MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
IMA PACIFIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
18th Floor, All Seasons Place, M. Thai tower, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.10.2003 |
|
|
|
|
Com. Reg. No.: |
0105546127804 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Broker of Industrial Machinery and Spare Parts |
|
|
|
|
No. of Employees : |
9 |
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on middle-income
earners. The Thai economy has weathered internal and external economic shocks
in recent years. The global economic severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%.
However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since
1995, as exports rebounded. In late 2011 growth was interrupted by historic
flooding in the industrial areas in Bangkok and its five surrounding provinces,
crippling the manufacturing sector. Industry recovered from the second quarter
of 2012 onward with GDP growth at 5.5% in 2012. The government has approved
flood mitigation projects worth $11.7 billion, which were started in 2012, to
prevent similar economic damage, and an additional $75 billion for
infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
IMA
PACIFIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR,
ALL SEASONS PLACE,
M. THAI TOWER,
87 WIRELESS
ROAD, LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2654-0780-1
FAX :
[66] 2654-0782
E-MAIL
ADDRESS : ima@imapacific.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546127804 [Former : 10454602147]
TAX
ID NO. : 3031167087
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : ITALIAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MAURIZIO FERRETTI,
ITALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
BROKER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject
was established on
October 24, 2003
as a private
limited company under the
name style IMA
PACIFIC COMPANY LIMITED,
by Italian groups, with
the business objective
to be engaged in
commission agent for various
industrial machinery, equipment
and parts to
both domestic and
export markets. It
currently employs 9
staff.
Subject
is a wholly
owned subsidiary of
I.M.A. Industria Macchine
Automatiche Spa. from Italy.
The subject’s registered
address was initially
at 12th Floor,
All Seasons Place,
M. Thai Tower, 87 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330.
In
2012, its address
was relocated to 18th
Floor, All Seasons
Place, M. Thai Tower, 87
Wireless Rd., Lumpini,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Maurizio Ferretti |
|
Italian |
50 |
|
Mr. Sergio Marzo |
|
Italian |
47 |
|
Mr. Giovanni Pecchioli |
|
Italian |
57 |
|
Mr. Andrea Malagoli |
|
Italian |
48 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Maurizio Ferretti is
the Managing Director.
He is Italian
nationality with the
age of 50 years
old.
BUSINESS OPERATIONS
The subject is
engaged in commission
agent servicing wide
range of industrial
automatic machinery, equipment
and parts for foods &
beverage, pharmaceuticals, packaging,
cosmetics, consumer goods
industries and etc.
Its product are
imported from Italy,
Germany, India and
Republic of China.
Subject also provides
servicing of industrial machinery
consulting, as well as
engineer and technician
procurement.
MAJOR SUPPLIER
I.M.A. Industria
Macchine Automatiche Spa. : Italy
SERVICES
The products are
served to customers
both local and
overseas, mainly in
Vietnam, Malaysia, Brunei,
Indonesia, Singapore, Hong
Kong and Philippines.
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
Services are by
cash or on
the credits term
of 30-60 days
term.
Local bills are
paid by cash
and credit on 30-60
days term.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Its
products mostly used
in industrial sector,
subject’s performance closely
link with the
condition of domestic
industrial sector. Strong
business growth had seen
in the year 2012.
However, some slow
down industries has
resulted to decline
expansion of new
machinery and equipments
in the first
half of 2013.
Slow
business growth would
undermine the subject’s revenue
by the end
of year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 20,000,000 shares
of Bht. 5 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 13, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
I.M.A. Industria Macchine
Automatiche Spa. Nationality: Italian Address : Bolonia,
Italy |
19,999,998 |
100.00 |
|
Mr. Alberto Vacchi Nationality: Italian Address : Via
Emillia 428/442 Ozzano
deli Emila
[Bologna], Italy |
1 |
- |
|
Mr. Andrea Malagoli Nationality: Italian Address : Via
Archirola, N 38 Modena
[MO], Italy |
1 |
- |
Total Shareholders : 3
Share Structure [as
at March 13,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Italian |
3 |
20,000,000 |
100.00 |
|
Total |
3 |
20,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chaisiri Ruengritchai No.
4526
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
29,867 |
31,528 |
24,154 |
|
Trade Accounts and
Other Receivable |
309,136,639 |
198,967,004 |
13,874,848 |
|
Short-term Lending to
Employee |
300,360 |
1,271,152 |
1,384,103 |
|
Other Receivable |
- |
- |
880,492 |
|
Deferred Income |
- |
- |
121,837,772 |
|
Advance Payment to Other Company |
- |
- |
32,017,867 |
|
Advance Payment to Director |
- |
- |
6,037,948 |
|
Other Current Assets
|
1,789,252 |
85,552 |
177,527 |
|
|
|
|
|
|
Total Current Assets
|
311,256,118 |
200,355,236 |
176,234,711 |
|
Computer Programme |
183,908 |
281,058 |
385,131 |
|
Fixed Assets |
265,497 |
384,159 |
591,374 |
|
Deferred Income Tax |
- |
9,199,702 |
13,573,163 |
|
Deposit |
728,540 |
395,044 |
395,044 |
|
Total Assets |
312,434,063 |
210,615,199 |
191,179,423 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
27,167,919 |
11,010,320 |
15,841,911 |
|
Trade Accounts and
Other Payable |
184,927,238 |
98,276,744 |
1,816,071 |
|
Related Company Payable |
- |
- |
22,486,175 |
|
Short-term Loan from Parent
Company |
12,258,090 |
- |
26,160,160 |
|
Accrued Commission |
- |
- |
55,373,777 |
|
Pre-received Income |
- |
- |
4,325,530 |
|
Accrued Expenses |
- |
- |
4,235,570 |
|
|
|
|
|
|
Total Current Liabilities |
224,353,247 |
109,287,064 |
130,239,194 |
|
Total Liabilities |
224,353,247 |
109,287,064 |
130,239,194 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5
par value authorized, and issued
share capital 20,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
100,000,000 |
100,000,000 |
40,219,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
5,947,642 |
5,947,642 |
5,947,642 |
|
Unappropriated |
[17,866,826] |
[4,619,507] |
14,773,587 |
|
Total Shareholders' Equity |
88,080,816 |
101,328,135 |
60,940,229 |
|
Total Liabilities & Shareholders' Equity |
312,434,063 |
210,615,199 |
191,179,423 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Commission Income |
241,904,369 |
186,561,320 |
144,012,019 |
|
Gain on Exchange Rate |
- |
2,335,462 |
- |
|
Other Income |
340,302 |
42,329 |
317,223 |
|
Total Revenues |
242,244,671 |
188,939,111 |
144,329,242 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
156,353,267 |
109,964,232 |
102,531,087 |
|
Administrative Expenses |
87,998,186 |
92,784,499 |
78,891,395 |
|
Loss on Exchange Rate |
280,858 |
- |
9,967,198 |
|
Total Expenses |
244,632,311 |
202,748,731 |
191,389,680 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[2,387,640] |
[13,809,620] |
[47,060,438] |
|
Financial Costs |
[1,659,977] |
[1,210,013] |
[944,806] |
|
Profit / [Loss before Income
Tax |
[4,047,617] |
[15,019,633] |
[48,005,244] |
|
Income Tax |
[9,199,702] |
[4,373,461] |
13,573,163 |
|
|
|
|
|
|
Net Profit / [Loss] |
[13,247,319] |
[19,393,094] |
[34,432,081] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.39 |
1.83 |
1.35 |
|
QUICK RATIO |
TIMES |
1.38 |
1.83 |
1.35 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
911.14 |
485.64 |
243.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
0.89 |
0.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
466.44 |
389.27 |
35.17 |
|
RECEIVABLES TURNOVER |
TIMES |
0.78 |
0.94 |
10.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
431.70 |
326.21 |
6.47 |
|
CASH CONVERSION CYCLE |
DAYS |
34.74 |
63.07 |
28.70 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
64.63 |
58.94 |
71.20 |
|
SELLING & ADMINISTRATION |
% |
36.38 |
49.73 |
54.78 |
|
INTEREST |
% |
0.69 |
0.65 |
0.66 |
|
GROSS PROFIT MARGIN |
% |
35.51 |
42.33 |
29.02 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.99) |
(7.40) |
(32.68) |
|
NET PROFIT MARGIN |
% |
(5.48) |
(10.40) |
(23.91) |
|
RETURN ON EQUITY |
% |
(15.04) |
(19.14) |
(56.50) |
|
RETURN ON ASSET |
% |
(4.24) |
(9.21) |
(18.01) |
|
EARNING PER SHARE |
BAHT |
(0.66) |
(0.97) |
(4.28) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.52 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.55 |
1.08 |
2.14 |
|
TIME INTEREST EARNED |
TIMES |
(1.44) |
(11.41) |
(49.81) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
29.66 |
29.55 |
|
|
OPERATING PROFIT |
% |
(82.71) |
(70.66) |
|
|
NET PROFIT |
% |
31.69 |
43.68 |
|
|
FIXED ASSETS |
% |
(30.89) |
(35.04) |
|
|
TOTAL ASSETS |
% |
48.34 |
10.17 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 29.66%. Turnover has increased from THB
186,561,320.00 in 2011 to THB 241,904,369.00 in 2012. While net profit has
increased from THB -19,393,094.00 in 2011 to THB -13,247,319.00 in 2012. And
total assets has increased from THB 210,615,199.00 in 2011 to THB
312,434,063.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.51 |
Impressive |
Industrial
Average |
11.89 |
|
Net Profit Margin |
(5.48) |
Deteriorated |
Industrial
Average |
3.03 |
|
Return on Assets |
(4.24) |
Deteriorated |
Industrial
Average |
4.56 |
|
Return on Equity |
(15.04) |
Deteriorated |
Industrial
Average |
8.90 |
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 35.51%. 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 -5.48%.
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, its was lower, the company's figure is -4.24%.
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 -15.04%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.39 |
Acceptable |
Industrial
Average |
1.90 |
|
Quick Ratio |
1.38 |
|
|
|
|
Cash Conversion Cycle |
34.74 |
|
|
|
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 1.39 times in 2012, decreased from 1.83 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 1.38 times in 2012,
decreased from 1.83 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 35 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
2.55 |
Risky |
Industrial
Average |
0.85 |
|
Times Interest Earned |
(1.44) |
Risky |
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 -1.44 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 0.72 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 Stable
Times Interest Earned Uptrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
911.14 |
Impressive |
Industrial
Average |
3.70 |
|
Total Assets Turnover |
0.77 |
Acceptable |
Industrial
Average |
1.50 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
4.59 |
|
Receivables Conversion Period |
466.44 |
|
|
|
|
Receivables Turnover |
0.78 |
Deteriorated |
Industrial
Average |
3.61 |
|
Payables Conversion Period |
431.70 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.78 and 0.94 in
2012 and 2011 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 0.77 times and 0.89
times in 2012 and 2011 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 Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.97 |
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.