MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOUTHEAST THAILAND COMPANY LIMITED |
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Registered Office : |
390/6-7-8 Sukhumvit Road,
Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.03.1972 |
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Com. Reg. No.: |
0105515001825 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Electric Equipments
Importer & Distributor |
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 of the company
SOUTHEAST THAILAND
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 390/6-7-8 SUKHUMVIT ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2663-4697-9, 2258-0210-5
FAX : [66] 2258-1919
E-MAIL
ADDRESS : info@southeastthailand.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION NO. : 0105515001825
[Former : 183/2515]
CAPITAL REGISTERED : BHT. 9,000,000
CAPITAL PAID-UP : BHT. 9,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SANSERN CHANYONGPHAN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 28
LINES
OF BUSINESS : ELECTRIC EQUIPMENTS
IMPORTER &
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 March
23, 1972 as
a private limited
company under the name
style SOUTHEAST THAILAND COMPANY LIMITED by
Thai groups, in order to distribute
wide range of
high, medium, and
low voltage electric
equipments for local
market. It currently
employs 28 staff.
The subject’s registered
address is 390/6-7-8
Sukhumvit Rd., Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Sansern Chanyongphan [x] Thai 76
Ms. Chanya Chanyongphan Thai 43
Mr. Suraphan Chanyongphan [x] Thai 36
Mr. Paladej Chanyongphan Thai 33
Mr. Anake Chaythongkham Thai 78
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sansern
Chanyongphan is the
Managing Director.
He is Thai nationality with
the age of
76 years old.
Mr. Suraphan
Chanyongphan is the
General Manager.
He is Thai nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of low,
medium and high
voltages electric equipments,
including electric control
equipment, capacitors, transformers, circuit breakers, power
breakers, high voltage
motor, industrial power
control, lightings, lamps,
electric wires and etc.
MAJOR BRANDS
“ABB”, “SQUARE-D”, “HITACHI”, “YAZAKI”, “OMRON”, “FUJI”, “RITZ”, “CEDASPE”, “CERINS”, “RAMAN”,
“DELTA LIGHT”, “JUMO”,
“NU-CORK”, “IZOERG”, “GLASSBOND”, “SILVERLIGHT” and etc.
PURCHASE
The subject purchases the
products from over
40 suppliers both
local and overseas.
60% of the products is
purchased from local
suppliers and agents,
while the remaining 40% is
imported from Japan,
Germany, United Kingdom,
India, Italy, Belgium,
Australia and Singapore.
MAJOR SUPPLIERS
- Trisak Automation Co., Ltd. : Thailand
- Asia Lamp Industry
Co., Ltd. : Thailand
- ABB Thailand Ltd. : Thailand
- Thai Yazaki Electric
Wire Co., Ltd. : Thailand
- Glassbond [NW] Ltd. : United Kingdom
- Cedaspe S.p.a. : Italy
- Raman Boards Limited : India
- Fortress Systems Pty.
Ltd. : Australia
- Jumo GmbH : Germany
- Nokian Capacitors Ltd. : U.K.
SALES [LOCAL]
100% of the
products is sold
locally by wholesales
to dealers and retail sales to contractors
and end-users nationwide.
RELATED AND AFFILIATED COMPANIES
Southeast Engineering
[Thailand] Co., Ltd.
Business Type: Electric system
installation contractor
Asia Lamp
Industry Co., Ltd.
Business Type: Manufacturer of lamps
and lighting products
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 and T/T.
BUSINESS TRANSACTION
In term of
sales, the products
are sold by
cash and credit with the
maximum credit given
at 30-60 days.
The subject is
not found to
have problem on
its account receivable.
In term of purchasing, the
products are purchased
from local suppliers
with the maximum
credit receipt at
30-60 days and overseas
supplier by L/C
and T/T. The subject is found to have late payment
for its purchasing, but it is not found to have default payment.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
28 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office in a
4 storey building
of 3 row shop houses at
the heading address.
Premise is located
in commercial/residential area.
REMARK
CREDIT OF US$ 10,000,000 AGAINST D/A TERM
IS TOO HIGH.
COMMENT
The subject has forged
a long experience and progress in local market for supplying
standard quality products for thirty five
years. Since its inception, the subject has maintained its
reputation and continually
brought up the quality products
and services, which is a key success in the market. Trend of electric equipment
is likely to continue growing from investment
and expanding in long term
prospect.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 6,000,000 divided
into 6,000 shares
of Bht. 1,000
each.
On October 1,
1987, the capital
was increased to
Bht. 9,000,000 divided
into 9,000 shares
of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS : [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
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Mr. Suwan
Sathittada Nationality: Thai Address : 83 Huaykwang, Bangkok
10320 |
1,575 |
17.50 |
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Mr. Paladej
Chanyongphan Nationality: Thai Address : 10 Sukhumvit
Rd., Wattana, Bangkok 10110 |
1,053 |
11.70 |
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Ms. Chanya
Chanyongphan Nationality: Thai Address : 11/4 Rajprarop
Rd., Makkasan,
Phyathai, Bangkok 10400 |
1,000 |
11.11 |
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Ms. Nipaphan
Chanyongphan Nationality: Thai Address : 119/1 Soi
Soonvijai 14, Bangkapi, Huaykwang,
Bangkok |
1,000 |
11.11 |
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Mr. Suraphan
Chanyongphan Nationality: Thai Address : 119/3 Soi
Soonvijai 14, Bangkapi,
Huaykwang, Bangkok |
1,000 |
11.11 |
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Mrs. Nuch
Suriyakul Na Ayudhya Nationality: Thai Address : 119 Soi
Soonvijai 14, Bangkapi,
Huaykwang, Bangkok |
1,000 |
11.11 |
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Mrs. Nipaporn
Tangtivaja Nationality: Thai Address : 101 Ekamai
Rd., Klongton, Prakanong, Bangkok 10110 |
997 |
11.08 |
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Others |
1,375 |
15.28 |
Total Shareholders
18
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Udom Tangmanasakul No.
6391
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
|
7,567,642 |
3,057,189 |
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Trade Accts. Receivable |
12,640,976 |
19,429,182 |
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Inventories |
19,484,123 |
15,258,362 |
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Receivable-Revenue Department |
- |
338,418 |
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Other Current Assets
|
289,324 |
11,352 |
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Total Current
Assets |
39,982,065 |
38,094,503 |
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General Investment |
13,757,500 |
13,757,500 |
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Fixed Assets |
5,036,416 |
5,203,689 |
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Other Assets |
205,394 |
103,123 |
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Total Assets |
58,981,375 |
57,158,815 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Bank Overdraft from
Financial Institute |
644,994 |
686,335 |
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Trade Accts. Payable |
21,828,977 |
22,003,422 |
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Accrued Income Tax |
462,617 |
682,786 |
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Other Current Liabilities |
2,329,876 |
1,801,054 |
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Total Current
Liabilities |
25,266,464 |
25,173,597 |
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Total Liabilities |
25,266,464 |
25,173,597 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 9,000 shares |
9,000,000 |
9,000,000 |
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Capital Paid |
9,000,000 |
9,000,000 |
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Statutory Reserve |
2,000,000 |
2,000,000 |
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Retained Earning -
Unappropriated |
22,714,911 |
20,985,218 |
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Total
Shareholders' Equity |
33,714,911 |
31,985,218 |
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Total
Liabilities & Shareholders' Equity |
58,981,375 |
57,158,815 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales Income |
91,926,912 |
100,343,696 |
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Dividend Income |
1,155,000 |
1,155,000 |
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Gain on Exchange
Rate |
681,980 |
333,065 |
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Gain on Sales
of Assets |
116,148 |
- |
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Other Income |
301,854 |
294,312 |
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Total Revenues
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94,181,894 |
102,126,073 |
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Expenses |
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Cost of Goods
Sold |
75,233,143 |
82,381,213 |
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Selling & Administrative Expenses |
15,057,582 |
15,201,086 |
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Loss on Exchange
Rate |
52,461 |
167,806 |
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Total Expenses |
90,434,186 |
97,750,105 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
3,838,708 |
4,375,968 |
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Interest Expenses |
[157,582] |
[48,481] |
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Income Tax |
[1,501,066] |
[1,190,651] |
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Net Profit / [Loss] |
2,629,693 |
3,136,836 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
[8.39] |
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Operating Profit |
[6.52] |
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Net Profit |
[16.17] |
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Fixed Assets |
[3.21] |
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Total Assets |
3.19 |
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Profitability |
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Cost of Good
Sold |
81.84 |
82.10 |
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Operating Profit Margin |
4.23 |
4.53 |
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S & A
Expenses |
16.38 |
15.15 |
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Interest Paid |
0.17 |
0.05 |
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Other Revenues |
2.45 |
1.78 |
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Net Profit Margin |
2.86 |
3.13 |
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Earning Per Shares |
292.19 |
348.54 |
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No. of Shares |
9,000 |
9,000 |
Net Sales was
decreased by 8.39%,
Operating Profit was
decreased by 6.52%,
Net Profit was
decreased by 16.17%,
Fixed Assets was
decreased by 3.21%,
Total Assets was
increased by 3.19%.
Compare each cost
with sales, Cost of
Good Sold was decreased from
82.10% to 81.84%,
Operating Profit Margin
was decreased from
4.53% to 4.23%,
S & A
Expenses was increased
from 15.15% to
16.38%, Interest Paid was
increased from 0.05%
to 0.17%, Other
Revenues was increased from 1.78% to
2.45%, Net Profit
Margin was decreased
from 3.13% to
2.86%.
Earning Per Shares
was decreased from
348.54 baht per
share to 292.19
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
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Current Ratio |
1.58 |
1.51 |
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Quick-Assets Ratio |
0.80 |
0.89 |
Current Ratio was
increased from 1.51
to 1.58, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.89 to 0.80,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
0.75 |
0.79 |
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Times Interest Earned |
24.69 |
93.72 |
D/E Ratio was
decreased from 0.79
to 0.75, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
93.72 to 24.69,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
18.25 |
19.28 |
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Total Assets Turnover |
1.56 |
1.76 |
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Return on Assets |
4.46 |
5.49 |
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Return on Equity |
7.80 |
9.81 |
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Day's Payable |
85.49 |
78.94 |
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Day’s Inventories |
76.30 |
54.74 |
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Day’s Receivables |
49.50 |
69.71 |
Fixed Assets Turnover
was decreased from
19.28 times to
18.25 times, Total
Assets Turnover was
decreased from 1.76
times to 1.56
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 5.49 to
4.46, Return on
Equity was decreased
from 9.81 to
7.80, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 79
days to 86
days, and Day’s
Inventories was increased
from 55 days
to 77 days, while Day’s
Receivables was decreased
from 70 days
to 50 days.
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%)