MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
THAI NICHIA ELECTRODES LIMITED PARTNERSHIP |
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Registered Office : |
609 Sathupradit Road,
Chongnonsi, Yannawa,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
15.10.1974 |
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Com. Reg. No.: |
0103517021503 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Manufacturer and Distributor of Welding Electrodes |
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI NICHIA ELECTRODES LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 609
SATHUPRADIT ROAD, CHONGNONSI,
YANNAWA, BANGKOK
10120
TELEPHONE : [66] 2284-1930
FAX : [66] 2294-6519
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION NO. : 0103517021503
[Former : 2180/2517]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT. 10,000,000
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. BOONTRONG WONGPOONSIN, THAI
MANAGING
PARTNER
NO.
OF STAFF : 30
LINES
OF BUSINESS : WELDING ELECTRODES
MANUFACTURER 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 established
on October 15,
1974 as a
limited partnership under the
name style THAI NICHIA
ELECTRODES LIMITED PARTNERSHIP, by Thai partners,
in order to
manufacture and distribute
welding electrodes for both
domestic and international markets. It currently
employs approximately 30
staff.
The
subject’s registered address is 609 Sathupradit
Rd., Chongnonsi, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE AUTHORIZED PERSON
Mr. Boontrong Wongpoonsin can
sign on behalf
of the subject with seal
affixed.
MANAGEMENT
Mr. Boontrong Wongpoonsin is
the Managing Partner.
He is Thai nationality with
the age of
61 years old.
Mr. Roengchai Jorcharoen
is the Production Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing of
welding electrodes, under
the brand name
“NICHIA”. Its production
capacity are around
70-80 tons per
month.
PURCHASE
Most of raw
materials especially wire
and cable are
purchased from local
supplies, the remaining
is imported from
Japan, Taiwan, Republic
of China, and
Singapore.
MAJOR SUPPLIER
Nichia Welding Electrodes
Mfg. Co., Ltd. : Japan
SALES
80% of the products is
sold locally by
wholesale to dealers,
manufacturers and end-users.
EXPORT
20% of the products is
exported to Singapore, Pakistan,
Hong Kong, Malaysia, Vietnam, India and Indonesia.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 30 staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject was formed
in 1974 as
a manufacturer and
distributor of welding
electrodes. Since its
products have been
served to industrial
users, which has
declined consumption during
this one to
two years. The
subject posted its
sales income in
2006 lower than
the previous year.
However, currently slow
consumption in local
market would lead
to slow growth
of subject’s business
in the near future.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 which
was carried by
5 persons as
followed :
Mr. Boontrong Wongpoonsin Bht. 2,500,000
[unlimited partner]
Mr. Boonkerd Wongpoonsin Bht. 1,200,000
Ms. Vilai
Wongpoonsin Bht. 1,000,000
Ms. Vipa
Wongpoonsin Bht. 800,000
Poonsinwattana [1975] Co., Ltd. Bht. 4,500,000
On
September 24, 2007,
the capital was
carried by 3
persons as followed:
Name Age Amount
Mr. Boontrong Wongpoonsin [61] Bht.
6,000,000 [unlimited partner]
Mrs. Pornpimol Wongpoonsin [57] Bht.
2,000,000
Mr. Bunyarit Wongpoonsin [29] Bht. 2,000,000
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Sirin Nanthavoraseth No.
3153
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
48,553.66 |
48,553.66 |
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Trade Accts. Receivable |
15,543,468.96 |
13,816,627.76 |
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Short Term Loan
to Person or
Related Company |
163,723.76 |
153,700.13 |
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Inventories |
13,954,328.35 |
19,455,982.50 |
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Other Current Assets
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1,037,178.46 |
795,938.17 |
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Total Current
Assets |
30,747,253.19 |
34,270,802.22 |
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Fixed Assets |
5,184,879.06 |
4,002,110.53 |
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Total Assets |
35,932,132.25 |
38,272,912.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Bank Overdraft &
Short Term Loan
from Financial Institute |
11,468,398.52 |
13,737,071.12 |
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Trade Accts. Payable |
10,927,571.72 |
12,533,511.42 |
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Other Current Liabilities |
1,085,134.59 |
828,753.96 |
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Total Current
Liabilities |
23,481,104.83 |
27,099,336.50 |
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Total Liabilities |
23,481,104.83 |
27,099,336.50 |
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Shareholders'
Equity |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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General Reserve |
1,500,000.00 |
1,500,000.00 |
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Retained Earning -
Unappropriated |
951,027.42 |
[326,423.75] |
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Total
Shareholders' Equity |
12,451,027.42 |
11,173,576.25 |
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Total
Liabilities & Shareholders' Equity |
35,932,132.25 |
38,272,912.75 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
63,606,122.56 |
81,184,445.01 |
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Other Income |
631,197.94 |
372,142.51 |
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Total Revenues
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64,237,320.50 |
81,556,587.52 |
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Expenses |
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Cost of Goods
Sold |
55,883,341.93 |
74,077,267.02 |
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Selling Expenses |
4,030,566.13 |
3,955,207.92 |
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Administrative Expenses |
1,529,430.62 |
1,162,514.99 |
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Total Expenses |
61,443,338.68 |
79,194,989.93 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
2,793,981.82 |
2,361,597.59 |
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Interest Expenses |
[936,891.91] |
[889,901.96] |
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Income Tax |
[579,638.74] |
[445,008.09] |
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Net Profit / [Loss] |
1,277,451.17 |
1,026,687.54 |
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Retained Earning [deficit], beginning
of year |
[326,423.75] |
[1,353,111.29] |
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Retained Earning [deficit], end
of year |
951,027.42 |
[326,423.75] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
[21.65] |
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Operating Profit |
56.59 |
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Net Profit |
24.42 |
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Fixed Assets |
29.55 |
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Total Assets |
[6.12] |
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Profitability |
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Cost of Good
Sold |
87.86 |
91.25 |
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Operating Profit Margin |
6.80 |
4.34 |
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S & A
Expenses |
6.34 |
4.87 |
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Interest Paid |
1.47 |
1.10 |
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Other Revenues |
0.99 |
0.46 |
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Net Profit Margin |
2.01 |
1.26 |
Net Sales was
decreased by 21.65%,
Operating Profit was
increased by 56.59%,
Net Profit was
increased by 24.42%,
Fixed Assets was
increased by 29.55%,
Total Assets was decreased by 6.12%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 91.25%
to 87.86%, Operating
Profit Margin was
increased from 4.34%
to 6.80%, S
& A Expenses
was increased from
4.87% to 6.34%,
Interest Paid was increased
from 1.10% to
1.47%, Other Revenues
was increased from
0.46% to 0.99%,
Net Profit Margin
was increased from
1.26% to 2.01%.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
1.31 |
1.26 |
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Quick-Assets Ratio |
0.67 |
0.52 |
Current Ratio was
increased from 1.26
to 1.31, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was increased
from 0.52 to
0.67, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
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Leverage |
2006 |
2005 |
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D/E Ratio |
1.89 |
2.43 |
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Times Interest Earned |
4.61 |
3.96 |
D/E Ratio was
decreased from 2.43
to 1.89, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
3.96 to 4.61,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
12.27 |
20.29 |
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Total Assets Turnover |
1.77 |
2.12 |
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Return on Assets |
3.56 |
2.68 |
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Return on Equity |
10.26 |
9.19 |
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Day's Payable |
61.85 |
55.58 |
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Day’s Inventories |
78.98 |
86.27 |
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Day’s Receivables |
87.97 |
61.27 |
Fixed Assets Turnover
was decreased from
20.29 times to
12.27 times, Total
Assets Turnover was
decreased from 2.12
times to 1.77
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 2.68 to
3.56, Return on
Equity was increased
from 9.19 to
10.26, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 56
days to 62
days, while Day’s
Inventories was decreased
from 87 days
to 79 days, but Day’s
Receivables was increased
from 62 days
to 88 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.66.02 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)