MIRA INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SMC
CORPORATION LIMITED |
|
|
|
|
Registered Office : |
250 Soi
Nophakao 5, Prachachuen
Road, Bangsue, Dusit, Bangkok
10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
15.03.1988 |
|
|
|
|
Com. Reg. No.: |
0715531000051 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Plastic Molding
and Injection Machines |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SMC CORPORATION LIMITED
SUMMARY
BUSINESS
ADDRESS : 250
SOI NOPHAKAO 5,
PRACHACHUEN ROAD,
BANGSUE, DUSIT,
BANGKOK 10800
TELEPHONE : [66] 2910-1400-8
FAX :
[66] 2586-8390
E-MAIL
ADDRESS : info@smccorp.co.th
REGISTRATION
ADDRESS : 66/2
MOO 4, T. TAKRUM-EAN, A. THAMAKA,
KARNCHANABURI PROVINCE
71130
ESTABLISHED
: 1988
REGISTRATION
NO. : 0715531000051 [Former : KOR
JOR. 113]
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. PAYONT RAKKARN-NGAN,
THAI
PRESIDENT
NO.
OF STAFF : 168
LINES
OF BUSINESS : PLASTIC MOLDING
AND INJECTION MACHINES
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 established
on March 15,
1988 as a
private limited company
under the name
style SMC CORPORATION LIMITED by
Thai groups, to
manufacture and service of
plastic molding and
injection machines to
both domestic and international
markets. It currently
employs 168 staff.
The
subject’s registered address
is 66/2 Moo
4, T. Takrum-Ean, A. Thamaka,
Karnchanaburi 71130, while
the subject’s current
operation address is
located at 250
Soi Nophakao 5,
Prachachuen Rd., Bangsue,
Dusit, Bangkok 10800.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anuchit Boonthong |
|
Thai |
64 |
|
Mr. Payont Rakkarn-ngan |
|
Thai |
62 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Payont Rakkarn-ngan is
the President.
He is Thai
nationality with the
age of 62
years old.
Mr. Anuchit Boonthong is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr. Bancha Khaowla-or is
the Production Manager.
He is Thai nationality.
Mrs. Oraphan Boonthong is
the Sales &
Marketing Director.
She is Thai
nationality.
Mr. Visuth Poramapornpilis is
the Sales &
Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service wide range of
plastic molds and
injection machinery such
as standard blow,
high speed blow,
large blow, injection
technology blow and
etc., as well
as after sales
service.
BRAND NAME
“SMC”
PURCHASE
70% of raw materials
and components are
purchased from local
suppliers, the remaining
30% is imported
from Taiwan, Republic of
China, Singapore, Malaysia,
U.S.A., Japan, Italy,
Germany and etc.
SALES
The products
are sold and
serviced through agents
both in domestic
and overseas, mainly Indonesia, Philippines, Malaysia,
Egypt, Germany, Australia, Bangladesh, Russia, Iran, Poland, Columbia, Argentina, United Arab
Emirates, Nigeria, United
Kingdom, Syria, Sri
Lanka, Vietnam, and
South Africa.
SOLE AGENTS
- Remtron Automation
Pty. Ltd. :
Australia
- Wideways Enterprise : Bangladesh
- Ei Mina
Trading Co. :
Egypt
- BBM Engineering
GmbH. :
Germany
- P.T. Mitra
Guna Mulia Engineering : Indonesia
- Keng Cheong
Trading Co. Sdn. Bhd. :
Malaysia
- Raymond Enterprises : Philippines
- SMC [Russia]
Co., Ltd.
: Russia
- Siroco Ltd. :
Columbia
- Thomas &
Co. : Argentina
- Yanco Ltd. :
Nigeria
- P & F Wartacz
Company :
Poland
- Yanco Ltd. :
U.K.
- Behin Tejarat
Asia Company [Behta] Co] : Iran
- S.E.G. [Syria
Engineering Group] :
Syria
- Neilchem LLC : United
Arab Emirates
- A P I Trades
[Pvt.] Limited : Sri
Lanka
- Maritime Marketing
C. C. :
South Africa
- An Lac
Phat Co., Ltd. [Alphaco] : Vietnam
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 by
cash or on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or on the
credits term of
30-60 days & T/T.
Exports are against
L/C at sight
& T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Prachachuen Branch :
1333 Prachachuen Rd.,
Bangsue, Bangkok]
Bank of Ayudhya
Public Co., Ltd.
[Karnchanaburi Branch :
73/18 U-Thong Rd.,
Bannua, Muang, Karnchanaburi]
Siam City Bank
Public Co., Ltd.
[Karnchanaburi Branch :
276/16 Saeng-xuto Rd.,
Bannua, Muang, Karnchanaburi]
EMPLOYMENT
The
subject employs 168
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 66/2
Moo 4, T. Takrum-Ean, A. Thamaka,
Karnchanaburi 71130. Tel. [66]
34 561-992, 34
562-359, 34 562-299.
Fax.
[66] 34 561-991.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANDED AT US$ 500,000
COMMENT
The
company is a manufacturer,
distributor and exporter of plastic molding and injection machines.
Its products were mainly served to industrial sector
and subject’s business
performance closely links
with the condition
of industry, which
had expanded steadily after a
stagnant in 2009.
Improvement
has seen in
large area of industrial sector.
Subject also had a better
changed in its production and sale in the
year 2010.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 4,000
shares of Bht. 1,000
each.
On
August 24, 1998,
the capital was
increased to Bht. 10,000,000 divided
into 10,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Payont Rakkarn-ngan Nationality: Thai Address : 243
Soi Nophakao 5,
Prachachuen 37 Rd.,
Bangsue, Bangkok |
9,994 |
99.94 |
|
Mr. Anuchit Boonthong Nationality: Thai Address : 93-95
Phrataen Rd., Tharua,
Thamaka,
Karnchanaburi |
1 |
0.01 |
|
Ms. Monthicha Rakkarn-ngan Nationality: Thai Address : 50/9
Moo 1, Taladkwan,
Pakkred, Nonthaburi |
1 |
0.01 |
|
Mrs. Oraphan Boonthong Nationality: Thai Address : 57/3
Moo 9, Bangpood,
Thamaka,
Karnchanaburi |
1 |
0.01 |
|
Mr. Bancha Khaola-or Nationality: Thai Address : 66/2
Moo 15, Takra-en,
Thamaka,
Karnchanaburi |
1 |
0.01 |
|
Mr. Sucha Prateepsangkom Nationality: Thai Address : 132
Moo 4, Bangmod,
Thungkru, Bangkok |
1 |
0.01 |
|
|
|
|
|
Mr. Vichai Jaewtrakul Nationality: Thai Address : 89/91
Phrataen Rd., Tharua,
Thamaka,
Karnchanaburi |
1 |
0.01 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Klanarong Phatranuprawat No. 3525
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
687,237.71 |
11,592,533.99 |
|
Short-term
Investment-Fixed Account |
25,593,102.98 |
25,228,994.30 |
|
Trade Accts. Receivable |
89,846,877.80 |
84,706,162.97 |
|
Inventories |
112,698,393.46 |
87,228,282.10 |
|
Other Current Assets
|
5,580,804.28 |
4,487,978.38 |
|
Total Current Assets
|
234,406,416.23 |
213,243,951.74 |
|
|
|
|
|
Fixed Assets |
147,129,819.69 |
151,073,537.68 |
|
Other Assets |
4,417,192.33 |
80,194.79 |
|
Total Assets |
385,953,428.25 |
364,397,684.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
108,094,978.61 |
81,456,953.21 |
|
Trade Accts. Payable |
58,282,362.55 |
32,519,446.43 |
|
Current Portion of Long
Term Loans |
9,937,035.27 |
11,004,000.00 |
|
Other Current Liabilities |
13,549,761.82 |
32,169,390.73 |
|
Total Current Liabilities |
189,864,138.25 |
157,149,790.37 |
|
Long Term Loan
from Related Person |
308,000.00 |
26,308,000.00 |
|
Other Long-term Loan |
14,512,704.18 |
12,354,198.48 |
|
Other Liabilities |
2,780,564.59 |
441,650.31 |
|
Total Liabilities |
207,465,407.02 |
196,253,639.16 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
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 |
|
Statutory Reserve |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
167,488,021.23 |
157,144,045.05 |
|
Total Shareholders' Equity |
178,488,021.23 |
168,144,045.05 |
|
Total Liabilities & Shareholders' Equity |
385,953,428.25 |
364,397,684.21 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
224,130,631.80 |
305,264,310.08 |
|
Services Income |
710,346.41 |
835,295.00 |
|
Other Income |
1,776,811.95 |
7,234,160.98 |
|
Total Sales |
226,617,790.16 |
313,333,766.06 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
171,440,611.57 |
241,478,296.04 |
|
Selling Expenses |
4,660,833.17 |
8,347,817.51 |
|
Administrative Expenses |
28,784,879.58 |
33,250,579.02 |
|
Total Expenses |
204,886,324.32 |
283,076,692.57 |
|
Profit Before Financial
Cost & Income
Tax |
21,731,271.41 |
30,257,073.49 |
|
Financial Cost |
[6,990,194.43] |
[7,005,212.41] |
|
Profit Before Income
Tax |
14,741,271.41 |
23,251,861.08 |
|
Income Tax |
[4,397,295.23] |
[6,930,284.61] |
|
Net Profit / [Loss] |
10,343,976.18 |
16,321,576.47 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.23 |
1.36 |
|
QUICK RATIO |
TIMES |
0.61 |
0.77 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.53 |
2.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
239.94 |
131.85 |
|
INVENTORY TURNOVER |
TIMES |
1.52 |
2.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
145.85 |
101.01 |
|
RECEIVABLES TURNOVER |
TIMES |
2.50 |
3.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
124.08 |
49.15 |
|
CASH CONVERSION CYCLE |
DAYS |
261.71 |
183.70 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.25 |
78.89 |
|
SELLING & ADMINISTRATION |
% |
14.88 |
13.59 |
|
INTEREST |
% |
3.11 |
2.29 |
|
GROSS PROFIT MARGIN |
% |
24.54 |
23.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.67 |
9.88 |
|
NET PROFIT MARGIN |
% |
4.60 |
5.33 |
|
RETURN ON EQUITY |
% |
5.80 |
9.71 |
|
RETURN ON ASSET |
% |
2.68 |
4.48 |
|
EARNING PER SHARE |
BAHT |
1,034.40 |
1,632.16 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.16 |
1.17 |
|
TIME INTEREST EARNED |
TIMES |
3.11 |
4.32 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(26.55) |
|
|
OPERATING PROFIT |
% |
(28.18) |
|
|
NET PROFIT |
% |
(36.62) |
|
|
FIXED ASSETS |
% |
(2.61) |
|
|
TOTAL ASSETS |
% |
5.92 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
24.54 |
Impressive |
Industrial Average |
21.72 |
|
Net Profit Margin |
4.60 |
Impressive |
Industrial Average |
2.89 |
|
Return on Assets |
2.68 |
Satisfactory |
Industrial Average |
3.04 |
|
Return on Equity |
5.80 |
Satisfactory |
Industrial Average |
6.98 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 24.54%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 4.6%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 2.68%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 5.8%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.23 |
Acceptable |
Industrial Average |
1.75 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
261.71 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.23 times in 2009, decrease from 1.36 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.61 times in 2009,
decrease from 0.77 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 262 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial Average |
0.49 |
|
Debt to Equity Ratio |
1.16 |
Risky |
Industrial Average |
1.08 |
|
Times Interest Earned |
3.11 |
Satisfactory |
Industrial Average |
3.55 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using less leverage and has stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.11 higher than 1, so the company can pay interest expenses
on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.54 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.53 |
Acceptable |
Industrial Average |
2.48 |
|
Total Assets Turnover |
0.58 |
Acceptable |
Industrial Average |
1.05 |
|
Inventory Conversion Period |
239.94 |
|
|
|
|
Inventory Turnover |
1.52 |
Acceptable |
Industrial Average |
2.47 |
|
Receivables Conversion Period |
145.85 |
|
|
|
|
Receivables Turnover |
2.50 |
Acceptable |
Industrial Average |
3.94 |
|
Payables Conversion Period |
124.08 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
UK Pound |
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.