MIRA INFORM REPORT
|
Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CATERPILLAR [ |
|
|
|
|
Registered Office : |
1760 Sukhumvit 52-54
Road, Bangchak, Prakanong, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.11.2012 |
|
|
|
|
Date of Incorporation : |
01.04.1998 |
|
|
|
|
Com. Reg. No.: |
0105541021285 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Assembler And Distributor of Construction and Mining Equipment |
|
|
|
|
No. of Employees : |
600 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 crisis 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
CATERPILLAR
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 1760
SUKHUMVIT 52-54 ROAD,
BANGCHAK, PRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2105-5162
FAX :
[66] 2713-9003
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541021285
TAX
ID NO. : 3011923573
CAPITAL REGISTERED : BHT. 2,067,700,000
CAPITAL PAID-UP : BHT.
2,067,700,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. GREGORY IAN MUMFORD, AUSTRALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 600
LINES
OF BUSINESS : CONSTRUCTION AND
MINING EQUIPMENT
MANUFACTURER,
ASSEMBLER 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
April 1, 1998
as a private
limited company under
the registered name
CATERPILLAR [THAILAND] LIMITED
by Foreign group, with
the business objective
to manufacture, assembly
and distribute various
construction and mining
equipment with BOI
promoted, to both
domestic and international
markets. It currently
employs approximately 600
staff.
The subject is
a wholly owned
subsidiary of Caterpillar
Asia Pte. Ltd.,
Singapore.
The
subject’s registered address
is 1760 Sukhumvit
52-54 Road, Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Gregory Ian Mumford |
|
Australian |
41 |
|
Mr. Jemes Douglas Sickinger |
|
American |
61 |
|
Mr. John Ervin Mocny |
|
American |
46 |
|
Mr. Premkumar Manavazhi |
|
Indian |
49 |
|
Mr. Philip Lowe Pennington |
|
American |
48 |
|
Mr. Gregory Iain Scritchley |
|
Australian |
41 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Gregory Ian Mumford
is the Managing
Director.
He is Australian
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, assembling and
distributing various kinds
of construction and
mining equipments, such
as underground mining
trucks, underground mining caterpillar loaders, construction trucks
and tractors, track-type
tractor, construction machines
and etc., under
its own brand
CATERPILLAR.
PURCHASE
Parts and components
are purchased from
suppliers both domestic
and overseas, mainly
in Singapore, Republic
of China, Taiwan,
Germany and U.S.A.
SALES
80% of the
products is exported
to Singapore, U.S.A.,
Australia and the countries
in Europe, the remaining
20% is sold
locally.
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 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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 600 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located on 224,000
square meters of
total land at
the
followings :
- 337,
337/1 Moo 3, T.
Nonglalok, A. Bankhai, Rayong
21120.
Tel. 38 659-002.
Branch/Sales
Office :
- 18th Floor,
Unit 1817, Park
Venture Ecoplex Building,
57 Wireless Road,
Lumpini,
Pathumwan, Bangkok 10330.
COMMENT
Caterpillar
has been building the
world’s infrastructure and
driving positive and
sustainable change on
every parts of
the world. Caterpillar
is a technology
leader and the world’s leading manufacturer
of construction and
mining equipment, diesel
and natural gas engines, and
industrial gas turbines.
With
its professional distributor
and well-organized product
support system, have
enabled the company
to become the leading
comprehensive and efficiency
in construction machines
in local market.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each with
fully paid.
The capital was
increased later as
follows:
Bht. 284,500,000 on
July 8, 2011
Bht. 711,500,000 on
October 15, 2012
Bht. 1,204,600,000
on October 16,
2012
Bht. 2,067,700,000
on June 18,
2013
The
latest registered capital
was increased to
Bht. 2,067,700,000 divided
into 20,677,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at June
18, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Caterpillar Asia Pte.
Ltd. Nationality: Singaporean Address : 7
Tractor Road, Singapore
|
20,676,994 |
99.99 |
|
Caterpillar [HK] Limited Nationality: British Address : 6/F
Alexandra House 18
Charter Road, Central Hong
Kong |
3 |
= 0.01 |
|
Caterpillar Asia Limited Nationality: British Address : 6/F
Alexandra House 18
Charter Road,
Central Hong Kong
|
3 |
|
Total Shareholders : 3
Share Structure [as
at June 18,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
20,677,000 |
100.00 |
|
Total |
3 |
20,677,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sakuna Yaemsakul No.
4906
BALANCE SHEET [BAHT]
The latest financial figures published
as at November
30, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
20,911,866 |
64,205,817 |
18,743,590 |
|
Trade Accounts and
Other Receivable |
691,555,367 |
102,528,124 |
- |
|
Inventories |
256,458,462 |
- |
- |
|
Related Company Receivable |
- |
- |
14,970,745 |
|
Refundable Value Added Tax |
- |
- |
47,919 |
|
Other Current Assets
|
- |
- |
355,218 |
|
|
|
|
|
|
Total Current Assets
|
968,925,695 |
166,733,941 |
34,117,472 |
|
|
|
|
|
|
Fixed Assets |
3,865,511,780 |
1,381,949,322 |
3,055,772 |
|
Other Non-current Assets |
3,493,394 |
3,259,635 |
2,351,200 |
|
Total Assets |
4,837,930,869 |
1,551,942,898 |
39,524,444 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
2,847,844,668 |
375,280,644 |
- |
|
Trade Accounts & Other Payable
|
731,211,117 |
871,072,902 |
- |
|
Related Company Payable |
- |
- |
111,329 |
|
Accrued Income Tax |
8,984,115 |
4,330,842 |
1,460,322 |
|
Accrued Expenses |
- |
- |
2,637,022 |
|
Other Current Liabilities |
- |
- |
9,560,366 |
|
|
|
|
|
|
Total Current Liabilities |
3,588,039,900 |
1,250,684,388 |
13,769,039 |
|
Total Liabilities |
3,588,039,900 |
1,250,684,388 |
13,769,039 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 12,046,000 shares in 2012;
2,845,000 shares in
2011 & 100,000
shares in 2010 |
1,204,600,000 |
284,500,000 |
10,000,000 |
|
|
|
|
|
|
Capital Paid |
1,204,600,000 |
284,500,000 |
10,000,000 |
|
Retained Earning Unappropriated [Deficit] |
45,290,969 |
16,758,510 |
15,755,405 |
|
Total Shareholders' Equity |
1,249,890,969 |
301,258,510 |
25,755,405 |
|
Total Liabilities & Shareholders' Equity |
4,837,930,869 |
1,551,942,898 |
39,524,444 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Service Income |
709,766,413 |
112,287,049 |
63,694,975 |
|
Revenue from Sale of
Machinery |
78,081,643 |
- |
- |
|
Other Income |
- |
883,878 |
1,078,929 |
|
Total Revenues |
787,848,056 |
113,170,927 |
64,773,904 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
71,110,263 |
- |
60,661,881 |
|
Cost of Manufacture |
425,829,268 |
- |
- |
|
Administrative Expenses |
211,448,561 |
107,836,980 |
- |
|
Transportation |
39,115,438 |
- |
- |
|
Selling Expenses |
2,827,952 |
- |
- |
|
Total Expenses |
750,331,482 |
107,836,980 |
60,661,881 |
|
Profit before Income Tax |
37,516,574 |
5,333,947 |
4,112,023 |
|
Income Tax |
[8,984,115] |
[4,330,842] |
[2,228,243] |
|
|
|
|
|
|
Net Profit / [Loss] |
28,532,459 |
1,003,105 |
1,883,780 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.27 |
0.13 |
2.48 |
|
QUICK RATIO |
TIMES |
0.20 |
0.13 |
1.36 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.18 |
0.08 |
20.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.15 |
0.07 |
1.61 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
188.37 |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
1.94 |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
355.63 |
333.28 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
1.03 |
1.10 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
537.07 |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
6.93 |
333.28 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.01 |
- |
95.24 |
|
SELLING & ADMINISTRATION |
% |
35.70 |
96.04 |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
40.99 |
100.79 |
6.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.29 |
4.75 |
6.46 |
|
NET PROFIT MARGIN |
% |
4.02 |
0.89 |
2.96 |
|
RETURN ON EQUITY |
% |
2.28 |
0.33 |
7.31 |
|
RETURN ON ASSET |
% |
0.59 |
0.06 |
4.77 |
|
EARNING PER SHARE |
BAHT |
2.37 |
0.35 |
18.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.81 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.87 |
4.15 |
0.53 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
532.10 |
76.29 |
|
|
OPERATING PROFIT |
% |
603.35 |
29.72 |
|
|
NET PROFIT |
% |
2,744.41 |
(46.75) |
|
|
FIXED ASSETS |
% |
179.71 |
45,124.23 |
|
|
TOTAL ASSETS |
% |
211.73 |
3,826.54 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 532.1%. Turnover has increased from THB 112,287,049.00
in 2011 to THB 709,766,413.00 in 2012. While net profit has increased from THB
1,003,105.00 in 2011 to THB 28,532,459.00 in 2012. And total assets has
increased from THB 1,551,942,898.00 in 2011 to THB 4,837,930,869.00 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
40.99 |
Impressive |
Industrial
Average |
32.11 |
|
Net Profit Margin |
4.02 |
Impressive |
Industrial
Average |
3.25 |
|
Return on Assets |
0.59 |
Deteriorated |
Industrial
Average |
3.46 |
|
Return on Equity |
2.28 |
Deteriorated |
Industrial
Average |
7.42 |
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 40.99%. 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 4.02%, 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. When compared with the
industry average, it was lower, the company's figure is 0.59%.
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 2.28%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.27 |
Risky |
Industrial
Average |
1.49 |
|
Quick Ratio |
0.20 |
|
|
|
|
Cash Conversion Cycle |
6.93 |
|
|
|
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 0.27 times in 2012, increased from 0.13 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 0.2 times in 2012,
increased from 0.13 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 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Acceptable |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
2.87 |
Risky |
Industrial
Average |
1.26 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.79 |
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 0.74 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.18 |
Deteriorated |
Industrial
Average |
0.37 |
|
Total Assets Turnover |
0.15 |
Deteriorated |
Industrial
Average |
1.04 |
|
Inventory Conversion Period |
188.37 |
|
|
|
|
Inventory Turnover |
1.94 |
Satisfactory |
Industrial
Average |
2.57 |
|
Receivables Conversion Period |
355.63 |
|
|
|
|
Receivables Turnover |
1.03 |
Deteriorated |
Industrial
Average |
2.46 |
|
Payables Conversion Period |
537.07 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.03 and 1.10 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.
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 increased from 0 days at the end
of 2011 to 188 days at the end of 2012. This represents a negative trend. And
Inventory turnover has increased from 0 times in year 2011 to 1.94 times in
year 2012.
The company's Total Asset Turnover is calculated as 0.15 times and 0.07
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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.59 |
|
Euro |
1 |
Rs.83.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.