MIRA
INFORM REPORT
|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHASE
ENTERPRISE [SIAM] CO.,
LTD. |
|
|
|
|
Registered Office : |
497 Somdejprapinklao Road, Bangyeekhan, Bangplad, Bangkok 10700, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.12.1995 |
|
|
|
|
Com. Reg. No.: |
0105538151670 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Designer, developer and
assembler of fire
fighting, rescue and special
purpose vehicle |
|
|
|
|
No. of Employees : |
650 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
CHASE ENTERPRISE [SIAM] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 497
SOMDEJPRAPINKLAO ROAD, BANGYEEKHAN,
BANGPLAD, BANGKOK
10700, THAILAND
TELEPHONE : [66] 2819-4000
FAX :
[66] 2819-4011,
2819-4090
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538151670
TAX
ID NO. : 3011669938
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JESADA DEJSAKULRIT,
THAI
PRESIDENT
NO.
OF STAFF : 650
LINES
OF BUSINESS : FIRE
FIGHTING, RESCUE AND SPECIAL
PURPOSE
VEHICLE
DESIGNER, DEVELOPER
AND ASSEMBLER
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 December 29,
1995 as a
private limited company under
the registered name
CHASE ENTERPRISE [SIAM]
CO., LTD., by
Thai groups, with
the business objective
to provide design,
develop and assembly
fire fighting, rescue
and special purpose
vehicles to both
domestic and overseas
market. It currently
employs approximate 650
staff.
In
2000, it achieved
the standard ISO 9001 : 2000 certification
The
subject’s registered address
is 497 Somdejprapinklao Rd.,
Bangyeekhan, Bangplad, Bangkok
10700, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jesada Dejsakulrit |
[x] |
Thai |
66 |
|
Mr. Narong Dejsakulrit |
|
Thai |
52 |
|
Mr. Chuan Prachayasanti |
|
Thai |
74 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jesada Dejsakulrit is
the President.
He is Thai
nationality with the
age of 66
years old.
Mr. Sutham Khonwai is
the General Manager.
He is Thai
nationality.
Mr. Thanas Tatawapat is
the Procurement Manager.
He is Thai
nationality.
Ms. Siriphan is the
Chief of Personnel.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
providing design, development
and assembly wide
range of fire
fighting, rescue and
special purpose veicles,
as well as
procurement and maintenance
services. Range of
products are as
follows:
·
Fire fighting
and emergency rescue
vehicles
-
Structural fire
fighting vehicle
-
Aircraft rescue
and fire fighting
vehicle
-
Aerial platform
fire fighting vehicle
-
Rescue vehicle
-
Industrial fire
fighting vehicle
-
Forest fire
fighting vehicle
-
Emergency lighting
vehicle
-
Mobile command
vehicle
-
Rescue boat
-
Fire fighting
boat
·
Environmental vehicles
-
Vacuum cleaner
tanker
-
Road sweeper
vehicle
-
Vacuum tank
truck
-
Hydraulic hook
lift vehicle
-
Recycle waste
vehicle
-
Sewage vacuum
vehicle
·
Special application
vehicles
-
Satellite communication
vehicle
-
Ambulance
-
Emergency evacuation
air stairs
-
Drinking water
supply vehicle
-
Cash transport
vehicle
-
Hovercraft
-
Boat
·
Transportation vehicles
-
Coach
-
Bus
The subject is
also importer of
fire fighting equipment,
rescue equipment, personnel
safety products, environmental
protection equipment and
etc., for distribution
and the production.
PURCHASE
Most
of the products and
equipments are imported
from Germany, France,
United Kingdom, and
U.S.A., the remaining
is purchased from
local supplier and
agent.
SALES/ SERVICES
90% of the
products is sold
and serviced locally
to traders and
end-users, mainly government
sector, and the remaining
10% is exported
to Malaysia and
Singapore.
MAJOR CUSTOMER
Department of Disaster
Prevention and Mitigation,
Thailand
Bangkok Metropolitan Administration, 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 sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 650 office
staff, engineers and
factory workers
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in commercial/ residential area.
Assembly
plant is located
at 44 Moo
1, Salaya-Nakornchaisri Rd.,
T. Salaya,
A. Budhamonthon, Nakornpathom
73170.
COMMENT
The
company’s reputation is the
first manufacturing and assemble
of the firefighting
vehicle company with
widespread well know
for Thailand market
of its high
performance and technology. As
well its name
is also well known for
supporting international market
penetration with full range
of product line.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
On
November 8, 2004,
the registered capital
was increased to
Bht. 30,000,000 divided
into 300,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jesada Dejsakulrit Nationality: Thai Address : 7/1
Somdejprapinklao Rd., Arun
Amarin,
Bangkoknoi, Bangkok |
220,000 |
73.34 |
|
Mr. Chuan Prachayasanti Nationality: Thai Address : 314/1
Prachathipatai Rd., Banpanthom,
Phranakorn, Bangkok |
40,000 |
13.33 |
|
Mr. Narong Dejsakulrit Nationality: Thai Address : 296
Moo 12, Bangpakok,
Rajburana, Bangkok |
40,000 |
13.33 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Pol. Maj. Chaowalit
Singcharoen No. 0118
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
17,364,204.66 |
9,190,082.09 |
|
Short-term Investment |
51,373,540.92 |
95,764,388.30 |
|
Trade Accounts & Other Receivable |
314,031,866.03 |
361,320,231.82 |
|
Inventories |
406,070,254.16 |
85,357,541.20 |
|
|
|
|
|
Total Current Assets
|
788,839,865.77 |
551,632,243.41 |
|
Factory under Construction |
23,959,874.05 |
18,044,122.71 |
|
Fixed Assets |
73,994,408.07 |
77,269,390.92 |
|
Other Non current
Assets |
2,615,640.07 |
7,828,596.29 |
|
Total Assets |
889,409,787.96 |
654,774,353.33 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other Payable
|
604,672,503.20 |
501,621,424.01 |
|
Trust Receipt Payable |
186,503,859.92 |
55,605,645.94 |
|
|
|
|
|
Total Current Liabilities |
791,176,363.12 |
557,227,069.95 |
|
Total Liabilities |
791,176,363.12 |
557,227,069.95 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
68,233,424.84 |
67,547,283.38 |
|
Total Shareholders' Equity |
98,233,424.84 |
97,547,283.38 |
|
Total Liabilities & Shareholders' Equity |
889,409,787.96 |
654,774,353.33 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services Income |
1,333,114,715.44 |
1,187,074,797.74 |
|
Interest Income |
207,065.13 |
71,634.80 |
|
Other Income |
31,027,233.71 |
27,725,297.53 |
|
Total Revenues |
1,364,349,014.28 |
1,214,871,730.07 |
|
Expenses |
|
|
|
Cost of Goods
Sold and Services
|
1,240,267,394.30 |
1,114,543,315.61 |
|
Selling and Services Expenses |
18,509,868.24 |
19,891,558.14 |
|
Administrative Expenses |
83,012,755.86 |
67,792,259.33 |
|
Total Expenses |
1,341,790,018.40 |
1,202,227,133.08 |
|
Profit / Loss] before Financial Costs & Income Tax |
22,558,995.88 |
12,644,596.99 |
|
Financial Costs |
[11,918,837.90] |
[3,376,364.78] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
10,640,157.98 |
9,268,232.21 |
|
Income Tax |
[9,954,016.52] |
[8,605,637.54] |
|
Net Profit / [Loss] |
686,141.46 |
662,594.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.00 |
0.99 |
|
QUICK RATIO |
TIMES |
0.48 |
0.84 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.02 |
15.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.50 |
1.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
119.50 |
27.95 |
|
INVENTORY TURNOVER |
TIMES |
3.05 |
13.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
85.98 |
111.10 |
|
RECEIVABLES TURNOVER |
TIMES |
4.25 |
3.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
177.95 |
164.28 |
|
CASH CONVERSION CYCLE |
DAYS |
27.53 |
(25.22) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.04 |
93.89 |
|
SELLING & ADMINISTRATION |
% |
6.23 |
5.71 |
|
INTEREST |
% |
0.89 |
0.28 |
|
GROSS PROFIT MARGIN |
% |
9.31 |
8.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.69 |
1.07 |
|
NET PROFIT MARGIN |
% |
0.05 |
0.06 |
|
RETURN ON EQUITY |
% |
0.70 |
0.68 |
|
RETURN ON ASSET |
% |
0.08 |
0.10 |
|
EARNING PER SHARE |
BAHT |
2.29 |
2.21 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
8.05 |
5.71 |
|
TIME INTEREST EARNED |
TIMES |
1.89 |
3.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
12.30 |
|
|
OPERATING PROFIT |
% |
78.41 |
|
|
NET PROFIT |
% |
3.55 |
|
|
FIXED ASSETS |
% |
(4.24) |
|
|
TOTAL ASSETS |
% |
35.83 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.31 |
Impressive |
Industrial Average |
7.64 |
|
Net Profit Margin |
0.05 |
Deteriorated |
Industrial Average |
1.13 |
|
Return on Assets |
0.08 |
Deteriorated |
Industrial Average |
3.38 |
|
Return on Equity |
0.70 |
Deteriorated |
Industrial Average |
12.24 |
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. Gross Profit Margin is 9.31%. 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 0.05%.
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 0.08%.
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 0.7%.
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 |
1.00 |
Risky |
Industrial Average |
1.17 |
|
Quick Ratio |
0.48 |
|
|
|
|
Cash Conversion Cycle |
27.53 |
|
|
|
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 time in 2011, increase from 0.99 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 0.48 times in 2011,
decrease from 0.84 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 28 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
8.05 |
Risky |
Industrial Average |
2.40 |
|
Times Interest Earned |
1.89 |
Acceptable |
Industrial Average |
2.94 |
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 1.9 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 0.89 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 |
18.02 |
Impressive |
Industrial Average |
8.64 |
|
Total Assets Turnover |
1.50 |
Deteriorated |
Industrial Average |
3.07 |
|
Inventory Conversion Period |
119.50 |
|
|
|
|
Inventory Turnover |
3.05 |
Deteriorated |
Industrial Average |
8.23 |
|
Receivables Conversion Period |
85.98 |
|
|
|
|
Receivables Turnover |
4.25 |
Deteriorated |
Industrial Average |
10.65 |
|
Payables Conversion Period |
177.95 |
|
|
|
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.55.34 |
|
\UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.