MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
T.G.M. ENTERPRISE CO., LTD. |
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Registered Office : |
24 Moo 2, T. Klongha , A. Klongluang, Pathumthani 12120 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.03.2003 |
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Com. Reg. No.: |
0105546030908 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Cutting Equipment and Tools |
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No. of Employees : |
13 |
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 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Company name
T.G.M.
ENTERPRISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS :
PHAYATHAI,
TELEPHONE : [66] 2618-5691,
2279-6926, 2270-0592
FAX :
[66] 2270-0592
E-MAIL
ADDRESS : tgm_jo@hotmail.com
REGISTRATION
ADDRESS : 24
MOO 2, T. KLONGHA ,
A. KLONGLUANG,
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546030908 [Former : 10454600550]
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHARNCHAI ASAWATHEPMETHA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 13
LINES
OF BUSINESS : CUTTING EQUIPMENT
AND 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 March 11,
2003 as a
private limited company under
the name style T.G.M.
ENTERPRISE CO., LTD.,
by Thai group,
Asawathepmetha family, in
order to import,
distribute and supply
cutting equipment and
tools for wood
and metal cutting
works in domestic
market. It currently
employs 13 staff.
The
subject’s registered address
is 24 Moo
2, T. Klongha, A. Klongluang, Pathumthani
12120, while the
current business address
is at 1639/74
Phaholyothin Rd., Samsennai,
Phayathai, Bangkok 10400.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charnchai Asawathepmetha |
|
Thai |
53 |
|
Mrs. Sunee Asawathepmetha |
|
Thai |
53 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Charnchai Asawathepmetha is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
Ms. Sunee Asawathepmetha is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of cutting
equipment and tools,
mainly saw blades
and related products
for wood and
metal cutting works.
Its products are
Circular Saw Blades,
Band Saw Blades,
TCT Circular Saw
Blades, Solid Carbide
Circular Saw and
Knifes, as well as
Sharpening Machines, and
others. It also
provides after sales
services of the
products.
List of products
and brands are
as follows:
Products Brand
1. Product for Wood
cutting works
- Band
Saw Blades “SANSVIK”, “MATIN
MILLER”, “SUGIYAMA”
2. Product for metal
cutting
- HSS
circular saw blades “OTT-HEUGEL”, “KINKELDER”,
“STAK”,
“JURIA”, “CARDINAL”
- TCT
circular saw blades “KINKELDER”, “SUGIYAMA”,
‘SHINSEI”
- Solid
carbide circular saw & knife
“OTT-HEUGEL”
3. Sharpening machine “BUSSINARO”
PURCHASE
80%
of the products
is imported from
Japan, Republic of
China, Spain, Germany, Sweden,
Italy, Austria, Taiwan,
United Kingdom and
Netherlands, the remaining
20% is purchased
from local supplier
and agents.
MAJOR
SUPPLIERS
Sandvik
AB. : Sweden
Kinkelder
B.V. : Netherlands
OTT & Heugel GmbH. : Germany
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers
and end-users, in the field
of wooden furniture,
paper cutting, food
cutting and steel
industry.
RELATED COMPANY
T.G.M. Trading Co.,
Ltd.
Business Type :
Importer and distributor
of saw and
related products.
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
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 13
staff.
LOCATION DETAILS
The
premise is rented for
administrative office in
a 3 storey
building of 1
row shophouse at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
24 Moo 2, T.
Klongha, A. Klongluang,
Pathumthani 12120.
COMMENT
The
subject was formed
in 2003 as
an importer and
distributor of cutting
equipment and tools.
Current industrial sector
has shown sign
of improvement which
is favourable to the
subject’s business. Since
subject has served
to industrial users,
sales has grown
relatively in line
with the growth
and improvement of
industrial sector. Generally,
subject’s business is
promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht.100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Charnchai Asawathepmetha Nationality: Thai Address : 1639/74
Phaholyothin Rd., Samsennai,
Phayathai, Bangkok |
15,000 |
37.50 |
|
Mrs. Sunee Asawathepmetha Nationality: Thai Address : 66/1
Suthisarn Rd., Samsennai,
Phayathai, Bangkok |
15,000 |
37.50 |
|
Mr. Somkiat Wongwitdecha Nationality: Thai Address : 243/2
Worachak Rd., Banbart,
Pomprab, Bangkok |
2,000 |
5.00 |
|
Mr. Somsak Wongwitdecha Nationality: Thai Address : 5/81
Boromratchonnee Rd., Aroon
Amarin, Bangkoknoi, Bangkok |
2,000 |
5.00 |
|
Mr. Itthiroj Suwanmanasilp Nationality: Thai Address : 68
Moo 3, Thangkwien, Klaeng,
Rayong |
2,000 |
5.00 |
|
|
|
|
|
Ms. Thanita Wongwitdecha Nationality: Thai Address : 5/81
Boromratchonnee Rd., Aroon
Amarin,
Bangkoknoi, Bangkok |
2,000 |
5.00 |
|
Ms. Nathaporn Wongwitdecha Nationality: Thai Address : 24
Moo 2, Klonghar,
Klongluang, Pathumthani |
2,000 |
5.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Air Vice Marshal
Thanom Jaengsawang No.
4528
Note:
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
656,610.64 |
577,215.11 |
|
Trade Accounts Receivable |
6,590,274.58 |
7,071,133.88 |
|
Inventories |
10,742,198.93 |
12,664,067.33 |
|
Other Current Assets |
4,056.07 |
- |
|
Total Current Assets
|
17,993,140.22 |
20,312,416.32 |
|
|
|
|
|
Long-term Loan to Related Person |
6,640,000.00 |
2,640,000.00 |
|
Fixed Assets |
7,586,581.63 |
4,469,222.66 |
|
Total Assets |
32,219,721.85 |
27,421,638.98 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
6,632,480.33 |
7,186,462.32 |
|
Accrued Bonus |
3,655,499.00 |
3,725,803.00 |
|
Accrued Commission Fee |
2,000,000.00 |
1,934,043.00 |
|
Other Current Liabilities |
2,188,812.64 |
1,967,353.22 |
|
Total Current Liabilities |
14,476,791.97 |
14,813,661.54 |
|
|
|
|
|
Hire-purchase Payable |
4,170,349.01 |
481,686.44 |
|
Total Liabilities |
18,647,140.98 |
15,295,347.98 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
9,572,580.87 |
8,126,291.00 |
|
Total Shareholders' Equity |
13,572,580.87 |
12,126,291.00 |
|
Total Liabilities & Shareholders'
Equity |
32,219,721.85 |
27,421,638.98 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
62,234,616.48 |
42,927,867.45 |
|
Other Income |
9,932.27 |
133,258.76 |
|
Total Revenues |
62,244,548.75 |
43,061,126.21 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
43,441,920.83 |
19,463,098.51 |
|
Selling Expenses |
11,195,871.45 |
12,343,047.43 |
|
Administrative Expenses |
5,612,239.31 |
9,982,343.52 |
|
Total Expenses |
60,250,031.59 |
41,788,489.46 |
|
Profit / [Loss] before
Financial Costs & Income Tax |
1,994,517.16 |
1,272,636.75 |
|
Financial Costs |
[78,614.29] |
[6,201.69] |
|
Profit / [Loss] before Income
Tax |
1,915,902.87 |
1,266,435.06 |
|
Income Tax |
[469,613.00] |
[297,525.02] |
|
Net Profit / [Loss] |
1,446,289.87 |
968,910.04 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.24 |
1.37 |
|
QUICK RATIO |
TIMES |
0.50 |
0.52 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.20 |
9.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.93 |
1.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
90.26 |
237.49 |
|
INVENTORY TURNOVER |
TIMES |
4.04 |
1.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.65 |
60.12 |
|
RECEIVABLES TURNOVER |
TIMES |
9.44 |
6.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.73 |
134.77 |
|
CASH CONVERSION CYCLE |
DAYS |
73.18 |
162.85 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
69.80 |
45.34 |
|
SELLING & ADMINISTRATION |
% |
27.01 |
52.01 |
|
INTEREST |
% |
0.13 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
30.21 |
54.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.20 |
2.96 |
|
NET PROFIT MARGIN |
% |
2.32 |
2.26 |
|
RETURN ON EQUITY |
% |
10.66 |
7.99 |
|
RETURN ON ASSET |
% |
4.49 |
3.53 |
|
EARNING PER SHARE |
BAHT |
36.16 |
24.22 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.56 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.37 |
1.26 |
|
TIME INTEREST EARNED |
TIMES |
25.37 |
205.21 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
44.97 |
|
|
OPERATING PROFIT |
% |
56.72 |
|
|
NET PROFIT |
% |
49.27 |
|
|
FIXED ASSETS |
% |
69.75 |
|
|
TOTAL ASSETS |
% |
17.50 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.21 |
Impressive |
Industrial Average |
17.78 |
|
Net Profit Margin |
2.32 |
Impressive |
Industrial Average |
2.05 |
|
Return on Assets |
4.49 |
Impressive |
Industrial Average |
4.00 |
|
Return on Equity |
10.66 |
Impressive |
Industrial Average |
9.80 |
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. Gross Profit Margin is 30.21%. 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. Net Profit Margin ratio is 2.32%,
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
4.49%, 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 10.66%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.24 |
Acceptable |
Industrial Average |
1.87 |
|
Quick Ratio |
0.50 |
|
|
|
|
Cash Conversion Cycle |
73.18 |
|
|
|
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 1.24 times in 2010, decrease from 1.37 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 0.5 times in 2010,
decrease from 0.52 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 74 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
1.37 |
Acceptable |
Industrial Average |
1.46 |
|
Times Interest Earned |
25.37 |
Impressive |
Industrial Average |
3.59 |
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 25.38 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 0.58 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 |
8.20 |
Acceptable |
Industrial Average |
11.49 |
|
Total Assets Turnover |
1.93 |
Satisfactory |
Industrial Average |
1.95 |
|
Inventory Conversion Period |
90.26 |
|
|
|
|
Inventory Turnover |
4.04 |
Impressive |
Industrial Average |
3.63 |
|
Receivables Conversion Period |
38.65 |
|
|
|
|
Receivables Turnover |
9.44 |
Impressive |
Industrial Average |
5.04 |
|
Payables Conversion Period |
55.73 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
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.