MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
TAT LEE [ |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.03.2006 |
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Com. Reg. No.: |
0215549000979 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Industrial Gaskets |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
TAT LEE [
SUMMARY
BUSINESS ADDRESS :
A.
MUANG, RATCHABURI 21000
TELEPHONE : [66] 38
685-891-2
FAX : [66] 38
685-894
E-MAIL ADDRESS : tatlee@tatleethailand.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO.
: 0215549000979
CAPITAL REGISTERED
: BHT.
20,000,000
CAPITAL PAID-UP
: BHT.
20,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PIYA RUJIRAVANICH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES OF
BUSINESS : INDUSTRIAL GASKETS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 29,
2006 as a
private limited company under
the name style
TAT LEE [THAILAND]
LTD., by Thai
and Singaporean groups, in order
to manufacture and
distribute industrial gasket
to domestic market.
It currently employs
approximately 50 staff.
The
subject’s registered address
is 450 Sukhumvit
Rd., Huaypong, Muang,
Rayong 21000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Thamrong Putharak |
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Thai |
39 |
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Mr. Ho Gim Hai |
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Singaporean |
46 |
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Mr. Ho Gim Chuan |
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Singaporean |
55 |
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Mr. Somporn Chaleawchittikul |
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Thai |
59 |
|
Mr. Piya Rujiravanich |
|
Thai |
33 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Piya Rujiravanich is
the Managing Director.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing wide
range of industrial
gasket, such as cam profile
gaskets, jacketed gaskets,
spiral wound gaskets,
ring type joint
gaskets, soft-cut gaskets,
reinforced metallic gaskets,
solid metallic gaskets,
corrugated metal gaskets
and etc., mainly
supply to petrochemical
and oil refinery
industry.
PURCHASE
Most of raw
material are purchased
from local supplier,
and the remaining
such as steels,
aluminum and rubber are
imported from Taiwan,
Republic of China
and Singapore.
SALES
100% of the
products is sold
locally by wholesale
to traders, 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
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 50
staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial/industrial area.
Branch
office is located
at PTTAR Bldg.,
4 I-2 Rd.,
Mabtaphut Industrial Estate,
Mabtaphut, Muang, Rayong
21150.
REMARK
CREDIT
OF US$ 500,000
AGAINST D/A SHOULD
BE IN ORDER.
COMMENT
The subject was
formed in 2006
as a manufacturer
and distributor of
industrial gaskets. Most of the clients
are petrochemical and
oil refinery industry.
Subject’s growth is
related to economic
condition and industrial consumption which
currently has been
slowing down. However,
subject still has
positive outlook for
its business due to
there are some
expansion works.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 10,000
shares of Bht.
1,000 each.
On
November 8, 2006,
the capital was
increased to Bht. 20,000,000 divided into
20,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at September
1, 2008]
|
NAME |
HOLDING |
% |
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Mr. Somporn Chaleawchittikul Nationality: Thai Address :
Wattana, |
8,800 |
44.00 |
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Mr. Ho Gim Hai Nationality: Singaporean Address : Rayong |
3,000 |
15.00 |
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Mr. Ho Gim Chuan Nationality: Singaporean Address : Rayong |
3,000 |
15.00 |
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Mr. Ho Gim Heng Nationality: Singaporean Address : Rayong |
3,000 |
15.00 |
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Mr. Piya Rujiravanich Nationality: Thai Address : 10/35
Moo 1, Nernphra,
Muang, Rayong |
1,000 |
5.00 |
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Mr. Thamrong Putharak Nationality: Thai Address : 32
Moo 154, Bankoo,
Muang, Chiangrai |
1,000 |
5.00 |
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Mrs. Vimolphan Poomkham Nationality: Thai Address : 394
Soi Matchantikaram, Bangsue, |
200 |
1.00 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Chusri Srinakornthai No. 1982
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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Cash in hand
& at Bank
|
2,013,096.82 |
593,699.37 |
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Trade Accts. Receivable
|
4,756,174.15 |
4,360,460.03 |
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Inventories |
11,063,403.93 |
4,301,628.32 |
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Raw Material |
3,112,674.30 |
3,134,646.04 |
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Work in Process |
- |
6,687.31 |
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Other Current Assets
|
4,395,543.51 |
880,041.91 |
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Total Current Assets
|
25,340,892.71 |
13,277,162.98 |
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Fixed Assets |
6,506,298.90 |
6,674,339.61 |
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Other Assets |
457,740.00 |
- |
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Total Assets |
32,304,931.61 |
19,951,502.59 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2007 |
2006 |
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Other Current Liabilities |
1,122,411.06 |
2,650,431.67 |
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Total Current Liabilities |
1,122,411.06 |
2,650,431.67 |
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Loan from Director |
10,930,042.30 |
- |
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Total Liabilities |
12,052,453.36 |
2,650,431.67 |
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Shareholders' Equity |
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Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
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Retained Earning -
Unappropriated [Deficit] |
252,478.25 |
[2,698,929.08] |
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Total Shareholders' Equity |
20,252,478.25 |
17,301,070.92 |
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Total Liabilities &
Shareholders' Equity |
32,304,931.61 |
19,951,502.59 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2007 |
2006 |
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Sales & Services Income |
23,450,345.54 |
6,170,100.29 |
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Total Revenues |
23,450,345.54 |
6,170,100.29 |
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Expenses |
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Cost of Goods
Sold |
13,216,911.27 |
4,648,201.61 |
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Selling & Administrative Expenses |
7,173,821.97 |
4,220,827.76 |
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Total Expenses |
20,390,733.24 |
8,869,029.37 |
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Profit / [Loss] Before Income Tax |
3,059,612.30 |
[2,698,929.08] |
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Income Tax |
[108,204.97] |
- |
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Net Profit / [Loss] |
2,951,407.33 |
[2,698,929.08] |
|
Retained Earning
[deficit], Beginning of Year |
[2,698,929.08] |
- |
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Retained Earning
[deficit], End of Year |
252,478.25 |
[2,698,929.08] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
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Net Sales |
280.06 |
|
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Operating Profit |
[129.83] |
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Net Profit |
209.35 |
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Fixed Assets |
[2.52] |
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Total Assets |
61.92 |
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Profitability |
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Cost of Good
Sold |
56.36 |
75.33 |
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Operating Profit Margin |
13.05 |
[43.74] |
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S & A
Expenses |
30.59 |
68.41 |
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Net Profit Margin |
12.59 |
[43.74] |
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Earning Per Shares |
147.57 |
[134.95] |
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No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 280.06%,
Operating Profit was
decreased by 129.83%,
Net Profit was
increased by 209.35%,
Fixed Assets was
decreased by 2.52%,
Total Assets was
increased by 61.92%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 75.33%
to 56.36%, Operating
Profit Margin was
increased from -43.74%
to 13.05%, S
& A Expenses
was decreased from
68.41% to 30.59%,
Net Profit Margin
was increased from
-43.74% to 12.59%.
Earning Per Shares
was increased from
-134.95 baht per
share to 147.57
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
22.58 |
5.01 |
|
Quick-Assets Ratio |
6.03 |
1.87 |
Current Ratio was
increased from 5.01
to 22.58, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.87 to 6.03,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.60 |
0.15 |
D/E Ratio was
increased from 0.15
to 0.60, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2007 |
2006 |
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Fixed Assets Turnover |
3.60 |
0.92 |
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Total Assets Turnover |
0.73 |
0.31 |
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Return on Assets |
9.14 |
[13.53] |
|
Return on Equity |
14.57 |
[15.60] |
|
Day’s Inventories |
217.63 |
434.27 |
|
Day’s Receivables |
73.01 |
254.41 |
Fixed Assets Turnover
was increased from
0.92 times to
3.60 times, Total
Assets Turnover was
increased from 0.31
times to 0.73
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-13.53 to 9.14,
Return on Equity
was increased from
-15.60 to 14.57,
capacity to use
Assets to make
profit was good.
Day’s Inventories was
decreased from 435
days to 218
days, and Day’s
Receivables was decreased
from 255 days
to 74 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
|
|
1 |
Rs.75.45 |
|
Euro |
1 |
Rs.64.21 |
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%)