MIRA INFORM REPORT
|
Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARPENTER
AND PATERSON [ASIA]
LTD. |
|
|
|
|
Registered Office : |
88/91
Moo 15, T. Bangsaothong, A. Bangsaothong, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.07.2012 |
|
|
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Com. Reg. No.: |
0105555096479 |
|
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|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
designing, manufacturing and
distributing various kinds
of pipe supporting
and related equipment,
such as pipe
clamps, pipe shoes,
hanger rods, spring
supports, ancillary equipment,
dynamic supports |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Company |
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Payment Behaviour : |
Slow |
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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
CARPENTER AND PATERSON
[ASIA] LTD.
SUMMARY
BUSINESS
ADDRESS : 88/91
MOO 15, T. BANGSAOTHONG,
A.
BANGSAOTHONG, SAMUTPRAKARN 10540
TELEPHONE : [66] 2182-5204-5
FAX :
[66] 2182-5206
E-MAIL
ADDRESS : info@cp-ltd.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2012
REGISTRATION
NO. : 0105555096479
TAX
ID NO. : 3035167960
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : BRITISH
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. RICHARD GORDON
JONES, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : PIPE
SUPPORTING AND RELATED
EQUIPMENT
DESIGN, MANUFACTURER
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 July 3,
2012 as a
private limited company
under the registered
name CARPENTER AND
PATERSON [ASIA] LTD.
by British group, with
the business objective
to design and
manufacture various kinds
of pipe supporting
equipment to both
domestic and international
markets. It currently
employs approximately 50
staff.
The
subject is an
affiliated of Carpenter & Paterson Ltd.,
in U.K.
The
subject’s registered address
is 88/91 Moo 15, T.
Bangsaothong, A. Bangsaothong, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Richard Gordon Jones |
|
British |
61 |
|
Mr. Mark Anthony Hyrons |
|
British |
51 |
|
Mr. Jonathan Anthony Lee |
|
British |
49 |
|
Mr. Neil Andrew Spiers |
|
British |
52 |
|
Mr. Graham Charles Lewis |
|
British |
63 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Richard Gordon Jones
is the Managing
Director.
He is British
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject
is engaged in
design, manufacturing and
distributing various kinds
of pipe supporting
and related equipment,
such as pipe
clamps, pipe shoes,
hanger rods, spring
supports, ancillary equipment,
dynamic supports.
PURCHASE
Raw materials and
components are purchased
from suppliers both
in domestic and
overseas, mainly in
U.K., Republic of
China and Germany.
MAJOR
SUPPLIER
Carpenter & Paterson Ltd. :
U.K.
SALES
Most of the
products are sold
locally to wholesalers,
manufacturers, and end-users,
the remaining is
exported to U.K..
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.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 50 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial, on
the outskirts of
Bangkok.
COMMENT
The
subject is considered
as a newly
established company. Its
first year operation
in 2012 was
not impressive with
small sales and
large amount of
net loss. However,
the subject is optimistic
a better performance
in 2013 especially in
the third quarter
of this year
throughout the end
of year from
an expansion of
customer base and an increase
in number of
orders.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
On
August 16, 2013,
the registered capital
was increased to
Bht. 6,000,000 divided into
shares 60,000 of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
August 15, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Carpenter & Paterson
Ltd. Nationality: British Address : Crown
Works, Welshpool, Powys, SY21 7BE,
United Kingdom |
42,000 |
70.00 |
|
BIO Holding Company
Limited Nationality: British Address : United
Kingdom |
12,000 |
20.00 |
|
Mr. Mark Anthony Hyrons Nationality: British Address : 58/25
Soi Sukhumvit 64,
Bangchak,
Prakanong, Bangkok |
6,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at August 15,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - British |
3 |
60,000 |
100.00 |
|
Total |
3 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Patiwej Sangwongkaro No.
4893
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, was :
ASSETS
|
Current Assets |
2012 |
|
Cash and Cash Equivalents |
4,198,907.49 |
|
Trade Accounts Receivable
|
335,449.38 |
|
Inventories |
5,634,906.73 |
|
Refundable Value Added Tax |
373,420.58 |
|
Other Current Assets
|
59,177.82 |
|
Total Current Assets
|
10,601,862.00 |
|
Cash at Bank pledged as a Collateral |
2,100,000.00 |
|
Equipment |
10,562,544.06 |
|
Intangible Assets |
2,042,036.18 |
|
Other Non-current Assets |
942,000.00 |
|
Total Assets |
26,248,442.24 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
|
|
|
|
Trade Accounts Payable
|
13,142,678.11 |
|
Other Current Liabilities |
403,906.04 |
|
|
|
|
Total Current Liabilities |
13,546,584.15 |
|
|
|
|
Long-term Loan from Related
Company |
17,000,000.00 |
|
Total Liabilities |
30,546,584.15 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
|
|
|
|
Capital Paid |
5,000,000.00 |
|
Retained Earning
Unappropriated [Deficit] |
[9,298,141.91] |
|
Total Shareholders' Equity |
[4,298,141.91] |
|
Total Liabilities & Shareholders' Equity |
26,248,442.24 |
PROFIT & LOSS
ACCOUNT
|
Sale |
July 3,
2012 – Dec.
31, 2012 |
|
Sales Income |
909,447.66 |
|
Gain on Exchange Rate |
59,061.99 |
|
Other Income |
16,218.86 |
|
Total Sales |
984,728.51 |
|
Expenses |
|
|
Cost of Goods
Sold |
3,153,067.39 |
|
Selling Expenses |
487,492.40 |
|
Administrative Expenses |
6,269,935.63 |
|
Total Expenses |
9,910,495.42 |
|
Profit / [Loss] before Financial Cost |
[8,925,766.91] |
|
Financial Costs |
[372,375.00] |
|
|
|
|
Net Profit / [Loss] |
[9,298,141.91] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
0.78 |
|
QUICK RATIO |
TIMES |
0.33 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
652.30 |
|
INVENTORY TURNOVER |
TIMES |
0.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
134.63 |
|
RECEIVABLES TURNOVER |
TIMES |
2.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1,521.40 |
|
CASH CONVERSION CYCLE |
DAYS |
(734.47) |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
346.70 |
|
SELLING & ADMINISTRATION |
% |
743.03 |
|
INTEREST |
% |
40.95 |
|
GROSS PROFIT MARGIN |
% |
(238.42) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(981.45) |
|
NET PROFIT MARGIN |
% |
(1,022.39) |
|
RETURN ON EQUITY |
% |
- |
|
RETURN ON ASSET |
% |
(35.42) |
|
EARNING PER SHARE |
BAHT |
(185.96) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
1.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
(7.11) |
|
TIME INTEREST EARNED |
TIMES |
(23.97) |
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
SALES GROWTH |
% |
- |
|
OPERATING PROFIT |
% |
- |
|
NET PROFIT |
% |
- |
|
FIXED ASSETS |
% |
- |
|
TOTAL ASSETS |
% |
- |
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(238.42) |
Deteriorated |
Industrial Average |
17.90 |
|
Net Profit Margin |
(1,022.39) |
Deteriorated |
Industrial Average |
0.97 |
|
Return on Assets |
(35.42) |
Deteriorated |
Industrial Average |
1.22 |
|
Return on Equity |
- |
|
Industrial Average |
3.13 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales 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 -238.42%. When compared
with the industry average, the ratio of the company was lower. This indicated
that company may have 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 -1022.39%.
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 -35.42%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.78 |
Risky |
Industrial Average |
1.10 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
(734.47) |
|
|
|
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 0.78 times in 2012, increase from 0 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 0.33 times in 2012,
increase 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 -735 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.16 |
Risky |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
(7.11) |
Risky |
Industrial Average |
1.61 |
|
Times Interest Earned |
(23.97) |
Risky |
Industrial Average |
- |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -23.97 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 1.16 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.09 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.03 |
Deteriorated |
Industrial Average |
1.26 |
|
Inventory Conversion Period |
652.30 |
|
|
|
|
Inventory Turnover |
0.56 |
Deteriorated |
Industrial Average |
3.37 |
|
Receivables Conversion Period |
134.63 |
|
|
|
|
Receivables Turnover |
2.71 |
Impressive |
Industrial Average |
2.07 |
|
Payables Conversion Period |
1,521.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.71 and 0.00 in
2012 and 0 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate sale. 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
increased from 0. This would suggest the company had good performance 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 0 to 652 days at the end of 2012. This represents a negative trend. And
Inventory turnover has increased from 0 times in year 0 to 0.56 times in year
2012.
The company's Total Asset Turnover is calculated as 0.03 times and 0 times
in 2012 and 0 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.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.