MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
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Name : |
S.P.S. COOPERATE, LTD. |
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Registered Office : |
74 Moo 9, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
0105528034255 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and contractor of
board on frame
for AV speaker/rack and
R.T.A. Panel furniture
products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Usually correct |
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Litigation : |
Clear |
name
S.P.S. COOPERATE, LTD.
SUMMARY
BUSINESS ADDRESS : 74
MOO 9,
T. KLONGNAKORNNUANGKHET, A.
MUANG,
TELEPHONE : [66] 38
593-456
FAX : [66] 38 593-001, 593-010
E-MAIL ADDRESS : sps@spsthai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0105528034255 [Former : 3425/2528]
CAPITAL
REGISTERED : BHT.
150,000,000
CAPITAL
PAID-UP : BHT.
150,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KEERATI SERMPRAPASILP, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 1,900
LINES OF
BUSINESS : PANEL
FURNITURE
MANUFACTURER &
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 October
2, 1985 as
a private limited
company under the registered
name “S. Praphasilp
Industrial Co., Ltd.”,
by Thai groups.
On August 1,
1996 the subject’s
name was changed
to S.P.S. COOPERATE,
LTD. It currently
employs 1,900 staff.
The subject is
a leading of
the board on
frame manufacturer for AV
speaker/rack and R.T.A panel
furniture with promotional
privilege from Board
of Investment, Thailand.
Award [from
various agents]
·
Best
Products Awards : 1987-1988
·
Best
Company Award : 1989
·
Best
Exporter Award : 1989
·
NIC
Award 1989 : 1989
·
1st
·
Best
Performance Exporter Award : 1999
·
ISO
9002 Certificate : 2000
The subject’s registered
address is 74
Moo 9, Suvintawong
Rd., Klongnakhonluangkhet, Muang,
Chachoengsao 24000, and
this is the
company’s operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
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Mr.
Keerati Sermprapasilp |
Thai |
52 |
|
Ms.
Orapin Sermprapasilp |
Thai |
50 |
|
Mr.
Veerasak Sermprapasilp |
Thai |
48 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Keerati
Sermprapasilp is the
Managing Director.
He is Thai
nationality with the
age of 52
years old.
Mr. Voravit
Cheangsri is the Personnel
Manager.
He is Thai
nationality.
Mr. Sirisak
Charoenrumviwat is the
Marketing Manager.
He is Thai
nationality.
Mr. Pichet
Fuang-arrom is the
Factory Manager.
He is
Thai nationality.
Ms.
Peangmarn Pholwa is
the Accounting Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The
subject’s activities are
manufacturer and contractor
of board on
frame for AV
speaker/rack and R.T.A.
Panel furniture products.
Listed
of products:
·
AV products
- TV audio
stand
-
Speaker
-
Home entertainment products
·
Furniture
Products - Bedroom
-
Living Room
-
Kitchen
- Office
Furniture
-
Wall cabinet
- Computer desk
- File cabinet
MAJOR BRANDS
Furniture
Products -
“High Fly”, “Modar”
[owned brand]
AV Products -
“Pioneer”, “Sony”, “
PURCHASE
Most of its
raw material and
accessories are purchased
from local suppliers,
the rest is
imported from Japan,
Germany, Korea, Singapore,
United States of
America, Hong Kong and
Italy.
SALES [LOCAL]
90% of furniture,
and 10% of
AV products are
sold locally to
manufacturers and wholesalers.
EXPORT [COUNTRY]
90% of AV
products and 10%
of furniture products
are exported to
Japan, United States
of America, India,
Hong Kong, Middle
East and E U
countries.
MAJOR CUSTOMERS
Furniture
Products:
·
Furniture
Shop
·
·
Hyper Store
·
Furniture
Store
·
Department
Store
·
& etc.
AV Products:
·
Sony
Siam International Company :
·
Pioneer
Manufacturing [
·
Samsung
Electronics Ltd. :
·
& etc.
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.
SUBSIDIARY AND
AFFILIATED COMPANIES
S.P.S. Intertech Co.,
Ltd.
S.P.S. Inter System
Co., Ltd.
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
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office :
Bangkok Bank
Public Co., Ltd.
[Head Office :
Siam City
Bank Public Co., Ltd.
[Head Office : 1101
New
EMPLOYMENT
The subject employs
approximately 1,900 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse at the
heading address. It
is located in
an industrial area.
COMMENT
The company is
engaged in leading
manufacturing and distributing
of AV
speaker/rack and R.T.A.
Panel furniture in
FINANCIAL INFORMATION
The capital was
registered at Bht.
3,000,000 divided into
3,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 15,000,000
on August 17,
1988
Bht. 36,000,000
on October 10,
1988
Bht. 53,000,000
on July 7,
1993
Bht. 70,000,000
on August 29,
1994
Bht. 150,000,000 on
May 29, 2000
The latest registered
capital was increased
to Bht. 150,000,000
divided into 150,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Ms. Orapin
Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, |
24,750 |
16.50 |
|
Mr. Veerasak
Sermprapasilp Nationality : Thai Address : 24
Soi S. Kiatchai
1, Huaykwang, |
24,750 |
16.50 |
|
Mr. Peerapol
Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, |
24,750 |
16.50 |
|
Mr. Vorapoj
Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4, Kannayao, |
24,750 |
16.50 |
|
Ms. Voranuj
Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, |
24,750 |
16.50 |
|
Sinprapha Co., Ltd. Nationality : Thai Address : 74/1
Moo 9, T.
Klongnakornnuangkhet, A.
Muang, Chachoengsao |
17,500 |
11.67 |
|
Mr. Sin
Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, |
8,750 |
5.83 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Athipong Athipongsakul
No. 3500
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in Hand
& at Bank |
17,017,081.40 |
4,321,128.87 |
|
Trade Accts. Receivable |
110,141,531.24 |
76,781,642.26 |
|
Inventories |
106,585,894.50 |
99,538,002.46 |
|
Prepaid Goods |
5,458,753.69 |
- |
|
Deferred Interest |
31,980,000.00 |
32,002,868.66 |
|
Refundable Value Added Tax |
21,750,484.43 |
8,140,632.92 |
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Other Current Assets
|
2,793,766.39 |
3,482,219.75 |
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|
|
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Total Current
Assets |
295,727,511.65 |
224,266,494.92 |
|
Cash at Bank
pledged as a
Collateral |
- |
11,301,049.41 |
|
Investment in Subsidiary |
200,000,000.00 |
200,000,000.00 |
|
Other Long-term Investment |
200,000.00 |
200,000.00 |
|
Fixed Assets |
388,840,807.56 |
404,023,717.23 |
|
Withholding Income Tax |
828,279.93 |
10,277,944.45 |
|
Other Assets |
2,203,680.00 |
3,420,727.00 |
|
Total Assets
|
887,800,279.14 |
853,489,933.01 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
192,198,341.18 |
219,121,892.89 |
|
Trade Accts. Payable |
164,581,995.17 |
122,987,844.83 |
|
Related Company Payable |
899,570.93 |
328,612.69 |
|
Short-term Loan &
Accrued Interest from
Related Company |
45,808,740.41 |
- |
|
Current Portion of
Long-term Loan |
60,228,000.00 |
60,228,000.00 |
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Current Portion of
Hire-purchase Contract Liabilities |
2,114,837.48 |
2,415,542.00 |
|
Current Portion of Revenue Department
Payable |
16,816,800.00 |
10,320,000.00 |
|
Accrued Expenses |
50,945,971.48 |
39,903,253.22 |
|
Other Current Liabilities |
1,783,117.40 |
1,962,192.78 |
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|
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Total Current
Liabilities |
535,377,374.05 |
457,267,338.41 |
|
Long-term Loan |
295,152,000.00 |
355,380,000.00 |
|
Hire-purchase Contract Liabilities |
697,664.82 |
2,639,995.35 |
|
Revenue Department Payable |
31,694,783.88 |
21,590,665.40 |
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Total Liabilities |
862,921,822.75 |
836,877,999.16 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share capital
150,000 shares |
150,000,000.00 |
150,000,000.00 |
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|
|
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Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Surplus from Revaluation
of Assets |
167,483,150.00 |
167,483,150.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[292,604,693.61] |
[300,871,216.15] |
|
Total
Shareholders' Equity |
24,878,456.39 |
16,611,933.85 |
|
Total
Liabilities & Shareholders' Equity |
887,800,279.14 |
853,489,933.01 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
991,331,783.35 |
948,498,534.06 |
|
Manufacturing Service Income |
1,604,415.00 |
4,631,110.00 |
|
Dividend Income |
53,000,000.00 |
71,700,000.00 |
|
Interest Income |
24,124,930.56 |
21,064,139.09 |
|
Gain on Exchange
Rate |
14,368,873.17 |
444,589.96 |
|
Other Income |
7,332,806.97 |
4,918,949.47 |
|
Total Revenues
|
1,091,762,809.05 |
1,051,257,322.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Manufacturing Service |
888,254,180.90 |
864,826,089.95 |
|
Selling & Administrative Expenses |
88,596,246.63 |
80,413,578.25 |
|
Income Tax |
33,855,594.03 |
27,169,003.18 |
|
Doubtful Account |
29,512,985.02 |
21,015,213.69 |
|
Total Expenses |
1,040,219,006.58 |
993,423,885.07 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
51,543,802.47 |
57,833,437.51 |
|
Interest Expenses |
[43,277,279.93] |
[34,372,853.31] |
|
|
|
|
|
Net Profit / [Loss] |
8,266,522.54 |
23,460,584.20 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
4.18 |
|
|
Operating Profit |
4.04 |
|
|
Net Profit |
[64.76] |
|
|
Fixed Assets |
[3.76] |
|
|
Total Assets |
4.02 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
89.46 |
90.74 |
|
Operating Profit Margin |
11.57 |
11.12 |
|
S & A
Expenses |
8.92 |
8.44 |
|
Interest Paid |
4.36 |
3.61 |
|
Other Revenues |
9.95 |
10.30 |
|
Net Profit Margin |
0.83 |
2.46 |
|
Earning Per Shares |
55.11 |
156.40 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
increased by 4.18%,
Operating Profit was
increased by 4.04%,
Net Profit was
decreased by 64.76%,
Fixed Assets was
decreased by 3.76%,
Total Assets was
increased by 4.02%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.74%
to 89.46%, Operating
Profit Margin was
increased from 11.12%
to 11.57%, S
& A Expenses
was increased from
8.44% to 8.92%,
Interest Paid was increased
from 3.61% to
4.36%, Other Revenues
was decreased from
10.30% to 9.95%,
Net Profit Margin
was decreased from
2.46% to 0.83%.
Earning Per Shares
was decreased from
156.40 baht per
share to 55.11
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.55 |
0.49 |
|
Quick-Assets Ratio |
0.24 |
0.18 |
Current Ratio was
increased from 0.49
to 0.55, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.18
to 0.24, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
34.69 |
50.38 |
|
Times Interest Earned |
2.66 |
3.08 |
D/E Ratio was
decreased from 50.38
to 34.69, 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
3.08 to 2.66,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.55 |
2.36 |
|
Total Assets Turnover |
1.12 |
1.12 |
|
Return on Assets |
0.93 |
2.75 |
|
Return on Equity |
33.23 |
141.23 |
|
Day's Payable |
59.67 |
46.45 |
|
Day’s Inventories |
38.64 |
37.60 |
|
Day’s Receivables |
39.93 |
29.00 |
Fixed Assets Turnover
was increased from
2.36 times to
2.55 times, Total
Assets Turnover was
increased from 1.12
times to 1.12
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
2.75 to 0.93,
Return on Equity
was decreased from
141.23 to 33.23,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 47
days to 60
days, Day’s Inventories
was increased from
38 days to
39 days, and
Day’s Receivables was
increased from 30
days to 40
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%)