MIRA INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
FARMING EQUIPMENT LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
23.06.2011 |
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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
: |
20 |
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 |
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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
INTERNATIONAL FARMING
EQUIPMENT LIMITED
SUMMARY
BUSINESS ADDRESS :
TELEPHONE : [66] 2221-4115-6,
2225-4052, 2221-4140, 2621-2622
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
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JUNE
23
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BOONLERT ARCHAKRAISORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : TRACTOR EQUIPMENT,
SPARE PARTS AND
ACCESSORIES
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
24, 1981 as
a private limited
company under the name style “INTERNATIONAL FARMING 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 approximately 20
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 |
|
|
|
|
|
|
Mr. Paiboon Wangwongviroj |
|
Thai |
64 |
|
Mr. Porameth Wangwongviroj |
|
Thai |
37 |
|
Mr. Boonlert Archakraisorn |
|
Thai |
63 |
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 63
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
tractor diesel engines,
spare parts under
local and international brands, such
as “FORD”, “MASSEY FERGUSON”, “JOHN DEERE”,
“JCB”, “CNH”, “NEW HOLLAND”, “POWERPACK”,
“ATP”, “BOMAG”, and
“PERKINS”, as well as other
spare parts and
accessories, under various
names as follows:
“TAS” - Gear
“DELPHI”, LUCAS”, “CAV”,
“FCM”, “BCD” - Fuel pump
parts
“AE”, “FEDERAL MOGUL”,
“TRW” and “ACL” - Engine parts
“PAYEN”, “FP”, “DIESEL”,
‘GLASER” - O-ring
“CP” – Oil/water pumps
“PIONEER WESTON” - Seal
“BLACK CAT” - Blade
The subject is also the Thailand’s authorized dealers of “NIAUX200”
agriculture machine’s parts from
France.
PURCHASE
60% of the
products is imported
from overseas suppliers
in France, Germany, United Kingdom, Italy, Canada, United States of
America and Spain, the remaining 40% is purchased from
local suppliers.
MAJOR SUPPLIERS
Forges De Niaux
S.A. : France
Bepco [U.K] Ltd. : United
Kingdom
Deere & Company : United
States of America
Bomag GmbH. : Germany
Agricultural & Industrial
Parts Ltd.: U.K.
Black Cat Blades
Ltd. : Canada
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
according to IRICO’S
DATABASE 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 Petchburi
Rd., Makkasan Rajthevee,
Bangkok 10400]
Bangkok Bank Public
Co., Ltd.
[Pubplachai Branch : 9
Suapa Rd., Pubplachai,
Samphantawong, Bangkok 10100]
EMPLOYMENT
The subject employs
approximately 20 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
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
The subject mainly provides
agricultural machine and equipment
including tractors’ parts. The subject’s business
performance in 2010-2011
was moderate, but
slow business had
seen in the
last quarter of
2011 due to
market stagnant from floods.
Nevertheless, its business
has gradually improved
after the flood
relief since the
beginning of 2012.
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 31,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonlert Archakraisorn Nationality: Thai Address : 34
Soonthornkosa Rd., Klongtoey, Prakanong,
Bangkok 10110 |
23,500 |
47.00 |
|
Mr. Paiboon Wangwongviroj Nationality: Thai Address : 55/22
Moo 14, Soi Srivijarn,
Prachachuen Rd., Bangsue,
Bangkok 10800 |
15,000 |
30.00 |
|
Mr. Porameth Wangwongviroj Nationality: Thai Address : 55/22
Moo 14, Soi Srivijarn,
Prachachuen Rd., Bangsue,
Bangkok 10800 |
5,000 |
10.00 |
|
Ms. Athita Wangwongviroj Nationality: Thai Address : 112-114
Luang Rd., Thepsirin,
Pomprab, Bangkok 10100 |
5,000 |
10.00 |
|
Mr. Teerawat Archakraisorn Nationality: Thai
Address : 459/9-10
Rama 4 Rd.,
Rongmuang,
Pathumwan, Bangkok |
500 |
1.00 |
|
Ms. Teeraporn Archakraisorn Nationality: Thai Address : 45/9-10
Rama 4 Rd., Rongmuang,
Pathumwan, Bangkok 10330 |
500 |
1.00 |
|
Ms. Sopha Suneesukhawatana Nationality: Thai Address : 45/9-10 Rama
4 Rd., Rongmuang,
Pathumwan, Bangkok 10330 |
500 |
1.00 |
Total Shareholders : 7
Share Structure [as
at October 31,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Lapatthorn Promviset No.
4689
BALANCE SHEET [BAHT]
The latest
financial figures published
for June 23,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
12,947,878.25 |
11,571,062.99 |
|
Trade Accounts Receivable |
17,231,195.22 |
35,385,267.58 |
|
Inventories |
62,399,688.81 |
54,512,692.72 |
|
Other Current Assets
|
4,603,509.05 |
558,456.36 |
|
Total Current Assets
|
97,182,271.33 |
102,027,479.65 |
|
Fixed Assets |
1,915,644.74 |
1,103,258.33 |
|
Other Assets |
1,019,825.02 |
1,019,825.02 |
|
Total Assets |
100,117,741.09 |
104,150,563.00 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
3,070,996.68 |
2,098,066.83 |
|
Accrued Income Tax |
873,781.00 |
3,541,308.81 |
|
Accrued Auditor Account |
10,000.00 |
10,000.00 |
|
Accrued Other Expenses |
2,243,225.53 |
2,278,046.51 |
|
Total Current Liabilities |
6,198,003.21 |
7,927,422.15 |
|
|
|
|
|
Loan from Related
Person |
6,000,000.00 |
14,000,000.00 |
|
Total Liabilities |
12,198,003.21 |
21,927,422.15 |
|
|
|
|
|
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 |
37,919,737.88 |
32,223,140.85 |
|
Total Shareholders' Equity |
87,919,737.88 |
82,223,140.85 |
|
Total Liabilities & Shareholders' Equity |
100,117,741.09 |
104,150,563.00 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
134,758,475.88 |
145,582,147.30 |
|
Other Income |
3,876,150.31 |
5,783,755.45 |
|
Interest Income |
73,883.58 |
208,774.90 |
|
Total Revenues |
138,708,509.77 |
151,574,677.65 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
118,638,385.15 |
126,147,705.33 |
|
Selling Expenses |
2,665,375.00 |
2,839,815.00 |
|
Administrative Expenses |
8,431,416.02 |
7,476,599.20 |
|
Total Expenses |
129,735,176.17 |
136,464,119.53 |
|
Profit Before Financial
Cost & Income
Tax |
8,973,333.60 |
15,110,558.12 |
|
Financial Cost |
[2,738.90] |
[99,058.56] |
|
Income Tax |
[3,273,997.67] |
[4,518,617.33] |
|
Net Profit / [Loss] |
5,696,597.03 |
10,492,882.23 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
15.68 |
12.87 |
|
QUICK RATIO |
TIMES |
4.87 |
5.92 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
70.35 |
131.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.35 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
191.98 |
157.73 |
|
INVENTORY TURNOVER |
TIMES |
1.90 |
2.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.67 |
88.72 |
|
RECEIVABLES TURNOVER |
TIMES |
7.82 |
4.11 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.45 |
6.07 |
|
CASH CONVERSION CYCLE |
DAYS |
229.20 |
240.38 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.04 |
86.65 |
|
SELLING & ADMINISTRATION |
% |
8.23 |
7.09 |
|
INTEREST |
% |
0.00 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
14.89 |
17.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.66 |
10.38 |
|
NET PROFIT MARGIN |
% |
4.23 |
7.21 |
|
RETURN ON EQUITY |
% |
6.48 |
12.76 |
|
RETURN ON ASSET |
% |
5.69 |
10.07 |
|
EARNING PER SHARE |
BAHT |
113.93 |
209.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.12 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.14 |
0.27 |
|
TIME INTEREST EARNED |
TIMES |
3,276.25 |
152.54 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(7.43) |
|
|
OPERATING PROFIT |
% |
(40.62) |
|
|
NET PROFIT |
% |
(45.71) |
|
|
FIXED ASSETS |
% |
73.64 |
|
|
TOTAL ASSETS |
% |
(3.87) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.89 |
Impressive |
Industrial
Average |
10.86 |
|
Net Profit Margin |
4.23 |
Impressive |
Industrial
Average |
1.60 |
|
Return on Assets |
5.69 |
Impressive |
Industrial
Average |
3.60 |
|
Return on Equity |
6.48 |
Acceptable |
Industrial
Average |
9.29 |
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 14.89%. 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 4.23%
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
5.69%, 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. When compared with the
industry average, it was lower, the company's figure is 6.48%.
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 |
15.68 |
Impressive |
Industrial
Average |
1.66 |
|
Quick Ratio |
4.87 |
|
|
|
|
Cash Conversion Cycle |
229.20 |
|
|
|
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 15.68 times in 2011, increased from 12.87 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 4.87 times in 2011,
decreased from 5.92 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 230 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.14 |
Impressive |
Industrial
Average |
1.52 |
|
Times Interest Earned |
3,276.25 |
Impressive |
Industrial
Average |
4.17 |
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 3276.26 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 0.12 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
ACTIVITY RATIO
|
Fixed Assets Turnover |
70.35 |
Impressive |
Industrial
Average |
11.75 |
|
Total Assets Turnover |
1.35 |
Acceptable |
Industrial
Average |
2.26 |
|
Inventory Conversion Period |
191.98 |
|
|
|
|
Inventory Turnover |
1.90 |
Deteriorated |
Industrial
Average |
4.95 |
|
Receivables Conversion Period |
46.67 |
|
|
|
|
Receivables Turnover |
7.82 |
Impressive |
Industrial
Average |
4.75 |
|
Payables Conversion Period |
9.45 |
|
|
|
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.50.91 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.99 |
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.