MIRA INFORM REPORT
|
Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
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Name : |
THAVEESAK TRACTOR LIMITED PARTNERSHIP |
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Registered Office : |
95/8-9 Moo 3, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.01.1979 |
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Com. Reg. No.: |
0103522000853 [Former :
86/2522] |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Tractor’s
Spare Parts. |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source
: CIA
Company Name and Address
THAVEESAK TRACTOR LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 95/8-9 MOO 3, VIBHAVADEE
RANGSIT ROAD,
TALADBANGKHEN, LAKSI,
BANGKOK 10210,
THAILAND
TELEPHONE : [66] 2521-0828-9,
2973-3409, 2521-7216
FAX :
[66] 2552-2901,
2973-3410
E-MAIL
ADDRESS : ttlp2000@gmail.com
marketing@thaveesaktractor.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0103522000853 [Former : 86/2522]
TAX
ID NO. : 3102171494
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
PARTNER’S
PROPORTION : THAI :
100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. PORNSAK DAMRONGTHAVEESAK, THAI
MANAGING PARTNER
NO.
OF STAFF : 17
LINES
OF BUSINESS : TRACTOR’S SPARE
PARTS
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
January 15, 1979
as a limited
partnership under the
name style THAVEESAK
TRACTOR LIMITED PARTNERSHIP,
by Thai groups,
the Damrongthaveesak family,
in order to
distribute various kinds
of tractor’s spare
parts to domestic
market. It currently
employs 17 staff.
The
subject’s registered address
is 95/8-9 Moo 3, Vibhavadee
Rangsit Rd., Taladbangkhen, Laksi,
Bangkok 10210, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Pornsak Damrongthaveesak signs
on behalf of
the subject with
seal affixed. He also
bears full financial
responsibility by law.
MANAGEMENT
Mr. Pornsak Damrongthaveesak is
the Managing Partner.
He is Thai
nationality with the
age of 36 years
old.
BUSINESS OPERATIONS
The
subject is engaged
in distributing wide
range of genuine
tractor’s spare parts,
comprising under carriage
parts, pump parts,
engine parts, seal, o-ring
and gasket. Lists
of product are
track guard, shoe
track, track link,
track roller, carrier
roller, engine bush,
engine piston, engine
line, engine liner
kit, spring.
The subject is also a dealer of “KOMATSU”,
and “CATERPILLAR”, tractor parts,
“AJAX” fastener screw,
“MIBA” disc, “HST’
cylinder seal, “CGR”
cylinder head, “JIC”
pump parts, “MITSUBISHI”
conveyor belts and
etc.
PURCHASE
Most of the
products are imported
from Japan, Singapore,
Italy, Australia, U.S.A.,
Republic of China, Taiwan,
and Korea and
the remaining is purchased from
local suppliers.
MAJOR SUPPLIERS
Bangkok Motor Works
Co., Ltd. : Thailand
Mitsubishi Belting Ltd. : Japan
Ajax Fasteners Pty.
Ltd. : Australia
Clearwater Cylinder Head
Inc. : U.S.A.
SALES
90% of the
products is sold
locally to wholesalers
and end-users, the
remaining 10% is
to retailers.
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 to 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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 17 staff.
LOCATION DETAILS
The
premise is rented
for administrative office and
showroom at the heading
address. Premise is
located in commercial/residential area.
Branches:
-
32/28-29
Moo 6, Phaholyothin
Rd., Klongnueng, Klongluang,
Pathumthani 12120.
Tel.: [66] 2901-7384-5,
Fax: [66] 2901-7386.
- 40/49 Moo 3,
Vibhavadi Rangsit Rd.,
Bangkhen, Laksi, Bangkok
10210.
COMMENT
The tractor’s industry
is leading with
the replacement market.
However, the business
has been slowed
down caused by
industrial downturn, as
well as slow
expansion of related
industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
which was carried
by 3 persons
as followed:
Name Amount
Mr. Paisal
Damrongthaveesak Bht. 500,000
Mr. Pornsak
Damrongthaveesak Bht. 250,000 [unlimited partner]
Mr. Pornchai
Damrongthaveesak Bht. 250,000
On July 7,
2010, the capital
was held by
2 persons as
followed:
Name Age Amount
Mr. Pornsak
Damrongthaveesak 36 Bht.
500,000 [unlimited partner]
Mr. Pornchai
Damrongthaveesak 37 Bht.
500,000
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Ratchaneeporn Chaimethanand No.
9379
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,793,512.18 |
2,386,565.44 |
2,768,435.59 |
|
Trade Accounts & Other Receivable |
8,204,702.79 |
8,781,867.78 |
10,896,504.79 |
|
Inventories |
9,959,843.18 |
9,462,415.85 |
4,382,260.65 |
|
Other Current Assets
|
33,178.97 |
415,243.61 |
1,693,698.12 |
|
Total Current Assets
|
21,991,237.12 |
21,046,092.68 |
19,740,899.15 |
|
|
|
|
|
|
Fixed Assets |
2,269,634.62 |
2,311,352.43 |
319,758.16 |
|
Other Non-current Assets |
16,004.00 |
16,004.00 |
16,004.00 |
|
Total Assets |
24,276,875.74 |
23,373,449.11 |
20,076,661.31 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
390,566.92 |
- |
- |
|
Trade Accounts & Other Payable |
3,051,625.31 |
2,572,768.57 |
2,210,348.51 |
|
Short-term Loan from Related Person |
1,236,704.10 |
2,724,021.01 |
1,124,063.05 |
|
Current Portion of Financial Lease Contract Liabilities |
537,745.37 |
311,416.20 |
- |
|
Accrued Income Tax |
279,469.63 |
264,255.44 |
625,764.02 |
|
Accrued Expenses |
- |
- |
1,943,410.88 |
|
Other Current Liabilities |
82,034.14 |
5,540.04 |
5,335.68 |
|
Total Current Liabilities |
5,578,145.47 |
5,878,001.26 |
5,908,922.14 |
|
Financial Lease Contract Liabilities |
801,180.72 |
1,125,795.87 |
- |
|
Total Liabilities |
6,379,326.19 |
7,003,797.13 |
5,908,922.14 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
16,897,549.55 |
15,369,651.98 |
13,167,739.17 |
|
Total Shareholders' Equity |
17,897,549.55 |
16,369,651.98 |
14,167,739.17 |
|
Total Liabilities &
Shareholders' Equity |
24,276,875.74 |
23,373,449.11 |
20,076,661.31 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
30,381,490.76 |
38,404,478.71 |
42,674,753.53 |
|
Other Income |
452,509.12 |
549,963.65 |
386,758.50 |
|
Total Revenues |
30,833,999.88 |
38,954,442.36 |
43,061,512.03 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
21,813,468.45 |
29,411,024.92 |
32,720,734.05 |
|
Selling Expenses |
2,188,588.00 |
2,447,510.00 |
1,860,108.48 |
|
Administrative Expenses |
4,449,213.85 |
4,038,341.22 |
3,789,653.03 |
|
Remuneration Director |
- |
- |
576,480.00 |
|
Total Expenses |
28,451,270.30 |
35,896,876.14 |
38,946,975.56 |
|
Profit before Financial
Cost & Income Tax |
2,382,729.58 |
3,057,566.22 |
4,114,536.47 |
|
Financial Cost |
[224,730.75] |
[210,961.05] |
[31,288.53] |
|
Profit before Income Tax |
2,157,998.83 |
2,846,605.17 |
4,083,247.94 |
|
Income Tax |
[630,101.26] |
[644,692.36] |
[1,056,175.36] |
|
Net Profit / [Loss] |
1,527,897.57 |
2,201,912.81 |
3,027,072.58 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
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LIQUIDITY RATIO |
|
|
|
|
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CURRENT RATIO |
TIMES |
3.94 |
3.58 |
3.34 |
|
QUICK RATIO |
TIMES |
2.15 |
1.90 |
2.31 |
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ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
13.39 |
16.62 |
133.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.25 |
1.64 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
166.66 |
117.43 |
48.88 |
|
INVENTORY TURNOVER |
TIMES |
2.19 |
3.11 |
7.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
98.57 |
83.46 |
93.20 |
|
RECEIVABLES TURNOVER |
TIMES |
3.70 |
4.37 |
3.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.06 |
31.93 |
24.66 |
|
CASH CONVERSION CYCLE |
DAYS |
214.16 |
168.97 |
117.43 |
|
|
|
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|
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PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.80 |
76.58 |
76.67 |
|
SELLING & ADMINISTRATION |
% |
21.85 |
16.89 |
13.24 |
|
INTEREST |
% |
0.74 |
0.55 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
29.69 |
24.85 |
24.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.84 |
7.96 |
9.64 |
|
NET PROFIT MARGIN |
% |
5.03 |
5.73 |
7.09 |
|
RETURN ON EQUITY |
% |
8.54 |
13.45 |
21.37 |
|
RETURN ON ASSET |
% |
6.29 |
9.42 |
15.08 |
|
EARNING PER SHARE |
BAHT |
152.79 |
220.19 |
302.71 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.26 |
0.30 |
0.29 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.36 |
0.43 |
0.42 |
|
TIME INTEREST EARNED |
TIMES |
10.60 |
14.49 |
131.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(20.89) |
(10.01) |
|
|
OPERATING PROFIT |
% |
(22.07) |
(25.69) |
|
|
NET PROFIT |
% |
(30.61) |
(27.26) |
|
|
FIXED ASSETS |
% |
(1.80) |
622.84 |
|
|
TOTAL ASSETS |
% |
3.87 |
16.42 |
|
ANNUALGROWTH: RISKY
An annual sales growth is -20.89%. Turnover has decreased from THB 38,404,478.71
in 2011 to THB 30,381,490.76 in 2012. While net profit has decreased from THB
2,201,912.81 in 2011 to THB 1,527,897.57 in 2012. And total assets has
increased from THB 23,373,449.11 in 2011 to THB 24,276,875.74 in 2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.69 |
Impressive |
Industrial Average |
24.83 |
|
Net Profit Margin |
5.03 |
Impressive |
Industrial Average |
1.95 |
|
Return on Assets |
6.29 |
Impressive |
Industrial Average |
3.68 |
|
Return on Equity |
8.54 |
Satisfactory |
Industrial Average |
10.11 |
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 29.69%. 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 5.03%, 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
6.29%, 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. When compared with the industry
average, it was lower, the company's figure is 8.54%.
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 |
3.94 |
Impressive |
Industrial Average |
1.57 |
|
Quick Ratio |
2.15 |
|
|
|
|
Cash Conversion Cycle |
214.16 |
|
|
|
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 3.94 times in 2012, increased from 3.58 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 2.15 times in 2012,
increased from 1.9 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 215 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.26 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
0.36 |
Impressive |
Industrial Average |
1.71 |
|
Times Interest Earned |
10.60 |
Impressive |
Industrial Average |
0.85 |
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 10.61 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 0.26 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY:
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
13.39 |
Impressive |
Industrial Average |
1.57 |
|
Total Assets Turnover |
1.25 |
Acceptable |
Industrial Average |
1.90 |
|
Inventory Conversion Period |
166.66 |
|
|
|
|
Inventory Turnover |
2.19 |
Acceptable |
Industrial Average |
3.89 |
|
Receivables Conversion Period |
98.57 |
|
|
|
|
Receivables Turnover |
3.70 |
Impressive |
Industrial Average |
3.19 |
|
Payables Conversion Period |
51.06 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.70 and 4.37 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 117 days at the
end of 2011 to 167 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.11 times in year 2011 to 2.19 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.25 times and 1.64
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.