MIRA INFORM REPORT
|
Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TITANCO
INTERNATIONAL CO., LTD. |
|
|
|
|
Registered Office : |
2 Soi Charoenjai, Sukhumvit 63 Road, Klongton, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.01.1974 |
|
|
|
|
Com. Reg. No.: |
0105517000761 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Hand Tools and Home Electric Appliances |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
TITANCO INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2
SOI CHAROENJAI, SUKHUMVIT
63 ROAD,
KLONGTON, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2390-2081-7,
2714-0890-3, 2714-0953-5
FAX :
[66] 2381-1734,
2714-4379
E-MAIL
ADDRESS : gehomeappliances@titanco.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0105517000761
CAPITAL REGISTERED : BHT. 20,160,000
CAPITAL PAID-UP : BHT.
20,160,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THEWAN LIEWBURIN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 80
LINES
OF BUSINESS : HAND
TOOLS AND HOME
ELECTRIC
APPLIANCES
IMPORTER 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 January 15,
1974 as a
private limited company
under the name style
TITANCO INTERNATIONAL CO.,
LTD. by Thai-Chinese
group, to distribute
wide range of hand tools
and home electric
appliance products to
local market. It
currently employs approximate
80 staff.
The subject’s registered address
is 2 Soi
Charoenjai, Sukhumvit 63
Rd., Klongton, Wattana,
Bangkok 10110, and
this is the
company’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thewan Liewburin |
|
Thai |
61 |
|
Mr. Ching Jit
Yow |
|
Singaporean |
65 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thewan Liewburin
is the Managing
Director.
He is Thai
nationality with the
age of 61 years
old.
Mr. Phanthorn Liewburin
is the Marketing
Manager.
He is Thai
nationality and he
is the son
of Mr. Thewan
Liewburin.
BUSINESS OPERATIONS
The subject is engaged in
distributing various kinds of home electric appliances and industrial
products, which can
be divided into
4 main products categories as
follows:
Products Brand
- Home electric
appliance products “GE”
Refrigerator “GE”
Washing machine “GE”
Microwave oven “GE”
Toaster “GE”
- Industrial products
Grinding
wheel “KURE”
Gear
grinding wheel “KURE”
Ball
grinding wheel “KURE”
Threshing
wheel “KURE”
Hard
hats protection “NORTH”
Disposable
protection “NORTH”
Industrial
earmuffs “NORTH”
Winter
liners “NORTH”
Specialty
re-useable protection “NORTH”
- Modern Trade
products
Locksets “YALE”, “DORMA”
Deadbolt “YALE”, “DORMA”
Door
closer “YALE”, “DORMA”
Residential
locks “YALE”, “SURELOC”
Knob
set “REVAN”
Water
pump “LINZ”
Protector
products “REX”
Rubber
bumper protector “REX”
Child
safety range “REX”
Felt
pad protector “REX”
Rubber
anti-skid pod “REX”
Machinist
files “THREE FILES
BRAND”
Saw
files “THREE FILES
BRAND”
Special
files “THREE FILES
BRAND”
- Petroleum products
Oil
pump “DRESSER WAYNE”
Newgard
full hand insulator “OPW”
Automatic
shut-off nozzles “OPW”
Conduit
pipe “HUSKY”
Pipe & equipment “PETRO TECHNIK”
PURCHASE
Most of the products
are imported from
Indonesia, Italy, Taiwan,
Germany, Japan, Singapore,
U.S.A. and United
Kingdom, the remaining is
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
P.T. Jay Kay
Files [Indonesia] : Indonesia
G.E. Appliances Ltd. : Taiwan
T. H. I. [U. K.] Ltd. : United
Kingdom
Sure-Loc Hardware Inc. : U.S.A.
Yale Security Inc. : U.S.A.
Dorma Far East
Pte. Ltd. :
Singapore
SALES [LOCAL]
100% of the
products is sold
locally by wholesale
to dealers and
by retail to
end-users both private
and government sectors.
MAJOR CUSTOMERS
Thai Airways International
Public Company Limited
Big C Super
Center Public Company
Limited
Siam Makro Public
Company Limited
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 sight
or on negotiated
term and T/T.
BUSINESS TRANSACTION
In term of sales,
80% of the
products is sold
by credit, with
the maximum credit
given at 60 days, and
the remaining 20% is by cash. The
subject is found to have
delay payment by some customers,
but does not affect
on its account
receivable.
BANKING
United Overseas Bank
[Thai] Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
80 office and
sales staff.
LOCATION DETAILS
The premise is
owned for administrative office
and service center
in a 2
storey building of 2
row shop houses at
the heading address.
It is located
in commercial/residential area.
Branch office and
other service center:
- 33 Soi
Onnuch 70, Onnuch
Rd., Pravate, Bangkok
10250.
- CDC Crystal
Design Center, 1420/1 Praditmanutham Rd.,
Klongchan, Bangkok 10240.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,500,000.
COMMENT
The
subject was formed
in 1974 as
an importer and
distributor of tools and home electric appliance. Its
products are for
both household and
industrial sector. Subject’s
sales sale in the past
years were healthy,
while industrial production
has expanded steadily
and continue into
the first half of 2011. Subject’s
business remains promising.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 100,000 divided
into 1,000 shares
of Bht. 100
each.
The capital
was increased later
as followings:
Bht. 1,000,000
on February 26,
1974
Bht. 2,000,000
on September 12,
1979
Bht. 20,160,000
on July 23,
1991
The latest registered
capital was increased to Bht. 20,160,000 divided
into 201,600 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
Mr. Thewan Liewburin
Nationality: Thai Address
: 52 Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok
10400 |
101,279 |
50.24 |
Robert International Limited
Nationality: Hong
Kong Address
: 9th Floor,
Centerpoint, 181-185 Gloucester Rd., Wanjai,
Hong Kong |
40,320 |
20.00 |
Mr. Ching Jit
Yow
Nationality: Singaporean Address
: 175-177 Panmalayan
Warehouse, Singapore |
30,000 |
14.88 |
Mrs. Daranee Liewburin
Nationality: Thai Address
: 52 Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok 10400 |
10,000 |
4.96 |
Mr. Phanthorn Liewburin
Nationality: Thai Address
: 52 Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok
10400 |
10,000 |
4.96 |
Ms. Somapa Liewburin
Nationality: Thai Address
: 52 Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok
10400 |
10,000 |
4.96 |
Mrs. Voraluck Varaassavapati
Nationality: Thai Address
: 51/67 Moo 3,
Bangpood, Pakkred, Nonthaburi |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Viwat Kultawatchai
No. 4221
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
9,150,040.87 |
18,277,370.11 |
|
Short-term Investment |
29,895,566.65 |
36,713,437.47 |
|
Trade Accounts Receivable |
76,428,618.86 |
73,190,248.62 |
|
Less: Allowance for Doubtful Account |
[11,477,724.64] |
[10,707,905.64] |
|
Trade Accounts Receivable,
net |
64,950,894.22 |
62,482,342.98 |
|
Inventories |
132,863,662.87 |
122,258,143.17 |
|
Other Current Assets |
|
|
|
Payment Expenses |
512,265.18 |
486,451.02 |
|
Withholding Tax |
354,721.82 |
354,721.82 |
|
Other Receivable |
7,967,819.97 |
8,432,731.12 |
|
Others |
684,761.03 |
1,410,591.24 |
|
|
9,519,568.00 |
10,684,495.20 |
|
|
|
|
|
Total Current Assets
|
246,379,732.61 |
250,415,788.93 |
|
Investment in Subsidiaries |
5,100,000.00 |
5,100,000.00 |
|
Long-term Loan to Person or
Related Company |
524,067.24 |
899,747.19 |
|
Fixed Assets |
32,023,432.00 |
31,945,211.18 |
|
Intangible Assets |
332,478.20 |
373,923.95 |
|
Other Assets |
957,267.27 |
839,517.27 |
|
Total Assets |
285,316,977.32 |
289,574,188.52 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
23,926,893.55 |
13,595,540.43 |
|
Short-term Loan from Person
or Related Company |
49,745,296.70 |
72,826,452.56 |
|
Other Current Liabilities |
|
|
|
Accrued Tax |
5,476,561.99 |
7,155,406.60 |
|
Accrued Expenses |
6,966,866.94 |
6,071,308.51 |
|
Deposit from Customer |
259,009.00 |
- |
|
Others |
258,246.36 |
63,013.00 |
|
|
12,960,684.29 |
13,289,728.11 |
|
|
|
|
|
Total Current Liabilities |
86,632,874.54 |
99,711,721.10 |
|
Total Liabilities |
86,632,874.54 |
99,711,721.10 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 201,600 shares |
20,160,000.00 |
20,160,000.00 |
|
|
|
|
|
Capital Paid |
20,160,000.00 |
20,160,000.00 |
|
Statutory Reserve |
2,016,000.00 |
2,016,000.00 |
|
Retained Earning-
Unappropriated |
176,508,102.78 |
167,686,467.42 |
|
Total Shareholders' Equity |
198,684,102.78 |
169,862,467.42 |
|
Total Liabilities & Shareholders' Equity |
285,316,977.32 |
289,574,188.52 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
318,165,981.00 |
329,870,121.14 |
|
Other Income |
|
|
|
Gain on
Exchange Rate |
7,202,272.46 |
4,441,892.28 |
|
Gain on
Disposal of Assets |
3,508,890.30 |
1,319,438.87 |
|
Others |
2,053,688.82 |
2,943,663.04 |
|
Total Sales |
330,930,832.58 |
338,575,115.33 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
227,227,044.70 |
226,916,692.13 |
|
Selling Expenses |
34,038,497.35 |
36,204,618.92 |
|
Administrative Expenses |
51,218,633.38 |
54,258,447.05 |
|
Total Expenses |
312,484,175.43 |
317,379,758.10 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
18,446,657.15 |
21,195,357.23 |
|
Financial Cost |
[2,467,090.18] |
[4,864,132.57] |
|
Profit before Income Tax |
15,979,566.97 |
16,331,224.66 |
|
Income Tax |
[7,157,931.61] |
[7,066,053.63] |
|
|
|
|
|
Net Profit / [Loss] |
8,821,635.36 |
9,265,171.03 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.84 |
2.51 |
|
QUICK RATIO |
TIMES |
1.20 |
1.18 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.94 |
10.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.12 |
1.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
213.42 |
196.65 |
|
INVENTORY TURNOVER |
TIMES |
1.71 |
1.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.68 |
80.98 |
|
RECEIVABLES TURNOVER |
TIMES |
4.16 |
4.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.43 |
21.87 |
|
CASH CONVERSION CYCLE |
DAYS |
262.67 |
255.77 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.42 |
68.79 |
|
SELLING & ADMINISTRATION |
% |
26.80 |
27.42 |
|
INTEREST |
% |
0.78 |
1.47 |
|
GROSS PROFIT MARGIN |
% |
32.59 |
33.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.80 |
6.43 |
|
NET PROFIT MARGIN |
% |
2.77 |
2.81 |
|
RETURN ON EQUITY |
% |
4.44 |
5.45 |
|
RETURN ON ASSET |
% |
3.09 |
3.20 |
|
EARNING PER SHARE |
BAHT |
43.76 |
45.96 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.44 |
0.59 |
|
TIME INTEREST EARNED |
TIMES |
7.48 |
4.36 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(3.55) |
|
|
OPERATING PROFIT |
% |
(12.97) |
|
|
NET PROFIT |
% |
(4.79) |
|
|
FIXED ASSETS |
% |
0.24 |
|
|
TOTAL ASSETS |
% |
(1.47) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
32.59 |
Impressive |
Industrial
Average |
17.04 |
|
Net Profit Margin |
2.77 |
Impressive |
Industrial
Average |
1.55 |
|
Return on Assets |
3.09 |
Impressive |
Industrial
Average |
2.66 |
|
Return on Equity |
4.44 |
Satisfactory |
Industrial
Average |
5.37 |
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 32.59%. 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
2.77%, 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
3.09%, 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 4.44%.
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 |
2.84 |
Impressive |
Industrial
Average |
1.99 |
|
Quick Ratio |
1.20 |
|
|
|
|
Cash Conversion Cycle |
262.67 |
|
|
|
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 2.84 times in 2010, increase from 2.51 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 1.2 times in 2010,
increase from 1.18 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 263 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 |
0.52 |
|
Debt to Equity Ratio |
0.44 |
Impressive |
Industrial
Average |
1.12 |
|
Times Interest Earned |
7.48 |
Impressive |
Industrial
Average |
2.02 |
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 7.48 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 |
9.94 |
Impressive |
Industrial Average |
9.56 |
|
Total Assets Turnover |
1.12 |
Acceptable |
Industrial Average |
1.70 |
|
Inventory Conversion Period |
213.42 |
|
|
|
|
Inventory Turnover |
1.71 |
Acceptable |
Industrial Average |
2.84 |
|
Receivables Conversion Period |
87.68 |
|
|
|
|
Receivables Turnover |
4.16 |
Satisfactory |
Industrial Average |
4.56 |
|
Payables Conversion Period |
38.43 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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.