MIRA
INFORM REPORT
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Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
THAI
TRAFO MANUFACTURING COMPANY LIMITED |
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Registered Office : |
177
Moo 3, Banbung-Klang Road, Krasaebon, Klang, Rayong 21110, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
0105536136568 [Former : 7698/2536] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
The subject is
engaged in designing, developing and manufacturing of oil-immersed
distribution transformers, according to customers’ order. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company Name
THAI TRAFO
MANUFACTURING CO., LTD.
SUMMARY
BUSINESS ADDRESS :
177 MOO 3, BANBUNG-KLANG ROAD,
KRASAEBON,
KLANG, RAYONG 21110,
THAILAND
TELEPHONE : [66]
38 866-331-4
FAX : [66] 38 866-334
E-MAIL ADDRESS : ttmeng@thaitrafo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED :
1993
REGISTRATION NO.
:
0105536136568 [Former : 7698/2536]
CAPITAL
REGISTERED :
BHT. 100,000,000
CAPITAL
PAID-UP :
BHT. 100,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
PRIVATE IMITED COMPANY
EXECUTIVE :
MR. THAVEEWAT NUNTHIRUJ, THAI
MANAGING
DIRECTOR
NO. OF
STAFF :
200
LINES OF
BUSINESS :
TRANSFORMER
MANUFACTURER, DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING TREND :
STABLE
PRESENT SITUATION :
OPERATING NORMALLY
REPUTATION :
GOOD WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD :
MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject
was established on
December 3, 1993
as a private limited company under the name style
THAI TRAFO MANUFACTURING CO., LTD., by Thai group, Nunthiruj family, with the
business objective to
manufacture transformer for
both domestic and international markets. It currently
employs approximately 200
staff. The subject
also received a
privilege promotional for
8 years from
Board of Investment
for transformer production.
In 2005,
Thai Trafo Co.,
Ltd., the subject’s
related company has
merged its business
with the subject.
It was
achieved the ISO 9000 : 2000 certificate by MASCI
on April 11,
2005.
The subject’s
registered address is
177 Moo 3,
Banbueng-Klaeng Rd., Krasaebon,
Klang, Rayong 21110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Name Nationality Age
Mr. Praves
Nunthiruj [x]
Thai 71
Ms. Suphannee
Nunthiruj Thai 39
Mr. Thaweewat
Nunthiruj Thai 43
Ms.
Supornphan Nunthiruj Thai 41
AUTHORIZED PERSON
The mentioned
director [x] can
jointly sign with
one of the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thaweewat
Nunthiruj is the
Managing Director.
He is
Thai nationality with
the age of
43 years old.
Mr. Preecha
Kumkrong is the
Factory Manager.
He is
Thai nationality.
Mr. Amarit
Athikijyothin is the
Engineering Manager.
He is
Thai nationality.
Ms.
Siiwattana Krachangphan is
the Export Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in designing, developing and manufacturing of oil-immersed distribution
transformers, according to customers’ order.
Subject also
provides after sale
service.
IMPORT [COUNTRIES]
70% of
raw materials; steel,
copper wire and
etc. are imported
from Germany, Italy,
Japan, Republic of
China and Singapore.
SALES [LOCAL]
70% of
the products is
sold locally, mainly
to the state enterprise and
the rest to
construction contractor.
EXPORT [COUNTRY]
30% of
its products is
exported to Malaysia, Laos,
Myanmar, Singapore, Taiwan
and Philippines.
MAJOR CUSTOMERS
- The
Provincial Electricity Authority :
Thailand
-
The Metropolitan Electricity
Authority : Thailand
CREDIT
Sales are
on the credits term of
30-60 days.
Local bills
are paid on
the credits term
of 30-60 days.
Imports are
by L/C at sight or
D/A on the credits term
of 60-90 days.
Exports are
against L/C at
sight & T/T.
BANKING
Bangkok Bank
Public Co., Ltd. :
[Head
Office, 333 Silom
Rd., Silom, Bangrak,
Bangkok]
[Klang
Branch, 176 Sukhumvit
Rd., Klang, Rayong
province]
Kasikornbank Public
Co., Ltd.
[Head
Office, 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok]
[Klang
Branch, Klang, Rayong
province]
EMPLOYMENT
The subject
employs 200 office
staff and factory
workers.
LOCATION DETAILS
The premise
is owned for operating office, factory &
warehouse at the
heading address in
upcountry.
Branch/sales office
is located at
115 Rama III
Rd., Bnagpongpang, Yannawa,
Bangkok 10120. Tel
: [66] 2295-2121-30
COMMENT
Industrial improvement
generally reflected increasing
demand of electrical
equipment.
The figures
showed increasing sentiment
in recent years
for the subject’s
business performance both
domestic consumption and
exports.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 40,000,000 divided
into 400,000 shares
of Bht. 100
each.
On August
14, 1998 the capital was
increased to Bht.
150,000,000 divided into
1,500,000 shares of
Bht. 100 each.
On July
11, 2005, the
capital was decreased
to Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS
[as at
April 30, 2006]
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NAME |
HOLDING |
% |
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Mr. Thaweewat Nunthiruj Nationality: Thai Address :
35/262 Srinakarin Rd.,
Bangkaew, Bangplee, Samutprakarn |
137,000 |
13.70 |
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Mr.
Chaiwat Nunthiruj Nationality: Thai Address :
71 Sukhumvit Rd.,
Klongtoey, Bangkok |
137,000 |
13.70 |
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Ms. Supornphan Nunthiruj Nationality: Thai Address :
71 Sukhumvit Rd.,
Klongtoey, Bangkok |
137,000 |
13.70 |
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Ms. Suphannee
Nunthiruj Nationality: Thai Address :
71 Sukhumvit Rd.,
Klongtoey, Bangkok |
136,000 |
13.60 |
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Ms. Suwanna
Nunthiruj Nationality: Thai Address :
71 Sukhumvit Rd.,
Klongtoey, Bangkok |
136,000 |
13.60 |
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Ms. Suntree
Nunthiruj Nationality: Thai Address :
71 Sukhumvit Rd.,
Klongtoey, Bangkok |
136,000 |
13.60 |
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Mr. Prawes
Nunthiruj Nationality: Thai Address :
71 Sukhumvit Rd.,
Klongtoey, Bangkok |
118,000 |
11.80 |
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Other Shareholders |
63,000 |
6.30 |
Total Shareholders : 12
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Prinya
Sooksai No. 3807
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current
Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
14,337,599.53 |
32,276,270.24 |
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Short Term
Investment |
5,000,000.00 |
5,000,000.00 |
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Trade Accts.
Receivable |
45,630,716.17 |
61,800,454.68 |
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Short Term
Loan to Related
Company |
24,000,000.00 |
- |
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Inventories [note 1] |
186,050,160.73 |
71,014,731.29 |
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Other Current
Assets |
6,635,864.58 |
11,010,160.25 |
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Total Current
Assets |
281,654,341.01 |
181,101,616.46 |
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Long Term
Investment |
5,000,000.00 |
5,000,000.00 |
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Fixed
Assets [note 2] |
83,489,453.19 |
82,535,987.96 |
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Other
Assets |
7,410,325.37 |
2,503,623.36 |
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Total Assets |
377,554,119.57 |
271,141,227.78 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current
Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short Term
Loan from Financial
Institute |
34,865,546.56 |
14,473,656.60 |
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Trade Accts.
Payable |
20,223,945.18
|
21,157,318.30 |
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Other Current
Liabilities |
7,098,114.23 |
7,181,832.50 |
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Total
Current Liabilities |
62,187,605.97 |
42,812,807.40 |
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Total Liabilities |
62,187,605.97 |
42,812,807.40 |
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Shareholders'
Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 1,000,000 & 1,500,000 shares
in 2005 & 2004 |
100,000,000.00 |
150,000,000.00 |
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Capital Paid |
100,000,000.00 |
150,000,000.00 |
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Less: Receivable - Share Capital |
[8,500,000.00] |
[8,500,000.00] |
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Capital Paid-Net |
91,500,000.00 |
141,500,000.00 |
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Retained Earning - Unappropriated |
223,866,513.60 |
86,828,420.38 |
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Total
Shareholders' Equity |
315,366,513.60
|
228,328,420.38 |
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Total
Liabilities & Shareholders' Equity |
377,554,119.57 |
271,141,227.78 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales
& Services |
482,488,091.86 |
341,829,430.86 |
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Other Income |
2,771,158.81 |
105,593.90 |
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Total Revenues |
485,259,250.67 |
341,935,024.76 |
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Expenses |
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Cost of
Goods Sold & Services |
313,706,927.13 |
210,436,721.13 |
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Selling &
Administrative Expenses |
31,959,600.21 |
39,709,195.36 |
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Total
Expenses |
345,666,527.34 |
250,145,916.49 |
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Profit
/ [Loss] Before Interest
Expenses |
139,592,723.33 |
91,789,108.27 |
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Interest Expenses |
[2,554,630.11] |
[1,297,977.41] |
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Net Profit / [Loss] |
137,038,093.22 |
90,491,130.86 |
FINANCIAL NOTE
NOTE 1
Inventories
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2005 |
2004 |
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Raw Materials |
148,780,847.83 |
43,508,348.51 |
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Works in
Progress |
16,276,165.48 |
4,643,718.82 |
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Finished
Goods |
16,977,748.46 |
21,579,234.02 |
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Material Supplies |
645,647.16 |
849,623.69 |
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Good in
Transit |
3,369,751.80 |
433,806.25 |
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Total |
186,050,160.73 |
71,014,731.29 |
NOTE 2
Fixed Assets
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2005 |
2004 |
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Land &
Improvement |
19,829,449.14 |
19,632,639.14 |
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Building &
Improvement |
99,918,681.81 |
99,826,375.85 |
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Machinery &
Equipment |
133,167,600.89 |
119,200,334.16 |
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Office
Automation |
4,967,310.37 |
4,522,981.90 |
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Vehicle
|
19,169,837.78 |
12,340,386.78 |
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Machine
& Equipment under Installation |
75,000.00 |
5,860,225.64 |
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Works under
Construction |
2,349,504.55 |
1,337,390.80 |
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Total
|
279,477,384.54 |
262,720,334.27 |
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Less
: Depreciation |
[195,987,931.35] |
[180,184,346.31] |
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Total |
83,489,453.19 |
82,535,987.96 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual Growth |
2005 |
2004 |
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Sales |
41.15 |
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Operating |
7.74 |
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Net Profit |
51.44 |
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Fixed Assets |
1.16 |
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Total Assets |
39.25 |
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Profitability |
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Cost of
Goods Sold |
65.02 |
61.56 |
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Operating Profit
Margin |
28.93 |
26.85 |
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S&A expenses |
6.62 |
11.62 |
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Interest |
0.53 |
0.38 |
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Other Revenues |
0.57 |
0.03 |
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Net Profit
Margin |
28.40 |
26.47 |
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Earning Per
Shares |
137.04 |
60.33 |
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No. of
Shares |
1,000,000 |
1,500,000 |
Net Sales
was increased by
41.15%, Operating Profit
was increased by
7.74%, Net Profit
was increased by
51.44%, Fixed Assets
was increased by
1.16%, Total Assets
was increased by
39.25%.
Compare each
cost with sales,
Cost of Goods
Sold was increased
from 61.56% to
65.02%, Operating Profit
Margin was increased
from 26.85% to
28.93%, S &
A Expenses were
decreased from 11.62%
to 6.62%, Interest
Paid was increased
from 0.38% to
0.53%, Other Revenues
was decreased from
0.03% to 0.57%,
Net Profit Margin
was increased from
26.47% to 28.40%.
Earning Per
Shares was increased
from 60.33 baht
per share to
137.04 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
4.53 |
4.23 |
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Quick
- assets ratio |
1.43 |
2.31 |
Current Ratio
was increased from
4.23 to 4.53,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
2.31 to 1.43,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
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D/E Ratio |
0.20 |
0.19 |
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Times Interest
Earned |
54.64 |
70.72 |
D/E Ratio
was increased from
0.19 to 0.20,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low and Times
Interest Earned was
decreased from 70.72
to 54.64, capacity
to pay interest paid was
good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
5.78 |
4.14 |
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Total Assets
Turnover |
1.28 |
1.26 |
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Return on
Assets |
36.30 |
33.37 |
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Return on
Equity |
43.45 |
39.63 |
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Day’s Payable |
15.09 |
22.28 |
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Day’s Inventories |
138.82 |
74.79 |
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Days’ Receivables |
34.05 |
65.09 |
Fixed Assets
Turnover was increased
from 4.14 times
to 5.78 times,
Total Assets Turnover
was increased from
1.26 times to
1.28 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
increased from 33.37
to 36.30, Return
on Equity was
increased from 39.63
to 43.45, capacity
to use Assets to make
profit was good.
Day’s Payable
was decreased from
23 days to
16 days, while
Day’s Inventories was
increased from 75
days to 139
days, but Day’s
Receivables was decreased
from 66 days
to 35 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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