MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KITTISUPT
THAI TRACTOR LIMITED
PARTNERSHIP |
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Registered Office : |
20/1-2 SOI Prangsuppasat, Asadang Road,
Chaophorsua, Phranakorn, Bangkok
10200 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.04 1976 |
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Com. Reg. No.: |
0103519006994 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Used Tractors, Equipment and Spare
Parts |
RATING &
COMMENTS
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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
KITTISUPT
THAI TRACTOR LIMITED
PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 20/1-2 SOI PRANGSUPPASAT, ASADANG
ROAD,
CHAOPHORSUA, PHRANAKORN,
BANGKOK 10200
TELEPHONE : [66] 2224-1732,
2224-1695, 2224-1755
FAX : [66] 2226-1264
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1976
REGISTRATION NO. : 0103519006994
[Former : 714/2519]
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT. 1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. LAKHANAWAT PILANTANAKITTI, THAI
MANAGING PARTNER
NO.
OF STAFF : 7
LINES
OF BUSINESS : USED
TRACTORS, EQUIPMENT AND
SPARE
PARTS
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 April 27,
1976 as a
limited partnership under the
name KITTISUPT THAI
TRACTOR LIMITED PARTNERSHIP, by Thai partners,
the Pilantanakitti family,
in order to
distribute used tractors,
equipment and spare
parts to domestic
market. It currently
employs 7 staff.
The subject’s registered address
is 20/1-2 Soi
Prangsuppasat, Asadang Rd., Chaophorsua, Phranakorn, Bangkok 10200,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Lakhanawat
Pilantanakitti can sign
on behalf of
the subject with
seal affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr.
Lakhanawat Pilantanakitti is
the Managing Partner.
He is Thai nationality with
the age of
54 years old.
BUSINESS OPERATIONS
The subject’s activities
are distributor and
dealer various kinds
of used tractors,
equipment and spare
parts, under the
brand name “CATERPILLAR”, “KOMUTSU” and etc.
PURCHASE
Most
of tractor equipments
and spare parts
are purchased from
local suppliers, the
remaining, as well as
used tractors are
imported from Japan,
Taiwan, Austria, Singapore
and U. K.
MAJOR SUPPLIER
Komutsu International Ltd. : Japan [20-30%]
SALES
90% of the products is
sold locally by
retail to end-users,
and the remaining
10% is to sub-dealers.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 7
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial area.
COMMENT
The
subject’s business is
moderate. However, growth
remains slow from
current economic still.
Its business in
medium term is
expected to see
upward trend.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 550,000
which was carried
by 3 persons as followed:
Name Amount
Mr. Lakhanawat Pilantanakitti Bht. 250,000 [unlimited partner]
Mrs. Rungthip Pilantanakitti Bht. 250,000
Mr. Ekapong Pilantanakitti Bht. 50,000
On December 26,
2005, the capital
was increased to
Bht. 1,000,000, which was
carried by 3
persons as followed:
Name Age Amount
Mr. Lakhanawat Pilantanakitti
[54] Bht. 250,000 [Unlimited Partner]
Mrs. Rungthip Pilantanakitti [49] Bht.
250,000
Mr. Ekapong Pilantanakitti [28] Bht.
500,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Supathai Cheungcharoen No. 6997
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand |
91,147.65 |
115,098.91 |
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Inventories |
411,422.18 |
926,374.24 |
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Short Term Loan
to Share & Deferred Interest |
- |
2,727,000.00 |
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Other Current Assets
|
36,332.29 |
11,226.18 |
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Total Current
Assets |
538,902.12 |
3,779,699.33 |
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Loan to Partners
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3,400,000.00 |
- |
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Fixed Assets |
1,433,986.00 |
1,521,510.36 |
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Other Assets |
14,226.18 |
5,255.00 |
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Total Assets |
5,387,114.30 |
5,306,464.69 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Accrued Income Tax |
63,733.88 |
- |
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Other Current Liabilities |
17,727.77 |
38,944.65 |
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Total Current
Liabilities |
81,461.65 |
38,944.65 |
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Hire-Purchase Payable |
596,266.00 |
921,502.00 |
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Total Liabilities |
677,727.65 |
960,446.65 |
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Shareholders'
Equity |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
3,709,386.65 |
3,346,018.04 |
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Total
Shareholders' Equity |
4,709,386.65 |
4,346,018.04 |
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Total
Liabilities & Shareholders' Equity |
5,387,114.30 |
5,306,464.69 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
14,841,930.28 |
8,467,521.04 |
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Other Income |
34,000.00 |
27,000.00 |
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Total Revenues
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14,875,930.28 |
8,494,521.04 |
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Expenses |
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Cost of Goods
Sold |
13,216,669.43 |
7,277,645.42 |
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Selling & Administrative Expenses |
1,231,768.36 |
986,004.13 |
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Total Expenses |
14,448,437.79 |
8,263,649.55 |
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Profit / [Loss] Before Income
Tax |
427,492.49 |
230,871.49 |
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Income Tax |
[63,733.88] |
[34,630.72] |
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Net Profit / [Loss] |
363,758.61 |
196,240.77 |
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Retained Earning,
beginning of year |
3,346,018.04 |
3,149,777.27 |
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Retained Earning,
end of year |
3,709,776.65 |
3,346,018.04 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
75.28 |
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Operating Profit |
5.64 |
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Net Profit |
85.36 |
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Fixed Assets |
[5.75] |
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Total Assets |
1.52 |
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Profitability |
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Cost of Good
Sold |
89.05 |
85.95 |
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Operating Profit Margin |
2.88 |
2.73 |
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S & A
Expenses |
8.30 |
11.64 |
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Other Revenues |
0.23 |
0.32 |
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Net Profit Margin |
2.45 |
2.32 |
Net Sales was
increased by 75.28%,
Operating Profit was
increased by 5.64%,
Net Profit was
increased by 85.36%,
Fixed Assets was
decreased by 5.75%,
Total Assets was
increased by 1.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.95%
to 89.05%, Operating
Profit Margin was
increased from 2.73%
to 2.88%, S
& A Expenses
was decreased from
11.64% to 8.30%,
Other Revenues was
decreased from 0.32%
to 0.23%, Net
Profit Margin was
increased from 2.32%
to 2.45%.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
6.62 |
97.05 |
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Quick-Assets Ratio |
1.12 |
72.98 |
Current Ratio was
decreased from 97.05
to 6.62, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
72.98 to 1.12,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
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Leverage |
2006 |
2005 |
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D/E Ratio |
0.14 |
0.22 |
D/E Ratio was
decreased from 0.22
to 0.14, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
10.35 |
5.57 |
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Total Assets Turnover |
2.76 |
1.60 |
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Return on Assets |
6.75 |
3.70 |
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Return on Equity |
7.72 |
4.52 |
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Day’s Inventories |
9.98 |
39.39 |
Fixed Assets Turnover
was increased from
5.57 times to
10.35 times, Total
Assets Turnover was
increased from 1.60
times to 2.76
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
3.70 to 6.75,
Return on Equity
was increased from
4.52 to 7.72,
capacity to use
Assets to make
profit was good.
Day’s Inventories was
decreased from 40
days to 10 days.
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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%)