MIRA INFORM REPORT
|
Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
HUTEK
[ASIA] CO., LTD. |
|
|
|
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Registered Office : |
91 Soi Akkaphat [Thonglor 17], Sukhumvit Road, North Klongton,, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.03.2000 |
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Com. Reg. No.: |
0105543028732 |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer and distributor
of climate control equipment |
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|
|
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No. of Employees
: |
120 persons |
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 |
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|
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
HUTEK [ASIA]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 91
SOI AKKAPHAT [THONGLOR 17],
SUKHUMVIT ROAD,
NORTH KLONGTON,
WATTANA,
BANGKOK 10110
TELEPHONE : [66] 2185-2831-4
FAX :
[66] 2712-6100
E-MAIL
ADDRESS : info@hutek-asia.com
hutex-asia@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543028732
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
FOREIGN : 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PREPOND BANDITYANOND,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : CLIMATE CONTROL
EQUIPMENT
MANUFACTURER 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 March 21,
2000 as a
private limited company under
the registered name
style HUTEK [ASIA]
CO., LTD. by
Thai and Foreign groups. Its
business objective is
to manufacture and
distribute climate control
equipment. It currently employs approximate 120
staff.
The
subject’s registered address
is 91 Soi
Akkaphat [Thonglor 17], Sukhumvit
Rd., North Klongton,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prepond Bandityanond :
Chairman |
[x] |
Thai |
70 |
|
Mrs. Daranee Bandityanond |
[x] |
Thai |
72 |
|
Mr. Prinyawuth Bandityanond |
[x] |
Thai |
37 |
|
Mr. Sune Torvald Bostrom |
|
Swedish |
60 |
|
Mr. Chen Yunan |
|
Chinese |
60 |
AUTHORIZED PERSON
Any two of
the above directors
[x] can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prepond Bandityanond is
the Managing Director.
He is Thai
nationality with the
age of 70
years old.
Mr. Prinyawuth Bandityanond is
the Deputy Managing
Director.
He is Thai nationality with
the age of 37 years
old.
Mrs. Supawadee Vongvorachatkul is
the Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and distributing of climate control equipment, such
as evaporative cooling
system, dehumidifier, humidifier
and energy recovery
unit, under its
own brand “HUTEK”.
Its products are supplied to
agro-business and industrial
factory.
The subject
also provides consulting
service for temperature
and humidity control
system as well
as energy saving
issues.
PURCHASE
80%
of its raw
materials and components
are imported from
Finland and Germany,
the remaining 20%
is purchased from
local suppliers.
SALES
Its products are
sold to customer
both locally and
overseas, mainly in
Asia and Europe
regions, such as
Indonesia, India, Republic
of China, Malaysia,
Germany, Sweden and
France.
RELATED AND AFFILIATED
COMPANY
Utile Engineering International
Co., Ltd.
Business Type :
Design, installation and
distributor of climate
control equipment.
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
120 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 76
Moo 5, Thaipipat
Rd., T. Hmuang, A.
Muang, Chonburi 20130.
Tel : [66]
38 394-071-5
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The subject provides the
industrial climate control
equipments and other
related products to
various industries. The subject’s business
performance in 2010
was considered good,
as well as
its business this
year would grow further
in relation to an improvement
of industrial sector.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 50,000 shares of
Bht. 100 each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prepond Bandityanond Nationality: Thai Address : 8
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok |
25,496 |
50.99 |
|
Proflute AB Nationality: Swedish Address : Sweden |
19,500 |
39.00 |
|
Jiangyin Wetpack Humicool Equipment
Co., Ltd. Nationality: Chinese Address : 237
Jensheng Rd., Jiang
Ying,
Republic of China |
5,000 |
10.00 |
|
Mrs. Daranee Bandityanond Nationality: Thai Address : 8 Sukhumvit Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Mr. Prinyawuth Bandityanond Nationality: Thai Address : 8
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok |
1 |
= 0.01 |
|
Mr. Preedapond Bandityanond Nationality: Thai Address : 8
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Ms. Ariya Bandityanond Nationality: Thai Address : 91
Sukhumvit 55 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
25,500 |
51.00 |
|
Foreign |
2 |
24,500 |
49.00 |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nawat Horwattananand No.
9305
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
36,155,027.37 |
49,393,348.55 |
|
Trade Accounts Receivable |
40,633,307.94 |
45,147,830.09 |
|
Inventories |
46,093,051.01 |
28,063,774.73 |
|
Other Current Assets |
11,642,938.30 |
5,183,926.08 |
|
|
|
|
|
Total Current Assets
|
134,524,324.62 |
127,788,879.45 |
|
|
|
|
|
Fixed Assets |
32,509,950.26 |
17,746,799.83 |
|
Other Assets |
4,011.00 |
9,750.80 |
|
Total Assets |
167,038,285.88 |
145,545,430.08 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
88,735,589.17 |
78,547,702.99 |
|
Current Portion of Financial Lease Contract Liabilities |
113,747.59 |
108,595.71 |
|
Other Current Liabilities |
34,940,773.35 |
31,026,174.75 |
|
|
|
|
|
Total Current Liabilities |
123,790,110.11 |
109,682,473.45 |
|
|
|
|
|
Financial Lease Contract
Liabilities, Net of Current Portion |
374,656.92 |
488,404.29 |
|
Total Liabilities |
124,164,767.03 |
110,170,877.74 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning-
Unappropriated |
37,873,518.85 |
30,374,552.34 |
|
Total Shareholders' Equity |
42,873,518.85 |
35,374,552.34 |
|
Total Liabilities & Shareholders' Equity |
167,038,285.88 |
145,545,430.08 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
328,986,701.56 |
263,467,071.59 |
|
Interest Income |
302,995.83 |
298,986.50 |
|
Other Income |
11,443,780.09 |
6,716,967.19 |
|
Gain on Exchange
Rate |
165,705.98 |
- |
|
Total Sales |
340,899,183.46 |
270,483,025.28 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
251,409,360.20 |
197,961,780.92 |
|
Selling Expenses |
53,188,781.04 |
39,379,586.06 |
|
Administrative Expenses |
25,471,449.52 |
23,326,481.21 |
|
Total Expenses |
330,069,590.76 |
260,667,848.19 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
10,829,592.70 |
9,815,177.09 |
|
Financial Cost |
[311,450.52] |
[270,121.17] |
|
Profit before Income Tax |
10,518,142.18 |
9,545,055.92 |
|
Income Tax |
[3,019,175.67] |
[2,706,702.30] |
|
|
|
|
|
Net Profit / [Loss] |
7,498,966.51 |
6,838,353.62 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.09 |
1.17 |
|
QUICK RATIO |
TIMES |
0.62 |
0.86 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.12 |
14.85 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.97 |
1.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.92 |
51.74 |
|
INVENTORY TURNOVER |
TIMES |
5.45 |
7.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.08 |
62.55 |
|
RECEIVABLES TURNOVER |
TIMES |
8.10 |
5.84 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
128.83 |
144.83 |
|
CASH CONVERSION CYCLE |
DAYS |
(16.83) |
(30.54) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.42 |
75.14 |
|
SELLING & ADMINISTRATION |
% |
23.91 |
23.80 |
|
INTEREST |
% |
0.09 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
27.20 |
27.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.29 |
3.73 |
|
NET PROFIT MARGIN |
% |
2.28 |
2.60 |
|
RETURN ON EQUITY |
% |
17.49 |
19.33 |
|
RETURN ON ASSET |
% |
4.49 |
4.70 |
|
EARNING PER SHARE |
BAHT |
149.98 |
136.77 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.90 |
3.11 |
|
TIME INTEREST EARNED |
TIMES |
34.77 |
36.34 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
24.87 |
|
|
OPERATING PROFIT |
% |
10.34 |
|
|
NET PROFIT |
% |
9.66 |
|
|
FIXED ASSETS |
% |
83.19 |
|
|
TOTAL ASSETS |
% |
14.77 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.20 |
Impressive |
Industrial
Average |
12.37 |
|
Net Profit Margin |
2.28 |
Impressive |
Industrial
Average |
1.41 |
|
Return on Assets |
4.49 |
Impressive |
Industrial
Average |
3.24 |
|
Return on Equity |
17.49 |
Impressive |
Industrial
Average |
7.91 |
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 27.2%. 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 2.28%, higher figure when 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
4.49%, 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 17.49%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.09 |
Acceptable |
Industrial
Average |
1.71 |
|
Quick Ratio |
0.62 |
|
|
|
|
Cash Conversion Cycle |
(16.83) |
|
|
|
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 1.09 times in 2010, decreased from 1.17 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 0.62 times in 2010,
decreased from 0.86 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 -17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
2.90 |
Risky |
Industrial
Average |
1.36 |
|
Times Interest Earned |
34.77 |
Impressive |
Industrial
Average |
1.77 |
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 34.78 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 0.74 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.12 |
Impressive |
Industrial
Average |
8.92 |
|
Total Assets Turnover |
1.97 |
Satisfactory |
Industrial
Average |
2.29 |
|
Inventory Conversion Period |
66.92 |
|
|
|
|
Inventory Turnover |
5.45 |
Impressive |
Industrial
Average |
4.10 |
|
Receivables Conversion Period |
45.08 |
|
|
|
|
Receivables Turnover |
8.10 |
Impressive |
Industrial
Average |
6.70 |
|
Payables Conversion Period |
128.83 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.88 |
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.