MIRA
INFORM REPORT
|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
BALMAC
CO., LTD. |
|
|
|
|
Registered Office : |
27 Soi Charansanitwong 49/1, Charansanitwong Road, Bangbamru, Bangplad, Bangkok 10700 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.08.1985 |
|
|
|
|
Com. Reg. No.: |
0105528028514 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor &
Service provider of waste water
treatment system |
|
|
|
|
No. of Employees : |
30 |
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 |
|
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) |
|
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
BALMAC CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 27
SOI CHARANSANITWONG 49/1,
CHARANSANITWONG ROAD,
BANGBAMRU, BANGPLAD,
BANGKOK 10700,
THAILAND
TELEPHONE : [66] 2433-4820,
2881-7641-5, 080 292-4567
FAX
: [66] 2433-9930
E-MAIL
ADDRESS : sbalmac@truemail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528028514
TAX
ID NO. : 3101354775
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOONYEN SEELWATTAKUL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : WASTE
WATER TREATMENT SYSTEM
IMPORTER, DISTRIBUTOR & SERVICE PROVIDER
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 August
16, 1985 as
a private limited
company under the name style
BALMAC CO., LTD.
by Thai groups. Its
business objective is to supply
product and service for waste
water treatment solution. It
currently employs approximately
30 staff.
The subject’s registered
address is 27 Soi Charansanitwong 49/1, Charansanitwong Rd.,
Bangbamru, Bangplad, Bangkok
10700, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Mr. Boonyen Seelwattakul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Boonyen Seelwattakul is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject
is engaged in distributing and supplying
of waste
water treatment equipment,
such as septic
tanks, water filter, chemical and
related tools, as
well as provide servicing of design, installation and consulting for waste
water treatment system, and
inspector machines for
food and beverage
industry.
PURCHASE
The
products are purchased
from suppliers and
agents in both
domestic and overseas, mainly
U.S.A., Republic of
China, Taiwan and
Germany.
MAJOR
SUPPLIER
Bormann
Electronic GmbH. :
Germany
SALES
100% of the
products is sold
and serviced locally
to traders, manufacturers and
end-users.
MAJOR CUSTOMER
Thai Asia Pacific
Brewery Co., Ltd. : Thailand
Carabao Tawandang Co.,
Ltd. : Thailand
Uni-President [Thailand] Co.,
Ltd. : Thailand
Sermsuk Beverage 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
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 30 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch office is located at 29 Soi Charansanitwong 49/1, Charansanitwong Rd.,
Bangbamru, Bangplad, Bangkok
10700.
COMMENT
The
subject was formed
in 1985 as an importer,
distributor and service
provider of waste water treatment solution. The products
are water filter, chemical, tools and water treatment equipment,
food & beverage
inspector machine and
etc. It mainly serves to
commercial and industrial
plant. Subject reported
its moderate business
in 2011, and it
anticipates the business
would continue expanding
steadily throughout 2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
On
June 27, 2011,
the capital was
increased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 23, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonyen Seelwattakul Nationality: Thai Address : 64/39
Moo 1, Bangramad,
Talingchan, Bangkok |
23,000 |
46.00 |
|
Ms. Veena Eiamwattanapaisin Nationality: Thai Address : 29
Soi Charansanitwong 49/1,
Charansanitwong Rd., Bangbamru,
Bangplad, Bangkok |
11,000 |
22.00 |
|
Mr. Chalermchai
Eiamwattanapaisin Nationality: Thai Address : 55/26-27
Phyathai Rd., Phyathai,
Rajthewi, Bangkok |
2,500 |
5.00 |
|
Mr. Pradit Eiamwattanapaisin Nationality: Thai Address : 55/26-27
Phyathai Rd., Phyathai,
Rajthewi, Bangkok |
2,500 |
5.00 |
|
Mr. Chumpol Samritsitthichoke Nationality: Thai Address : 47
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
2,500 |
5.00 |
|
|
|
|
|
Mr. Boonli Seelwattakul Nationality: Thai Address : 4/1410
Serithai Rd., Klongkum,
Buengkum, Bangkok |
2,500 |
5.00 |
|
Mr. Asanai Seelwattakul Nationality: Thai Address : 9
Charoenkrung Rd., Wangburapa,
Phranakorn, Bangkok |
2,500 |
5.00 |
|
Ms. Pasinee Seelwattakul Nationality: Thai Address : 9
Charoenkrung Rd., Wangburapa,
Phranakorn, Bangkok |
1,250 |
2.50 |
|
Mr. Pawat Seelwattakul Nationality: Thai Address : 9
Charoenkrung Rd., Wangburapa,
Phranakorn, Bangkok |
1,250 |
2.50 |
|
Mr. Chairat Sukhadanont Nationality: Thai Address : 59
Soi 31, Bangna-Trad
Rd.,
Bangna, Bangkok |
1,000 |
2.00 |
Total Shareholders : 10
Share Structure [as at April
23, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pairoj Hengsakul
No. 2755
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
13,775,312.77 |
7,075,517.87 |
|
Short-term Investment |
5,120,480.00 |
6,006,440.00 |
|
Trade Accounts & Notes Receivable |
23,636,948.24 |
13,470,711.59 |
|
Inventories |
14,114,590.93 |
11,214,507.01 |
|
Other Current Assets
|
6,074,197.22 |
4,459,389.19 |
|
|
|
|
|
Total Current Assets
|
62,721,529.16 |
42,226,565.66 |
|
Fixed Assets |
3,006,580.18 |
3,742,915.95 |
|
Intangible Assets |
2,443.82 |
5,403.62 |
|
Other Assets |
11,000.00 |
11,000.00 |
|
Total Assets |
65,741,553.16 |
45,985,885.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts &
Notes Payable |
7,497,303.47 |
6,490,832.06 |
|
Accrued Expenses |
3,849,442.41 |
1,977,642.91 |
|
Other Current Liabilities |
20,322,995.61 |
7,972,128.65 |
|
|
|
|
|
Total Current Liabilities |
31,669,741.49 |
16,440,603.62 |
|
Total Liabilities |
31,669,741.49 |
16,440,603.62 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 & 10,000 shares in 2011 & 2010 respectively |
5,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
1,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
500,000.00 |
200,000.00 |
|
Unappropriated |
28,571,811.67 |
28,345,281.61 |
|
Total Shareholders' Equity |
34,071,811.67 |
29,545,281.61 |
|
Total Liabilities & Shareholders' Equity |
65,741,553.16 |
45,985,885.23 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
112,141,241.40 |
100,529,234.73 |
|
Service Income |
2,170,937.79 |
2,317,757.14 |
|
Other Income |
728,063.96 |
350,227.20 |
|
Total Sales |
115,040,240.15 |
103,197,219.07 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
77,067,666.86 |
69,499,624.38 |
|
Selling Expenses |
16,679,962.96 |
14,470,993.13 |
|
Administrative Expenses |
13,689,540.00 |
10,502,304.18 |
|
Total Expenses |
107,437,169.82 |
94,472,921.69 |
|
|
|
|
|
Profit / [Loss] before Financial Costs & Income Tax |
7,903,070.33 |
8,724,297.38 |
|
Financial Costs |
[426.92] |
[2,035.09] |
|
Profit / [Loss] before Income Tax |
7,602,643.41 |
8,722,262.29 |
|
Income Tax |
[2,076,113.35] |
[2,406,877.81] |
|
|
|
|
|
Net Profit / [Loss] |
5,526,530.06 |
6,315,384.48 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.98 |
2.57 |
|
QUICK RATIO |
TIMES |
1.34 |
1.62 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
38.02 |
27.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.74 |
2.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.85 |
58.90 |
|
INVENTORY TURNOVER |
TIMES |
5.46 |
6.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.47 |
47.81 |
|
RECEIVABLES TURNOVER |
TIMES |
4.84 |
7.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.51 |
34.09 |
|
CASH CONVERSION CYCLE |
DAYS |
106.81 |
72.61 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
67.42 |
67.58 |
|
SELLING & ADMINISTRATION |
% |
26.57 |
24.28 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
33.22 |
32.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.65 |
8.48 |
|
NET PROFIT MARGIN |
% |
4.83 |
6.14 |
|
RETURN ON EQUITY |
% |
16.22 |
21.38 |
|
RETURN ON ASSET |
% |
8.41 |
13.73 |
|
EARNING PER SHARE |
BAHT |
110.53 |
631.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.93 |
0.56 |
|
TIME INTEREST EARNED |
TIMES |
17,809.12 |
4,286.93 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.15 |
|
|
OPERATING PROFIT |
% |
(12.85) |
|
|
NET PROFIT |
% |
(12.49) |
|
|
FIXED ASSETS |
% |
(19.67) |
|
|
TOTAL ASSETS |
% |
42.96 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.22 |
Impressive |
Industrial
Average |
19.71 |
|
Net Profit Margin |
4.83 |
Impressive |
Industrial
Average |
2.12 |
|
Return on Assets |
8.41 |
Impressive |
Industrial
Average |
3.30 |
|
Return on Equity |
16.22 |
Impressive |
Industrial
Average |
7.27 |
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 33.22%. 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 4.83%,
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
8.41%, 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 16.22%, 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 |
1.98 |
Impressive |
Industrial
Average |
1.73 |
|
Quick Ratio |
1.34 |
|
|
|
|
Cash Conversion Cycle |
106.81 |
|
|
|
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 1.98 times in 2011, decrease from 2.57 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 1.34 times in 2011,
decrease from 1.62 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 107 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.93 |
Impressive |
Industrial Average |
1.22 |
|
Times Interest Earned |
17,809.12 |
Impressive |
Industrial Average |
4.00 |
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 17809.13 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 0.48 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 |
38.02 |
Impressive |
Industrial
Average |
6.76 |
|
Total Assets Turnover |
1.74 |
Impressive |
Industrial
Average |
1.53 |
|
Inventory Conversion Period |
66.85 |
|
|
|
|
Inventory Turnover |
5.46 |
Impressive |
Industrial
Average |
3.48 |
|
Receivables Conversion Period |
75.47 |
|
|
|
|
Receivables Turnover |
4.84 |
Impressive |
Industrial
Average |
4.47 |
|
Payables Conversion Period |
35.51 |
|
|
|
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.55.73 |
|
UK Pound |
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.84 |
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.