MIRA
INFORM REPORT
|
Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATION OF 3 CO., LTD. |
|
|
|
|
Registered Office : |
40/4 Moo 5, Soi 82, Rama Ii Road, Samaedam, Bangkhunthien, Bangkok 10150, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.05.1993 |
|
|
|
|
Com. Reg. No.: |
0105536055690 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Environmental Protection Machinery and Equipment |
|
|
|
|
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 – 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
ASSOCIATION
OF 3 CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 40/4
MOO 5, SOI
82, RAMA II
ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2867-3270-1
FAX :
[66] 2452-6038
E-MAIL
ADDRESS : sale@a3-environmental.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536055690
TAX
ID NO. : 3011268308
CAPITAL REGISTERED : BHT.
45,000,000
CAPITAL PAID-UP : BHT.
45,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THEPTHAI UDOMCHANYA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : ENVIRONMENTAL PROTECTION
MACHINERY
AND EQUIPMENT
MANUFACTURER 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 May 13,
1993 as a
private limited company
under the name
style ASSOCIATION OF 3 CO.,
LTD., by Thai groups, with the
business objective to
manufacture and distribute
various kinds of
environmental protection machinery
and equipment. It
currently employs approximate
30 staff.
The
subject’s registered address is 40/4 Moo 5, Soi
82, Rama II
Rd., Samaedam,
Bangkhunthien, Bangkok 10150,
and this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thepthai Udomchanya |
|
Thai |
51 |
|
Mr. Vithawas Hutamekalin |
|
Thai |
53 |
AUTHORIZED PERSON
Both of the above directors jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Thepthai Udomchanya is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mr. Vithawas Hutamekalin is
the General Manager.
He is Thai
nationality with the
age of 53
years old.
Ms. Chorthip Saesalub is
the Sales Manager.
She is Thai
nationality.
Mr. Chartnarong Yolsawad is
the Senior Engineering
Manager.
He is Thai
nationality.
Mr. Dave Smith is
the Project Manager.
He is American
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing, assembling and
distributing variety of
machinery and equipment for environment protection,
including water & waste water
treatment system and
solid waste system,
as well as
providing after sales
services. The products
are as follows:
·
Waste
water treatment: fine
screen, coarse screen, air
diffuser, dissolved air
floatation, circular clarifier,
regtangular clarifier, shaftless
screw, traveling bridge
and etc.
·
Solid
waste: trommel screen,
bag opener, magnetic
separator, hand sorting,
conveyor belt, bio
shredder, windrow turner,
biogas plant equipment,
compost plant equipment
and etc.
MAJOR
BRANDS
“TIM
ENVIPRO”, “HI DENSE”,
“MIX & MOVE” and etc.
IMPORT
Most
of the products
are imported from
Denmark, United States of
America, Germany, Taiwan,
Republic of China,
India and Japan.
MAJOR SUPPLIER
Tim
Envipro A/S :
Denmark
SALES
100% of the products
is sold locally
to 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 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 and
factory at the
heading address. Premise
is located in
industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
Subject
was formed in
1993 as a
manufacturer and distributor
of machinery and
equipment related to
environment protection. Most
of the products
and services are
for industrial users.
Subject reported its
moderate sales in
2011, as well
as continue expanding
its business subsequently.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
20,000 shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 10,000,000
on February 20,
1995
Bht. 14,000,000
on May 13,
2002
Bht. 17,000,000
on December 11,
2003
Bht. 25,000,000
on November 14,
2007
Bht. 30,000,000
on February 7,
2008
Bht. 45,000,000
on December 24,
2010
The
latest registered capital
was increased to
Bht. 45,000,000 divided into 450,000
shares of Bht.
100 each with
fully paid.
MAIN
SHAREHOLDERS : [as
at August 31,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thepthai Udomchanya Nationality: Thai Address : 35
St. Louis 1 Rd.,
Yannawa, Sathorn,
Bangkok |
229,764 |
51.06 |
|
Mr. Vithawas Hutamekalin Nationality: Thai Address : 45/83
Moo 5, Samwatawan-ok,
Klongsamwa, Bangkok |
183,374 |
40.75 |
|
Ms. Sukjai Udomchanya Nationality: Thai Address : 35
St. Louis 1 Rd.,
Yannawa, Sathorn, Bangkok |
18,054 |
4.01 |
|
Mr. Ratchapol Thongsathit Nationality: Thai Address : 47/1
Moo 1, Jomthong,
Bangkok |
5,239 |
1.17 |
|
Ms. Pilailuck Kalayanapradit Nationality: Thai Address : 110
Sukhumvit 64 Rd.,
Bangchak, Prakanong, Bangkok |
4,002 |
0.89 |
|
Mr. Vinyu Pamee Nationality: Thai Address : 169
Moo 17, T. Fangdaeng, A. Naklang,
Nongbualamphu |
1,895 |
0.42 |
|
Mr. Chart Ruabruam Nationality: Thai Address : 41/37
Moo 5, Samaedam,
Bangkhunthien, Bangkok |
1,895 |
0.42 |
|
Mr. Pongsith Jirawassakul Nationality: Thai Address : 89
Soi St. Louis 1,
Yannawa, Sathorn, Bangkok |
1,277 |
0.28 |
|
Others |
4,500 |
1.00 |
Total Shareholders : 17
Share Structure [as
at August 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
17 |
450,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
17 |
450,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Naruemol Chantayingyong No.
6976
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
3,984,327.61 |
3,054,490.00 |
|
Short-term Investment |
8,000,000.00 |
- |
|
Trade Accounts & Other Receivable |
|
|
|
Trade Accounts
Receivable |
13,777,197.34 |
25,167,806.19 |
|
Other Receivable |
207,940.91 |
148,055.31 |
|
Inventories |
17,321,574.90 |
33,455,437.96 |
|
Deposit for Purchase Goods |
2,406,287.23 |
273,026.81 |
|
Other Current Assets
|
1,090,902.27 |
1,738,180.14 |
|
|
|
|
|
Total Current Assets
|
46,788,230.26 |
63,836,996.41 |
|
Cash at Bank pledged as
a Collateral |
2,019,649.81 |
1,843,320.60 |
|
Fixed Assets |
14,683,794.06 |
16,405,922.69 |
|
Intangible Assets |
617,461.15 |
856,436.15 |
|
Other Non-current Assets |
190,748.60 |
172,048.60 |
|
Total Assets |
64,299,883.88 |
83,114,724.45 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial
Institutions |
- |
5,000,000.00 |
|
Trade Accounts & Other Payable |
|
|
|
Trade Accounts
Payable |
6,146,861.77 |
12,340,388.30 |
|
Other Payable |
5,000.00 |
5,000.00 |
|
Accrued Expenses |
348,809.20 |
342,983.39 |
|
Current Portion of Long-term
Lease Contract Liabilities |
20,732.85 |
302,718.94 |
|
Current Portion of Long-term
Loans |
353,929.90 |
332,197.95 |
|
Accrued Income Tax |
542,440.14 |
1,492,896.77 |
|
Pre-received Deposit |
4,023,192.00 |
11,367,912.69 |
|
Accrued Dividend |
300,000.00 |
450,000.00 |
|
Other Current Liabilities |
415,168.90 |
462,911.35 |
|
|
|
|
|
Total Current Liabilities |
12,156,134.76 |
32,097,009.39 |
|
Long-term Lease Contract
Liabilities, Net |
- |
20,732.85 |
|
Long-term Loan |
158,237.13 |
504,462.89 |
|
Total Liabilities |
12,314,371.89 |
32,622,205.13 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 450,000 shares |
45,000,000.00 |
45,000,000.00 |
|
|
|
|
|
Capital Paid |
45,000,000.00 |
45,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
2,250,000.00 |
2,250,000.00 |
|
Unappropriated |
4,735,511.99 |
3,242,519.32 |
|
Total Shareholders' Equity |
51,985,511.99 |
50,492,519.32 |
|
Total Liabilities & Shareholders' Equity |
64,299,883.88 |
83,114,724.45 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales and Services |
103,758,808.53 |
106,251,979.31 |
|
Disposal of Assets Income |
7,475.64 |
7,769.73 |
|
Gain on Exchange Rate |
- |
428,478.18 |
|
Other Income |
124,760.50 |
100,462.55 |
|
Total Revenues |
103,891,044.67 |
106,788,689.77 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
90,605,977.21 |
86,683,804.62 |
|
Selling Expenses |
1,105,743.42 |
1,465,272.34 |
|
Administrative Expenses |
5,579,715.16 |
7,141,549.52 |
|
Loss on Exchange Rate |
112,211.87 |
- |
|
Total Expenses |
97,403,647.66 |
95,290,626.48 |
|
|
|
|
|
Profit before Financial Costs & Income Tax |
6,487,397.01 |
11,498,063.29 |
|
Financial Costs |
[350,626.42] |
[289,649.68] |
|
|
|
|
|
Profit before Income Tax |
6,136,770.59 |
11,208,413.61 |
|
Income Tax |
[1,823,777.92] |
[3,315,392.04] |
|
Net Profit / [Loss] |
4,312,992.67 |
7,893,021.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.85 |
1.99 |
|
QUICK RATIO |
TIMES |
2.14 |
0.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.07 |
6.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
1.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
69.78 |
140.87 |
|
INVENTORY TURNOVER |
TIMES |
5.23 |
2.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.47 |
86.46 |
|
RECEIVABLES TURNOVER |
TIMES |
7.53 |
4.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.76 |
51.96 |
|
CASH CONVERSION CYCLE |
DAYS |
93.48 |
175.37 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.32 |
81.58 |
|
SELLING & ADMINISTRATION |
% |
6.44 |
8.10 |
|
INTEREST |
% |
0.34 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
12.80 |
18.92 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.25 |
10.82 |
|
NET PROFIT MARGIN |
% |
4.16 |
7.43 |
|
RETURN ON EQUITY |
% |
8.30 |
15.63 |
|
RETURN ON ASSET |
% |
6.71 |
9.50 |
|
EARNING PER SHARE |
BAHT |
9.58 |
17.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.24 |
0.65 |
|
TIME INTEREST EARNED |
TIMES |
18.50 |
39.70 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.35) |
|
|
OPERATING PROFIT |
% |
(43.58) |
|
|
NET PROFIT |
% |
(45.36) |
|
|
FIXED ASSETS |
% |
(10.50) |
|
|
TOTAL ASSETS |
% |
(22.64) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.80 |
Acceptable |
Industrial
Average |
20.69 |
|
Net Profit Margin |
4.16 |
Impressive |
Industrial
Average |
2.77 |
|
Return on Assets |
6.71 |
Impressive |
Industrial
Average |
3.42 |
|
Return on Equity |
8.30 |
Impressive |
Industrial
Average |
7.72 |
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 12.8%. When compared with
the industry average, the ratio of the company was lower, indicated that
company was originated from the problems with control over its costs.
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 4.16%,
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
6.71%, 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 8.3%, 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 |
3.85 |
Impressive |
Industrial
Average |
1.60 |
|
Quick Ratio |
2.14 |
|
|
|
|
Cash Conversion Cycle |
93.48 |
|
|
|
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 3.85 times in 2011, increased from 1.99 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 2.14 times in 2011,
increased from 0.88 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 94 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
0.24 |
Impressive |
Industrial
Average |
1.17 |
|
Times Interest Earned |
18.50 |
Impressive |
Industrial
Average |
4.45 |
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 18.51 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 0.19 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 |
7.07 |
Impressive |
Industrial
Average |
2.94 |
|
Total Assets Turnover |
1.61 |
Impressive |
Industrial
Average |
1.19 |
|
Inventory Conversion Period |
69.78 |
|
|
|
|
Inventory Turnover |
5.23 |
Impressive |
Industrial
Average |
2.87 |
|
Receivables Conversion Period |
48.47 |
|
|
|
|
Receivables Turnover |
7.53 |
Impressive |
Industrial
Average |
4.75 |
|
Payables Conversion Period |
24.76 |
|
|
|
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.54.96 |
|
|
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.71.92 |
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.