MIRA
INFORM REPORT
|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED IMPLEMENT CO., LTD. |
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Registered Office : |
23/27, 72 Moo 8, T. Omyai, A. Sampran, Nakornpathom 73160 |
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Country : |
Thailand |
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Financials (as on) : |
31.1.2011 |
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Date of Incorporation : |
09.05.2006 |
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Com. Reg. No.: |
0735549001091 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Tractor Engine and Parts |
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ADVANCED
IMPLEMENT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 23/27, 72 MOO
8, T. OMYAI, A. SAMPRAN,
NAKORNPATHOM 73160,
THAILAND
TELEPHONE : [66] 081
803-2543
FAX :
[66] 2420-5370
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0735549001091
TAX
ID NO. : 3032210560
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRASARN BUDDHAKULSOMSIRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : TRACTOR ENGINE
AND PARTS
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 May 9,
2006 as a
private limited company
under the name
style ADVANCED IMPLEMENT CO., LTD. by
Thai groups. Its
business objective is to distribute
tractor engine and parts for
agriculture industry. It
currently employs 6
staff.
The
subject’s registered address
is 23/27, 72 Moo
8, T. Omyai, A.
Sampran, Nakornpathom 73160,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
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|
Mr. Prasarn Buddhakulsomsiri |
|
Thai |
44 |
|
Ms. Nitaya Buddhakulsomsiri |
|
Thai |
42 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prasarn Buddhakulsomsiri is
the Managing Director.
He is Thai
nationality with the
age of 44
years old.
Ms. Nitaya Buddhakulsomsiri is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of new and
used tractor engine
and spare parts
for agriculture industry.
MAJOR BRANDS
“FORD” &
“KUBOTA”
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in India,
Republic of China,
Taiwan and Indonesia.
SALES
100% of the
products is sold
locally to retailers
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 credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 6
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located on the
outskirts of Bangkok.
COMMENT
Subject
was formed in
2006 as a distributor
of tractor engine
and parts. The
products are for
agricultural users. However,
the products were
related to agriculture
conditions, which gradually expanded
since the beginning of
this year. Subject’s
sales had grown
moderately in the
years 2011.
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
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Nitaya Buddhakulsomsiri Nationality: Thai Address : 132
Moo 5, Banglamung,
Chonburi |
5,500 |
55.00 |
|
Mr. Supakorn Limpanachokechai Nationality: Thai Address : 33/31
Moo 2, Bangpood,
Pakkred, Nonthaburi
|
2,000 |
20.00 |
|
Mr. Prasarn Buddhakulsomsiri Nationality: Thai Address : 31/22
Moo 9, Thungsukhla, Sriracha, Chonburi |
1,500 |
15.00 |
|
Ms. Panaporn Buddhakulsomsiri Nationality: Thai Address : 132
Moo 5, Banglamung,
Chonburi |
1,000 |
10.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Pinpinat
parichartsombat No. 5841
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
3,833,848.89 |
1,206,987.27 |
|
Trade Accounts Receivable |
114,800.00 |
7,345,000.00 |
|
Inventories |
1,178,516.79 |
1,627,167.54 |
|
Other Current Assets |
103,913.92 |
18,877.89 |
|
|
|
|
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Total Current Assets
|
5,231,079.60 |
10,198,032.70 |
|
|
|
|
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Fixed Assets |
253,423.08 |
309,343.00 |
|
Total Assets |
5,484,502.68 |
10,507,375.70 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Notes
Payable |
153,308.65 |
4,395,000.00 |
|
Loan from Related Person |
1,311,915.00 |
3,889,600.73 |
|
Accrued Expenses |
1,120,000.00 |
261,500.00 |
|
Other Current Liabilities |
125,628.49 |
104,955.01 |
|
|
|
|
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Total Current Liabilities |
2,710,852.14 |
8,651,055.74 |
|
Total Liabilities |
2,710,852.14 |
8,651,055.74 |
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Shareholders’ Equity |
|
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning-
Unappropriated |
1,773,650.54 |
856,319.96 |
|
Total Shareholders' Equity |
2,773,650.54 |
1,856,319.96 |
|
Total Liabilities & Shareholders' Equity |
5,484,502.68 |
10,507,375.70 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
60,397,546.63 |
19,657,644.23 |
|
Other Income |
29,158.25 |
2,923.97 |
|
Total Revenues |
60,426,704.88 |
19,660,568.20 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
57,382,456.88 |
17,511,343.87 |
|
Selling Expenses |
1,384,482.99 |
518,039.10 |
|
Administrative Expenses |
593,915.28 |
714,213.02 |
|
Total Expenses |
59,360,855.15 |
18,743,595.99 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,065,849.73 |
916,972.21 |
|
Financial Cost |
- |
[32,155.23] |
|
Profit / [Loss] before Income
Tax |
1,065,849.73 |
884,816.98 |
|
Income Tax |
[148,519.15] |
[73,517.89] |
|
|
|
|
|
Net Profit / [Loss] |
917,330.58 |
811,299.09 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.93 |
1.18 |
|
QUICK RATIO |
TIMES |
1.46 |
0.99 |
|
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ACTIVITY RATIO |
|
|
|
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FIXED ASSETS TURNOVER |
TIMES |
238.33 |
63.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
11.01 |
1.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
7.50 |
33.92 |
|
INVENTORY TURNOVER |
TIMES |
48.69 |
10.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.69 |
136.38 |
|
RECEIVABLES TURNOVER |
TIMES |
526.11 |
2.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.98 |
91.61 |
|
CASH CONVERSION CYCLE |
DAYS |
7.21 |
78.69 |
|
|
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PROFITABILITY
RATIO |
|
|
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|
COST OF GOODS SOLD |
% |
95.01 |
89.08 |
|
SELLING & ADMINISTRATION |
% |
3.28 |
6.27 |
|
INTEREST |
% |
- |
0.16 |
|
GROSS PROFIT MARGIN |
% |
5.04 |
10.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.76 |
4.66 |
|
NET PROFIT MARGIN |
% |
1.52 |
4.13 |
|
RETURN ON EQUITY |
% |
33.07 |
43.70 |
|
RETURN ON ASSET |
% |
16.73 |
7.72 |
|
EARNING PER SHARE |
BAHT |
91.73 |
81.13 |
|
|
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.49 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.98 |
4.66 |
|
TIME INTEREST EARNED |
TIMES |
- |
28.52 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
207.25 |
|
|
OPERATING PROFIT |
% |
16.24 |
|
|
NET PROFIT |
% |
13.07 |
|
|
FIXED ASSETS |
% |
(18.08) |
|
|
TOTAL ASSETS |
% |
(47.80) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.04 |
Acceptable |
Industrial Average |
8.56 |
|
Net Profit Margin |
1.52 |
Impressive |
Industrial Average |
0.99 |
|
Return on Assets |
16.73 |
Impressive |
Industrial Average |
1.89 |
|
Return on Equity |
33.07 |
Impressive |
Industrial Average |
7.75 |
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 5.04%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company was originated from the problems with control over its costs.
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 1.52%,
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
16.73%, 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 33.07%, 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 |
1.93 |
Impressive |
Industrial Average |
1.36 |
|
Quick Ratio |
1.46 |
|
|
|
|
Cash Conversion Cycle |
7.21 |
|
|
|
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 1.93 times in 2011, increase from 1.18 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 1.46 times in 2011,
increase from 0.99 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 8 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial Average |
0.74 |
|
Debt to Equity Ratio |
0.98 |
Impressive |
Industrial Average |
3.06 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.66 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.49 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
238.33 |
Impressive |
Industrial Average |
11.08 |
|
Total Assets Turnover |
11.01 |
Impressive |
Industrial Average |
1.93 |
|
Inventory Conversion Period |
7.50 |
|
|
|
|
Inventory Turnover |
48.69 |
Impressive |
Industrial Average |
2.77 |
|
Receivables Conversion Period |
0.69 |
|
|
|
|
Receivables Turnover |
526.11 |
Impressive |
Industrial Average |
5.14 |
|
Payables Conversion Period |
0.98 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.