MIRA
INFORM REPORT
|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
THERMAFLEX INSULATION ASIA CO., LTD. |
|
|
|
|
Registered Office : |
10 Moo 12, T. Nongprue, A. Banglamung, Chonburi 20260 |
|
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Country : |
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|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
1990 |
|
|
|
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Com. Reg. No.: |
0205533002624 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Heat and Cold Insulators |
|
|
|
|
No. of Employees : |
35 |
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 : |
Regular |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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
THERMAFLEX
INSULATION ASIA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 10 MOO 12, T.
NONGPRUE, A. BANGLAMUNG,
CHONBURI 20260,
THAILAND
TELEPHONE : [66] 38
734-431-3, 38 249-000-2
FAX : [66] 38
249-003-4, 38 734-420
E-MAIL ADDRESS : csstia@thermaflex.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0205533002624
TAX ID NO. : 3201015385
CAPITAL REGISTERED : BHT.
16,000,000
CAPITAL PAID-UP : BHT.
16,000,000
SHAREHOLDER’PROPORTION : DUTCH :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HUMPHREY REGINALD DE
BELL, DUTCH
MANAGING DIRECTOR
NO. OF STAFF : 35
LINES OF BUSINESS : HEAT
AND COLD INSULATORS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 July
19, 1990 as
a private limited
company under the
name style THERMAFLEX
INSULATION ASIA CO., LTD.,
by Dutch groups.
Its business objective is to manufacture heat
and cold insulators for
both domestic and
overseas markets. It
currently employs 35
staff. The subject is
a wholly owned
subsidiary of Thermaflex
International Holding B.V.,
the Dutch company.
The subject’s registered
address is 10
Moo 12, T. Nongprue,
A. Banglamung, Chonburi 20260,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Gerrit Jan Baars |
|
Dutch |
51 |
|
Mr. Humphrey Reginald De
Bell |
|
Dutch |
59 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Humphrey Reginald De
Bell is the
Managing Director.
He is Dutch
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing,
distributing and exporting
heat and cold
insulators for air
condition system.
PRODUCTION CAPACITY
190-200 tons per
annum
BRAND NAME
“THERMAFLEX”
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining is
imported from Netherlands
and Malaysia.
SALES
60% of the
products is exported
to Australia, India,
Indonesia, Philippines,
Netherlands, Germany, Sweden,
Laos and Vietnam,
the remaining 40%
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
L/C at sigh
or T/T.
Exports are against
T/T
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 35 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address. Premise is
located in provincial.
COMMENT
Subject was formed
in 1990 as
a manufacturer, distributor
and exporter of
insulators. Its products
are for air
condition systems. The
products are mainly
served to air conditioning industry.
Subject reported moderate
sales in 2012.
However, the industry
seemed to slowdown
in the year
2013, but had
slightly affected on
its business performance.
FINANCIAL INFORMATION
The capital was
registered at Bht. 16,000,000
divided into 16,000 shares of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thermaflex International Holding
B.V. Nationality: Dutch Address : Netherlands |
15,994 |
99.96 |
|
Mr. Gerrit Jan Baars Nationality: Dutch Address : Belgium
|
1 |
|
|
Mr. Lindert Baars Nationality: Dutch Address : Belgium |
1 |
|
|
Mr. Humphrey Reginald Bell
Nationality: Dutch Address : Netherlands |
1 |
= 0.04 |
|
Mr. Mark Petrus Blocker Nationality: Dutch Address : Netherlands |
1 |
|
|
Mr. Eric Mulder Nationality: Dutch Address : Netherlands |
1 |
|
|
Mrs. Ada Snijders Nationality: Dutch Address : Netherlands |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 26, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign-Dutch |
5 |
15,999 |
100.00 |
|
Total |
6 |
16,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Natthapol Sriboonruengrith No.
5226
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 |
5,288,640 |
3,462,716 |
2,849,623 |
|
Trade Accounts Receivable
|
|
|
|
|
- Related Company |
3,540,779 |
2,477,623 |
2,258,017 |
|
- Others |
18,587,339 |
17,014,003 |
15,034,055 |
|
Other Receivable |
|
|
|
|
- Person Related |
156,341 |
381,519 |
554,426 |
|
- Others |
329,437 |
240,687 |
543,451 |
|
Inventories |
15,252,927 |
17,243,746 |
19,150,895 |
|
Other Current Assets
|
70,033 |
38,581 |
323,152 |
|
|
|
|
|
|
Total Current Assets
|
43,225,496 |
40,858,875 |
40,713,619 |
|
|
|
|
|
|
Fixed Assets |
12,115,812 |
11,910,758 |
11,496,025 |
|
Other Non-current Assets |
234,293 |
385,124 |
194,743 |
|
Total Assets |
55,575,601 |
53,154,757 |
52,404,387 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
|
|
|
|
- Related Company |
1,545,577 |
7,301,912 |
16,462,618 |
|
- Others |
5,367,985 |
8,491,477 |
7,284,579 |
|
Other Payable |
3,379,501 |
3,182,922 |
3,459,664 |
|
Accrued Income Tax |
1,944,318 |
2,379,590 |
3,833,262 |
|
Other Current Liabilities |
131,237 |
167,120 |
44,368 |
|
|
|
|
|
|
Total Current Liabilities |
12,368,618 |
21,523,021 |
31,084,491 |
|
|
|
|
|
|
Estimated for Employee Benefits |
2,408,442 |
2,126,046 |
1,159,613 |
|
Total Liabilities |
14,777,060 |
23,649,067 |
32,244,104 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 16,000 shares |
16,000,000 |
16,000,000 |
16,000,000 |
|
|
|
|
|
|
Capital Paid |
16,000,000 |
16,000,000 |
16,000,000 |
|
Retained Earning Unappropriated [Deficit] |
24,798,541 |
13,505,690 |
4,160,283 |
|
Total Shareholders' Equity |
40,798,541 |
29,505,690 |
20,160,283 |
|
Total Liabilities & Shareholders' Equity |
55,575,601 |
53,154,757 |
52,404,387 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
90,680,634 |
86,810,999 |
75,741,629 |
|
Other Income |
9,374,485 |
4,755,325 |
5,205,677 |
|
Total Revenues |
100,055,119 |
91,566,324 |
80,947,306 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
57,106,206 |
55,118,197 |
46,231,697 |
|
Selling Expenses |
13,545,139 |
11,937,434 |
8,324,659 |
|
Administrative Expenses |
14,083,405 |
10,623,189 |
9,529,656 |
|
Total Expenses |
84,734,749 |
77,678,820 |
64,086,012 |
|
|
|
|
|
|
Profit before Financial
Cost & Income
Tax |
15,320,370 |
13,887,504 |
16,861,294 |
|
Financial Cost |
- |
- |
[1,484] |
|
Profit before Income Tax |
15,320,370 |
13,887,504 |
16,859,810 |
|
Income Tax |
[4,027,519] |
[4,542,097] |
[5,085,476] |
|
|
|
|
|
|
Net Profit / [Loss] |
11,292,851 |
9,345,407 |
11,774,334 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.49 |
1.90 |
1.31 |
|
QUICK RATIO |
TIMES |
2.26 |
1.10 |
0.68 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.48 |
7.29 |
6.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.63 |
1.63 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.49 |
114.19 |
151.20 |
|
INVENTORY TURNOVER |
TIMES |
3.74 |
3.20 |
2.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
74.82 |
71.54 |
72.45 |
|
RECEIVABLES TURNOVER |
TIMES |
4.88 |
5.10 |
5.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.31 |
56.23 |
57.51 |
|
CASH CONVERSION CYCLE |
DAYS |
138.00 |
129.49 |
166.13 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
62.98 |
63.49 |
61.04 |
|
SELLING & ADMINISTRATION |
% |
30.47 |
25.99 |
23.57 |
|
INTEREST |
% |
- |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
47.36 |
41.99 |
45.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.89 |
16.00 |
22.26 |
|
NET PROFIT MARGIN |
% |
12.45 |
10.77 |
15.55 |
|
RETURN ON EQUITY |
% |
27.68 |
31.67 |
58.40 |
|
RETURN ON ASSET |
% |
20.32 |
17.58 |
22.47 |
|
EARNING PER SHARE |
BAHT |
705.80 |
584.09 |
735.90 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.44 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.36 |
0.80 |
1.60 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
11,362.06 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.46 |
14.61 |
|
|
OPERATING PROFIT |
% |
10.32 |
(17.64) |
|
|
NET PROFIT |
% |
20.84 |
(20.63) |
|
|
FIXED ASSETS |
% |
1.72 |
3.61 |
|
|
TOTAL ASSETS |
% |
4.55 |
1.43 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 4.46%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
47.36 |
Impressive |
Industrial Average |
43.03 |
|
Net Profit Margin |
12.45 |
Impressive |
Industrial Average |
1.80 |
|
Return on Assets |
20.32 |
Impressive |
Industrial Average |
2.34 |
|
Return on Equity |
27.68 |
Impressive |
Industrial Average |
4.82 |
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 47.36%. 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
12.45%, 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
20.32%, 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 27.68%, 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.
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.49 |
Impressive |
Industrial Average |
1.06 |
|
Quick Ratio |
2.26 |
|
|
|
|
Cash Conversion Cycle |
138.00 |
|
|
|
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 3.49 times in 2012, increased from 1.9 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 2.26 times in 2012,
increased from 1.1 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 138 days.
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.36 |
Impressive |
Industrial Average |
0.85 |
|
Times Interest Earned |
- |
|
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 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 0.27 less than 0.5, most of the company's
assets are financed through equity.
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.48 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.63 |
Impressive |
Industrial Average |
1.04 |
|
Inventory Conversion Period |
97.49 |
|
|
|
|
Inventory Turnover |
3.74 |
Impressive |
Industrial Average |
3.68 |
|
Receivables Conversion Period |
74.82 |
|
|
|
|
Receivables Turnover |
4.88 |
Impressive |
Industrial Average |
3.85 |
|
Payables Conversion Period |
34.31 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.88 and
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 decreased from 114 days at the
end of 2011 to 97 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.2 times in year 2011 to 3.74 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.63 times and 1.63
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
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.