MIRA
INFORM REPORT
|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KAMOL INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
63 Soi Seemuang
Anusorn, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.11.1989 |
|
|
|
|
Com. Reg. No.: |
0105532112389 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Agricultural Equipments |
|
|
|
|
No. of Employees : |
250 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
KAMOL
INDUSTRY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 63
SOI SEEMUANG ANUSORN,
TELEPHONE : [66] 2277-2750,
2277-3598, 2277-0589
FAX : [66] 2276-1183
E-MAIL
ADDRESS : kamolsu@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532112389 [Former
: 11237/2532]
CAPITAL REGISTERED : BHT. 130,000,000
CAPITAL PAID-UP : BHT.
130,000,000
SHAREHOLDERS’ PROPOPRTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KAMOL SURANGSURIYAKUL, THAI
MANAGING DIRECTOR
AND MARKETING
MANAGER
NO.
OF STAFF : 250
LINES
OF BUSINESS : AGRICULTURAL EQUIPMENTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established
on November 22, 1989
as a private
limited company under the name
style KAMOL INDUSTRY CO., LTD.,
by Thai groups,
in order to operate as a manufacturer of agriculture equipments. The
K.M.T. Slasher is range number
one among Rotary Grass Cutting, Sugar Crane Stump Cutting and Jute Stump Cutting in local and oversea
markets. The subject currently has
approximate 250 staff.
The subject’s registered address is 63 Soi Seemuang Anusorn,
Suthisarnvinijchai Rd., Dindaeng, Bangkok
10320, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kamol Surangsuriyakul |
|
Thai |
70 |
|
Mrs. Narawal Surangsuriyakul |
|
Thai |
66 |
|
Mrs. Narisra Puengrasamee |
|
Thai |
45 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kamol Surangsuriyakul is
the Managing Director
and Marketing Manager.
He is Thai nationality with
the age of 70 years
old.
Mrs. Narawal Surangsuriyakul is
the General Manager.
She is Thai
nationality with the
age of 66
years old.
Mrs. Narisra Puengrasamee is
the Import-Export Manager.
She is Thai
nationality with the
age of 45
years old.
Ms. Nongnuch Kemayothin
is the Finance
Manager.
She is Thai
nationality.
Mrs. Supadee Anantarangsee is
the Factory Manager.
She is Thai
nationality.
Mr. Kitisak Surangsuriyakul is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer, exporter and
distributor of agricultural equipments,
tools and spare
parts for sugarcane farms, cattle
farms and paddy
fields, under its
own brand “K.M.T.”,
as well as
importing and distributing of
the products under
various brands, such
as “JF”, “STEENO”,
“MASCUS”, “JOHN DEERE”
and others.
Ranges of products
are as the
followings:
- Implement
Rotary
tiller, drum mower,
pick-up baler, rotary
tedder rake, post
hole digger,
trailer,
digger machine, organic
fertilizer loader, spring
cultivator with cutaway,
sugar
cane loader, cutaway
cultivator, trash incorporator,
sugarcane cutter,
sugarcane
planter, disc harrow,
shakaerator, poly disc,
disc plough,
heavy
offset, disc harrow
and etc.
- OEM
Part of tractor under brand
“FORD” and others
Tractor
seat in blue & cushion in
blue, head lamp,
rubber body head
lamp housing with
brackets & switch, cabinet light, fender, platform, engine hood, engine
bonnet, spare tyre
hanger and etc.
3. Used
products
Sugarcane track
and engines
The subject also
provides after sale
service for repairing
and maintenance.
PURCHASE
80% of the engine
parts and equipments
are purchased from
overseas suppliers in
Germany, United States of America,
Italy, Japan, Taiwan, France, Denmark, Netherlands, United Kingdom, India, Singapore, Malaysia, Republic of
China, while the
remaining 20% is
purchased from local
suppliers.
MAJOR SUPPLIERS
JF Fabriken A/S : Denmark
Behlen Mfg Co., Ltd. : Netherlands
Deere Company : United
States of America
Mascus [UK] Ltd. : United
Kingdom
SALES [LOCAL]
50% of its
products is sold
locally by Kamol Trading Co., Ltd., the subject’s
affiliated company, and the
rest 50% is
sold directly to
manufacturers, wholesalers, end-users
and exported to
United States of
America and Taiwan.
SUBSIDIARIES &
AFFILIATED COMPANY
Kamol Trading Co.,
Ltd.
Business Type : Distributor of
agricultural equipment.
Address :
63 Soi
Seemuang Anusorn, Suthisarnvinijchai Road,
Dindaeng,
Bangkok
10320
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 on the
credits term of
60-90 days.
Imports are by L/C
on
the credits term
of 90-120 days
or D/A on the credits
term of 60-90
days & T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
In term of
sales, the products
are sold to
local customers by
cash and credit
with the maximum
credit given at
30-60 days and
by T/T for
overseas customers. The
subject is not
found to have problem on its
account receivable, because its
customer is an
affiliated company. In term of purchasing, the
subject imports mainly
by L/C on the credits
term of 90-120
days and occasionally
by D/A on
the credits term
of 60-90 days
and T/T.
BANKING
Siam Commercial Bank
Public Co., Ltd.
[Ratchadapisek Branch
: 139 Ratchadapisek
Rd., Samsennok, Huay Kwang,
Bangkok]
[Muangmai Bangplee
Branch : 138 Moo 17,
Teparak Rd., Bangplee,
Samutprakarn]
Kasikornbank Public Co.,
Ltd.
[Ratchadapisek Branch : 252 Ratchadapisek Rd.,
Samsennok, Huay Kwang, Bangkok]
EMPLOYMENT
The subject employs
approximately 250 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for office administrative at
the heading address.
Premise is located
in commercial area.
Factory and warehouse are located
at 119 Moo
1, Teparak Rd., Km. 21, T. Bangsaothong,
King-amphur Bangsaothong, Samutprakarn 10540, Tel: [66]
2315-4161-4, 2315-4822-6 Fax:
[66] 2315-4160.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
The uniquely products
developed by K.M.T. are
innovative design, high durability,
high efficiency, low
maintenance cost and
spare part availability. It is
also applicable for
every geographical condition. The subject maintains the large number of customers across the nation. With its high quality products and
service for decades,
subject gains its
reputation and being in the
forefront of marketplace.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided
into 5,000 shares
of Bht. 1,000
each with fully
paid.
The capital was
increased later as
follows :
Bht. 15,000,000
on February 28,
2002
Bht. 50,000,000
on September 8,
2004
Bht. 130,000,000
on December 29,
2011
The latest registered
capital was increased
to Bht. 130,000,000 divided
into 130,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [ as at
January 29, 2012]
|
NAME |
HOLDING |
% |
|
Mr. Kamol Surangsuriyakul Nationality: Thai Address : 63 Soi
Seemuang Anusorn,
Suthisarnvinijchai Rd., Bangkok |
36,030 |
27.71 |
|
Mrs. Narawal Surangsuriyakul Nationality: Thai Address : 63 Soi
Seemuang Anusorn,
Suthisarnvinijchai Rd., Bangkok |
27,554 |
21.35 |
|
Mr. Kitisak Surangsuriyakul Nationality: Thai Address : 121 Moo 1,
T. Bangsaothong, King-amphur
Bangsaothong, Samutprakarn |
27,909 |
21.47 |
|
Mrs. Narisra Puengrasamee Nationality: Thai Address : 105/18 Boromrajchonnee Rd., Arun-amarin,
Bangkoknoi, Bangkok |
27,909 |
21.47 |
|
Mrs. Supadee Anantarangsee Nationality: Thai Address : 88/552 Moo 2,
Rachatheva, Bangplee, Samutprakarn
|
10,598 |
8.00 |
Total Shareholders : 5
Share Structure [as
at January 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
130,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
130,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chalerm Piriyaarnont
No. 2987
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
2,515,886.56 |
7,251,724.26 |
|
Trade Accounts Receivable |
293,631,644.27 |
319,558,491.05 |
|
Inventories |
204,977,800.00 |
272,577,800.00 |
|
Short-term Loan from Related
Person |
- |
29,000,000.00 |
|
Other Current Assets
|
35,151,115.76 |
31,099,227.86 |
|
|
|
|
|
Total Current Assets
|
536,276,446.59 |
659,487,243.17 |
|
|
|
|
|
Fixed Assets |
156,957,866.98 |
158,280,274.71 |
|
Other Assets |
1,596,339.93 |
1,573,147.35 |
|
Total Assets |
694,830,653.50 |
819,340,665.23 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
369,137,762.34 |
288,974,430.08 |
|
Trade Accounts Payable |
156,808,958.53 |
333,643,405.91 |
|
Other Current Liabilities |
3,055,706.00 |
4,752,032.50 |
|
|
|
|
|
Total Current Liabilities |
529,002,426.87 |
627,369,868.49 |
|
|
|
|
|
Long-term Loan |
15,596,981.80 |
43,483,563.16 |
|
Total Liabilities |
544,599,408.67 |
670,853,431.65 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning Unappropriated |
50,231,244.83 |
48,487,233.58 |
|
Total Shareholders' Equity |
150,231,244.83 |
148,487,233.58 |
|
Total Liabilities & Shareholders' Equity |
694,830,653.50 |
819,340,665.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
518,426,760.74 |
659,190,633.71 |
|
Other Income |
6,852,012.13 |
9,795,442.15 |
|
Total Revenues |
525,278,772.87 |
668,986,075.86 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
409,230,806.89 |
524,083,551.28 |
|
Administrative Expenses |
56,423,303.04 |
75,245,458.94 |
|
Selling Expenses |
18,483,110.32 |
23,789,354.37 |
|
Total Expenses |
484,137,220.25 |
623,118,364.59 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
41,141,552.62 |
45,867,711.27 |
|
Financial Cost |
[38,650,107.98] |
[39,474,725.89] |
|
Profit / [Loss] before Income
Tax |
2,491,444.64 |
6,392,985.38 |
|
Income Tax |
[747,433.39] |
[1,917,895.61] |
|
|
|
|
|
Net Profit / [Loss] |
1,744,011.25 |
4,475,089.77 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.01 |
1.05 |
|
QUICK RATIO |
TIMES |
0.56 |
0.52 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.30 |
4.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.75 |
0.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
182.82 |
189.84 |
|
INVENTORY TURNOVER |
TIMES |
2.00 |
1.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
206.73 |
176.94 |
|
RECEIVABLES TURNOVER |
TIMES |
1.77 |
2.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
139.86 |
232.37 |
|
CASH CONVERSION CYCLE |
DAYS |
249.69 |
134.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.94 |
79.50 |
|
SELLING & ADMINISTRATION |
% |
14.45 |
15.02 |
|
INTEREST |
% |
7.46 |
5.99 |
|
GROSS PROFIT MARGIN |
% |
22.38 |
21.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.94 |
6.96 |
|
NET PROFIT MARGIN |
% |
0.34 |
0.68 |
|
RETURN ON EQUITY |
% |
1.16 |
3.01 |
|
RETURN ON ASSET |
% |
0.25 |
0.55 |
|
EARNING PER SHARE |
BAHT |
17.44 |
44.75 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.63 |
4.52 |
|
TIME INTEREST EARNED |
TIMES |
1.06 |
1.16 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(21.35) |
|
|
OPERATING PROFIT |
% |
(10.30) |
|
|
NET PROFIT |
% |
(61.03) |
|
|
FIXED ASSETS |
% |
(0.84) |
|
|
TOTAL ASSETS |
% |
(15.20) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.38 |
Impressive |
Industrial
Average |
14.17 |
|
Net Profit Margin |
0.34 |
Deteriorated |
Industrial
Average |
1.69 |
|
Return on Assets |
0.25 |
Deteriorated |
Industrial
Average |
3.72 |
|
Return on Equity |
1.16 |
Deteriorated |
Industrial
Average |
10.84 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 22.38%. 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 0.34%.
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 0.25%.
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 1.16%.
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 |
1.01 |
Acceptable |
Industrial
Average |
1.49 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
249.69 |
|
|
|
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 1.01 times in 2010, decreased from 1.05 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 0.56 times in 2010,
increased from 0.52 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 250 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
3.63 |
Risky |
Industrial
Average |
1.83 |
|
Times Interest Earned |
1.06 |
Deteriorated |
Industrial
Average |
3.75 |
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 1.07 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 0.78 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.30 |
Deteriorated |
Industrial
Average |
11.24 |
|
Total Assets Turnover |
0.75 |
Deteriorated |
Industrial
Average |
2.20 |
|
Inventory Conversion Period |
182.82 |
|
|
|
|
Inventory Turnover |
2.00 |
Deteriorated |
Industrial
Average |
5.17 |
|
Receivables Conversion Period |
206.73 |
|
|
|
|
Receivables Turnover |
1.77 |
Deteriorated |
Industrial
Average |
4.50 |
|
Payables Conversion Period |
139.86 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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.