MIRA INFORM REPORT
|
Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ECOPROS
COMPANY LIMITED |
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Formerly Known As : |
Eco Products Ltd. |
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Registered Office : |
1040/33-34 Soi Sukhumvit
44/2, Sukhumvit Road, Prakanong, Klongtoey,
Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.06.1986 |
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Com. Reg. No.: |
0105529018954 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Epc Contracting Service Provider |
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No. of Employees
: |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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
ECOPROS COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 1040/33-34 SOI
SUKHUMVIT 44/2, SUKHUMVIT
ROAD,
PRAKANONG, KLONGTOEY,
BANGKOK 10110
TELEPHONE : [66] 2712-3561-2,
2712-3391-3
FAX :
[66] 2381-0136
E-MAIL
ADDRESS : ecopros@ecopros.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529018954
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUKSANAN CHOTIKASATHIRA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : EPC
CONTRACTING SERVICE
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 June 5,
1986 as a
private limited company under
the originally registered name “Ajax
Trading Company Limited” by Thai
groups.
On
February 15, 1991, its
registered name was changed to “Ajax
Enterprise Company Limited”
and to
“Eco Products Ltd.”
on December 3, 1996.
Then, its name
was finally changed to
“ECOPROS COMPANY LIMITED”
on August 20,
2004. Its business objective
is to provide
wide range of
EPC contracting and
related services. It
currently employs approximate
10 staff.
The subject’s registered address is
1040/33-34 Soi Sukhumvit 44/2, Sukhumvit Rd.,
Prakanong, Klongtoey, Bangkok
10110, and this is
the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amornchak Wattanabhuti |
|
Thai |
63 |
|
Mrs. Pawana Chotikasathira |
|
Thai |
54 |
|
Mr. Suksanan Chotikasathira |
|
Thai |
64 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suksanan Chotikasathira is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing wide range
of EPC
[Engineering/Procurement and Construction]
contracting, plant operation
and maintenance services,
as well as
supplying of engineering
equipment for power
plant, petroleum and
petrochemical industries.
The subject
is also
importer and distributor
of “NIMBUS” water filter
machine and pump including
related equipments.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
U.S.A.
MAJOR
SUPPLIER
Nimbus
Water Systems Inc. : U.S.A.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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
L/C at sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
10 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 US$
50,000.
COMMENT
The
subject operates as an
Engineering, Procurement and
Construction contractor. Its
business was down
from slow expansion
in related industries. Its
business growth and
expansion were also
slow in the
year 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 3,000,000
on April 9,
1991
Bht. 10,000,000
on December 13,
1996
The
latest registered capital
was increased to
Bht. 10 million, divided into
100,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suksanan Chotikasathira Nationality: Thai Address : 33 Sukhumvit 61
Rd., Klongtonnua,
Wattana, Bangkok |
60,000 |
60.00 |
|
Mrs. Pawana Chotikasathira Nationality: Thai Address : 33
Sukhumvit 61 Rd.,
Klongtonnua,
Wattana, Bangkok |
20,000 |
20.00 |
|
Mrs. Sansanee Chotikasathira Nationality: Thai Address : 33/1
Sukhumvit 61 Rd.,
Klongtonnua,
Wattana, Bangkok |
15,000 |
15.00 |
|
Mr. Amornchak Wattanabhuti Nationality: Thai Address : 20
Soi Samanchan-Barbos, Sukhumvit 42
Rd., Prakanong, Klongtoey, Bangkok |
5,000 |
5.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kriengsak Mas-udee No. 3523
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
52,051 |
529,892 |
|
Trade Accounts Receivable |
12,545,042 |
2,576,456 |
|
Inventories |
526,808 |
1,058,319 |
|
Guarantee |
2,448,000 |
- |
|
Other Current Assets |
124,192 |
438,399 |
|
|
|
|
|
Total Current Assets
|
15,696,093 |
4,603,066 |
|
|
|
|
|
Fixed Assets |
2,097,537 |
2,835,140 |
|
Other Assets |
70,212 |
2,518,772 |
|
Total Assets |
17,863,842 |
9,956,978 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
1,099,277 |
- |
|
Trade Accounts Payable |
470,800 |
470,800 |
|
Current Portion of Financial
Lease Contract Liabilities |
275,908 |
464,382 |
|
Other Current Liabilities |
4,524,685 |
2,776,237 |
|
|
|
|
|
Total Current Liabilities |
6,370,670 |
3,711,419 |
|
Long-term Loan from
Related Person |
10,198,000 |
4,125,530 |
|
Financial Lease Contract Liabilities, net
of Current Portion |
706,388 |
1,001,144 |
|
Total Liabilities |
17,275,058 |
8,838,093 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000 |
10,000,000 |
|
|
|
|
|
Capital Paid |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
[9,411,216] |
[8,881,115] |
|
Total Shareholders' Equity |
588,784 |
1,118,885 |
|
Total Liabilities & Shareholders' Equity |
17,863,842 |
9,956,978 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
782,878 |
1,257,497 |
|
Services Income |
11,329,159 |
55,432,675 |
|
Other Income |
114,122 |
455,038 |
|
Total Sales |
12,226,159 |
57,145,210 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,809,118 |
42,665,816 |
|
Selling Expenses |
797,501 |
1,052,566 |
|
Administrative Expenses |
6,904,018 |
11,465,749 |
|
Total Expenses |
12,510,637 |
55,184,131 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
[284,478] |
1,961,079 |
|
Financial Cost |
[98,354] |
[36,910] |
|
Income Tax |
[147,269] |
[884,119] |
|
|
|
|
|
Net Profit / [Loss] |
[530,101] |
1,040,050 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.46 |
1.24 |
|
QUICK RATIO |
TIMES |
1.98 |
0.84 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.77 |
20.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.68 |
5.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.98 |
9.05 |
|
INVENTORY TURNOVER |
TIMES |
9.13 |
40.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
378.05 |
16.59 |
|
RECEIVABLES TURNOVER |
TIMES |
0.97 |
22.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.73 |
4.03 |
|
CASH CONVERSION CYCLE |
DAYS |
382.30 |
21.61 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
39.71 |
75.26 |
|
SELLING & ADMINISTRATION |
% |
63.59 |
22.08 |
|
INTEREST |
% |
0.81 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
61.24 |
25.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.35) |
3.46 |
|
NET PROFIT MARGIN |
% |
(4.38) |
1.83 |
|
RETURN ON EQUITY |
% |
(90.03) |
92.95 |
|
RETURN ON ASSET |
% |
(2.97) |
10.45 |
|
EARNING PER SHARE |
BAHT |
(5.30) |
10.40 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.97 |
0.89 |
|
DEBT TO EQUITY RATIO |
TIMES |
29.34 |
7.90 |
|
TIME INTEREST EARNED |
TIMES |
(2.89) |
53.13 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(78.63) |
|
|
OPERATING PROFIT |
% |
(114.51) |
|
|
NET PROFIT |
% |
(150.97) |
|
|
FIXED ASSETS |
% |
(26.02) |
|
|
TOTAL ASSETS |
% |
79.41 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
61.24 |
Impressive |
Industrial
Average |
11.08 |
|
Net Profit Margin |
(4.38) |
Deteriorated |
Industrial
Average |
2.28 |
|
Return on Assets |
(2.97) |
Deteriorated |
Industrial
Average |
3.75 |
|
Return on Equity |
(90.03) |
Deteriorated |
Industrial
Average |
6.55 |
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. The company’s figure is 61.24%. 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 -4.38%.
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 -2.97%.
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 -90.03%.
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 |
2.46 |
Impressive |
Industrial
Average |
2.46 |
|
Quick Ratio |
1.98 |
|
|
|
|
Cash Conversion Cycle |
382.30 |
|
|
|
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 2.46 times in 2010, increased from 1.24 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.98 times in 2010,
increased from 0.84 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 383 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.97 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
29.34 |
Risky |
Industrial
Average |
0.68 |
|
Times Interest Earned |
(2.89) |
Risky |
Industrial
Average |
2.50 |
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 -2.9 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 0.97 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 |
5.77 |
Impressive |
Industrial
Average |
3.67 |
|
Total Assets Turnover |
0.68 |
Deteriorated |
Industrial
Average |
1.64 |
|
Inventory Conversion Period |
39.98 |
|
|
|
|
Inventory Turnover |
9.13 |
Impressive |
Industrial
Average |
3.69 |
|
Receivables Conversion Period |
378.05 |
|
|
|
|
Receivables Turnover |
0.97 |
Deteriorated |
Industrial
Average |
3.59 |
|
Payables Conversion Period |
35.73 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.94 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
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.