MIRA
INFORM REPORT
|
Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
EKARAT SOLAR CO., LTD. |
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Registered Office : |
28th Floor,
U.M. Tower, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547051020 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Producing of solar
cells [P.V. Modules] |
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
EKARAT SOLAR CO., LTD.
SUMMARY
BUSINESS ADDRESS : 28th FLOOR,
U.M. TOWER,
SUANLUANG,
TELEPHONE : [66] 2719-8777
FAX : [66] 2719-8757,
2719-8760
E-MAIL ADDRESS : intersales@ekarat-solar.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547051020
CAPITAL
REGISTERED : BHT.
500,000,000
CAPITAL
PAID-UP : BHT.
500,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMPONG UA-ATCHALAI,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES OF
BUSINESS : SOLAR
CELLS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 9,
2004 as a
private limited company under
the name style
EKARAT SOLAR CO.,
LTD. It is
a subsidiary of
Ekarat Engineering Public
Company Limited, in
order to produce
energy from solar
cell to government sector. It
currently employs approximately
50 staff.
The
subject’s registered address
is 9/291 U.M.
Tower, Ramkhamhaeng Rd.,
Suanluang, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kiatpong Noijaiboon |
[x] |
Thai |
58 |
|
Mr. Viwat Saengthien |
[x] |
Thai |
58 |
|
Mr. Sompong Ua-atchalai |
[-] |
Thai |
35 |
|
Mr. Chulchit Bunyaketu |
[-] |
Thai |
64 |
|
Mr. Pairoj Boonkongchuen |
|
Thai |
45 |
|
Mr. Panya Tantivorawong |
|
Thai |
63 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with anyone
of the directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sompong Ua-atchalai
is the Managing
Director.
He is Thai
nationality with the
age of 35
years old.
Mr. Dej-niyom Choomkasian
is the Deputy
Managing Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in producing
of solar cells
[P.V. Modules], consists
of Mono or
Single Crystalline and
Multi or Poly-crystalline types,
under its name “EKARAT”.
The production capacity
is approximately 100,000
modules per annum.
PURCHASE
Equipment and components
are purchased from
suppliers both domestic
and overseas, mainly
in U.S.A. and
MAJOR SUPPLIER
Ekarat Engineering Public
Company Limited :
SALES
100% of the
products has been
sold by Ekarat
Engineering Public Company
Limited, the parent
company.
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
50 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factories
are located at:
-
190 Moo 6, T.
Thasa-aan, A. Bangpakong, Chachoengsao
24130.
Tel. : [66] 38
531-938, Fax. 38
531-939.
-
7/242 Moo 6, T.
Mabyangporn, A. Pluakdaeng,
Rayong 21140.
COMMENT
The subject has
become the leading
company in producing
solar energy, solar
cell equipment to
both government and private
sector. However, the
subject has been
started its small
sales in 2005, however,
its sales revenue
has been sharply
increased in the
year after, as
well as its
future trend will
be brilliant due
to solar energy
is an alternative
and environment safe
of electric power.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000
divided into 3,000,000
shares of Bht.
10 each.
On August 2,
2006, capital was
increased to Bht. 500,000,000 divided
into 50,000,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
July 7, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ekarat Engineering
Public Company Limited Nationality: Thai Address : |
49,999,993 |
100.00 |
|
Mr. Danucha Noijaiboon Nationality: Thai Address : 7/32
Moo 1, Pravet, |
1 |
- |
|
Mrs.
Daranee Kantamara Nationality: Thai Address : 26
Pradipat 21 Rd.,
Samsennai, Phyathai, |
1 |
- |
|
Ms.
Nualchan Sirikul Nationality: Thai Address : 11
Ladprao 101 Rd.,
Klongchan, Bangkapi, |
1 |
- |
|
Mrs.
Somchit Pokabutr Nationality: Thai Address : 323/136
Moo 4, Saimai,
|
1 |
- |
|
Mr. Sompong Ua-atchalai Nationality: Thai Address : 140/7
Moo 11, Salathammasop,
Taweewattana, |
1 |
- |
|
Mr. Narut Kamnerdngam Nationality: Thai Address : 115/114
Moo 9, |
1 |
- |
|
Ms.
Saisunee Chitrakul Nationality: Thai Address : 619
moo 2, Minburi,
|
1 |
- |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Prinda Nganprasertkij No.
5123
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,323,737 |
682,053 |
|
Trade Accts. Receivable |
14,725,831 |
- |
|
Inventories [note 1] |
16,068,166 |
2,224,560 |
|
Raw Material |
- |
566,549 |
|
Revenue Department Receivable |
9,711,486 |
5,456,785 |
|
Undue Business Tax |
1,198,649 |
569,084 |
|
Other Current Assets
|
87,847 |
22,366 |
|
Total Current
Assets |
43,115,716 |
9,521,397 |
|
|
|
|
|
Fixed Assets [note 2] |
317,053,629 |
72,721,264 |
|
Deposit |
5,253,990 |
- |
|
Intangible Assets |
1,600,817 |
- |
|
Other Assets |
778,569 |
- |
|
Total Assets
|
367,802,721 |
82,242,661 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
242,146,500 |
- |
|
Trust Receipt Payable
|
27,901,471 |
11,555,631 |
|
Trade Accts. Payable |
1,072,102 |
138,468 |
|
Loan from Parent
Company |
55,500,000 |
11,500,000 |
|
Assets Payable |
16,157,742 |
28,726,633 |
|
Other Current Liabilities |
3,439,491 |
633,176 |
|
Total Current
Liabilities |
346,217,306 |
52,553,908 |
|
Total Liabilities |
346,217,306 |
52,553,908 |
|
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
30,000,000 |
30,000,000 |
|
Capital Paid |
30,000,000 |
30,000,000 |
|
Retained Earning -
Unappropriated |
[8,414,585] |
[311,247] |
|
Total
Shareholders' Equity |
21,585,412 |
29,688,753 |
|
Total
Liabilities & Shareholders' Equity |
367,802,721 |
82,242,661 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
April
9, 2004- Dec.
31, 2004 |
|
|
|
|
|
Sales |
42,055,900 |
- |
|
Gain on Exchange |
1,427,685 |
957,126 |
|
Other Income |
29,872 |
4,248 |
|
Total Revenues
|
43,513,457 |
961,374 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
45,322,616 |
- |
|
Selling & Administrative Expenses |
3,835,374 |
481,845 |
|
Total Expenses |
49,157,990 |
481,845 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[5,644,533] |
479,529 |
|
Interest Expenses |
[2,458,805] |
[671,924] |
|
Income Tax |
- |
[118,852] |
|
Net Profit / [Loss] |
[8,103,338] |
[311,247] |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
11,458,836 |
2,213,916 |
|
Work in Process |
3,842,906 |
- |
|
Finished Goods |
1,026,824 |
- |
|
Goods in Transit |
20,496 |
10,644 |
|
Total |
16,349,062 |
2,224,560 |
|
Less: Allowance
for Obsolescent Stock |
[280,896] |
- |
|
Total
|
16,068,166 |
2,224,560 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building Improvement |
6,157,650 |
- |
|
Factory Equipment & Machine |
58,299,098 |
102,800 |
|
Utility System |
7,606,090 |
- |
|
Office Automation &
Furniture |
887,421 |
50,732 |
|
Machine under Installation |
250,197,507 |
72,571,317 |
|
Total |
323,147,766 |
72,724,849 |
|
Less: Depreciation |
[6,094,137] |
[3,585] |
|
Total
|
317,053,629 |
72,721,264 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Profit |
[2,503.51] |
|
|
Fixed Assets |
335.98 |
|
|
Total Assets |
347.22 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
107.77 |
0.00 |
|
Operating Profit Margin |
[13.42] |
0.00 |
|
S & A
Expenses |
9.12 |
0.00 |
|
Interest Paid |
5.85 |
0.00 |
|
Other Revenues |
3.47 |
0.00 |
|
Net Profit Margin |
[19.27] |
0.00 |
|
Earning Per Shares |
[2.70] |
[0.10] |
|
No. of Shares |
3,000,000 |
3,000,000 |
Net Profit was
decreased by 2,503.51%,
Fixed Assets was increased by
335.98%, Total Assets
was increased by
347.22%,
Compare each cost
with sales, Cost of
Good Sold was
increased from 0.00%
to 107.77%, Operating
Profit Margin was
decreased from 0.00%
to -13.42%, S
& A Expenses
was increased from
0.00% to 9.12%,
Interest Paid was increased
from 0.00% to
5.85%, Other Revenues
was increased from
0.00% to 3.47%,
Net Profit Margin
was decreased from
0.00% to -19.27%,
Earning Per Shares
was decreased from
-0.10 baht per
share to -2.70
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.12 |
0.18 |
|
Quick-Assets Ratio |
0.05 |
0.01 |
Current Ratio was
decreased from 0.18
to 0.12, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.01
to 0.05, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
16.04 |
1.77 |
|
Times Interest Earned |
[2.30] |
0.71 |
D/E Ratio was
increased from 1.77
to 16.04, 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
0.71 to -2.30,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.13 |
0.00 |
|
Total Assets Turnover |
0.11 |
0.00 |
|
Return on Assets |
[2.20] |
[0.38] |
|
Return on Equity |
[37.54] |
[1.05] |
|
Day's Payable |
9.18 |
0.00 |
|
Day’s Inventories |
137.54 |
0.00 |
|
Day’s Receivables |
126.05 |
0.00 |
Fixed Assets Turnover
was increased from
0.00 times to
0.13 times, Total
Assets Turnover was
increased from 0.00
times to 0.11 times,
show the company
could use Assets
so efficiently, Return
on Assets was
decreased from -0.38
to -2.20, Return
on Equity was
decreased from -1.05
to -37.54, capacity
to use Assets
to make profit
was not good,
Day's Payable was
increased from 0
days to 10
days, Day’s Inventories
was increased from
0 days to
138 days, and
Day’s Receivables was
increased from 0 days to
127 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%)