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MIRA
INFORM REPORT
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Report No. : |
493534 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
IMA PACIFIC COMPANY LIMITED |
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Registered Office : |
Unit 5A, 18th Floor, M. Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
24.10.2003 |
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Com. Reg. No.: |
0105546127804 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
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No. of Employees : |
16 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
THAILAND - ECONOMIC
OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
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 : 16
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 registered
name 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 overseas
markets. It currently
employs 16 staff.
Subject is
a wholly owned
subsidiary of IMA 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 registered 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 |
55 |
|
Mr. Giovanni
Pecchioli |
|
Italian |
62 |
|
Mr. Sergio Marzo |
|
Italian |
52 |
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 55
years old.
Ms. Vilasinee
Lomsomboon is the Finance
& Administration Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a commission
agent for a
wide range of
industrial automatic machinery, equipment and parts for foods
& beverage, pharmaceuticals,
packaging, cosmetics,
consumer goods industries and etc.
Subject also provides
consulting service of
industrial machinery, as well
as engineer and
technician procurement.
PURCHASE
The products are
imported from Italy,
Germany, Switzerland, India,
Japan and
Republic of China,
as well as
purchased from local
suppliers.
MAJOR SUPPLIERS
IMA Industria Macchine Automatiche S.p.A. : Italy
IMA Medtech Switzerland
SA. : Switzerland
IMA-PG India Pvt.
Ltd. : India
IMA Life (Beijing)
Pharmaceutical System Co.,
Ltd. : Republic
of China
Ilapak Italia S.p.A. : Italy
SERVICES
The products are served
to customers both local and
overseas, mainly in Vietnam, Malaysia, Brunei,
Indonesia, Singapore, Hong Kong,
Myanmar 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.
CREDIT
Commission
services 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
Company Limited
Kasikornbank
Public Company Limited
EMPLOYMENT
The subject
employs 16 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
and overseas industrial
sectors. The sluggish
economy, slow growth
and decline in
expansion of various
industries have resulted
to a decline in
investment of new
machinery and equipment.
The subject was
inevitably hit and
resulted to a
drastic decrease in
sales & service revenues
and a net
loss in 2015.
Though, the
subject’s operating
performance in 2016
has seen an improvement with
an increase in
sales or service
income and a
decrease in a
net loss comparing
to the previous
year, it still
has a large
amount of retained
earning (deficit) which could
more or less
affect on the
company’s financial liquidity
flow, expansion and
normal business operation
in the future.
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 14, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
IMA 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 Emilia 428/442, Ozzano dell’ Emilia
[Bologna] Italy |
1 |
- |
Total
Shareholders : 3
Share Structure [as at
March 14, 2017]
|
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
Note:
The 2017 financial
statement has not
yet been submitted
to the Commercial
Registration Department, during
investigation.
financial
BALANCE SHEET [BAHT]
The latest financial figures published as
at December 31, 2016, 2015
and 2014 were:
ASSETS
|
Current
Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
5,356,479 |
4,940,379 |
83,078 |
|
Trade Accounts and
Other Receivable |
379,511,163 |
415,226,985 |
552,244,648 |
|
Other Current Assets
|
850,481 |
2,447,918 |
1,318,639 |
|
|
|
|
|
|
Total Current Assets |
385,718,123 |
422,615,282 |
553,646,365 |
|
Computer Programme |
- |
- |
27,864 |
|
Property, Plant and Equipment |
299,635 |
208,533 |
174,332 |
|
Intangible Assets |
- |
31,468 |
- |
|
Other Non-current Assets - Deposit |
560,469 |
512,469 |
411,544 |
|
Total Assets |
386,578,227 |
423,367,752 |
554,260,105 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft
and Short-term Loans from Financial
Institutions |
- |
13,861,840 |
1,112,134 |
|
Trade Accounts and
Other Payable |
321,139,573 |
338,857,591 |
457,175,102 |
|
Short-term Loan from Parent Company |
26,695,340 |
27,859,650 |
28,248,640 |
|
Other Current Liabilities |
333,884 |
212,282 |
95,234 |
|
|
|
|
|
|
Total Current Liabilities |
348,168,797 |
380,791,363 |
486,631,110 |
|
Total Liabilities |
348,168,797 |
380,791,363 |
486,631,110 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 5
par value authorized,
and issued share capital
26,544,000 shares |
132,720,000 |
132,720,000 |
132,720,000 |
|
|
|
|
|
|
Capital Paid |
132,720,000 |
132,720,000 |
132,720,000 |
|
Retained Earnings:
[Deficit] Appropriated for
Statutory Reserve |
5,947,642 |
5,947,642 |
5,947,642 |
|
Unappropriated |
[100,258,212] |
[96,091,253] |
[71,038,647] |
|
Total Shareholders'
Equity |
38,409,430 |
42,576,389 |
67,628,995 |
|
Total
Liabilities and Shareholders' Equity |
386,578,227 |
423,367,752 |
554,260,105 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sale or Services
Income |
225,117,220 |
174,502,734 |
270,395,805 |
|
Interest Income |
804 |
784 |
- |
|
Gain on Exchange Rate |
- |
- |
670,597 |
|
Other Income |
5,912,710 |
2,969,675 |
1,228 |
|
Total Revenues |
231,030,734 |
177,473,193 |
271,067,630 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Service |
- |
95,841,260 |
159,083,057 |
|
Other Expenses |
234,121,389 |
- |
- |
|
Selling Expenses |
- |
58,504,199 |
58,575,044 |
|
Administrative
Expenses |
- |
47,203,865 |
54,305,504 |
|
Total Expenses |
234,121,389 |
201,549,324 |
271,963,605 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost |
[3,090,655] |
[24,076,131] |
[895,975] |
|
Financial Cost |
[1,076,304] |
[976,475] |
[1,198,485] |
|
|
|
|
|
|
Net Profit / [Loss]
|
[4,166,959] |
[25,052,606] |
[2,094,460] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.11 |
1.11 |
1.14 |
|
QUICK RATIO |
TIMES |
1.11 |
1.10 |
1.14 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
751.30 |
836.81 |
1,551.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.41 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
615.33 |
868.51 |
745.46 |
|
RECEIVABLES TURNOVER |
TIMES |
0.59 |
0.42 |
0.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
1,290.50 |
1,048.94 |
|
CASH CONVERSION CYCLE |
DAYS |
615.33 |
(421.99) |
(303.48) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
54.92 |
58.83 |
|
SELLING & ADMINISTRATION |
% |
- |
60.58 |
41.75 |
|
INTEREST |
% |
0.48 |
0.56 |
0.44 |
|
GROSS PROFIT MARGIN |
% |
102.63 |
46.78 |
41.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.37) |
(13.80) |
(0.33) |
|
NET PROFIT MARGIN |
% |
(1.85) |
(14.36) |
(0.77) |
|
RETURN ON EQUITY |
% |
(10.85) |
(58.84) |
(3.10) |
|
RETURN ON ASSET |
% |
(1.08) |
(5.92) |
(0.38) |
|
EARNING PER SHARE |
BAHT |
(0.16) |
(0.94) |
(0.08) |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.90 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.06 |
8.94 |
7.20 |
|
TIME INTEREST EARNED |
TIMES |
(2.87) |
(24.66) |
(0.75) |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
29.00 |
(35.46) |
|
|
OPERATING PROFIT |
% |
(87.16) |
2,587.14 |
|
|
NET PROFIT |
% |
83.37 |
(1,096.14) |
|
|
FIXED ASSETS |
% |
43.69 |
19.62 |
|
|
TOTAL ASSETS |
% |
(8.69) |
(23.62) |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 29%. Turnover has increased from
THB 174,502,734.00 in 2015 to THB 225,117,220.00 in 2016. While net profit has
increased from THB -25,052,606.00 in 2015 to THB -4,166,959.00 in 2016. And
total assets has decreased from THB 423,367,752.00 in 2015 to THB
386,578,227.00 in 2016.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
102.63 |
Impressive |
Industrial
Average |
38.32 |
|
Net Profit Margin |
(1.85) |
Deteriorated |
Industrial
Average |
(0.45) |
|
Return on Assets |
(1.08) |
Deteriorated |
Industrial
Average |
(0.46) |
|
Return on Equity |
(10.85) |
Deteriorated |
Industrial
Average |
(1.10) |
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 102.63%. 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 -1.85%. 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 -1.08%.
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 -10.85%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
1.11 |
Satisfactory |
Industrial
Average |
1.89 |
|
Quick Ratio |
1.11 |
|
|
|
|
Cash Conversion Cycle |
615.33 |
|
|
|
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 1.11 times in 2016, same figure
as in 2015, 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 1.11
times in 2016, same figure as in 2015, 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 616 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: RISKY
LEVERAGE
RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
9.06 |
Risky |
Industrial
Average |
1.02 |
|
Times Interest Earned |
(2.87) |
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 -2.88 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 0.9 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
: SATISFACTORY
ACTIVITY
RATIO
|
Fixed Assets Turnover |
751.30 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.58 |
Satisfactory |
Industrial
Average |
1.01 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
2.11 |
|
Receivables Conversion Period |
615.33 |
|
|
|
|
Receivables Turnover |
0.59 |
Acceptable |
Industrial
Average |
2.09 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 0.59
and 0.42 in 2016 and 2015 respectively. This ratio measures the efficiency of
the company in managing its trade debtors to generate revenue. A lower ratio
may indicate over extension and collection problems. Conversely, a higher ratio
may indicate an overtly stringent policy. In this case, the company's A/R ratio
in 2016 increased from 2015. This would suggest the company had good
performance in the management of its debt collections.
The company's Total Asset Turnover is calculated as 0.58
times and 0.41 times in 2016 and 2015 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 |
INR 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
THB |
1 |
INR 2.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.