MIRA INFORM REPORT
|
Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMBITION
ENGINEERING COMPANY LIMITED |
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Registered Office : |
432/904 Mooban Visetsuknakorn, Pracha-Uthis 79 Road, Thungkru, Bangkok 10140 |
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Country : |
Thailand |
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Financials (as on) : |
31.10.2010 |
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Date of Incorporation : |
18.11.1998 |
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Com. Reg. No.: |
0105541072301 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of Industrial pumps and valves |
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No. of Employees
: |
5 Persons |
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 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
AMBITION
ENGINEERING COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 432/904 MOOBAN
VISETSUKNAKORN,
PRACHA-UTHIS 79
ROAD,
THUNGKRU, BANGKOK
10140
TELEPHONE : [66] 2871-8740,
2871-8414
FAX
:
[66] 2871-6963
E-MAIL
ADDRESS : ambition@cscoms.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541072301
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 80%
INDIAN : 20%
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KARAN SINGH,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : INDUSTRIAL PUMPS
AND VALVES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on
November 18, 1998
as a private
limited company under the name
style AMBITION ENGINEERING COMPANY LIMITED,
by Thai and Indian groups, with
the business objective
to distribute industrial pumps
and valves to domestic market.
It currently employs
5 staff.
The
subject’s registered address
is 432/904 Mooban
Visetsuknakorn, Pracha-uthis
79 Rd., Thungkru,
Bangkok 10140, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Karan Singh |
|
Thai |
44 |
|
Mrs. Manoj Manjoo |
|
Indian |
45 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Karan Singh is
the Managing Director.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing water
pumps and valves,
under the brands FORBES
and MARSHALL, as
well as electric
motors and handtools.
PURCHASE
80% of the
products is purchased
from local supplier,
the remaining 20%
is imported from
India.
MAJOR SUPPLIER
Forbes Marshall Pvt.
Ltd. : India
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users.
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 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERM
IS TOO HIGH
TO RECOMMEND.
COMMENT
The
subject is engaged
in importing and
distributing industrial pumps.
Its products are
closely related to
industrial sector. Subject
reported slow sales
in 2010, but has
gradually increased in 2011.
However, its business
is considered slow.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 23, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Karan Singh Nationality: Thai Address : 81/904
Pracha-uthis 79 Rd.,
Thungkru, Bangkok |
6,000 |
60.00 |
|
Mrs. Manoj Manjoo Nationality: Indian Address : 81/904
Pracha-uthis 79 Rd.,
Thungkru,
Bangkok |
2,000 |
20.00 |
|
Ms. Monika Singh Nationality: Thai Address : 96
Charoenkrung 36 Rd.,
Bangrak, Bangkok |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at March 23,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
8,000 |
80.00 |
|
Indian |
1 |
2,000 |
20.00 |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Kulvipa Jutivorakul No.
6920
BALANCE SHEET [BAHT]
The
latest financial figures
published for October
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
197,962.69 |
287,137.57 |
|
Trade Accounts Receivable
|
- |
397,473.97 |
|
Postdated Cheque |
- |
183,850.01 |
|
Other Current Assets
|
170,477.78 |
152,604.54 |
|
Total Current Assets
|
368,440.47 |
1,021,066.09 |
|
Loan Receivable to Related Person |
850,000.00 |
- |
|
Fixed Assets |
950,914.00 |
1,007,206.15 |
|
Total Assets |
2,169,354.47 |
2,028,272.24 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
20,548.36 |
5,050.94 |
|
Trade Accounts Payable |
- |
54,102.41 |
|
Accrued Income Tax |
6,476.79 |
12,306.71 |
|
Accrued Expenses |
108,423.93 |
118,479.19 |
|
Sale Department Payable |
8,729.73 |
444.91 |
|
Total Current Liabilities |
144,178.81 |
190,384.16 |
|
Total Liabilities |
144,178.81 |
190,384.16 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
1,025,175.66 |
837,888.08 |
|
Total Shareholders' Equity |
2,025,175.66 |
1,837,888.08 |
|
Total Liabilities &
Shareholders' Equity |
2,169,354.47 |
2,028,272.24 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
4,381,290.38 |
7,306,803.19 |
|
Interest Income |
17,880.05 |
147.72 |
|
Gain on Exchange Rate |
- |
12,005.82 |
|
Total Sales |
4,399,170.43 |
7,318,956.73 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,947,462.66 |
5,798,693.88 |
|
Selling Expenses |
153,050.98 |
186,174.83 |
|
Administrative Expenses |
1,099,149.73 |
1,094,621.69 |
|
Total Expenses |
4,199,663.37 |
7,079,490.40 |
|
Profit / [Loss] before Interest Expenses & Income Tax |
199,507.06 |
239,466.33 |
|
Interest Expenses |
[5,346.54] |
[7,447.48] |
|
Profit / [Loss] before Income Tax |
194,160.52 |
232,018.85 |
|
Income Tax |
[6,872.94] |
[12,979.49] |
|
Net Profit / [Loss] |
187,287.58 |
219,039.36 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.56 |
5.36 |
|
QUICK RATIO |
TIMES |
1.37 |
4.56 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.61 |
7.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.02 |
3.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
19.86 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
18.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
3.41 |
|
CASH CONVERSION CYCLE |
DAYS |
- |
16.45 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
67.27 |
79.36 |
|
SELLING & ADMINISTRATION |
% |
28.58 |
17.53 |
|
INTEREST |
% |
0.12 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
33.13 |
20.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.55 |
3.28 |
|
NET PROFIT MARGIN |
% |
4.27 |
3.00 |
|
RETURN ON EQUITY |
% |
9.25 |
11.92 |
|
RETURN ON ASSET |
% |
8.63 |
10.80 |
|
EARNING PER SHARE |
BAHT |
18.73 |
21.90 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.07 |
0.09 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.10 |
|
TIME INTEREST EARNED |
TIMES |
37.32 |
32.15 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(40.04) |
|
|
OPERATING PROFIT |
% |
(16.69) |
|
|
NET PROFIT |
% |
(14.50) |
|
|
FIXED ASSETS |
% |
(5.59) |
|
|
TOTAL ASSETS |
% |
6.96 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
33.13 |
Impressive |
Industrial Average |
21.24 |
|
Net Profit Margin |
4.27 |
Impressive |
Industrial Average |
1.38 |
|
Return on Assets |
8.63 |
Impressive |
Industrial Average |
1.86 |
|
Return on Equity |
9.25 |
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 33.13%. 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 4.27%,
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
8.63%, 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 9.25%, 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 |
2.56 |
Impressive |
Industrial Average |
1.74 |
|
Quick Ratio |
1.37 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 2.56 times in 2010, decrease from 5.36 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 1.37 times in 2010,
decrease from 4.56 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial Average |
1.22 |
|
Times Interest Earned |
37.32 |
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 37.32 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 0.07 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 |
4.61 |
Acceptable |
Industrial Average |
6.46 |
|
Total Assets Turnover |
2.02 |
Impressive |
Industrial Average |
1.43 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
3.28 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.08 |
|
Payables Conversion Period |
- |
|
|
|
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.52.10 |
|
UK Pound |
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
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.