MIRA
INFORM REPORT
|
Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PHOTONICS
SCIENCE CO., LTD. |
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Registered Office : |
107/13 Moo 5,
Romklao Road, Minburi,
Bangkok 10510 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11.03.2003 |
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Com. Reg. No.: |
0105546030428 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Service Provider of Laser Machines |
RATING &
COMMENTS
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
PHOTONICS
SCIENCE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 107/13 MOO 5, ROMKLAO
ROAD,
MINBURI, BANGKOK
10510
TELEPHONE : [66] 2915-0110,
2915-0113, 2915-0116
FAX : [66] 2915-0220
E-MAIL
ADDRESS : sales@photonics-science.com,
service@photonics-science.com
laser@photonics-science.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546030428
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. SURIN CHAOWALIT, THAI
MANAGING DIRECTOR
NO. OF STAFF : 24
LINES
OF BUSINESS : LASER MACHINES
IMPORTER, DISTRIBUTOR AND SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on March 11,
2003 as a
private limited company under the name style
PHOTONICS SCIENCE CO.,
LTD., by Thai groups, with the business
objective to import
and distribute laser
machines for various
industries. It currently
employs 24 staff.
The
subject’s registered address
is 107/13 Romklao
Rd., Minburi, Bangkok
10510, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Kamnueng Visalsaowapark |
|
Thai |
42 |
|
Mr. Surin Chaowalit |
|
Thai |
37 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Surin Chaowalit
is the Managing Director.
He is Thai nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing wide range of
laser machines, including
laser welding machine,
laser engraving machine,
laser marking machine,
laser cutting machine, laser
smoothing machine, laser
forming machine and
laser stress relieve
machine, as well
as after sales
services.
IMPORT
Most
of the products are imported
from U.S.A., Germany
and Japan.
SALES
100% of the
products is sold
and serviced locally
to manufacturers, dealers
and end-users.
RELATED AND AFFILIATED COMPANY
- P.T.G. Precision
Co., Ltd.
- Advanced Mechatronics & Automation Co.,
Ltd.
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
Banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 24 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Laser
has been increased
its performance in
most industries from
beauty and medical
to heavy industry.
With various types
of laser has
turned to modern
technology for people’s
lifestyle. Laser for
industrial used has
been in market
for many years
with gradually improved
of its scope of works.
The subject is
the leading company
in providing industrial
laser machine. Its
business has rapidly
grown with strong
demand in the
market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each.
On
October 28, 2004,
the capital was
increased to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr.
Kamnueng Visalsaowapark Nationality: Thai Address : 32/54
Moo 1, Klongluang, Pathumthani |
5,999 |
20.00 |
|
Mr.
Teerapong Puangkaew Nationality: Thai Address : 94/498
Moo 4, Lampakchee, Nongjok, Bangkok |
5,999 |
20.00 |
|
Mr. Surin Chaowalit Nationality: Thai Address : 94/498
Moo 4, Lampakchee, Nongjok, Bangkok |
5,999 |
20.00 |
|
Mr. Chaipol Mahamongkolsawas Nationality: Thai Address : 33/57
Moo 11, Saensaeb,
Bangkok |
5,999 |
20.00 |
|
Mrs.
Poolsuk Wannasuphoprasit Nationality: Thai Address : 694/17
Petchburi Rd., Ratchathewee, Bangkok |
5,999 |
20.00 |
|
Ms.
Pilaiwan Chaowalit Nationality: Thai Address : 68
Moo 5, Krungching, Nobpitam, Nakornsrithammarat |
2 |
- |
|
Mrs. Somjai On-sira Nationality: Thai Address : 123/2
Thawai Rd., Thachalom, Muang,
Samutsakorn |
2 |
- |
|
Mr.
Pornchai Chitkrua Nationality: Thai Address : 109/134
Moo 1, Lampakkood, Thanyaburi,
Pathumthani |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Patchara Charoonwuthatham No.
5581
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
|
1,113,203.67 |
8,629,689.59 |
|
Trade Accts. Receivable |
3,661,776.55 |
946,207.85 |
|
Inventories |
2,000,929.42 |
- |
|
Deposit |
- |
9,274,065.86 |
|
Other Current Assets
|
293,105.90 |
37,540.00 |
|
Total Current
Assets |
7,069,015.54 |
18,887,503.30 |
|
|
|
|
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Fixed Assets |
28,355,558.07 |
3,389,989.57 |
|
Other Assets |
44,030.00 |
41,350.00 |
|
Total Assets |
35,468,603.61 |
22,318,842.87 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
3,592,247.71 |
547,352.05 |
|
Pre-receipt Deposit |
5,759,900.00 |
16,499,764.03 |
|
Short Term Loan
from Directors |
13,483,600.00 |
- |
|
Payable Assets |
5,379,437.50 |
- |
|
Other Current Liabilities |
986,475.12 |
1,687,004.93 |
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Total Current
Liabilities |
29,201,660.33 |
18,734,121.01 |
|
Total Liabilities |
29,201,660.33 |
18,734,121.01 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
3,266,943.28 |
584,721.86 |
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Total
Shareholders' Equity |
6,266,943.28 |
3,584,721.86 |
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Total
Liabilities & Shareholders' Equity |
35,468,603.61 |
22,318,842.87 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales & Services |
125,402,944.94 |
38,180,622.12 |
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Other Income |
196,341.08 |
1,008,437.46 |
|
Total Revenues |
125,599,286.02 |
39,189,059.58 |
|
Expenses |
|
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Cost of Goods
Sold |
105,586,568.59 |
31,440,242.38 |
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Selling & Administrative Expenses |
16,414,614.36 |
6,801,518.34 |
|
Total Expenses |
122,001,182.95 |
38,241,760.72 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
3,598,103.07 |
947,298.86 |
|
Interest Expenses |
[7,925.91] |
[23,424.88] |
|
Income Tax |
[907,955.74] |
[117,086.73] |
|
Net Profit / [Loss] |
2,682,221.42 |
806,787.25 |
|
Retained Earning [deficit], beginning
of year |
584,721.86 |
[222,065.39] |
|
Retained Earning,
end of year |
3,266,943.28 |
584,721.86 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
228.45 |
|
|
Operating Profit |
15.64 |
|
|
Net Profit |
232.46 |
|
|
Fixed Assets |
736.45 |
|
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Total Assets |
58.92 |
|
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Profitability |
|
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Cost of Good
Sold |
84.20 |
82.35 |
|
Operating Profit Margin |
2.87 |
2.48 |
|
S & A
Expenses |
13.09 |
17.81 |
|
Interest Paid |
0.01 |
0.06 |
|
Other Revenues |
0.16 |
2.64 |
|
Net Profit Margin |
2.14 |
2.11 |
|
Earning Per Shares |
89.41 |
26.89 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 228.45%,
Operating Profit was
increased by 15.64%,
Net Profit was
increased by 232.46%,
Fixed Assets was
increased by 736.45%,
Total Assets was
increased by 58.92%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 82.35%
to 84.20%, Operating
Profit Margin was
increased from 2.48%
to 2.87%, S
& A Expenses
was decreased from
17.81% to 13.09%,
Interest Paid was decreased
from 0.06% to
0.01%, Other Revenues
was decreased from
2.64% to 0.16%,
Net Profit Margin
was increased from
2.11% to 2.14%.
Earning Per Shares
was increased from
26.89 baht per
share to 89.41
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.24 |
1.01 |
|
Quick-Assets Ratio |
0.16 |
0.51 |
Current Ratio was
decreased from 1.01
to 0.24, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.51 to 0.16,
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 |
4.66 |
5.23 |
|
Times Interest Earned |
453.97 |
40.44 |
D/E Ratio was
decreased from 5.23
to 4.66, 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 40.44
to 453.97, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.42 |
11.26 |
|
Total Assets Turnover |
3.54 |
1.71 |
|
Return on Assets |
7.56 |
3.61 |
|
Return on Equity |
42.80 |
22.51 |
|
Day's Payable |
10.31 |
5.16 |
|
Day’s Inventories |
5.74 |
0.00 |
|
Day’s Receivables |
10.51 |
8.92 |
Fixed Assets Turnover
was decreased from
11.26 times to
4.42 times, Total
Assets Turnover was
increased from 1.71
times to 3.54
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
3.61 to 7.56,
Return on Equity
was increased from
22.51 to 42.80,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 6
days to 11
days, Day’s Inventories
was increased from
0 days to 6 days,
and Day’s Receivables
was increased from
9 days to 11 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 |
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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%)