MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
THAVEESAK TRACTOR LIMITED PARTNERSHIP |
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Registered Office : |
95/8-9 Moo 3, Vibhavadee Rangsit Road, Taladbangkhen, Laksi, Bangkok 10210 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.01.1979 |
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Com. Reg. No.: |
0103522000853 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and distributor of tractor’s 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 |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Thailand
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
THAVEESAK
TRACTOR LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 95/8-9 MOO
3, VIBHAVADEE RANGSIT
ROAD,
TALADBANGKHEN, LAKSI,
BANGKOK 10210
TELEPHONE : [66] 2521-0828-9,
2973-3409, 2521-7216
FAX :
[66] 2552-290,
2973-3410
E-MAIL
ADDRESS : ttlp2000@gmail.com
marketing@thaveesaktractor.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0103522000853 [Former : 86/2522]
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. PORNSAK DAMRONGTHAVEESAK, THAI
MANAGING PARTNER
NO.
OF STAFF : 17
LINES
OF BUSINESS : TRACTOR’S SPARE
PARTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 15,
1979 as a
limited partnership under
the name style
THAVEESAK TRACTOR LIMITED
PARTNERSHIP, by Thai
groups, the Damrongthaveesak family,
in order to
distribute various kinds
of tractor’s spare
parts to domestic
market. It currently
employs 17 staff.
The
subject’s registered address
is 95/8-9 Moo
3, Vibhavadee Rangsit
Rd., Talad Bangkhen, Laksi,
Bangkok 10210, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Pornsak Damrongthaveesak signs
on behalf of
the subject with
company’s affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Pornsak Damrongthaveesak is
the Managing Partner.
He is Thai
nationality with the
age of 34
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
tractor’s spare parts,
such as track
guard, shoe track,
track link, track
roller, engine parts,
seal, O-ring, spring,
pump parts, etc.,
under the various brand names, such as “CATERPILLAR”, “KOMATSU”, “AJAX”,
“MIBA”, “HST”, “CGR”,
“JIC”, “ITR”, “YUTANI”,
“MITSUBOSHI” and etc.
PURCHASE
Most of the
products are imported
from Japan, Singapore,
Italy and Republic
of China, Taiwan,
Korea and the
remaining is purchased
from local suppliers.
MAJOR SUPPLIER
Bangkok Motor Works
Co., Ltd. : Thailand
SALES
90% of the
products is sold
locally to wholesalers
and end-users, the
remaining 10% is
to retailers.
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 on negotiated
terms.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 17 staff.
LOCATION DETAILS
The
premise is rented
for administrative office and
showroom at the heading
address. Premise is
located in commercial/residential area.
Branch:
-
32/28-29
Moo 6, Phaholyothin
Rd., Klongnueng, Klongluang,
Pathumthani 12120.
Tel.: [66] 2901-7384-5,
Fax: [66] 2901-7386.
REMARK
CREDIT
OF EUR 15,000 SHOULD
BE IN ORDER.
COMMENT
Business growth
had seen since
2010 due to expansion
of industrial sector.
Subject also reported
increasing sales revenue in 2010 compared
to the previous
year.
Continue
growing of industrial
sector would have
a better change
to subject’s business performance this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
which was carried
by 3 persons
as followed:
Name Amount
Mr. Paisal
Damrongthaveesak Bht. 500,000
Mr. Pornsak
Damrongthaveesak Bht. 250,000 [unlimited partner]
Mr. Pornchai
Damrongthaveesak Bht. 250,000
On July 7,
2010, the capital
was held by
2 persons as
followed:
Name Age Amount
Mr. Pornsak
Damrongthaveesak [34] Bht.
500,000 [unlimited partner]
Mr. Pornchai
Damrongthaveesak [35] Bht.
500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Ratchaneeporn Chaimethanand No.
9379
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
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Cash and Cash Equivalents |
2,768,435.59 |
528,321.11 |
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Trade Accts. Receivable |
10,896,504.79 |
5,874,401.21 |
|
Short-term Loan to Related Person
|
- |
1,500,000.00 |
|
Inventories |
4,382,260.65 |
4,180,478.96 |
|
Other Current Assets
|
1,693,698.12 |
1,844,724.97 |
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Total Current Assets
|
19,740,899.15 |
13,927,926.25 |
|
Long-term Loan to Related Person |
- |
200,000.00 |
|
Fixed Assets |
319,758.16 |
396,353.98 |
|
Other Assets |
16,004.00 |
17,777.67 |
|
Total Assets |
20,076,661.31 |
14,542,057.90 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
- |
1,261,250.80 |
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Trade Accts. Payable |
2,210,348.51 |
1,174,053.79 |
|
Short-term Loan from Related Person |
1,124,063.05 |
- |
|
Accrued Income Tax |
625,764.02 |
- |
|
Accrued Expenses |
1,943,410.88 |
752,540.15 |
|
Other Current Liabilities |
5,335.68 |
213,546.57 |
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Total Current Liabilities |
5,908,922.14 |
3,401,391.31 |
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Total Liabilities |
5,908,922.14 |
3,401,391.31 |
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Shareholders' Equity |
|
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
13,167,739.17 |
10,140,666.59 |
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Total Shareholders' Equity |
14,167,739.17 |
11,140,666.59 |
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Total Liabilities & Shareholders' Equity |
20,076,661.31 |
14,542,057.90 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
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Sales |
42,674,753.53 |
30,885,516.13 |
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Other Income |
386,758.50 |
610,695.42 |
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Total Revenues |
43,061,512.03 |
31,496,211.55 |
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Expenses |
|
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|
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Cost of Goods
Sold |
32,720,734.05 |
25,260,636.02 |
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Selling Expenses |
1,860,108.48 |
493,400.00 |
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Administrative Expenses |
3,789,653.03 |
3,991,672.74 |
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Remuneration Director |
576,480.00 |
705,500.00 |
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Total Expenses |
38,946,975.56 |
30,451,208.76 |
|
Profit Before Financial Cost
& Income Tax |
4,114,536.47 |
1,045,002.79 |
|
Financial Cost |
[31,288.53] |
[12,895.70] |
|
Profit Before Income Tax |
4,083,247.94 |
1,032,107.09 |
|
Income Tax |
[1,056,175.36] |
[151,969.25] |
|
Net Profit / [Loss] |
3,027,072.58 |
880,137.84 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
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|
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
3.34 |
4.09 |
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QUICK RATIO |
TIMES |
2.31 |
2.32 |
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ACTIVITY RATIO |
|
|
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FIXED ASSETS TURNOVER |
TIMES |
133.46 |
77.92 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.13 |
2.12 |
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INVENTORY CONVERSION PERIOD |
DAYS |
48.88 |
60.41 |
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INVENTORY TURNOVER |
TIMES |
7.47 |
6.04 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
93.20 |
69.42 |
|
RECEIVABLES TURNOVER |
TIMES |
3.92 |
5.26 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.66 |
16.96 |
|
CASH CONVERSION CYCLE |
DAYS |
117.43 |
112.86 |
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PROFITABILITY
RATIO |
|
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COST OF GOODS SOLD |
% |
76.67 |
81.79 |
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SELLING & ADMINISTRATION |
% |
13.24 |
14.52 |
|
INTEREST |
% |
0.07 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
24.23 |
20.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.64 |
3.38 |
|
NET PROFIT MARGIN |
% |
7.09 |
2.85 |
|
RETURN ON EQUITY |
% |
21.37 |
7.90 |
|
RETURN ON ASSET |
% |
15.08 |
6.05 |
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.29 |
0.23 |
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DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.31 |
|
TIME INTEREST EARNED |
TIMES |
131.50 |
81.03 |
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ANNUAL GROWTH |
|
|
|
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SALES GROWTH |
% |
38.17 |
|
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OPERATING PROFIT |
% |
293.73 |
|
|
NET PROFIT |
% |
243.93 |
|
|
FIXED ASSETS |
% |
(19.33) |
|
|
TOTAL ASSETS |
% |
38.06 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.23 |
Impressive |
Industrial
Average |
11.43 |
|
Net Profit Margin |
7.09 |
Impressive |
Industrial
Average |
1.38 |
|
Return on Assets |
15.08 |
Impressive |
Industrial
Average |
3.12 |
|
Return on Equity |
21.37 |
Impressive |
Industrial
Average |
8.13 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The
company’s figure is 24.23%. When
compared with the industry average, the ratio of the company was higher. This indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 7.09% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 15.08%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 21.37%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
3.34 |
Impressive |
Industrial
Average |
1.75 |
|
Quick Ratio |
2.31 |
|
|
|
|
Cash Conversion Cycle |
117.43 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 3.34 times in 2010, decrease from 4.09 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 2.31 times in 2010,
decrease from 2.32 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 118 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
1.44 |
|
Times Interest Earned |
131.50 |
Impressive |
Industrial
Average |
2.86 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 131.51 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.29 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
133.46 |
Impressive |
Industrial
Average |
10.36 |
|
Total Assets Turnover |
2.13 |
Satisfactory |
Industrial
Average |
2.26 |
|
Inventory Conversion Period |
48.88 |
|
|
|
|
Inventory Turnover |
7.47 |
Impressive |
Industrial
Average |
4.78 |
|
Receivables Conversion Period |
93.20 |
|
|
|
|
Receivables Turnover |
3.92 |
Satisfactory |
Industrial
Average |
4.88 |
|
Payables Conversion Period |
24.66 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.62.87 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.