MIRA INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
INNOVEK
SOLUTION CO., LTD. |
|
|
|
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Registered Office : |
133/27-28
Moo 2, T. Thubma,
A. Muang, Rayong 21000 |
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|
|
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.12.2007 |
|
|
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Com. Reg. No.: |
0215550003617 |
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|
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|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Supplier
and Service Provider of Cooling Tower
|
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
INNOVEK SOLUTION
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 133/27-28 MOO
2, T. THUBMA, A. MUANG,
RAYONG 21000,
THAILAND
TELEPHONE : [66] 38
021-633-4
FAX :
[66] 38
021-635
E-MAIL
ADDRESS : sales@innovek.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0215550003617
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KATAPHON KULPOPSIRI,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : COOLING TOWER
SUPPLIER AND
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 December 21,
2007 as a
private limited company under
the name style INNOVEK
SOLUTION CO., LTD. by
Thai groups. Its business objective is a supplier and provider complete range of services
for cooling tower. It currently
employs approximate 50
staff.
The
subject’s registered address
is 133/27-28 Moo
2, T. Thubma, A. Muang,
Rayong 21000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kataphon Kulpopsiri |
|
Thai |
37 |
|
Mr. Prapakorn Nilphay |
|
Thai |
41 |
*Mr. Kataphon Kulpopsiri changed
his name from
Mr. Meechai Meeju, on
January 22, 2009.*
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kataphon Kulpopsiri is
the Managing Director.
He is Thai nationality
with the age
of 37 years
old.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in providing
complete range of
services, covering design,
engineering, procurement installation
and maintenance of cooling
tower system, as
well as distributing
cooling tower equipments,
such as rotary
blower, vacuum pump,
fan, air cooled,
heat exchanger and etc.,
including parts. The
products are served
to various industries,
such as power
generation, petrochemical, chemical,
ethanol, pulp & paper, steel, oil
and etc.
MAJOR
BRANDS
“BRENTWOOD”-U.S.A., “COFIMCO”-ITALY, “HUDSON
TUF-LITE”-U.S.A.,
“AMARILLO”-U.S.A., “HANSAN”-BELGIUM, LIGHNIN”-U.S.A./ U.K.,
“PLENTY MIRRLEES”-U.K. and etc.
IMPORT
90% of the
products is imported
from U.S.A., United
Kingdom, Japan, Italy
and Belgium.
MAJOR
SUPPLIERS
- Brentwood
Inc. : U.S.A.
- Hudson
Product Corp. :
U.S.A.
- Amarillo
Products Inc. :
U.S.A.
- Hansan
Gear : Belgium
SALES
100% of the
products is sold
locally to manufacturers
and end-users.
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 & services 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 T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
50 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial.
REMARK
MAXIMUM
CREDIT OF USD
500,000 SHOULD BE
IN ORDER.
COMMENT
Subject
was formed in
2007 as a supplier and
service provider of cooling
tower and equipments. The products
are mainly for
industrial plant. Subject’s
growth is related
to economic conditions and
industrial consumption,
which had increased
from industrial upturn
in 2010.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000 shares
of Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 10,000,000
on January 25,
2008
Bht. 30,000,000
on November 15,
2010
The
latest registered capital was
increased to Bht. 30,000,000 divided
into 300,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
:
[as at
November 12, 2010]
at Bht. 15,000,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kataphon Kulpopsiri Nationality: Thai Address : 5/40
Moo 1, Nernphra,
Muang, Rayong |
214,230 |
71.41 |
|
Mr. Prapakorn Nilphay Nationality: Thai Address : 24
Moo 2, Wangpho,
Banleam,
Nakornratchasima |
32,310 |
10.77 |
|
Mr. Cherdkiat Meechoo Nationality: Thai Address : 5/35
Moo 1, Nernphra,
Muang, Rayong |
17,820 |
5.94 |
|
Mr. Kitipong Ngamniyom Nationality: Thai Address : 338
Sukhumvit Rd., Nernphra,
Muang, Rayong |
17,820 |
5.94 |
|
Mrs. Chanya Luadlaidee Nationality: Thai Address : 1/69
Samutjaedee Rd., Paknam,
Muang,
Samutprakarn |
7,500 |
2.50 |
|
Mr. Uthane Piapiew Nationality: Thai Address : 57
Moo 4, Buengneam,
Muang, Khon Kaen |
5,160 |
1.72 |
|
Mr. Boonyarit Chiasunthornkij Nationality: Thai Address : 26/5
Moo 11, Bangmark,
Muang, Chumporn |
5,160 |
1.72 |
Total Shareholders : 7
Share Structure [as
at November 12,
2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sinchai Jarurantanont No.
7196
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
2,624,769.86 |
1,921,509.57 |
|
Trade Accounts Receivable |
26,033,899.29 |
19,854,053.94 |
|
Inventories |
- |
370,640.50 |
|
Sale Department Receivable |
- |
703.21 |
|
Other Current Assets
|
2,427,119.40 |
296,218.26 |
|
|
|
|
|
Total Current Assets
|
31,085,788.55 |
22,443,125.48 |
|
Fixed Assets |
2,080,454.61 |
2,664,281.91 |
|
Other Assets |
12,941,095.75 |
10,987,368.75 |
|
Total Assets |
46,107,338.91 |
36,094,776.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
Please note that
the Company’s Liabilities
A/C is not
found at the
Commercial Registration Department.
|
Current
Liabilities |
2010 |
2009 |
|
Total Liabilities |
- |
- |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
100,000 shares
|
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Statutory Reserve |
500,000.00 |
- |
|
Retained Earning -
Unappropriated |
5,626,132.53 |
2,160,722.15 |
|
Total Shareholders' Equity |
16,126,132.53 |
12,160,722.15 |
|
Total Liabilities & Shareholders' Equity |
46,107,338.91 |
36,094,776.14 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
125,245,974.76 |
77,654,742.59 |
|
Interest Income |
6,683.32 |
210,659.09 |
|
Gain on Exchange
Rate |
1,112,629.99 |
- |
|
Other Income |
85,352.41 |
2,415,442.82 |
|
Total Sales |
126,450,640.48 |
80,280,844.50 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
97,726,941.42 |
61,363,606.51 |
|
Selling Expenses |
7,197,207.80 |
7,761,462.02 |
|
Administrative Expenses |
12,765,009.93 |
9,684,882.23 |
|
Total Expenses |
117,689,159.15 |
78,809,950.76 |
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
8,761,481.33 |
1,470,893.74 |
|
Financial Cost |
[119,458.57] |
[32,123.75] |
|
|
|
|
|
Profit Before Income Tax |
8,642,022.76 |
1,438,769.99 |
|
Income Tax |
[2,969,955.35] |
[984,704.87] |
|
|
|
|
|
Net Profit / [Loss] |
5,672,067.41 |
454,065.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
- |
- |
|
QUICK RATIO |
TIMES |
- |
- |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
60.20 |
29.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.72 |
2.15 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
2.20 |
|
INVENTORY TURNOVER |
TIMES |
- |
165.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.87 |
93.32 |
|
RECEIVABLES TURNOVER |
TIMES |
4.81 |
3.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
75.87 |
95.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.03 |
79.02 |
|
SELLING & ADMINISTRATION |
% |
15.94 |
22.47 |
|
INTEREST |
% |
0.10 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
22.93 |
24.36 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.00 |
1.89 |
|
NET PROFIT MARGIN |
% |
4.53 |
0.58 |
|
RETURN ON EQUITY |
% |
35.17 |
3.73 |
|
RETURN ON ASSET |
% |
12.30 |
1.26 |
|
EARNING PER SHARE |
BAHT |
56.72 |
4.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
- |
- |
|
DEBT TO EQUITY RATIO |
TIMES |
- |
- |
|
TIME INTEREST EARNED |
TIMES |
73.34 |
45.79 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
61.29 |
|
|
OPERATING PROFIT |
% |
495.66 |
|
|
NET PROFIT |
% |
1,149.17 |
|
|
FIXED ASSETS |
% |
(21.91) |
|
|
TOTAL ASSETS |
% |
27.74 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
22.93 |
Impressive |
Industrial Average |
21.39 |
|
Net Profit Margin |
4.53 |
Impressive |
Industrial Average |
1.71 |
|
Return on Assets |
12.30 |
Impressive |
Industrial Average |
3.46 |
|
Return on Equity |
35.17 |
Impressive |
Industrial Average |
9.59 |
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. Gross Profit Margin is 22.93%. 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. Net Profit Margin ratio is 4.53%,
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
12.3%, 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 35.17%, 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 |
- |
|
Industrial Average |
2.20 |
|
Quick Ratio |
- |
|
|
|
|
Cash Conversion Cycle |
75.87 |
|
|
|
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 76 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
- |
|
Industrial Average |
0.89 |
|
Debt to Equity Ratio |
- |
|
Industrial Average |
2.44 |
|
Times Interest Earned |
73.34 |
Impressive |
Industrial Average |
2.80 |
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 73.35 higher than 1, so the company can pay interest
expenses on outstanding 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 |
60.20 |
Impressive |
Industrial Average |
11.55 |
|
Total Assets Turnover |
2.72 |
Satisfactory |
Industrial Average |
2.83 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
6.17 |
|
Receivables Conversion Period |
75.87 |
|
|
|
|
Receivables Turnover |
4.81 |
Acceptable |
Industrial Average |
6.91 |
|
Payables Conversion Period |
- |
|
|
|
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.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.