MIRA INFORM REPORT
|
Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
GENERAL
KINEMATICS CORPORATION [THAILAND] LTD. |
|
|
|
|
Registered Office : |
10 MOO
5, Talingchan-Suphanburi Road, T. Laharn, A. Bangbuathong, Nonthaburi 11110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
11.03.2009 |
|
|
|
|
Com. Reg. No.: |
0105552025368 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged
in importing and
distributing wide range
of vibrating equipment,
such as foundry
and metal casting
equipment, recycling equipment,
mining and minerals
equipment, bulk processing
equipment, waste to
energy solution, forestry
wood and handling
solutions, as well
as providing of
design and installation services
of the products. |
|
|
|
|
No. of Employees : |
25 |
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 – 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 and address
GENERAL
KINEMATICS CORPORATION [THAILAND]
LTD.
SUMMARY
BUSINESS
ADDRESS : 10
MOO 5, TALINGCHAN-SUPHANBURI ROAD,
T.
LAHARN, A. BANGBUATHONG,
NONTHABURI 11110,
THAILAND
TELEPHONE : [66] 2589-2130
FAX :
[66] 2591-4587
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION NO. : 0105552025368
TAX
ID NO. : 3033401004
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : AMERICAN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LASZLO KELEMEN,
AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 25
LINES
OF BUSINESS : VIBRATING EQUIPMENT
IMPORTER AND
DISTRIBUTOR
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 March 11,
2009 as a private
limited company under
the registered name
GENERAL KINEMATICS CORPORATION
[THAILAND] LTD., by American
group, with the business
objective to supply
products and provide
service wide range
of vibrating equipment.
It currently employs
25 staff.
The
subject is a
wholly owned subsidiary
of General Kinematics
Corporation in U.S.A.
The
subject’s registered address
is 10 Moo
5, Talingchan-Suphanburi Road,
T. Laharn, A. Bangbuathong, Nonthaburi
11110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paul Rene Musschoot |
|
American |
67 |
|
Mr. Thomas Paul Musschoot |
|
American |
37 |
|
Mr. William Cook Acton |
|
American |
61 |
|
Mr. Laszlo Kelemen |
[x] |
American |
63 |
AUTHORIZED
PERSON
1. Any of the
above directors, except
the mentioned director
[x], can sign
on behalf of
the subject
with company’s affixed.
2. In case of
government documentary, the
mentioned director [x]
can sign on
behalf
of the
subject with company’s
affixed.
MANAGEMENT
Mr. Laszlo Kelemen is
the Managing Director.
He is American
nationality with the age of 63
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
vibrating equipment, such
as foundry and
metal casting equipment,
recycling equipment, mining
and minerals equipment,
bulk processing equipment,
waste to energy
solution, forestry wood
and handling solutions,
as well as
providing of design
and installation services
of the products.
MAJOR BRAND
“PANGBORN”, “SAVELLI”,
“VIBROTECH”, “OMCO”, “OUTOTEC”,
“CASTMET”, “SYNCRO-COIL” and
etc.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers in U.S.A.,
Germany, Japan and
Republic of China.
MAJOR
SUPPLIER
General
Kinematics Corporation : U.S.A.
Taiyo
machinery Co., Ltd. : Japan
Frolich
& Klupfel
Drucklufttechnik GmbH. : Germany
SALES
100% of the
products is sold
locally to wholesalers,
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
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 sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
25 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in provincial, on
the outskirts of Bangkok.
COMMENT
The
subject is an importer
and distributor of
vibrating equipment for
various industries. Its
sales in 2013
was dropped comparing
to the previous
year’s level due
to a slowdown
of demand of
the products and
services from related
industries. However, it
expects an improvement
in the business
performance this year.
NOTE
Refer
to your given
the subject’s name,
KINEMATICS CORPORATION [THAILAND]
LTD., please be
informed that, the
correct name is
GENERAL KINEMATICS CORPORATION
[THAILAND] LTD.
FINANCIAL
INFORMATION
The capital was registered
at Bht. 3,000,000 divided
into 30,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
General Kinematics Corporation
Nationality: American Address : 175 West Jackson Blvd.,
Suite 1600. Chicago, Illinois, U.S.A. |
29,998 |
99.99 |
|
Mr. Thomas Paul Musschoot Nationality: American Address : 4013
Millstream Road, Marengo,
Illinois, U.S.A.
|
1 |
= 0.01 |
|
Mr. Paul Rene Musschoot Nationality: American Address : 19210
Kishwaukee Valley Road,
Marengo, Illinois, U.S.A. |
1 |
|
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - American |
3 |
30,000 |
100.00 |
|
Total |
3 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Niramol Kevalee No.
7966
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 |
24,178,149.66 |
7,579,302.44 |
61,638,459.65 |
|
Trade Accounts &
Other Receivable |
10,274,906.79 |
37,919,431.84 |
13,328,286.62 |
|
Inventories |
48,678,706.88 |
24,544,469.22 |
8,939,827.05 |
|
Other Current Assets
|
20,976,550.77 |
24,869,933.53 |
11,598,062.14 |
|
|
|
|
|
|
Total Current Assets
|
104,108,313.90 |
94,913,137.03 |
95,504,635.46 |
|
|
|
|
|
|
Fixed Assets |
6,902.07 |
17,333.59 |
71,669.48 |
|
Total Assets |
104,115,215.97 |
94,930,470.62 |
95,576,304.94 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable
|
35,133.41 |
- |
12,298,126.98 |
|
Accrued Income Tax |
3,235,184.78 |
5,077,498.02 |
16,676,513.51 |
|
Other Current Liabilities |
22,566,752.95 |
31,739,891.50 |
6,900,566.50 |
|
|
|
|
|
|
Total Current Liabilities |
25,837,071.14 |
36,817,389.52 |
35,875,206.99 |
|
Long-term Loan from Person or Other |
4,001,012.69 |
3,140,950.00 |
6,361,750.00 |
|
Total Liabilities |
29,838,083.83 |
39,958,339.52 |
42,236,956.99 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
71,277,132.14 |
51,972,131.10 |
50,339,347.95 |
|
Total Shareholders' Equity |
74,277,132.14 |
54,972,131.10 |
53,339,347.95 |
|
Total Liabilities &
Shareholders' Equity |
104,115,215.97 |
94,930,470.62 |
95,576,304.94 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
78,846,339.57 |
115,895,230.92 |
178,118,765.50 |
|
Other Income |
4,871,060.27 |
345,328.60 |
3,958,587.28 |
|
Total Revenues |
83,717,399.84 |
116,240,559.52 |
182,077,352.78 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
44,593,803.01 |
75,689,051.71 |
107,129,600.11 |
|
Selling Expenses |
7,205,148.25 |
3,294,652.47 |
9,070,934.63 |
|
Administrative Expenses |
5,340,200.29 |
5,929,229.14 |
4,859,425.01 |
|
Other Expenses |
1,898,901.70 |
166,621.78 |
23,564.33 |
|
Total Expenses |
59,038,053.25 |
85,079,555.10 |
121,083,524.08 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
24,679,346.59 |
31,161,004.42 |
60,993,828.70 |
|
Financial Costs |
[73,369.87] |
[127,100.32] |
- |
|
Profit / [Loss] before Income
Tax |
24,605,976.72 |
31,033,904.10 |
60,993,828.70 |
|
Income Tax |
[5,300,975.68] |
[7,176,120.95] |
[18,032,717.91] |
|
|
|
|
|
|
Net Profit / [Loss] |
19,305,001.04 |
23,857,783.15 |
42,961,110.79 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.03 |
2.58 |
2.66 |
|
QUICK RATIO |
TIMES |
1.33 |
1.24 |
2.09 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11,423.58 |
6,686.16 |
2,485.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.76 |
1.22 |
1.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
398.43 |
118.36 |
30.46 |
|
INVENTORY TURNOVER |
TIMES |
0.92 |
3.08 |
11.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.57 |
119.42 |
27.31 |
|
RECEIVABLES TURNOVER |
TIMES |
7.67 |
3.06 |
13.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.29 |
- |
41.90 |
|
CASH CONVERSION CYCLE |
DAYS |
445.71 |
237.79 |
15.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
56.56 |
65.31 |
60.15 |
|
SELLING & ADMINISTRATION |
% |
15.91 |
7.96 |
7.82 |
|
INTEREST |
% |
0.09 |
0.11 |
- |
|
GROSS PROFIT MARGIN |
% |
49.62 |
34.99 |
42.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
31.30 |
26.89 |
34.24 |
|
NET PROFIT MARGIN |
% |
24.48 |
20.59 |
24.12 |
|
RETURN ON EQUITY |
% |
25.99 |
43.40 |
80.54 |
|
RETURN ON ASSET |
% |
18.54 |
25.13 |
44.95 |
|
EARNING PER SHARE |
BAHT |
643.50 |
795.26 |
1,432.04 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.29 |
0.42 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.73 |
0.79 |
|
TIME INTEREST EARNED |
TIMES |
336.37 |
245.17 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(31.97) |
(34.93) |
|
|
OPERATING PROFIT |
% |
(20.80) |
(48.91) |
|
|
NET PROFIT |
% |
(19.08) |
(44.47) |
|
|
FIXED ASSETS |
% |
(60.18) |
(75.81) |
|
|
TOTAL ASSETS |
% |
9.68 |
(0.68) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is
-31.97%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
49.62 |
Impressive |
Industrial
Average |
43.19 |
|
Net Profit Margin |
24.48 |
Impressive |
Industrial
Average |
4.50 |
|
Return on Assets |
18.54 |
Impressive |
Industrial
Average |
7.04 |
|
Return on Equity |
25.99 |
Impressive |
Industrial
Average |
16.65 |
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. Gross Profit Margin is
49.62%. 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. Net Profit Margin ratio is 24.48%,
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
18.54%, 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 25.99%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
4.03 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.33 |
|
|
|
|
Cash Conversion Cycle |
445.71 |
|
|
|
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 4.03 times in 2013, increase from 2.58 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 1.33 times in 2013,
increase from 1.24 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 446 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial
Average |
1.32 |
|
Times Interest Earned |
336.37 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 336.37 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 0.29 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
11,423.58 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.76 |
Deteriorated |
Industrial
Average |
1.56 |
|
Inventory Conversion Period |
398.43 |
|
|
|
|
Inventory Turnover |
0.92 |
Deteriorated |
Industrial
Average |
3.70 |
|
Receivables Conversion Period |
47.57 |
|
|
|
|
Receivables Turnover |
7.67 |
Impressive |
Industrial
Average |
3.87 |
|
Payables Conversion Period |
0.29 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.67 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 increased from 118 days at the
end of 2012 to 398 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 3.08 times in year 2012 to 0.92 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.76 times and 1.22
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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PDT |
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.