MIRA
INFORM REPORT
|
Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
KITTISUPT
THAI TRACTOR LIMITED
PARTNERSHIP |
|
|
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Registered Office : |
20/1-2 Soi Prangsuppasat, Asadang Road, Chaophorsua, Phranakorn, Bangkok 10200 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.04.1976 |
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Com. Reg. No.: |
0103519006994 |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
Distributor of used tractors,
equipment and spare
parts |
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No. of Employees : |
01 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 (31.03.2012) |
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
KITTISUPT THAI
TRACTOR LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 20/1-2 SOI
PRANGSUPPASAT, ASADANG ROAD,
CHAOPHORSUA, PHRANAKORN,
BANGKOK 10200
TELEPHONE : [66] 2224-1732,
2224-1695
FAX
: [66] 2226-1264
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1976
REGISTRATION
NO. : 0103519006994 [Former : 714/2519]
TAX
ID NO. : 3102122014
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. LAKHANAWAT PILANTANAKITTI, THAI
MANAGING PARTNER
NO.
OF STAFF : 1
LINES
OF BUSINESS : USED
TRACTORS, EQUIPMENT AND
SPARE
PARTS
DISTRIBUTOR
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 April 27,
1976 as a
limited partnership under the
name KITTISUPT THAI TRACTOR
LIMITED PARTNERSHIP, by Thai
partners, the Pilantanakitti family,
in order to
distribute used tractors,
equipment and spare
parts to domestic
market. It currently
employs 1 staff.
The subject’s registered address
is 20/1-2 Soi
Prangsuppasat, Asadang Rd., Chaophorsua,
Phranakorn, Bangkok 10200,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Lakhanawat
Pilantanakitti can sign
on behalf of
the subject with
seal affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Lakhanawat Pilantanakitti is
the Managing Partner.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject is a
dealer various kinds of
used tractors, equipment
and parts, under the
brands “CATERPILLAR”, “KOMUTSU”,
“KATO”, “HITACHI”, “DAEWOO”
and etc.
PURCHASE
The
subject has stopped
importing and purchasing
any products since last year.
SALES
The products are
sold locally by
retail to end-users.
RELATED
AND AFFILIATED COMPANY
Kittisupt Tractor Parts
& Equipments Co., Ltd.
Business Type :
Importer and distributor
of tractor equipment
and parts.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 1
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in commercial
area.
We
were informed by the subject
that it would
stop the operation
very soon. At
present, it distributes
only the remaining
products in the
stock.
COMMENT
The
subject’s business has
grown slowly during
these two years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 550,000
which was carried
by 3 persons
as followed:
Name Amount
Mr. Lakhanawat Pilantanakitti Bht. 250,000 [Unlimited Partner]
Mrs. Rungthip Pilantanakitti Bht.
250,000
Mr. Ekapong Pilantanakitti Bht.
50,000
On December 26,
2005, the capital
was increased to
Bht. 1,000,000 which was
carried by 3
persons as followed:
Name Age Amount
Mr. Lakhanawat Pilantanakitti [59] Bht. 250,000 [Unlimited Partner]
Mrs. Rungthip Pilantanakitti [54] Bht. 250,000
Mr. Ekapong Pilantanakitti [33] Bht. 500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Thananya Thongcharoen No.
4605
Note:
The half-year of
2012 financial statement
was not available
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
49,036.54 |
13,511.58 |
|
Inventories |
77,552.00 |
1,269,714.09 |
|
Other Current Assets
|
8,553.26 |
41,425.18 |
|
|
|
|
|
Total Current Assets
|
135,141.80 |
1,324,650.85 |
|
Loan to Partners
|
6,100,000.00 |
3,350,000.00 |
|
Fixed Assets |
224,952.32 |
1,264,565.96 |
|
Other Assets |
14,226.18 |
14,226.18 |
|
Total Assets |
6,474,320.30 |
5,953,442.99 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Other Current Liabilities |
220,554.95 |
30,911.20 |
|
Total Current Liabilities |
220,554.95 |
30,911.20 |
|
Total Liabilities |
220,554.95 |
30,911.20 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
5,253,765.35 |
4,922,531.79 |
|
Total Shareholders' Equity |
6,253,765.35 |
5,922,531.79 |
|
Total Liabilities & Shareholders' Equity |
6,474,320.30 |
5,953,442.99 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
4,180,826.34 |
8,049,570.37 |
|
Other Income |
5,083.33 |
33,500.00 |
|
Total Revenues |
4,185,909.67 |
8,083,070.37 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,723,570.04 |
6,774,946.10 |
|
Selling &
Administrative Expenses |
689,715.88 |
1,077,554.74 |
|
Other Expenses |
409,407.80 |
- |
|
Total Expenses |
3,822,693.72 |
7,852,500.84 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
363,215.95 |
230,569.53 |
|
Income Tax |
[31,982.39] |
[12,085.46] |
|
Net Profit / [Loss] |
331,233.56 |
218,484.07 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
42.85 |
|
QUICK RATIO |
TIMES |
0.22 |
0.44 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.59 |
6.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.65 |
1.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
10.39 |
68.41 |
|
INVENTORY TURNOVER |
TIMES |
35.12 |
5.34 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
10.39 |
68.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
65.14 |
84.17 |
|
SELLING & ADMINISTRATION |
% |
16.50 |
13.39 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
34.98 |
16.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.69 |
2.86 |
|
NET PROFIT MARGIN |
% |
7.92 |
2.71 |
|
RETURN ON EQUITY |
% |
5.30 |
3.69 |
|
RETURN ON ASSET |
% |
5.12 |
3.67 |
|
EARNING PER SHARE |
BAHT |
33.12 |
21.85 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.03 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.04 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(48.06) |
|
|
OPERATING PROFIT |
% |
57.53 |
|
|
NET PROFIT |
% |
51.61 |
|
|
FIXED ASSETS |
% |
(82.21) |
|
|
TOTAL ASSETS |
% |
8.75 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.98 |
Impressive |
Industrial
Average |
10.86 |
|
Net Profit Margin |
7.92 |
Impressive |
Industrial
Average |
1.60 |
|
Return on Assets |
5.12 |
Impressive |
Industrial
Average |
3.60 |
|
Return on Equity |
5.30 |
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 34.98%. 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 7.92%,
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
5.12%, 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 5.3%.
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 |
0.61 |
Risky |
Industrial
Average |
1.66 |
|
Quick Ratio |
0.22 |
|
|
|
|
Cash Conversion Cycle |
10.39 |
|
|
|
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 0.61 times in 2011, decreased from 42.85 times, then the company may not be
efficiently using its current assets. 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 0.22 times in 2011, decreased
from 0.44 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 11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.03 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.04 |
Impressive |
Industrial
Average |
1.52 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.03 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 |
18.59 |
Impressive |
Industrial
Average |
11.75 |
|
Total Assets Turnover |
0.65 |
Deteriorated |
Industrial
Average |
2.26 |
|
Inventory Conversion Period |
10.39 |
|
|
|
|
Inventory Turnover |
35.12 |
Impressive |
Industrial
Average |
4.95 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
4.75 |
|
Payables Conversion Period |
- |
|
|
|
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.52.21 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
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.