MIRA
INFORM REPORT
|
Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE CHILLINGTON TOOL [ |
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Registered Office : |
826, 826/1-2 Sukhumvit Road, Soi 13, Moo 4, Bangpoo Industrial Estate, Praksa, Muang, Samutprakarn 10280 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.10.1966 |
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Com. Reg. No.: |
0105509003803 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter Agricultural Hand Tools |
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No. of Employees : |
225 |
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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
THE CHILLINGTON
TOOL [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 826, 826/1-2 SUKHUMVIT
ROAD, SOI 13,
MOO 4,
BANGPOO
INDUSTRIAL ESTATE, PRAKSA,
MUANG, SAMUTPRAKARN 10280
TELEPHONE : [66] 2709-3422-4,
2709-3835-7
FAX : [66] 2709-4960
E-MAIL ADDRESS : rbehth@loxinfo.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1966
REGISTRATION NO. : 0105509003803
TAX ID NO. : 3271001745
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI
: 0.01%
FOREIGN :
99.99%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RODNEY WAYNE BYERS,
AUSTRALIAN
MANAGING DIRECTOR
NO. OF STAFF : 225
LINES OF BUSINESS : AGRICULTURAL HAND
TOOLS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD
PERFORMANCE
HISTORY
The subject was
established on October
13, 1966 as
a private limited
company under the
name style THE
CHILLINGTON TOOL [THAILAND]
CO., LTD., by Thai
and British groups.
Its business objective
is to manufacture
various kinds of
agricultural hand tools
to both domestic
and international markets.
It currently employs
approximate 225 staff.
Subject is a
subsidiary of Ralph
Martindale & Co.,
Ltd, England.
The subject’s registered address
is 826, 826/1-2
Sukhumvit Rd., Soi
13, Moo 4,
Bangpoo Industrial Estate,
Praksa, Muang, Samutprakarn
10280, and this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Siwat Manosak |
|
Thai |
44 |
|
Mr. Ronachai Krisda-olarn |
|
Thai |
70 |
|
Ms. Varaporn Puangkham |
|
Thai |
47 |
|
Mr. Michael Kearney |
|
British |
70 |
|
Mr. Rodney Wayne Byers |
|
Australian |
60 |
|
Mr. Martin David Barrett |
|
British |
62 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rodney Wayne Byers
is the Managing
Director.
He is Australian
nationality with the
age of 60
years old.
Ms. Varaporn Puangkham is
the Administration Manager.
She is Thai
nationality with the
age of 47
years old.
Mr. Martin David Barrett
is the Factory
Manager.
He is British
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting various kinds
of agricultural hand
tools, such as hoes,
forks, rakes, knife,
shovel, spades and etc. under
the brand names “CROCODILE”
and “CHILLINGTON”.
PRODUCTION CAPACITY
2,200,000 pieces per
annum
IMPORT
Some of raw materials
and machinery are imported
from United Kingdom,
Germany, United States of
America and Australia.
MAJOR SUPPLIERS
Ralph Martindale &
Co., Ltd. : United Kingdom
The Chillington Tool
Company : United
Kingdom
SALES
70% of the
products is sold
locally by wholesale
to dealers and
end-users, the remaining
30% is exported
to Taiwan, Republic
of China, Singapore,
Vietnam,
United Kingdom, Guatemala,
United States of
America, Australia, Middle
East,
Malaysia, Indonesia, Philippines,
India and South
Africa.
MAJOR CUSTOMERS
Ferreteria La LLave
S.A. : Guatemala
Brimac Distributors Ltd. : U.S.A.
L.A. Durigny and
Co. Ltd. : U.S.A.
PARENT COMPANY
Ralph Martindale &
Co., Ltd.
Address : Crocodile
House, Strawberry Lane, Willenhall, West Midland, England
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
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samrong Branch :
Sukhumvit Rd., Samrongnua,
Muang, Samutprakarn]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
225 office staff
and factory workers.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
The subject’s business
performance in 2011
was excellent. It
is optimistic that demand
of agricultural hand tools
will benefit to
the subject from
increasing sales in both
domestic and exported
markets. The market’s
rise was mainly
inspired by the
strong performance of
agricultural sector.
Strong sales has
seen in the past year
and expanding steadily
into this year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 9,000,000 divided
into 9,000 shares
of Bht. 1,000
each.
On July 7,
1998, the capital
was increased to
Bht. 100,000,000 divided into
100,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ralph Martindale &
Co., Ltd. Nationality: British Address :
Crocodile House,
Strawberry Lane, Willenhall,
West Midland, England |
99,970 |
99.97 |
|
Mr. Michael Kearney Nationality: British Address : Crocodile
House, Strawberry Lane, Willenhall,
West Midland, England |
10 |
0.01 |
|
Ms. Varaporn Puangkham Nationality: Thai Address : 183
Soi Lasal 38, Bangna,
Bangkok |
10 |
0.01 |
|
Mr. Rodney Wayne Byers Nationality: Australian Address : 31, 33
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
10 |
0.01 |
Total Shareholders : 4
Share Structure
[as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
10 |
0.01 |
|
Foreign |
3 |
99,990 |
99.99 |
|
Total |
4 |
100,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Chaiyuth Angsuwithaya No.
3885
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,439,559 |
7,750,873 |
|
Trade Accounts Receivable - Related
company |
51,400,253 |
40,008,321 |
|
- Other
Company |
49,386,805 |
21,662,586 |
|
Accounts Receivable - Deferred
Interest |
26,107,608 |
21,830,099 |
|
- Others |
765,965 |
714,812 |
|
Inventories |
200,359,948 |
122,870,237 |
|
Other Current Assets
|
4,517,104 |
1,358,186 |
|
|
|
|
|
Total Current Assets
|
334,977,242 |
216,195,114 |
|
Investment in Related
Company |
490,000 |
490,000 |
|
Other Long-term Investment - Fixed Account |
11,893,149 |
11,060,307 |
|
Long-term Lending to
Related Company |
61,193,757 |
61,178,597 |
|
Fixed Assets |
172,494,063 |
166,076,936 |
|
Intangible Assets |
2 |
1,751 |
|
Other Non-current Assets
|
182,790 |
182,790 |
|
Total Assets |
581,231,003 |
455,185,495 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from
Financial Institution |
49,421,926 |
14,879,903 |
|
Trade Accounts Payable - Related
company |
34,610,711 |
14,071,583 |
|
- Other
company |
28,195,984 |
12,020,637 |
|
Other Payable - Accrued
Expenses - Related
company |
113,097,166 |
74,323,089 |
|
- Accrued
Dividend |
12,019,706 |
12,019,706 |
|
- Advance
to Related Company |
2,664,662 |
2,553292 |
|
- Other Accrued Expenses |
4,280,563 |
3,044,565 |
|
Current Portion of Long-term
Liabilities |
16,959,172 |
16,279,224 |
|
Accrued income Tax |
8,547,248 |
3,792,803 |
|
Other Current Liabilities |
5,563,435 |
2,943,986 |
|
|
|
|
|
Total Current Liabilities |
275,360,573 |
155,928,788 |
|
Financial Lease Contract
Liabilities |
701,402 |
- |
|
Long-term Loan from Related
Company |
623,988 |
639,148 |
|
Other Long-term Loan |
13,764,020 |
30,164,280 |
|
Employee Benefits Obligation |
452,400 |
- |
|
Total Liabilities |
290,902,383 |
186,732,216 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value Authorized &
issued share capital
100,000 shares |
100,000,000 |
100,000,000 |
|
|
|
|
|
Capital Paid |
80,378,521 |
80,378,521 |
|
Retained Earning Appropriated for
Statutory Reserve |
4,112,000 |
4,112,000 |
|
Unappropriated |
205,838,099 |
183,962,758 |
|
Total Shareholders' Equity |
290,328,620 |
268,453,279 |
|
Total Liabilities & Shareholders' Equity |
581,231,003 |
455,185,495 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
374,737,450 |
282,890,735 |
|
Other Income |
|
|
|
- Gain
on Exchange Rate |
- |
6,365,856 |
|
- Others |
5,839,192 |
5,781,372 |
|
Total Revenues |
380,576,642 |
295,037,963 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
274,725,726 |
215,994,278 |
|
Selling Expenses |
40,158,725 |
26,999,196 |
|
Administrative Expenses |
28,415,691 |
24,632,632 |
|
Other Expenses |
|
|
|
- Loss on
Exchange Rate |
1,811,916 |
- |
|
- Others |
358,162 |
512,003 |
|
Total Expenses |
345,470,220 |
268,138,109 |
|
|
|
|
|
Profit before Financial Costs
& Income Tax |
35,106,422 |
26,899,854 |
|
Financial Costs |
[4,008,831] |
[3,892,297] |
|
|
|
|
|
Profit before Income Tax |
31,097,591 |
23,007,557 |
|
Income Tax |
[9,222,250] |
[4,377,803] |
|
Net Profit / [Loss] |
21,875,341 |
18,629,754 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.22 |
1.39 |
|
QUICK RATIO |
TIMES |
0.47 |
0.59 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.17 |
1.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.64 |
0.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
266.20 |
207.63 |
|
INVENTORY TURNOVER |
TIMES |
1.37 |
1.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.10 |
27.95 |
|
RECEIVABLES TURNOVER |
TIMES |
7.59 |
13.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.46 |
20.31 |
|
CASH CONVERSION CYCLE |
DAYS |
276.84 |
215.27 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
73.31 |
76.35 |
|
SELLING & ADMINISTRATION |
% |
18.30 |
18.25 |
|
INTEREST |
% |
1.07 |
1.38 |
|
GROSS PROFIT MARGIN |
% |
28.25 |
27.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.37 |
9.51 |
|
NET PROFIT MARGIN |
% |
5.84 |
6.59 |
|
RETURN ON EQUITY |
% |
7.53 |
6.94 |
|
RETURN ON ASSET |
% |
3.76 |
4.09 |
|
EARNING PER SHARE |
BAHT |
272.15 |
231.78 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.00 |
0.70 |
|
TIME INTEREST EARNED |
TIMES |
8.76 |
6.91 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
32.47 |
|
|
OPERATING PROFIT |
% |
30.51 |
|
|
NET PROFIT |
% |
17.42 |
|
|
FIXED ASSETS |
% |
3.86 |
|
|
TOTAL ASSETS |
% |
27.69 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
28.25 |
Impressive |
Industrial Average |
10.05 |
|
Net Profit Margin |
5.84 |
Impressive |
Industrial Average |
0.61 |
|
Return on Assets |
3.76 |
Impressive |
Industrial Average |
1.03 |
|
Return on Equity |
7.53 |
Impressive |
Industrial Average |
2.85 |
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 28.25%. 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 5.84%, 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
3.76%, 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.
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 7.53%, 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 |
1.22 |
Satisfactory |
Industrial Average |
1.34 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
276.84 |
|
|
|
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 1.22 times in 2011, decreased from 1.39 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 0.47 times in 2011,
decreased from 0.59 times, then the
company has not enough current assets that presumably can be quickly converted
to cash for pay financial obligations.
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 277 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
1.00 |
Impressive |
Industrial Average |
2.30 |
|
Times Interest Earned |
8.76 |
Impressive |
Industrial Average |
1.30 |
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 8.76 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 0.5
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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.17 |
Acceptable |
Industrial Average |
3.79 |
|
Total Assets Turnover |
0.64 |
Deteriorated |
Industrial Average |
1.48 |
|
Inventory Conversion Period |
266.20 |
|
|
|
|
Inventory Turnover |
1.37 |
Deteriorated |
Industrial Average |
3.11 |
|
Receivables Conversion Period |
48.10 |
|
|
|
|
Receivables Turnover |
7.59 |
Impressive |
Industrial Average |
4.60 |
|
Payables Conversion Period |
37.46 |
|
|
|
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.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.