MIRA INFORM REPORT
|
Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BOON
CHAROEN PORN METAL
IMPORT CO., LTD. |
|
|
|
|
Registered Office : |
1173/13-14-15 Charoenkrung Road,
Siphya, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.06.1985 |
|
|
|
|
Com. Reg. No.: |
0105528021161 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer
and distributor of construction tools |
|
|
|
|
No. of Employees
: |
09 |
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
BOON CHAROEN
PORN METAL IMPORT
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1173/13-14-15 CHAROENKRUNG
ROAD,
SIPHYA, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2233-8762-3
FAX :
[66] 2639-6155
E-MAIL
ADDRESS : wintonbrand@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528021161 [Former :
2115/2528]
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOONKIAT ANGSUKULTHORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : CONSTRUCTION TOOLS
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 June
18, 1985 as
a private limited
company under the
name style BOON
CHAROEN PORN METAL
IMPORT CO., LTD. by
Thai group, in
order to distribute
wide range of
tools for construction
industry. It currently
employs 9 staff.
The
subject’s registered address
is 1173/13-14-15 Charoenkrung
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonkiat Angsukulthorn |
|
Thai |
67 |
|
Ms. Oranuch Kitiwatanasak |
|
Thai |
63 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Boonkiat Angsukulthorn is
the Managing Director.
He is Thai
nationality with the
age of 67
years old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing various
kinds of tools,
e.g. pneumatic drill,
screwdriver, saw handle,
pincers, circular saw,
electric drill, hand screw, soldering
iron, hammer, twist
bit chuck, cutting
tools, abrasive, spanner,
wrench and others for
construction works and
industrial factory.
MAJOR BRANDS
“WINTON”, “KOCHE”, “SOLID”,
“GRACENT”, “HASHIMOTO”, “BCP”,
“CHEMICO” and etc.
PURCHASE
The products are purchased
from suppliers and agents
both local and
overseas, such as
Taiwan, Japan, Singapore,
Republic of China,
Spain, Malaysia and
Germany.
MAJOR SUPPLIERS
Winton Ltd. : Taiwan
Koche AG. : Germany
Thai Phatanasin [Chin
Seng] Co., Ltd. : Thailand
SALES
100% of its
products is sold
locally by wholesale
and retail to
sub-dealers and end-users
nationwide.
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.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit,
with the maximum
credit given at 30-60
days. The subject
is not found
to have problem
on its account
receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The
subject employs 9
staff. [office and
sales staff]
LOCATION
DETAILS
The premise
is owned for administrative office,
shop and warehouse
in a 3
storey building of
3 row shop houses
at the heading
address. Premise is located
in a prime
commercial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT USD
300,000.
COMMENT
Market
of construction tools
is optimistic from construction
and industrial expansion. Subject
posted its moderate business in
the year 2010,
while its current
business outlook is promising.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 5,000,000 divided
into 2,500 shares
of Bht. 2,000
each.
On July
30, 2003, the
capital was increased
to Bht. 15,000,000 divided into
7,500 shares of
Bht. 2,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonkiat Angsukulthorn Nationality: Thai Address : 1173/15
Charoenkrung Rd., Siphya,
Bangrak, Bangkok 10500 |
3,748 |
49.98 |
|
Ms. Oranuch Kitiwatanasak Nationality: Thai Address : 729/35
Taksin Rd., Bukkalo,
Thonburi,
Bangkok 10600 |
3,747 |
49.97 |
|
Mr. Boonchai Kiatsirichai Nationality: Thai Address : 415/4
Taksin Rd., Bukkalo,
Thonburi,
Bangkok 10600 |
1 |
0.01 |
|
Mr. Sombat Banluepong Nationality: Thai Address : 42/35
Taksin Rd., Bukkalo,
Thonburi,
Bangkok 10600 |
1 |
0.01 |
|
Mr. Namchai Kitiwatanasak Nationality: Thai Address : 94
Moo 10, Samrongnua, Phrapradaeng,
Samutprakarn |
1 |
0.01 |
|
Mr. Pongchai Kitiwatanasak Nationality: Thai Address : 94
Moo 1, Samrongnua, Phrapradaeng,
Samutprakarn |
1 |
0.01 |
|
Mr. Suthee Kiatwatanasak Nationality: Thai Address : 117
Moo1, Buangam, Damnoensaduak, Rathburi |
1 |
0.01 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
7,500 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
7,500 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Netrnuch Kanchanalekha No.
9410
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Equivalent |
39,316.91 |
80,463.16 |
|
Fixed Deposit at
Financial Institution |
1,122,125.89 |
1,113,855.52 |
|
Trade Accounts Receivable |
3,509,615.91 |
234,618.07 |
|
Inventories |
48,889,813.04 |
59,166,759.37 |
|
Other Current Assets
|
1,007,358.58 |
34,815.17 |
|
|
|
|
|
Total Current Assets
|
54,568,230.33 |
60,630,511.29 |
|
Fixed Assets |
2,562,461.73 |
3,066,359.17 |
|
Total Assets |
57,130,692.06 |
63,696,870.46 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
103,503.29 |
- |
|
Trade Accounts Payable |
1,859,135.99 |
2,798,142.02 |
|
Short-term Loan from
Related Person |
31,670,000.00 |
38,570,000.00 |
|
Other Current Liabilities |
566,696.99 |
263,502.99 |
|
|
|
|
|
Total Current Liabilities |
34,199,336.27 |
41,631,645.01 |
|
Total Liabilities |
34,199,336.27 |
41,631,645.01 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 2,000
par value authorized, issued
and fully paid share
capital 7,500 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
7,931,355.79 |
7,065,225.45 |
|
Total Shareholders' Equity |
22,931,355.79 |
22,065,225.45 |
|
Total Liabilities & Shareholders' Equity |
57,130,692.06 |
63,696,870.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
54,225,208.75 |
34,396,154.32 |
|
Other Income |
531,587.72 |
92,374.20 |
|
Total Revenues |
54,756,796.47 |
34,488,528.52 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
49,380,573.54 |
28,512,539.78 |
|
Selling & Administrative Expenses |
4,044,572.66 |
5,671,446.71 |
|
Total Expenses |
53,425,146.20 |
34,183,986.49 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
1,361,650.27 |
304,542.03 |
|
Financial Cost |
[35,760.76] |
[17,161.22] |
|
Income Tax |
[459,759.17] |
[356,527.65] |
|
|
|
|
|
Net Profit / [Loss] |
866,130.34 |
[69,146.84] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.60 |
1.46 |
|
QUICK RATIO |
TIMES |
0.14 |
0.03 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
21.16 |
11.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
0.54 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
361.37 |
757.42 |
|
INVENTORY TURNOVER |
TIMES |
1.01 |
0.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
23.62 |
2.49 |
|
RECEIVABLES TURNOVER |
TIMES |
15.45 |
146.60 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.74 |
35.82 |
|
CASH CONVERSION CYCLE |
DAYS |
371.25 |
724.09 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.07 |
82.89 |
|
SELLING & ADMINISTRATION |
% |
7.46 |
16.49 |
|
INTEREST |
% |
0.07 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
9.91 |
17.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.46 |
0.89 |
|
NET PROFIT MARGIN |
% |
1.60 |
(0.20) |
|
RETURN ON EQUITY |
% |
3.78 |
(0.31) |
|
RETURN ON ASSET |
% |
1.52 |
(0.11) |
|
EARNING PER SHARE |
BAHT |
115.48 |
(9.22) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.49 |
1.89 |
|
TIME INTEREST EARNED |
TIMES |
37.24 |
17.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
57.65 |
|
|
OPERATING PROFIT |
% |
337.26 |
|
|
NET PROFIT |
% |
1,352.60 |
|
|
FIXED ASSETS |
% |
(16.43) |
|
|
TOTAL ASSETS |
% |
(10.31) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
9.91 |
Acceptable |
Industrial
Average |
18.90 |
|
Net Profit Margin |
1.60 |
Impressive |
Industrial
Average |
(0.83) |
|
Return on Assets |
1.52 |
Acceptable |
Industrial
Average |
2.06 |
|
Return on Equity |
3.78 |
Acceptable |
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 9.91%. When
compared with the industry average, the ratio of the company was lower,
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. The company's figure is 1.6%, 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. When compared with the
industry average, it was lower, the company's figure is 1.52%.
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 3.78%.
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 |
1.60 |
Deteriorated |
Industrial
Average |
44.11 |
|
Quick Ratio |
0.14 |
|
|
|
|
Cash Conversion Cycle |
371.25 |
|
|
|
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 1.6 times in 2010, increase from 1.46 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 0.14 times in 2010,
increase from 0.03 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 372 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
1.49 |
Risky |
Industrial
Average |
1.43 |
|
Times Interest Earned |
37.24 |
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 37.24 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 0.6 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 |
21.16 |
Deteriorated |
Industrial Average |
51,771.01 |
|
Total Assets Turnover |
0.95 |
Deteriorated |
Industrial Average |
2.28 |
|
Inventory Conversion Period |
361.37 |
|
|
|
|
Inventory Turnover |
1.01 |
Deteriorated |
Industrial Average |
16.78 |
|
Receivables Conversion Period |
23.62 |
|
|
|
|
Receivables Turnover |
15.45 |
Deteriorated |
Industrial Average |
49.13 |
|
Payables Conversion Period |
13.74 |
|
|
|
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.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
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.