MIRA INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRACK
EQUIPMENT CO., LTD. |
|
|
|
|
Registered Office : |
49-52 Rongmuang
Road, Rongmuang, Pathumwan, Bangkok
10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.01.1977 |
|
|
|
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Com. Reg. No.: |
0105520000432 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Tractor’s Equipment
& Spare Parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
TRACK EQUIPMENT
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 49-52
RONGMUANG ROAD, RONGMUANG,
PATHUMWAN, BANGKOK
10330, THAILAND
TELEPHONE : [66] 2214-3918,
2214-3886, 2214-2556, 2214-4614,
2214-5245
FAX : [66] 2215-9775,
2215-5063
E-MAIL
ADDRESS : info@trackequipment.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1977
REGISTRATION
NO. : 0105520000432 [Former : 43/2520]
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ADISAK THAVEEYONCHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES
OF BUSINESS : TRACTOR’S EQUIPMENT
& 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 January 12,
1977 as a private
limited company under
the name style TRACK
EQUIPMENT CO., LTD., by Thai
groups, in order
to distribute tractor’s
equipment and spare
parts to local
market. It currently
employs 35 staff.
The
subject’s registered address is
49-52 Rongmuang Rd.,
Rongmuang, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Adisak Thaveeyonchai |
|
Thai |
60 |
|
Mrs. Arunee Thaveeyonchai |
|
Thai |
67 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Adisak Thaveeyonchai is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
Mrs. Arunee Thaveeyonchai is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 67
years old.
Ms. Natsuda Thaveeyonchai is
the Assistant Managing
Director.
She is Thai
nationality.
Mr. Thanathip Thaveeyonchai is
the Assistant Managing
Director.
He is Thai
nationality.
Mrs. Surat Sitavarin is
the Account Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing various
kinds of equipment and
spare parts for tractors including engines & parts,
oil seals, filters,
chains, gears, motors, hydraulic
pumps, roller bearing,
tyres, bushes, clutches,
batteries and etc., depending on customer’s
requirement.
MAJOR BRANDS
“KOMATSU”, “CATERPILLA”, “DAEWOO”,
“TINGKEN”, “KOBELCO”,
“MITSUBISHI”, “CONMEE”, “SUMITOMO”,
“CUMMINS ENGINE”, “HI-TRACK”,
“HIGH GASKET”, “SUDO”,
“WORLD GASKET” and
etc.
PURCHASE
80%
of its products
is purchased from
local suppliers &
agents, and the remaining 20%
is imported from
Taiwan, Indonesia, Japan,
Australia, Italy, Korea,
Germany, Republic of
China and Malaysia.
SALES
[LOCAL]
100%
of the products
is sold locally
by wholesale to
sub-dealers and by
retail to end-users.
SUBSIDIARY/AFFILIATED COMPANY
Yonthavee Motor Co., Ltd.
Business Type : Distributor of
engine parts for
tractors
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 term.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok
10110]
EMPLOYMENT
The
subject employs 35
staff [office and
sales staff].
LOCATION
DETAILS
The
premise is owned
for administrative office,
showroom and warehouse
in a 4 storey building of
4 row shop
houses at the
heading address. Premise
is located in commercial area.
REMARK
CREDIT
OF EUR 109,000
SHOULD BE IN
ORDER.
COMMENT
There
was a demand of
tractor’s spare parts in relation
with the growth
of industrial consumption. Sales
surge reflected the
steady growth of
the repair sector mostly from
services centers.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 15,000,000
on December 14,
1977
Bht. 25,000,000
on September 15,
1981
The
latest registered capital
was increased to
Bht. 25,000,000 divided into
25,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [ as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Adisak Thaveeyonchai Nationality: Thai Address : 48-49-52 Rongmuang
Rd., Rongmuang,
Pathumwan, Bangkok |
6,750 |
27.00 |
|
Mrs. Arunee Thaveeyonchai Nationality: Thai Address : 48-49-52 Rongmuang
Rd., Rongmuang,
Pathumwan, Bangkok |
6,750 |
27.00 |
|
Mr. Thanathip Thaveeyonchai Nationality: Thai Address : 48-49-52 Rongmuang
Rd., Rongmuang,
Pathumwan, Bangkok |
2,300 |
9.20 |
|
Ms. Natsuda Thaveeyonchai Nationality: Thai Address : 48-49-52 Rongmuang
Rd., Rongmuang,
Pathumwan, Bangkok |
2,300 |
9.20 |
|
Mrs. Yupapath Jarumethee Nationality: Thai Address : 28/229 Moo
8, Bangmod, Jomthong,
Bangkok |
2,300 |
9.20 |
|
Ms. Thiphaya Thaveeyonchai Nationality: Thai Address : 26 Rongmuang
Rd., Rongmuang,
Pathumwan, Bangkok 10330 |
2,300 |
9.20 |
|
Mr. Charnchai Jarumethee Nationality: Thai Address : 28/229 Moo
8, Bangmod, Jomthong,
Bangkok |
2,300 |
9.20 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Panida Pathumarat No.
2126
BALANCE SHEET
[BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current
Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
966,134.71 |
961,952.80 |
|
Trade Accts. & Notes
Receivable |
43,570,875.07 |
38,090,859.49 |
|
Inventories |
186,040,191.30 |
177,117,721.61 |
|
Other Current Assets
|
591,742.92 |
540,466.96 |
|
Total Current Assets
|
231,168,944.00 |
216,711,000.86 |
|
|
|
|
|
Fixed Assets |
7,797,834.48 |
7,194,830.68 |
|
Total Assets |
238,966,778.48 |
223,905,831.54 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
46,363,506.95 |
41,567,827.10 |
|
Trade Accts. & Notes
Payable |
136,477,487.86 |
128,871,582.51 |
|
Accrued Expenses |
1,656,718.08 |
1,524,046.93 |
|
Total Current Liabilities |
184,497,712.89 |
171,963,456.54 |
|
Total Liabilities |
184,497,712.89 |
171,963,456.54 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 25,000 shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
29,469,065.59 |
26,942,375.00 |
|
Total Shareholders' Equity |
54,469,065.59 |
51,942,375.00 |
|
Total Liabilities & Shareholders' Equity |
238,966,778.48 |
223,905,831.54 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
175,309,673.04 |
155,707,043.84 |
|
Other Income |
3,008,203.33 |
1,340,211.12 |
|
Total Sales |
178,317,876.37 |
157,047,254.96 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
154,597,205.45 |
135,818,005.13 |
|
Selling Expenses |
7,478,895.75 |
6,158,147.48 |
|
Administrative Expenses |
11,507,967.37 |
11,487,978.17 |
|
Total Expenses |
173,584,068.57 |
153,464,130.78 |
|
Profit / [Loss] Before Financial
Cost & Income Tax |
4,733,807.80 |
3,583,124.18 |
|
Financial Cost |
[1,093,460.14] |
[1,253,638.32] |
|
Profit / [Loss] Before Income Tax |
3,640,347.66 |
2,329,485.86 |
|
Income Tax |
[1,113,657.07] |
[1,053,738.20] |
|
Net Profit / [Loss] |
2,526,690.59 |
1,275,747.66 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.26 |
|
QUICK RATIO |
TIMES |
0.24 |
0.23 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
22.48 |
21.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.73 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
439.24 |
475.99 |
|
INVENTORY TURNOVER |
TIMES |
0.83 |
0.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.72 |
89.29 |
|
RECEIVABLES TURNOVER |
TIMES |
4.02 |
4.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
322.22 |
346.33 |
|
CASH CONVERSION CYCLE |
DAYS |
207.73 |
218.95 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.19 |
87.23 |
|
SELLING & ADMINISTRATION |
% |
10.83 |
11.33 |
|
INTEREST |
% |
0.62 |
0.81 |
|
GROSS PROFIT MARGIN |
% |
13.53 |
13.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.70 |
2.30 |
|
NET PROFIT MARGIN |
% |
1.44 |
0.82 |
|
RETURN ON EQUITY |
% |
4.64 |
2.46 |
|
RETURN ON ASSET |
% |
1.06 |
0.57 |
|
EARNING PER SHARE |
BAHT |
101.07 |
51.03 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.39 |
3.31 |
|
TIME INTEREST EARNED |
TIMES |
4.33 |
2.86 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
12.59 |
|
|
OPERATING PROFIT |
% |
32.11 |
|
|
NET PROFIT |
% |
98.06 |
|
|
FIXED ASSETS |
% |
8.38 |
|
|
TOTAL ASSETS |
% |
6.73 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
13.53 |
Acceptable |
Industrial
Average |
19.51 |
|
Net Profit Margin |
1.44 |
Impressive |
Industrial
Average |
(3.15) |
|
Return on Assets |
1.06 |
Impressive |
Industrial
Average |
0.87 |
|
Return on Equity |
4.64 |
Impressive |
Industrial
Average |
3.90 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 13.53%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 1.44% 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 1.06%, 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 4.64%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.25 |
Deteriorated |
Industrial
Average |
30.92 |
|
Quick Ratio |
0.24 |
|
|
|
|
Cash Conversion Cycle |
207.73 |
|
|
|
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 1.25 times in 2010, decrease from 1.26 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 lower.
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 0.24 times in 2010,
increase from 0.23 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 208 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.72 |
|
Debt to Equity Ratio |
3.39 |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
4.33 |
Deteriorated |
Industrial
Average |
528.16 |
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 4.33 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 0.77 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
22.48 |
Deteriorated |
Industrial
Average |
57,978.37 |
|
Total Assets Turnover |
0.73 |
Deteriorated |
Industrial
Average |
1.68 |
|
Inventory Conversion Period |
439.24 |
|
|
|
|
Inventory Turnover |
0.83 |
Deteriorated |
Industrial
Average |
6.63 |
|
Receivables Conversion Period |
90.72 |
|
|
|
|
Receivables Turnover |
4.02 |
Deteriorated |
Industrial
Average |
37.57 |
|
Payables Conversion Period |
322.22 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.21 |
|
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.