MIRA
INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
METALLIFORM MACHINERY ENTERPRISE CO., LTD. |
|
|
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Registered Office : |
8th Floor, Thairong
Tower, 1350/102 Pattanakarn Road,
Suanluang, Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
30.11.2012 |
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Date of Incorporation : |
2011 |
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Com. Reg. No.: |
0105554156435 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of used machines
and related equipments |
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|
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No. of Employees : |
15 |
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 – 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 |
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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 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 & address
METALLIFORM MACHINERY
ENTERPRISE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 8th
FLOOR, THAIRONG TOWER,
1350/102 PATTANAKARN
ROAD, SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2713-7558,
081 095-1191, 086
030-3199
FAX : [66] 2713-7559
E-MAIL ADDRESS : mmetalliform@yahoo.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0105554156435
TAX ID NO. : 3034821511
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
SUPIREE SUKTHEM, THAI
MANAGING DIRECTOR
NO. OF STAFF : 15
LINES OF BUSINESS : USED
MACHINES AND RELATED
EQUIPMENTS
IMPORTER AND
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 December
26, 2011 as
a private limited
company under the registered
name METALLIFORM MACHINERY
ENTERPRISE CO., LTD., by
Thai groups, with
the business objective
to distribute used
machines and related
equipments for plastic
industry. It currently
employs 15 staff.
The subject’s registered address
is 8th Floor, Thairong
Tower, 1350/102 Pattanakarn
Road, Suanluang, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Supiree Sukthem |
|
Thai |
44 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Supiree Sukthem is
the Managing Director.
She is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in trading
business, specialized in
distributing used machines, including die casting
machines, plastic injection & molding machines,
general equipments
MAJOR BRANDS
“TOSHIBA”, “UBE”, “TOYO”
and etc.
PURCHASE
Most of the
products are purchased
from local suppliers,
the remaining is
imported from Japan
and Republic of
China.
SALES
100% of the
products is sold
locally by wholesale
and retail to
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
T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 15 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject is
an importer and
distributor of used
machines and related
equipments for plastic
industry. The subject
reported moderate business
performance in the
previous year, while
its current business
remains still.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at May
31, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Supiree Sukthem Nationality: Thai Address : 187/1
Moo 10, T. Tharua,
A. Muang, Nakornsrithammarat |
7,000 |
70.00 |
|
Mrs. Sangob Sukthem Nationality: Thai Address : 187/1
Moo 10, T. Tharua,
A. Muang,
Nakornsrithammarat |
500 |
5.00 |
|
Mrs. Sudjai Kaewpromthong Nationality: Thai Address : 107
Anusorn Arjarnthong Road,
Hadyai, Songkhla |
500 |
5.00 |
|
Mrs. Gaysorn Udom Nationality: Thai Address : 187/1
Moo 10, T. Tharua,
A. Muang,
Nakornsrithammarat |
500 |
5.00 |
|
Ms. Viparat Sookkaew Nationality: Thai Address : 56
Moo 8, T. Thungsai, A. Sichol,
Nakornsrithammarat |
500 |
5.00 |
|
Mr. Prayad Sukhin Nationality: Thai Address : 13/13
Rajbumrung Road, Huaypong,
Muang, Rayong |
500 |
5.00 |
|
Mr. Worravit Kaewpromthong Nationality: Thai Address : 107
Anusorn Arjarnthong Road,
Hadyai, Songkhla |
500 |
5.00 |
Total Shareholders : 7
Share Structure
[as at May
31, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
N/A
BALANCE SHEET [BAHT]
The latest financial
figures published for
November 30, 2012
was:
ASSETS
|
Current Assets |
2012 |
|
|
|
|
Cash and Cash Equivalents
|
971,968.22 |
|
Inventories |
1,125,000.00 |
|
Other Current Assets
|
641,051.19 |
|
|
|
|
Total Current Assets
|
2,738,019.41 |
|
|
|
|
Fixed Assets |
105,011.67 |
|
Rental Guarantee |
16,620.00 |
|
Total Assets |
2,859,651.08 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
|
|
|
|
Trade Account & Other
Payable |
1,411,128.59 |
|
Accrued Income Tax |
76,721.60 |
|
Other Current Liabilities |
15,636.93 |
|
|
|
|
Total Current Liabilities |
1,503,487.12 |
|
Long-term Loan from
Related Person |
570,000.00 |
|
Total Liabilities |
2,073,487.12 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, and
issued share capital
10,000 shares |
1,000,000.00 |
|
|
|
|
Capital Paid |
250,000.00 |
|
Retained Earning -
Unappropriated |
536,163.96 |
|
Total Shareholders' Equity |
786,163.96 |
|
Total Liabilities &
Shareholders' Equity |
2,859,651.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Dec. 26,
2011 – Nov. 30,
2012 |
|
|
|
|
Sales |
12,423,896.48 |
|
Total Revenues |
12,423,896.48 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
5,972,144.82 |
|
Selling Expenses |
5,200,598.53 |
|
Administrative Expenses |
631,853.88 |
|
Loss on Exchange Rate |
6,413.69 |
|
Total Expenses |
11,811,010.92 |
|
|
|
|
Profit / [Loss] before Income Tax
|
612,885.56 |
|
Income Tax |
[76,721.60] |
|
Net Profit / [Loss] |
536,163.96 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.82 |
|
QUICK RATIO |
TIMES |
0.65 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
118.31 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.76 |
|
INVENTORY TURNOVER |
TIMES |
5.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
86.24 |
|
CASH CONVERSION CYCLE |
DAYS |
(17.49) |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
48.07 |
|
SELLING & ADMINISTRATION |
% |
46.95 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
51.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.93 |
|
NET PROFIT MARGIN |
% |
4.32 |
|
RETURN ON EQUITY |
% |
68.20 |
|
RETURN ON ASSET |
% |
18.75 |
|
EARNING PER SHARE |
BAHT |
214.47 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.64 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
51.93 |
Impressive |
Industrial Average |
42.74 |
|
Net Profit Margin |
4.32 |
Impressive |
Industrial Average |
1.65 |
|
Return on Assets |
18.75 |
Impressive |
Industrial Average |
3.20 |
|
Return on Equity |
68.20 |
Impressive |
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 51.93%. 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 4.32%, 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 18.75%, 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 68.2%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.82 |
Impressive |
Industrial Average |
1.48 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
(17.49) |
|
|
|
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 1.82 times in 2012, increased from 0 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 0.65 times in 2012,
increased from 0 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 -18 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
2.64 |
Risky |
Industrial Average |
1.83 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.01 |
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 0.73 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
118.31 |
Impressive |
Industrial Average |
1.33 |
|
Total Assets Turnover |
4.34 |
Impressive |
Industrial Average |
1.93 |
|
Inventory Conversion Period |
68.76 |
|
|
|
|
Inventory Turnover |
5.31 |
Impressive |
Industrial Average |
5.00 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.39 |
|
Payables Conversion Period |
86.24 |
|
|
|
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 is 69 days at the end of 2012. This
represents a negative trend. And Inventory turnover is 5.31 times in year 2012.
The company's Total Asset Turnover is calculated as 4.34 times in 2012.
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.