MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TIRA
THAI PUBLIC COMPANY
LIMITED |
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|
Formerly Known As : |
TIRA THAI CO., LTD |
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Registered Office : |
516 Moo 4,
Bangpoo Industrial Estate, Praeksa, Muang,
Samutprakarn 10280 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.08.1987 |
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Com. Reg. No.: |
0107548000498 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Electric Transformers |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
TIRA
THAI PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 516
MOO 4, BANGPOO INDUSTRIAL ESTATE,
PRAEKSA, MUANG, SAMUTPRAKARN 10280
TELEPHONE : [66] 2323-0817-20, 2709-4490-9
FAX : [66] 2323-0910,
2709-3236
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION NO. : 0107548000498
[Former : 4190/2530]
CAPITAL REGISTERED : BHT. 202,642,500
CAPITAL PAID-UP : BHT.
202,642,500
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
SAMPHAN VONGSEPAN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 450
LINES
OF BUSINESS : ELECTRIC TRANSFORMERS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was
established on August
20, 1987 as a
private limited company under
the name style TIRA THAI
CO., LTD., by Thai Group to
manufacture of electric transformers for both local
and overseas market.
On July 13,
2005, subject has
changed its style
to public company,
namely TIRA THAI
PUBLIC COMPANY LIMITED,
then has listed
on the Stock Exchange of
Thailand [SET], on
May 10, 2006.
It currently employs
450 staff.
Awarded
:
- TIS. 384-2525 from Thai
Industrial Standards Institute
since 1988
- ISO 9001
certificate from BVQI
[Bureau Veritas Quality International] on April 11, 1997.
- TIS/ISO 9001 from Thai
Industrial Standards Institute,
on September 11,
1997.
- ISO/IEC Guide 25 or
ITS Standard 1300-2537.
The subject’s registered
address is located
at 516 Moo 4, Bangpoo Industrial
Estate, Praeksa, Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samphan Vongsepan |
[x] |
Thai |
55 |
|
Mr. Jaruwit Suanmalee |
[-] |
Thai |
57 |
|
Mr. Auychai Sirivajana |
[-] |
Thai |
53 |
|
Mr. Thiravudhi Supviriyakul |
|
Thai |
59 |
|
Mr. Upakrom Thaweephoke |
[-] |
Thai |
55 |
|
Mr. Amporntat Poolcharoen |
[-] |
Thai |
56 |
|
Mrs. Sunant Santichotinant |
[-] |
Thai |
56 |
|
Mr. Tai Chongyih |
|
Chinese |
47 |
|
Mr. Bhisith Lee-atham |
|
Thai |
- |
|
Mr. Rien Boondeesakulchoke |
|
Thai |
- |
|
Mr. Thongtuch Hongladaromaya |
|
Thai |
- |
AUTHORIZED PERSON
The above director
[x] can jointly
sign with one
of the directors [-] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Samphan
Vongsepan is the Managing Director.
He is Thai nationality with
the age of
55 years old.
Mr. Amporntat
Poolcharoen is the DMD & Operation & Quality Insurance.
He is Thai nationality with
the age of
56 years old.
Mr. Upakrom
Thaweephoke is the DMD & Financial
& Accounting Manager.
He is Thai nationality with
the age of
55 years old.
Mr. Yosakorn Burkamkovit is
the Assistant Managing
Director.
He is Thai nationality.
Mr. Chumporn Koopipat
is the Assistant managing Director & Project Sales
Manager.
He is Thai nationality.
Mr. Auychai
Sirivajana is the Marketing Manager.
He is Thai nationality with
the age of
53 years old.
Mr. Jaruwit
Suanmalee is the Factory Manager.
He is Thai nationality with
the age of
57 years old.
Ms. Sunan Santichotinan is the General Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities are
manufacturer, distributor and
exporter wide range
of transformers, includes
power transformer, distribution transformer, special transformer, under the brand
name “TIRA THAI”, as well
as providing variety
of services, such
as installation, oil
filling, maintenance, modify & repairing, testing
and equipment rental
services.
Products Range :
1. Oil Immersed
Distribution Transformer
- Tank with
Radiator and expansion
tank [conservator] : Capacity range 50-30,000 kVA,
highest
voltage up to
36 kV.
- Sealed corrugated
fins tank [Hermetically Sealed type]: Capacity range 50-2,500 kVA,
highest
voltage up to
36 kV.
- Hermetically with
Nitrogen gas sealed :
Capacity range 50-20,000 kVA,
highest
voltage up to
36 kV.
- Pad-mounted type :
Capacity range 50-2,500 kVA,
highest
voltage up to
36 kV.
- CSP Type
[Completely self protected] :
Capacity range 50-630 kVA,
highest
voltage up to
36 kV.
2. Power
Transformer
- On load tap changer :
Capacity range 5-100 MVA,
highest
voltage up to
132 kV.
- Off load tap changer :
Capacity range 5-100 MVA,
highest
voltage up to
132 kV.
[under
license Electro Bau
(EBG)/Austria]
3. Special Transformer
- Furnace and Converter transformer :
Capacity range 30-30,000 kVA,
highest
voltage up to
36 kV.
(under
license Fuji Electric/Japan)
- Automatic Voltage Regulator : Capacity range 50-30,000 kVA,
highest
voltage up to
36 kV.
(under
license Fuji Electric/Japan)
- Shock proof type :
Capacity range 50-2,500 kVA,
highest
voltage up to
36 kV.
4. Dry Type
Cast Resin Transformer
- Dry type cast resin :
Capacity range 50-3,500 kVA,
highest
voltage up to
36 kV.
[Under license HTT/Germany]
Apart from the Company’s own development, evidenced with various
certifications, it has developed and improved its technology consistently as
follows:
-
License agreement between Electro BAU. A.G. (EBG) from Austria and the
company to manufacture Power Transformers up to 100 MVA, 115 kV.
-
License agreement and agreement on technical co-operation between Fuji
Electric Co., Ltd. from Japan and Tira Thai for the production of distribution
Transformer, Furnace Transformer, and Rectifier Transformer from Fuji Electric
Co., Ltd. from Japan.
IMPORT
30% of Silicon Steel, copper
wire, Machineries, Testing
and Press Board are imported
from Germany, Japan,
France, Taiwan, U.S.A.,
Sweden, and Austria.
MAJOR SUPPLIERS
- Thyssen Stahlunion GmbH :
Germany
- Nippon Steel Co.,
Ltd. : Japan
- Fuji Electric Co., Ld. :
Japan
- Vatech-EBG Transforatoren GmbH & Co. : Germany
- Electro Bau A.G. :
Germany
-Thai Fin Co.,
Ltd. :
Thailand
SALES [LOCAL]
70% of its products
is sold locally
to Thai Government, major
industrial plants, buildings and contractors on electrical
work.
EXPORT
30% of its products is
also exported to
Malaysia, Laos Japan,
Singapore, Philippines, Australia,
India, Brunei, Myanmar,
Cambodia and Vietnam.
MAJOR CUSTOMERS
|
Name |
Country |
|
- Siam Cement Public
Co., Ltd. |
: Thailand |
|
- Jalaprathan Cement Public
Co., Ltd. |
: Thailand |
|
- Sahakol Engineering Co.,
Ltd. |
: Thailand |
|
- Metropolitan
Electricity Authority |
: Thailand |
|
- Provincial Electricity Authority
|
: Thailand |
|
- Electricity Generating Authority
of Thailand |
: Thailand |
|
- PTT Public Company
Limited |
: Thailand |
|
- Banpu Public Company
Limited |
: Thailand |
AFFILIATED COMPANY
Thai Fin
Co., Ltd.
Established : 1992
Business Type : Manufacturer of
transformer tanks and accessories
HTT [Thailand] Ltd.
Established : December 12,
1991
Business Type : Manufacturer of
Dry Type Cast
Resin Transformers
Tira Thai
E & S Co., Ltd.
Established : February 10,
1997
Business Type : No activity
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 on
the credits term
of 30-60-90 days.
Local bills are
paid on the
credits term of
30-60-90 days.
Imports are by
L/C at sight & T/T.
Exports are against
L/C at sight or T/T.
BANKING
Kasikornbank Public Co.,
Ltd. [Surawongse
Branch]
Bangkok Bank Public
Co., Ltd. [Plubplachai Branch]
TMB Bank Public
Co., Ltd. [Samutprakarn Branch]
Krung Thai Bank
Public Co., Ltd. [Paknam Branch]
EMPLOYMENT
The subject employs
approximately 450 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is owned
for administrative office,
factory and warehouse at the heading address.
Premise is located
in an industrial area.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The subject is the leading
manufacture of quality transformers with high efficiency and reputation in the
engineering field. With over 20 years of experience, the brand “Tira Thai” has
well recognized by the customers in both public and private sectors as well as
the products can be competitive in the country and abroad with the quality
assurance system of various ISO Standard.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 1 million, divided into
10,000 shares of
Bht. 100 each.
Increased were: Bht. 16,800,000 on August
8, 1991
Bht. 59,000,000
on November 27,
1992
Bht.
105,000,000 on July
18, 1994
Bht.
123,500,000 on June
14, 1996
The latest registered
capital was increased
to Bht. 202,642,500 divided
into 101,321,250 shares
of Bht. 2
each with fully
paid.
MAIN SHAREHOLDERS
[as
at April 26,
2008]
|
NAME |
HOLDING |
% |
|
Mr. Samphan Vongsepan |
12,743,809 |
12.58 |
|
Seavi III Fund [B]
Ltd. |
10,683,750 |
10.54 |
|
Mr. Auychai Sirivajana |
4,585,140 |
4.53 |
|
Mr. Jaruwit Suanmalee |
4,545,240 |
4.49 |
|
Mrs. Charassri Pongpirodom |
4,298,800 |
4.24 |
|
Mr. Auychai Sirivajana |
4,191,390 |
4.14 |
|
Thai NVDR Co.,
Ltd. |
3,846,435 |
3.80 |
|
Mrs. Sunan Santichotinant |
2,993,095 |
2.95 |
|
Mr. Vibul Wongsuebchart |
2,608,400 |
2.57 |
|
Mrs. Varanee Serwattana |
2,299,900 |
2.27 |
|
Others |
48,525,291 |
47.89 |
Total Shareholders : 450
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Nathsarak
Sarochananjeen No. 4563
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash and cash equivalents |
94,914,842.76 |
96,098,599.79 |
|
Current investments - Investment units |
660,380.00 |
492,220.00 |
|
- Fixed deposit |
- |
141,501,942.64 |
|
Trade accounts receivable-net |
267,704,742.08 |
342,685,379.79 |
|
Current portion of
long-term loans to related parties |
14,145,527.26 |
14,336,709.49 |
|
Overdue current portion
of long-term loans
to Related parties |
9,040,884.45 |
2,853,195.42 |
|
Short-term loans to
related parties |
1,452,891.05 |
1,322,141.05 |
|
Inventories |
562,445,916.78 |
400,251,325.49 |
|
Other Current Assets
|
37,912,629.54 |
32,090,169.42 |
|
Total Current
Assets |
988,277,813.92 |
1,031,631,683.09 |
|
Investments in subsidiaries-net |
12,561,454.06 |
8,165,211.15 |
|
Other long-term investments |
126,979,020.77 |
64,666,871.92 |
|
Long-term loans to related parties-net |
15,511,900.18 |
29,657,427.44 |
|
Fixed assets-deferred product
design expenses-net |
160,896,727.78 |
182,557,935.90 |
|
Intangible Assets |
5,179,706.70 |
9,457,066.32 |
|
Other non-current assets |
9,379,717.26 |
8,940,505.64 |
|
Total Assets |
1,318,786,340.67 |
1,335,076,701.46 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank overdraft and
short-term loan from financial institution |
99,902,674.35 |
243,051,705.34 |
|
Trade accounts payable-related parties |
13,575,324.98 |
12,278,545.04 |
|
-others |
254,156,802.42 |
215,620,274.79 |
|
Current portion of long-term
liabilities |
73,504,832.48 |
68,839,353.41 |
|
Other current liabilities |
|
|
|
- Received in advance
goods |
57,712,726.75 |
11,014,757.07 |
|
- Accrued dividend
payment |
25,330,312.50 |
- |
|
- Others |
52,757,237.70 |
65,280,256.79 |
|
Total Current
Liabilities |
576,939,911.18 |
616,084,892.44 |
|
|
|
|
|
Long-term liabilities from
debts restructuring Agreement |
227,992,576.17 |
301,497,408.59 |
|
Total Liabilities |
804,932,487.35 |
917,582,301.03 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Share Capital |
|
|
|
101,321,250 ordinary shares of Baht 2.00 each |
202,642,500.00 |
202,642,500.00 |
|
Issued and fully
paid-up share capital |
|
|
|
101,321,250 ordinary shares of Baht 2.00 each |
202,642,500.00 |
202,642,500.00 |
|
Premium o n share capital |
105,092,894.84 |
105,092,894.84 |
|
Retained Earning |
|
|
|
Appropriated-Legal reserve |
20,264,250.00 |
19,916,731.54 |
|
Unappropriated |
|
|
|
[after quasi-reorganization effective
on March 31,
2005] |
185,854,208.45 |
89,842,274.05 |
|
Total
Shareholders' Equity |
513,853,853.32 |
417,494,400.43 |
|
Total
Liabilities & Shareholders' Equity |
1,318,786,340.67 |
1,335,076,701.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Revenues from sales of goods |
1,354,865,993.29 |
1,567,526,115.91 |
|
Revenues from services |
55,390,294.23 |
74,807,476.45 |
|
Other income |
23,265,943.97 |
18,779,042.13 |
|
Adjustment for decrease in impairment on investment |
4,396,242.91 |
- |
|
Total Revenues
|
1,437,918,474.40 |
1,661,112,634.49 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales of
goods and services
|
1,030,087,977.84 |
1,335,011,717.65 |
|
Selling and administrative expenses |
217,617,928.93 |
193,351,754.72 |
|
Loss on exchange
rate |
342,981.38 |
7,889,575.97 |
|
Adjustment for increase in impairment on Investment |
- |
1,337,426.65 |
|
Total Expenses |
1,248,048,888.15 |
1,537,590,474.99 |
|
Profit / [Loss] Before Interest
Expenses |
189,869,586.25 |
123,522,159.50 |
|
Interest Expenses |
[33,555,110.94] |
[37,822,467.63] |
|
Income Tax |
[34,624,709.92] |
[17,218,946.22] |
|
Net Profit / [Loss] |
121,689,765.39 |
68,480,745.65 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[14.13] |
|
|
Operating Profit |
66.87 |
|
|
Net Profit |
77.70 |
|
|
Fixed Assets |
[11.87] |
|
|
Total Assets |
[1.22] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
73.04 |
81.29 |
|
Operating Profit Margin |
13.49 |
8.08 |
|
S & A
Expenses |
15.43 |
11.77 |
|
Interest Paid |
2.38 |
2.30 |
|
Other Revenues |
1.96 |
1.14 |
|
Net Profit Margin |
8.63 |
4.17 |
|
Earning Per Shares |
1.20 |
0.68 |
|
No. of Shares |
101,321,250 |
101,321,250 |
Net Sales was
decreased by 14.13%,
Operating Profit was
increased by 66.87%,
Net Profit was
increased by 77.70%,
Fixed Assets was
decreased by 11.87%,
Total Assets was
decreased by 1.22%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 81.29%
to 73.04%, Operating
Profit Margin was
increased from 8.08%
to 13.49%, S
& A Expenses
was increased from
11.77% to 15.43%,
Interest Paid was increased
from 2.30% to
2.38%, Other Revenues
was increased from
1.14% to 1.96%,
Net Profit Margin
was increased from
4.17% to 8.63%.
Earning Per Shares
was increased from
0.68 baht per
share to 1.20
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.71 |
1.67 |
|
Quick-Assets Ratio |
0.67 |
0.97 |
Current Ratio was
increased from 1.67
to 1.71, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was decreased
from 0.97 to
0.67, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.57 |
2.20 |
|
Times Interest Earned |
5.67 |
3.51 |
D/E Ratio was
decreased from 2.20
to 1.57, 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
3.51 to 5.67,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.76 |
9.00 |
|
Total Assets Turnover |
1.07 |
1.23 |
|
Return on Assets |
9.23 |
5.13 |
|
Return on Equity |
23.68 |
16.40 |
|
Day's Payable |
64.88 |
47.26 |
|
Day’s Inventories |
143.58 |
87.74 |
|
Day’s Receivables |
68.34 |
75.12 |
Fixed Assets Turnover
was decreased from
9.00 times to
8.76 times, Total
Assets Turnover was
decreased from 1.23
times to 1.07
times, show the company could not
use Assets so
efficiently, Return on
Assets was increased
from 5.13 to
9.23, Return on
Equity was increased
from 16.40 to
23.68, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 48
days to 65
days, and Day’s
Inventories was increased
from 88 days
to 144 days, while Day’s
Receivables was decreased
from 76 days
to 69 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
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%)