MIRA INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
WINWON
COMPANY LIMITED |
|
|
|
|
Registered Office : |
2210/70 Narathiwas Ratchanakarin Road, Chongnonsi, Yannawa, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
20.05.1987 |
|
|
|
|
Com. Reg. No.: |
0105530023940 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of industrial equipment and supplies |
|
|
|
|
No. of Employees
: |
12 |
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 – 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
WINWON COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 2210/70 NARATHIWAS
RATCHANAKARIN ROAD,
CHONGNONSI, YANNAWA,
BANGKOK 10120
TELEPHONE : [66] 2678-1937-40
FAX :
[66] 2678-1941
E-MAIL
ADDRESS : winwon@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530023940 [Former : 2391/2530]
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 : MRS. CHONGPIS KIJTANAMONGKOLCHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : INDUSTRIAL EQUIPMENT
AND SUPPLIES
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 20, 1987
as a private
limited company under
the name style
WINWON COMPANY LIMITED
by Thai groups,
in order to
import and distribute various kinds of industrial equipment and supplies to domestic market. It
currently employs 12
staff.
The
subject’s registered address
was initially located
at 11 Chalermkhet
1 Rd.,
Wat
Thepsirin, Pomprab, Bangkok
10100,
In
2009 the subject’s
registered address was
relocated to 2210/70
Narathiwas Ratchanakarin
Rd., Chongnonsi, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mrs. Chongpis Kijtanamongkolchai
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Chongpis Kijtanamongkolchai is
the Managing Director.
She is Thai
nationality with the
age of 61 years old.
Mr. Wanchak
Kijtanamongkolchai is the
Marketing Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
industrial equipment and
supplies mainly cutting rules, creasing rules, rotary cutting rules,
rotary creasing rules,
rule die steel
and creasing matrices. Most of the products
are supplied to
leather goods, printing
paper and packaging
industries.
MAJOR BRANDS
“CITO”, “BOHLER” and
“LARSON”
PURCHASE
Most of the products are imported from Germany, Republic of China, Hong Kong,
India, Taiwan, United States
of America and
Australia, the remaining
is purchased from
local suppliers and
agents.
MAJOR SUPPLIERS
CITO
System GmbH : Germany
Bohler
Bleche GmbH. :
Austria
Larson
Inc. : U.S.A.
SALES
100% of the
products is sold
locally by wholesale
to dealers and
manufacturers.
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
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 12
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
300,000.
COMMENT
The
company is a supplier
of industrial equipments
that excels in offering
industrial users for
various applications with
high quality products and
services. Its products
enable the customers’
demand in order
to expand their
productivity.
Subject
reported moderate business
in 2010, while
market situation has
grown steadily with positive
outcome.
FINANCIAL INFORMATION
The
capital was initially registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
November 4, 1992,
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
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Chongpis
Kijtanamongkolchai Nationality: Thai Address : 209/14
Rama 3 Rd.,
Bangkorlaem, Bangkok |
12,999 |
43.34 |
|
Mr. Wanchak Kijtanamongkolchai Nationality: Thai Address : 209/14
Rama 3 Rd.,
Bangkorlaem, Bangkok |
6,001 |
20.00 |
|
Ms. Wallapa Kijtanamongkolchai Nationality: Thai Address : 209/14
Rama 3 Rd.,
Bangkorlaem, Bangkok |
5,500 |
18.33 |
|
Ms. Wanngam Kijtanamongkolchai Nationality: Thai Address : 209/14
Rama 3 Rd.,
Bangkorlaem, Bangkok |
5,500 |
18.33 |
Total Shareholders : 4
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sakorn Buadok No.
8137
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
207,483.22 |
222,948.52 |
|
Trade Accounts & Notes
Receivable |
22,229,380.96 |
21,643,264.02 |
|
Inventories |
18,313,707.00 |
17,231,049.39 |
|
Other Current Assets
|
1,568,081.56 |
51,152.27 |
|
Total Current
Assets |
42,318,652.74 |
39,148,414.20 |
|
|
|
|
|
Fixed Assets |
5,337,707.98 |
6,118,278.22 |
|
Other Assets |
3,402,294.04 |
3,562,960.71 |
|
Total Assets
|
51,058,654.76 |
48,829,653.13 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from
Financial Institutions |
20,820,876.55 |
22,956,578.24 |
|
Trade Accounts Payable |
6,252,510.06 |
3,320,538.59 |
|
Other Current Liabilities |
848,481.66 |
934,124.44 |
|
Total Current
Liabilities |
27,921,868.27 |
27,211,241.27 |
|
Total Liabilities |
27,921,868.27 |
27,211,241.27 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued 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 -
Unappropriated |
20,136,786.49 |
18,618,411.86 |
|
Total
Shareholders' Equity |
23,136,786.49 |
21,618,411.86 |
|
Total
Liabilities & Shareholders' Equity |
51,058,654.76 |
48,829,653.13 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
44,743,197.94 |
41,493,029.39 |
|
Gain on Exchange Rate |
807,063.32 |
724,058.95 |
|
Interest Income |
1,594.09 |
318.75 |
|
Total Revenues
|
45,551,855.35 |
42,217,407.09 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
35,483,433.92 |
32,334,788.98 |
|
Selling Expenses |
268,500.00 |
311,250.00 |
|
Administrative Expenses |
7,564,264.67 |
7,482,538.77 |
|
Total Expenses |
43,316,198.59 |
40,128,577.75 |
|
Profit before Cost of Financial & Income Tax |
2,235,656.76 |
2,088,829.34 |
|
Cost of Financial |
[350,388.62] |
[473,718.38] |
|
Profit before Income Tax |
1,885,268.14 |
1,615,110.96 |
|
Income Tax |
[366,893.51] |
[301,878.42] |
|
Net Profit / [Loss] |
1,518,374.63 |
1,313,232.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.52 |
1.44 |
|
QUICK RATIO |
TIMES |
0.80 |
0.80 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.38 |
6.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
0.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
188.38 |
194.51 |
|
INVENTORY TURNOVER |
TIMES |
1.94 |
1.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
181.34 |
190.39 |
|
RECEIVABLES TURNOVER |
TIMES |
2.01 |
1.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
64.32 |
37.48 |
|
CASH CONVERSION CYCLE |
DAYS |
305.41 |
347.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
79.30 |
77.93 |
|
SELLING & ADMINISTRATION |
% |
17.51 |
18.78 |
|
INTEREST |
% |
0.78 |
1.14 |
|
GROSS PROFIT MARGIN |
% |
22.50 |
23.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.00 |
5.03 |
|
NET PROFIT MARGIN |
% |
3.39 |
3.16 |
|
RETURN ON EQUITY |
% |
6.56 |
6.07 |
|
RETURN ON ASSET |
% |
2.97 |
2.69 |
|
EARNING PER SHARE |
BAHT |
50.61 |
43.77 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.56 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.21 |
1.26 |
|
TIME INTEREST EARNED |
TIMES |
6.38 |
4.41 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.83 |
|
|
OPERATING PROFIT |
% |
7.03 |
|
|
NET PROFIT |
% |
15.62 |
|
|
FIXED ASSETS |
% |
(12.76) |
|
|
TOTAL ASSETS |
% |
4.56 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
22.50 |
Impressive |
Industrial
Average |
18.90 |
|
Net Profit Margin |
3.39 |
Impressive |
Industrial
Average |
(0.83) |
|
Return on Assets |
2.97 |
Impressive |
Industrial
Average |
2.06 |
|
Return on Equity |
6.56 |
Impressive |
Industrial
Average |
6.36 |
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 22.5%. 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 3.39%, 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
2.97%, 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 6.56%, 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 |
1.52 |
Deteriorated |
Industrial
Average |
44.11 |
|
Quick Ratio |
0.80 |
|
|
|
|
Cash Conversion Cycle |
305.41 |
|
|
|
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 1.52 times in 2010, increased from 1.44 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 0.8 times in
2010, 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 306 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
1.21 |
Acceptable |
Industrial
Average |
1.43 |
|
Times Interest Earned |
6.38 |
Deteriorated |
Industrial
Average |
770.14 |
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 6.39 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 0.55 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.38 |
Deteriorated |
Industrial
Average |
51,771.01 |
|
Total Assets Turnover |
0.88 |
Deteriorated |
Industrial
Average |
2.28 |
|
Inventory Conversion Period |
188.38 |
|
|
|
|
Inventory Turnover |
1.94 |
Deteriorated |
Industrial
Average |
16.78 |
|
Receivables Conversion Period |
181.34 |
|
|
|
|
Receivables Turnover |
2.01 |
Deteriorated |
Industrial
Average |
49.13 |
|
Payables Conversion Period |
64.32 |
|
|
|
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.49.53 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
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.