MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEAL
PRECISION CO., LTD. |
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Registered Office : |
75 Moo 2,
Soi Nikhom Rattanathani, Bangna-Trad Road,
K.M. 13.5, Rachathewa, Bangplee, Samutprakarn 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13.11. 1987 |
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Com. Reg. No.: |
0115530002004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Canning
Equipment and Supplies |
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 |
naem of the company
SEAL
PRECISION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 75
MOO 2, SOI NIKHOM RATTANATHANI,
BANGNA-TRAD ROAD,
K.M. 13.5, RACHATHEWA,
BANGPLEE, SAMUTPRAKARN 10260, THAILAND
TELEPHONE : [66] 2316-8015-7, 2316-6120,
2316-6546-9
FAX : [66] 2316-8014
E-MAIL
ADDRESS : vivat@varinfood.com, k-waranya@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION NO. : 0115530002004
[Former : SOR. POR. 1006]
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.
VIRAT SUPASIT, THAI
PRESIDENT
NO.
OF STAFF : 180
LINES
OF BUSINESS : CANNING EQUIPMENT AND SUPPLIES
MANUFACTURER, DISTRIBUTOR & EXPORTER
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 November
13, 1987 as
a private limited
company under the name style
SEAL PRECISION CO., LTD.,
by Thai Groups,
in order to
manufacture and distribute
canning equipment and
supplies to both
domestic and export
markets. It currently employs 180
staff.
The subject’s registered
address is 75
Moo 2, Bangna-Trad Rd.,
Rachathewa, Bangplee, Samutprakarn 10260, 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. Virat Supasit |
|
Thai |
59 |
|
Mrs. Veerawan Supasit |
|
Thai |
52 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Virat
Supasit is the President.
He is Thai nationality with
the age of
59 years old.
Mrs. Veerawan
Supasit is the Administration Director.
She is Thai nationality
with the age of 52 years
old.
Mr. Sayan
Piewkliang is the Factory Manager.
He is Thai nationality.
Mr. Sutham
Thep-aksorn is the Sales Manager.
He is Thai nationality.
Mrs. Piyanant Chaypetch
is the Account Manager.
She is Thai nationality.
Mr. Kanok Prichavudhi is
the International Sales
Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing wide range of
canning equipment and
supplies as follows:
-
Cat and dog
food canning and
dosing machines
-
Seasoning, canning edible
snails automatic machines
for counting.
-
Automatic/Semi-Automatic
crimping machine for
cans of all
industrial types.
-
Vegetable and fruit
processing machinery and
equipments.
-
etc.
The subject also
provides installation service
of the products.
MAJOR BRANDS
“SEAL PRECISION” and
“CANCO 400”
PURCHASE
70% of raw materials is
purchased from local
suppliers & agents, and the remaining 30% mainly
special steel and
carbine are imported
from Germany, U. K.,
United States of America
and Australia.
MAJOR SUPPLIERS
Metal Engineering Co., Ltd. :
Thailand [5%]
Intercom Carbide Tooling
Co., Ltd. : Thailand [5%]
B.J. Motors Parts
Co., Ltd. :
Thailand [5%]
SALES [LOCAL]
70% of its products is sold locally
to manufacturers and
wholesalers.
EXPORT [COUNTRY]
30% of its products is
exported to Australia,
Malaysia, Indonesia, Vietnam,
Republic of China, Taiwan, Myanmar, Singapore, Korea,
United States of
America and Saudi-Arabia.
MAJOR CUSTOMERS
Varin Food Machinery
Co., Ltd. : Thailand
SUBSIDIARIES &
AFFILIATED COMPANIES
- Varin
Food Machinery Co., Ltd.
Business Type: Assembler
of can making machine.
- Intercon
Carbine Tooling Co., Ltd.
Business Type: Manufacture
of tool &
die of precision spare parts
for electronic
works.
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
The subject sells by
cash or on
the credits term
of 30-60-90-120 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C at sight or D/A
on the credit term of
90 days.
Exports are against
L/C at sight.
BANKING
Bangkok Bank
Public Co., Ltd.
[Somrong Branch : Sukhumvit Rd., North Samrong,
Muang, Samutprakarn]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 180 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse at the
heading address in
industrial area.
COMMENT
The company brings
long years of experience to
the local of
modern machineries in
bottle and can
sealing machines. With
an eye to the future
the company strive
to maintain the
highest standards of
quality and services.
The subject’s
industry has steadily grown in line with growing of food and beverage industries.
Strong domestic consumption as
well as increasing exports of food and
beverages have boosted sales of food processing equipment
and machinery.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided
into 5,000 shares of
Bht. 1,000 each.
On December 24,
2003, the 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,
2007]
|
NAME |
HOLDING |
% |
|
Mr. Virat
Supasit Nationality: Thai Address : 75 Moo 2,
Rachathewa, Bangplee,
Samutprakarn |
4,900 |
49.00 |
|
Mrs. Veerawan
Supasit Nationality: Thai Address : 133 Moo 3,
Sapansung, Bangkok |
1,250 |
12.50 |
|
Ms. Varinthra
Supasit Nationality: Thai Address : 34/36 Moo 16,
Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
|
Ms. Ratanawan
Supasit Nationality: Thai Address : 34/36 Moo 16,
Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
|
Ms. Veerat
Supasit Nationality: Thai Address : 34/36 Moo 16,
Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
|
Ms. Vararat
Supasit Nationality: Thai Address : 34/36 Moo 16,
Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
|
Mr. Rapee
Piewkliang Nationality: Thai Address : 100/138 Moo 20,
Minburi, Bangkok |
50 |
0.50 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Maj. Nakorn Thongmee
No. 0402
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
5,052,493.71 |
4,247,113.27 |
|
Short Term Investment |
58,464.54 |
58,464.54 |
|
Trade Accts. Receivable |
75,916,934.59 |
68,781,960.86 |
|
Inventories |
17,251,351.02 |
19,496,871.69 |
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Other Current Assets
|
6,522,599.13 |
5,988,579.57 |
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Total Current
Assets |
104,801,842.99 |
98,572,989.93 |
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Long Term Investment |
606,600.00 |
606,600.00 |
|
Fixed Assets |
79,074,735.39 |
103,930,741.45 |
|
Total Assets |
184,483,178.38 |
203,110,331.38 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
4,676,965.74 |
8,886,939.62 |
|
Trade Accts. Payable |
51,582,434.07 |
41,411,474.55 |
|
Current Portion of Long
Term Loan |
7,674,000.00 |
16,992,000.00 |
|
Other Current Liabilities |
14,246,169.71 |
21,081,206.39 |
|
Total Current
Liabilities |
78,179,569.52 |
88,371,620.56 |
|
Long Term Loan
from Person or
Related Company |
52,433,000.00 |
57,401,000.00 |
|
Other Long Term
Loan |
6,560,000.00 |
9,234,000.00 |
|
Other Liabilities |
32,267.26 |
200,054.76 |
|
Total Liabilities |
137,204,836.78 |
155,206,675.32 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 10,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
37,278,341.60 |
37,903,656.06 |
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Total
Shareholders' Equity |
47,278,341.60 |
47,903,656.06 |
|
Total
Liabilities & Shareholders' Equity |
184,483,178.38 |
203,110,331.38 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales & Services
|
157,608,345.59 |
135,253,691.08 |
|
Other Income |
782,514.23 |
427,186.65 |
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Total Revenues
|
158,390,859.82 |
135,680,877.73 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
118,317,861.02 |
98,241,383.70 |
|
Selling & Administrative Expenses |
35,576,371.13 |
32,205,758.34 |
|
Total Expenses |
153,894,232.15 |
130,447,142.04 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
4,496,627.67 |
5,233,735.69 |
|
Interest Expenses |
[2,337,451.34] |
[3,671,796.49] |
|
Income Tax |
[2,784,490.79] |
[1,699,158.91] |
|
Net Profit / [Loss] |
[625,314.46] |
[137,219.71] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
16.53 |
|
|
Operating Profit |
[26.27] |
|
|
Net Profit |
[355.70] |
|
|
Fixed Assets |
[23.92] |
|
|
Total Assets |
[9.17] |
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Profitability |
|
|
|
Cost of Good
Sold |
75.07 |
72.63 |
|
Operating Profit Margin |
2.85 |
3.87 |
|
S & A
Expenses |
22.57 |
23.81 |
|
Interest Paid |
1.48 |
2.71 |
|
Other Revenues |
0.50 |
0.32 |
|
Net Profit Margin |
[0.40] |
[0.10] |
|
Earning Per Shares |
[62.53] |
[13.72] |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 16.53%,
Operating Profit was
decreased by 26.27%,
Net Profit was
decreased by 355.70%,
Fixed Assets was
decreased by 23.92%,
Total Assets was
decreased by 9.17%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 72.63%
to 75.07%, Operating
Profit Margin was
decreased from 3.87%
to 2.85%, S
& A Expenses
was decreased from
23.81% to 22.57%,
Interest Paid was decreased
from 2.71% to
1.48%, Other Revenues
was increased from
0.32% to 0.50%,
Net Profit Margin
was decreased from
-0.10% to -0.40%.
Earning Per Shares
was decreased from
-13.72 baht per
share to -62.53
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.34 |
1.12 |
|
Quick-Assets Ratio |
1.04 |
0.83 |
Current Ratio was
increased from 1.12
to 1.34, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.83 to 1.04,
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 |
2.90 |
3.24 |
|
Times Interest Earned |
1.92 |
1.43 |
D/E Ratio was
decreased from 3.24
to 2.90, 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
1.43 to 1.92,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.99 |
1.30 |
|
Total Assets Turnover |
0.85 |
0.67 |
|
Return on Assets |
[0.34] |
[0.07] |
|
Return on Equity |
[1.32] |
[0.29] |
|
Day's Payable |
117.82 |
110.22 |
|
Day’s Inventories |
39.40 |
51.89 |
|
Day’s Receivables |
173.41 |
183.07 |
Fixed Assets Turnover
was increased from
1.30 times to
1.99 times, Total
Assets Turnover was
increased from 0.67
times to 0.85
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
-0.07 to -0.34,
Return on Equity
was decreased from
-0.29 to -1.32,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
increased from 111
days to 118
days, while Day’s
Inventories was decreased
from 52 days
to 40 days, and Day’s
Receivables was decreased
from 184 days
to 174 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 |
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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%)