MIRA
INFORM REPORT
|
Report Date : |
07.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDUSTRIAL PROVISION CO., LTD. |
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Registered Office : |
51/859 Moo 9,
Soi 34, Nualchan
Road, Klongkum, Buengkum, Bangkok
10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08.07.2002 |
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Com. Reg. No.: |
0105545070205 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Contractor and Distributor of Electrical Systems
and Equipment |
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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Maximum Credit Limit : |
US$ 71,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
INDUSTRIAL
PROVISION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 51/859 MOO 9, SOI
34, NUALCHAN ROAD,
KLONGKUM, BUENGKUM,
BANGKOK 10230
TELEPHONE : [66] 2946-2956-7
FAX : [66] 2946-1971
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION NO. : 0105545070205
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHAKRA RATANAJARANA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : ELECTRICAL SYSTEMS AND EQUIPMENT
CONTRACTOR AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was formed
on July 8,
2002 as a
private limited company
by Thai group,
under the name style INDUSTRIAL
PROVISION CO., LTD., with the
business objective to
provide product and
service of electrical
equipment and systems for
office building and
industrial factory. It
currently employs 12
staff.
The
subject’s registered address
was initially located
at 10/438 Moo
9, Klongkum, Buengkum,
Bangkok 10230.
In
2007, it was
relocated to 51/859
Moo 9, Soi 34, Nualchan
Rd., Klongkum, Buengkum,
Bangkok 10230, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chakra Ratanajarana |
[x] |
Thai |
39 |
|
Mr. Kamthorn La-ongkaew |
|
Thai |
34 |
|
Ms. Arthitaya Bucha |
|
Thai |
31 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Chakra Ratanajarana is
the Managing Director.
He is Thai nationality with
the age of
39 years old.
BUSINESS OPERATIONS
The subject’s main
activity is a
distributor of electrical
systems equipment, including
digital inverter, AC/DC
motors, elevated encoder,
etc. as well
as designing and
installation contractor of
electric systems for
office building and
industrial factory project.
Services are provided
by local sub-contractors.
MAJOR BRANDS
“YASHAWA”, “FUJI”, “SIMO”,
“MITSUBISHI”, “KOYO” and
etc.
PURCHASE
Electrical systems equipment
are purchased from
both locally and
overseas, mainly in
Germany, United Kingdom, France,
Taiwan, Singapore and Japan. Imported
product is purchased
mainly by customer’s
order.
SALES
100% of the
products are sold
and serviced locally
to industrial factory
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
TMB Bank Public
Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
REMARK
CREDIT
OF US$ 71,000 SHOULD BE
IN ORDER.
COMMENT
Its business model is
based on a highly
integrated, well-organized
and interactive managerial
style, as well as
it is in position to continue
its rapid development
and quickly gauge of new trends and market
potential. Therefore it is
believed that the subject would grow well in the market.
The subject’s business
has sustainable grown.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided into 1,000
shares of Bht.
1,000 each.
On
July 18, 2005,
the capital was increased to
Bht. 3,000,000 divided into
3,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chakra Ratanajarana Nationality: Thai Address : 382
Cholnives Rd., Ladyao,
Jatujak, Bangkok |
2,076 |
69.20 |
|
Mr.
Kamthorn La-ongkaew Nationality: Thai Address : 60/16
Moo 7, Anusawaree, Bangkhen, Bangkok |
600 |
20.00 |
|
Ms.
Arthitaya Bucha Nationality: Thai Address : 101/5
Moo 4, Thasai,
Muang, Nonthaburi |
300 |
10.00 |
|
Mr. Khet Ratanajarana Nationality: Thai Address : 5
Wongwian 3 Rd.,
Sataeng, Muang, Yala |
7 |
0.23 |
|
Mrs.
Pornjaras Ratanajarana Nationality: Thai Address : 52
Suyang 1 Rd.,
Sateng, Muang, Yala |
7 |
0.23 |
|
Mrs.
Sahathaya Ratanajarana Nationality: Thai Address : 382
Cholnives Rd., Ladyao,
Jatujak, Bangkok |
7 |
0.23 |
|
Mr. Thawat Krungcharoen Nationality: Thai Address : 207/98
Moo 2, Or-ngern, Saimai,
Bangkok |
1 |
|
|
Mr. Virat Tatiyanuphanwong Nationality: Thai Address : 17/186
Moo 14, Nongkaem,
Bangkok |
1 |
= 0.11 |
|
Mr. Thongchai Sila Nationality: Thai Address : 104/107
Moo 8, Kongkum,
Buengkum, Bangkok |
1 |
|
Total Shareholders : 9
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Taweechai
Charoensilawart No. 4760
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,149,249.45 |
167,604.13 |
|
Trade Accts. Receivable |
10,214,600.72 |
7,215,794.74 |
|
Inventories |
13,417,226.77 |
14,056,815.99 |
|
Other Current Assets
|
1,212,936.94 |
1,042,613.65 |
|
Total Current
Assets |
25,994,013.88 |
22,482,828.51 |
|
Fixed Assets |
5,815,436.14 |
5,487,821.10 |
|
Other Assets |
329,419.87 |
92,601.44 |
|
Total Assets |
32,138,869.89 |
28,063,251.05 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short Term Loan from Finance |
339,050.54 |
718,938.13 |
|
Trade Accts. Payable |
12,729,574.78 |
9,447,300.54 |
|
Accrued Expenses |
1,188,110.00 |
- |
|
Current Portion of Long
Term Liabilities Lease Contract |
1,190,549.63 |
572,507.02 |
|
Other Current Liabilities |
3,272,966.19 |
2,587,607.35 |
|
Total Current Liabilities
|
18,720,251.14 |
13,326,353.04 |
|
Long Term Loan
from Person or
Related Company |
6,747,045.76 |
7,466,559.06 |
|
Long Term Liabilities Lease Contract
Net of Current Portion |
2,263,098.00 |
3,211,454.00 |
|
Total Liabilities |
27,730,394.90 |
24,004,366.10 |
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|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 3,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
1,408,474.99 |
1,058,884.95 |
|
Total
Shareholders' Equity |
4,408,474.99 |
4,058,884.95 |
|
Total
Liabilities & Shareholders' Equity |
32,138,869.89 |
28,063,251.05 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
61,746,577.20 |
43,402,123.54 |
|
Other Income |
426,289.77 |
155,199.40 |
|
Total Revenues
|
62,172,866.97 |
43,557,322.94 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
51,687,690.96 |
35,866,675.38 |
|
Selling & Administrative Expenses |
9,748,003.29 |
7,418,975.83 |
|
Total Expenses |
61,435,694.25 |
43,285,651.21 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
737,172.72 |
271,671.73 |
|
Interest Expenses |
[238,912.98] |
[93,557.48] |
|
Income Tax |
[148,669.70] |
[85,329.66] |
|
Net Profit / [Loss] |
349,590.04 |
92,784.59 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
42.27 |
|
|
Operating Profit |
90.73 |
|
|
Net Profit |
276.78 |
|
|
Fixed Assets |
5.97 |
|
|
Total Assets |
14.52 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
83.71 |
82.64 |
|
Operating Profit Margin |
1.19 |
0.63 |
|
S & A
Expenses |
15.79 |
17.09 |
|
Interest Paid |
0.39 |
0.22 |
|
Other Revenues |
0.69 |
0.36 |
|
Net Profit Margin |
0.57 |
0.21 |
|
Earning Per Shares |
116.53 |
30.93 |
|
No. of Shares |
3,000 |
3,000 |
Net Sales was
increased by 42.27%,
Operating Profit was increased by
90.73%, Net Profit
was increased by
276.78%, Fixed Assets
was increased by
5.97%, Total Assets
was increased by
14.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 82.64%
to 83.71%, Operating
Profit Margin was
increased from 0.63%
to 1.19%, S
& A Expenses
was decreased from
17.09% to 15.79%,
Interest Paid was increased
from 0.22% to
0.39%, Other Revenues
was increased from
0.36% to 0.69%,
Net Profit Margin
was increased from
0.21% to 0.57%.
Earning Per Shares
was increased from
30.93 baht per
share to 116.53
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.39 |
1.69 |
|
Quick-Assets Ratio |
0.61 |
0.55 |
Current Ratio was
decreased from 1.69
to 1.39, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.55 to 0.61,
capacity to pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
6.29 |
5.91 |
|
Times Interest Earned |
3.09 |
2.90 |
D/E Ratio was increased from
5.91 to 6.29,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
high, Times Interest
Earned was increased
from 2.90 to
3.09, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
10.62 |
7.91 |
|
Total Assets Turnover |
1.92 |
1.55 |
|
Return on Assets |
1.09 |
0.33 |
|
Return on Equity |
7.93 |
2.29 |
|
Day's Payable |
74.22 |
78.36 |
|
Day’s Inventories |
78.23 |
116.59 |
|
Day’s Receivables |
59.55 |
59.85 |
Fixed Assets Turnover
was increased from
7.91 times to
10.62 times, Total
Assets Turnover was
increased from 1.55
times to 1.92
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.33 to
1.09, Return on
Equity was increased
from 2.29 to
7.93, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 79
days to 75
days, and Day’s
Inventories was decreased
from 117 days
to 79 days, while Day’s
Receivables was stable
at 60 days.
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
42.27 |
|
|
Operating Profit |
90.73 |
|
|
Net Profit |
276.78 |
|
|
Fixed Assets |
5.97 |
|
|
Total Assets |
14.52 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
83.71 |
82.64 |
|
Operating Profit Margin |
1.19 |
0.63 |
|
S & A
Expenses |
15.79 |
17.09 |
|
Interest Paid |
0.39 |
0.22 |
|
Other Revenues |
0.69 |
0.36 |
|
Net Profit Margin |
0.57 |
0.21 |
|
Earning Per Shares |
116.53 |
30.93 |
|
No. of Shares |
3,000 |
3,000 |
Net Sales was
increased by 42.27%,
Operating Profit was
increased by 90.73%,
Net Profit was
increased by 276.78%,
Fixed Assets was
increased by 5.97%,
Total Assets was
increased by 14.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 82.64%
to 83.71%, Operating
Profit Margin was
increased from 0.63%
to 1.19%, S
& A Expenses
was decreased from
17.09% to 15.79%,
Interest Paid was increased
from 0.22% to
0.39%, Other Revenues
was increased from
0.36% to 0.69%,
Net Profit Margin
was increased from
0.21% to 0.57%.
Earning Per Shares
was increased from
30.93 baht per
share to 116.53
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.39 |
1.69 |
|
Quick-Assets Ratio |
0.61 |
0.55 |
Current Ratio was
decreased from 1.69
to 1.39, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.55 to 0.61,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
6.29 |
5.91 |
|
Times Interest Earned |
3.09 |
2.90 |
D/E Ratio was
increased from 5.91
to 6.29, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
2.90 to 3.09,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
10.62 |
7.91 |
|
Total Assets Turnover |
1.92 |
1.55 |
|
Return on Assets |
1.09 |
0.33 |
|
Return on Equity |
7.93 |
2.29 |
|
Day's Payable |
74.22 |
78.36 |
|
Day’s Inventories |
78.23 |
116.59 |
|
Day’s Receivables |
59.55 |
59.85 |
Fixed Assets Turnover
was increased from
7.91 times to
10.62 times, Total
Assets Turnover was
increased from 1.55
times to 1.92
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.33 to 1.09,
Return on Equity
was increased from
2.29 to 7.93,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 79
days to 75
days, and Day’s
Inventories was decreased
from 117 days
to 79 days, while Day’s
Receivables was stable
at 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. |
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%)