MIRA INFORM REPORT
|
Report No. : |
348188 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACME 1975 CO., LTD. |
|
|
|
|
Formerly Known As : |
KITTIWIN CO., LTD. |
|
|
|
|
Registered Office : |
12/399 Moo 15, Bangna-Trad Road, T. Bangkaew, A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.10.2010 |
|
|
|
|
Com. Reg. No.: |
0115553013975 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting wide range
of wooden furniture
such as kitchenware, bedroom
set, living room
set, house ware
and others, under
its own brand
“ACME”. |
|
|
|
|
No. of Employees : |
300 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
Name
ACME 1975 CO., LTD.
[FORMER : KITTIWIN
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 12/399 MOO 15,
BANGNA-TRAD ROAD,
T.
BANGKAEW, A. BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2743-0587
FAX : [66] 2397-4052
E-MAIL ADDRESS : acme@acmethai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2010
REGISTRATION NO. : 0115553013975
TAX ID NO. : 3034159409
CAPITAL REGISTERED : BHT.
200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KRITSADA PRAJNABHAKTI,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 300
LINES OF BUSINESS : WOODEN FURNITURE
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 October
20, 2010 as
a private limited
company under the
originally registered name “Kittiwin Co.,
Ltd.”, by Thai
group. On January 30,
2014, its registered
name was changed
to ACME 1975 CO., LTD. Its business
objective is to
manufacture and distribute
various kinds of
wooden furniture to both domestic
and international markets.
It currently employs
approximately 300 staff.
The subject’s registered
address is 12/399
Moo 15, Bangna-Trad
Road, T. Bangkaew, A. Bangplee,
Samutprakarn 10540, and
this is the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Krittima Prajnabhakti |
[x] |
Thai |
46 |
|
Mr. Krit Prajnabhakti |
[x] |
Thai |
43 |
|
Mr. Kritsada Prajnabhakti |
[x] |
Thai |
47 |
|
Mr. Wallop Adhikomprapa |
|
Thai |
71 |
|
Mr. Suchat Boonbanjerdsri |
|
Thai |
55 |
|
Mr. Tawee Kullertprasert |
|
Thai |
41 |
|
Ms. Tipporn Laosunthra |
|
Thai |
38 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kritsada Prajnabhakti is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Tawee Kullertprasert is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of wooden
furniture such as
kitchenware, bedroom set,
living room set,
house ware and
others, under its
own brand “ACME”.
The subject also provides
related services of
wooden furniture installation,
design and decoration
of kitchen room,
bedroom and guestroom.
PURCHASE
Raw materials, mainly
teak wood, rubber
wood and rose
wood, as well
as accessories are
purchased from suppliers
both domestic and
overseas in U.S.A.,
Myanmar, Malaysia, India
and Germany.
SALES
The products are
sold and serviced
to traders and
end-users, mainly hotel
& restaurant, housing and
condominium projects. 60%
of the products
is exported to
U.S.A., Republic of China, Japan,
Hong Kong, Taiwan, Australia and the countries
in Europe and Middle
East, the remaining
40% is sold
locally.
RELATED AND
AFFILIATED COMPANY
Acme Industries Co.,
Ltd.
Business Type :
Manufacturer and distributor of
wooden furniture
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 300 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
Factory and warehouse
are located at
99 Moo 4,
Bangna-Trad Road, T. Bangpleenoi,
A. Bangbor, Samutprakarn 10560.
Note:
Refer to your
given name “FOI
ACME 1975 CO.,
LTD.”, please be
informed that, the
correct name is
“ACME 1975 CO.,
LTD.”
COMMENT
The subject’s operating
performance in 2014
was satisfactory with
an increase in
both sales revenues
and net profit
comparing to the previous
year. Generally, the subject enjoys its
business growth in
line with improvement
and growth of
related industries.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into 500,000 shares of
Bht. 10
each with fully
paid.
The capital was
increased later as
follows:
Bht. 20,000,000
on June 3,
2013
Bht. 170,000,000
on January 30,
2014
Bht. 200,000,000
on January 29,
2015
The latest registered
capital was increased
to Bht. 200,000,000
divided into 20,000,000
shares of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Poonchai Silpachaisri Nationality: Thai Address : 429/69
Moo 9, Rajburana,
Bangkok |
7,750,000 |
38.75 |
|
Mrs. Pitiporn Viriyaamornkij Nationality: Thai Address : 142
Soi Chan 16,
Thungwatdon,
Sathorn, Bangkok |
4,250,000 |
21.25 |
|
Mr. Wallop Adhikomprapa Nationality: Thai Address : 345/8
Soi Sukhumvit 31,
Klongtonnua,
Klongtoey, Bangkok |
4,000,000 |
20.00 |
|
Mr. Suchat Boonbanjerdsri Nationality: Thai Address : 1092/276
Moo 12, Bangna,
Bangkok |
4,000,000 |
20.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
20,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Suphat Upanikkhit No.
1542
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,275,859.27 |
699,765.91 |
115,260.85 |
|
Trade Accounts &
Other Receivable |
75,868,668.24 |
11,087,640.33 |
- |
|
Inventories |
33,011,850.90 |
12,837,980.44 |
- |
|
Other Current Assets
|
46,200,503.87 |
15,522,842.57 |
1,174,598.16 |
|
|
|
|
|
|
Total Current Assets
|
158,356,882.28 |
40,148,229.25 |
1,289,859.01 |
|
|
|
|
|
|
Fixed Assets |
111,593,097.58 |
1,574,673.98 |
- |
|
Total Assets |
271,122,541.87 |
41,722,903.23 |
1,289,859.01 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
32,158,339.65 |
14,390,325.38 |
- |
|
Trade Accounts & Other
Payable |
38,934,301.10 |
3,655,423.28 |
- |
|
Current Portion of
Long-term Liabilities |
323,184.00 |
323,184.00 |
- |
|
Accrued Income Tax |
604,516.11 |
- |
- |
|
Other Current Liabilities |
172,492.16 |
20,000.00 |
10,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
72,192,833.02 |
18,388,932.66 |
10,000.00 |
|
Long-term Loans |
20,900,000.00 |
969,552.00 |
- |
|
Other Non-current Liabilities |
841,959.64 |
- |
- |
|
Total Liabilities |
93,934,792.66 |
19,358,484.66 |
10,000.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized and
issued share capital 17,000,000 shares in
2014 & 2013, 2,000,000 shares in
2012 |
170,000,000.00 |
170,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
170,000,000.00 |
20,000,000.00 |
1,250,000.00 |
|
Retained Earning Unappropriated [Deficit] |
7,187,749.21 |
2,364,418.57 |
29,859.01 |
|
Total Shareholders' Equity |
177,187,749.21 |
22,364,418.57 |
1,279,859.01 |
|
Total Liabilities & Shareholders' Equity |
271,122,541.87 |
41,722,903.23 |
1,289,859.01 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
112,958,090.26 |
38,740,560.31 |
7,094,618.04 |
|
Other Income |
5,230,023.57 |
6,671.49 |
11,949.39 |
|
Total Revenues |
118,188,113.83 |
38,747,231.80 |
7,106,567.43 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
87,114,154.30 |
25,454,080.85 |
7,037,383.18 |
|
Selling Expenses |
1,472,750.49 |
- |
- |
|
Administrative Expenses |
22,064,934.38 |
10,221,583.16 |
10,250.23 |
|
Total Expenses |
110,651,839.17 |
35,675,664.01 |
7,047,633.41 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
7,536,274.66 |
3,071,567.79 |
58,934.02 |
|
Financial Cost |
[1,500,560.07] |
[153,368.34] |
[2,380.00] |
|
Profit / [Loss] before Income
Tax |
6,035,714.59 |
2,918,199.45 |
58,934.02 |
|
Income Tax |
[1,212,383.95] |
[583,639.89] |
- |
|
Net Profit / [Loss] |
4,823,330.64 |
2,334,559.56 |
58,934.02 |
|
Retained Earning, Beginning
of Year |
2,364,418.57 |
29,859.01 |
[29,075.01] |
|
|
|
|
|
|
Retained Earning, End of Year |
7,187,749.21 |
2,364,418.57 |
29,859.01 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.19 |
2.18 |
128.99 |
|
QUICK RATIO |
TIMES |
1.10 |
0.64 |
11.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.01 |
24.60 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.42 |
0.93 |
5.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
138.32 |
184.09 |
- |
|
INVENTORY TURNOVER |
TIMES |
2.64 |
1.98 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
245.15 |
104.46 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
1.49 |
3.49 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
163.13 |
52.42 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
220.34 |
236.14 |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.12 |
65.70 |
99.19 |
|
SELLING & ADMINISTRATION |
% |
20.84 |
26.38 |
0.14 |
|
INTEREST |
% |
1.33 |
0.40 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
27.51 |
34.31 |
0.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.67 |
7.93 |
0.83 |
|
NET PROFIT MARGIN |
% |
4.27 |
6.03 |
0.83 |
|
RETURN ON EQUITY |
% |
2.72 |
10.44 |
4.60 |
|
RETURN ON ASSET |
% |
1.78 |
5.60 |
4.57 |
|
EARNING PER SHARE |
BAHT |
0.28 |
1.17 |
0.47 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.35 |
0.46 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.53 |
0.87 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
5.02 |
20.03 |
24.76 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
191.58 |
446.06 |
|
|
OPERATING PROFIT |
% |
145.36 |
5,111.88 |
|
|
NET PROFIT |
% |
106.61 |
3,861.31 |
|
|
FIXED ASSETS |
% |
6,986.74 |
- |
|
|
TOTAL ASSETS |
% |
549.82 |
3,134.69 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 191.58%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.51 |
Impressive |
Industrial Average |
1.77 |
|
Net Profit Margin |
4.27 |
Impressive |
Industrial Average |
1.89 |
|
Return on Assets |
1.78 |
Acceptable |
Industrial Average |
2.83 |
|
Return on Equity |
2.72 |
Deteriorated |
Industrial Average |
6.45 |
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 27.51%. 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 4.27%, 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. When compared with the
industry average, it was lower, the company's figure is 1.78%.
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 2.72%.
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 |
2.19 |
Impressive |
Industrial Average |
1.34 |
|
Quick Ratio |
1.10 |
|
|
|
|
Cash Conversion Cycle |
220.34 |
|
|
|
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 2.19 times in 2014, increased from 2.18 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 1.1 times in 2014,
increased from 0.64 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 221 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.35 |
Impressive |
Industrial Average |
0.52 |
|
Debt to Equity Ratio |
0.53 |
Impressive |
Industrial Average |
1.07 |
|
Times Interest Earned |
5.02 |
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 5.03 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 0.35 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.01 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.42 |
Deteriorated |
Industrial Average |
1.50 |
|
Inventory Conversion Period |
138.32 |
|
|
|
|
Inventory Turnover |
2.64 |
Acceptable |
Industrial Average |
4.39 |
|
Receivables Conversion Period |
245.15 |
|
|
|
|
Receivables Turnover |
1.49 |
Deteriorated |
Industrial Average |
4.41 |
|
Payables Conversion Period |
163.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.49 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 184 days at the end of 2013
to 138 days at the end of 2014. This represents a positive trend. And Inventory
turnover has increased from 1.98 times in year 2013 to 2.64 times in year 2014.
The company's Total Asset Turnover is calculated as 0.42 times and 0.93
times in 2014 and 2013 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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.57 |
|
|
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.