MIRA INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GEA
REFRIGERATION [THAILAND] CO., LTD. |
|
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Formerly Known As : |
Gea Grasso
[Thailand] Co., Ltd.] |
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Registered Office : |
29/90 Moo 2, Arunsoontaree Project, Sapan Nonthaburi- Bangbuathong, 345 Road, T. Lampho, A. Bangbuathong, Nonthaburi 11110 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.10.1995 |
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Com. Reg. No.: |
0105538118273 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer & Distributor of Compressor &
Related Products |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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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
GEA REFRIGERATION [THAILAND] CO., LTD.
[FORMER : GEA GRASSO [THAILAND] CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 29/90
MOO 2, ARUNSOONTAREE
PROJECT,
SAPAN NONTHABURI- BANGBUATHONG,
345
ROAD, T.
LAMPHO, A. BANGBUATHONG,
NONTHABURI
11110, THAILAND
TELEPHONE : [66] 2525-8500
FAX :
[66] 2525-8555
E-MAIL
ADDRESS : info.grasso.th@geagroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538118273 [Former
: [2] 4590/2538]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : DUTCH : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ROBERT MARTIN DEN
HATOG, DUTCH
MANAGING DIRECTOR
NO.
OF STAFF : 28
LINES
OF BUSINESS : COMPRESSOR &
RELATED PRODUCTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on October
3, 1995 as
a private limited
company under the
registered name “Grasso Kab
[Thailand] Ltd.” to provide products and
services of refrigeration
spare parts and
related products for
local market. It
was initially formed
by Thai and
Dutch Groups, “Grasso International
[Thailand] Co., Ltd.”
and “Grasso KMF
N.V.” Netherlands respectively.
On February 8,
1996, the name
was changed to “Grasso [Thailand]
Co., Ltd.”, changed
to “Gea Grasso [Thailand] Co.,
Ltd.”, on August
27, 2008, and
finally changed to GEA REFRIGERATION [THAILAND] CO., LTD., on April
5, 2011. Subject
currently employs 28 staff.
At present, the subject
is a wholly owned
subsidiary of GEA Refrigeration Netherlands N.V., of
Netherlands.
The subject’s registered address was initially located at 93/20 Ladprao
87 Rd., Wangthonglang, Bangkok 10310.
In 2006, it
was relocated to
29/90 Moo 2,
Arunsoontaree Project, Sapan
Nonthaburi-Bangbuathong, 345 Rd.,
T. Lampho, A. Bangbuathong,
Nonthaburi 11110, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTOR
Name
|
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Robert Martin
Den Hatog |
|
Dutch |
56 |
|
Mr. Chunhaporn Samitsuwan
|
|
Thai |
51 |
|
Ms. Beatrice Marie Bernadettebruey |
|
French |
47 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Robert Martin
Den Hatog is
the Managing Director.
He is Dutch
nationality with the
age of 56
years old.
Mr. Suwat Weratanthana is
the Sales Manager.
He is Thai
nationality.
Ms. Malee Boonpitak is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in distributing various brand names of refrigeration components and parts, including compressors, screw compressor, liquid chiller, automatic air purifier, and dryer equipment, under the name “GRASSO” brand, as well as “GENEGLACE” ice maker, “REVALCO” industrial valves, and “ECOFLEX” heat exchanger machine.
The subject also provides installation and maintenance service for compressor to cold storage industry.
MAJOR BRANDS
“GRASSO”, “GENEGLACE”, “REVALCO”, “ECOFLEX” and etc.
PURCHASE
80% of its products is imported from France, Netherlands, Germany, Italy, and the remaining 20% is purchased locally. At present, there are over 20 suppliers both domestic and overseas.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
GEA Grasso B.V. |
Netherlands |
|
GEA Grasso GmbH. |
Germany |
|
Revalco S.r.L. |
Italy |
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers
in ice making
factory, cold storage
and frozen food
industries.
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
& T/T.
BUSINESS TRANSACTION
In term
of sales, the
products and services
are sold by
both cash and
on credit with the
maximum credit given
at 60 days.
The subject has
no problem on
its account receivable.
BANKING
ABN - AMRO Bank NV [Bangkok
office]
EMPLOYMENT
The subject employs
28 staff. [office staff
and sales]
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in a
residential area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
The subject’s operating
performance in 2010 was
impressive with an
increase in its
sales & service
sale and net
profit comparing to
the previous year,
this was mainly
due to industrial
improvement. However, the subject
reported a slowdown
in its sales
during the months of October-November 2011
due to flooding in its area.
Subject has been temporarily closed for
two weeks and this has caused to
delay delivery of the
products to its customers.
The subject’s business
encountered a slow
growth in the
last quarter of
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided into 30,000
shares of Bht.
100 each.
The capital
was increased later
as follows:
Bht. 25,000,000
on October 31,
1997
Bht.
100,000,000 on September
20, 2004
The latest registered
capital was increased to Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with fully paid
THE SHAREHOLDERS
LISTED WERE : [as at
September 22, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
GEA Refrigeration Netherlands
N.V. Nationality: Dutch Address : Netherlands |
999,994 |
100.00 |
|
Mr. Chunhaporn Samitsuwan Nationality: Thai Address : 55/384
Moo 7, T. Lakhok,
A. Muang, Pathumthani |
1 |
- |
|
Mr. Damri
Machasompop Nationality: Thai Address : 56/1 Taladkwan, Muang, Nonthaburi 11000 |
1 |
- |
|
Mr. Suwat
Weratanthana Nationality: Thai Address : 29/5 Moo 5, Salaya, Budhamonthon,
Nakornpathom |
1 |
- |
|
Mrs. Malee
Boonpithak Nationality: Thai Address : 49/101 Budthamonthon Sai 4 Rd., Taweewatana, Bangkok |
1 |
- |
|
Mr. Robert
Martin Den Hatog Nationality: Dutch Address : 29/90 Moo 2, 345 Rd., Lampho, Bangbuathong, Nonthaburi |
1 |
- |
|
Mr. Jacob Gronenboom Nationality: Dutch Address : 29/90
Moo 2, 345
Rd., Lampho,
Bangbuathong, Nonthaburi |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Natchalee Bunyakarnkul No.
3126
Share
Structure [as
at September 22,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
4 |
- |
|
Foreign - Dutch |
3 |
999,996 |
100.00 |
|
Total |
7 |
1,000,000 |
100.00 |
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
127,630,234 |
58,637,121 |
|
Trade Accounts Receivable
|
96,532,732 |
55,859,952 |
|
Inventories |
57,806,998 |
44,376,831 |
|
Short-term Loan to Related Company |
309,125 |
351,191 |
|
Other Current Assets
|
3,385,898 |
6,438,047 |
|
Total Current Assets
|
285,664,987 |
165,663,142 |
|
|
|
|
|
Fixed Assets |
5,492,800 |
7,656,508 |
|
Other Assets |
813,423 |
1,355,809 |
|
Total Assets |
291,971,210 |
174,675,459 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
141,629,460 |
79,539,893 |
|
Current Portion of Long-term
Financial Lease
Contract Liabilities |
420,471 |
1,163,618 |
|
Advance Income from Customer |
22,411,242 |
9,967,197 |
|
Accrued Income Tax |
8,784,753 |
2,728,829 |
|
Accrued Expenses |
20,811,034 |
9,459,514 |
|
Other Current Liabilities |
1,131,650 |
2,229,250 |
|
Total Current Liabilities |
195,188,610 |
105,088,301 |
|
|
|
|
|
Estimated Liabilities for Goods Guarantee |
10,139,147 |
5,453,791 |
|
Estimated Liabilities for
Employees’ Benefit |
5,043,000 |
3,285,000 |
|
Total Liabilities |
210,370,757 |
113,827,092 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value
Authorized & issued
share capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
43,750,000 |
43,750,000 |
|
Statutory Reserve |
1,061,210 |
1,061,210 |
|
Retained Earning -
Unappropriated |
36,789,243 |
16,037,157 |
|
Total Shareholders' Equity |
81,600,453 |
60,848,367 |
|
Total Liabilities &
Shareholders' Equity |
291,971,210 |
174,675,459 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
505,908,120 |
217,922,342 |
|
Gain on Exchange Rate |
- |
2,344,092 |
|
Other Income |
3,239,041 |
7,104,034 |
|
Total Sales |
509,147,161 |
227,370,468 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold & Services |
408,489,534 |
163,442,790 |
|
Selling Expenses |
14,787,717 |
9,544,829 |
|
Administrative Expenses |
51,374,195 |
44,951,739 |
|
Loss on Exchange Rate |
2,314,297 |
- |
|
Total Expenses |
476,965,743 |
217,939,358 |
|
Profit before Financial Cost &
Income Tax |
32,181,776 |
9,431,110 |
|
Financial Cost |
[58,642] |
[68,144] |
|
Profit before Income Tax |
32,122,776 |
9,362,966 |
|
Income Tax |
[11,370,690] |
[2,778,513] |
|
Net Profit / [Loss] |
20,752,086 |
6,584,453 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.46 |
1.58 |
|
QUICK RATIO |
TIMES |
1.15 |
1.09 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
92.10 |
28.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.73 |
1.25 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
51.65 |
99.10 |
|
INVENTORY TURNOVER |
TIMES |
7.07 |
3.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.65 |
93.56 |
|
RECEIVABLES TURNOVER |
TIMES |
5.24 |
3.90 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
126.55 |
177.63 |
|
CASH CONVERSION CYCLE |
DAYS |
(5.25) |
15.03 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.74 |
75.00 |
|
SELLING & ADMINISTRATION |
% |
13.08 |
25.01 |
|
INTEREST |
% |
0.01 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
19.90 |
29.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.36 |
4.33 |
|
NET PROFIT MARGIN |
% |
4.10 |
3.02 |
|
RETURN ON EQUITY |
% |
25.43 |
10.82 |
|
RETURN ON ASSET |
% |
7.11 |
3.77 |
|
EARNING PER SHARE |
BAHT |
47.43 |
15.05 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.58 |
1.87 |
|
TIME INTEREST EARNED |
TIMES |
548.78 |
138.40 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
132.15 |
|
|
OPERATING PROFIT |
% |
241.23 |
|
|
NET PROFIT |
% |
215.17 |
|
|
FIXED ASSETS |
% |
(28.26) |
|
|
TOTAL ASSETS |
% |
67.15 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
19.90 |
Impressive |
Industrial Average |
18.98 |
|
Net Profit Margin |
4.10 |
Impressive |
Industrial Average |
1.38 |
|
Return on Assets |
7.11 |
Impressive |
Industrial Average |
3.11 |
|
Return on Equity |
25.43 |
Impressive |
Industrial Average |
9.80 |
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 19.9%. 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 4.1%
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
7.11%, 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 25.43%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.46 |
Acceptable |
Industrial Average |
2.00 |
|
Quick Ratio |
1.15 |
|
|
|
|
Cash Conversion Cycle |
(5.25) |
|
|
|
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 1.46 times in 2010, decrease from 1.58 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 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 1.15 times in 2010,
increase from 1.09 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 -6 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Impressive |
Industrial Average |
0.96 |
|
Debt to Equity Ratio |
2.58 |
Acceptable |
Industrial Average |
2.95 |
|
Times Interest Earned |
548.78 |
Impressive |
Industrial Average |
2.79 |
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 548.78 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 0.72 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 |
92.10 |
Impressive |
Industrial Average |
15.58 |
|
Total Assets Turnover |
1.73 |
Acceptable |
Industrial Average |
3.15 |
|
Inventory Conversion Period |
51.65 |
|
|
|
|
Inventory Turnover |
7.07 |
Satisfactory |
Industrial Average |
7.08 |
|
Receivables Conversion Period |
69.65 |
|
|
|
|
Receivables Turnover |
5.24 |
Satisfactory |
Industrial Average |
6.26 |
|
Payables Conversion Period |
126.55 |
|
|
|
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.51.04 |
|
UK Pound |
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
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.