MIRA INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
LEONICS
CO., LTD. |
|
|
|
|
Registered Office : |
113 Moo 5, Wellgrow Industrial Estate, Bangna-Trad K.M. 36 Road, Bangsamak, Bangpakong, Chachoengsao 24130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
25.10.1993 |
|
|
|
|
Com. Reg. No.: |
0105536121781 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
& Exporter of Power electronics
products |
|
|
|
|
No. of Employees
: |
250 persons |
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 – 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
LEONICS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 27, 29, BANGNA-TRAD
ROAD, BANGNA,
BANGKOK 10260
TELEPHONE : [66] 2746-9500,
2746-8708
FAX
: [66] 2746-8712
E-MAIL
ADDRESS : global_business@leonics.com
REGISTRATION
ADDRESS : 113
MOO 5, WELLGROW
INDUSTRIAL ESTATE,
BANGNA-TRAD K.M.
36 ROAD, BANGSAMAK,
BANGPAKONG, CHACHOENGSAO
24130
ESTABLISHED : 1993
REGISTRATION
NO. : 0105536121781 [Former :
7381/2536]
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VUDHIPONG SUPONTHANA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : POWER
ELECTRONICS PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on October
25, 1993 as
a private limited
company under the
registered name style LEONICS CO.,
LTD., with the
business objective to
produce and supply
wide range of power electronics
and energy conservation products
to both domestic and
international markets. The subject
received promotional privilege
for tax exception from the
Board of Investment for a period of 7 year commencing
from the first year of
its sale earning.
It currently employs
approximate 250 staff.
The subject achieved many
awards since its
inception in 1993.
The awards are
as follows:
1997 : Certified
ISO 9002: 1994 by
Underwriters Laboratories Inc.,
[USA]
1998 : Certified
ISO 9001: 1994 by Underwriters Laboratories
Inc., [USA]
1999 : Prime
Minister award on SME Management
1999
:
JETRO honors as
excellence enterprise form
Thailand on APEC
SME forum
on Electrical
and electronics
:
Certified TIS 9001:1994
by TISI
:
All true on - line
UPS certified TIS
1921-2538
: Quality
to use “THAILAND
BRAND” Logo
2000 : Prime
Minister Export Award
2000
:
Prime Minister Export
Award for Outstanding
Performance as the
Best
Exporter
:
Prime Minister Export
Award for Distinctive
Development a Marketing
of
Thai Owned Brand
Export
:
Prime Minister Export
Award for Distinctive Development
a Marketing of
Thai Owned Design
Exports
2001 : Certified
TIS/ISO 14001:1996 by
Management System Certification
Institute
[Thailand]
: Certified
TIS/ISO 9001:1994 by
Management System Certification
Institute
[Thailand]
: Certified
ISO 9001:2000 by Underwriters Laboratories
Inc., U.S.A.
The subject’s registered
address is 113
Moo 5, Wellgrow
Industrial Estate, Bangna-Trad
K.M. 36 Rd.,
Bangsamak, Bangpakong, Chachoengsao
24130, while the
current operation address
is at 27, 29
Bangna-Trad Rd., Bangna,
Bangkok 10260.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Samrerng Kriengprathana |
|
Thai |
64 |
|
Mrs. Pranee Kriengprathana |
|
Thai |
62 |
|
Mr. Decho Apinyalawan |
|
Thai |
64 |
|
Mr. Surapol Sangthongsuk |
|
Thai |
54 |
|
Mr. Vudhipong Suponthana |
|
Thai |
46 |
|
Mr. Veeraphan Pornthabthong |
|
Thai |
54 |
|
Ms. Surang Kriengprathana |
|
Thai |
38 |
|
Mr. Arunkij Sorsukpaibul |
|
Thai |
44 |
|
Mrs. Suree Ono |
|
Thai |
37 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vudhipong Suponthana
is the Managing
Director.
He is Thai
nationality with the
age of 46
years old.
Mr. Veeraphan Pornthabthong is
the Factory Manager.
He is Thai
nationality with the
age of 54
years old.
Mrs. Duangporn Niyomsin
is the Account
Manager.
She is Thai nationality.
Ms. Varunee Imsamran is
the Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in design,
producing and distributing
wide range of
power electronics and
energy conservation products.
Its products are as follows:
-
UPS [Uninterruptible Power
Supply]
-
AVR [Automatic
Voltage Regulator]
-
SPD
[Surge Protection Devices]
-
SSE [Surge
Suppression Equipment]
-
TVSS [Transient
Voltage Surge Suppressor]
-
Smart light
-
Renewable
Energy Products; solar
module, active solar
tracking system, charge
controller, inverter, battery,
solar thermal, and
I-V-checker.
-
Energy
Saving Products; gas
fired absorption chiller,
gas fired absorption
heat pump, lighting
energy saver, and
pneumatic tubes system.
-
Custom
Renewable Energy System;
200 kWp-diesel generator
hybrid minigrid system,
PV power farm
system, inverter hybrid
system for remote
area power system,
mini-power plant, 100kWp-diesel
generator hybrid minigrid
system, PV system
for communication, PV
battery charging system,
PV testing system,
etc.
-
Energy
Conservation Systems; solar photovoltaic
system, solar island
hybrid power, solar
farm, stand-alone-solar power,
solar grid tie
system, solar home
system, solar water
pump system, solar
thermal system, solar
water heating system
and cost-effective solar
thermal.
PRODUCTION CAPACITY
20,000 units/month [Line
interactive UPS 500
AV]
MAJOR BRAND
“LEONICS”
PURCHASE
Most of raw
materials and accessories
are purchased from
local suppliers, batteries are
imported from Taiwan,
Singapore, Republic of
China, U.S.A. and
France.
SALES [LOCAL]
80% of its
products is sold
locally to wholesalers,
dealers and end-users.
EXPORT [COUNTRIES]
20% of its
products is exported
to overseas. Some
of the countries
which the subject
export to are
as follows:
- Vietnam
- Myanmar
- Philippines
- Laos
- United Arab Emirate
- India.
- Indonesia
- Republic of China
SUBSIDIARIES & AFFILIATED
COMPANIES
Leo Electronics Co.,
Ltd.
Business Type : Distributor of
“Leonic” products
Leonics Esco Co., Ltd.
Business Type : Service center
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 on the
credit term of
30 days.
Imports are by
L/C at sight
or on negotiated
term.
Exports are against
T/T.
BANKING
Bangkok Bank Public Co.,
Ltd. [Bangna Branch]
EMPLOYMENT
The subject employs
approximately 250 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is owned for operating
administrative office at the
heading address. It
is located in
commercial / residential area.
Factory and warehouse
are located at
113 Moo 5,
Wellgrow Industrial Estate,
Bangna-Trad K.M. 36
Rd., Bangsamak, Bangpakong,
Chachoengsao 24130.
Tel.: [66] 38
570-503-6 Fax: [66]
38 570-512.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
The
company is dedicated
to providing the customers
with products and
services to secure
electrical efficiently and
environment-friendly. Its business
performance remains upbeat
as its products
have been widely
used in various
industries. Domestic sales
and exports also
maintain a good
level. Its business
trend is expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 10,000,000
on March 8,
1994
Bht. 35,000,000
on November 10,
1994
Bht. 50,000,000
on September 6,
1996
The latest registered
capital was increased
to Bht. 50,000,000 divided into 500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at July
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Pranee Kriengprathana Nationality: Thai Address : 154/2
Nanglinchee Rd., Sathorn,
Bangkok |
499,997 |
99.99 |
|
Mr. Samrerng Kriengprathana Nationality: Thai Address : 154/2
Nanglinchee Rd., Sathorn,
Bangkok |
1 |
|
|
Mr. Surapol Sangthongsuk Nationality: Thai Address : 336
Soi Seenamngeon, Bangsue,
Bangkok |
1 |
= 0.01 |
|
Mrs. Suree Ono Nationality: Thai Address : 154/2
Nanglinchee Rd., Sathorn,
Bangkok |
1 |
|
Total Shareholders : 4
Share Structure [as
at July 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Lakhana Neeramitr
No. 3558
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
204,858,496.97 |
104,744,440.57 |
|
Short-term Investment |
- |
60,049,635.64 |
|
Trade Accounts Receivable |
22,638,760.47 |
14,657,600.45 |
|
Account Receivable-Related Company |
46,076,741.44 |
44,543,478.12 |
|
Inventories |
148,661,097.92 |
86,622,980.92 |
|
Other Current Assets |
8,984,200.54 |
1,803,693.07 |
|
|
|
|
|
Total Current Assets
|
431,219,297.34 |
312,421,828.77 |
|
Cash at Bank
pledged as a
Collateral |
2,568,000.00 |
1,000,000.00 |
|
Investment in Subsidiaries |
4,009,994.00 |
9,994.00 |
|
Investment in Other |
35,620,566.00 |
420,566.00 |
|
Fixed Assets |
43,405,640.79 |
47,207,044.44 |
|
Other Assets |
11,064,284.15 |
2,790,872.08 |
|
Total Assets |
527,887,782.28 |
363,850,305.29 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
43,239,653.99 |
18,239,881.67 |
|
Accrued Income Tax |
6,661,511.31 |
5,392,474.16 |
|
Other Current Liabilities |
5,566,224.73 |
2,929,964.52 |
|
|
|
|
|
Total Current Liabilities |
55,467,390.03 |
26,562,320.35 |
|
|
|
|
|
Other Non-current Liabilities |
85,804,506.54 |
- |
|
Total Liabilities |
141,271,896.57 |
26,562,320.35 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
331,615,885.71 |
282,287,984.94 |
|
Total Shareholders' Equity |
386,615,885.71 |
337,287,984.94 |
|
Total Liabilities & Shareholders' Equity |
527,887,782.28 |
363,850,305.29 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales & Services
Income |
328,231,141.65 |
312,123,415.01 |
|
Interest Income |
1,381,926.96 |
1,221,852.01 |
|
Loss from Goods
in Fire [reversal] |
- |
3,000,000.00 |
|
Other Income |
992,008.46 |
298,685.93 |
|
Total Sales |
330,605,077.07 |
316,643,952.95 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
203,916,460.55 |
204,039,803.97 |
|
Selling Expenses |
12,239,855.59 |
13,662,684.52 |
|
Administrative Expenses |
29,926,011.62 |
30,944,318.18 |
|
Total Expenses |
246,082,327.76 |
248,646,806.67 |
|
Profit before Income Tax |
84,522,749.31 |
67,997,146.28 |
|
Income Tax |
[10,194,848.54] |
[9,172,850.80] |
|
|
|
|
|
Net Profit / [Loss] |
74,327,900.77 |
58,824,295.48 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
7.77 |
11.76 |
|
QUICK RATIO |
TIMES |
4.93 |
8.43 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.56 |
6.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.62 |
0.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
266.10 |
154.96 |
|
INVENTORY TURNOVER |
TIMES |
1.37 |
2.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.17 |
17.14 |
|
RECEIVABLES TURNOVER |
TIMES |
14.50 |
21.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
77.40 |
32.63 |
|
CASH CONVERSION CYCLE |
DAYS |
213.87 |
139.47 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
62.13 |
65.37 |
|
SELLING & ADMINISTRATION |
% |
12.85 |
14.29 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
38.60 |
36.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
25.75 |
21.79 |
|
NET PROFIT MARGIN |
% |
22.64 |
18.85 |
|
RETURN ON EQUITY |
% |
19.23 |
17.44 |
|
RETURN ON ASSET |
% |
14.08 |
16.17 |
|
EARNING PER SHARE |
BAHT |
148.66 |
117.65 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.37 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.16 |
|
|
OPERATING PROFIT |
% |
24.30 |
|
|
NET PROFIT |
% |
26.36 |
|
|
FIXED ASSETS |
% |
(8.05) |
|
|
TOTAL ASSETS |
% |
45.08 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
38.60 |
Impressive |
Industrial
Average |
20.03 |
|
Net Profit Margin |
22.64 |
Impressive |
Industrial
Average |
(6.52) |
|
Return on Assets |
14.08 |
Impressive |
Industrial
Average |
1.02 |
|
Return on Equity |
19.23 |
Impressive |
Industrial
Average |
5.26 |
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 38.6%. When compared with the industry
average, the ratio of the company was higher, this 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
22.64%, 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
14.08%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit 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. Return on Equity ratio
is 19.23%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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 |
7.77 |
Acceptable |
Industrial
Average |
14.14 |
|
Quick Ratio |
4.93 |
|
|
|
|
Cash Conversion Cycle |
213.87 |
|
|
|
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 7.77 times in 2011, decreased from 11.76 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 4.93 times in 2011,
decreased from 8.43 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 214 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.37 |
Impressive |
Industrial
Average |
1.22 |
|
Times Interest Earned |
- |
|
Industrial
Average |
105.31 |
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 0.27 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 |
7.56 |
Deteriorated |
Industrial
Average |
24.55 |
|
Total Assets Turnover |
0.62 |
Deteriorated |
Industrial
Average |
1.55 |
|
Inventory Conversion Period |
266.10 |
|
|
|
|
Inventory Turnover |
1.37 |
Deteriorated |
Industrial
Average |
18.74 |
|
Receivables Conversion Period |
25.17 |
|
|
|
|
Receivables Turnover |
14.50 |
Impressive |
Industrial
Average |
10.90 |
|
Payables Conversion Period |
77.40 |
|
|
|
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.