MIRA INFORM REPORT
|
Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
XALOY
ASIA [THAILAND] LIMITED |
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Registered Office : |
700/446 Moo 7, Amata Nakorn Industrial, Estate, T. Donhuaroh, A. Muang, Chonburi Province 20000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.07.1998 |
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Com. Reg. No.: |
0205541003537 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of barrels and
screws |
RATING & COMMENTS
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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 – 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 |
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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 & address
XALOY
ASIA [THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 700/446 MOO
7, AMATA NAKORN
INDUSTRIAL
ESTATE, T. DONHUAROH,
A. MUANG,
CHONBURI PROVINCE
20000
TELEPHONE : [66] 38
717-084-92
FAX : [66] 38
454-377-8
E-MAIL
ADDRESS : info@th.xaloy.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0205541003537 [Former
: CHOR BOR. 6630]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RONALD ANTHONY
AULETTA, AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : BARRELS AND
SCREWS
MANUFACTURER,
EXPORTER 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 July 13,
1998 as a
private limited company
under the registered name XALOY
ASIA [THAILAND] LIMITED by American
groups. Its business
objective is to
manufacture, distribute and
export various types
of barrels and screws
to both domestic
and overseas markets.
It currently employs
approximate 200 staff.
Xaloy Asia [Thailand] Limited is
a wholly owned subsidiary
of Xaloy Incorporated,
U.S.A., a member of
Saurer Group, the
world's leading manufacturer
of technologically sophisticated systems
used by the textile,
automotive and plastics
industries with many
affiliated companies in Europe,
USA and
Asia.
The subject received the International Standard
ISO:9001 Certificate on January, 2000.
The subject’s registered
address is 700/446
Moo 7, Amata
Nakorn Industrial Estate,
T. Donhuaroh, A. Muang,
Chonburi 20000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bernd Hohn |
[-] |
German |
48 |
|
Mr. Lai Chee Sing |
[-] |
Malaysian |
52 |
|
Mr. Ronald Anthony Auletta |
[x] |
American |
45 |
|
Mr. Saisei Oyama |
|
Japanese |
55 |
|
Mr. Teong Hiang Kong |
|
Malaysian |
45 |
AUTHORIZED PERSON
The mentioned director
[x] can sign
or both of
the directors [-] can
jointly sign or
any of the
mentioned directors [-]
can jointly sign
with anyone of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Ronald Anthony Auletta is the
Managing Director.
He is
American nationality with
the age of
45 years old.
Mr. Saisei Oyama is
the Operation Manager.
He is Japanese
nationality with the
age of 55
years old.
Mr. Pornthavee Pinyo is
the Human Resources
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
producing and distributing
various types of
barrels and screw,
such as bimetallic
barrels, conduction barrel
heating, high performance
screws, screen changers,
shutoff nozzle, and
others for plastic
molding and injection
machinery.
PURCHASE
80% of the
products is purchased
from local suppliers,
the remaining 20%
is imported from
Japan, Germany, U.S.A.
and India.
SALES
80% of the products
is exported to Republic
of China, Japan,
Korea, Indonesia, U.S.A.,
and European countries,
the remaining 20% is
sold locally.
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 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.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office and
factory at the
heading address. Premise
is located in
industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
The
subject was formed
in 1998 as
a distributor of
barrels and screw.
The products have
been served to
industrial sector. Subject
served mainly to
industrial users for
plastic molding and
injection machinery. Sluggish
economy and decline
consumption from industrial
products had resulted to
slowdown subject’s operating
performance in 2009.
However,
improvement of industrial
sector since 2010
has increased demand
of industrial materials
including the subject’s products. Its
current business is impressive.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
21, 2009]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Xaloy Incorporated Nationality: American Address : Virginia,
U.S.A. |
999,994 |
100.00 |
|
F. R. Gross Company, Inc. Nationality: American Address : Pennsylvania, U.S.A. |
2 |
|
|
New Castle Industries
Inc. Nationality: American Address : Pennsylvania, U.S.A. |
1 |
- |
|
Flametech Corp. Nationality: American Address : U.S.A. |
1 |
- |
|
New Castle Screws
Inc. Nationality: American Address : Pennsylvania, U.S.A. |
1 |
- |
|
New Castle Rolls
Inc. Nationality: American Address : Pennsylvania, U.S.A. |
1 |
- |
Total Shareholders : 6
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kosol Yaemleemool No.
4575
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
15,095,153 |
21,967,710 |
|
Trade Accts. Receivable - Other company |
75,852,461 |
73,020,234 |
|
- Related company |
88,030,189 |
68,209,799 |
|
Related Company Receivable |
19,626,422 |
18,081,245 |
|
Inventories |
84,713,264 |
128,256,385 |
|
Deferred Value Added Tax |
331,363 |
1,938,405 |
|
Other Current Assets
|
11,361,241 |
11,257,821 |
|
Total Current Assets
|
295,010,093 |
322,731,599 |
|
|
|
|
|
Fixed Assets |
80,651,626 |
105,575,777 |
|
Other Assets |
187,227 |
70,296 |
|
Total Assets |
375,848,946 |
428,377,672 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Short Term Loan
from Bank |
- |
12,384,155 |
|
Short Term Loan from
Related Company |
150,687,857 |
218,820,439 |
|
Trade Accts. Payable - Other company |
41,738,201 |
27,900,155 |
|
- Related company |
42,401,880 |
35,735,589 |
|
Related Company Payable |
50,414,453 |
48,238,130 |
|
Accrued Expenses |
10,689,991 |
6,898,423 |
|
Other Current Liabilities |
6,395,770 |
5,221,811 |
|
Total Current Liabilities |
302,328,152 |
355,198,702 |
|
Total Liabilities |
302,328,152 |
355,198,702 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Retained Earning -
Unappropriated |
[26,479,206] |
[26,821,030] |
|
Total Shareholders' Equity |
73,520,794 |
73,178,970 |
|
Total Liabilities &
Shareholders' Equity |
375,848,946 |
428,377,672 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales Income |
358,256,297 |
561,576,004 |
|
Gain on Exchange Rate |
11,984,698 |
- |
|
Other Income |
2,363,666 |
3,492,628 |
|
Total Sales |
372,604,661 |
565,068,632 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
291,684,875 |
457,777,608 |
|
Selling Expenses |
29,111,615 |
60,770,718 |
|
Administrative Expenses |
47,781,132 |
56,159,526 |
|
Loss on Exchange Rate |
- |
47,170,731 |
|
Total Expenses |
368,577,622 |
621,878,583 |
|
Profit / [Loss] Before Financial Cost |
4,027,039 |
[56,809,951] |
|
Financial Cost |
[3,685,215] |
[5,056,048] |
|
Net Profit / [Loss] |
341,824 |
[61,865,999] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.98 |
0.91 |
|
QUICK RATIO |
TIMES |
0.66 |
0.51 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.44 |
5.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
1.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
106.01 |
102.26 |
|
INVENTORY TURNOVER |
TIMES |
3.44 |
3.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
77.28 |
47.46 |
|
RECEIVABLES TURNOVER |
TIMES |
4.72 |
7.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
52.23 |
22.25 |
|
CASH CONVERSION CYCLE |
DAYS |
131.06 |
127.48 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.42 |
81.52 |
|
SELLING & ADMINISTRATION |
% |
21.46 |
20.82 |
|
INTEREST |
% |
1.03 |
0.90 |
|
GROSS PROFIT MARGIN |
% |
22.59 |
19.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.12 |
(10.12) |
|
NET PROFIT MARGIN |
% |
0.10 |
(11.02) |
|
RETURN ON EQUITY |
% |
0.46 |
(84.54) |
|
RETURN ON ASSET |
% |
0.09 |
(14.44) |
|
EARNING PER SHARE |
BAHT |
0.34 |
(61.87) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.11 |
4.85 |
|
TIME INTEREST EARNED |
TIMES |
1.09 |
(11.24) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(36.21) |
|
|
OPERATING PROFIT |
% |
(107.09) |
|
|
NET PROFIT |
% |
100.55 |
|
|
FIXED ASSETS |
% |
(23.61) |
|
|
TOTAL ASSETS |
% |
(12.26) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
22.59 |
Impressive |
Industrial Average |
11.91 |
|
Net Profit Margin |
0.10 |
Deteriorated |
Industrial Average |
0.44 |
|
Return on Assets |
0.09 |
Deteriorated |
Industrial Average |
0.49 |
|
Return on Equity |
0.46 |
Deteriorated |
Industrial Average |
1.04 |
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. Gross Profit Margin is 22.59%. When compared with
the industry average, the ratio of the company was higher, 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 0.1%. 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, it was lower, the company's figure is 0.09%.
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, it was lower, the company's figure is 0.46%.
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 |
0.98 |
Risky |
Industrial Average |
1.42 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
131.06 |
|
|
|
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 0.98 times in 2009, increase from 0.91 times, then the company may have
problems meeting its short-term obligations. 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 0.66 times in 2009,
increase from 0.51 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 132 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Impressive |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
4.11 |
Risky |
Industrial Average |
1.13 |
|
Times Interest Earned |
1.09 |
Acceptable |
Industrial Average |
1.69 |
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 1.1 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 0.8 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.44 |
Impressive |
Industrial Average |
2.86 |
|
Total Assets Turnover |
0.95 |
Satisfactory |
Industrial Average |
1.12 |
|
Inventory Conversion Period |
106.01 |
|
|
|
|
Inventory Turnover |
3.44 |
Acceptable |
Industrial Average |
5.24 |
|
Receivables Conversion Period |
77.28 |
|
|
|
|
Receivables Turnover |
4.72 |
Satisfactory |
Industrial Average |
5.02 |
|
Payables Conversion Period |
52.23 |
|
|
|
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.72.92 |
|
Euro |
1 |
Rs.64.34 |
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.