MIRA INFORM REPORT
|
Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
S.P.S.
COOPERATE LTD. |
|
|
|
|
Registered Office : |
74 Moo 9, Suvintawong Road, T. Klongnakornnuangkhet, A. Muang, Chachoengsao 24000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
02.10.1985 |
|
|
|
|
Com. Reg. No.: |
0105528034255 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Home and Office
Furniture |
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 : |
Unknown |
|
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
S.P.S.
COOPERATE LTD.
SUMMARY
BUSINESS
ADDRESS : 74
MOO 9, SUVINTAWONG
ROAD,
T. KLONGNAKORNNUANGKHET, A.
MUANG,
CHACHOENGSAO 24000,
THAILAND
TELEPHONE : [66] 38
593-456, 081 813-0401
FAX :
[66] 38
593-001, 593-010
E-MAIL
ADDRESS : sps@spsthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528034255 [Former : 3425/2528]
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP : BHT.
222,500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KEERATI SERMPRAPASILP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,200
LINES
OF BUSINESS : HOME
AND OFFICE FURNITURE
MANUFACTURER, DISTRIBUTOR
AND 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
2, 1985 as
a private limited
company under the registered
name “S. Praphasilp
Industrial Co., Ltd.”, by
Thai groups.
On August 1,
1996 the subject’s
name was changed
to S.P.S. COOPERATE
LTD.
In 2009, subject
was a joint
venture between Thai
groups, the Sermprapasilp
family and Triple
T.N.V. Co., Ltd.,
the Dutch company.
It currently employs
1,200 staff.
The subject is a leading
of the board
on frame manufacturer
for AV speaker/rack and
R.T.A panel furniture with
promotional privilege from
Board of Investment,
Thailand.
Award [from various
agents]
·
Best
Products Awards : 1987-1988
·
Best Company Award : 1989
·
Best
Exporter Award : 1989
·
NIC
Award 1989 : 1989
·
1st
Thailand Quality Product
Award : 1993
·
Best
Performance Exporter Award : 1999
·
ISO
9002 Certificate : 2000
At
present, the subject
is focused on
manufacturing home and
office furniture only.
The subject’s registered
address is 74
Moo 9, Suvintawong
Rd., Klongnakhonluangkhet, Muang,
Chachoengsao 24000, and
this is the
company’s operation address.
THE
BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr.
Keerati Sermprapasilp |
Thai |
56 |
|
Ms.
Orapin Sermprapasilp |
Thai |
54 |
|
Mr.
Veerasak Sermprapasilp |
Thai |
52 |
AUTHORIZED
PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Keerati Sermprapasilp is
the Managing Director.
He is Thai
nationality with the
age of 56
years old.
Mr.
Voravit Cheangsri is
the Personnel Manager.
He is Thai
nationality.
Mr.
Sirisak Charoenrumviwat is
the Marketing Manager.
He is Thai
nationality.
Mr.
Pichet Fuang-arrom is
the Factory Manager.
He is
Thai nationality.
Ms. Peangmarn
Pholwa is the
Accounting Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer and distributor
of home and office
furniture such as
bedroom, living room,
kitchen, office furniture, wall cabinet,
computer desk and file cabinet
under its owned
brand “MODAR” as
well as customer’s
brands for exports.
PURCHASE
Raw materials such
as aluminium, glass,
plastic, rubber, metal,
accessories and etc.,
are purchased from
both local and
overseas suppliers in
Japan, Germany, Korea,
Singapore, Hong Kong,
Italy, Republic of
China and Taiwan.
EXPORT
[COUNTRY]
95% of the
products is exported
to Japan, United
States of America,
Europe, Middle East,
India, Singapore, Vietnam,
Malaysia and Hong Kong.
SALES
[LOCAL]
5% of the
products is also
sold locally to
manufacturers and wholesalers.
MAJOR CUSTOMERS
·
Furniture
Shop
·
Home Center
·
Hyper Store
·
Furniture
Store
·
Department
Store
·
etc.
SUBSIDIARY AND AFFILIATED
COMPANIES
S.P.S. Intertech Co.,
Ltd.
Business Type : Manufacturer
and distributor of TV stand
products
S.P.S. Inter System
Co., Ltd.
Business Type : Manufacturer
and distributor of
visual entertainment products
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok}
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Siam City Bank
Public Co., Ltd.
[Head Office : 1101
New Petchburi Rd.,
Makkasan, Ratchthewee, Bangkok]
EMPLOYMENT
The subject employs
approximately 1,200 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office,
factory and warehouse
at the heading
address. It is
located in an
industrial area.
Branch office :
99 Moo 2,
Suwintawong Rd., T. Klongnakornneungkhet, A. Muang,
Chachoengsao 24000.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
Subject is a manufacturer,
distributor and exporter
of home and office
furniture. Its main markets
are U.S.A., Japan, Europe and
etc. With an
expansion of overseas
customers, the subject has
raised the production
capability continuously in producing
better quality and new products
with higher technology.
Subject’s business performance in the
year 2010 was
good. With the improvement
of overall economy
has prompted the subject
to increase its
sales volume to meet
with rising demand.
The prospect of the
product remains bright,
as well as strong
growth rate is
expected to continue
throughout the year.
FINANCIAL INFORMATION
The capital was registered at
Bht. 3,000,000 divided
into 3,000 shares
of Bht. 1,000
each.
The capital was
increased later as
follows:
Bht. 15,000,000
on August 17,
1988
Bht. 36,000,000
on October 10,
1988
Bht. 53,000,000
on July 7,
1993
Bht. 70,000,000
on August 29,
1994
Bht. 150,000,000 on
May 29, 2000
Bht. 200,000,000 on June
17, 2009
Bht. 250,000,000 on December
9, 2009
The latest registered
capital was increased
to Bht. 250,000,000
divided into 250,000
shares of Bht.
1,000 each with
the current capital
paid-up at Bht.
222,500,000.
THE SHAREHOLDERS LISTED
WERE : [as at
July 30, 2010]
at Bht. 222,500,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Triple T.N.V. Co.,
Ltd. Nationality : Dutch Address : Netherlands |
50,001 |
20.00 |
|
Ms. Orapin Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
31,830 |
12.73 |
|
Mr. Veerasak Sermprapasilp Nationality : Thai Address : 24
Soi S. Kiatchai
1, Huaykwang, Bangkok |
31,830 |
12.73 |
|
Mr. Peerapol Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
31,830 |
12.73 |
|
Mr. Keerati Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
31,830 |
12.73 |
|
Mr. Vorapoj Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
31,830 |
12.73 |
|
Ms. Voranuj Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
31,830 |
12.73 |
|
Mr. Sin Sermprapasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
9,019 |
3.62 |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Athipong Athipongsakul
No. 3500
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
5,103,104.09 |
3,622,586.14 |
|
Trade Accts. Receivable |
79,812,198.26 |
95,021,787.15 |
|
Inventories |
124,569,979.72 |
176,483,120.54 |
|
Prepaid Goods |
1,652,322.09 |
1,921,664.16 |
|
Deferred Interest |
31,980,000.00 |
31,980,000.00 |
|
Refundable Value Added Tax |
6,233,019.18 |
8,889,330.44 |
|
Other Current Assets
|
2,614,008.01 |
1,386,410.09 |
|
|
|
|
|
Total Current Assets
|
251,964,631.35 |
319,304,898.52 |
|
|
|
|
|
Investment in Subsidiary |
415,000,000.00 |
200,000,000.00 |
|
Other Long-term Investment |
200,000.00 |
200,000.00 |
|
Fixed Assets |
365,909,029.14 |
388,157,558.43 |
|
Intangible Assets |
250,800.69 |
281,820.06 |
|
Withholding Income Tax |
152,182.99 |
191,326.26 |
|
Other Assets |
840,207.00 |
1,826,474.00 |
|
Total Assets |
1,034,316,851.17 |
909,962,077.27 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
276,792,529.29 |
294,928,233.05 |
|
Trade Accts. Payable |
131,463,338.00 |
251,869,506.40 |
|
Related Company Payable |
8,236,047.41 |
5,906,927.62 |
|
Short-term Loan &
Accrued Interest from
Related Company |
50,211,155.73 |
- |
|
Current Portion of Long-term Loan |
35,140,000.00 |
65,247,000.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
530,564.68 |
496,886.63 |
|
Accrued Expenses |
47,528,033.88 |
46,956,323.89 |
|
Accrued Income Tax |
- |
2,125,575.59 |
|
Other Current Liabilities |
2,053,220.78 |
2,577,250.60 |
|
|
|
|
|
Total Current Liabilities |
551,954,889.77 |
670,107,703.78 |
|
Long-term Loan from
Financial Institution |
174,689,000.00 |
174,696,000.00 |
|
Financial Lease Contract Liabilities |
1,119,509.55 |
1,650,074.22 |
|
Total Liabilities |
727,763,399.32 |
846,453,778.00 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 250,000 & 150,000 shares in 2009
& 2008 respectively |
250,000,000.00 |
150,000,000.00 |
|
|
|
|
|
Capital Paid |
222,500,000.00 |
150,000,000.00 |
|
Premium on Share Capital |
147,000,000.00 |
- |
|
Surplus from Revaluation
of Assets |
167,483,150.00 |
167,483,150.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[230,429,698.15] |
[253,974,850.73] |
|
Total Shareholders' Equity |
306,553,451.85 |
63,508,299.27 |
|
Total Liabilities & Shareholders' Equity |
1,034,316,851.17 |
909,962,077.27 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
1,060,308,570.86 |
1,274,336,517.11 |
|
Interest Income |
2,704,143.05 |
9,254,019.11 |
|
Gain on Exchange
Rate |
13,615,986.35 |
14,672,248.44 |
|
Other Income |
8,719,337.62 |
9,516,828.77 |
|
Total Revenues |
1,085,348,037.88 |
1,307,779,613.43 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
928,956,707.75 |
1,123,234,132.98 |
|
Selling Expenses |
30,307,063.33 |
40,194,570.90 |
|
Administrative Expenses |
62,883,374.61 |
62,597,094.11 |
|
Loss on Exchange Rate |
7,200,925.65 |
28,513,916.67 |
|
Doubtful Account |
2,875,154.60 |
9,410,755.13 |
|
Total Expenses |
1,032,223,225.94 |
1,263,950,469.79 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
53,124,811.94 |
43,829,143.64 |
|
Interest Expenses |
[29,579,659.36] |
[37,000,732.98] |
|
Income Tax |
- |
[5,935,412.03] |
|
|
|
|
|
Net Profit / [Loss] |
23,545,152.58 |
892,998.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.46 |
0.48 |
|
QUICK RATIO |
TIMES |
0.15 |
0.15 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.90 |
3.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
48.95 |
57.35 |
|
INVENTORY TURNOVER |
TIMES |
7.46 |
6.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.47 |
27.22 |
|
RECEIVABLES TURNOVER |
TIMES |
13.29 |
13.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.65 |
81.85 |
|
CASH CONVERSION CYCLE |
DAYS |
24.77 |
2.72 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.61 |
88.14 |
|
SELLING & ADMINISTRATION |
% |
8.79 |
8.07 |
|
INTEREST |
% |
2.79 |
2.90 |
|
GROSS PROFIT MARGIN |
% |
14.75 |
14.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.01 |
3.44 |
|
NET PROFIT MARGIN |
% |
2.22 |
0.07 |
|
RETURN ON EQUITY |
% |
7.68 |
1.41 |
|
RETURN ON ASSET |
% |
2.28 |
0.10 |
|
EARNING PER SHARE |
BAHT |
105.82 |
5.95 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.37 |
13.33 |
|
TIME INTEREST EARNED |
TIMES |
1.80 |
1.18 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(16.80) |
|
|
OPERATING PROFIT |
% |
21.21 |
|
|
NET PROFIT |
% |
2,536.64 |
|
|
FIXED ASSETS |
% |
(5.73) |
|
|
TOTAL ASSETS |
% |
13.67 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.75 |
Satisfactory |
Industrial Average |
15.46 |
|
Net Profit Margin |
2.22 |
Impressive |
Industrial Average |
0.09 |
|
Return on Assets |
2.28 |
Impressive |
Industrial Average |
0.11 |
|
Return on Equity |
7.68 |
Impressive |
Industrial Average |
0.38 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 14.75%. When compared with
the industry average, the ratio of the company was lower. This 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 2.22%
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 is 2.28%,
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 is 7.68%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.46 |
Risky |
Industrial Average |
1.23 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
24.77 |
|
|
|
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 0.46 times in 2009, decrease from 0.48 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 0.15 times in 2009,
increase from 0.15 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 25 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
0.69 |
|
Debt to Equity Ratio |
2.37 |
Risky |
Industrial Average |
2.34 |
|
Times Interest Earned |
1.80 |
Impressive |
Industrial Average |
0.67 |
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 1.8 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 0.7 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 |
2.90 |
Impressive |
Industrial Average |
2.63 |
|
Total Assets Turnover |
1.03 |
Satisfactory |
Industrial Average |
1.21 |
|
Inventory Conversion Period |
48.95 |
|
|
|
|
Inventory Turnover |
7.46 |
Impressive |
Industrial Average |
3.19 |
|
Receivables Conversion Period |
27.47 |
|
|
|
|
Receivables Turnover |
13.29 |
Impressive |
Industrial Average |
3.83 |
|
Payables Conversion Period |
51.65 |
|
|
|
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.44.59 |
|
UK Pound |
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
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.