MIRA INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
UBT
ENGINEERING CO., LTD. |
|
|
|
|
Registered Office : |
168/52 Narknivas Road, Ladprao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.02.1987 |
|
|
|
|
Com. Reg. No.: |
0105530007138 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer & Distributor of Electronic &
Electric Power Systems
and Related Products |
|
|
|
|
No. of Employees
: |
03 |
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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
UBT ENGINEERING
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 168/52 NARKNIVAS ROAD, LADPRAO,
BANGKOK 10230,
THAILAND
TELEPHONE : [66] 2530-2788,
081 821-4453
FAX :
[66] 2530-4498
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530007138 [Former : 712/2530]
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUCHART BANDITSUWAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : ELECTRONIC &
ELECTRIC POWER SYSTEMS
AND
RELATED PRODUCTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH NORMAL
BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was
established on February
13, 1987 as
a private limited
company under the
name style UBT ENGINEERING
CO., LTD. by
Thai groups, in
order to provide products
and service of
electrical & electric
power systems and
related products to
local market. It
currently employs 3
staff.
The registered address
was initially located
at 288/21 Surawongse
Rd., Siphya, Bangrak,
Bangkok 10500.
In 2001, it
was moved to
5 Soi Preeyanuch,
Rama 9 Rd.,
Bangkapi, Huaykwang, Bangkok
10320.
On August 31,
2006, the subject’s
registered address was
relocated to 95/52
Moo 8, Narknivas
Rd., Ladprao, Bangkok
10230.
On January 8,
2010, the address
has been changed
from “95/52 Moo
8” to “168/52”,
by the Ladprao
District Office, actually both
are the same
location. This is
also the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchart Banditsuwan |
|
Thai |
61 |
|
Mr. Kriengsak Chincharoenchai |
|
Thai |
57 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suchart Banditsuwan
is the Managing
Director.
He is Thai
nationality with the
age of 61
years old.
Mr. Kriengsak Chincharoenchai is
the General Manager
& Marketing Manager.
He is Thai
nationality with the
age of 57
years old.
BUSINESS OPERATIONS
The subject’s activities are distributor and supplier of
electronic & electric
power systems, including
rectifier machine “HITZINGER”- Austria, electric system
equipment and related
products, as well
as after sales services. The products
are mainly supplied
to government, private power plant
operators and the
subject’s related company.
IMPORT
Most of the
products are imported
from Italy, Austria,
and United Kingdom.
SALES/SERVICES
80% of the
products are sold
and serviced locally
to government sector, the
remaining 20% to
private sector.
MAJOR CUSTOMERS
Royal Thai Navy : Thailand
Royal Thai Army : Thailand
RELATED COMPANIES
D E P Engineering Co., Ltd.
Business Type: Distributor
and service of
electrical system products
U Electric System
Co., Ltd.
Business Type :
Importer & distributor
of electrical equipment
U Services [Rayong]
Co., Ltd.
Business Type :
Distributor of electrical
equipment
U Services [Saraburi]
Co., Ltd.
Business Type :
Maintenance service of
electrical system and
equipment
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 on
negotiated term.
BANKING
TMB Bank
Public Co., Ltd.
[Head Office : 3000
Phaholyothin Rd., Ladyao,
Jatujak, Bangkok 10900]
Krung Thai
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
3 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
EUR 30,000.
COMMENT
Subject
was formed in
1987 as an importer and distributor of electronic,
electric power system
and related products. Its
products are served
mainly to industrial
users. Subject’s business
performance in the
year 2010 was
rather weak, while
sales and services
in 2011 had slightly
improved, which was
end up a better
performance than the
previous year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
On December 18,
1989 the capital
was increased to
Bht. 3,000,000 divided into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suchart Banditsuwan Nationality: Thai Address : 288/21 Surawongse
Rd., Siphya, Bangrak, Bangkok
10500 |
14,246 |
47.49 |
|
Mr. Burin Chincharoenchai Nationality: Thai Address : 348/7 Sukhumvit
54 Rd., Bangchak,
Prakanong, Bangkok |
6,750 |
22.50 |
|
Mr. Nathapol Chincharoenchai Nationality: Thai Address : 348/7 Sukhumvit
54 Rd., Bangchak,
Prakanong, Bangkok |
5,000 |
16.67 |
|
Mr. Chukiat Withayatechakul Nationality: Thai Address : 143/1 Pinklao
Rd., Arun Amarin,
Bangkoknoi, Bangkok |
4,000 |
13.33 |
|
Ms. Suwannee Banditsuwan Nationality: Thai Address : 288/21 Surawongse
Rd., Siphya, Bangrak, Bangkok
10500 |
1 |
|
|
Mrs. Rawadee Banditsuwan Nationality: Thai Address : 286/14 Surawongse
Rd., Siphya, Bangrak, Bangkok 10500 |
1 |
= 0.01 |
|
Ms. Suwanna Banditsuwan Nationality: Thai Address : 286/14 Surawongse
Rd., Siphya, Bangrak, Bangkok 10500 |
1 |
|
|
Mrs. Montha Vilamas Nationality: Thai Address : 3/390 Moo
1, Tungsonghong, Laksi,
Bangkok |
1 |
|
Total Shareholders : 8
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Siripong Wuthikrai No. 1863
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
3,730,034.03 |
3,453,394.34 |
|
Trade Accounts Receivable |
3,848,588.53 |
19,990,570.51 |
|
Sale Department Receivable |
263,446.73 |
931,479.95 |
|
Deferred Interest |
3,113,767.12 |
2,601,267.12 |
|
Other Current Assets
|
1,665,465.94 |
1,476,020.30 |
|
Total Current Assets
|
12,621,302.35 |
28,452,732.22 |
|
|
|
|
|
Long-term Loan to Other Company |
5,000,000.00 |
5,000,000.00 |
|
Fixed Assets |
2,126,064.81 |
2,669,065.96 |
|
Other Assets |
415,188.61 |
231,705.70 |
|
Total Assets |
20,162,555.77 |
36,353,503.88 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
2,186,586.70 |
19,930,701.82 |
|
Current Portion of
Financial Lease Contract Payable |
789,468.00 |
789,468.00 |
|
Sale Department Payable |
92,408.93 |
754,097.70 |
|
Accrued Interest |
2,141,798.57 |
1,881,768.27 |
|
Advance Deposit |
1,107,476.64 |
- |
|
Other Current Liabilities |
1,115,747.98 |
4,574,911.69 |
|
|
|
|
|
Total Current Liabilities |
7,433,486.82 |
27,930,947.48 |
|
|
|
|
|
Financial Lease Contract Payable |
797,981.00 |
1,587,449.00 |
|
Loan from Other Company |
3,721,820.80 |
3,721,820.80 |
|
Long-term Loan from Related
Person |
5,900,000.00 |
- |
|
Total Liabilities |
17,853,288.62 |
33,240,217.28 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
800,000.00 |
800,000.00 |
|
Unappropriated [Deficit] |
[1,490,732.85] |
[686,713.40] |
|
Total Shareholders' Equity |
2,309,267.15 |
3,113,286.60 |
|
Total Liabilities &
Shareholders' Equity |
20,162,555.77 |
36,353,503.88 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
2,938,709.00 |
31,540,593.61 |
|
Interest Income |
524,027.26 |
589,214.90 |
|
Other Income |
129,601.80 |
280,521.88 |
|
Total Sales |
3,592,338.06 |
32,410,330.39 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
1,475,993.01 |
24,861,918.19 |
|
Administrative Expenses |
2,660,334.20 |
6,564,232.04 |
|
Total Expenses |
4,136,327.21 |
31,426,150.23 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
[543,989.15] |
984,180.16 |
|
Financial Cost |
[260,030.30] |
[321,030.30] |
|
Profit / [Loss] before Income Tax |
[804,019.45] |
663,149.86 |
|
Income Tax |
- |
[572,304.30] |
|
|
|
|
|
Net Profit / [Loss] |
[804,019.45] |
90,845.56 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.70 |
1.02 |
|
QUICK RATIO |
TIMES |
1.47 |
0.97 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.38 |
11.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.15 |
0.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
478.01 |
231.34 |
|
RECEIVABLES TURNOVER |
TIMES |
0.76 |
1.58 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
540.72 |
292.60 |
|
CASH CONVERSION CYCLE |
DAYS |
(62.71) |
(61.27) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
50.23 |
78.83 |
|
SELLING & ADMINISTRATION |
% |
90.53 |
20.81 |
|
INTEREST |
% |
8.85 |
1.02 |
|
GROSS PROFIT MARGIN |
% |
72.02 |
23.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(18.51) |
3.12 |
|
NET PROFIT MARGIN |
% |
(27.36) |
0.29 |
|
RETURN ON EQUITY |
% |
(34.82) |
2.92 |
|
RETURN ON ASSET |
% |
(3.99) |
0.25 |
|
EARNING PER SHARE |
BAHT |
(26.80) |
3.03 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.73 |
10.68 |
|
TIME INTEREST EARNED |
TIMES |
(2.09) |
3.07 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(90.68) |
|
|
OPERATING PROFIT |
% |
(155.27) |
|
|
NET PROFIT |
% |
(985.04) |
|
|
FIXED ASSETS |
% |
(20.34) |
|
|
TOTAL ASSETS |
% |
(44.54) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
72.02 |
Impressive |
Industrial Average |
24.10 |
|
Net Profit Margin |
(27.36) |
Deteriorated |
Industrial Average |
(1.22) |
|
Return on Assets |
(3.99) |
Deteriorated |
Industrial Average |
1.76 |
|
Return on Equity |
(34.82) |
Deteriorated |
Industrial Average |
6.48 |
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 72.02%. 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 -27.36%.
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 -3.99%.
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 -34.82%.
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 |
1.70 |
Deteriorated |
Industrial Average |
26.55 |
|
Quick Ratio |
1.47 |
|
|
|
|
Cash Conversion Cycle |
(62.71) |
|
|
|
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 1.7 times in 2010, increase from 1.02 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 1.47 times in 2010,
increase from 0.97 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 -63 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
7.73 |
Risky |
Industrial Average |
1.37 |
|
Times Interest Earned |
(2.09) |
Risky |
Industrial Average |
659.32 |
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 -2.1 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
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 |
1.38 |
Deteriorated |
Industrial Average |
16,526.25 |
|
Total Assets Turnover |
0.15 |
Deteriorated |
Industrial Average |
1.93 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
28.53 |
|
Receivables Conversion Period |
478.01 |
|
|
|
|
Receivables Turnover |
0.76 |
Deteriorated |
Industrial Average |
16.59 |
|
Payables Conversion Period |
540.72 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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.