MIRA INFORM REPORT
|
Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CAULEY
INTERNATIONAL [THAILAND] CO.,
LTD. |
|
|
|
|
Registered Office : |
3rd Floor, Golden Triangle Building, 502 Ratchadapisek Road, Samsennok, Huaykwang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.03.1996 |
|
|
|
|
Com. Reg. No.: |
0105539032402 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Integrated Currency Automation 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 : |
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 – 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
CAULEY INTERNATIONAL
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 3rd FLOOR,
GOLDEN TRIANGLE BUILDING,
502 RATCHADAPISEK
ROAD, SAMSENNOK,
HUAYKWANG, BANGKOK
10310, THAILAND
TELEPHONE : [66]
2541-4301-5
FAX :
[66] 2541-4356
E-MAIL
ADDRESS : sales@cauley.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION
NO. : 0105539032402 [Former
: [2] 1285/2539]
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHATCHAWAL LAOHATHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 70
LINES
OF BUSINESS : INTEGRATED
CURRENCY AUTOMATION SYSTEM
IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March
14, 1996 as
a private limited
company under the name style
CAULEY INTERNATIONAL [THAILAND]
CO., LTD., by
Thai groups to
provide product and service for integrated currency
automation system. It currently
employs approximate 70 staff.
The subject’s registered
address is 3rd Flr., Golden
Triangle Bldg., 502
Ratchadapisek Rd., Samsennok,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chatchawal Laoha-thai |
[x] |
Thai |
55 |
|
Ms. Yuwadee Leelahathorn |
|
Thai |
52 |
|
Mrs. Busakorn Leelahathorn |
|
Thai |
77 |
|
Mrs. Busarin Pattanachai |
|
Thai |
57 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or two of the
rest directors can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Chatchawal Laoha-thai
is the Managing
Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Pisith Sangpariwat
is the Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are
importer and sole
distributor wide range
of currency automation
system equipment and
supplies. Its products
are as follows:
Products Brand
1. Banknote
- Banknote detector “MA”, “RIBAO”,
‘KAIXUN”
- Banknote counter “AMROTEC”, “SHINWOO”
- Banknote sorter “G
& D”
2. Coins
- Coin counter “RIBAO”, “AMROTEC”
- Coin sorter “REIS”, “AMROTEC”
- Coin wrapping “REIS”
3. Software
- Banking
- Cash optimization & forecasting
- Enterprise tracking
and reconciliation
- Device monitoring
and profitability management
4. Accessories
- Seal
- Banknote pushcart
- etc.
Subject has been
appointed as sole
agent in Thailand
of the following
companies:
- Giesecke & Devrient
GmbH, Germany [Cash
Processing System]
- Reis Eurosystems GmbH,
Germany [Coin Processing
System]
- Universal Machine Company,
U. S. A. [High Speed
Coin Counting System]
- Schuler Pressen GmbH
& Co. KG,
Germany [Coin Producing
Machinery]
Subject also provides consulting & design for Cash & Coin Management System, Inspection System, Banknote/coin Counting and Sorting System, Packaging System including to Machine for Coin Production, as well as maintenance and installation services.
Subject also has been
appointed as representative from
leading Mint as
follows:
- Austrian Mint Corporation,
Vienna, Austria
- Royal Canadian Mint,
Ottawa, Canada
IMPORT [COUNTRIES]
90% of the
products is imported
from Germany, Italy,
Republic of China,
Korea and United
States of America.
SALES [LOCAL]
100% of the
products is sold
to Thai Government
and general banks.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Bank of Thailand |
Thailand |
|
The Treasury Department |
Thailand |
|
Krung Thai Bank
Public Co., Ltd. |
Thailand |
|
Siam Commercial Bank
Public Co., Ltd. |
Thailand |
|
Kasikornbank Public Co.,
Ltd. |
Thailand |
|
Central Treasure Division |
Thailand |
|
Bangkok Transit System |
Thailand |
|
Securicor [Thailand] Ltd. |
Thailand |
|
TOT Corporation Public
Co., Ltd. |
Thailand |
|
True Corporation Public
Co., Ltd. |
Thailand |
|
CAT Telecom Public
Co., Ltd. |
Thailand |
|
The Sale Department |
Thailand |
|
Bank of The
Laos PDR. |
Laos |
|
TMB Bank Public
Co., Ltd. |
Thailand |
|
Citibank N.A. |
Thailand |
|
Thanachart Bank Public
Co., Ltd. |
Thailand |
|
Bangkok Metro Public
Co., Ltd. |
Thailand |
|
The Hong Kong
and Shanghai Banking Corporation |
Thailand |
|
GMM Grammy Public Co.,
Ltd. |
Thailand |
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
Selling terms are
by cash or
on the credits
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
and T/T.
BANKING
Krung Thai Bank
Public Co., Ltd. :
[Samyod Branch]
EMPLOYMENT
The subject employs approximately 70 staff. [office and sales staff]
LOCATION DETAILS
The premise is rented
for administrative an office
at the heading
address. Premise is
in commercial/residential area.
REMARK
MAXIMUM CREDIT OF US$
500,000 SHOULD BE
IN ORDER.
COMMENT
The company’s products are sold to the government enterprises such as Treasury Department
and domestic banks nationwide. The subject’s
market is stable,
which continuously expand a
new market. The coin
press and bank
note printing machine
are sold to the
Treasury Department by
bidding, and coins
& bank note
counting machine can
be sold to the
Central bank directly.
Subject is doing good
business and expanding
steadily.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each.
On September 12,
2008, the capital was
increased to Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chatchawal
Laoha-thai Nationality: Thai Address : 1472-1478/1-4 Songwad Rd., Samphantawong, Bangkok |
96,900 |
96.90 |
|
Ms. Kingkarn
Laoha-thai Nationality: Thai Address : 1/12
Sukhumvit 39 Rd.,
Klongton, Klongtoey, Bangkok |
500 |
0.50 |
|
Mrs. Busarin Pattanachai Nationality: Thai Address : 1/12
Sukhumvit 39 Rd.,
Klongton, Klongtoey, Bangkok |
500 |
0.50 |
|
Mr. Kris Norphong Nationality: Thai Address : 111/1
Rangnam Rd., Thanonphyathai, Rajthevee, Bangkok |
500 |
0.50 |
|
Mrs. Busakorn Leelahathorn Nationality: Thai Address : 85/3
Dindaeng Rd., Samsennai,
Phyathai,
Bangkok |
500 |
0.50 |
|
Ms. Yuwadee Leelahathorn Nationality: Thai Address : 85/3
Dindaeng Rd., Samsennai,
Phyathai, Bangkok |
500 |
0.50 |
|
Mr. Vichai Prasertsri Nationality: Thai Address : 236
Krungthep - Nont Rd., Bangsue,
Bangkok |
300 |
0.30 |
|
Ms. Mayuree Patimapornthep Nationality: Thai Address : 232/110
Moo 6, Naimuang, Muang, Khon Kaen |
300 |
0.30 |
Total Shareholders : 8
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suchada Chawananont No.
2883
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
4,903,087.44 |
3,016,099.79 |
|
Short-term Investment |
830,988.05 |
72,632.83 |
|
Trade Accounts Receivable |
7,756,811.25 |
4,862,890.48 |
|
Short-term Loan to Person
or Related Company |
15,689,026.00 |
4,469,887.64 |
|
Inventories |
26,498,193.56 |
25,156,427.71 |
|
Other Current Assets |
3,644,009.87 |
3,593,633.40 |
|
Total Current Assets
|
59,322,116.17 |
41,171,571.85 |
|
|
|
|
|
Fixed Assets |
23,921,260.25 |
22,209,997.38 |
|
Intangible Assets |
1,093,072.07 |
1,092,436.97 |
|
Total Assets |
84,336,448.49 |
64,474,006.20 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term Loan |
5,566,574.61 |
6,456,560.26 |
|
Trade Accounts Payable |
12,211,200.33 |
2,806,453.80 |
|
Current Portion of Long-term Loan |
1,535,412.00 |
1,147,230.00 |
|
Other Current Liabilities |
4,835,409.89 |
1,266,263.08 |
|
Total Current Liabilities |
24,148,596.83 |
11,676,507.14 |
|
Other Long-term Loan |
1,204,324.71 |
1,064,400.00 |
|
Total Liabilities |
25,352,921.54 |
12,740,907.14 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
6,250,000.00 |
|
Retained Earning -
Unappropriated |
48,983,526.95 |
45,483,099.06 |
|
Total Shareholders' Equity |
58,983,526.95 |
51,733,099.06 |
|
Total Liabilities & Shareholders' Equity |
84,336,448.49 |
64,474,006.20 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
92,070,793.68 |
73,724,197.30 |
|
Other Income |
14,059,740.68 |
12,296,815.69 |
|
Total Sales |
106,130,534.36 |
86,021,012.99 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
55,413,562.31 |
49,162,212.85 |
|
Selling Expenses |
14,222,948.42 |
10,345,943.73 |
|
Administrative Expenses |
29,334,595.08 |
23,177,820.26 |
|
Total Expenses |
98,971,105.81 |
82,685,976.84 |
|
Profit before Financial Cost
& Income Tax |
7,159,428.55 |
3,335,036.15 |
|
Financial Cost |
[1,127,505.37] |
[654,177.53] |
|
Profit before Income Tax |
6,031,923.18 |
2,680,858.62 |
|
Income Tax |
[2,531,495.29] |
[1,036,196.09] |
|
Net Profit / [Loss] |
3,500,427.89 |
1,644,662.53 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.46 |
3.53 |
|
QUICK RATIO |
TIMES |
1.21 |
1.06 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.85 |
3.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.09 |
1.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
174.54 |
186.77 |
|
INVENTORY TURNOVER |
TIMES |
2.09 |
1.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.75 |
24.08 |
|
RECEIVABLES TURNOVER |
TIMES |
11.87 |
15.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.43 |
20.84 |
|
CASH CONVERSION CYCLE |
DAYS |
124.86 |
190.01 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
60.19 |
66.68 |
|
SELLING & ADMINISTRATION |
% |
47.31 |
45.47 |
|
INTEREST |
% |
1.22 |
0.89 |
|
GROSS PROFIT MARGIN |
% |
55.08 |
50.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.78 |
4.52 |
|
NET PROFIT MARGIN |
% |
3.80 |
2.23 |
|
RETURN ON EQUITY |
% |
5.93 |
3.18 |
|
RETURN ON ASSET |
% |
4.15 |
2.55 |
|
EARNING PER SHARE |
BAHT |
35.00 |
26.31 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.43 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
6.35 |
5.10 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
24.89 |
|
|
OPERATING PROFIT |
% |
114.67 |
|
|
NET PROFIT |
% |
112.84 |
|
|
FIXED ASSETS |
% |
7.70 |
|
|
TOTAL ASSETS |
% |
30.81 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
55.08 |
Impressive |
Industrial Average |
21.24 |
|
Net Profit Margin |
3.80 |
Impressive |
Industrial Average |
1.38 |
|
Return on Assets |
4.15 |
Impressive |
Industrial Average |
1.86 |
|
Return on Equity |
5.93 |
Impressive |
Industrial Average |
3.76 |
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 55.08%. 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. Net Profit Margin ratio is 3.8%
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 is
4.15%, 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 5.93%, 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 |
2.46 |
Impressive |
Industrial Average |
1.74 |
|
Quick Ratio |
1.21 |
|
|
|
|
Cash Conversion Cycle |
124.86 |
|
|
|
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 2.46 times in 2010, decrease from 3.53 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.21 times in 2010,
decrease from 1.06 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 125 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.43 |
Impressive |
Industrial Average |
1.22 |
|
Times Interest Earned |
6.35 |
Impressive |
Industrial Average |
2.13 |
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 6.35 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 0.3 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.85 |
Acceptable |
Industrial Average |
6.46 |
|
Total Assets Turnover |
1.09 |
Satisfactory |
Industrial Average |
1.43 |
|
Inventory Conversion Period |
174.54 |
|
|
|
|
Inventory Turnover |
2.09 |
Acceptable |
Industrial Average |
3.28 |
|
Receivables Conversion Period |
30.75 |
|
|
|
|
Receivables Turnover |
11.87 |
Impressive |
Industrial Average |
4.08 |
|
Payables Conversion Period |
80.43 |
|
|
|
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.49.37 |
|
UK Pound |
1 |
Rs.78.50 |
|
Euro |
1 |
Rs.67.59 |
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.