MIRA INFORM REPORT
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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL
FARMING EQUIPMENT LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
23.06.2010 |
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Date of Incorporation : |
24.06.1981 |
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Com. Reg. No.: |
0105524013920 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
importer and distributor of tractor equipment, spare parts and accessories |
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No. of Employees : |
19 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
INTERNATIONAL FARMING EQUIPMENT
LIMITED
SUMMARY
BUSINESS
ADDRESS :
TELEPHONE : [66] 2221-4115-6,
2225-4052, 2221-4140
FAX :
[66] 2225-4053,
2621-2621
E-MAIL
ADDRESS : ifel@access.inet.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1981
REGISTRATION
NO. : 0105524013920
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
FISCAL YEAR CLOSING DATE : JUNE
23
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BOONLERT ARCHAKRAISORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 19
LINES
OF BUSINESS : TRACTOR EQUIPMENT,
SPARE PARTS AND
ACCESSORIES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June
24, 1981 as
a private limited
company under the name style “INTERNATIONAL FARMNG
EQUIPMENT LIMITED” by Thai groups,
Wangwongviroj and Archakraisorn
families. Its business objective is to
import and distribute
tractor equipments and parts to
local market. It
currently employs 19
staff.
The subject’s registered address was
initially located at
64-66 Luang Rd., Banbart, Pomprab,
Bangkok 10100.
On November 14,
1994, the subject’s
registered address was
relocated to 27/20-21
Luang Rd., Banbart,
Pomprab, Bangkok 10100,
and this is
the company’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Paiboon Wangwongviroj |
|
Thai |
63 |
|
Mr. Porameth Wangwongviroj |
|
Thai |
36 |
|
Mr. Boonlert Archakraisorn |
|
Thai |
62 |
AUTHORIZED PERSON
Any of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Boonlert Archakraisorn is
the Managing Director.
He is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
tractor diesel engines,
spare parts and
accessories for farm
industry under local
and international brands, such
as “FORD”, “MASSEY
FERGUSON”, “JOHN DEERE”,
“BEPCO”, “NEW HOLLAND”,
“INT” and “BOMAG”.
PURCHASE
60% of the
products is imported
from overseas suppliers
in France, Germany, United Kingdom,
Italy, United States
of America and
Spain, the remaining
40% is purchased
from local suppliers.
MAJOR SUPPLIERS
Forges De Niaux
S.A. :
Bepco [U.K] Ltd. :
Deere & Company :
Bomag GmbH. :
SALES
100% of the products is sold locally to wholesalers [90%], retailers
and end-users [10%].
The subject currently
maintains around 100-200
customers 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
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.
[Jarurat
Branch: 1091/43-5 New
Bangkok Bank
Public Co., Ltd.
[Pubplachai
Branch :
EMPLOYMENT
The subject employs 19 staff
comprising office and
sales staff.
LOCATION DETAILS
The premise is
rented for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
REMARK
CREDIT OF US$ 125,000
AGAINST D/A TERM
SHOULD BE IN
ORDER.
COMMENT
The
subject is an
importer and distributor
of tractor parts.
Demand of products
has gradually increased
since end of 2009
from industrial improvement.
Subject also disclosed its
active business in the
first quarter of 2011.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3,000,000 divided
into 3,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings:
Bht. 10,000,000
on October 1,
2001
Bht. 30,000,000
on February 11,
2003
Bht. 50,000,000
on November 30,
2005
The latest registered
capital was increased
to Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at
October 19, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonlert Archakraisorn Nationality: Thai Address : Prakanong, |
23,500 |
47.00 |
|
Mr. Paiboon Wangwongviroj Nationality: Thai Address : 55/22
Moo 14, Soi Srivijarn,
|
15,000 |
30.00 |
|
Mr. Porameth Wangwongviroj Nationality: Thai Address : 55/22
Moo 14, Soi Srivijarn,
|
5,000 |
10.00 |
|
Ms. Athita Wangwongviroj Nationality: Thai Address : |
5,000 |
10.00 |
|
Mr. Teerawat Archakraisorn Nationality: Thai Address : 459/9-10
Rama 4 Rd.,
Rongmuang,
Pathumwan, |
500 |
1.00 |
|
Ms. Teeraporn Archakraisorn Nationality: Thai Address : 45/9-10
Rama 4 Rd., Rongmuang,
Pathumwan, |
500 |
1.00 |
|
Ms. Sopha Suneesukhawatana Nationality: Thai Address : 45/9-10
Rama 4 Rd., Rongmuang,
Pathumwan, |
500 |
1.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Lapatthorn Promviset No.
4689
BALANCE SHEET [BAHT]
The latest financial figures published for June 23, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
11,571,062.99 |
15,166,581.76 |
|
Trade Accts. Receivable |
35,385,267.58 |
33,071,311.06 |
|
Inventories |
54,512,692.72 |
51,377,772.28 |
|
Other Current Assets
|
558,456.36 |
1,189,186.41 |
|
Total Current Assets
|
102,027,479.65 |
100,804,851.51 |
|
Fixed Assets |
1,103,258.33 |
596,927.69 |
|
Other Assets |
1,019,825.02 |
1,019,825.02 |
|
Total Assets |
104,150,563.00 |
102,421,604.22 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
2,098,066.83 |
28,455,436.08 |
|
Accrued Income Tax |
3,541,308.81 |
597,362.97 |
|
Accrued Auditor Account |
10,000.00 |
10,000.00 |
|
Accrued Other Expenses |
2,278,046.51 |
1,628,546.55 |
|
Total Current Liabilities |
7,927,422.15 |
30,691,345.60 |
|
|
|
|
|
Loan from Related
Person |
14,000,000.00 |
- |
|
Total Liabilities |
21,927,422.15 |
30,691,345.60 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 50,000 shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
32,223,140.85 |
21,730,258.62 |
|
Total Shareholders' Equity |
82,223,140.85 |
71,730,258.62 |
|
Total Liabilities & Shareholders' Equity |
104,150,563.00 |
102,421,604.22 |
PROFIT & LOSS ACCOUNT
|
|
2010 |
2009 |
|
|
|
|
|
Sales |
145,582,147.30 |
105,611,427.45 |
|
Other Income |
5,783,755.45 |
1,149,536.45 |
|
Interest Income |
208,774.90 |
236,349.56 |
|
Total Sales |
151,574,677.65 |
106,997,313.46 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
126,147,705.33 |
92,727,751.13 |
|
Selling Expenses |
2,839,815.00 |
2,650,510.00 |
|
Administrative Expenses |
7,476,599.20 |
7,687,163.49 |
|
Total Expenses |
136,464,119.53 |
103,065,424.62 |
|
Profit Before Interest Expenses
& Income Tax |
15,110,558.12 |
3,931,888.84 |
|
Interest Expenses |
[99,058.56] |
[93,708.75] |
|
Income Tax |
[4,518,617.33] |
[1,320,575.83] |
|
Net Profit / [Loss] |
10,492,882.23 |
2,517,604.26 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
12.87 |
3.28 |
|
QUICK RATIO |
TIMES |
5.92 |
1.57 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
131.96 |
176.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.40 |
1.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
157.73 |
202.24 |
|
INVENTORY TURNOVER |
TIMES |
2.31 |
1.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
88.72 |
114.30 |
|
RECEIVABLES TURNOVER |
TIMES |
4.11 |
3.19 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.07 |
112.01 |
|
CASH CONVERSION CYCLE |
DAYS |
240.38 |
204.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.65 |
87.80 |
|
SELLING & ADMINISTRATION |
% |
7.09 |
9.79 |
|
INTEREST |
% |
0.07 |
0.09 |
|
GROSS PROFIT MARGIN |
% |
17.47 |
13.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.38 |
3.72 |
|
NET PROFIT MARGIN |
% |
7.21 |
2.38 |
|
RETURN ON EQUITY |
% |
12.76 |
3.51 |
|
RETURN ON ASSET |
% |
10.07 |
2.46 |
|
EARNING PER SHARE |
BAHT |
209.86 |
50.35 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.43 |
|
TIME INTEREST EARNED |
TIMES |
152.54 |
41.96 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
37.85 |
|
|
OPERATING PROFIT |
% |
284.31 |
|
|
NET PROFIT |
% |
316.78 |
|
|
FIXED ASSETS |
% |
84.82 |
|
|
TOTAL ASSETS |
% |
1.69 |
|
%2024-Mar-2012_files/image002.gif)
PROFITABILITY RATIO
|
Gross Profit Margin |
17.47 |
Impressive |
Industrial Average |
16.96 |
|
Net Profit Margin |
7.21 |
Impressive |
Industrial Average |
(1.44) |
|
Return on Assets |
10.07 |
Impressive |
Industrial Average |
1.05 |
|
Return on Equity |
12.76 |
Impressive |
Industrial Average |
6.22 |
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. Gross Profit Margin is 17.47%. When
compared with the industry average, the ratio of the company was higher,
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 7.21%
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
10.07%, 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 12.76%,
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
%2024-Mar-2012_files/image004.gif)
LIQUIDITY RATIO
|
Current Ratio |
12.87 |
Deteriorated |
Industrial Average |
31.50 |
|
Quick Ratio |
5.92 |
|
|
|
|
Cash Conversion Cycle |
240.38 |
|
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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 12.87 times in 2010, increase from 3.28 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 5.92 times in 2010,
increase from 1.57 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 241 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
%2024-Mar-2012_files/image006.gif)
%2024-Mar-2012_files/image008.gif)
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial Average |
2.77 |
|
Times Interest Earned |
152.54 |
Acceptable |
Industrial Average |
250.74 |
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 stronger equity
position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 152.55 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 0.21 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
%2024-Mar-2012_files/image010.gif)
ACTIVITY RATIO
|
Fixed Assets Turnover |
131.96 |
Deteriorated |
Industrial Average |
31,145.11 |
|
Total Assets Turnover |
1.40 |
Acceptable |
Industrial Average |
1.88 |
|
Inventory Conversion Period |
157.73 |
|
|
|
|
Inventory Turnover |
2.31 |
Deteriorated |
Industrial Average |
8.27 |
|
Receivables Conversion Period |
88.72 |
|
|
|
|
Receivables Turnover |
4.11 |
Deteriorated |
Industrial Average |
27.49 |
|
Payables Conversion Period |
6.07 |
|
|
|
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.50.91 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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 |
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.