MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOLARTRON
PUBLIC COMPANY LIMITED |
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Formerly Known As : |
SOLARTRON CO., LTD |
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Registered Office : |
2nd Floor,
Chavanich Building,
Sukhumvit Road, Prakanongnua, Wattana, 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 : |
12.11.1986 |
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Com. Reg. No.: |
0107547000877 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer and Distributor of Solar Application Systems |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
SOLARTRON
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
CHAVANICH BUILDING,
38 SUKHUMVIT ROAD,
PRAKANONGNUA,
WATTANA,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2392-0224-6
FAX : [66] 2381-2971,
2381-0936
E-MAIL
ADDRESS : support@solartron.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION NO. : 0107547000877
[Former : 0107574700871]
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT. 300,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MRS. PATTAMA WONGTOYTHONG, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 146
LINES
OF BUSINESS : SOLAR APPLICATION SYSTEMS
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 originally
established on November 12, 1986 as a
private limited company under the registered name
“Solartron Co.,
Ltd.”, Registration No. 4130/2529,
by Thai groups, with
the business objective
initially to import
and distribute solar
cell system and
equipment to domestic
market. On September
24, 2004, subject
was converted to
a public company,
under the name
SOLARTRON PUBLIC COMPANY
LIMITED, and listed
on the Stock Exchange of Thailand
[SET] on March 30,
2005. The subject
was expanded its
business lines to
manufacture solar application
systems and equipment,
with BOI promoted.
It currently employs
146 staff.
It
has been awarded
ISO 9001, ISO 14001, TIS 18001
and OHSAS 18001 certificates.
The
subject’s registered address
is 38 Sukhumvit 69 Rd.,
Prakanongnua, Wattana, Bangkok
10110, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Phaiwong Taechanarong :
Chairman |
[x] |
Thai |
63 |
|
Mr. Akaradej Rojmeta |
[x] |
Thai |
54 |
|
Mrs. Phasara Taechanarong |
[x] |
Thai |
49 |
|
Mr. Sutham Malila |
|
Thai |
66 |
|
Mr. Suchat Trisirivatwat |
|
Thai |
53 |
|
Lt. Gen. Chatree Tatti |
|
Thai |
53 |
|
Dr. Dusit Krungam |
[x] |
Thai |
50 |
|
Mrs. Pattama Wongtoythong |
[x] |
Thai |
49 |
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mrs. Pattama Wongtoythong is
the Chief Executive
Officer.
She is Thai nationality with
the age of
49 years old.
Dr. Dusit Krungam
is the Deputy Chief Executive
Officer.
He is Thai nationality with
the age of
50 years old.
Mr. Somsak Khunchornyakong is
the Chief Operation
Officer.
He is Thai nationality.
Mr. Isara Tawanchulee is
the Chief Operation
Officer [Sales & Marketing].
He is Thai nationality.
Mrs. Suwan Thoraneepisal is
the Account &
Finance Manager.
She is Thai nationality.
Mr. Natkanes Ramilchatkupt is
the Plant Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and supplying of
solar cell modules,
as well as
providing designs and
installations of solar application
system, which has
installed more than
150,000 solar application
systems all over
Thailand, especially for
non-rural electrification area..
PRODUCTION
8 million sets
per annum
PURCHASE
Most of raw materials and equipment are
purchased from local
suppliers, and the
remaining is imported
from Germany, United
States of America,
Japan and Australia.
MAJOR SUPPLIER
Forth
Corporation Public Company
Limited : Thailand
SALES
80% of project is sold
and serviced to
government sectors, and
the remaining 20%
to private sector.
REVENUE STRUCTURE
2005 2006
Value[1,000 Bht]
% Value [1,000
Baht %
1. Revenue
from Electricity 755,101 56.19 1,047,356 94.20
Production System
from
Solar Energy selling
2. Revenue
from Solar Cell 569,402 42.38 43,858
3.95
Modules
& components
3. Other
Revenue
19,199 1.43 20,517
1.85
Total
Revenue 1,343,702 100.00 1,111,731 100.00
SUBSIDIARY AND
AFFILIATED COMPANY
Datron Thai
Co., Ltd.
Business Type :
Distributor of electric
equipment
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 on the credit term
of 30 days or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 146
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
is located at
88/8 Moo 10,
T. Nongnamdaeng, A.
Pakchong, Nakornratchasima 30130.
Tel : [66] 44 365-651-3,
Fax. : [66] 44
366-654.
COMMENT
The
subject has been
providing Thailand with
solar cell systems-source of clean energy for
more than 20
years. It has 80%
market share of
solar power project
for government sector.
At present, the
company is contracting
an upstream solar
cell factory, with
the capacity of
30 Megawatt per
year, in order to
support a rapid growth of demand for solar
power in Thailand
and global market.
As a result, the subject
has been granted
BOI privilege for
corporate income tax
exemption for eight
years. Therefore the
solar cell factory
will make the
company to achieve
the cost-efficiency aim,
and to modify mechanism
of products to
satisfy the customer’s
requirements.
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. 5,000,000 on January 16,
1992
Bht. 20,000,000
on August 22,
1994
The
latest registered capital
was increased to
Bht. 300 million divided into 300,000,000 shares of Bht.
1 each with
fully paid.
MAIN SHAREHOLDERS : [as
at April 9, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phaiwong Taechanarong |
35,620,400 |
11.87 |
|
Thai NVDR Co.,
Ltd. |
28,336,281 |
9.45 |
|
Ms. Wandee Khunchornyakong |
22,139,600 |
7.38 |
|
Mrs. Pornsiri Rojmeta |
15,000,000 |
5.00 |
|
Mrs. Phasara Taechanarong |
9,500,000 |
3.17 |
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Ms. Somporng Khunchornyakong |
8,750,500 |
2.92 |
|
Clearstream Nominees Ltd. |
6,708,010 |
2.24 |
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Mr. Surasak Chantaphan |
5,000,000 |
1.67 |
|
N.C.B. Trust Limited |
4,500,000 |
1.50 |
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Mr. Charaspong Jaruchotiphat |
4,225,050 |
1.41 |
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Mr. Songkran Taechanarong |
3,060,000 |
1.02 |
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Mr. Vichai Siriprasertchoke |
3,000,000 |
1.00 |
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Other Shareholders |
154,160,159 |
51.37 |
Total Shareholders : 3,729
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Montri Panichkul No.
3461
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 |
336,247,119 |
432,816,771 |
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Cash at Bank
pledged as a
Collateral |
15,752,979 |
53,935,440 |
|
Trade Accts. Receivable |
320,106,672 |
143,953,939 |
|
Retention Receivable |
91,393,961 |
150,070,921 |
|
Inventories |
218,555,135 |
183,174,497 |
|
Prepayment for Machinery
& Equipment |
95,160,000 |
- |
|
Other Current Assets
|
7,620,589 |
8,395,365 |
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|
|
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Total Current
Assets |
1,084,836,455 |
972,346,933 |
|
Restricted Fixed Deposits
at Financial Institution |
56,000,000 |
76,000,000 |
|
Fixed Assets |
124,554,196 |
135,515,347 |
|
Other Assets |
1,412,882 |
12,213,424 |
|
Total Assets |
1,266,803,533 |
1,196,075,704 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft &
Short-term Loan from Bank |
137,163,432 |
61,422,740 |
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Trade Accts. Payable |
107,144,658 |
137,170,344 |
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Current Portion of Hire-purchase Contract Liabilities |
3,362,554 |
3,864,917 |
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Other Current Liabilities |
49,700,614 |
43,243,297 |
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Total Current
Liabilities |
297,371,258 |
245,701,298 |
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Hire-purchase Contract Liabilities - Net of
Current Portion |
3,014,720 |
2,086,499 |
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Total Liabilities |
300,385,978 |
247,787,797 |
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Shareholders'
Equity |
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|
|
|
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Share capital : Baht 1 par value
authorized, issued
and fully paid
share capital 300,000,000 & 450,000,000 shares
in 2006 &
2005 respectively |
300,000,000 |
450,000,000 |
|
|
|
|
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Capital Paid |
300,000,000 |
300,000,000 |
|
Premium on Share
Capital |
407,250,000 |
407,250,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
39,650,000 |
31,000,000 |
|
Unappropriated |
219,517,555 |
210,037,907 |
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Total
Shareholders' Equity |
966,417,555 |
948,287,907 |
|
Total
Liabilities & Shareholders' Equity |
1,266,803,533 |
1,196,075,704 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
45,239,689 |
569,401,484 |
|
Sales with Installation Service Income |
1,045,974,661 |
755,100,624 |
|
Interest Income |
19,152,467 |
3,983,707 |
|
Gain on Exchange Rate |
820,634 |
11,413,086 |
|
Other Income |
544,015 |
3,802,616 |
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Total Revenues
|
1,111,731,466 |
1,343,701,517 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
26,816,425 |
503,705,349 |
|
Cost of Goods
Sold with Installation Service |
923,755,172 |
625,524,120 |
|
Selling & Administrative Expenses |
96,060,676 |
68,658,918 |
|
Director’s Remuneration |
2,892,200 |
833,000 |
|
Total Expenses |
1,049,524,473 |
1,198,721,387 |
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|
|
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Profit / [Loss] before
Interest Expenses & Income Tax |
62,206,993 |
144,980,130 |
|
Interest Expenses |
[9,944,823] |
[7,618,231] |
|
Income Tax |
[1,132,522] |
- |
|
|
|
|
|
Net Profit / [Loss] |
51,129,648 |
137,361,899 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[17.61] |
|
|
Operating Profit |
[45.81] |
|
|
Net Profit |
[62.78] |
|
|
Fixed Assets |
[8.09] |
|
|
Total Assets |
5.91 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.11 |
85.26 |
|
Operating Profit Margin |
5.97 |
11.01 |
|
S & A
Expenses |
8.80 |
5.18 |
|
Interest Paid |
0.91 |
0.58 |
|
Other Revenues |
1.88 |
1.45 |
|
Net Profit Margin |
4.69 |
10.37 |
|
Earning Per Shares |
0.17 |
0.46 |
|
No. of Shares |
300,000,000 |
300,000,000 |
Net Sales was
decreased by 17.61%,
Operating Profit was
decreased by 45.81%,
Net Profit was
decreased by 62.78%,
Fixed Assets was
decreased by 8.09%,
Total Assets was
increased by 5.91%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.26%
to 87.11%, Operating
Profit Margin was
decreased from 11.01%
to 5.97%, S
& A Expenses
was increased from
5.18% to 8.80%,
Interest Paid was increased
from 0.58% to
0.91%, Other Revenues
was increased from
1.45% to 1.88%,
Net Profit Margin
was decreased from
10.37% to 4.69%.
Earning Per Shares
was decreased from
0.46 baht per
share to 0.17
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
3.65 |
3.96 |
|
Quick-Assets Ratio |
2.57 |
3.18 |
Current Ratio was
decreased from 3.96
to 3.65, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
3.18 to 2.57,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.31 |
0.26 |
|
Times Interest Earned |
6.55 |
19.14 |
D/E Ratio was
increased from 0.26
to 0.31, 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
19.14 to 6.55,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
8.76 |
9.77 |
|
Total Assets Turnover |
0.86 |
1.11 |
|
Return on Assets |
4.04 |
11.48 |
|
Return on Equity |
5.29 |
14.49 |
|
Day's Payable |
35.35 |
37.28 |
|
Day’s Inventories |
72.10 |
49.79 |
|
Day’s Receivables |
105.61 |
39.13 |
Fixed Assets Turnover
was decreased from
9.77 times to
8.76 times, Total
Assets Turnover was
decreased from 1.11
times to 0.86
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 11.48 to
4.04, Return on
Equity was decreased
from 14.49 to
5.29, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 38
days to 36
days, while Day’s
Inventories was increased
from 50 days
to 73 days, and Day’s
Receivables was increased
from 40 days
to 106 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 |
|
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%)