.00 |
|
Mrs.
Peeraphan Tangsuwan Nationality: Thai Address : 66/80
Ladya Rd., Wangthonglang, Bangkok |
1 |
- |
|
Ms. Wanee Visitwuthikul Nationality: Thai Address : 465
Luang Rd., Wad
Thepsirin, Pomprab, Bangkok |
1 |
- |
|
Mr. Supoj Kiree Nationality: Thai Address : 59/462
Moo 4, Ladsawai,
Lamlukka,
Pathumthani |
1 |
- |
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Ms. Jariya Thitiratanapinan Nationality: Thai Address : 82
Rama 4 Rd.,
Klongton, Klongtoey, Bangkok |
1 |
- |
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Mrs. Wandee Aoumpranee Nationality: Thai Address : 3/212
Moo 2, Klongthanon, Bangkhen, Bangkok |
1 |
- |
|
Mrs. Maleerat
Tuchathikom Nationality: Thai Address : 1046
Charansanitwong 75 Rd.,
Bangplad, Bangkok |
1 |
- |
|
Ms. Jirakarn
Pipattananant Nationality: Thai
Address : 122/12
New Rd., Yannawa,
Sathorn, Bangkok |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Somporn Wuthiwatana No.
4349
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
747,804 |
6,601,953 |
|
Trade Accts. Receivable - Related Company |
21,650,898 |
6,544,922 |
|
- Other Company |
- |
831,182 |
|
Deferred Commission -
Related Company |
116,002,926 |
90,722,992 |
|
Other Account Receivable |
927,712 |
195,266 |
|
Advance Payment to
Other Company |
15,728,550 |
14,381,746 |
|
Advance Payment to
Director |
5,019,088 |
2,014,772 |
|
Loan to Director |
- |
1,840,614 |
|
Value Added Tax
Receivable |
- |
1,611,793 |
|
Prepaid Income Tax |
- |
1,575,407 |
|
Other Current Assets
|
964,935 |
78,564 |
|
|
|
|
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Total Current
Assets |
161,041,913 |
126,399,211 |
|
|
|
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Computer Programme |
212,791 |
254,568 |
|
Fixed Assets |
743,219 |
973,313 |
|
Other Assets |
492,377 |
278,980 |
|
Total Assets |
162,490,300 |
127,906,072 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
4,944,863 |
- |
|
Trade Accts. Payable - Related Company |
134,054 |
- |
|
- Other Company |
47,686 |
1,102,757 |
|
Related Company Payable |
1,665,829 |
278,141 |
|
Accrued Commission - Related Company |
23,582,547 |
27,092,822 |
|
- Other Company |
25,929,290 |
24,658,846 |
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Advance Income from
Related Company |
- |
1,891,818 |
|
Accrued Income Tax |
8,098,844 |
- |
|
Accrued Expenses |
7,819,313 |
2,852,035 |
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|
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Total Current
Liabilities |
72,222,426 |
57,876,419 |
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Total Liabilities |
72,222,426 |
57,876,419 |
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Shareholders'
Equity |
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Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 20,000,000 shares |
100,000,000 |
100,000,000 |
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Capital Paid |
40,219,000 |
40,219,000 |
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Retained Earning Appropriated for
Statutory Reserve |
2,330,509 |
2,330,509 |
|
Unappropriated |
47,718,365 |
27,480,144 |
|
Total Shareholders'
Equity |
90,267,874 |
70,029,653 |
|
Total
Liabilities & Shareholders' Equity |
162,490,300 |
127,906,072 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Commission Income |
168,979,011 |
124,438,019 |
|
Interest Income |
27,129 |
101,243 |
|
Total Revenues
|
169,006,140 |
124,539,262 |
|
Expenses |
|
|
|
|
|
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Service & Administrative Expenses |
135,118,474 |
115,614,447 |
|
Loss on Exchange
Rate |
3,105,261 |
6,210,801 |
|
Interest Expenses |
478,719 |
- |
|
Total Expenses |
138,702,454 |
121,825,248 |
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|
|
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Profit / [Loss] before
Income Tax |
30,303,686 |
2,714,014 |
|
Income Tax |
[10,065,465] |
[814,204] |
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Net Profit / [Loss] |
20,238,221 |
1,899,810 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
35.79 |
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Operating Profit |
179.62 |
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Net Profit |
965.28 |
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Fixed Assets |
[23.64] |
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Total Assets |
27.04 |
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Profitability |
|
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Operating Profit Margin |
20.05 |
7.17 |
|
S & A
Expenses |
79.96 |
92.91 |
|
Interest Paid |
0.28 |
0.00 |
|
Other Revenues |
0.02 |
0.08 |
|
Net Profit Margin |
11.98 |
1.53 |
|
Earning Per Shares |
2.52 |
0.24 |
|
No. of Shares |
8,043,800 |
8,043,800 |
Net Sales was
increased by 35.79%,
Operating Profit was
increased by 179.62%, Net Profit was
increased by 965.28%,
Fixed Assets was
decreased by 23.64%,
Total Assets was
increased by 27.04%.
Compare each cost
with sales, Operating Profit
Margin was increased
from 7.17% to
20.05%, S &
A Expenses was
decreased from 92.91%
to 79.96%, Interest Paid was increased from
0.00% to 0.28%,
Other Revenues was
decreased from 0.08%
to 0.02%, Net
Profit Margin was
increased from 1.53%
to 11.98%.
Earning Per Shares
was increased from
0.24 baht per
share to 2.52
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.23 |
2.18 |
|
Quick-Assets Ratio |
2.22 |
2.18 |
Current Ratio was
increased from 2.18 to 2.23, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
2.18 to 2.22,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.80 |
0.83 |
|
Times Interest Earned |
70.79 |
0.00 |
D/E Ratio was
decreased from 0.83
to 0.80, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
0.00 to 70.79,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
227.36 |
127.85 |
|
Total Assets Turnover |
1.04 |
0.97 |
|
Return on Assets |
12.46 |
1.49 |
|
Return on Equity |
22.42 |
2.71 |
|
Day's Payable |
0.10 |
3.19 |
|
Day’s Receivables |
0.00 |
2.40 |
Fixed Assets Turnover
was increased from
127.85 times to
227.36 times, Total
Assets Turnover was
increased from 0.97
times to 1.04
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.49 to 12.46,
Return on Equity
was increased from
2.71 to 22.42,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 4
days to 1
days, and Day’s
Receivables was decreased
from 3 days to 0
days.
RATING
EXPLANATIONS
|
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 |
|
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%)