MIRA INFORM REPORT
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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ASIA KENDY CO., LTD. |
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Registered Office : |
1717-1723 Soi Onnuch
33, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.09.1973 |
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Com. Reg. No.: |
0105516009943 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer,
Distributor & Service
Provider of Industrial Equipment
& Material Supplies |
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No. of Employees : |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source
: CIA
Company name
ASIA
KENDY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1717-1723 SOI
ONNUCH 33,
SUANLUANG,
TELEPHONE : [66] 2331-7301-11, 2332-2002-7
FAX :
[66] 2332-2001,
2332-7694
E-MAIL
ADDRESS : sales@asiakendy.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0105516009943
TAX
ID NO. : 3101069563
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHARHOLDER’S
PROPORTION : THAI :
60.25%
JAPANESE
: 39.75%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KENZO ENDO,
JAPANESE
PRESIDENT
NO. OF STAFF : 80
LINES
OF BUSINESS : INDUSTRIAL EQUIPMENT & MATERIAL SUPPLIES
IMPORTER, DISTRIBUTOR
& SERVICE PROVIDER
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 September
14, 1973 as
a private limited
company by Thai and Japanese groups,
under the registered
name ASIA KENDY
CO., LTD., with
the business objective
to import and
distribute wide range
of industrial equipment
and material supplies,
as well as
provide installation service
for automatic systems
and equipment. It currently
employs approximate 80
staff.
The
subject’s registered address
is 1717-1723 Soi
Onnuch 33, Onnuch
Rd., Suanluang, Suanluang,
Bangkok 10250, 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. Kenzo Endo |
[x] |
Japanese |
72 |
|
Mrs. Wantanee Endo |
|
Thai |
65 |
|
Mr. Minoru Endo |
|
Japanese |
65 |
|
Ms. Wasana Serikittikul |
|
Thai |
56 |
|
Mr. Sakchai Charoenmool |
|
Thai |
53 |
AUTHORIZED PERSON
Only the mentioned director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kenzo Endo is
the President.
He is Japanese
nationality with the age of
72 years old.
Ms. Narisa Kaewsathid is
the Sales Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
equipment and material
supplies. Its products
and brands are as followed:
Products Brand
Expanded polyethylene foam
for “SUNTEC FOAM”
packaging
Expanded polystyrene foam
loose fill “ASPAC
SARASARA”
Airless pump “ASAHI SUNAC”
Transfer pump “ASAHI SUNAC”
Electrostatic gun “ASAHI SUNAC”
Industrial paper “NAGARA PAPER”
Abrasive nylon brushes “BRM”
Crimped wheel brushes “BRM”
End and circular
flared “BRM”
Tools “FLEX HONE”
Adhesive & sealant “CEMEDINE”
Elastic Adhesive PM
series “CEMEDINE”
Epoxy resin adhesive “CEMEDINE”
Instantaneous adhesive “CEMEDINE”
Reactive acrylic adhesive “CEMEDINE”
Hot melt adhesive “CEMEDINE”
Elastomer adhesive “CEMEDINE”
Hand tools “FACOM”
Electrostatic hand gun “ITW RANSBURG”
Electrostatic automatic gun “ITW RANSBURG”
Automatic gun/ disk/ Bell “ITW RANSBURG”
Air ratchet/ air impact
tools “INGERSOLL-RAND”
Air hammer/ air cutting
tools & grinder “INGERSOLL-RAND”
Air finishing tools/ air
drill/ screwdriver “INGERSOLL-RAND”
Diaphragm pumps/ lubrication pump “IR”, “ARO”
Extrussion pumps “IR”, “ARO”
Cast metal pumps/ plastic pumps “CRANE”
Stainless steel pumps/ high-pressure pumps “CRANE”
Characteristic/ applications “MAX FILTER”
Mechanism of filtration “MAX FILTER”
Liquid food disposal “MAX FILTER”
The subject also
provides installation service
wide range of
automatic system equipment,
such as painting
booth, oven, conveyor
system, painting equipment
automatic system, paint
circulation piping &
pumps, environmental equipment and
etc., as well
as after sales
services.
PURCHASE
80% of the
products is imported
from France, Japan,
U.S.A., and Germany,
the remaining 20%
is purchased from
local suppliers and
agents.
MAJOR
SUPPLIERS
Asahi
Sunac Corporation : Japan
Asahi
Kasei Corporation : Japan
Asahi
Chemical Industry Co.,
Ltd. : Japan
Brush
Research Manufacturing Co.,
Ltd. : U.S.A.
Ingersoll-Rand Inc. : U.S.A.
Ransburg
Industrial Finishing Ltd. : Japan
ITW
Ransburg Electrostatic System
Ltd. : Japan
Facom
S.A.S. : France
Cemedine
Co., Ltd. : Japan
SALES
The products are
sold and serviced
locally by wholesale
to traders, manufacturers
and end-users.
MAJOR CUSTOMERS
Cemedine [Thailand] Co.,
Ltd.
Asia Kendy Engineering
Co., Ltd.
Asia Nagara Co.,
Ltd.
Asiarans Co., Ltd.
RELATED AND
AFFILIATED COMPANIES
Cemedine [Thailand] Co., Ltd.
Business Type :
Distributor of adhesives & sealant products
Asia Kendy Enginnering Co., Ltd.
Business Type :
Distributor of expanded
polyethylene for packaging
products
Asia Nagara Co., Ltd.
Business Type :
Distributor of industrial
papers
Asiarans Co., Ltd.
Business Type :
Distributor of hand
tools
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
Bangkok Bank Public
Co., Ltd.
[Head Office,
333 Silom Rd.,
Silom, Bangrak, Bangkok]
Bank of Tokyo-Mitsubishi UFJ
Ltd.
[Bangkok Branch,
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs approximately 80 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
in 4 storey
of 4 row
shophouses at the
heading address. Premise
is located in
commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 5,000,000.
COMMENT
The company is one
of the
prominent importers and
distributors of a
industrial equipment and supplies. Subject
has excelled in the industries
and have developed
a profound understanding
of the market dynamic.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 10,000,000
on December 4,
1990
Bht. 20,000,000
on October 25,
1994
Bht. 30,000,000
on February 1,
2011
The
latest registered capital
was increased to
Bht. 30,000,000 divided into
60,000 shares of
Bht. 500 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 26, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Wantanee Endo Nationality: Thai Address : 1192/48
Soi Vachirathamsathit 57,
Bangchak, Prakanong, Bangkok
|
26,550 |
44.25 |
|
Mr. Kenzo Endo Nationality: Japanese Address : 1192/48
Soi Vachirathamsathit 57,
Bangchak, Prakanong, Bangkok |
17,850 |
29.75 |
|
Asia Kendy Japan
Co., Ltd. Nationality: Japanese Address : 2-2-15
Minami-Eoyama, Minato, Tokyo, Japan |
6,000 |
10.00 |
|
Ms. Wasana Serikittikul Nationality: Thai Address : 42/574
Kingkaew Rd., Rajathewa,
Bangplee, Samutprakarn |
4,650 |
7.75 |
|
Mrs. Nanda Charoenmool Nationality: Thai Address : 1192/48
Soi Vachirathamsathit 57,
Bangchak, Prakanong, Bangkok |
3,690 |
6.15 |
|
Ms. Narisa Kaewsathit Nationality: Thai Address : 42/576
Kingkaew Rd., Rajathewa,
Bangplee, Samutprakarn |
525 |
0.875 |
|
Mr. Sakchai Charoenmool Nationality: Thai Address : 58/106
Theparak Rd., Bangpleeyai, Bangplee, Samutprakarn |
435 |
0.725 |
|
Mr. Prasit Pikul Nationality: Thai Address : 53/173
Sukhapibal 1 Rd.,
Klongkum,
Bangkapi, Bangkok |
150 |
0.25 |
|
Mr. Anupong Arnont Nationality: Thai Address : 463/32
Charansanitwong Rd., Bangkoknoi, Bangkok |
150 |
0.25 |
Total Shareholders : 9
Share Structure [as
at April 26,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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|
Thai |
7 |
36,150 |
60.25 |
|
Foreign - Japanese |
2 |
23,850 |
39.75 |
|
Total |
9 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Montree Saythong No.
1443
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
49,689.98 |
49,829.65 |
|
Trade Accounts Receivable
|
74,286,784.62 |
86,929,085.35 |
|
Inventories |
66,896,687.89 |
68,379,929.17 |
|
Other Current Assets
|
4,901,074.38 |
5,440,480.85 |
|
|
|
|
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Total Current Assets
|
146,134,236.87 |
160,799,325.02 |
|
Other Long-term Investment |
26,400,000.00 |
26,400,000.00 |
|
Fixed Assets |
166,522,266.39 |
154,393,461.13 |
|
Other Non-current Assets |
340,700.00 |
261,865.82 |
|
Total Assets |
339,397,203.26 |
341,854,651.97 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
14,847,767.64 |
19,558,167.57 |
|
Trade Accounts Payable |
56,979,478.97 |
69,577,742.30 |
|
Other Current Liabilities |
8,001,021.35 |
6,675,456.96 |
|
|
|
|
|
Total Current Liabilities |
79,828,267.96 |
95,811,366.83 |
|
Total Liabilities |
79,828,267.96 |
95,811,366.83 |
|
|
|
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|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 500
value authorized, issued
and fully paid share
capital 60,000 & 40,000 shares in 2011
& 2010 respectively |
30,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
30,000,000.00 |
20,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
10,000,000.00 |
10,000,000.00 |
|
Unappropriated |
219,568,935.30 |
216,043,285.14 |
|
Total Shareholders' Equity |
259,568,935.30 |
246,043,285.14 |
|
Total Liabilities & Shareholders' Equity |
339,397,203.26 |
341,854,651.97 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
480,508,928.15 |
495,223,796.38 |
|
Other Income |
7,914,895.60 |
10,211,159.65 |
|
Total Revenues |
488,423,823.75 |
505,434,956.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
347,684,565.10 |
379,171,404.01 |
|
Selling Expenses |
4,711,342.54 |
4,236,942.11 |
|
Administrative Expenses |
110,180,084.88 |
102,930,012.04 |
|
Other Expenses |
543,779.77 |
2,573,760.26 |
|
Total Expenses |
463,119,772.29 |
488,912,118.42 |
|
|
|
|
|
Profit before Financial Costs &
Income Tax |
25,304,051.46 |
16,522,837.61 |
|
Financial Costs |
[50,031.19] |
[33,748.41] |
|
|
|
|
|
Profit before Income Tax |
25,254,020.27 |
16,489,089.20 |
|
Income Tax |
[6,728,370.11] |
[3,624,489.39] |
|
Net Profit / [Loss] |
18,525,650.16 |
12,864,599.81 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
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|
|
|
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
1.83 |
1.68 |
|
QUICK RATIO |
TIMES |
0.93 |
0.91 |
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ACTIVITY RATIO |
|
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|
|
FIXED ASSETS TURNOVER |
TIMES |
2.89 |
3.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
70.23 |
65.82 |
|
INVENTORY TURNOVER |
TIMES |
5.20 |
5.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.43 |
64.07 |
|
RECEIVABLES TURNOVER |
TIMES |
6.47 |
5.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
59.82 |
66.98 |
|
CASH CONVERSION CYCLE |
DAYS |
66.84 |
62.92 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
72.36 |
76.57 |
|
SELLING & ADMINISTRATION |
% |
23.91 |
21.64 |
|
INTEREST |
% |
0.01 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
29.29 |
25.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.27 |
3.34 |
|
NET PROFIT MARGIN |
% |
3.86 |
2.60 |
|
RETURN ON EQUITY |
% |
7.14 |
5.23 |
|
RETURN ON ASSET |
% |
5.46 |
3.76 |
|
EARNING PER SHARE |
BAHT |
61.75 |
64.32 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.24 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.31 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
505.77 |
489.59 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.97) |
|
|
OPERATING PROFIT |
% |
53.15 |
|
|
NET PROFIT |
% |
44.00 |
|
|
FIXED ASSETS |
% |
7.86 |
|
|
TOTAL ASSETS |
% |
(0.72) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.29 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
3.86 |
Impressive |
Industrial
Average |
1.82 |
|
Return on Assets |
5.46 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
7.14 |
Acceptable |
Industrial
Average |
11.66 |
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 29.29%. 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 3.86%,
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
5.46%, 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 7.14%.
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 |
1.83 |
Impressive |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.93 |
|
|
|
|
Cash Conversion Cycle |
66.84 |
|
|
|
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 1.83 times in 2011, increase from 1.68 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 0.93 times in 2011,
increase from 0.91 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 67 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.24 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.31 |
Impressive |
Industrial
Average |
1.51 |
|
Times Interest Earned |
505.77 |
Impressive |
Industrial
Average |
3.36 |
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 505.77 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 0.24 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.89 |
Deteriorated |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
1.42 |
Acceptable |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
70.23 |
|
|
|
|
Inventory Turnover |
5.20 |
Satisfactory |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
56.43 |
|
|
|
|
Receivables Turnover |
6.47 |
Impressive |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
59.82 |
|
|
|
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.54.85 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.63 |
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.