MIRA INFORM REPORT
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Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
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Name : |
D.D.M.
ENGINEERING LIMITED PARTNERSHIP |
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Registered Office : |
88/136 Moo 4, T. Bangpleeyai, A. Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.06.2002 |
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Com. Reg. No.: |
0113545003271 |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
Installation Contractor and Distributor of Building System and Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
D.D.M. ENGINEERING
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 88/136 MOO
4, T. BANGPLEEYAI, A. BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2715-0561-3
FAX :
[66] 2715-0561
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0113545003271
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MS. NICHAREE KRUETAENG, THAI
MANAGING PARTNER
NO.
OF STAFF : 10
LINES
OF BUSINESS : BUILDING SYSTEM
AND EQUIPMENT
INSTALLATION CONTRACTOR
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 June 14,
2002 as a
limited partnership under
the name style D.D.M.
ENGINEERING LIMITED PARTNERSHIP
by Thai partners,
with the business
objective to supply
product and provide installation
service for building
system and equipment.
It currently employs
approximate 10 staff.
The
subject’s registered address
is 88/136 Moo
4, T. Bangpleeyai, A. Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Ms. Nicharee Kruetaeng can
sign on behalf
of the subject
with seal affixed.
She also bears
full financial responsibility by law.
MANAGEMENT
Ms. Nicharee [Anchalee] Kruetaeng is the
Managing Partner.
She is Thai
nationality with the
age of 41
years old.
Note.
Ms. Nicharee Kruetaeng changed
her name from Ms.
Anchalee Kruetaeng on
March 10, 2008.
BUSINESS OPERATIONS
The subject is
engaged in provide
servicing of mechanical
and electrical such
as electric and
sanitary system, mainly
for industrial factory,
as well as
distributing of electric equipments and installation
for residence, commercial
building and industrial
factory.
Most of the
projects are the
factories in industrial
estate, such as
Amata Nakorn Industrial
Estate in Chonburi
province, Maptaphut Industrial
Estate in Rayong
province and Bangpa-in
Industrial Estate in
Ayutthaya province.
PURCHASE
100%
of the construction
and engineering equipment
are purchased from
local suppliers.
MAJOR SUPPLIER
ABB [Thailand] 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
Sales are by
cash or on
the credit term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of 30-60 days.
BANKING
Kasikornbank
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 provincial, on the
outskirts of Bangkok.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The
subject’s operating performance
in 2010 was
fair. With an
improving of industrial
sector, its sales and
services are also rising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
which was carried
by 2 persons
as followed:
Name Age Amount
Ms. Nicharee Kruetaeng 41 Bht.
900,000 [Unlimited Partner]
Mr. Thanawat Butdeewong 41 Bht. 100,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sukanya Tangwongcharoenlarp No.
6516
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
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Cash and Cash Equivalent |
422,647.19 |
394,912.21 |
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Loan to Partner |
10,700,000.00 |
8,700,000.00 |
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Deferred Income |
118,750.00 |
1,771,154.56 |
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Other Current Assets |
481,794.37 |
405,875.77 |
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Total Current Assets
|
11,723,191.56 |
11,271,942.54 |
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Fixed Assets |
201,594.85 |
481,845.51 |
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Total Assets |
11,924,786.41 |
11,753,788.05 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
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Trade Accounts Payable |
273,534.75 |
8,097.76 |
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Current Portion of Hire-purchase Payable |
34,720.00 |
108,018.00 |
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Accrued Expenses |
37,206.59 |
741,720.38 |
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Total Current Liabilities |
345,461.34 |
857,836.14 |
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Hire-purchase Payable, Net of Current Portion |
- |
34,720.00 |
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Total Liabilities |
345,461.34 |
892,556.14 |
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Shareholders’ Equity |
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|
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning-
Unappropriated |
10,579,325.07 |
9,861,231.91 |
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Total Shareholders' Equity |
11,579,325.07 |
10,861,231.91 |
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Total Liabilities & Shareholders' Equity |
11,924,786.41 |
11,753,788.05 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
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Sales & Services Income |
11,029,576.37 |
13,442,040.91 |
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Other Income |
179,806.33 |
242,346.29 |
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Total Sales |
11,209,382.70 |
13,684,387.20 |
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Expenses |
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|
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Raw Material & Material Supplies |
- |
9,680,072.20 |
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Cost of Goods
|
8,443,774.73 |
- |
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Cost of Services |
1,332,585.00 |
1,465,000.00 |
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Employees’ Expenses |
300,795.00 |
196,825.29 |
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Depreciation |
107,251.53 |
272,187.12 |
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Loss on Disposal
of Assets |
72,999.13 |
- |
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Other Expenses |
123,947.61 |
44,809.66 |
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Total Expenses |
10,381,353.00 |
11,658,894.27 |
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Profit / [Loss] before Financial Cost & Income Tax |
828,029.70 |
2,025,492.93 |
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Financial Cost |
[6,540.00] |
[6,537.00] |
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Income Tax |
[103,396.54] |
[382,332.92] |
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Net Profit / [Loss] |
718,093.16 |
1,636,623.01 |
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Retained Earning, Beginning of
Year |
9,861,231.91 |
8,224,608.90 |
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Retained Earning, End of
Year |
10,579,325.07 |
9,861,231.91 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
33.93 |
13.14 |
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QUICK RATIO |
TIMES |
32.54 |
12.67 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
54.71 |
27.90 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
1.14 |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.21 |
0.27 |
|
CASH CONVERSION CYCLE |
DAYS |
(10.21) |
(0.27) |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
88.64 |
82.91 |
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SELLING & ADMINISTRATION |
% |
3.70 |
3.49 |
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INTEREST |
% |
0.06 |
0.05 |
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GROSS PROFIT MARGIN |
% |
12.99 |
18.89 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.51 |
15.07 |
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NET PROFIT MARGIN |
% |
6.51 |
12.18 |
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RETURN ON EQUITY |
% |
6.20 |
15.07 |
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RETURN ON ASSET |
% |
6.02 |
13.92 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.03 |
0.08 |
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DEBT TO EQUITY RATIO |
TIMES |
0.03 |
0.08 |
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TIME INTEREST EARNED |
TIMES |
126.61 |
309.85 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(17.95) |
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OPERATING PROFIT |
% |
(59.12) |
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NET PROFIT |
% |
(56.12) |
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FIXED ASSETS |
% |
(58.16) |
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TOTAL ASSETS |
% |
1.45 |
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PROFITABILITY RATIO
|
Gross Profit Margin |
12.99 |
Acceptable |
Industrial Average |
19.88 |
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Net Profit Margin |
6.51 |
Impressive |
Industrial Average |
3.22 |
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Return on Assets |
6.02 |
Impressive |
Industrial Average |
4.67 |
|
Return on Equity |
6.20 |
Satisfactory |
Industrial Average |
8.21 |
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 12.99%. 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 6.51%,
higher figure when 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
6.02%, 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. When compared with the
industry average, it was lower, the company's figure is 6.2%.
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 |
33.93 |
Impressive |
Industrial Average |
2.03 |
|
Quick Ratio |
32.54 |
|
|
|
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Cash Conversion Cycle |
(10.21) |
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|
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 33.93 times in 2010, increase from 13.14 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 32.54 times in 2010,
increase from 12.67 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 -11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.03 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
0.03 |
Impressive |
Industrial Average |
0.76 |
|
Times Interest Earned |
126.61 |
Impressive |
Industrial Average |
4.25 |
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 126.62 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 0.03 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 |
54.71 |
Impressive |
Industrial Average |
4.61 |
|
Total Assets Turnover |
0.92 |
Acceptable |
Industrial Average |
1.47 |
|
Inventory Conversion Period |
- |
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Inventory Turnover |
- |
|
Industrial Average |
4.71 |
|
Receivables Conversion Period |
- |
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Receivables Turnover |
- |
|
Industrial Average |
4.02 |
|
Payables Conversion Period |
10.21 |
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|
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.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.