MIRA INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BROROMA
[THAILAND] LTD. |
|
|
|
|
Registered Office : |
27
Krunthep Kreetha Road,
Saphansoong, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.07.2002 |
|
|
|
|
Com. Reg. No.: |
0105545077315 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Distributor and
service provider of mechanical and
electrical system |
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 : |
Usually Correct |
|
|
|
|
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
BROROMA [THAILAND]
LTD.
SUMMARY
BUSINESS
ADDRESS : 27
KRUNTHEP KREETHA ROAD,
SAPHANSOONG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2138-8124-5
FAX :
[66] 2138-8128
E-MAIL
ADDRESS : brmt@broroma.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545077315
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ATTHAPORN SUPUTTHIKRAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : MECHANICAL AND
ELECTRICAL SYSTEM
DISTRIBUTOR AND
SERVICE PROVIDER
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 29,
2002 as a
private limited company under
the name style
BROROMA [THAILAND] LTD.,
by Thai groups,
in order to
supply and provide
service of mechanical and
electrical systems. It currently
employs 10 staff.
The
subject’s registered address
was initially located at
52/11 Moo 13,
Krungthep Kreetha Rd.,
Saphansoong, Bangkok 10250.
In 2011, its
registered address was
changed from “52/11 Moo
13” to “27”
by the government
district office, actually both
are the same
location. This is
also the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surachai Tantinikorn |
|
Thai |
39 |
|
Mr. Atthaporn Suputthikrai |
|
Thai |
42 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Atthaporn Suputthikrai is
the Managing Director.
He is Thai
nationality with the
age of 42
years old.
Mr. Surachai Tantinikorn is
the G.M. and
Project Manager.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is engaged in provide servicing of mechanical
and engineering installation
works, such as
air conditioning system,
plumbing system and
electric system, mainly
for industrial sector.
Subject is also a
distributor of engineering and
industrial equipments and
supplies, such as ball
valve, brass valve,
gate valve, control
valve, butterfly valve,
gasket and fittings,
under various brands
“KITZ”, “VENN” and
“DKM”, as well
as after sales
services.
PURCHASE
The products are
purchased from suppliers
and agents in
both domestic and
overseas, such as
Korea, Republic of
China, Japan, Germany,
Taiwan and Australia.
MAJOR SUPPLIERS
Kitz
Corporation : Japan
Venn
Co., Ltd. : Japan
DKM
Armaturentechnik GmbH. :
Germany
SALES
100% of the
products is sold
and serviced locally
to end-users, mainly
industrial plant.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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 and services
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.
BANKING
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The
subject was formed in 2002 as
a distributor and service provider
of mechanical and engineering equipments
and installation service.
The products and services have been served to industrial
sector. Growth is related
to consumption by
various industries. However,
current market situation
is depressive due
to floods in
large area of central
region including Bangkok,
but it is
believed that an
effect seems to be in the short term, and will be back to normal in December 2011.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
On
April 20, 2006,
the capital was
increased to Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
29, 2011] at
Bht. 5,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Atthaporn Suputthikrai Nationality: Thai Address : 48/106
Nimitmai Rd., Samwatawan-ok,
Klongsamwa, Bangkok |
25,000 |
50.00 |
|
Mr. Surachai Tantinikorn Nationality: Thai Address : 52
Somdejchaopraya 11 Rd.,
Klongsan, Bangkok |
24,999 |
49.99 |
|
Ms. Oranuch Kongsinthu Nationality: Thai Address : 91/30
Ladprao 87 Rd.,
Wangthonglang, Bangkok |
1 |
0.01 |
Total Shareholders : 3
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Anusorn Kwanmingtrakul No.
6750
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
12,640,338.05 |
11,032,709.28 |
|
Trade Accounts Receivable & Postdated Cheque |
49,044,928.16 |
36,839,116.35 |
|
Inventories |
2,495,176.40 |
4,783,631.73 |
|
Other Current Assets
|
174,101.73 |
39,901.04 |
|
Total Current Assets
|
64,354,544.34 |
52,695,358.40 |
|
|
|
|
|
Fixed Assets |
3,796,084.67 |
234,646.32 |
|
Other Assets |
540,574.00 |
499,800.00 |
|
Total Assets |
68,691,203.01 |
53,429,804.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Notes Payable |
40,631,161.19 |
31,282,026.70 |
|
Current Portion of
Hire-purchase Payable |
81,594.00 |
- |
|
Other Current Liabilities |
1,517,539.28 |
1,682,504.33 |
|
Total Current Liabilities |
42,230,294.47 |
32,964,531.03 |
|
|
|
|
|
Long-term Loan from Related
Person |
3,458,456.90 |
3,458,456.90 |
|
Hire-purchase Payable, Net of
Current Portion |
3,137,416.40 |
- |
|
Total Liabilities |
48,826,167.77 |
36,422,987.93 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
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 |
14,865,035.24 |
12,006,816.79 |
|
Total Shareholders' Equity |
19,865,035.24 |
17,006,816.79 |
|
Total Liabilities &
Shareholders' Equity |
68,691,203.01 |
53,429,804.72 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
133,057,259.54 |
109,509,849.67 |
|
Other Income |
1,028,426.15 |
85,628.34 |
|
Total Sales |
134,085,685.69 |
109,595,478.01 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
122,376,627.22 |
98,207,277.24 |
|
Selling Expenses |
2,264,119.11 |
3,254,305.54 |
|
Administrative Expenses |
5,417,441.75 |
4,827,945.72 |
|
Total Expenses |
130,058,188.08 |
106,289,528.50 |
|
Profit / [Loss] before Financial Cost & Income Tax |
4,027,497.61 |
3,305,949.51 |
|
Financial Cost |
[127,983.06] |
- |
|
Profit / [Loss] before Income
Tax |
3,899,514.55 |
3,305,949.51 |
|
Income Tax |
[1,041,296.10] |
[940,236.37] |
|
Net Profit / [Loss] |
2,858,218.45 |
2,365,713.14 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.52 |
1.60 |
|
QUICK RATIO |
TIMES |
1.46 |
1.45 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
35.05 |
466.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.94 |
2.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
7.44 |
17.78 |
|
INVENTORY TURNOVER |
TIMES |
49.05 |
20.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
134.54 |
122.79 |
|
RECEIVABLES TURNOVER |
TIMES |
2.71 |
2.97 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
121.19 |
116.26 |
|
CASH CONVERSION CYCLE |
DAYS |
20.79 |
24.30 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.97 |
89.68 |
|
SELLING & ADMINISTRATION |
% |
5.77 |
7.38 |
|
INTEREST |
% |
0.10 |
- |
|
GROSS PROFIT MARGIN |
% |
8.80 |
10.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.03 |
3.02 |
|
NET PROFIT MARGIN |
% |
2.15 |
2.16 |
|
RETURN ON EQUITY |
% |
14.39 |
13.91 |
|
RETURN ON ASSET |
% |
4.16 |
4.43 |
|
EARNING PER SHARE |
BAHT |
57.16 |
47.31 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.46 |
2.14 |
|
TIME INTEREST EARNED |
TIMES |
31.47 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
21.50 |
|
|
OPERATING PROFIT |
% |
21.83 |
|
|
NET PROFIT |
% |
20.82 |
|
|
FIXED ASSETS |
% |
1,517.79 |
|
|
TOTAL ASSETS |
% |
28.56 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.80 |
Acceptable |
Industrial
Average |
14.69 |
|
Net Profit Margin |
2.15 |
Satisfactory |
Industrial
Average |
2.15 |
|
Return on Assets |
4.16 |
Impressive |
Industrial
Average |
3.38 |
|
Return on Equity |
14.39 |
Impressive |
Industrial
Average |
5.35 |
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 8.8%. When
compared with the industry average, the ratio of the company was lower, 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 2.15%.
When compared with the industry average, the ratio of the company was the same.
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 4.16%, 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 14.39%, 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 |
1.52 |
Acceptable |
Industrial Average |
2.49 |
|
Quick Ratio |
1.46 |
|
|
|
|
Cash Conversion Cycle |
20.79 |
|
|
|
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 1.52 times in 2010, decrease from 1.6 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 1.46 times in 2010,
increase from 1.45 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 21 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
2.46 |
Risky |
Industrial
Average |
0.60 |
|
Times Interest Earned |
31.47 |
Impressive |
Industrial
Average |
2.25 |
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 31.47 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 0.71 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
35.05 |
Impressive |
Industrial Average |
3.74 |
|
Total Assets Turnover |
1.94 |
Impressive |
Industrial Average |
1.59 |
|
Inventory Conversion Period |
7.44 |
|
|
|
|
Inventory Turnover |
49.05 |
Impressive |
Industrial Average |
4.20 |
|
Receivables Conversion Period |
134.54 |
|
|
|
|
Receivables Turnover |
2.71 |
Acceptable |
Industrial Average |
4.67 |
|
Payables Conversion Period |
121.19 |
|
|
|
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.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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.