MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
RETECH
ENERGY CO., LTD. |
|
|
|
|
Registered Office : |
6th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.11.2004 |
|
|
|
|
Com. Reg. No.: |
0205547022819 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and
service provider of
technology service of
renewable energy and environment
solution |
|
|
|
|
No. of Employees : |
10 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
RETECH ENERGY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 6th FLOOR,
IYARA TOWER, 2/22
CHAN ROAD,
THUNGWATDON, SATHORN,
BANGKOK 10120
TELEPHONE : [66] 2678-8921-2
FAX
: [66] 2678-8920
E-MAIL
ADDRESS : info@retech-energy.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0205547022819
TAX
ID NO. : 3380036188
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
54.75%
GERMEN :
45.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HANS DIETER
WESTPHAL, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : TECHNOLOGY SERVICE
OF RENEWABLE ENERGY
AND ENVIRONMENT
SOLUTION
DISTRIBUTOR AND
SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 15,
2004 as a
private limited company under
the registered name
RETECH ENERGY CO., LTD.
by Thai and German
groups. Its business
objective is to
supply product and
provide technology service
of energy and
environmental solutions. It
currently employs 10
staff.
The
subject’s registered address
was 2/13 Iyara
Tower, Chan Rd.,
Thungwatdon, Sathorn, Bangkok
10120.
On
November 27, 2007,
subject’s registered address
was changed from
“2/13” to “2/22” Iyara
Tower, Chan Rd.,
Thungwatdon, Sathorn, Bangkok
10120 by the
Sathorn District Office,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Hans Dieter Westphal
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hans Dieter Westphal
is the Managing
Director.
He is German
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
supplying and providing
a complete range
of technology services,
including project development,
turn-key plants, management
engineering services, local
fabrication and other
key support services
in the field of
finance and CDM
emission trading, for renewable
energy and environment
solutions. Range of
products and services
are as follows:
·
Biomass/Biogas
·
Municipal Solid
Waste [MSW]
·
Water Management
System
·
Industrial Waste
Incineration
·
Waste Heat
Recovery System
·
Landfill Gas
Recovery
·
Chemical/Infection
·
Wind Energy
System
·
CDM/Carbon Finance
IMPORT
Renewable energy and
technology equipment are
imported from Germany,
Italy, Republic of
China, Japan and
Sweden.
SALES/SERVICES
100% of the
products and services
are for local manufactures
and end-users both
private company and
government sectors.
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 and services
are by cash
or on negotiated
terms.
Local bills are
paid by cash
or on the
credits term of 30-60 days.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 10 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject provides
the industrial energy
enhancing solutions to
industrial sector. The
subject’s business performance
in 2011 was
moderate. However, the
subject’s business is
to implement a
renewable energy from
non depleted resources which can
be renewable such as
biomass.
It responds to
conservation policies, which has
taken up a
supervising and directing
position in energy production and waste
used, as well as
efficiency in environmental
protections.
Subject’s
business has strong potential in
long term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100
each with fully
paid.
On
May 1, 2007,
its registered capital
was increased to
Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at June
22, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Hans Dieter Westphal Nationality: German Address : 2/22
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
18,000 |
45.00 |
|
Mr. Alexander Westphal Nationality: Thai Address : 201/530
Moo 4, Bangsaothong,
Samutprakarn |
6,000 |
15.00 |
|
Ms. Supawadee Bodhikomol Nationality: Thai Address : 10
Moo 6, Duesrikanchai, Noraniwas,
Sakolnakorn |
5,700 |
14.25 |
|
Mr. Nathavuth Amornvivat Nationality: Thai Address : 110/66
Soi Ladprao 18,
Chompol,
Jatuchak, Bangkok |
5,333 |
13.33 |
|
|
|
|
|
Mr. Thammanoon Mongkol Nationality: Thai Address : 481
Soi 37 Panya
Village, Suanluang, Bangkok |
4,000 |
10.00 |
|
Mr. Sithiporn Srisa-ngar Nationality: Thai Address : 12/71
Soi Kaewpetch, Bangkhen,
Bangkok |
667 |
1.67 |
|
Ms. Anya Westphal Nationality: German Address : 2/22
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
100 |
0.25 |
|
Ms. Nantha Kaewsri Nationality: Thai Address : 51
Moo 9, Pahai,
Tha-uthane,
Nakornphanom |
100 |
0.25 |
|
Ms. Arunee Panyo Nationality: Thai Address : 14/49
Moo 5, Banmai,
Pakkred, Nonthaburi |
100 |
0.25 |
Total Shareholders : 9
Share Structure [as
at June 22,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
21,900 |
54.75 |
|
Foreign-German |
2 |
18,100 |
45.25 |
|
Total |
9 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Jong Chanmit No.
6235
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
7,029,506.23 |
7,142,609.51 |
|
Trade Accounts Receivable
|
6,154,538.69 |
5,364,280.40 |
|
Short-term Lending to Related
Person |
6,336.79 |
749,462.19 |
|
Other Current Assets
|
892,559.87 |
1,239,568.94 |
|
|
|
|
|
Total Current Assets
|
14,082,941.58 |
14,495,921.04 |
|
Other Investment |
500,000.00 |
500,000.00 |
|
Fixed Assets |
3,148,177.26 |
4,164,371.04 |
|
Other Non-current Assets |
633,777.06 |
776,676.06 |
|
Total Assets |
18,364,895.90 |
19,936,968.14 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Accrued Expenses |
279,756.06 |
226,030.74 |
|
Short-term Loan from
Related Person |
9,000,000.00 |
11,000,000.00 |
|
Current Portion of Financial
Lease Contract Liabilities |
895,254.34 |
966,980.18 |
|
Other Current Liabilities |
447,262.29 |
98,016.21 |
|
|
|
|
|
Total Current Liabilities |
10,622,272.69 |
12,291,027.13 |
|
|
|
|
|
Financial Lease Contract
Liabilities |
811,298.07 |
1,809,201.50 |
|
Total Liabilities |
11,433,570.76 |
14,100,228.63 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning - Unappropriated |
2,931,325.14 |
1,836,739.51 |
|
Total Shareholders' Equity |
6,931,325.14 |
5,836,739.51 |
|
Total Liabilities & Shareholders' Equity |
18,364,895.90 |
19,936,968.14 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
27,556,222.36 |
16,219,970.66 |
|
Gain on Exchange Rate |
378,860.53 |
- |
|
Other Income |
22,683.13 |
268,119.46 |
|
Total Revenues |
27,957,766.02 |
16,488,090.12 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
22,388,965.40 |
8,276,141.28 |
|
Administrative Expenses |
4,177,633.37 |
5,314,458.38 |
|
Loss on Disposal
of Assets |
- |
96,853.47 |
|
Loss on Exchange Rate |
34,849.81 |
1,256,390.08 |
|
Total Expenses |
26,601,448.58 |
14,943,843.21 |
|
|
|
|
|
Profit before Financial Costs |
1,356,317.44 |
1,544,246.91 |
|
Financial Costs |
[156,256.75] |
[44,505.72] |
|
|
|
|
|
Profit before Income Tax |
1,200,060.69 |
1,499,741.19 |
|
Income Tax |
[105,475.06] |
- |
|
Net Profit / [Loss] |
1,094,585.63 |
1,499,741.19 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.33 |
1.18 |
|
QUICK RATIO |
TIMES |
1.24 |
1.08 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.75 |
3.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.50 |
0.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
81.52 |
120.71 |
|
RECEIVABLES TURNOVER |
TIMES |
4.48 |
3.02 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
81.52 |
120.71 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.25 |
51.02 |
|
SELLING & ADMINISTRATION |
% |
15.16 |
32.76 |
|
INTEREST |
% |
0.57 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
20.21 |
50.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.92 |
9.52 |
|
NET PROFIT MARGIN |
% |
3.97 |
9.25 |
|
RETURN ON EQUITY |
% |
15.79 |
25.69 |
|
RETURN ON ASSET |
% |
5.96 |
7.52 |
|
EARNING PER SHARE |
BAHT |
27.36 |
37.49 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.65 |
2.42 |
|
TIME INTEREST EARNED |
TIMES |
8.68 |
34.70 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
69.89 |
|
|
OPERATING PROFIT |
% |
(12.17) |
|
|
NET PROFIT |
% |
(27.02) |
|
|
FIXED ASSETS |
% |
(24.40) |
|
|
TOTAL ASSETS |
% |
(7.89) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.21 |
Impressive |
Industrial
Average |
14.70 |
|
Net Profit Margin |
3.97 |
Impressive |
Industrial
Average |
1.40 |
|
Return on Assets |
5.96 |
Impressive |
Industrial
Average |
3.07 |
|
Return on Equity |
15.79 |
Impressive |
Industrial
Average |
8.28 |
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 20.21%. 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 3.97%,
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
5.96%, 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 15.79%, 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 Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.33 |
Satisfactory |
Industrial
Average |
1.51 |
|
Quick Ratio |
1.24 |
|
|
|
|
Cash Conversion Cycle |
81.52 |
|
|
|
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 1.33 times in 2011, increased from 1.18 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 1.24 times in 2011,
increased from 1.08 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 82 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Impressive |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
1.65 |
Acceptable |
Industrial
Average |
1.67 |
|
Times Interest Earned |
8.68 |
Impressive |
Industrial
Average |
3.28 |
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 8.69 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 0.62 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 |
8.75 |
Satisfactory |
Industrial
Average |
11.17 |
|
Total Assets Turnover |
1.50 |
Acceptable |
Industrial
Average |
2.18 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
4.99 |
|
Receivables Conversion Period |
81.52 |
|
|
|
|
Receivables Turnover |
4.48 |
Satisfactory |
Industrial
Average |
4.65 |
|
Payables Conversion Period |
- |
|
|
|
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.54.34 |
|
UK Pound |
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
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.