MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
F. A. PLUS CO., LTD. |
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Registered Office : |
49/29
Moo 14, Soi
Kingkaew 30, |
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Country : |
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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.: |
0105536144595 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged in manufacture
servicing of motorcycle
parts and components. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
F. A. PLUS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 49/29
MOO 14, SOI
KINGKAEW 30,
BANGPLEE, SAMUTPRAKARN
10540
TELEPHONE : [66] 2750-2268
FAX : [66] 2750-3244
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536144595 [Former : [3] 1267/2536]
CAPITAL
REGISTERED : BHT.
5,000,000
CAPITAL
PAID-UP : BHT.
5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMCHAI JONGCHAROENTAWEESUK, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 35
LINES OF
BUSINESS : MOTORCYCLE PARTS
AND COMPONENTS
MANUFACTURE CONTRACTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on December 30,
1993 as a
private limited company under
the name style F. A.
PLUS CO., LTD.,
by Thai groups, with
the business objective
to provide manufacturing
service for motorcycle
parts and components.
It currently employs
approximately 35 staff.
The
subject’s registered address
is 49/29 Moo 14,
Soi Kingkaew 30,
Kingkaew Rd., Rachatheva,
Bangplee, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mrs. Poonsri
Jongcharoentaweesuk |
|
Thai |
51 |
|
Mr. Somchai Jongcharoentaweesuk |
|
Thai |
52 |
|
Mrs. Thewee Phanpruek |
|
Thai |
81 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somchai Jongcharoentaweesuk is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacture
servicing of motorcycle
parts and components.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining is
imported from Germany
and Taiwan.
SALES
The subject services
to manufacturers and
end-users.
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.
BANKING
The Siam Commercial Bank Public Company Limited
[Thanon Kingkaew-Onnuch Branch,
EMPLOYMENT
The
subject employs approximately
35 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
The
subject has not
performed well during
the past two
years, according to
its products have
not been widely
used among leading
motorcycle manufacturers, therefore
its sales revenue
has been gradually
dropped.
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 April 5,
1995
Bht. 5,000,000
on December 4,
1998
The
latest registered capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs.
Poonsri Jongcharoentaweesuk Nationality: Thai Address : 99/175
Rama 2 Rd.,
Samaedam,
Bangkhunthien, |
37,800 |
75.60 |
|
Mr. Somchai Jongcharoentaweesuk Nationality: Thai Address : 99/175
Rama 2 Rd.,
Samaedam,
Bangkhunthien, |
8,000 |
16.00 |
|
Mr. Mizuo Hirada Nationality: Japanese Address : 2-16-2
Fugutoka-sho |
2,815 |
5.63 |
|
Mrs. Thewee Phanpruek Nationality: Thai Address : 247/21
Moo 1,
Rajburana, |
1,381 |
2.76 |
|
Mr. Suwit Matiwongpaibul Nationality: Thai Address : Sathorn,
|
1 |
|
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Ms.
Sanguansri Jirawuth Nationality: Thai Address : 247/21
Moo 1,
Rajburana, |
1 |
= 0.01 |
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Mr.
Pongthep Sathit-apiwan Nationality: Thai Address : |
1 |
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Mrs. Chusri Sathit-apiwan Nationality: Thai Address : |
1 |
|
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Duangkhae Puthithanand No. 3323
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,467,395.57 |
6,502,527.31 |
|
Trade Accts. Receivable |
1,190,663.90 |
6,758,719.20 |
|
Inventories [note 1] |
1,333,254.36 |
1,528,803.69 |
|
Advanced Goods |
- |
1,849,219.20 |
|
Other Current Assets
|
432,905.07 |
121,549.56 |
|
Total Current
Assets |
4,424,218.90 |
16,760,818.96 |
|
|
|
|
|
Fixed Assets [note 2] |
16,675,263.01 |
15,117,511.17 |
|
Other Assets |
357,394.14 |
388,277.61 |
|
Total Assets
|
21,456,876.05 |
32,266,607.74 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
547,485.83 |
2,022,168.39 |
|
Accrued Expenses |
135,133.20 |
497,449.43 |
|
Other Current Liabilities |
57,911.71 |
118,861.44 |
|
Total Current
Liabilities |
740,530.74 |
2,638,479.26 |
|
Long Term Loan
from Related Person |
- |
5,000,000.00 |
|
Total Liabilities |
740,530.74 |
7,638,479.26 |
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Statutory Reserve |
500,000.00 |
500,000.00 |
|
Retained Earning -
Unappropriated |
15,216,345.31 |
19,128,128.48 |
|
Total
Shareholders' Equity |
20,716,345.31 |
24,628,128.48 |
|
Total
Liabilities & Shareholders' Equity |
21,456,876.05 |
32,266,607.74 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
17,682,237.15 |
35,597,269.55 |
|
Other Income |
74,022.59 |
211,956.06 |
|
Total Revenues
|
17,756,259.74 |
35,809,225.61 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
15,676,349.53 |
28,666,329.67 |
|
Selling & Administrative Expenses |
5,806,727.63 |
7,567,870.66 |
|
Total Expenses |
21,483,077.16 |
36,234,200.33 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[3,726,817.42] |
[424,974.72] |
|
Interest Expenses |
[184,965.75] |
[275,131.99] |
|
Net Profit / [Loss] |
[3,911,783.17] |
[700,106.71] |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
1,210,754.36 |
1,504,367.69 |
|
Raw Material |
122,500.00 |
24,436.00 |
|
Total
|
1,333,254.36 |
1,528,803.69 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
3,220,000.00 |
3,220,000.00 |
|
Building |
5,030,000.00 |
5,030,000.00 |
|
Building Improvement |
4,653,392.91 |
4,653,392.91 |
|
Electrical-Water System |
1,211,198.15 |
1,211,198.15 |
|
Machine |
11,856,575.28 |
7,881,359.39 |
|
Hand Tools |
174,786.00 |
121,382.00 |
|
Office Furniture |
2,503,169.61 |
2,436,693.16 |
|
Vehicle |
7,774,608.07 |
6,824,608.07 |
|
Total |
36,423,730.02 |
31,378,633.68 |
|
Less: Depreciation |
[19,748,467.01] |
[16,261,122.51] |
|
Total
|
16,675,263.01 |
15,117,511.17 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[50.33] |
|
|
Operating Profit |
1,665.45 |
|
|
Net Profit |
[458.74] |
|
|
Fixed Assets |
10.30 |
|
|
Total Assets |
[33.50] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.66 |
80.53 |
|
Operating Profit Margin |
[21.08] |
[1.19] |
|
S & A
Expenses |
32.84 |
21.26 |
|
Interest Paid |
1.05 |
0.77 |
|
Other Revenues |
0.42 |
0.60 |
|
Net Profit Margin |
[22.12] |
[1.97] |
|
Earning Per Shares |
[78.24] |
[14.00] |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 50.33%,
Operating Profit was
increased by 1,665.45%,
Net Profit was
decreased by 458.74%,
Fixed Assets was
increased by 10.30%,
Total Assets was
decreased by 33.50%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 80.53%
to 88.66%, Operating
Profit Margin was
decreased from -1.19%
to -21.08%, S
& A Expenses
was increased from
21.26% to 32.84%,
Interest Paid was increased
from 0.77% to
1.05%, Other Revenues
was decreased from
0.60% to 0.42%,
Net Profit Margin
was decreased from
-1.97% to -22.12%.
Earning Per Shares
was decreased from
-14.00 baht per
share to -78.24 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
5.97 |
6.35 |
|
Quick-Assets Ratio |
3.59 |
5.03 |
Current Ratio was
decreased from 6.35
to 5.97, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
5.03 to 3.59,
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 |
0.04 |
0.31 |
|
Times Interest Earned |
[20.15] |
[1.54] |
D/E Ratio was
decreased from 0.31
to 0.04, 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
-1.54 to -20.15,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.06 |
2.35 |
|
Total Assets Turnover |
0.82 |
1.10 |
|
Return on Assets |
[18.23] |
[2.17] |
|
Return on Equity |
[18.88] |
[2.84] |
|
Day's Payable |
11.15 |
20.45 |
|
Day’s Inventories |
27.14 |
15.46 |
|
Day’s Receivables |
24.24 |
68.35 |
Fixed Assets Turnover
was decreased from
2.35 times to
1.06 times, Total
Assets Turnover was
decreased from 1.10
times to 0.82
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from -2.17 to
-18.23, Return on
Equity was decreased
from -2.84 to
-18.88, capacity to
use Assets to
make profit was
not good.
Day's Payable was
decreased from 21
days to 12
days, while Day’s
Inventories was increased
from 16 days
to 28 days,
but Day’s Receivables
was decreased from
69 days to 25 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%)