MIRA INFORM
REPORT
|
Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ATABOON
INTERNATIONAL MOTOR
COMPANY LIMITED |
|
|
|
|
Registered Office : |
6th Floor, Ataboon Building, 667/15 Charansanitwong Road, Aroon Amarin, Bangkoknoi, Bangkok 10700, |
|
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Country : |
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|
|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
29.07.1976 |
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Com. Reg. No.: |
0105519008247 |
|
|
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|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
& Distributor of
Friction Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ATABOON
INTERNATIONAL MOTOR COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 6TH FLOOR,
AROON AMARIN,
BANGKOKNOI,
TELEPHONE : [66] 2882-5599
FAX :
[66] 2882-5724
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1976
REGISTRATION
NO. : 0105519008247 [Former : 823/2519]
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 : MS.
ARPA ATABOONWONGSE, THAI
PRESIDENT
NO.
OF STAFF : 150
LINES
OF BUSINESS : FRICTION PRODUCTS
MANUFACTURER, EXPORTER
& 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 July
29, 1976 as
a private limited
company under the name style ATABOON INTERNATIONAL
MOTOR COMPANY LIMITED by
Thai group, Ataboonwongse family.
It initially involved in importing and
distributing of clutches
and related products
for automobiles. It
currently employs 150
staff.
In 1985, the
subject’s business was expanded
to be clutch
and brake products
assembler.
At present, the subject has
2 factories with 35,200
square meters of land and
12 production lines.
The full cooperation
on technical know-how has been provided
by Nippon Clutch
[Japan].
It has achieved
the standard ISO 9002
and ISO 9001:2000 certificate
by SGS and
BVQI in 2000
and 2003 respectively.
The subject’s registered address
is 667/15 Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi, Bangkok 10700,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Arpa Ataboonwongse |
[x] |
Thai |
58 |
|
Mr. Pichai Ataboonwongse |
|
Thai |
- |
|
Ms. Nonglak Ataboonwongse |
|
Thai |
- |
|
Mr. Somsak Ataboonwongse |
[x] |
Thai |
50 |
AUTHORIZED PERSON
Both of the mentioned
directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Arpa Ataboonwongse is
the President.
She is Thai
nationality with the
age of 58
years old.
Mr. Somsak Ataboonwongse is
the Managing Director.
He is Thai
nationality with the
age of 50
years old.
Mr. Veerapol Ataboonwongse is
the Export Manager.
He is Thai
nationality.
Ms. Kamolwan Yongkul
is the Factory
Manager.
She is Thai
nationality.
Mr. Pichai Ataboonwongse is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in design and
manufacturing wide range
of friction products, such
as disc brake
pads, clutch disc
for regular vehicles
and commercial vehicles,
clutch facings, disc
roter, woven linings,
commercial vehicle brake systems,
brake linings, brake
shoes and other
related products. Its
clutch and brake
lining system are
supplied to OEM
well-known car makers,
such as Isuzu
Thailand, Thai Hino
Motors Sales, Suzuki
Thailand, Kia Thailand,
F.C.C. Thailand and
Siam Kubota Industry
Co., Ltd., as
well as other
customers in 35
countries around the
world.
MAJOR BRANDS
“AMICO-ROTEX”, “SURE”,
“AKAMON”, “ANCENT” and etc.
The subject is also importing
and distributing the
world well known
brands VANNORMAN and
QUICKWAY clutch and
brake system products.
PURCHASE
The finished products
and raw materials
are imported from
United States of America,
Republic of China,
Germany and Japan.
MAJOR SUPPLIERS
- Nippon Clutch Ltd. :
- Juthawan Metal Co.,
Ltd. :
- Thai Steel Service
Center Co., Ltd. :
- Bangkok Special Steel
Co., Ltd. :
- Isuzu Thailand Co., Ltd. :
- Thai Hino Motor
Sales Co., Ltd. :
- F.C.C. Thailand Co., Ltd. :
- Siam Kubota Industry
Co., Ltd. :
- etc.
DISTRIBUTION
Most of the
products are exported
to Japan, Taiwan, Hong Kong, France,
Malaysia, Indonesia, Singapore, Italy, Germany,
Middle East countries and United States of America,
and the rest
is sold by
wholesale to local
dealers nationwide.
RELATED/AFFILIATED COMPANIES
Aim Clutch Industry
Co., Ltd.
Business Type :
Manufacturer of clutch
pad products.
Thai NKK Metal
Co., Ltd.
Business Type :
Manufacturer of Built
Clutch Products.
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
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
TMB Bank Public
Co., Ltd.
[Charansanitwong Branch :
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 150 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory I : 74/3 Moo 7,
Nonthaburi
11110.
Factory II :
REMARK
CREDIT OF US$
125,000 AGAINST D/A
TERMS SHOULD BE IN ORDER.
COMMENT
The subject has operated for more than 30 years. It has offered a
wide range of quality
products used in
clutch system, braking system (clutch facing,
clutch disc, disc
brake pad, brake lining,
brake shoe and
etc.) and also
other related steel
products.
The subject has world class technology from
At present, the subject is the leading distributor, manufacturer
and exporter marked
by a long
list of major
product contribution to
the automotive industry.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000
each.
The capital was
increased later as
follows:
Bht. 5,000,000
on July 13,
2000
Bht. 25,000,000
on December 29,
2004
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 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Nonglak Ataboonwongse Nationality: Thai Address : Bangkoknoi, |
52,500 |
21.00 |
|
Mr. Pichai Ataboonwongse Nationality: Thai Address : |
50,000 |
20.00 |
|
Ms. Arpa Ataboonwongse Nationality: Thai Address : Aroon Amarin,
Bangkoknoi, |
49,260 |
19.70 |
|
Mr. Pitiphat Pornprompat Nationality: Thai Address : Bangkoknoi,
|
45,000 |
18.00 |
|
Ms. Pichaya Tonsod Nationality: Thai Address : Aroon Amarin,
Bangkoknoi, |
32,500 |
13.00 |
|
Mr. Golf Ataboonwongse Nationality: Thai Address : Aroon Amarin,
Bangkoknoi, |
12,500 |
5.00 |
|
Mr. Somsak Ataboonwongse Nationality: Thai Address : Aroon Amarin,
Bangkoknoi, |
7,340 |
2.94 |
|
Master Supanat Ataboonwongs Nationality: Thai Address : 538/37 Aroon
Amarin, Bangkoknoi, |
450 |
0.18 |
|
Master Nathapat Ataboonwongs Nationality: Thai Address : 538/37 Aroon
Amarin, Bangkoknoi, |
450 |
0.18 |
Total Shareholders : 9
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Wanphen Amornsith
No. 1464
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
7,266,667.64 |
566,068.84 |
|
Trade Accounts Receivable |
28,052,359.44 |
30,702,808.91 |
|
Inventories |
13,762,824.92 |
17,787,557.97 |
|
Other Current Assets
|
4,087,869.78 |
4,580,963.15 |
|
|
|
|
|
Total Current Assets
|
53,169,721.78 |
53,637,398.87 |
|
Fixed Assets |
30,083,523.11 |
33,765,947.56 |
|
Other Assets |
7,151,830.19 |
328,401.87 |
|
Total Assets |
90,405,075.08 |
87,731,748.30 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
25,016,355.84 |
24,679,835.47 |
|
Postdated Cheque |
1,544,713.91 |
2,367,429.45 |
|
Accrued Income Tax |
340,509.18 |
291,002.32 |
|
Other Current Liabilities |
5,086,063.48 |
2,984,314.70 |
|
|
|
|
|
Total Current Liabilities |
31,987,642.41 |
30,322,581.94 |
|
Other Long Term Loan |
27,500,000.00 |
27,316,246.21 |
|
Total Liabilities |
59,487,642.41 |
57,638,828.15 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
|
|
|
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
5,917,432.67 |
5,092,920.15 |
|
Total Shareholders' Equity |
30,917,432.67 |
30,092,920.15 |
|
Total Liabilities &
Shareholders' Equity |
90,405,075.08 |
87,731,748.30 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
132,081,622.51 |
148,846,501.78 |
|
Less: Discount |
[1,661,467.94] |
91,803.17 |
|
|
|
|
|
Sales - Net |
130,420,154.57 |
148,754,698.61 |
|
Service Income |
1,469,830.10 |
- |
|
Gain on Exchange
Rate |
349,571.89 |
538,434.89 |
|
Interest Income |
24,900.97 |
223,887.75 |
|
Commission Income |
8,320.00 |
- |
|
Other Income |
711,519.97 |
445,296.11 |
|
Total Sales |
132,984,297.50 |
149,962,317.36 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
101,318,490.77 |
113,819,574.48 |
|
Selling Expenses |
7,008,218.69 |
11,428,642.72 |
|
Administrative Expenses |
23,028,643.17 |
21,956,471.47 |
|
Total Expenses |
131,355,352.63 |
147,204,688.67 |
|
|
|
|
|
Profit / [Loss] Before Financial
Expenses & Income Tax |
1,555,944.87 |
2,757,628.69 |
|
Financial Expenses |
[64,945.58] |
[825,038.02] |
|
Income Tax |
[666,486.77] |
[591,524.51] |
|
Net Profit / [Loss] |
824,512.52 |
1,341,066.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.66 |
1.77 |
|
QUICK RATIO |
TIMES |
1.10 |
1.03 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.38 |
4.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.46 |
1.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.58 |
57.04 |
|
INVENTORY TURNOVER |
TIMES |
7.36 |
6.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
77.63 |
75.34 |
|
RECEIVABLES TURNOVER |
TIMES |
4.70 |
4.84 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
90.12 |
79.14 |
|
CASH CONVERSION CYCLE |
DAYS |
37.09 |
53.23 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.82 |
76.51 |
|
SELLING & ADMINISTRATION |
% |
22.77 |
22.44 |
|
INTEREST |
% |
0.05 |
0.55 |
|
GROSS PROFIT MARGIN |
% |
(76.82) |
24.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(99.59) |
100.81 |
|
NET PROFIT MARGIN |
% |
0.63 |
0.90 |
|
RETURN ON EQUITY |
% |
- |
4.46 |
|
RETURN ON ASSET |
% |
0.91 |
1.53 |
|
EARNING PER SHARE |
BAHT |
3.30 |
5.36 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
- |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
- |
1.92 |
|
TIME INTEREST EARNED |
TIMES |
(2,022.54) |
181.76 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(11.34) |
|
|
OPERATING PROFIT |
% |
(187.59) |
|
|
NET PROFIT |
% |
(38.52) |
|
|
FIXED ASSETS |
% |
(10.91) |
|
|
TOTAL ASSETS |
% |
3.05 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
(76.82) |
Deteriorated |
Industrial Average |
11.32 |
|
Net Profit Margin |
0.63 |
Deteriorated |
Industrial Average |
1.39 |
|
Return on Assets |
0.91 |
Deteriorated |
Industrial Average |
3.02 |
|
Return on Equity |
- |
|
Industrial Average |
8.23 |
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 -76.82%. 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 0.63%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, its was lower, the company's figure is 0.91%.
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 |
1.66 |
Satisfactory |
Industrial Average |
1.68 |
|
Quick Ratio |
1.10 |
|
|
|
|
Cash Conversion Cycle |
37.09 |
|
|
|
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 1.66 times in 2009, decrease from 1.77 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 1.1 times in 2009,
increase from 1.03 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 38 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
- |
|
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
- |
|
Industrial Average |
1.59 |
|
Times Interest Earned |
(2,022.54) |
Risky |
Industrial Average |
3.03 |
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -2022.55 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
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 |
4.38 |
Deteriorated |
Industrial Average |
10.12 |
|
Total Assets Turnover |
1.46 |
Acceptable |
Industrial Average |
2.18 |
|
Inventory Conversion Period |
49.58 |
|
|
|
|
Inventory Turnover |
7.36 |
Impressive |
Industrial Average |
4.58 |
|
Receivables Conversion Period |
77.63 |
|
|
|
|
Receivables Turnover |
4.70 |
Satisfactory |
Industrial Average |
4.74 |
|
Payables Conversion Period |
90.12 |
|
|
|
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.45.37 |
|
|
1 |
Rs.70.38 |
|
Euro |
1 |
Rs.58.93 |
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.