MIRA INFORM REPORT
|
Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
FOUR
P TECHNOLOGY CO.,
LTD. |
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|
|
Registered Office : |
111/98 Soi Lasalle 32, Sukhumvit 105 Road, Bangna, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.11.1992 |
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Com. Reg. No.: |
0105535149119 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Service Provider of Air Pollution
Control System |
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|
No. of Employees
: |
20 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
FOUR P
TECHNOLOGY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 111/98 SOI
LASALLE 32,
SUKHUMVIT 105
ROAD, BANGNA,
BANGKOK 10260
TELEPHONE : [66] 2398-5090-2,
081 831-1327, 081
621-7991
FAX
:
[66] 2398-5092
E-MAIL
ADDRESS : 4ptechnology@thailandpages.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535149119
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. RATTANA KANPITHAYA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : AIR
POLLUTION CONTROL SYSTEM
SERVICE PROVIDER
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 November
4, 1992 as
a private limited
company under the registered
name FOUR P
TECHNOLOGY CO., LTD.,
by Thai groups, with the business
objective to provide
complete range of
air pollution control
system for various
industries. It currently
employs approximate 20
staff.
The
subject’s registered address
is 111/98 Soi
Lasalle 32, Sukhumvit
105 Rd., Bangna,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mrs. Rattana Kanpithaya
AUTHORIZED PERSON
Only the above
director can sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mrs. Rattana Kanpithaya is
the Managing Director.
She is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing a complete
range of services,
including design,
installation and consulting for air
pollution control system,
mainly dust control system, odor control system and
fume control system
to various industries,
such as food,
plastic, rubber, furniture
production, paper and
pharmaceutical industries.
PURCHASE
100%
of equipment, materials
and supplies are
purchased from local
suppliers.
SERVICES
Its services are
for local manufactures
and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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 and services
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 20
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
The
subject is a
service provider of air
pollution control units for
industrial sector. Its
business performance in
the year 2011
is still especially during
these two months,
October and November, from flood crisis.
However, subject’s business
performance for the
whole year is expected to
slightly drop from
the last year’s level.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with fully
paid.
On
November 27, 2004,
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, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Rattana Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
59,000 |
59.00 |
|
Ms. Pimsiri Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
10,000 |
10.00 |
|
Master Purin Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
10,000 |
10.00 |
|
Master Pudis Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
10,000 |
10.00 |
|
Ms. Kulmas Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
9,999 |
10.00 |
|
Mr. Likit Nimtrakul Nationality: Thai Address : 121/53
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
1,000 |
1.00 |
|
Mr. Teerayuth Tiranartvanich Nationality: Thai Address : 37/4
Sukhumvit 89/1 Rd.,
Prakanong,
Bangchak, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Supakij Icharoj
No. 3764
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
1,855,058.07 |
4,084,250.06 |
|
Trade Accounts Receivable |
5,041,529.70 |
4,516,130.00 |
|
Inventories |
4,757,444.21 |
7,111,256.89 |
|
Short-term Loan to Person
or Related Company |
3,800,000.00 |
- |
|
Other Current Assets |
968,795.69 |
1,310,408.40 |
|
|
|
|
|
Total Current Assets |
16,422,827.67 |
17,022,045.35 |
|
|
|
|
|
Fixed Assets |
214,978.34 |
19,869.80 |
|
Other Assets |
1,511,286.92 |
3,763,686.92 |
|
Total Assets |
18,149,092.93 |
20,805,602.07 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts & Notes
Payable |
3,220,604.55 |
3,138,854.63 |
|
Short-term Loan from Person or
Related Company |
- |
3,560,000.00 |
|
Other Current Liabilities |
53,320.16 |
81,549.49 |
|
|
|
|
|
Total Current Liabilities |
3,273,924.71 |
6,780,404.12 |
|
Total Liabilities |
3,273,924.71 |
6,780,404.12 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning-
Unappropriated |
4,875,168.22 |
4,025,197.95 |
|
Total Shareholders' Equity |
14,875,168.22 |
14,025,197.95 |
|
Total Liabilities & Shareholders' Equity |
18,149,092.93 |
20,805,602.07 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
33,837,752.00 |
34,530,168.18 |
|
Other Income |
10,464.35 |
9,843.54 |
|
Total Sales |
33,848,216.35 |
34,540,011.72 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
31,548,279.12 |
32,405,492.90 |
|
Selling Expenses |
434,781.04 |
535,039.65 |
|
Administrative Expenses |
640,871.43 |
908,912.58 |
|
Total Expenses |
32,623,931.59 |
33,849,445.13 |
|
Profit / [Loss] before Income Tax |
1,224,284.76 |
690,566.59 |
|
Income Tax |
[374,314.49] |
[236,569.98] |
|
|
|
|
|
Net Profit / [Loss] |
849,970.27 |
453,996.61 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.02 |
2.51 |
|
QUICK RATIO |
TIMES |
2.11 |
1.27 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
157.40 |
1,737.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.86 |
1.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
55.04 |
80.10 |
|
INVENTORY TURNOVER |
TIMES |
6.63 |
4.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.38 |
47.74 |
|
RECEIVABLES TURNOVER |
TIMES |
6.71 |
7.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.26 |
35.35 |
|
CASH CONVERSION CYCLE |
DAYS |
72.16 |
92.48 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.23 |
93.85 |
|
SELLING & ADMINISTRATION |
% |
3.18 |
4.18 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
6.80 |
6.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.62 |
2.00 |
|
NET PROFIT MARGIN |
% |
2.51 |
1.31 |
|
RETURN ON EQUITY |
% |
5.71 |
3.24 |
|
RETURN ON ASSET |
% |
4.68 |
2.18 |
|
EARNING PER SHARE |
BAHT |
8.50 |
4.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.33 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.22 |
0.48 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.01) |
|
|
OPERATING PROFIT |
% |
77.29 |
|
|
NET PROFIT |
% |
87.22 |
|
|
FIXED ASSETS |
% |
981.94 |
|
|
TOTAL ASSETS |
% |
(12.77) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
6.80 |
Deteriorated |
Industrial
Average |
15.54 |
|
Net Profit Margin |
2.51 |
Impressive |
Industrial
Average |
1.89 |
|
Return on Assets |
4.68 |
Impressive |
Industrial
Average |
4.46 |
|
Return on Equity |
5.71 |
Deteriorated |
Industrial
Average |
13.85 |
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 6.8%. When
compared with the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its
costs.
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 2.51%, higher figure when 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. Return on Assets ratio is
4.68%, higher figure when compared with those of its average competitors
in the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
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 5.71%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
5.02 |
Impressive |
Industrial
Average |
2.00 |
|
Quick Ratio |
2.11 |
|
|
|
|
Cash Conversion Cycle |
72.16 |
|
|
|
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 5.02 times in 2010, increase from 2.51 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 2.11 times in 2010,
increase from 1.27 times, although excluding inventory so the company still
have good short-term financial strength.
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 73 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial
Average |
0.88 |
|
Debt to Equity Ratio |
0.22 |
Impressive |
Industrial
Average |
2.64 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.98 |
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 a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.18 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
157.40 |
Impressive |
Industrial
Average |
14.61 |
|
Total Assets Turnover |
1.86 |
Acceptable |
Industrial
Average |
3.31 |
|
Inventory Conversion Period |
55.04 |
|
|
|
|
Inventory Turnover |
6.63 |
Acceptable |
Industrial
Average |
9.53 |
|
Receivables Conversion Period |
54.38 |
|
|
|
|
Receivables Turnover |
6.71 |
Impressive |
Industrial
Average |
6.05 |
|
Payables Conversion Period |
37.26 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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.