MIRA
INFORM REPORT
|
Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IWK
PACKAGING MACHINERY LIMITED |
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Registered Office : |
888/45 Moo 19,
Bangplee-Tamru Road, Bangplee
Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31.03. 1999 |
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Com. Reg. No.: |
0115542001792 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Packaging Machinery
and Equipment |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
IWK
PACKAGING MACHINERY LIMITED
SUMMARY
BUSINESS
ADDRESS : 888/45 MOO 19, BANGPLEE-TAMRU ROAD,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN
10540
TELEPHONE : [66]
2382-5440-6
FAX : [66] 2382-5447
E-MAIL
ADDRESS : iwkbkk@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542001792 [Former
: SOR POR. 8828]
CAPITAL
REGISTERED : BHT.
2,100,000
CAPITAL
PAID-UP : BHT.
2,100,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MATTHIAS JUNGLING, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 29
LINES
OF BUSINESS : PACKAGING MACHINERY & EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject was
established on March
31, 1999 as a
private limited company
under the name
style IWK PACKAGING
MACHINERY LIMITED by German
groups, in order to import
and distribute packaging
machinery and equipment
to local market.
It currently employs
29 staff.
It is a subsidiary of
IWK Verpackungstechnik GmbH
from Germany.
The subject’s registered
address was initially located
at 49/45 Moo
9, Srinakarin Rd.,
Bangna, Bangkok 10260.
In June 2006,
it was relocated to 888/45
Moo 19, Bangplee-Tamru Rd., Bangpleeyai, Bangplee,
Samutprakarn 10540, and this is
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
|
Mr. Matthias
Jungling
|
German |
41 |
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Matthias
Jungling is the Managing Director.
He is
German nationality with
the age of
41 years old.
Mr. Apichart Lerschaianan is
the Sales Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor of packaging
machinery, spare parts
and related equipments
for various industries such as dairy products,
food, pharmaceutical, cosmetics
and etc.
It is an exclusive agent
of IWK Verpackungstechnik GmbH
in Germany, providing engineering consulting,
repairing and maintenance
services of the
products.
MAJOR BRANDS
“IWKA” and “BENHIL”
IMPORT [COUNTRIES]
100% of the
products is imported
from United Kingdom,
Republic of China,
Taiwan, United States
of America and
Germany.
MAJOR SUPPLIERS
- IWK Verpackungstechnik GmbH :
Germany
- Hassia Ltd. : U.S.A.
- Benz & Hilgers GmbH : Germany
- IWKA Pacunion GmbH : Germany
SALES [LOCAL]
100% of the
products is sold
and serviced locally
to end-users mainly
manufacturers.
PARENT COMPANY
IWK Verpackungstechnik GmbH : Germany
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
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight or T/T
on negotiated term.
BUSINESS TRANSACTION
The products
are sold to
customers by cash
and credit, with
the maximum credit
given at 30-60
days. The subject
is not found to have
problem on both
accounts receivable and accounts payable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public
Co., Ltd.
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
29 staff. [office,
sales staff and
engineers]
LOCATION DETAILS
The premise is
rented for administrative office and warehouse
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject has attained
a solid business
status over year’s
efforts. Its general
situation is favorable
and is witnessing stable growth
in its business
turnover.
The packaging sector
remains healthy. High technology for the packaging
industry also has high
potential for local
industries in order
to upgrade their products
and playing the
great role to
improve competitiveness in
world market. However,
the competition of packaging
machinery and equipment
market was very
aggressive during the
past year which
resulted in a
decrease of subject’s
sales revenue and
profit margin in
2006.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2,100,000 divided
into 21,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE: [as
at November 1,
2007]
|
NAME |
HOLDING |
% |
|
IWK Verpackungstechnik GmbH
Nationality : German Address : Germany |
20,994 |
99.97 |
|
Mr. Hans
K. Zedel Nationality : German Address : Germany |
1 |
|
|
Dr. Rudolf Hilmar Nationality : German Address : Germany |
1 |
|
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Mr. Earl
Marcus Adolf Nationality : German Address : Germany |
1 |
= 0.03 |
|
Mr. Matthias
Jungling Nationality : German Address : Germany |
1 |
|
|
Mr. Deter
V. Grulich Nationality : German Address : Germany |
1 |
|
Mr. Frank O. Hubner
Nationality : German Address : Germany |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Saifon Inkaew
No. 4434
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
7,626,477 |
1,875,110 |
|
Trade Accts. Receivable - Related Company |
1,021,709 |
10,007,402 |
|
- Other Company |
6,664,096 |
6,136,575 |
|
|
|
|
|
Trade Accts. Receivable - Net |
7,685,805 |
16,143,977 |
|
Advance Payment to
Related Company |
- |
145,205 |
|
Inventories |
33,997,027 |
3,223,229 |
|
Refundable Input Tax |
7,096,479 |
3,127,601 |
|
Other Current Assets
|
1,730,517 |
1,026,167 |
|
|
|
|
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Total Current
Assets |
58,136,305 |
25,541,289 |
|
Fixed Assets |
9,809,454 |
6,271,434 |
|
Intangible Assets |
7,526,638 |
- |
|
Deposit |
6,240,959 |
478,506 |
|
Other Assets |
- |
46,000 |
|
Total Assets |
81,713,356 |
32,337,229 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable - Related Company |
926,195 |
100,786 |
|
- Other Company |
10,553,763 |
4,087,561 |
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|
|
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Trade Accts. Payable
- Net |
11,479,958 |
4,188,347 |
|
Account Payable &
Advance from Parent
Company |
48,174,045 |
18,529 |
|
Current Portion of
Finance Lease Contract
Payable |
838,074 |
1,262,482 |
|
Accrued Income Tax |
- |
1,128,469 |
|
Accrued Expenses |
3,456,144 |
528,172 |
|
Other Current Liabilities |
2,057,745 |
465,554 |
|
|
|
|
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Total Current
Liabilities |
66,005,966 |
7,591,553 |
|
Finance Lease Contract
Payable - Net
of Current Portion |
1,112,994 |
1,167,953 |
|
Total Liabilities |
67,118,960 |
8,759,506 |
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 21,000 shares |
2,100,000 |
2,100,000 |
|
|
|
|
|
Capital Paid |
2,100,000 |
2,100,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
210,000 |
210,000 |
|
Unappropriated |
12,284,396 |
21,267,723 |
|
Total
Shareholders' Equity |
14,594,396 |
23,577,723 |
|
Total
Liabilities & Shareholders' Equity |
81,713,356 |
32,337,229 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Service
Income |
93,763,373 |
124,634,058 |
|
Commission Income |
5,454,310 |
6,988,155 |
|
Other Income |
145,374 |
283,360 |
|
Total Revenues
|
99,363,057 |
131,905,573 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
58,733,642 |
96,129,042 |
|
Selling & Administrative Expenses |
49,612,742 |
26,922,425 |
|
Total Expenses |
108,346,384 |
123,051,467 |
|
|
|
|
|
Profit / [Loss] before
Income Tax |
[8,983,327] |
8,854,106 |
|
Income Tax |
- |
[2,513,856] |
|
|
|
|
|
Net Profit / [Loss] |
[8,983,327] |
6,340,250 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[24.77] |
|
|
Operating Profit |
[234.86] |
|
|
Net Profit |
[241.69] |
|
|
Fixed Assets |
56.41 |
|
|
Total Assets |
152.69 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
62.64 |
77.13 |
|
Operating Profit Margin |
[9.58] |
7.10 |
|
S & A
Expenses |
52.91 |
21.60 |
|
Other Revenues |
5.97 |
5.83 |
|
Net Profit Margin |
[9.58] |
5.09 |
|
Earning Per Shares |
[427.78] |
301.92 |
|
No. of Shares |
21,000 |
21,000 |
Net Sales was
decreased by 24.77%,
Operating Profit was
decreased by 234.86%,
Net Profit was
decreased by 241.69%,
Fixed Assets was
increased by 56.41%,
Total Assets was
increased by 152.69%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 77.13%
to 62.64%, Operating
Profit Margin was
decreased from 7.10%
to -9.58%, S
& A Expenses
was increased from
21.60% to 52.91%,
Other Revenues was
increased from 5.83%
to 5.97%, Net
Profit Margin was
decreased from 5.09%
to -9.58%.
Earning Per Shares
was decreased from
301.92 baht per
share to -427.78
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.88 |
3.36 |
|
Quick-Assets Ratio |
0.23 |
2.39 |
Current Ratio was
decreased from 3.36
to 0.88, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
2.39 to 0.23,
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 |
4.60 |
0.37 |
D/E Ratio was
increased from 0.37
to 4.60, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
9.56 |
19.87 |
|
Total Assets Turnover |
1.15 |
3.85 |
|
Return on Assets |
[10.99] |
19.61 |
|
Return on Equity |
[61.55] |
26.89 |
|
Day's Payable |
40.52 |
11.81 |
|
Day’s Inventories |
130.53 |
9.31 |
|
Day’s Receivables |
25.59 |
17.73 |
Fixed Assets Turnover
was decreased from
19.87 times to
9.56 times, Total
Assets Turnover was
decreased from 3.85
times to 1.15
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 19.61 to
-10.99, Return on
Equity was decreased
from 26.89 to
-61.55, capacity to
use Assets to
make profit was
not good.
Day's Payable was
increased from 12
days to 41
days, Day’s Inventories
was increased from
10 days to
131 days, and
Day’s Receivables was
increased from 18
days to 26
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%)