MIRA INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BANGKOK
SOLAR CO., LTD. |
|
|
|
|
Registered Office : |
39/1 Moo 1, Bangpakong-Chachoengsao Road, T. Sanphudas, A. Banpho, Chachoengsao 24140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
30.05.2003 |
|
|
|
|
Com. Reg. No.: |
0105546061951 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
& Exporter of
amorphous silicon solar
module |
|
|
|
|
No. of Employees
: |
360 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 |
|
|
|
|
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 – 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
BANGKOK SOLAR
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 39/1
MOO 1, BANGPAKONG-CHACHOENGSAO ROAD,
T. SANPHUDAS, A. BANPHO,
CHACHOENGSAO 24140
TELEPHONE : [66] 38
577-253, 38 577-373,
086
355-6959, 089 057-1888
FAX :
[66] 38
577-370
E-MAIL
ADDRESS : sales@bangkoksolar.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546061951 [Former :
10854600984 ]
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT.
1,000,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMPONG NAKORNSRI, THAI
PRESIDENT &
CEO
NO.
OF STAFF : 360
LINES
OF BUSINESS : AMORPHOUS SILICON
SOLAR MODULE
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on May 30,
2003 as a private limited
company under the name style BANGKOK SOLAR CO., LTD., by a joint venture
between Thai and Hungarian groups,
in order to manufacture amorphous
silicon solar modules to both
domestic and overseas
markets. It currently
employs 360 staff.
The subject
follows EPV manufacturing process
with strict QC and meet
with both local
(TISI) and international
standards (IEC 61646).
At
present, the subject
is wholly owned by Thai.
The
subject’s registered address
was initially located
at 187/1 Rajdamri Rd., Lumpini, Pathumwan, Bangkok 10330.
On
December 1, 2009,
its registered address
was relocated to
39/1 Moo 1,
Bangpakong-Chachoengsao Rd., T. Sanphudas,
A. Banpho, Chachoengsao 24140,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompong Nakornsri |
: Chairman [x] |
Thai |
77 |
|
Mrs. Thippa Nakornsri |
[x] |
Thai |
75 |
|
Mrs. Kantika Preechaharn |
[x] |
Thai |
49 |
|
Mr. Thisapol Nakornsri |
|
Thai |
38 |
|
Ms. Thitinan Nakornsri |
|
Thai |
46 |
AUTHORIZED PERSON
One of the
above directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sompong Nakornsri
is the President & CEO.
He is Thai
nationality with the
age of 77
years old.
Mr. Krisada Jongpaiboonpatana is
the Vice President
[Marketing & Sales].
He is Thai
nationality.
Mr. Rangsan Kanchanakulphan is
the Sales & Marketing Manager [Domestic].
He is Thai
nationality.
Mr. Saromporn Chittawanit is
the Sales & Marketing Manager [Oversea].
He is Thai
nationality.
Mr. Virat Taravat
is the Factory
Manager.
He is Thai
nationality.
Mr. Niphon Jedsiri
is the Exports
Manager.
He is Thai
nationality.
Mr. Viroj Vatcharakul is
the Engineering Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of BS 40 amorphous
silicon solar modules,
a thin film photovoltaic module
with tandem junction amorphous silicon monolithically integrated
device to protect
solar cells from
moisture for their lifetime. It is perfect to use in many climatic
conditions, e.g.. sunny, cloudy,
rainy, and even
at low light and under shadow.
The production is
produced under the
license of EPV (Ethylene
Vinyl Acetate)
United States of America.
PRODUCTION CAPACITY :
1,250,000 sets per
annum
MAJOR BRAND
“BSC”
PURCHASE
80% of
its raw material
such as glass,
thin film, aluminium
and etc. are purchased
from local suppliers,
and the remaining
20% is imported
from Germany, France,
Spain, Taiwan and Japan.
SALES
Its
products are sold
locally by wholesale
to traders and
contractors, which 80%
is exported to United
States of America,
Singapore, Korea, Italy,
Spain and Germany,
and the remaining 20% is
sold locally.
RELATED
COMPANIES
Bangkok Cable Co., Ltd.
Business Type : Manufacturer of
copper insulated wire
and cable.
Bangkok Solar Power
Co., Ltd.
Business Type : Power plant
operator.
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 days.
Local
bills are paid
by cash or
on the credits
term of 30-60
days.
Imports
are by T/T.
Exports
are against L/C
at sight or
T/T on negotiated
term.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head
Office : 333 Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
360 staff [office and
sales staff].
LOCATION
DETAILS
The
premise is rented
for administrative office,
factory and warehouse at
the heading address. Premise is
located in provincial.
Bangkok
office is located
at 187/1 Rajdamri
Rd., Lumpini, Pathumwan,
Bangkok 10330.
REMARK
MAXIMUM
CREDIT SHOULD BE GRANTED
AT US$ 100,000.
COMMENT
The subject’s business has been started in May 2003. In the first year of operation, the subject
has done so many research and development with National Science and Technology
Development Agency (NSTDA) to support
and improve its production
process in order to make sure that
it has continuous
improvement in both
quality and efficiency.
The
company now becomes
one of the key
manufacturers of the
wire and cable
in Thailand, with
RWTUV ISO 9002 granted
in 1997.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each.
The
capital was increased
later as follows :
Bht. 400,000,000
on May 26,
2005
Bht. 500,000,000
on June 1,
2006
Bht.
1,000,000,000 on December
1, 2009
The
latest registered capital
was increased to
Bht. 1,000,000,000 divided
into 10,000,000 shares
of Bht. of
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [ as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Cable Co.,
Ltd. Nationality: Thai Address : 187/1 Rajdamri Rd., Lumpini, Pathumwan, Bangkok 10330 |
5,000,001 |
50.00 |
|
Mrs. Thitinan Nakornsri Nationality: Thai Address : 89 Wireless Rd.,
Lumpini, Pathumwan, Bangkok 10330 |
1,200,000 |
12.00 |
|
Mr. Thisapol Nakornsri Nationality: Thai Address : 231/7 Rajdamri Rd., Lumpini, Pathumwan, Bangkok 10330 |
1,200,000 |
12.00 |
|
Mrs. Kantika Preechaharn Nationality: Thai Address : 187/1 Rajdamri
Rd., Lumpini, Pathumwan, Bangkok 10330 |
1,199,997 |
12.00 |
|
Mr. Sompong Nakornsri Nationality: Thai Address : 187/1 Rajdamri
Rd., Lumpini, Pathumwan, Bangkok 10330 |
810,000 |
8.10 |
|
Mrs. Thippa Nakornsri Nationality: Thai Address : 990/1
Thungmahamek, Sathorn, Bangkok
10120 |
590,000 |
5.90 |
|
Mr. Thutchpol Preechaharn Nationality: Thai Address : 84/1 Ngamwongwan
Rd., Ladyao, Jatujak, Bangkok 10900 |
1 |
- |
|
Ms. Duangkamol Honghirun Nationality: Thai Address : 187/1 Rajdamri
Rd., Lumpini, Pathumwan, Bangkok 10330 |
1 |
- |
Total Shareholders : 8
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
10,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
10,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO:
Mrs. Buppha Chawapong
No. 7640
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
21,936,434.72 |
9,220,486.37 |
|
Trade Accounts & Notes
Receivable |
212,397,758.66 |
53,442,103.70 |
|
Inventories |
606,471,653.47 |
1,263,586,857.40 |
|
Goods in Progress |
509,769.56 |
2,657,775.37 |
|
Other Current Assets
|
13,386,342.29 |
18,935,376.89 |
|
Total Current Assets |
854,701,958.70 |
1,347,842,599.73 |
|
Long-term Investment in
Related Company |
509,300.00 |
509,300.00 |
|
Fixed Assets |
1,862,083,240.11 |
2,080,701,868.32 |
|
Assets under Operation |
220,254,076.88 |
250,275,929.56 |
|
Deposit & Guarantee |
1,453,046.54 |
11,908,017.62 |
|
Other Assets |
13,062,871.43 |
9,250,184.60 |
|
Total Assets |
2,952,064,493.66 |
3,700,487,899.83 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
1,599,007,295.96 |
1,618,651,329.94 |
|
Trade Accounts & Notes
Payable |
40,818,610.85 |
49,373,604.40 |
|
Payable Assets |
281,533,826.42 |
462,494,600.00 |
|
Short-term Loan from Related
Company |
385,000,000.00 |
- |
|
Deposit & Guarantee |
116,463,872.51 |
1,703,628.31 |
|
Other Current Liabilities |
3,033,691.39 |
5,300,903.82 |
|
Total Current Liabilities |
2,425,857,297.13 |
2,137,524,066.47 |
|
|
|
|
|
Long-term Loan from
Related Company |
44,285,000.00 |
44,285,000.00 |
|
Long-term Loan from
Financial Institution |
29,691,500.00 |
311,225,326.42 |
|
Total Liabilities |
2,499,833,797.13 |
2,493,034,392.89 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000,000 shares
|
1,000,000,000.00 |
1,000,000,000.00 |
|
Capital Paid |
1,000,000,000.00 |
1,000,000,000.00 |
|
Retained Earning -
Unappropriated |
[547,769,303.47] |
207,453,506.94 |
|
Total Shareholders' Equity |
452,230,696.53 |
1,207,453,506.94 |
|
Total Liabilities & Shareholders' Equity |
2,952,064,493.66 |
3,700,487,899.83 |
PROFIT & LOSS ACCOUNT
|
Sales |
2010 |
2009 |
|
|
|
|
|
Sales |
432,573,130.44 |
302,773,703.40 |
|
Project Income |
1,917,665.31 |
40,567,593.38 |
|
Other Income |
6,191,528.52 |
16,703,648.27 |
|
Total Saless |
440,682,324.27 |
360,044,945.05 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
389,171,779.00 |
247,686,540.44 |
|
Cost of Project |
1,801,593.63 |
40,567,593.38 |
|
Selling Expenses |
30,282,321.82 |
11,163,855.31 |
|
Administrative Expenses |
702,736,947.12 |
181,577,113.25 |
|
Total Expenses |
1,123,992,641.57 |
480,995,102.38 |
|
Profit / [Loss] before Interest
Expenses & Income Tax |
[683,310,317.30] |
[120,950,157.33] |
|
Interest Expenses |
[71,912,493.11] |
[107,728,514.90] |
|
Profit / [Loss] before Income
Tax |
[755,222,810.41] |
[228,678,672.23] |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
[755,222,810.41] |
[228,678,672.23] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.35 |
0.63 |
|
QUICK RATIO |
TIMES |
0.10 |
0.03 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.23 |
0.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.15 |
0.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
566.66 |
1,603.37 |
|
INVENTORY TURNOVER |
TIMES |
0.64 |
0.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
179.22 |
64.43 |
|
RECEIVABLES TURNOVER |
TIMES |
2.04 |
5.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.11 |
62.52 |
|
CASH CONVERSION CYCLE |
DAYS |
707.77 |
1,605.28 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.38 |
95.20 |
|
SELLING & ADMINISTRATION |
% |
169.46 |
63.66 |
|
INTEREST |
% |
16.62 |
35.58 |
|
GROSS PROFIT MARGIN |
% |
11.49 |
23.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(157.96) |
(39.95) |
|
NET PROFIT MARGIN |
% |
(174.59) |
(75.53) |
|
RETURN ON EQUITY |
% |
(167.00) |
(18.94) |
|
RETURN ON ASSET |
% |
(25.58) |
(6.18) |
|
EARNING PER SHARE |
BAHT |
(75.52) |
(22.87) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.53 |
2.06 |
|
TIME INTEREST EARNED |
TIMES |
(9.50) |
(1.12) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
42.87 |
|
|
OPERATING PROFIT |
% |
464.95 |
|
|
NET PROFIT |
% |
(230.26) |
|
|
FIXED ASSETS |
% |
(10.51) |
|
|
TOTAL ASSETS |
% |
(20.22) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.49 |
Acceptable |
Industrial
Average |
22.93 |
|
Net Profit Margin |
(174.59) |
Deteriorated |
Industrial
Average |
(7.62) |
|
Return on Assets |
(25.58) |
Deteriorated |
Industrial
Average |
2.17 |
|
Return on Equity |
(167.00) |
Deteriorated |
Industrial
Average |
8.27 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from saless 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 11.49%. 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 -174.59%.
When compared with the industry average, the ratio of the company was lower.
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 -25.58%.
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 -167%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.35 |
Risky |
Industrial
Average |
17.37 |
|
Quick Ratio |
0.10 |
|
|
|
|
Cash Conversion Cycle |
707.77 |
|
|
|
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 0.35 times in 2010, decreased from 0.63 times, then the company may
not be efficiently using its current assets. 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 0.1 times in 2010,
increased from 0.03 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 708 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
5.53 |
Risky |
Industrial
Average |
1.27 |
|
Times Interest Earned |
(9.50) |
Risky |
Industrial
Average |
132.90 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -9.51 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.85 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.23 |
Deteriorated |
Industrial
Average |
30.03 |
|
Total Assets Turnover |
0.15 |
Deteriorated |
Industrial
Average |
1.56 |
|
Inventory Conversion Period |
566.66 |
|
|
|
|
Inventory Turnover |
0.64 |
Deteriorated |
Industrial
Average |
21.90 |
|
Receivables Conversion Period |
179.22 |
|
|
|
|
Receivables Turnover |
2.04 |
Deteriorated |
Industrial
Average |
12.28 |
|
Payables Conversion Period |
38.11 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.68.93 |
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.