MIRA
INFORM REPORT
|
Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
FULL SYSTEM ENGINEERING CO., LTD. |
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Registered Office : |
140/545
Moo 9, Puthamonthol Sai
2 Road, T. Bangphai, Bangkae,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
0735541000576 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designer and assembler
of industrial machinery
and spare parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
FULL SYSTEM ENGINEERING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 140/545 MOO 9,
PUTHAMONTHOL SAI 2
ROAD,
T. BANGPHAI, BANGKAE,
TELEPHONE : [66] 2887-2402-4
FAX : [66] 2887-7205
E-MAIL ADDRESS : fsecom@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0735541000576 [FORMER : NOR THOR. 2339]
CAPITAL
REGISTERED : BHT.
6,000,000
CAPITAL
PAID-UP : BHT.
6,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PISAL BOONEIAMSRI,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 20
LINES OF
BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
ASSEMBLER, IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 16,
1998 as a
private limited company under
the name style
FULL SYSTEM ENGINEERING
CO., LTD., by Thai
groups, in order
to provide products
and services of
industrial machinery and
spare parts to
local market. It currently employs
20 staff.
The
subject’s registered address
is 140/545 Moo 9,
Puthamonthol Sai 2 Rd., Bangphai,
Bangkae, Bangkok 10160,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchart Aroonthewaviroj |
|
Thai |
68 |
|
Mr. Pisal Booneiamsri |
|
Thai |
45 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pisal Booneiamsri
is the Managing
Director.
He is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject’s main
activities are designer
and assembler of
industrial machinery and
spare parts particularly
for environmental and
energy saving system.
The subject also
imports and distributes
machinery and spare
parts as follows:
Pump & Valve
Systems : “HIS”
-
Air dryer machinery : “AIRTEX” -
Air boiler : “THERMAX” -
IMPORT
The
products are imported
from United States
of America, Germany,
Japan and India.
SALES
The products are
sold and serviced
locally to manufacturers
and end-users in
electronics, power plant,
paper and paint
industries.
RELATED/ASSOCIATED COMPANY
FSE Technology
Co., Ltd.
Business : Installation
service of industrial
machinery.
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.
BANKING
Bangkok Bank
Public Co., Ltd.
[Rajburana Branch
:
EMPLOYMENT
The
subject employs approximately 20
staff [office staff,
sales staff and
workers]
LOCATION DETAILS
The
premise is rented
for administrative office
and workshop at the heading
address. Premise is
located in commercial/residential area.
COMMENT
This year, growth is
expected to grow
at slow pace than last year from
the pressure of economic and political uncertainty. The overall industrial production would be
affected as well as exporting
value of Thai
products in overseas markets
would also have some impact.
However, the subject
still maintains its
good operating performance,
but its business
trend is likely
slowdown from previous years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 2,000,000
on June 26,
2000
Bht. 3,000,000
on January 22,
2001
Bht. 6,000,000
on February 7,
2002
The
latest registered capital
was increased to
Bht. 6,000,000 divided into
60,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suchart Aroonthewaviroj Nationality: Thai Address : 254
Moo 1, Bangmod, Rajburana,
|
14,000 |
23.33 |
|
Mr. Pakorn Aroonthewaviroj Nationality: Thai Address : 122/331 Moo 3, Thungkru, Rajburana, |
8,000 |
13.33 |
|
Mr. Pisal Booneiamsri Nationality: Thai Address : 101/414
Moo 9, Krathumlom, Sampran,
Nakornpathom |
8,000 |
13.33 |
|
Mr. Chinda Aroonthewaviroj Nationality: Thai
Address : 254 Moo 1,
Bangmod, Rajburana, |
6,000 |
10.00 |
|
Mrs.
Puthachart Booneiamsri Nationality: Thai Address : 101/414
Moo 9, Krathumlom, Sampran,
Nakornpathom |
6,000 |
10.00 |
|
Ms.
Kanokphan Aroonthewaviroj Nationality: Thai Address : 271
Moo 1, Bangmod, Rajburana,
|
6,000 |
10.00 |
|
Mr. Jira Aroonthewaviroj Nationality: Thai Address : 19
Moo 3, Bangphai, Muang,
Nonthaburi |
4,000 |
6.67 |
|
Mrs. Sumana Aroonthewaviroj Nationality: Thai Address : 271
Moo 1, Bangmod, Rajburana,
|
3,000 |
5.00 |
|
Other Shareholders |
5,000 |
8.34 |
Total Shareholders
12
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Rakchanok Samnianglam No. 7460
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
5,459,269.68 |
12,401,606.78 |
|
Trade Accts. &
Notes Receivable [note 2] |
14,152,419.08 |
4,527,218.21 |
|
Inventories |
1,851,249.79 |
1,118,256.91 |
|
Deferred Income |
30,000.00 |
1,026,241.80 |
|
Loan to Directors |
1,046,022.92 |
1,037,014.08 |
|
Other Current Assets
[note 3] |
89,919.87 |
2,187,106.90 |
|
|
|
|
|
Total Current
Assets |
22,628,881.34 |
22,297,444.68 |
|
Fixed Assets [note 4] |
29,744,545.32 |
6,874,285.76 |
|
|
1,112,768.58 |
1,174,600.26 |
|
Other Assets |
444,645.65 |
444,645.65 |
|
Total Assets
|
53,930,840.89 |
30,790,976.35 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Advance Deposit |
1,522,000.00 |
- |
|
Trade Accts. &
Notes Payable |
13,241,609.50 |
10,348,471.51 |
|
Accrued Expenses |
4,238,897.28 |
7,353,905.90 |
|
Current Portion of
Long-term Liabilities |
617,568.40 |
782,619.17 |
|
Other Current Liabilities |
600,278.64 |
247,973.23 |
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|
|
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Total Current
Liabilities |
20,220,353.82 |
18,732,969.81 |
|
Long-term Loan from
Bank |
14,629,555.00 |
- |
|
Long-term Loan from
Related Person |
8,390,766.52 |
3,675,416.02 |
|
Other Long-term Loan |
658,525.00 |
46,199.80 |
|
Total Liabilities |
43,899,200.34 |
22,454,585.63 |
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|
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Unappropriated |
4,031,640.55 |
2,336,390.72 |
|
Total
Shareholders' Equity |
10,031,640.55 |
8,336,390.72 |
|
Total
Liabilities & Shareholders' Equity |
53,930,840.89 |
30,790,976.35 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
66,247,867.45 |
32,606,855.02 |
|
Service Income |
18,852,186.81 |
45,250,470.43 |
|
Other Income |
553,928.57 |
4,319,753.61 |
|
Total Revenues
|
85,653,982.83 |
82,177,079.06 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
67,050,784.40 |
62,484,015.81 |
|
Selling & Administrative Expenses |
15,516,337.37 |
17,227,772.21 |
|
Total Expenses |
82,567,121.77 |
79,711,788.02 |
|
|
|
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Profit / [Loss] before
Interest Expenses &
Income Tax |
3,086,861.06 |
2,465,291.04 |
|
Interest Expenses |
[600,383.77] |
[240,717.97] |
|
Income Tax |
[791,227.46] |
[741,050.77] |
|
|
|
|
|
Net Profit / [Loss] |
1,695,249.83 |
1,483,522.30 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
39,453.76 |
147,161.69 |
|
Cash at bank-Saving account |
3,869,492.47 |
4,588,225.81 |
|
-Current account |
1,550,323.45 |
7,666,219.28 |
|
Total
|
5,459,269.68 |
12,401,606.78 |
NOTE 2
Trade Accounts &
Notes Receivables
|
|
2005 |
2004 |
|
|
|
|
|
Notes Payable |
1,487,464.55 |
185,736.00 |
|
Trade Accounts Payable |
12,664,954.53 |
4,341,482.21 |
|
Total
|
14,152,419.08 |
4,527,218.21 |
NOTE 3
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
|
Revenue Department Receivable |
- |
211,971.99 |
|
Prepaid Insurance Premium |
9,400.04 |
28,774.04 |
|
Deferred Business Tax |
3,828.76 |
342,353.60 |
|
Undue Business Tax |
- |
115,015.23 |
|
Undue Interest |
69,201.07 |
175,968.54 |
|
Guarantee |
7,490.00 |
- |
|
Deposit - Goods |
- |
1,313,023.50 |
|
Total
|
89,919.87 |
2,187,106.90 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
20,516,756.00 |
- |
|
Building |
3,796,644.02 |
3,796,644.02 |
|
Office Automation |
1,987,910.54 |
1,539,107.22 |
|
Furniture |
383,313.30 |
352,813.30 |
|
Hand Tools &
Appliances |
4,516,948.25 |
2,051,314.14 |
|
Vehicle |
5,830,351.03 |
5,115,635.51 |
|
Total |
37,031,923.14 |
12,855,514.19 |
|
Less: Accumulated
Depreciation |
[7,287,377.82] |
[5,981,228.43] |
|
Total
|
29,744,545.32 |
6,874,285.76 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
9.30 |
|
|
Operating Profit |
14.56 |
|
|
Net Profit |
14.27 |
|
|
Fixed Assets |
332.69 |
|
|
Total Assets |
75.15 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
78.79 |
80.25 |
|
Operating Profit Margin |
3.63 |
3.17 |
|
S & A Expenses |
18.23 |
22.13 |
|
Interest Paid |
0.71 |
0.31 |
|
Other Revenues |
0.65 |
5.55 |
|
Net Profit Margin |
1.99 |
1.91 |
|
Earning Per Shares |
28.25 |
24.73 |
|
No. of Shares |
60,000 |
60,000 |
Net Sales was increased by
9.30%, Operating Profit
was increased by
14.56%, Net Profit
was increased by
14.27%, Fixed Assets
was increased by
332.69%, Total Assets
was increased by
75.15%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 80.25%
to 78.79%, Operating
Profit Margin was
increased from 3.17%
to 3.63%, S
& A Expenses
was decreased from
22.13% to 18.23%,
Interest Paid was increased
from 0.31% to
0.71%, Other Revenues
was decreased from
5.55% to 0.65%,
Net Profit Margin
was increased from
1.91% to 1.99%.
Earning Per Shares
was increased from
24.73 baht per
share to 28.25
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.12 |
1.19 |
|
Quick-Assets Ratio |
0.97 |
0.90 |
Current Ratio was
decreased from 1.19
to 1.12, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.90 to 0.97,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
4.38 |
2.69 |
|
Times Interest Earned |
5.14 |
10.24 |
D/E Ratio was
increased from 2.69
to 4.38, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times Interest
Earned was decreased
from 10.24 to
5.14, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
2.86 |
11.33 |
|
Total Assets Turnover |
1.58 |
2.53 |
|
Return on Assets |
3.14 |
4.82 |
|
Return on Equity |
16.90 |
17.80 |
|
Day's Payable |
56.02 |
47.85 |
|
Day’s Inventories |
7.83 |
5.17 |
|
Day’s Receivables |
59.87 |
20.93 |
Fixed Assets Turnover
was decreased from 11.33 times
to 2.86 times,
Total Assets Turnover
was decreased from
2.53 times to
1.58 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 4.82
to 3.14, Return
on Equity was decreased
from 17.80 to
16.90, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 48
days to 57
days, Day’s Inventories
was increased from
6 days to
8 days, and
Day’s Receivables was increased from
21 days to
60 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/normal. |
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%)