MIRA INFORM REPORT
|
Report Date : |
14.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
IMA PACIFIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
Unit 5A, 18th Floor, M. Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
24.10.2003 |
|
|
|
|
Com. Reg. No.: |
0105546127804 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Industrial Machinery and Spare Parts Broker |
|
|
|
|
No. of Employees : |
10 |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 in 2013
implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed 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 recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company
Name
IMA PACIFIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : UNIT
5A, 18th FLOOR,
M. THAI TOWER,
ALL SEASONS
PLACE, 87 WIRELESS
ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2654-0780-1
FAX :
[66] 2654-0782
E-MAIL
ADDRESS : ima@imapacific.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546127804 [Former : 10454602147]
TAX
ID NO. : 3031167087
CAPITAL REGISTERED : BHT. 132,720,000
CAPITAL PAID-UP : BHT.
132,720,000
SHAREHOLDER’S PROPORTION : ITALIAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MAURIZIO FERRETTI,
ITALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
BROKER
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 October 24, 2003
as a private
limited company under
the name style
IMA PACIFIC COMPANY
LIMITED, by Italian
groups, with the business
objective to be engaged
in commission agent
for various industrial
machinery, equipment and
parts to both
domestic and export
markets. It currently
employs approximately 10
staff.
Subject
is a wholly
owned subsidiary of I.M.A.
Industria Macchine Automatiche
S.p.A. from Italy.
The
subject’s registered address
was initially at 12th Floor,
M. Thai Tower, All Seasons
Place, 87 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330.
In
2012, its address
was relocated to
Unit 5A, 18th Floor, M. Thai
Tower, All Seasons Place,
87 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Maurizio Ferretti |
|
Italian |
51 |
|
Mr. Sergio Marzo |
|
Italian |
48 |
|
Mr. Giovanni Pecchioli |
|
Italian |
58 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Maurizio Ferretti is
the Managing Director.
He is Italian
nationality with the
age of 51 years
old.
BUSINESS
OPERATIONS
The subject is engaged in
commission agent servicing
wide range of
industrial automatic machinery,
equipment and parts for foods & beverage, pharmaceuticals, packaging,
cosmetics, consumer goods
industries and etc.
The products are
imported from Italy,
Germany, India, Japan
and Republic of
China.
Subject also provides
servicing of industrial machinery
consulting, as well as
engineer and technician
procurement.
MAJOR SUPPLIER
I.M.A. Industria Macchine Automatiche S.p.A. : Italy
SERVICES
The products are
served to customers both local and overseas, mainly
in Vietnam, Malaysia,
Brunei, Indonesia, Singapore,
Hong Kong and
Philippines.
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 to the
past two years.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject
employs approximately 10
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is located
in a prime
commercial area.
COMMENT
Its
products are mostly
used in industrial
sector, subject’s performance
closely links with
the condition of
domestic industrial sector.
Strong business growth
had seen in the year
2012. However, industries
slowdown had resulted
to decline expansion
of new machinery
and equipments in
the first half
of 2013. Slow business
growth had undermined
the subject’s revenue at the
end of year.
Business
performance in 2014
is rather slow
from economic sluggish.
Nevertheless, the subject
has increased its registered capital
and paid-up in
full amount at
Bht. 132,720,000 which would
assist on its financial
liquidity of the company.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 20,000,000 shares
of Bht. 5 each
with fully paid.
On
August 14, 2013,
the capital was increased
to Bht. 132,720,000
divided into
26,544,000
shares of Bht.
5 each with
fully paid.
THE SHAREHOLDERS LISTED WERE : [as at
March 13, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
I.M.A. Industria Macchine
Automatiche S.p.A. Nationality: Italian Address : Via Emilia 428/442, Ozzano dell’ Emilia
[Bologna] Italy |
26,543,998 |
100.00 |
|
Mr. Alberto Vacchi Nationality: Italian Address : Via Emilia 428/442, Ozzano dell’ Emilia
[Bologna] Italy |
1 |
- |
|
Mr. Andrea Malagoli Nationality: Italian Address : Via
Archirola, n. 38 Modena
[MO], Italy |
1 |
- |
Total Shareholders : 3
Share Structure [as
at March 13,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Italian |
3 |
26,544,000 |
100.00 |
|
Total |
3 |
26,544,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chaisiri Ruangritchai No.
4526
BALANCE
SHEET [BAHT]
The latest financial figures published as
at December 31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
20,398,450 |
29,867 |
31,528 |
|
Trade Accounts and Other
Receivable |
446,280,356 |
309,136,639 |
198,967,004 |
|
Short-term Loan to
Employee |
170,380 |
300,360 |
1,271,152 |
|
Other Current Assets
|
1,805,905 |
1,789,252 |
85,552 |
|
|
|
|
|
|
Total Current Assets
|
468,655,091 |
311,256,118 |
200,355,236 |
|
Computer Programme |
120,646 |
183,908 |
281,058 |
|
Fixed Assets |
230,284 |
265,497 |
384,159 |
|
Deferred Income Tax |
- |
- |
9,199,702 |
|
Deposit |
628,540 |
728,540 |
395,044 |
|
Total Assets |
469,634,561 |
312,434,063 |
210,615,199 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft |
- |
27,167,919 |
11,010,320 |
|
Trade Accounts and
Other Payable |
368,869,542 |
184,653,051 |
98,276,744 |
|
Short-term Loan from Parent
Company |
31,725,610 |
12,258,090 |
- |
|
Other Current Liabilities |
262,794 |
274,187 |
- |
|
|
|
|
|
|
Total Current Liabilities |
400,857,946 |
224,353,247 |
109,287,064 |
|
Total Liabilities |
400,857,946 |
224,353,247 |
109,287,064 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5 par
value authorized, and issued
share capital 20,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
100,000,000 |
100,000,000 |
100,000,000 |
|
Less: Shares Receivable |
[946,840] |
- |
- |
|
Retained Earnings: Appropriated for Statutory Reserve |
5,947,642 |
5,947,642 |
5,947,642 |
|
Unappropriated |
[68,944,187] |
[17,866,826] |
[4,619,507] |
|
Total Shareholders' Equity |
68,776,615 |
88,080,816 |
101,328,135 |
|
Total Liabilities & Shareholders' Equity |
469,634,561 |
312,434,063 |
210,615,199 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Commission Income |
187,207,881 |
241,904,369 |
186,561,320 |
|
Gain on Exchange Rate |
5,944,890 |
- |
2,335,462 |
|
Other Income |
8,932 |
340,302 |
42,329 |
|
Total Revenues |
193,161,703 |
242,244,671 |
188,939,111 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
106,991,314 |
156,353,267 |
109,964,232 |
|
Selling Expenses |
79,969,635 |
46,364,620 |
- |
|
Administrative Expenses |
56,147,564 |
41,633,566 |
92,784,499 |
|
Loss on Exchange Rate |
- |
280,858 |
- |
|
Total Expenses |
243,108,513 |
244,632,311 |
202,748,731 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[49,946,810] |
[2,387,640] |
[13,809,620] |
|
Financial Cost |
[1,130,551] |
[1,659,977] |
[1,210,013] |
|
Profit / [Loss before Income
Tax |
[51,077,361] |
[4,047,617] |
[15,019,633] |
|
Income Tax |
- |
[9,199,702] |
[4,373,461] |
|
|
|
|
|
|
Net Profit / [Loss] |
[51,077,361] |
[13,247,319] |
[19,393,094] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.17 |
1.39 |
1.83 |
|
QUICK RATIO |
TIMES |
1.16 |
1.38 |
1.83 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
812.94 |
911.14 |
485.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.40 |
0.77 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
870.11 |
466.44 |
389.27 |
|
RECEIVABLES TURNOVER |
TIMES |
0.42 |
0.78 |
0.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1,258.40 |
431.06 |
326.21 |
|
CASH CONVERSION CYCLE |
DAYS |
(388.28) |
35.38 |
63.07 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
57.15 |
64.63 |
58.94 |
|
SELLING & ADMINISTRATION |
% |
72.71 |
36.38 |
49.73 |
|
INTEREST |
% |
0.60 |
0.69 |
0.65 |
|
GROSS PROFIT MARGIN |
% |
46.03 |
35.51 |
42.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(26.68) |
(0.99) |
(7.40) |
|
NET PROFIT MARGIN |
% |
(27.28) |
(5.48) |
(10.40) |
|
RETURN ON EQUITY |
% |
(74.27) |
(15.04) |
(19.14) |
|
RETURN ON ASSET |
% |
(10.88) |
(4.24) |
(9.21) |
|
EARNING PER SHARE |
BAHT |
(2.55) |
(0.66) |
(0.97) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.72 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.83 |
2.55 |
1.08 |
|
TIME INTEREST EARNED |
TIMES |
(44.18) |
(1.44) |
(11.41) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(22.61) |
29.66 |
|
|
OPERATING PROFIT |
% |
1,991.89 |
(82.71) |
|
|
NET PROFIT |
% |
(285.57) |
31.69 |
|
|
FIXED ASSETS |
% |
(13.26) |
(30.89) |
|
|
TOTAL ASSETS |
% |
50.31 |
48.34 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -22.61%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
46.03 |
Impressive |
Industrial
Average |
11.35 |
|
Net Profit Margin |
(27.28) |
Deteriorated |
Industrial
Average |
0.49 |
|
Return on Assets |
(10.88) |
Deteriorated |
Industrial
Average |
0.85 |
|
Return on Equity |
(74.27) |
Deteriorated |
Industrial
Average |
2.34 |
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 46.03%. 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 -27.28%.
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 -10.88%.
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 -74.27%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY
: SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.17 |
Satisfactory |
Industrial
Average |
1.43 |
|
Quick Ratio |
1.16 |
|
|
|
|
Cash Conversion Cycle |
(388.28) |
|
|
|
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 1.17 times in 2013, decreased from 1.39 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 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 1.16 times in 2013,
decreased from 1.38 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 -389 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
5.83 |
Risky |
Industrial
Average |
1.64 |
|
Times Interest Earned |
(44.18) |
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 -44.18 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 0.85 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 Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
812.94 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.40 |
Deteriorated |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
4.98 |
|
Receivables Conversion Period |
870.11 |
|
|
|
|
Receivables Turnover |
0.42 |
Deteriorated |
Industrial
Average |
3.07 |
|
Payables Conversion Period |
1,258.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.42 and
The company's Total Asset Turnover is calculated as 0.4 times and 0.77
times in 2013 and 2012 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.56 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.76.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.