MIRA INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TYROLIT
OLYMPUS CO., LTD. |
|
|
|
|
Registered Office : |
372 Moo 4,
Bangpoo Industrial Estate,T.
Praeksa, A. Muang, Samutprakarn 10270 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
25.12.1997 |
|
|
|
|
Com. Reg. No.: |
0115540006819 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer & Distributor of Cutting & Grinding
Products |
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
TYROLIT OLYMPUS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 372
MOO 4, BANGPOO
INDUSTRIAL ESTATE, T. PRAEKSA,
A. MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2324-0468-70,
2709-4025-8
FAX :
[66] 2324-0471,
2709-4029
E-MAIL
ADDRESS : tyrolit@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0115540006819 [Former
: SOR. POR.
8137]
CAPITAL REGISTERED : BHT. 152,000,000
CAPITAL PAID-UP : BHT.
152,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VEERASAK CHAKSAENGCHAICHOTE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 520
LINES
OF BUSINESS : CUTTING & GRINDING
PRODUCTS
MANUFACTURER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established
on December 25, 1997
as a private
limited company under the
name style TYROLIT
OLYMPUS CO., LTD., by Thai and
Swiss groups in
order to manufacture & distribute cutting and grinding
products with BOI
promotion. It currently employs
520 staff.
It achieved the
international standard ISO 9001 and
ISO 9001:2000 certification from
RWTUV on June
20, 2001 and
March 5, 2004,
respectively.
The subject is a
subsidiary of Tysha
Holding SA., Switzerland.
The subject’s registered
address is 372
Moo 4, Bangpoo Industrial Estate,
Praeksa, Muang, Samutprakarn
10270, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Veerasak Chaksaengchaichote |
[x] |
Thai |
55 |
|
Mr. Veerachai Chaksaengchaichote |
|
Thai |
50 |
|
Mr. Boonchai Onkpipatanakul |
|
Thai |
56 |
|
Mr. Christian Koidl |
[x] |
Austrian |
54 |
|
Mr. Alfonso Marra |
|
Austrian |
54 |
|
Mr. Peter Dollinger |
|
Austrian |
44 |
AUTHORIZED PERSON
One of the
mentioned directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Veerasak Chaksaengchaichote is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Veerachai Chaksaengchaichote is
the Deputy Managing
Director & Marketing Manager.
He is Thai
nationality with the
age of 50
years old.
Mr. Christian Koidl is
the General Manager.
He is Austrian
nationality with the
age of 54
years old.
Mr. Vichai Saefung
is the Factory
Manager I.
He is Thai
nationality.
Mr. Surachai Prasityuthasilp is
the Factory Manager
II.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are manufacturer, distributor and exporter of
cutting products, including
grinding wheels and
cut-off wheels.
The subject is
also an importer
& dealer of
cutting products.
MAJOR BRANDS
“NRS”, “OLP”, “TYROLIT”,
“OLYMPUS”
IMPORT [COUNTRIES]
Most of the material &
finished goods, machinery
and spare parts are imported from
Austria, Japan and
Germany.
MAJOR SUPPLIERS
Tyrolit Group : Austria
SALES [LOCAL]
90% of its
products is sold
locally to wholesalers,
manufacturers and end-users.
EXPORT [COUNTRY]
10% of its
products is exported
to France, United
Kingdom, Italy, Germany,
Hong Kong, Japan,
U.S.A. and Singapore.
MAJOR CUSTOMERS
|
Name |
Country |
|
- Louis T. Leonowen
[Thailand] Ltd. |
Thailand |
|
- Diethelm & Co., Ltd. |
Thailand |
|
- Lindeteves [Thailand] Ltd. |
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.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to have
any subsidiary nor affiliated company
here in Thailand.
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
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn Lane, Rajburana Rd., Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 520 staff. [office
staff and factories
workers]
LOCATION DETAILS
The premise is
rented for administrative office,
factory I & warehouse
at the heading
address. Premise is
located in an
industrial area.
Branch Office is
located at 85-87
Rajwongse Rd., Samphantawong, Bangkok
10100. Tel: [66]
2221-8133, Fax: [66]
2623-3127
Factory II is
located at 372
Moo 2, T. Praeksa, A. Muang, Samutprakarn
10270.
Tel: [66] 2703-6672-5, Fax : [66]
2703-6484.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
The
subject is a
manufacturer, distributor and
exporter of cutting and
grinding products to
both local and
overseas markets. Its
business performance is
in line with
rising demand of the
products from industrial
sector which seems
to improve and
grow considerably. The
subject had strong
sales in 2010
comparing to the
previous year.
In
general, the subject has
a good business
prospect.
FINANCIAL INFORMATION
The capital was registered
at Bht. 101,000,000 divided
into 1,010,000 shares of Bht.
100 each.
On October 21, 1998 the capital
was increased to Bht. 152,000,000 divided into
1,520,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at
April 5, 2011]
|
NAME |
HOLDING |
% |
|
Tysha Holding S.A. Nationality: Swiss Address : Switzerland |
1,018,400 |
67.00 |
|
Mr. Boonchai Onkpipatanakul Nationality: Thai Address : 53-55 Bamrungmuang Rd., Watthepsirin,
Pomprab, Bangkok 10100 |
135,432 |
8.91 |
|
Mr. Sakul Kerati-urai Nationality: Thai Address : 166/1-4 Jompol
Rd., Naimuang, Muang,
Nakornratchasima |
85,272 |
5.61 |
|
Mr. Veerasak Chaksaengchaichote Nationality: Thai Address : 372 Moo 2,
Soi Praeksa 11,
Praeksa, Muang, Samutprakarn |
82,764 |
5.44 |
|
Mrs. Patraporn
Chaksaengchaichote Nationality: Thai Address : 13
Charoenkrung Rd., Samphantawong, Bangkok 10100 |
82,764 |
5.44 |
|
Mr. Chairat Chaksaengchaichote Nationality: Thai Address : 13 Charoenkrung Rd.,
Samphantawong, Bangkok 10100 |
75,240 |
4.95 |
|
Mr. Veerachai Chaksaengchaichote Nationality: Thai Address : 13
Charoenkrung Rd., Samphantawong, Bangkok 10100 |
25,080 |
1.65 |
|
Mr. Prayong Kerati-urai Nationality: Thai Address : 166/1-4 Jompol
Rd., Naimuang, Muang,
Nakornratchasima |
15,048 |
1.00 |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Somporn Wuthiwattana No.
4349
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
52,921,977 |
92,601,089 |
|
Trade Accounts Receivable |
|
|
|
- Person |
41,467,871 |
37,400,291 |
|
- Related Company |
94,397,166 |
66,214,782 |
|
Inventories |
135,450,864 |
95,905,615 |
|
Refundable Spare Part &
Equipment |
10,597,541 |
8,534,328 |
|
Refundable Value Added Tax |
2,062,583 |
1,233,974 |
|
Deferred Duty Tax |
6,768,374 |
8,153,805 |
|
Other Current Assets |
952,608 |
863,361 |
|
|
|
|
|
Total Current Assets
|
344,618,984 |
310,907,245 |
|
Cash at Bank under Commitment |
4,329,631 |
3,509,828 |
|
Fixed Assets |
132,364,988 |
144,495,388 |
|
Other Assets |
18,136 |
18,136 |
|
Total Assets |
481,331,739 |
458,930,597 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
893,148 |
734,572 |
|
Trade Accounts Payable |
63,584,414 |
38,590,358 |
|
Related Company Payable |
4,124,317 |
3,432,599 |
|
Current Portion of Long-term Loans |
60,000 |
9,560,000 |
|
Current Portion of Financial Lease Contract Liabilities |
- |
1,261,507 |
|
Accrued Income Tax |
21,244,999 |
19,573,893 |
|
Accrued Expenses |
13,954,274 |
9,626,565 |
|
|
|
|
|
Total Current Liabilities |
103,861,152 |
82,779,494 |
|
|
|
|
|
Long-term Loan from Financial
Institution |
- |
60,000 |
|
Total Liabilities |
103,861,152 |
82,839,494 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,520,000 shares |
152,000,000 |
152,000,000 |
|
|
|
|
|
Capital Paid |
152,000,000 |
152,000,000 |
|
Statutory Reserve |
15,200,000 |
15,200,000 |
|
Retained Earning-
Unappropriated |
210,270,587 |
208,891,103 |
|
Total Shareholders' Equity |
377,470,587 |
376,091,103 |
|
Total Liabilities & Shareholders' Equity |
481,331,739 |
458,930,597 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
621,448,482 |
527,916,249 |
|
Other Income |
3,945,299 |
5,674,287 |
|
Total Revenues |
625,393,781 |
533,590,536 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
435,999,658 |
360,524,507 |
|
Selling Expenses |
4,934,332 |
6,253,232 |
|
Administrative Expenses |
88,104,246 |
63,582,102 |
|
Total Expenses |
529,038,236 |
430,359,841 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
96,355,545 |
103,230,695 |
|
Financial Cost |
[573,851] |
[1,734,195] |
|
Profit / [Loss] before Income
Tax |
95,781,694 |
101,496,500 |
|
Income Tax |
[34,423,011] |
[32,291,226] |
|
|
|
|
|
Net Profit / [Loss] |
61,358,683 |
69,205,274 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.32 |
3.76 |
|
QUICK RATIO |
TIMES |
1.82 |
2.37 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.69 |
3.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.29 |
1.15 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
113.39 |
97.10 |
|
INVENTORY TURNOVER |
TIMES |
3.22 |
3.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
24.36 |
25.86 |
|
RECEIVABLES TURNOVER |
TIMES |
14.99 |
14.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.23 |
39.07 |
|
CASH CONVERSION CYCLE |
DAYS |
84.52 |
83.89 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
70.16 |
68.29 |
|
SELLING & ADMINISTRATION |
% |
14.97 |
13.23 |
|
INTEREST |
% |
0.09 |
0.33 |
|
GROSS PROFIT MARGIN |
% |
30.48 |
32.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
15.50 |
19.55 |
|
NET PROFIT MARGIN |
% |
9.87 |
13.11 |
|
RETURN ON EQUITY |
% |
16.26 |
18.40 |
|
RETURN ON ASSET |
% |
12.75 |
15.08 |
|
EARNING PER SHARE |
BAHT |
40.37 |
45.53 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.18 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.28 |
0.22 |
|
TIME INTEREST EARNED |
TIMES |
167.91 |
59.53 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
17.72 |
|
|
OPERATING PROFIT |
% |
(6.66) |
|
|
NET PROFIT |
% |
(11.34) |
|
|
FIXED ASSETS |
% |
(8.40) |
|
|
TOTAL ASSETS |
% |
4.88 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
30.48 |
Impressive |
Industrial Average |
22.45 |
|
Net Profit Margin |
9.87 |
Impressive |
Industrial Average |
0.51 |
|
Return on Assets |
12.75 |
Impressive |
Industrial Average |
(2.63) |
|
Return on Equity |
16.26 |
Impressive |
Industrial Average |
(0.12) |
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 30.48%. 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 9.87% 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 12.75%, 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 16.26%, 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 |
3.32 |
Satisfactory |
Industrial Average |
3.34 |
|
Quick Ratio |
1.82 |
|
|
|
|
Cash Conversion Cycle |
84.52 |
|
|
|
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 3.32 times in 2010, decrease from 3.76 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 1.82 times in 2010,
decrease from 2.37 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 85 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial Average |
25.31 |
|
Debt to Equity Ratio |
0.28 |
Impressive |
Industrial Average |
1.09 |
|
Times Interest Earned |
167.91 |
Impressive |
Industrial Average |
1.04 |
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 167.92 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 0.22 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.69 |
Impressive |
Industrial Average |
(12.93) |
|
Total Assets Turnover |
1.29 |
Satisfactory |
Industrial Average |
1.34 |
|
Inventory Conversion Period |
113.39 |
|
|
|
|
Inventory Turnover |
3.22 |
Impressive |
Industrial Average |
(6.82) |
|
Receivables Conversion Period |
24.36 |
|
|
|
|
Receivables Turnover |
14.99 |
Impressive |
Industrial Average |
7.45 |
|
Payables Conversion Period |
53.23 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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.