MIRA INFORM REPORT
|
Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAZUMA
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
747/96 Krungthep-Nonthaburi Road, Bangsue, Bangkok
10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.03.1993 |
|
|
|
|
Com. Reg. No.: |
0105536032789 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Water Purifiers And Related Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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
MAZUMA
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 747/96 KRUNGTHEP-NONTHABURI ROAD,
BANGSUE, BANGKOK
10800, THAILAND
TELEPHONE : [66] 2911-4100-3,
086 325-9514
FAX : [66]
2586-9743, 2911-4250
E-MAIL
ADDRESS : info@mazuma.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536032789
CAPITAL REGISTERED : BHT. 135,000,000
CAPITAL PAID-UP : BHT.
135,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RITTICHAI DURONGDEJ,
THAI
PRESIDENT
NO.
OF STAFF : 250
LINES
OF BUSINESS : WATER
PURIFIERS AND RELATED
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 March 18,
1993 as a private
limited company under the name
style MAZUMA [THAILAND] CO., LTD.,
by Thai groups. Its
business objective is to
manufacture and distribute
water purifiers and
related products to
both domestic and
international markets. It currently
employs approximate 250
staff.
The subject’s registered
address is 747/96 Krungthep-Nonthaburi Rd.,
Bangsue, Bangkok 10800,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rittichai Durongdej |
|
Thai |
72 |
|
Mr. Saral Durongdej |
[x] |
Thai |
37 |
|
Mr. Varith Durongdej |
|
Thai |
34 |
|
Ms. Ornchuma Durongdej |
[x] |
Thai |
32 |
AUTHORIZED PERSON
Both of the
above directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Rittichai Durongdej is
the President.
He is Thai
nationality with the
age of 72
years old.
Mr. Saral Durongdej is
the Managing Director.
He is Thai
nationality with the
age of 37
years old.
Mr. Sittichai Durongdej is the
Sales & Marketing Director.
He is Thai
nationality.
Ms. Nichakorn Durongdej is
the Assistant Managing
Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of water purifiers
and related products,
which can be divided into
6 categories: Small
Water Purifier, Large
Water Purifier, Multi-point
Water Heater, Single-point
Water Heater, Water
Dispenser and Water
Filters.
MAJOR BRANDS
“MAZUMA”, “MICA”,
“AQUAFLOW” and etc.
PURCHASE
Raw materials and components are
purchased from suppliers both domestic
and overseas, mainly in
United Kingdom, Taiwan, Germany,
Republic of China
and United States
of America.
MAJOR
SUPPLIER
Applied Energy Products
Ltd. : United
Kingdom
SALES
The products are sold to
customers both local
and overseas, such
as Singapore, Malaysia,
Indonesia and Vietnam.
MAJOR CUSTOMERS
Suteepan Limited Partnership : Thailand
Home Product Center
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
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 sightn
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
250 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 115
Moo 8, Pathum-Banglane Rd.,
T. Nahmai, A. Ladlumkaew, Pathumthani
12140.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The
company is a leading
firm that excels in offering
water purifiers and related products for various
applications with high
quality including services.
Its products enable
the customers demand in
order to expand
their productivity.
Subject
reported good business
in 2010, while
market situation has
grown strongly with
positive outcome.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 5,000,000 divided into 50,000
shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 10,000,000
on July 10,
1995
Bht. 15,000,000
on February 26,
1996
Bht. 20,000,000
on October 9, 1996
Bht. 90,000,000
on December 26,
1997
Bht.
100,000,000 on December 23, 1998
Bht.
120,000,000 on December 1, 1999
Bht.
135,000,000 on October 27, 2009
The
latest registered capital
was increased to Bht. 135 million, divided into 1,350,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rittichai Durongdej Nationality: Thai Address : 401
Cholnivest Rd., Ladyao,
Jatuchak, Bangkok |
270,000 |
20.00 |
|
Mr. Saral Durongdej Nationality: Thai Address : 20/89
Moo 9, Bangtalad,
Pakkred, Nonthaburi |
270,000 |
20.00 |
|
Mr. Varith Durongdej Nationality: Thai Address : 401
Cholnivest Rd., Ladyao,
Jatuchak, Bangkok |
270,000 |
20.00 |
|
Ms. Ornchuma Durongdej Nationality: Thai Address : 401
Cholnivest Rd., Ladyao,
Jatuchak, Bangkok |
270,000 |
20.00 |
|
Mrs. Petchara Durongdej Nationality: Thai Address : 20/8
Klongmahanark, Pomprab, Bangkok |
90,000 |
6.67 |
|
Ms. Chutima Durongdej Nationality: Thai Address : 401
Cholnivest Rd., Ladyao,
Jatuchak, Bangkok |
90,000 |
6.67 |
|
Mr. Rithipong Durongdej Nationality: Thai Address : 401
Cholnivest Rd., Ladyao,
Jatuchak, Bangkok |
90,000 |
6.66 |
Total Shareholders : 7
Share Structure [as at
April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,350,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Suthalak Sroyrungrueng
No. 5312
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
461,083.99 |
670,592.00 |
|
Trade Accounts Receivable |
77,205,428.76 |
93,962,354.51 |
|
Short-term Loan to Person & Related Company |
7,724,934.32 |
839,408.55 |
|
Inventories |
68,692,819.50 |
74,853,767.74 |
|
Other Current Assets |
4,410,083.79 |
3,627,168.32 |
|
|
|
|
|
Total Current Assets
|
158,494,350.36 |
173,953,291.12 |
|
Cash at Bank
pledged as a
Collateral |
7,473,565.60 |
7,391,620.05 |
|
Long-term Investment |
250,000.00 |
- |
|
Fixed Assets |
97,840,336.84 |
105,027,028.23 |
|
Other Assets |
332,227.80 |
802,515.48 |
|
Total Assets |
264,390,480.60 |
287,174,454.88 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
130,210,607.34 |
131,072,989.72 |
|
Current Portion of Long-term Loan from Bank |
8,384,707.12 |
14,874,994.87 |
|
Current Portion of Hire-purchase Payable |
1,293,562.28 |
1,385,686.17 |
|
Trade Accounts Payable |
34,529,506.28 |
38,883,516.53 |
|
Related Company Payable |
2,568,000.00 |
- |
|
Other Current Liabilities |
15,756,529.35 |
20,076,967.62 |
|
|
|
|
|
Total Current Liabilities |
192,742,912.37 |
206,294,154.91 |
|
Long-term Loan from Bank |
7,019,387.47 |
15,029,882.13 |
|
Hire-purchase Payable, Net
of Current Portion |
1,982,966.74 |
3,292,456.05 |
|
Total Liabilities |
201,745,266.58 |
224,616,493.09 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,350,000 shares |
135,000,000.00 |
135,000,000.00 |
|
|
|
|
|
Capital Paid |
135,000,000.00 |
135,000,000.00 |
|
Retained Earning-
Unappropriated |
[72,354,785.98] |
[72,442,038.21] |
|
Total Shareholders' Equity |
62,645,214.02 |
62,557,961.79 |
|
Total Liabilities & Shareholders' Equity |
264,390,480.60 |
287,174,454.88 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
245,725,074.73 |
289,406,486.54 |
|
Other Income |
830,952.53 |
2,971,826.51 |
|
Total Sales |
246,556,027.26 |
292,378,313.05 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
126,082,439.94 |
155,921,284.92 |
|
Selling Expenses |
87,704,944.93 |
101,065,384.22 |
|
Administrative Expenses |
22,489,377.86 |
23,842,383.93 |
|
Total Expenses |
236,276,762.73 |
280,829,053.07 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
10,279,264.53 |
11,549,259.98 |
|
Financial Cost |
[9,929,402.54] |
[11,263,618.23] |
|
Profit / [Loss] before Income
Tax |
349,861.99 |
285,641.75 |
|
Income Tax |
[262,609.76] |
[215,700.67] |
|
|
|
|
|
Net Profit / [Loss] |
87,252.23 |
69,941.08 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.82 |
0.84 |
|
QUICK RATIO |
TIMES |
0.44 |
0.46 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.51 |
2.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.93 |
1.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
198.86 |
175.23 |
|
INVENTORY TURNOVER |
TIMES |
1.84 |
2.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
114.68 |
118.51 |
|
RECEIVABLES TURNOVER |
TIMES |
3.18 |
3.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
99.96 |
91.02 |
|
CASH CONVERSION CYCLE |
DAYS |
213.58 |
202.71 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
51.31 |
53.88 |
|
SELLING & ADMINISTRATION |
% |
44.84 |
43.16 |
|
INTEREST |
% |
4.04 |
3.89 |
|
GROSS PROFIT MARGIN |
% |
49.03 |
47.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.18 |
3.99 |
|
NET PROFIT MARGIN |
% |
0.04 |
0.02 |
|
RETURN ON EQUITY |
% |
0.14 |
0.11 |
|
RETURN ON ASSET |
% |
0.03 |
0.02 |
|
EARNING PER SHARE |
BAHT |
0.06 |
0.05 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.22 |
3.59 |
|
TIME INTEREST EARNED |
TIMES |
1.04 |
1.03 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(15.09) |
|
|
OPERATING PROFIT |
% |
(11.00) |
|
|
NET PROFIT |
% |
24.75 |
|
|
FIXED ASSETS |
% |
(6.84) |
|
|
TOTAL ASSETS |
% |
(7.93) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
49.03 |
Impressive |
Industrial
Average |
13.16 |
|
Net Profit Margin |
0.04 |
Deteriorated |
Industrial
Average |
1.32 |
|
Return on Assets |
0.03 |
Deteriorated |
Industrial
Average |
2.29 |
|
Return on Equity |
0.14 |
Deteriorated |
Industrial
Average |
6.53 |
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 49.03%. 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 0.04%.
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 0.03%.
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 0.14%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.82 |
Risky |
Industrial
Average |
1.61 |
|
Quick Ratio |
0.44 |
|
|
|
|
Cash Conversion Cycle |
213.58 |
|
|
|
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 0.82 times in 2010, decrease from 0.84 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 0.44 times in 2010,
decrease from 0.46 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 214 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial
Average |
0.85 |
|
Debt to Equity Ratio |
3.22 |
Risky |
Industrial
Average |
2.38 |
|
Times Interest Earned |
1.04 |
Deteriorated |
Industrial
Average |
2.33 |
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 1.04 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 0.76 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 |
2.51 |
Deteriorated |
Industrial Average |
5.99 |
|
Total Assets Turnover |
0.93 |
Deteriorated |
Industrial Average |
2.45 |
|
Inventory Conversion Period |
198.86 |
|
|
|
|
Inventory Turnover |
1.84 |
Deteriorated |
Industrial Average |
8.89 |
|
Receivables Conversion Period |
114.68 |
|
|
|
|
Receivables Turnover |
3.18 |
Deteriorated |
Industrial Average |
6.63 |
|
Payables Conversion Period |
99.96 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
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.