MIRA
INFORM REPORT
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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
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Name : |
PROCESSING TECHNOLOGY [ |
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Registered Office : |
93 Moo 9, Wellgrow Industrial Estate, Bangna-Trad Road, T. Bangwua, A. Bangpakong, Chachoengsao 24180 |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
0105548099221 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Distributor, Exporter and Cutting Process Service Non-Ferrous Material |
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No. of Employees : |
85 |
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 : |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name
PROCESSING TECHNOLOGY
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 93
MOO 9, WELLGROW
INDUSTRIAL ESTATE,
BANGNA-TRAD ROAD,
T. BANGWUA,
A.
BANGPAKONG, CHACHOENGSAO 24180
TELEPHONE : [66] 38
571-617-20
FAX :
[66] 38
571-642
E-MAIL
ADDRESS : nattawan@thapt.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548099221
TAX
ID NO. : 3031881686
CAPITAL REGISTERED : BHT. 243,000,000
CAPITAL PAID-UP : BHT.
243,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.01%
JAPANESE :
48.99%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TAKATOKI YAMASHITA,
JAPANESE
PRESIDENT
NO.
OF STAFF : 85
LINES
OF BUSINESS : NON-FERROUS MATERIAL IMPORTER, DISTRIBUTOR,
EXPORTER AND
CUTTING PROCESS
SERVICE
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 August 1,
2005 as a
private limited company under
the name style
PROCESSING TECHNOLOGY [THAILAND] CO.,
LTD., by
Thai and Japanese
groups. Its business
objective is to
import, distribute and
export non-ferrous materials to
automotive related business.
It currently employs
85 staff.
Presently,
the subject is
a joint venture
between Toyota Tsusho
[Thailand] Co., Ltd.
and Toyota Tsusho
Corporation, with holding
around 51% and
49% of the subject’s
shares respectiviely.
The subject’s registered address
is 93 Moo 9, Wellgrow
Industrial Estate, Bangna-Trad Rd, T.
Bangwua, A. Bangpakong, Chachoengsao
24180, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mr. Hiromasa Suzuki |
|
Japanese |
51 |
|
Mr. Takatoki Yamashita |
[x] |
Japanese |
41 |
|
Mrs. Phenphan Chaowisit |
[x] |
Thai |
63 |
|
Mr. Hideki Condo |
|
Japanese |
57 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Takatoki Yamashita is
the President.
He is Japanese
nationality with the
age of 41
years old.
Mr. Pramote Lorsattha is
the Assistant to
Vice President.
He is Thai
nationality.
Mr. Hiroaka Hikaha is the G.M. & Marketing Manager.
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing, exporting and
providing of non-ferrous
materials, specialized in
aluminum products with
cutting process and
logistic services mainly
for automotive related
industry.
PURCHASE
Raw material mainly
aluminum sheet is
purchased from both
local and overseas suppliers in
Japan.
MAJOR SUPPLIER
Toyota Tsusho Corporation : Japan
SALES/SERVICES
80% of the
products is served
locally by wholesale
to manufacturers and
end-users, and the
remaining 20% is
to overseas customers
mainly in Japan,
Indonesia, Malaysia, Republic
of China and
Taiwan.
MAJOR CUSTOMER
Denso [Thailand] Co.,
Ltd. : Thailand
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
Services 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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
Bank
of Tokyo-Mitsubishi UFJ
Ltd.
EMPLOYMENT
The
subject currently employs
85 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
The
subject was formed in
2005. It is a subsidiary of
Toyota Tsusho [Thailand] Co.,
Ltd. Its business
is related to automotive industry
providing import and export of non-ferrous material
including cutting process
and logistic service
to Denso [Thailand]
Co., Ltd..
The subject
is able to
maintain its leading supplier of
non-ferrous material for
automotive related industry.
Its business is
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 107,000,000 divided
into 107,000 shares of Bht.
1,000 each with
fully paid.
On
November 2, 2009,
the capital was
increased to Bht.
243,000,000 divided into
243,000 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 21, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toyota Tsusho [Thailand]
Co., Ltd. Nationality: Thai Address : 607
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
123,960 |
51.01 |
|
Toyota Tsusho Corporation Nationality: Japanese Address : 4-9-8
Century Toyota Building,
Meiaki,
Nakamura-ku, Nagoya, Eichi,
Japan |
119,039 |
48.99 |
|
Mr. Takatoki Yamashita Nationality: Japanese Address : 607
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at July 21,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
123,960 |
51.01 |
|
Foreign - Japanese |
2 |
119,040 |
48.99 |
|
Total |
3 |
243,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Angsuma Amornchaikij No.
9368
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
197,328,939 |
147,743,064 |
|
Trade Accounts
Receivable-Related Company |
49,339,893 |
41,195,984 |
|
Trade Accounts Receivable-Other
Company |
241,163,363 |
192,939,951 |
|
Other Receivable |
1,210,005 |
136,973 |
|
Inventories |
285,213,770 |
234,629,560 |
|
Value Added Tax
Receivable |
19,361,547 |
17,800,627 |
|
Other Current Assets
|
1,649,087 |
1,396,914 |
|
Total Current Assets
|
795,266,604 |
635,843,073 |
|
Fixed Assets |
320,886,089 |
324,655,657 |
|
Software Programme |
5,005,429 |
3,485,426 |
|
Golf Membership Fee |
2,051,108 |
994,442 |
|
Deferred Income Tax |
485,574 |
6,353,771 |
|
Other Deposits |
10,000 |
160,000 |
|
Total Assets |
1,123,704,804 |
971,492,369 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
Trade Accounts Payable
- Related Company |
232,796,915 |
230,842,991 |
|
Trade Accounts Payable
- Other Company
|
69,623,210 |
58,614,314 |
|
Other Payable - Related Company
|
- |
1,349,714 |
|
Short-term Loan from Parent
Company |
429,783,291 |
362,623,638 |
|
Accrued Income Tax |
13,782,957 |
- |
|
Accrued Expenses |
16,529,498 |
4,333,787 |
|
Other Current Liabilities |
3,089,510 |
4,973,894 |
|
Total Current Liabilities |
765,605,381 |
662,738,338 |
|
Total Liabilities |
765,605,381 |
662,738,338 |
|
Shareholders' Equity |
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 243,000 shares |
243,000,000 |
243,000,000 |
|
|
|
|
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Capital Paid |
243,000,000 |
243,000,000 |
|
Retained Earning -
Unappropriated |
115,099,423 |
65,754,031 |
|
Total Shareholders' Equity |
358,099,423 |
308,754,031 |
|
Total Liabilities & Shareholders' Equity |
1,123,704,804 |
971,492,369 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
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Sales |
2,363,286,061 |
1,710,223,758 |
|
Other Income |
25,852,675 |
13,287,885 |
|
Total Revenues |
2,389,138,736 |
1,723,511,643 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
2,261,159,207 |
1,643,160,505 |
|
Selling Expenses |
1,973,704 |
3,018,017 |
|
Administrative Expenses |
45,970,652 |
39,472,179 |
|
Total Expenses |
2,309,103,563 |
1,685,650,701 |
|
|
|
|
|
Profit before Interest
Expenses & Income Tax |
80,035,173 |
37,860,942 |
|
Interest Expenses |
[5,594,339] |
[3,609,120] |
|
|
|
|
|
Profit before Income Tax |
74,440,834 |
34,251,822 |
|
Income Tax |
[25,095,442] |
[10,412,086] |
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|
|
|
|
Net Profit / [Loss] |
49,345,392 |
23,839,736 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
1.04 |
0.96 |
|
QUICK RATIO |
TIMES |
0.64 |
0.58 |
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ACTIVITY RATIO |
|
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|
|
FIXED ASSETS TURNOVER |
TIMES |
7.36 |
5.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.10 |
1.76 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
46.04 |
52.12 |
|
INVENTORY TURNOVER |
TIMES |
7.93 |
7.00 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.25 |
41.18 |
|
RECEIVABLES TURNOVER |
TIMES |
9.80 |
8.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
48.82 |
64.30 |
|
CASH CONVERSION CYCLE |
DAYS |
34.47 |
29.00 |
|
|
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PROFITABILITY
RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
95.68 |
96.08 |
|
SELLING & ADMINISTRATION |
% |
2.03 |
2.48 |
|
INTEREST |
% |
0.24 |
0.21 |
|
GROSS PROFIT MARGIN |
% |
5.42 |
4.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.39 |
2.21 |
|
NET PROFIT MARGIN |
% |
2.09 |
1.39 |
|
RETURN ON EQUITY |
% |
13.78 |
7.72 |
|
RETURN ON ASSET |
% |
4.39 |
2.45 |
|
EARNING PER SHARE |
BAHT |
203.07 |
98.11 |
|
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|
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|
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LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.14 |
2.15 |
|
TIME INTEREST EARNED |
TIMES |
14.31 |
10.49 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
38.19 |
|
|
OPERATING PROFIT |
% |
111.39 |
|
|
NET PROFIT |
% |
106.99 |
|
|
FIXED ASSETS |
% |
(1.16) |
|
|
TOTAL ASSETS |
% |
15.67 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.42 |
Deteriorated |
Industrial
Average |
14.05 |
|
Net Profit Margin |
2.09 |
Acceptable |
Industrial Average |
3.37 |
|
Return on Assets |
4.39 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
13.78 |
Impressive |
Industrial
Average |
7.42 |
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 5.42%. 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 2.09%.
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. Return on Assets ratio is 4.39%, 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 13.78%, 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 |
1.04 |
Acceptable |
Industrial
Average |
1.39 |
|
Quick Ratio |
0.64 |
|
|
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Cash Conversion Cycle |
34.47 |
|
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|
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 1.04 times in 2011, increased from 0.96 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 0.64 times in 2011,
increased from 0.58 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 35 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
2.14 |
Risky |
Industrial
Average |
0.90 |
|
Times Interest Earned |
14.31 |
Impressive |
Industrial
Average |
4.54 |
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 14.31 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 0.68 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 |
7.36 |
Impressive |
Industrial
Average |
2.20 |
|
Total Assets Turnover |
2.10 |
Impressive |
Industrial
Average |
1.17 |
|
Inventory Conversion Period |
46.04 |
|
|
|
|
Inventory Turnover |
7.93 |
Impressive |
Industrial
Average |
5.14 |
|
Receivables Conversion Period |
37.25 |
|
|
|
|
Receivables Turnover |
9.80 |
Impressive |
Industrial
Average |
5.24 |
|
Payables Conversion Period |
48.82 |
|
|
|
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.55.85 |
|
UK Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.