MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAVORN
MOTORS IMPORT COMPANY
LIMITED |
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Registered Office : |
1645/97 Charansanitwong Road, Bangkoknoi, Bangkok
10700 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.09. 1976 |
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Com. Reg. No.: |
0105519009928 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Automotive 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 & address
THAVORN
MOTORS IMPORT COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 535, 537 MAHACHAI ROAD, SAMRANRAJ,
PHRANAKORN, BANGKOK
10200, THAILAND
TELEPHONE : [66] 2222-6362, 2221-2232
FAX
: [66] 2225-8026
REGISTRATION ADDRESS : 1645/97 CHARANSANITWONG ROAD,
BANGKOKNOI, BANGKOK
10700, THAILAND
ESTABLISHED
: 1976
REGISTRATION NO. : 0105519009928 [Former:
992/2519]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
ANANT PATANAPRATEEP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : AUTOMOTIVE PARTS
IMPORTER &
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 September
1, 1976 as
a private limited
company under the name
style THAVORN MOTORS
IMPORT COMPANY LIMITED by Thai group,
Patanaprateep family, in
order to import
and distribute automotive
parts to local
market. It currently
employs 8 staff.
The subject’s registered
address is 535, 537
Mahachai Road, Samranraj,
Phranakorn, Bangkok 10200,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Anant Patanaprateep [x] |
Thai |
63 |
|
Mrs. Oraphan Patanaprateep |
Thai |
62 |
|
Ms. Anong Rungsaengmanoon |
Thai |
64 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Anant
Patanaprateep is the
Managing Director.
He is Thai nationality with
the of 63 years old.
Mr. Sanchai
Patanaprateep is the
Sales and Marketing
Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is an importer and distributor
of automotive parts,
especially for tractor,
such as planetary
gear, brake shaft,
brake band, hydraulic
pump, motor and
etc.
BRAND NAMES
FORD, MASSEY FERGUSON,
JOHN DEERE, NISSAN,
MITSUBISHI and etc.
IMPORT [COUNTRIES]
Most of the
products are imported
from Japan, Germany,
Korea, Taiwan, Italy,
Republic of China
and Malaysia.
SALES [LOCAL]
80% of the products is
sold locally to
wholesalers, and the
remaining 20% is
to retailers 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
on the credits term of
30-60 days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd., Bangrak, Bangkok ]
EMPLOYMENT
The subject employs
8 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for operating
office, showroom and
warehouse in a
3 storey building,
of 2 row shop houses
at the heading address in
commercial/residential area.
COMMENT
Sales were slowdown
during the last
two years from
market stagnant. However,
trend of business
in long term
is expected further
growth.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
1,000 shares of
Bht. 1,000 each.
On July 30,
2002 the capital
was increased to
Bht. 5,000,000 divided
into 5,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Anant
Patanaprateep Nationality: Thai Address : 211 Boripat
Road, Bangkok |
1,250 |
25.00 |
|
Ms. Oraluck Patanaprateep Nationality: Thai Address : 211 Boripat
Road, Bangkok |
750 |
15.00 |
|
Mr. Thavorn
Patanaprateep Nationality: Thai Address : 211 Boripat
Road, Bangkok |
750 |
15.00 |
Mr. Nithiwan
Patanaprateep
Nationality: Thai Address : 211 Boripat
Road, Bangkok |
750 |
15.00 |
|
Mr. Sanchai
Patanaprateep Nationality: Thai Address : 211 Boripat
Road, Bangkok |
750 |
15.00 |
|
Mrs. Oraphan
Patanaprateep Nationality: Thai Address : 211 Boripat
Road, Bangkok |
700 |
14.00 |
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Ms. Anong
Rungsaengmanoon Nationality: Thai Address : 211 Boripat
Road, Bangkok |
50 |
1.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Wattana Trikantha No. 2399
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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|
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Cash in hand
& at Bank
|
914,915.48 |
447,770.61 |
|
Inventories |
21,083,791.50 |
21,159,695.23 |
|
Prepaid Expenses |
37,416.67 |
37,631.00 |
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Other Current Assets
|
370,048.84 |
1,779,749.34 |
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Total Current
Assets |
22,406,172.49 |
23,424,846.18 |
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Fixed Assets |
1,390,137.97 |
1,662,446.51 |
|
Other Assets |
6,000.00 |
6,000.00 |
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Total Assets |
23,802,310.46 |
25,093,292.69 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Accrued Expenses |
11,271.94 |
9,116.74 |
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Accrued Income Tax |
24,019.72 |
33,143.11 |
|
Other Current Liabilities |
13,882.20 |
14,159.28 |
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Total Current
Liabilities |
49,173.86 |
56,419.13 |
|
Long Term Loan
from Related Person |
16,700,000.00 |
18,200,000.00 |
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Total Liabilities |
16,749,173.86 |
18,256,419.13 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 5,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
2,053,136.60 |
1,836,873.56 |
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Total
Shareholders' Equity |
7,053,136.60 |
6,836,873.56 |
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Total
Liabilities & Shareholders' Equity |
23,802,310.46 |
25,093,292.69 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
18,948,259.91 |
25,183,672.31 |
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Other Income |
120,421.10 |
268.73 |
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Total Revenues
|
19,068,681.01 |
25,183,941.04 |
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Expenses |
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Cost of Goods
Sold |
16,946,617.41 |
22,865,333.17 |
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Selling & Administrative Expenses |
1,863,027.57 |
2,048,951.09 |
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Total Expenses |
18,809,644.98 |
24,914,284.26 |
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Profit / [Loss] Before Income
Tax |
259,036.03 |
269,656.78 |
|
Interest Expenses |
3.27 |
- |
|
Income Tax |
42,769.72 |
54,143.11 |
|
Net Profit / [Loss] |
216,263.04 |
215,513.67 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[24.76] |
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Operating Profit |
27.67 |
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Net Profit |
0.35 |
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Fixed Assets |
[16.38] |
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Total Assets |
[5.14] |
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Profitability |
|
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Cost of Good
Sold |
89.44 |
90.79 |
|
Operating Profit Margin |
1.37 |
1.07 |
|
S & A
Expenses |
9.83 |
8.14 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
0.64 |
0.00 |
|
Net Profit Margin |
1.14 |
0.86 |
|
Earning Per Shares |
43.25 |
43.10 |
|
No. of Shares |
5,000 |
5,000 |
Net Sales was
decreased by 24.76%,
Operating Profit was
increased by 27.67%,
Net Profit was
increased by 0.35%,
Fixed Assets was
decreased by 16.38%,
Total Assets was
decreased by 5.14%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.79%
to 89.44%, Operating
Profit Margin was
increased from 1.07%
to 1.37%, S
& A Expenses
was increased from
8.14% to 9.83%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was increased from
0.00% to 0.64%,
Net Profit Margin
was increased from
0.86% to 1.14%.
Earning Per Shares
was increased from
43.10 baht per
share to 43.25
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
455.65 |
415.19 |
|
Quick-Assets Ratio |
19.37 |
8.60 |
Current Ratio was
increased from 415.19
to 455.65, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
8.60 to 19.37,
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 |
2.37 |
2.67 |
|
Times Interest Earned |
79,215.91 |
0.00 |
D/E Ratio was
decreased from 2.67
to 2.37, 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 79,215.91, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
13.63 |
15.15 |
|
Total Assets Turnover |
0.80 |
1.00 |
|
Return on Assets |
0.91 |
0.86 |
|
Return on Equity |
3.07 |
3.15 |
|
Day’s Inventories |
400.57 |
302.48 |
Fixed Assets Turnover
was decreased from
15.15 times to
13.63 times, Total
Assets Turnover was
decreased from 1.00
times to 0.80
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.86 to
0.91, Return on
Equity was decreased
from 3.15 to
3.07, capacity to
use Assets to
make profit was
good.
Day’s Inventories was
increased from 303
days to 401
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 |
|
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%)