MIRA
INFORM REPORT
|
Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHAROEN CHAI TRANSFORMER CO., LTD. |
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Registered Office : |
443/3 Moo 4, Soi Sukchai,
Prachautit Road,
Rajburana, Bangkok 10140 |
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Country : |
Thailand |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04. 1980 |
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Com. Reg. No.: |
0105523006741 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Transformers Manufacturer |
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 : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
CHAROEN
CHAI TRANSFORMER CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 443/3 MOO 4, SOI SUKCHAI, PRACHAUTIT
ROAD,
RAJBURANA, BANGKOK
10140, THAILAND
TELEPHONE : [66] 2427-5552,
427-5546
FAX : [66] 2427-3296
E-MAIL
ADDRESS : cct@charoenchai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION NO. : 0105523006741
[Former: 676/2523]
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT. 200,000,000
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOONTHORN CHATRVACHIRAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : TRANSFORMERS
MANUFACTURER
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 April
22, 1980 as
a private limited
company under the name
style CHAROEN CHAI
TRANSFORMER CO., LTD.
by Thai groups,
in order to
manufacture transformer. It
currently employs 150
staff.
On September 24,
2004, the subject achieved
the ISO 9001:2000 certification by MASCI.
The subject’s registered
address is 443/3
Moo 4, Soi Sukchai,
Prachautit Rd., Rajburana,
Bangkok 10140, and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Prasong Kittiratanaviwat |
|
Thai |
41 |
|
Mrs. Suporn Kittiratanaviwat |
|
Thai |
71 |
|
Ms. Vimol Kittiratanaviwat |
|
Thai |
43 |
|
Mr. Soonthorn Chatrvachirakul |
|
Thai |
57 |
|
Mr. Prachak Kittiratanaviwat |
|
Thai |
36 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Soonthorn
Chatrvachirakul is the
Managing Director.
He is Thai nationality with
the age of
57 years old.
Mr. Prachak
Kittiratanaviwat is the
Factory Manager.
He is Thai nationality with
the age of
36 years old.
Ms. Kamolthip Kittiratanaviwat is
the Purchasing Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity is a manufacturer of transformers such
as oil-immersed transformers, with sizes ranging
from 50Kva- 30,000 Kva,
dry type cast
resin transformer, automatic
voltage transformer, neon
transformer, welding transformer,
medium powder transformer, transformer tank, Reactor
and etc.
MAJOR BRAND
“CHAROEN CHAI”
PURCHASE
70% of raw materials: copper
wire, oil dry
transformers & accessories are purchased from
local suppliers, and
the rest is
imported from Germany,
Italy, Belgium, Republic
of China, India,
Malaysia, Japan and
Singapore.
SALES [LOCAL]
Its products are
sold locally by
Charoen Chai Intertrade
Co., Ltd., the
subject’s affiliated company.
AFFILIATED COMPANIES
Charoen Chai
Intertrade Co., Ltd.
Business Type :
Distributor of transformer
products.
Charoen Chai
Metal Industry Co.,
Ltd.
Business Type :
Manufacturer and distributor
of tooling and
metal works 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 on
the credits term
of 30-60-90 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
on the credits term &
T/T on negotiated term.
BUSINESS TRANSACTION
In term of
sales, the products
are sold to
affiliated company with
the credit given
at 30-90 days.
There is no
problem on its
account receivable.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Bangkok]
Bangkok Bank
Public Co., Ltd.
[Prachautit Branch
: 380/6 Moo
9, Prachautit Rd.,
Rajburana, Bangkok]
EMPLOYMENT
The subject employs
approximately 150 staff.
LOCATION DETAILS
The premise is
owned for administrative office, factory &
warehouse in a 5 storey
building of 2
row shop houses on
19,200 square meters
of area at
the heading address
in commercial/residential area.
REMARK
CREDIT OF US$
500,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
Subject is the leading
manufacture of transformer
ranging from small to
large scale projects.
Sales of electrical equipment has
strongly grown during
the past few years in
line with booming
of construction and
industrial sectors.
However, subject’s sales has slightly grown
due to higher products prices
caused by raw
materials increased, higher fuel
prices and utility,
which have direct impact
to overall industrial
growth.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
The capital was
increased later as
followings:
Bht. 5,000,000 on November 13,
1987
Bht. 100,000,000 on
December 28, 1998
Bht. 200,000,000 on
May 20, 1999
The latest registered
capital was increased
to Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at July 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Suporn Kittiratanaviwat Nationality : Thai Address : 443/4
Moo 4, Rajburana, Bangkok |
420,000 |
21.00 |
|
Mr. Prachak Kittiratanaviwat Nationality : Thai Address : 349/8 Moo 4, Bangmod,
Thungkru, Bangkok |
420,000 |
21.00 |
|
Mr. Prasong
Kittiratanaviwat Nationality : Thai Address : 443/4
Moo 4, Rajburana, Bangkok |
420,000 |
21.00 |
|
Mr. Prasit
Kittiratanaviwat Nationality : Thai Address : 220/4-5
Moo 11, Bangpakok, Rajburana |
419,999 |
21.00 |
|
Ms.
Vimol Kittiratanaviwat Nationality : Thai Address : 92
Moo 4, Rajburana, Bangkok |
160,000 |
8.00 |
|
Ms. Valee
Kittiratanaviwat Nationality : Thai Address : 191-193
Soi Mansri 2,
Mahanak, Bangkok |
160,000 |
8.00 |
|
Mrs. Sasipa Kittiratanaviwat Nationality : Thai Address : 443/4
Moo 4, Rajburana, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Viroon Charoensantiphap No. 5717
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
57,281,912.00 |
34,856,932.45 |
|
Trade Accts. Receivable |
257,876,090.99 |
216,436,073.76 |
|
Inventories |
155,818,782.44 |
169,036,691.89 |
|
Revenue Department Receivable |
41,005,497.41 |
34,092,268.72 |
|
Prepayment for Goods |
7,278,417.32 |
41,139,960.64 |
|
Loan to Director |
11,000,000.00 |
1,900,000.00 |
|
Other Current Assets
|
261,966.91 |
2,275,117.78 |
|
|
|
|
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Total Current
Assets |
530,522,667.07 |
499,737,245.24 |
|
Investment in Associated
Company |
100,000.00 |
100,000.00 |
|
Fixed Assets |
78,368,543.98 |
90,928,224.70 |
|
Other Assets |
1,622,900.00 |
1,694,900.00 |
|
Total Assets |
610,614,111.05 |
592,460,369.94 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
- |
23,010,625.99 |
|
Promissory Notes &
Trust Receipt Payable |
86,939,504.99 |
118,551,445.65 |
|
Trade Accts. Payable |
50,947,725.99 |
82,728,092.11 |
|
Accrued Expenses |
1,605,555.15 |
1,211,632.92 |
|
Advance Income from
Goods |
- |
6,340,037.82 |
|
Accrued Income Tax |
31,647,252.45 |
19,263,602.88 |
|
Other Current Liabilities |
301,950.46 |
334,314.76 |
|
|
|
|
|
Total Current
Liabilities |
171,441,989.04 |
251,439,752.13 |
|
Total Liabilities |
171,441,989.04 |
251,439,752.13 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000.00 |
200,000,000.00 |
|
|
|
|
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve
|
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
234,172,122.01 |
136,020,617.81 |
|
Total
Shareholders' Equity |
439,172,122.01 |
341,020,617.81 |
|
Total
Liabilities & Shareholders' Equity |
610,614,111.05 |
592,460,369.94 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,420,941,134.44 |
1,174,117,987.11 |
|
Service Income |
19,929,111.00 |
14,873,678.00 |
|
Other Income |
24,884,275.07 |
18,954,622.93 |
|
Total Revenues
|
1,465,754,520.51 |
1,207,946,288.04 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
1,251,153,067.19 |
1,045,432,292.80 |
|
Selling & Administrative Expenses |
65,862,416.77 |
70,803,554.07 |
|
Total Expenses |
1,317,015,483.96 |
1,116,235,846.87 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
148,739,039.55 |
91,710,441.17 |
|
Interest Expenses |
[7,456,298.16] |
[3,457,138.64] |
|
Income Tax |
[43,131,234.19] |
[27,267,499.16] |
|
|
|
|
|
Net Profit / [Loss] |
98,151,504.20 |
60,985,803.37 |
FINANCIAL NOTES
NOTE 1
Trade Account Receivable
|
|
2007 |
2006 |
|
|
|
|
|
Trade Account Receivable |
260,441,485.99 |
219,001,468.76 |
|
Less: Allowance for
Doubtful Account |
[2,565,395.00] |
2,565,395.00 |
|
Total
|
257,876,090.99 |
216,436,073.76 |
NOTE 2
Inventories
|
|
2007 |
2006 |
|
|
|
|
|
Raw Material |
134,920,711.45 |
149,915,380.91 |
|
Works in Progress |
3,590,119.49 |
3,004,310.98 |
|
Finished Goods |
17,307,951.50 |
16,117,200.00 |
|
Total |
155,818,782.44 |
169,036,891.89 |
NOTE 3
Fixed Assets
|
|
2007 |
2006 |
|
|
|
|
|
Building |
73,895,028.06 |
73,855,728.06 |
|
Machinery & Equipment |
241,640,033.75 |
237,912,420.75 |
|
Furniture Fixture &
Fitting |
43,874,456.75 |
42,540,966.14 |
|
Vehicle |
35,555,236.96 |
36,036,236.96 |
|
Total |
394,964,755.52 |
390,345,351.91 |
|
Less: Depreciation |
[316,596,211.54] |
[299,417,127.21] |
|
Total |
78,368,543.98 |
90,928,224.70 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
21.02 |
|
|
Operating Profit |
34.01 |
|
|
Net Profit |
60.94 |
|
|
Fixed Assets |
[13.81] |
|
|
Total Assets |
3.06 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.05 |
89.04 |
|
Operating Profit Margin |
10.47 |
7.81 |
|
S & A
Expenses |
4.64 |
6.03 |
|
Interest Paid |
0.52 |
0.29 |
|
Other Revenues |
3.15 |
2.88 |
|
Net Profit Margin |
6.91 |
5.19 |
|
Earning Per Shares |
49.08 |
30.49 |
|
No. of Shares |
2,000,000 |
2,000,000 |
Net Sales was
increased by 21.02%,
Operating Profit was
increased by 34.01%,
Net Profit was
increased by 60.94%,
Fixed Assets was
decreased by 13.81%,
Total Assets was
increased by 3.06%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 89.04%
to 88.05%, Operating
Profit Margin was
increased from 7.81%
to 10.47%, S
& A Expenses
was decreased from
6.03% to 4.64%,
Interest Paid was increased
from 0.29% to
0.52%, Other Revenues
was increased from
2.88% to 3.15%,
Net Profit Margin
was increased from
5.19% to 6.91%.
Earning Per Shares
was increased from
30.49 baht per
share to 49.08
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
3.09 |
1.99 |
|
Quick-Assets Ratio |
1.84 |
1.00 |
Current Ratio was
increased from 1.99
to 3.09, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.00 to 1.84,
capacity to pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.39 |
0.74 |
|
Times Interest Earned |
19.95 |
26.53 |
D/E Ratio was
decreased from 0.74
to 0.39, 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
26.53 to 19.95,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
18.13 |
12.91 |
|
Total Assets Turnover |
2.33 |
1.98 |
|
Return on Assets |
16.07 |
10.29 |
|
Return on Equity |
22.35 |
17.88 |
|
Day's Payable |
12.91 |
25.37 |
|
Day’s Inventories |
39.48 |
51.83 |
|
Day’s Receivables |
65.33 |
66.36 |
Fixed Assets Turnover
was increased from
12.91 times to
18.13 times, Total
Assets Turnover was increased from
1.98 times to
2.33 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 10.29 to
16.07, Return on
Equity was increased
from 17.88 to
22.35, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 26
days to 13
days, Day’s Inventories
was decreased from
52 days to
40 days, and
Day’s Receivables was
decreased from 67
days to 66
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%)