MIRA INFORM REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
C.R.R.
PRODUCT CO., LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.04.1998 |
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Com. Reg. No.: |
0105541025591 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & Distributor of tractors’ equipment & spare parts |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
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 |
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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
C.R.R.
PRODUCT CO., LTD.
SUMMARY
BUSINESS
ADDRESS :
RAJBURANA,
TELEPHONE : [66] 2876-8145-6,
2476-7714
FAX :
[66] 2476-7762
E-MAIL
ADDRESS : crrprodt@truemail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541025591 [Former
: [3] 482/2541]
CAPITAL REGISTERED : BHT. 4,100,000
CAPITAL PAID-UP : BHT.
4,100,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PICHAI CHANABORIBOONCHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : TRACTORS’ EQUIPMENT & SPARE PARTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on April
27, 1998 as
a private limited
company under the name style C.R.R. PRODUCT CO., LTD., by Thai
groups, in order to distribute tractors’ equipment and
spare parts. It currently
employs approximately 20
staff.
The
subject’s registered address
is 292/3-4 Suksawat
Rd., Bangpakok, Rajburana,
Bangkok 10140, and
this is the
subject’s current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pichai Chanaboriboonchai |
|
Thai |
48 |
|
Ms. Orapin Siripatrawong |
|
Thai |
54 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pichai Chanaboriboonchai is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
Mr. Narong Rujithanakul is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a distributor of
equipment and tractor
spare parts, including
gear, counter gear,
alternator, carrier wheel
hub drive gear,
oil pump, fuel
filter, con rod bush, starter,
clutch plate, steering
pump, piston ring,
cylinder head gasket,
cylinder head, etc.,
as well as
providing maintenance services.
MAJOR BRANDS
“HINOMOTO”, “KUBOTA”, “FORD”,
“JOHNDEER”, “ISEKI”, “YANMAR” & etc.
PURCHASE
80%
of the products
is purchased from
local suppliers and
manufacturers, and the
remaining 20% is imported
from Taiwan, Japan
and Republic of
China.
MAJOR SUPPLIER
Siam Kubota Industry
Co., Ltd. :
SALES
[LOCAL]
The
products are sold
by wholesale and
retail to 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
credit term of
30 days.
Local
bills are paid
by cash or
on the credits
term of 30-60
days.
Imports
are by T/T.
BUSINESS TRANSACTION
The
products are sold
and serviced by
cash and credit,
with the maximum credit given
at 30 days.
The subject is not found to have
problem on its
account receivable.
BANKING
Siam
City Bank Public Co.,
Ltd.
[Head Office : 1101 New
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff [office
staff, sales staff and
service workers].
LOCATION DETAILS
The premise is owned for
administrative office at the heading
address. Premise is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERM
SHOULD BE IN
ORDER
COMMENT
With experience and expertise in tractor’s
equipment and spare parts, the subject is considered
a moderate business, however
economic slowdown, political setback and
slow expansion of megaproject
have resulted to
slowdown of its
performance in the
previous year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 2,000,000
on September 28,
2001
Bht. 4,100,000
on September 27,
2002
The
latest registered capital
was increased to
Bht. 4,100,000 divided into 41,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
:
[as at
April 20, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pichai Chanaboriboonchai Nationality: Thai Address : 104/15 Taksin 27 Rd.,
Bukkalo, Thonburi, |
25,062 |
61.13 |
|
Master Natchapat Siripatrawong Nationality: Thai Address : 584 Moo 13,
Bangpakok, Rajburana, |
6,950 |
16.95 |
|
Mr. Nirun Porn-Ananrat Nationality: Thai Address : 146/25 Banbart,
Pomprab, |
5,120 |
12.49 |
|
Ms. Orapin Siripatrawong Nationality: Thai Address : 91/620 Moo
6, Samaedam, Bangkhunthien, |
3,014 |
7.35 |
|
Mr. Supoj Saejoo Nationality: Thai Address : 734 Petchkasem
4 Rd., Wadthaphra,
Bangkokyai, |
852 |
2.08 |
|
|
|
|
|
Mr. Somnuek Poolsiri Nationality: Thai Address : 600/48 Moo
1, Pretchkasem 90
Rd., Bangkaenua,
Bangkae, |
1 |
- |
|
Mr. Surapol Thamthornsukon Nationality: Thai Address : 39/676 Moo
4, Thakam, Bangkhunthien, |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sutthi Kriengchaipruek No.
2831
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,278,659.83 |
783,390.80 |
|
Trade Accounts Receivable |
1,475,668.59 |
2,274,871.98 |
|
Inventories |
22,645,777.74 |
27,279,986.06 |
|
Other Current Assets |
1,339,409.27 |
966,586.65 |
|
|
|
|
|
Total Current Assets
|
26,739,515.43 |
31,304,835.49 |
|
Fixed Assets |
1,807,561.64 |
2,308,909.70 |
|
Other Assets |
16,500.00 |
16,500.00 |
|
Total Assets |
28,563,577.07 |
33,630,245.19 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft |
108,933.25 |
- |
|
Trade Accounts Payable |
315,939.50 |
2,338,233.77 |
|
Current Portion of Long-term
Loan |
205,039.50 |
690,756.00 |
|
Other Current Liabilities |
501,171.38 |
288,182.70 |
|
|
|
|
|
Total Current Liabilities |
1,131,083.63 |
3,317,172.47 |
|
Long-term Loan from
Person or Related Company |
21,780,000.00 |
24,220,000.00 |
|
Other Long-term Loan |
- |
21,715.50 |
|
Total Liabilities |
22,911,083.63 |
27,558,887.97 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 41,000
par value authorized, issued
and fully paid share
capital 100 shares |
4,100,000.00 |
4,100,000.00 |
|
|
|
|
|
Capital Paid |
4,100,000.00 |
4,100,000.00 |
|
Retained Earning -
Unappropriated |
1,552,493.44 |
1,971,357.22 |
|
Total Shareholders' Equity |
5,652,493.44 |
6,071,357.22 |
|
Total Liabilities & Shareholders' Equity |
28,563,577.07 |
33,630,245.19 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
29,312,067.01 |
32,656,324.45 |
|
Other Income |
1,075.06 |
330,488.99 |
|
Total Sales |
29,313,142.07 |
32,986,813.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
24,125,936.97 |
27,261,435.53 |
|
Selling Expenses |
467,652.77 |
793,197.69 |
|
Administrative Expenses |
4,077,648.64 |
3,922,766.90 |
|
Other Expenses |
996,217.84 |
- |
|
Total Expenses |
29,667,456.22 |
31,977,400.12 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
[354,314.15] |
1,009,413.32 |
|
Interest Expenses |
[64,549.63] |
[404.26] |
|
Income Tax |
- |
[132,233.74] |
|
|
|
|
|
Net Profit / [Loss] |
[418,863.78] |
876,775.32 |
|
Retained Earning, beginning
of year |
1,971,357.22 |
1,094,581.90 |
|
Retained Earning, end
of year |
1,552,493.44 |
1,971,357.22 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
23.64 |
9.44 |
|
QUICK RATIO |
TIMES |
2.44 |
0.92 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
16.22 |
14.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
342.61 |
365.25 |
|
INVENTORY TURNOVER |
TIMES |
1.07 |
1.00 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
18.38 |
25.43 |
|
RECEIVABLES TURNOVER |
TIMES |
19.86 |
14.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
4.78 |
31.31 |
|
CASH CONVERSION CYCLE |
DAYS |
356.20 |
359.37 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
82.31 |
83.48 |
|
SELLING & ADMINISTRATION |
% |
15.51 |
14.44 |
|
INTEREST |
% |
0.22 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
17.70 |
17.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.21) |
3.09 |
|
NET PROFIT MARGIN |
% |
(1.43) |
2.68 |
|
RETURN ON EQUITY |
% |
(7.41) |
14.44 |
|
RETURN ON ASSET |
% |
(1.47) |
2.61 |
|
EARNING PER SHARE |
BAHT |
(4,188.64) |
8,767.75 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.05 |
4.54 |
|
TIME INTEREST EARNED |
TIMES |
(5.49) |
2,496.94 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(10.24) |
|
|
OPERATING PROFIT |
% |
(135.10) |
|
|
NET PROFIT |
% |
(147.77) |
|
|
FIXED ASSETS |
% |
(21.71) |
|
|
TOTAL ASSETS |
% |
(15.07) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
17.70 |
Satisfactory |
Industrial Average |
19.57 |
|
Net Profit Margin |
(1.43) |
Deteriorated |
Industrial Average |
(1.86) |
|
Return on Assets |
(1.47) |
Deteriorated |
Industrial Average |
1.20 |
|
Return on Equity |
(7.41) |
Deteriorated |
Industrial Average |
6.99 |
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 17.7%. 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 -1.43% 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. When compared with the
industry average, its was lower, the company's figure is -1.47%.
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. When compared with the
industry average, its was lower, the company's figure is -7.41%.
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 |
23.64 |
Acceptable |
Industrial Average |
39.02 |
|
Quick Ratio |
2.44 |
|
|
|
|
Cash Conversion Cycle |
356.20 |
|
|
|
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 23.64 times in 2009, increase from 9.44 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 2.44 times in 2009,
increase from 0.92 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 357 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Impressive |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
4.05 |
Risky |
Industrial Average |
2.62 |
|
Times Interest Earned |
(5.49) |
Risky |
Industrial Average |
313.35 |
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 -5.49 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.8 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 |
16.22 |
Deteriorated |
Industrial Average |
38,928.28 |
|
Total Assets Turnover |
1.03 |
Acceptable |
Industrial Average |
1.84 |
|
Inventory Conversion Period |
342.61 |
|
|
|
|
Inventory Turnover |
1.07 |
Deteriorated |
Industrial Average |
9.70 |
|
Receivables Conversion Period |
18.38 |
|
|
|
|
Receivables Turnover |
19.86 |
Acceptable |
Industrial Average |
32.89 |
|
Payables Conversion Period |
4.78 |
|
|
|
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
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.