MIRA
INFORM REPORT
|
Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
POLY HITECHS CO., LTD. |
|
|
|
|
Registered Office : |
109/120 Moo 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Com. Reg. No.: |
0105532041155 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing service of electroplating chemical products. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
POLY HITECHS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 109/120 MOO
1,
SAMAEDAM, BANGKHUNTHIEN
TELEPHONE : [66] 2452-1290,
2452-1683
FAX : [66] 2452-1850,
2452-1855
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532041155 [Former : 4114/2532]
CAPITAL
REGISTERED : BHT.
25,000,000
CAPITAL
PAID-UP : BHT.
25,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANGUAN CHANLONGSIRICHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 30
LINES OF
BUSINESS : ELECTROPLATING CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 3,
1989 as a
private limited company under
the name style
POLY HITECHS CO.,
LTD., by Thai
groups, with the business
objective to manufacture
electroplating chemical products
for domestic and export
markets. It currently employs
approximately 30 staff.
The
subject’s registered address
is 109/120 Moo
1, Bangkradi Rd.,
Samaedam, Bangkhunthien, Bangkok
10150, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ampol Chanlongsirichai |
|
Thai |
32 |
|
Mr. Nophakun Chanlongsirichai |
|
Thai |
64 |
|
Mr. Sanguan Chanlongsirichai |
|
Thai |
64 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sanguan Chanlongsirichai is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service of electroplating chemical
products.
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
overseas, mainly in
Taiwan, Japan and
Germany.
SALES
80% of the
products is serviced
locally by wholesale
to manufacturers.
EXPORT
20%
of the products
is exported to
PARENT COMPANY
Pata
Chemicals & Machinery
Co., Ltd. :
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
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.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Bangkae Branch,
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
50/5 T. Nongchumphon, A. Khaoyoi,
Petchburi 74140.
COMMENT
Demand
of electroplating chemicals
remains strong from
various industries. The
subject’s products have
strong growth from
both domestic demand
and export market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 5,000
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 15,000,000
on August 14,
1998
Bht. 25,000,000
on December 25,
1998
The
latest registered capital was
increased to Bht.
25,000,000 divided into
25,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Pata Chemical & Machinery Co.,
Ltd. Nationality: Thai Address : 109/119-120
Moo 1,
Samaedam, Bangkhunthien, |
11,400 |
45.60 |
|
Mrs.
Nophakun Chanlongsirichai Nationality: Thai Address : 109/120
Moo 1,
Bangkhunthien, |
6,300 |
25.20 |
|
Mr. Sanguan Chanlongsirichai Nationality: Thai Address : 109/120
Moo 1,
Samaedam, Bangkhunthien, |
4,300 |
17.20 |
|
Mr. Ampol Chanlongsirichai Nationality: Thai Address : 109/120
Moo 1,
Bangkhunthien, |
1,425 |
5.70 |
|
Mr.
Nanthapol Chanlongsirichai Nationality: Thai Address : 109/120
Moo 1,
Bangkhunthien, |
1,425 |
5.70 |
|
Ms. Banjong Chanlongsirichai Nationality: Thai Address : 71/101
Moo 1, |
50 |
0.20 |
|
Mr.
Kirkphan Nilprakob Nationality: Thai Address : 88/2596 Moo
6, Samaedam,
Bangkhunthien, |
50 |
0.20 |
|
Mr.
Boonsong Thongdonyod Nationality: Thai Address : 59/10
Moo 2, Bangkae,
Pasicharoen, |
50 |
0.20 |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Dr. Duangduen Khemakawat
No. 1223
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
508,602.23 |
148,622.62 |
|
Trade Accts. Receivable |
19,849,173.49 |
15,460,351.36 |
|
Short Term Loan
to Person or
Related Company |
1,680,000.00 |
5,128,100.00 |
|
Inventories |
30,592,487.48 |
28,650,845.28 |
|
Other Current Assets
|
2,298,130.82 |
2,182,247.92 |
|
Total Current
Assets |
54,928,394.02 |
51,570,167.18 |
|
|
|
|
|
Fixed Assets |
24,013,640.68 |
19,875,967.71 |
|
Other Assets |
1,541,840.05 |
2,432,866.42 |
|
Total Assets
|
80,483,874.75 |
73,879,001.31 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
- |
118,941.09 |
|
Trade Accts. Payable |
16,885,134.39 |
13,154,417.46 |
|
Other Current Liabilities |
816,125.36 |
3,634,323.94 |
|
Total Current
Liabilities |
17,701,259.75 |
16,907,682.49 |
|
Total Liabilities |
17,701,259.75 |
16,907,682.49 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 25,000 shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning -
Unappropriated |
37,782,615.00 |
31,971,318.82 |
|
Total
Shareholders' Equity |
62,782,615.00 |
56,971,318.82 |
|
Total
Liabilities & Shareholders' Equity |
80,483,874.75 |
73,879,001.31 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
74,623,612.35 |
69,570,919.84 |
|
Other Income |
857,601.96 |
528,883.71 |
|
Total Revenues
|
75,481,214.31 |
70,099,803.55 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
58,204,405.23 |
47,385,826.29 |
|
Selling & Administrative Expenses |
8,229,773.11 |
7,748,202.96 |
|
Total Expenses |
66,434,178.34 |
55,134,029.25 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
9,047,035.97 |
14,965,774.30 |
|
Interest Expenses |
[726,973.51] |
[709,088.51] |
|
Income Tax |
[2,508,766.28] |
[4,375,126.92] |
|
Net Profit / [Loss] |
5,811,296.18 |
9,881,558.87 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
7.26 |
|
|
Operating Profit |
[43.64] |
|
|
Net Profit |
[41.19] |
|
|
Fixed Assets |
20.82 |
|
|
Total Assets |
8.94 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
78.00 |
68.11 |
|
Operating Profit Margin |
12.12 |
21.51 |
|
S & A
Expenses |
11.03 |
11.14 |
|
Interest Paid |
0.97 |
1.02 |
|
Other Revenues |
1.15 |
0.76 |
|
Net Profit Margin |
7.79 |
14.20 |
|
Earning Per Shares |
232.45 |
395.26 |
|
No. of Shares |
25,000 |
25,000 |
Net Sales was
increased by 7.26%,
Operating Profit was
decreased by 43.64%,
Net Profit was
decreased by 41.19%,
Fixed Assets was
increased by 20.82%,
Total Assets was
increased by 8.94%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 68.11%
to 78.00%, Operating
Profit Margin was
decreased from 21.51%
to 12.12%, S
& A Expenses
was decreased from
11.14% to 11.03%,
Interest Paid was decreased
from 1.02% to
0.97%, Other Revenues
was increased from
0.76% to 1.15%,
Net Profit Margin
was decreased from
14.20% to 7.79%.
Earning Per Shares
was decreased from
395.26 baht per
share to 232.45
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
3.10 |
3.05 |
|
Quick-Assets Ratio |
1.24 |
1.23 |
Current Ratio was
increased from 3.05
to 3.10, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.23 to 1.24,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.28 |
0.30 |
|
Times Interest Earned |
12.44 |
21.11 |
D/E Ratio was
decreased from 0.30
to 0.28, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
21.11 to 12.44,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.11 |
3.50 |
|
Total Assets Turnover |
0.93 |
0.94 |
|
Return on Assets |
7.22 |
13.38 |
|
Return on Equity |
9.26 |
17.34 |
|
Day's Payable |
81.46 |
68.07 |
|
Day’s Inventories |
147.58 |
148.26 |
|
Day’s Receivables |
95.76 |
80.00 |
Fixed Assets Turnover
was decreased from
3.50 times to
3.11 times, Total
Assets Turnover was
decreased from 0.94
times to 0.93
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 13.38 to
7.22, Return on
Equity was decreased
from 17.34 to
9.26, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 69
days to 82
days, while Day’s Inventories
was decreased from
149 days to
148 days, but
Day’s Receivables was
increased from 81
days to 96
days.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)