MIRA INFORM REPORT
|
Report No. : |
347866 |
|
Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
IWK [THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
OYSTAR [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
888/45 Moo 19, Soi Yingcharoen, Bangplee-Tamru Road, Bangpleeyai, Bangplee |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
31.03.1999 |
|
|
|
|
Com. Reg. No.: |
0115542001792 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer,
exporter and distributor
of packaging machinery,
spare parts and
related equipments, mainly for
consumer goods, pharmaceutical and
cosmetic industries. |
|
|
|
|
No. of Employees : |
90 |
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 |
A2 |
|
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, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
name
IWK [THAILAND]
LIMITED
[FORMER
: OYSTAR [THAILAND]
LIMITED]
SUMMARY
BUSINESS ADDRESS : 888/45 MOO
19, SOI YINGCHAROEN,
BANGPLEE-TAMRU ROAD,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE
: [66]
2382-5440-6, 081 831-2489
FAX :
[66] 2382-5447,
2382-5449
E-MAIL ADDRESS : info@iwk-thai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542001792 [Former
: SOR POR.
8828]
TAX ID NO. : 3021012519
CAPITAL REGISTERED : BHT.
2,100,000
CAPITAL PAID-UP : BHT.
2,100,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR
CLOSING DATE : MARCH 31,
[Former : DECEMBER 31]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
MATTHIAS JUNGLING, GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 90
LINES OF
BUSINESS : PACKAGING MACHINERY
& EQUIPMENT
IMPORTER, DISTRIBUTOR
& EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD FOR
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
March 31, 1999
as a private
limited company under
the originally registered
name “IKW Packaging
Machinery Limited” by
German groups, in
order to import
and distribute packaging
machinery and equipment
to local market.
On May 12, 2010,
its name was
changed to “Oystar
[Thailand] Limited”, and
was finally changed to IWK [THAILAND] LIMITED
on October 14, 2013. Subject
currently employs approximately
90 staff.
It is
a wholly owned
subsidiary of IWK
Verpackungstechnik GmbH from
Germany.
The subject’s
registered address was
initially at 49/45
Moo 9, Srinakarin
Rd., Bangna, Bangkok
10260.
In June 2006, subject’s
registered address was
relocated to 888/45 Moo 19, Soi
Yingcharoen, Bangplee-Tamru Rd.,
Bangpleeyai, Bangplee, Samutprakarn 10540,
and this is the company’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
|
Mr.
Matthias Jungling
|
German |
48 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with the company’s
affixed.
MANAGEMENT
Mr. Matthias Jungling
is the Managing
Director.
He is
German nationality with
the age of 48
years old.
Mr. Andreas Julianto
is the Engineering
Manager.
He is
German nationality.
Mr. Apichart
Lerschaianan is the
Sales Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer, exporter
and distributor of
packaging machinery, spare
parts and related
equipments, mainly for
consumer goods, pharmaceutical and
cosmetic industries.
It is an
exclusive agent of
IWK Verpackungstechnik GmbH
in Germany, providing
engineering consultancy, repair
and maintenance services
of the products.
IMPORT [COUNTRIES]
Most of the
products are imported
from United Kingdom, Republic
of China, Korea,
India, Taiwan, United
States of America,
Canada and Germany,
the rest is
purchased locally.
MAJOR SUPPLIERS
Benz &
Hilgers GmbH :
Germany
ATS Automation Tooling
System Inc. : Canada
SALES [LOCAL]
90% of the
products is sold
and serviced locally
to end-users mainly
manufacturers.
EXPORT
10% of the
products is exported
to Indonesia and
Vietnam.
PARENT COMPANY
IWK
Verpackungstechnik GmbH : Germany
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
credit term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold to customers
by cash and
credit, with the
maximum credit given
at 30-60 days. The
subject is not
found to have
problem on both
accounts receivable and accounts
payable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank
Public Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 90 staff.
[office, sales staff,
engineers and workers]
LOCATION DETAILS
The premise is
rented for administrative office
and warehouse at the heading
address. Premise is
located in industrial
area.
COMMENT
The subject has attained
a solid business
status over year’s
efforts. Its general
situation was favorable
and witnessing stable
growth in its
business turnover.
The packaging sector
remains healthy. High technology
for the packaging industry also has potential
for local industries
in order to upgrade
their products and
playing the great
role to improve
competitiveness in world
market.
The subject’s business
performance remains strong
with the promising
markets both local
and overseas.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,100,000 divided into
21,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE:
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
IWK
Verpackungstechnik GmbH
Nationality: German Address : Lorenzstraze 6, D-76297
Stutensee, Germany |
20,998 |
100.00 |
|
Mr. Matthias Jungling Nationality: German Address : Germany |
1 |
- |
|
Mr. Deter V.
Greulich Nationality: German Address : Germany |
1 |
- |
Total Shareholders : 3
Share Structure [as at
April 30, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - German |
3 |
21,000 |
100.00 |
|
Total |
3 |
21,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Opawadee
Metheetrairat No. 3685
BALANCE
SHEET [BAHT]
The latest
financial figures published as at March
31, 2015 &
2014 & December 31,
2013 were:
ASSETS
|
Current
Assets |
Mar. 31,
2015 |
Mar. 31,
2014 |
Dec. 31,
2013 |
|
|
|
|
|
|
Cash and Cash Equivalents |
6,739,574 |
4,412,878 |
8,001,447 |
|
Short-term Investment |
2,368 |
2,321 |
2,321 |
|
Trade Accounts & Other
Receivable |
50,381,408 |
40,617,806 |
57,940,388 |
|
Inventories
|
86,336,476 |
86,378,350 |
64,256,996 |
|
Refundable Value Added Tax |
75,126,010 |
63,488,500 |
59,264,643 |
|
Other Current Assets
|
2,631,441 |
1,677,601 |
2,046,559 |
|
Total Current Assets |
221,217,277 |
196,577,456 |
191,512,354 |
|
Fixed Assets
|
8,823,342 |
8,196,344 |
8,262,163 |
|
Intangible Assets |
5,985,597 |
7,488,143 |
7,687,177 |
|
Deposit |
6,760,742 |
6,635,369 |
6,776,498 |
|
Total Assets |
242,786,958 |
218,897,312 |
214,238,192 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
Mar. 31,
2015 |
Mar. 31, 2014 |
Dec. 31,
2013 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial Institutions |
39,142,216 |
23,226,993 |
18,703,804 |
|
Trade Accounts & Other
Payable |
77,398,823 |
90,585,578 |
93,453,601 |
|
Accrued Income Tax |
3,140,028 |
3,315,986 |
2,898,135 |
|
Other Current Liabilities |
5,574,753 |
5,138,824 |
2,937,225 |
|
|
|
|
|
|
Total Current Liabilities |
125,255,820 |
122,267,381 |
117,992,765 |
|
Reserve for Employee
Benefit |
689,938 |
689,938 |
689,938 |
|
Total Liabilities |
125,945,758 |
122,957,319 |
118,682,703 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 100 par
value authorized, issued
and fully paid share
capital 21,000 shares |
2,100,000 |
2,100,000 |
2,100,000 |
|
|
|
|
|
|
Capital Paid |
2,100,000 |
2,100,000 |
2,100,000 |
|
Retained Earning Appropriated for Statutory Reserve |
210,000 |
210,000 |
210,000 |
|
Unappropriated |
114,531,200 |
93,629,993 |
93,245,489 |
|
Total Shareholders' Equity |
116,841,200 |
95,939,993 |
95,555,489 |
|
Total Liabilities
& Shareholders' Equity |
242,786,958 |
218,897,312 |
214,238,192 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Mar. 31,
2015 |
Mar. 31,
2014 |
Dec. 31,
2013 |
|
|
|
|
|
|
Sales & Services Income |
434,393,972 |
87,527,354 |
367,234,245 |
|
Commission Income |
7,581,694 |
38,881 |
4,890,205 |
|
Profit/[Loss] on
Exchange Rate |
7,638,998 |
- |
4,120,990 |
|
Other Income |
897,139 |
3,677 |
2,316,489 |
|
Total Revenues |
450,511,803 |
87,569,912 |
378,561,929 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
352,759,466 |
66,571,621 |
264,311,408 |
|
Selling Expenses |
12,543,414 |
3,268,965 |
24,269,138 |
|
Administrative
Expenses |
56,711,996 |
16,700,600 |
68,836,797 |
|
Total Expenses |
422,014,876 |
86,541,186 |
357,417,343 |
|
|
|
|
|
|
Profit/[Loss]
before Financial Cost
& Income Tax |
28,496,927 |
1,028,726 |
21,144,586 |
|
Financial Cost |
[1,328,701] |
[223,008] |
[1,503,331] |
|
Profit/[Loss]
before Income Tax |
27,168,226 |
805,718 |
19,641,255 |
|
Income Tax |
[6,267,019] |
[421,214] |
[4,907,573] |
|
|
|
|
|
|
Net Profit/[Loss] |
20,901,207 |
384,504 |
14,733,682 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.77 |
1.61 |
1.62 |
|
QUICK RATIO |
TIMES |
1.06 |
0.89 |
1.06 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
49.23 |
10.68 |
44.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
0.40 |
1.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
89.33 |
473.60 |
88.74 |
|
INVENTORY TURNOVER |
TIMES |
4.09 |
0.77 |
4.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
42.33 |
169.38 |
57.59 |
|
RECEIVABLES TURNOVER |
TIMES |
8.62 |
2.15 |
6.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.08 |
496.66 |
129.05 |
|
CASH CONVERSION CYCLE |
DAYS |
51.58 |
146.31 |
17.27 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.21 |
76.06 |
71.97 |
|
SELLING & ADMINISTRATION |
% |
15.94 |
22.82 |
25.35 |
|
INTEREST |
% |
0.31 |
0.25 |
0.41 |
|
GROSS PROFIT MARGIN |
% |
22.50 |
23.99 |
31.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.56 |
1.18 |
5.76 |
|
NET PROFIT MARGIN |
% |
4.81 |
0.44 |
4.01 |
|
RETURN ON EQUITY |
% |
17.89 |
0.40 |
15.42 |
|
RETURN ON ASSET |
% |
8.61 |
0.18 |
6.88 |
|
EARNING PER SHARE |
BAHT |
995.30 |
18.31 |
701.60 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.52 |
0.56 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.08 |
1.28 |
1.24 |
|
TIME INTEREST EARNED |
TIMES |
21.45 |
4.61 |
14.07 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
396.30 |
(76.17) |
|
|
OPERATING PROFIT |
% |
2,670.12 |
(95.13) |
|
|
NET PROFIT |
% |
5,335.89 |
(97.39) |
|
|
FIXED ASSETS |
% |
7.65 |
(0.80) |
|
|
TOTAL ASSETS |
% |
10.91 |
2.17 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 396.3%. Turnover has increased
from THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.50 |
Satisfactory |
Industrial
Average |
26.47 |
|
Net Profit Margin |
4.81 |
Satisfactory |
Industrial
Average |
5.37 |
|
Return on Assets |
8.61 |
Impressive |
Industrial
Average |
5.64 |
|
Return on Equity |
17.89 |
Impressive |
Industrial
Average |
11.78 |
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 22.5%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 4.81%. 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. Return on Assets
ratio is 8.61%, 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 17.89%, 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
: SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
1.77 |
Impressive |
Industrial
Average |
1.57 |
|
Quick Ratio |
1.06 |
|
|
|
|
Cash Conversion Cycle |
51.58 |
|
|
|
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 1.77 times in 2014, increased from 1.61 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 1.06
times in 2014, increased from 0.89 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 52 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: IMPRESSIVE
LEVERAGE
RATIO
|
Debt Ratio |
0.52 |
Impressive |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
1.08 |
Acceptable |
Industrial
Average |
1.11 |
|
Times Interest Earned |
21.45 |
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 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 21.45 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 0.52 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 Uptrend
Times Interest Earned Stable
ACTIVITY
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
49.23 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.79 |
Impressive |
Industrial
Average |
1.05 |
|
Inventory Conversion Period |
89.33 |
|
|
|
|
Inventory Turnover |
4.09 |
Impressive |
Industrial
Average |
2.66 |
|
Receivables Conversion Period |
42.33 |
|
|
|
|
Receivables Turnover |
8.62 |
Impressive |
Industrial
Average |
4.18 |
|
Payables Conversion Period |
80.08 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.62
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 474 days at the
end of 2013 to 89 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 0.77 times in year 2013 to 4.09 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.79
times and 0.4 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.68 |
|
UK Pound |
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared by
: |
TRU |
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.