MIRA
INFORM REPORT
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Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
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Name : |
HOSIWELL TECHNOLOGY CO., LTD. |
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Formerly Known As : |
HOSIWELL [ |
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Registered Office : |
6
Soi Onnuch 21/1,
Sukhumvit 77 Road, Suanluang, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.08.1990 |
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Com. Reg. No.: |
0105533100601 [Former
: 10060/2533] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Exporter & Distributor of Telecommunication Equipment |
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 |
Name
HOSIWELL
TECHNOLOGY CO., LTD.
[FORMER:
HOSIWELL [
SUMMARY
BUSINESS
ADDRESS : 6
SOI ONNUCH 21/1,
SUKHUMVIT 77 ROAD,
SUANLUANG,
TELEPHONE : [662] 332-8060-3
FAX : [662] 332-8064
E-MAIL
ADDRESS : sale@hosiwell.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533100601 [Former
: 10060/2533]
CAPITAL REGISTERED : BHT. 136,000,000
CAPITAL PAID-UP : BHT.
136,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
LIU, LI-YUAN, TAIWANESE
MANAGING DIRECTOR
NO.
OF STAFF : 280
LINES
OF BUSINESS : TELECOMMUNICATION EQUIPMENT
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
formed on August
23, 1990 as
a private limited
company by Thai
and Taiwanese groups
under the originally
registered name “Hosiwell
[Thailand] Co., Ltd.”.
On September 3,
2001, subject was
changed its name
to be HOSIWELL
TECHNOLOGY CO., LTD.,
in order to
manufacture wire, cable and
network equipment. It
currently employs approximately
280 staff.
The subject’s registered
and business address
is 6 Soi
Onnuch 21/1, Sukhumvit
77 Rd., Suanluang,
Bangkok 10250.
THE BOARD OF
DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Liu, Li-Yuan |
[x] |
Taiwanese |
- |
|
Mr. Huang, Yuan-Shin |
|
Taiwanese |
49 |
|
Mr. Tanasarn Horsuwan |
|
Thai |
44 |
AUTHORIZED PERSON
The mentioned director [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s
MANAGEMENT
Mr. Liu, Li-Yuan is
the Managing Director.
He is Taiwanese
nationality.
Mr. Tanasarn Horsuwan is
the General Manager.
He is Thai
nationality with the
age of 44
years old.
Mr. Huang, Yuan-Shin is
the Factory Manager.
He is Taiwanese
nationality with the
age of 49
years old.
Mr. Supakrai Phonuthai
is the Personnel
Manager.
He is Thai
nationality.
Mrs. Yaowalak Samprem
is the Purchasing
& Store Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of cables and
network equipment, which
divided into 2
main products: wire & cable and
network equipment for
IT and electronics
business. Range of
products are LAN
horizontal and patch
cables, modular jacks
and patch panels,
patch cords, faceplate,
fiber optic patch
cords, telephone handset
cords and line
cords, cables and
assembly, instrument control
cables, smart building
cables, CATY/ MATV/ CCTV
coaxial cable series,
etc., under its
own brand “HW”.
PRODUCTION
38,000,000 sets/year
IMPORT [COUNTRIES]
50% of its
products is imported
from
MAJOR SUPPLIER
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Company Name |
Country |
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Hosiwell Enterprise Co. ,Ltd. |
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SALES [LOCAL]
20% of its
products is sold
locally by wholesale
to manufacturers.
EXPORT [COUNTRY]
80% of its
products is exported
to United States of America, United Kingdom, France, Japan,
Republic of China,
Taiwan, Singapore and
Australia.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 days.
Local bills are
paid by cash
or on the
credits term of 30-60-90
days.
Imports are by
L/C or D/A
on the credits
term of 60-90 days.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd. :
[Bangkokpakong Branch,
Bangsamak, Bangpakong, Chachoengsao]
[Onnuch Branch,
EMPLOYMENT
The subject employs
approximately 280 staff.
[office staff &
factory workers]
LOCATION DETAILS
The premise is
rented for operating
office at the heading
address in a
commercial / residential area.
Factory and warehouse
are located at
79 Moo 5,
Bangna-Trad Road, KM.
36, Bangsamak, Bangpakong,
COMMENT
The company’s products
find applications in a
wide range of
various cable and
wires products.
With a technology
supported of Hosiwell
Enterprise Co., Ltd., of
Taiwan, the company
committed to produce
its products of
ever higher quality
and precision to
meet the quality
needs of worldwide customers
in harmony with
the natural environment.
The products are
always improved its
materials to make
them more accuracy,
safety and consume
less electrical energy
that can be
used in more
products of living
area.
However, slow consumption
has increasing affected
subject’s current business
performance.
FINANCIAL INFORMATION
The capital was
registered at Bht.
40,000,000 divided into
4,000,000 shares of
Bht. 10 each.
The capital was
increased and decreased
later as followed
:
Bht.
86,500,000 on March
12, 1993
Bht. 102,500,000
on June 28,
1995
Bht. 107,000,000
on November 6,
1995
Bht. 120,000,000
on March 17,
1999
Bht. 99,600,000
on December 30,
2004 [Decreased]
Bht. 136,000,000
on May 24,
2005
The latest registered
capital was increased
to Bht. 136,000,000
divided into 13,600,000 shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
: [as at August
20, 2008]
|
NAME |
HOLDING |
% |
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Mr. Liu, Li-Yuan Nationality: Taiwanese Address : 701/806
Soi Pattanakarn 30,
Suanluang, |
2,400,000 |
17.65 |
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Mr. Tanasarn Horsuwan Nationality: Thai Address : 55/58
Sukhapiban 3 Rd.,
Buengkum, |
2,100,000 |
15.44 |
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Mr. Huang, Yuan-Shin Nationality: Taiwanese Address : |
1,600,000 |
11.76 |
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Ms. Thanapatra Horsuwan Nationality: Thai Address : 55/58
Sukhapiban 3 Rd.,
Buengkum, |
1,200,000 |
8.82 |
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Mr. Kiat Sricheewachart Nationality: Thai Address : |
850,000 |
6.25 |
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Mrs. Daranee Sricheewachart Nationality: Thai Address : 442 Moo 6,.,
Suanluang, Prawes, |
850,000 |
5.88 |
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Mr. Panich Sricheewachart Nationality: Thai Address : 171
Soi Pattanakarn 50,
Suanluang, |
850,000 |
5.88 |
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Mrs. Papasaraporn Horsuwan Nationality: Thai Address : 55/58
Sukhapiban 3 Rd.,
Buengkum, |
850,000 |
5.88 |
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Other Shareholders |
3,050,000 |
22.44 |
Total Shareholders : 13
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO
Mr. Kasem Toonkaruna
No. 5643
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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Cash in Hand
& at Bank |
9,247,689.29 |
11,196,836.99 |
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Trade Accts. Receivable |
80,809,128.70 |
95,078,773.70 |
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Inventories |
92,840,950.01 |
88,638,191.53 |
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Other Current Assets
|
49,142,751.20 |
79,998,163.25 |
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Total Current Assets
|
232,040,519.20 |
274,911,965.47 |
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Long-term Investment |
5,597,440.00 |
5,597,440.00 |
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Fixed Assets |
94,577,199.39 |
87,430,219.67 |
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Intangible Assets |
6,069.86 |
16,569.86 |
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Other Assets |
1,470,638.51 |
1,470,638.51 |
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Total Assets |
333,691,866.96 |
369,426,833.51 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Bank Overdraft |
6,553,172.59 |
2,889,028.54 |
|
Trade Accts. Payable |
46,359,988.82 |
55,941,126.89 |
|
Short-term Loan from
Bank |
49,643,873.30 |
58,566,475.11 |
|
Vehicle Hire-purchase Payable |
104,833.10 |
470,619.74 |
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Other Current Liabilities |
3,710,797.87 |
3,828,173.02 |
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Total Current Liabilities |
106,372,665.68 |
121,695,423.30 |
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Long-term Loan from
Bank |
79,137,163.66 |
102,250,000.00 |
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Total Liabilities |
185,509,829.34 |
223,945,423.30 |
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Shareholders' Equity |
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Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 13,600,000 shares |
136,000,000.00 |
136,000,000.00 |
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Capital Paid |
136,000,000.00 |
136,000,000.00 |
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Retained Earning -
Unappropriated |
12,182,037.62 |
9,481,410.21 |
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Total Shareholders' Equity |
148,182,037.62 |
145,481,410.21 |
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Total Liabilities & Shareholders' Equity |
333,691,866.96 |
369,426,833.51 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales |
263,136,327.96 |
337,305,777.73 |
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Gain on Exchange
Rate |
3,855,422.22 |
3,490,083.56 |
|
Gain on |
- |
120,000.00 |
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Other Income |
44,105.57 |
43,290.74 |
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Total Revenues |
267,035,855.75 |
340,959,152.03 |
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Expenses |
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Cost of Goods
Sold |
231,187,301.31 |
299,158,192.56 |
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Selling & Administrative Expenses |
22,163,396.93 |
25,731,409.40 |
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Total Expenses |
253,350,698.24 |
324,889,601.96 |
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Profit / [Loss] before Interest
Expenses |
13,685,157.51 |
16,069,550.07 |
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Interest Expenses |
[10,984,530.10] |
[12,403,287.11] |
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Net Profit / [Loss] |
2,700,627.41 |
3,666,262.96 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[21.99] |
|
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Operating Profit |
9.17 |
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Net Profit |
[26.34] |
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Fixed Assets |
8.17 |
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Total Assets |
[9.67] |
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Profitability |
|
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Cost of Good
Sold |
87.86 |
88.69 |
|
Operating Profit Margin |
5.20 |
4.76 |
|
S & A
Expenses |
8.42 |
7.63 |
|
Interest Paid |
4.17 |
3.68 |
|
Other Revenues |
1.48 |
1.08 |
|
Net Profit Margin |
1.03 |
1.09 |
|
Earning Per Shares |
0.20 |
0.27 |
|
No. of Shares |
13,600,000 |
13,600,000 |
Net Sales was
decreased by 21.99%,
Operating Profit was
increased by 9.17%,
Net Profit was
decreased by 26.34%,
Fixed Assets was
increased by 8.17%,
Total Assets was
decreased by 9.67%.
Compare each cost with sales, Cost of Good Sold was decreased from 88.69% to 87.86%, Operating Profit Margin was increased from 4.76% to 5.20%, S & A Expenses was increased from 7.63% to 8.42%, Interest Paid was increased from 3.68% to 4.17%, Other Revenues was increased from 1.08% to 1.48%, Net Profit Margin was decreased from 1.09% to 1.03%.
Earning Per Shares was decreased from 0.27 baht per share to 0.20 baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.18 |
2.26 |
|
Quick-Assets Ratio |
0.85 |
0.87 |
Current Ratio was
decreased from 2.26
to 2.18, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was good, Quick-Assets
Ratio was decreased
from 0.87 to
0.85, 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 |
1.25 |
1.54 |
|
Times Interest Earned |
1.25 |
1.30 |
D/E Ratio was
decreased from 1.54
to 1.25, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
1.30 to 1.25,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
2.78 |
3.86 |
|
Total Assets Turnover |
0.79 |
0.91 |
|
Return on Assets |
0.81 |
0.99 |
|
Return on Equity |
1.82 |
2.52 |
|
Day's Payable |
63.43 |
59.70 |
|
Day’s Inventories |
127.02 |
94.60 |
|
Day’s Receivables |
110.56 |
101.48 |
Fixed Assets Turnover
was decreased from
3.86 times to
2.78 times, Total
Assets Turnover was
decreased from 0.91
times to 0.79
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 0.99 to
0.81, Return on
Equity was decreased
from 2.52 to
1.82, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 60
days to 64
days, Day’s Inventories
was increased from
95 days to
128 days, and
Day’s Receivables was
increased from 102
days to 111
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
|
1 |
Rs.75.54 |
|
Euro |
1 |
Rs.63.12 |
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 |
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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%)