MIRA
INFORM REPORT
|
Report Date : |
14.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
STEAM ENGINEERING CO., LTD. |
|
|
|
|
Registered Office : |
111/903-904 Moo 6, Rama 2 Road, Samaedam, Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
05.02.1991 |
|
|
|
|
Com. Reg. No.: |
0105534011920 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Valve Systems and Related Equipment |
|
|
|
|
No. of Employees : |
5 |
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 : |
Slow but correct |
|
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 |
|
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
STEAM
ENGINEERING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 111/903-904 MOO
6, RAMA 2
ROAD, SAMAEDAM,
BANGKHUNTHIEN, BANGKOK
10150, THAILAND
TELEPHONE : [66] 2895-8701-6
FAX :
[66] 2895-8707
E-MAIL
ADDRESS : sales@steameng.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534011920
TAX
ID NO. : 3101937077
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIROJ YAOWAPONGSIRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : VALVE
SYSTEMS AND RELATED
EQUIPMENT
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 February 5,
1991 as a private
limited company under
the registered name
STEAM ENGINEERING CO.,
LTD. by Thai groups, with the business
objective to import
and distribute various
kinds of valve
systems and related
equipment for various
industries. It currently
employs 5 staff.
The
subject’s registered address
is 111/903-904 Moo 6,
Rama 2 Rd., Samaedam,
Bangkhunthien, Bangkok 10150,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Viroj Yaowapongsiri |
[x] |
Thai |
57 |
|
Mr. Somyos Wongkamchai |
|
Thai |
47 |
|
Ms. Somsri Jiansirisomboon |
|
Thai |
51 |
|
Ms. Daowalee Chiwasanti |
|
Thai |
48 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Viroj Yaowapongsiri is
the Managing Director.
He is Thai
nationality with the
age of 57 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
valve systems and
related equipments, such as control valve, bellow sealed
globe valve, controller & instrument, safety
valve, rotary union
joint, boiler level
gauge, steam flow
meter, hot water
meter, multistage pump
for boiler, fitting
and etc., for
various industries.
BRAND NAMES
“EMCO”,
“HYDROMETER”, “RTK”, “JUMO”,
“KUNKLE”, “DUFF-NORTON”, “BONT”,
“VAVIMEX”, “DOUGLAS”, “RITAG”,
“JF”, “AYVAZ” and
etc.
PURCHASE
Most of the
products are imported
from U.S.A., U.K.,
Italy, Republic of
China and Germany,
the remaining is
purchased from local
suppliers and agents.
MAJOR
SUPPLIERS
Ritag
Ritterhuder Armaturen GmbH. :
Germany
Columbus
Mckinnon Corporation : U.S.A.
Jumo
Instrument Co., Ltd. : U.K.
Metex
Coropration Limited : U.S.A.
Douglas
Chero S.p.a. :
Italy
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
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
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
5 staff.
LOCATION DETAILS
The
premise is owned for
administrative office and
showroom at the
heading address. Premise
is located in
industrial area.
COMMENT
Subject
is an importer and
distributor of valve systems and related equipment. Its
business performance is relatively
slow as well
as sale is
likely low. Its
business is fair
in the market, but
growth is at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided
into 5,000 shares of
Bht. 100 each
with fully paid.
On
January 10, 1995, the
capital was increased
to Bht. 3,000,000
divided into 30,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Viroj Yaowapongsiri Nationality: Thai Address : 31/1
Krungthonburi Rd., Klongtonsai,
Klongsan, Bangkok |
17,550 |
58.50 |
|
Mr. Somyos Wongkamchai Nationality: Thai Address : 610
Trok Vanich 2,
Songwad Rd.,
Taladnoi, Samphantawong, Bangkok |
5,250 |
17.50 |
|
Ms. Daowalee Chiwasanti Nationality: Thai Address : 236/20
Moo 5, Thungkru,
Thungkru, Bangkok |
5,250 |
17.50 |
|
Mrs. Somsri Yaowapongsiri Nationality: Thai Address : 31/1
Krungthonburi Rd., Klongtonsai, Klongsan, Bangkok
|
1,950 |
6.50 |
Total Shareholders : 4
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Meechai Prasertsri No.
2791
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,548,727.96 |
2,931,993.66 |
1,642,839.95 |
|
Trade Accounts &
Notes Receivable |
3,995,340.18 |
4,699,467.42 |
5,221,533.90 |
|
Inventories |
7,662,658.00 |
7,992,692.00 |
8,208,282.00 |
|
Other Current Assets
|
296,263.74 |
385,676.49 |
277,180.12 |
|
|
|
|
|
|
Total Current Assets
|
16,502,989.88 |
16,009,829.57 |
15,349,835.97 |
|
|
|
|
|
|
Fixed Assets |
352,551.13 |
454,219.92 |
17,996.11 |
|
Total Assets |
16,855,541.01 |
16,464,049.48 |
15,367,832.08 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts &
Notes Payable |
1,965,352.99 |
1,441,299.48 |
1,044,386.80 |
|
Other Current Liabilities |
59,226.17 |
137,557.63 |
129,625.17 |
|
|
|
|
|
|
Total Current Liabilities |
2,024,579.16 |
1,578,857.11 |
1,174,011.97 |
|
Total Liabilities |
2,024,579.16 |
1,578,857.11 |
1,174,011.97 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
11,830,961.85 |
11,885,192.38 |
11,193,820.11 |
|
Total Shareholders' Equity |
14,830,961.85 |
14,885,192.38 |
14,193,820.11 |
|
Total Liabilities & Shareholders' Equity |
16,855,541.01 |
16,464,049.49 |
15,367,832.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales and Service Income |
9,389,583.65 |
9,038,612.00 |
7,522,691.96 |
|
Other Income |
35,023.48 |
- |
- |
|
Total Revenues |
9,424,607.13 |
9,038,612.00 |
7,522,691.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
& Service |
6,048,883.36 |
4,881,875.09 |
4,605,581.57 |
|
Selling Expenses |
1,858,093.95 |
1,088,179.62 |
2,757,228.00 |
|
Administrative Expenses |
1,567,055.07 |
2,348,629.11 |
556,421.31 |
|
Total Expenses |
9,474,032.38 |
8,318,683.82 |
7,919,230.88 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[49,425.25] |
719,928.18 |
[396,538.92] |
|
Financial Costs |
[4,805.28] |
[1,201.33] |
- |
|
Profit / [Loss] before Income
Tax |
[54,230.53] |
718,726.85 |
[396,538.92] |
|
Income Tax |
- |
[27,354.58] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[54,230.53] |
691,372.27 |
[396,538.92] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
8.15 |
10.14 |
13.07 |
|
QUICK RATIO |
TIMES |
4.22 |
4.83 |
5.85 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
26.63 |
19.90 |
418.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.56 |
0.55 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
462.38 |
597.58 |
650.52 |
|
INVENTORY TURNOVER |
TIMES |
0.79 |
0.61 |
0.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
155.31 |
189.78 |
253.35 |
|
RECEIVABLES TURNOVER |
TIMES |
2.35 |
1.92 |
1.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
118.59 |
107.76 |
82.77 |
|
CASH CONVERSION CYCLE |
DAYS |
499.10 |
679.60 |
821.10 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
64.42 |
54.01 |
61.22 |
|
SELLING & ADMINISTRATION |
% |
36.48 |
38.02 |
44.05 |
|
INTEREST |
% |
0.05 |
0.01 |
- |
|
GROSS PROFIT MARGIN |
% |
35.95 |
45.99 |
38.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.53) |
7.97 |
(5.27) |
|
NET PROFIT MARGIN |
% |
(0.58) |
7.65 |
(5.27) |
|
RETURN ON EQUITY |
% |
(0.37) |
4.64 |
(2.79) |
|
RETURN ON ASSET |
% |
(0.32) |
4.20 |
(2.58) |
|
EARNING PER SHARE |
BAHT |
(1.81) |
23.05 |
(13.22) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.12 |
0.10 |
0.08 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.14 |
0.11 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
(10.29) |
599.28 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.88 |
20.15 |
|
|
OPERATING PROFIT |
% |
(106.87) |
(281.55) |
|
|
NET PROFIT |
% |
(107.84) |
274.35 |
|
|
FIXED ASSETS |
% |
(22.38) |
2,423.99 |
|
|
TOTAL ASSETS |
% |
2.38 |
7.13 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 3.88%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.95 |
Impressive |
Industrial
Average |
19.26 |
|
Net Profit Margin |
(0.58) |
Deteriorated |
Industrial
Average |
1.46 |
|
Return on Assets |
(0.32) |
Deteriorated |
Industrial
Average |
2.37 |
|
Return on Equity |
(0.37) |
Deteriorated |
Industrial
Average |
5.54 |
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 35.95%. When
compared with the industry average, the ratio of the company was higher,
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 -0.58%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is -0.32%.
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 -0.37%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
8.15 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
4.22 |
|
|
|
|
Cash Conversion Cycle |
499.10 |
|
|
|
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 8.15 times in 2011, decreased from 10.14 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 4.22 times in 2011,
decreased from 4.83 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 500 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
0.14 |
Impressive |
Industrial
Average |
1.26 |
|
Times Interest Earned |
(10.29) |
Risky |
Industrial
Average |
3.55 |
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 -10.29 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
26.63 |
Impressive |
Industrial
Average |
5.27 |
|
Total Assets Turnover |
0.56 |
Deteriorated |
Industrial
Average |
1.64 |
|
Inventory Conversion Period |
462.38 |
|
|
|
|
Inventory Turnover |
0.79 |
Deteriorated |
Industrial
Average |
3.63 |
|
Receivables Conversion Period |
155.31 |
|
|
|
|
Receivables Turnover |
2.35 |
Acceptable |
Industrial Average |
4.03 |
|
Payables Conversion Period |
118.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.35 and
Inventory Turnover in Days Ratio
indicates the liquidity of inventory. It estimates the number of days
that it will take to sell the current inventory. Inventory is particularly
sensitive to change in business activities. The
inventory turnover in days
has decreased from 598 days at the end of 2010 to 462 days at the
end of 2011. This represents a positive trend. And Inventory turnover has
increased from 0.61 times in year 2010 to 0.79 times in year 2011.
The company's Total Asset Turnover is calculated as 0.56 times and 0.55
times in 2011 and 2010 respectively. This ratio is determined by dividing
total assets into total sales
turnover. The ratio measures the
activity of the
assets and the
ability of the firm to generate sales through the use of the assets.
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.53.85 |
|
|
1 |
Rs.84.42 |
|
Euro |
1 |
Rs.72.40 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.