MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
THAI TECHNIC
ELECTRIC COMPANY LIMITED |
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Registered Office : |
280/7-8 Moo 18,
Suksawad Road, Bangpueng, Phrapradaeng, Samutprakarn 10130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
02.02.1990 |
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Com. Reg. No.: |
0115533000436 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer,
Distributor and Service
Provider Medium and Low
Volatage Electrical Equipment |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI TECHNIC
ELECTRIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 280/7-8 MOO 18, SUKSAWAD
ROAD, BANGPUENG,
PHRAPRADAENG, SAMUTPRAKARN 10130
TELEPHONE : [66]
2817-0572-61
FAX : [66] 2817-0577
E-MAIL ADDRESS : tte_sales@tte.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0115533000436 [Former: SOR POR. 1864]
CAPITAL REGISTERED
: BHT.
10,000,000
CAPITAL PAID-UP
: BHT.
10,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. BAMNEJ PRATHUMTHIN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : MEDIUM AND LOW VOLATAGE
ELECTRICAL
EQUIPMENT
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 February 2,
1990 as a
private limited company under the name style THAI
TECHNIC ELECTRIC COMPANY
LIMITED, by Thai
groups, in order
to distribute and service
wide range of
electrical equipment to
domestic market. It
currently employs approximately 100 staff.
The
subject’s registered address
is 280/7-8 Moo 18,
Suksawad Rd., Bangpueng, Phrapradaeng, Samutprakarn 10130, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Supart Sujivarodom |
|
Thai |
59 |
|
Mr. Santi Hasdinpaisal |
|
Thai |
58 |
|
Mr. Bamnej Prathumthin |
|
Thai |
47 |
|
Ms. Patcharee Chanthiempetch |
|
Thai |
53 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Bamnej Prathumthin is
the Managing Director.
He is Thai nationality with
the age of
47 years old.
BUSINESS OPERATIONS
The subject is engaged in
supplying and installation of commercial and
industrial electrical equipment, mainly
for motor control power management systems, electrical automation control systems, as well as manufacture of electrical
switchboard tailor-made electric
control panels to
customers requirement.
Its products and
services are as
follows:
Products
PLC & Software,
Magnetic Contractor &
Overload Relay, AC
Drive & Soft
Starter, Sensors &
Safety Products, Low
Voltage Type Test
Panel, Air Circuit
Breakers, Miniature Circuit
Breakers, Power Capacitor,
Wire & Way
Cable Ladder, Outdoor
Enclosure, Induction Motor,
Switching DC Power
Supply, Electronic Protection
Relays and etc.
Services
-
Panel Fabrication Service
-
PLC Programming Service
-
Hardware Engineering Service
-
Control Panel Assembly
Service
MAJOR BRANDS
“ALLEN-BRADEY & ROCKWELL”,
“GE”, “TAMCO”, “RITTEL”,
“TOASHIBA” and etc.
IMPORT
Most
of the products are imported
from India, United
States of America,
Japan, Italy. Taiwan
and Germany.
MAJOR SUPPLIERS
Rittal
Ltd. : Thailand
Conzerv
Systems Pvt. Ltd. : India
SALES
100% of the
products is sold
and serviced locally
to manufacturers 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
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
Factory
is located at
117/9 Moo 6,
Suksawad 78 Rd.,
Bangchak, Phrapradaeng, Samutprakarn 10130. Tel. : [66] 2817-7501-5, Fax. : [66] 2817-7506.
REMARK
CREDIT
OF US$ 500,000 SHOULD BE
IN ORDER.
COMMENT
Subject
is engaged in
importing and provide
servicing of electrical
equipment to building,
industrial plant and
etc. Several negative
factors, including political
uncertainty, sluggish economy
and rising fuel prices
have delayed of
new investment since
2007, as well
as higher material
costs also have
affected to overall operator
including subject.
Subject
reported its sales
in 2007 higher
than 2006, but
current sluggish construction sector has affected
domestic consumption. Therefore,
it is estimated that
subject’s business would
grow slowly.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 4,000,000 on September 9,
1992
Bht. 6,000,000 on October 13,
1995
Bht. 10,000,000
on December 16,
1996
The
latest registered capital
was increased to
Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Bamnej Prathumthin Nationality: Thai Address : 39/104
Moo 10, Ladprao
Rd., Ladprao,
Bangkapi, Bangkok |
30,000 |
30.00 |
|
Mr. Bancha Kittiratanaviwat Nationality: Thai Address :
5/12 Sukhumvit 31
Rd., Klongton,
Prakanong, Bangkok |
19,000 |
19.00 |
|
Mr. Supart Sujivarodom Nationality: Thai Address : 68/66
Bamrungmuang Rd., Klongmahanak,
Pomprab, Bangkok |
18,000 |
18.00 |
|
Mr. Santi Hasdinpaisal Nationality: Thai Address : 513 Bamrungmuang Rd., Klongmahanak,
Pomprab, Bangkok |
18,000 |
18.00 |
|
Ms. Patcharee Chanthiempetch Nationality: Thai Address : 607/135
Charoenkrung Rd., Bangklo,
Bangkorlaem, Bangkok |
9,000 |
9.00 |
|
Mrs. Yuwadee Prathumthin Nationality: Thai Address : 59/32
Prachasongkroh Rd., Huaykwang, Bangkok |
5,000 |
5.00 |
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Ms. Petchada Chanthiempetch Nationality: Thai Address : 607/135
Charoenkrung Rd., Bangklo,
Bangkorlaem, Bangkok |
1,000 |
1.00 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Rangsima Choompong No.
6769
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in Hand
& at Bank |
1,125,985.47 |
2,210,866.61 |
|
Trade Accts. &
Notes Receivable |
29,107,000.89 |
20,515,098.07 |
|
Inventories |
23,478,902.40 |
18,062,923.26 |
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Other Current Assets
|
323,291.99 |
325,924.73 |
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Total Current Assets
|
54,035,180.75 |
41,114,812.67 |
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Cash at Bank
under Commitment |
14,663,574.59 |
13,689,560.95 |
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Investment in Associated Company |
6,221,700.00 |
6,679,700.00 |
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Loan to Related
Person |
458,000.00 |
- |
|
Fixed Assets |
30,792,884.94 |
25,009,825.12 |
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Other Assets |
38,715.00 |
33,515.00 |
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Total Assets |
106,210,055.28 |
86,527,413.74 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Bank Overdraft |
13,688,548.51 |
6,738,427.61 |
|
Trade Accts. Payable |
22,522,562.61 |
17,381,819.93 |
|
Current Portion of Liabilities - Hire-purchase
Contract Liabilities |
235,165.88 |
529,925.52 |
|
- Long-term Loan from
Bank |
987,778.79 |
1,528,598.09 |
|
Other Current Liabilities |
20,179,896.22 |
15,871,678.40 |
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Total Current Liabilities |
57,613,952.01 |
42,050,449.55 |
|
Hire-purchase Contract Liabilities |
685,214.62 |
630,077.38 |
|
Long-term Loan from
Bank |
2,175,000.00 |
3,169,558.33 |
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Total Liabilities |
60,474,166.63 |
45,850,085.26 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Retained Earning Appropriated for
Statutory Reserve
|
1,000,000.00 |
1,000,000.00 |
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Unappropriated |
34,735,888.65 |
29,677,328.48 |
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Total Shareholders' Equity |
45,735,888.65 |
40,677,328.48 |
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Total Liabilities & Shareholders' Equity |
106,210,055.28 |
86,527,413.74 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
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Sales |
115,204,734.41 |
97,953,775.50 |
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Other Income |
2,800,576.57 |
1,035,680.03 |
|
Total Revenues |
118,005,310.98 |
98,989,455.53 |
|
Expenses |
|
|
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Cost of Goods
Sold |
84,727,296.21 |
70,308,689.10 |
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Selling & Administrative Expenses |
24,905,378.75 |
20,373,046.76 |
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Total Expenses |
109,632,674.96 |
90,681,735.86 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
8,372,636.02 |
8,307,719.67 |
|
Interest Expenses |
[930,521.25] |
[1,043,234.89] |
|
Income Tax |
[2,383,554.60] |
[1,936,063.94] |
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Net Profit / [Loss] |
5,058,560.17 |
5,328,420.84 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
17.61 |
|
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Operating Profit |
[14.31] |
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Net Profit |
[5.06] |
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|
Fixed Assets |
23.12 |
|
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Total Assets |
22.75 |
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Profitability |
|
|
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Cost of Good
Sold |
73.54 |
71.78 |
|
Operating Profit Margin |
7.27 |
8.48 |
|
S & A
Expenses |
21.62 |
20.80 |
|
Interest Paid |
0.81 |
1.07 |
|
Other Revenues |
2.43 |
1.06 |
|
Net Profit Margin |
4.39 |
5.44 |
|
Earning Per Shares |
50.59 |
53.28 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 17.61%,
Operating Profit was
decreased by 14.31%,
Net Profit was
decreased by 5.06%,
Fixed Assets was
increased by 23.12%,
Total Assets was
increased by 22.75%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 71.78%
to 73.54%, Operating
Profit Margin was
decreased from 8.48%
to 7.27%, S
& A Expenses
was increased from
20.80% to 21.62%,
Interest Paid was decreased
from 1.07% to
0.81%, Other Revenues
was increased from
1.06% to 2.43%,
Net Profit Margin
was decreased from
5.44% to 4.39%.
Earning Per Shares
was decreased from
53.28 baht per
share to 50.59
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.94 |
0.98 |
|
Quick-Assets Ratio |
0.52 |
0.54 |
Current Ratio was
decreased from 0.98
to 0.94, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.54 to 0.52, capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.32 |
1.13 |
|
Times Interest Earned |
9.00 |
7.96 |
D/E Ratio was
increased from 1.13
to 1.32, 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 7.96
to 9.00, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.74 |
3.92 |
|
Total Assets Turnover |
1.08 |
1.13 |
|
Return on Assets |
4.76 |
6.16 |
|
Return on Equity |
11.06 |
13.10 |
|
Day's Payable |
70.38 |
63.88 |
|
Day’s Inventories |
73.37 |
66.38 |
|
Day’s Receivables |
90.96 |
75.40 |
Fixed Assets Turnover
was decreased from
3.92 times to
3.74 times, Total
Assets Turnover was
decreased from 1.13
times to 1.08
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 6.16 to
4.76, Return on
Equity was decreased
from 13.10 to
11.06, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 64
days to 71
days, Day’s Inventories
was increased from
67 days to
74 days, and
Day’s Receivables was
increased from 76
days to 91
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)