MIRA INFORM REPORT
|
Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
K.S.P.
EQUIPMENTS CO., LTD. |
|
|
|
|
Registered Office : |
100 Moo 3,
Soi Suksawad 76, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
20.10.1989 |
|
|
|
|
Com. Reg. No.: |
0105532100640 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer,
distributor and service provider of agricultural equipment
|
|
|
|
|
No. of Employees
: |
230 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
K.S.P. EQUIPMENTS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 100
MOO 3, SOI
SUKSAWAD 76,
SUKSAWAD
ROAD, BANGCHAK, PHRAPRADAENG,
SAMUTPRAKARN
10130, THAILAND
TELEPHONE : [66]
2817-6410, 2463-0036
FAX :
[66] 2817-6437-8,
2463-1712
E-MAIL
ADDRESS : ksp@ksp.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION
NO. : 0105532100640 [Former
: 10063/2532]
CAPITAL
REGISTERED : BHT.
40,000,000
CAPITAL
PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRASERT JARUPANICH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 230
LINES
OF BUSINESS : AGRICULTURAL
EQUIPMENT
IMPORTER, DISTRIBUTOR
AND SERVICE
PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on October
20, 1989 as
a private limited
company under the
registered name “Jamesway
Service Co., Ltd.”
by Thai groups, in
order to distribute
and service complete
range of agro-industry and
food processing to
domestic market. On
December 15, 1993,
the subject changed its
name to K.S.P.
EQUIPMENTS CO., LTD. It currently
employs approximate 230
staff.
The subject is a subsidiary
of Kasetphand Industry
Co., Ltd., which
is one of
Thailand’s leading manufacturers of veterinary equipment.
It is also
a member of
Charoen Pokphand group of
companies.
The subject’s registered address is 100 Moo 3, Soi
Suksawad 76, Suksawad Rd.,
Bangchak, Phrapradaeng, Samutprakarn
10130, and this is
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
|
|
Mr. Boonlert Prapakamol |
Thai |
78 |
|
Mrs. Benjaporn Sanghitakul |
Thai |
60 |
|
Mr. Prasert Jarupanich |
Thai |
63 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Prasert Jarupanich is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Somchai Paiboolpalayai is
the General Manager.
He is Thai
nationality.
Mr. Wattana Terbputtha is
the Installation General
Manager.
He is Thai
nationality.
Mr. Siwakorn Kanyamee is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in supplying
and provide servicing
complete range of
agro-industry and food processing business. The subject provides
design, consulting, producing industrial
machinery and equipment to animal
farm, feed mill,
food processing factory
and related businesses.
Range of products
and services are
as follows:
·
Design,
assembling, installation and
construction servicing a
turnkey project, such
as farm, silo,
storage, factory, warehouse,
grain storage system,
as well as installation
of feed mill machinery, ventilation
& air conditioning
system, Bio-gas system,
evaporative cooling system
and etc.
·
Import
and supply farm & silo machinery, equipment and
spare parts, such
as grain storage,
feed mill machinery,
process control, grain
cooler, motor gear,
filter, beaker, temperature
monitoring system and
etc.
PURCHASE
Most of the products
are imported from
United States of
America, Denmark, France, Sweden, Japan, Singapore
and Republic of
China, the remaining
is purchased from
local suppliers and
agents.
MAJOR SUPPLIERS
Nil Khosol
Co., Ltd. : Thailand
Andritz Sprout A/S : Denmark
Tornum AB. :
Sweden
Baldor Electric Company : U.S.A.
SALES [LOCAL]
100% of the products
is sold locally
by wholesale to dealers
and by retail
to end-users.
PARENT COMPANY
Kasetphand Industry Co., Ltd.
Business Type : Manufacturer
of veterinary equipment
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.
BANKING
Bangkok Bank Public Co.,
Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak, Bangkok
10500]
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd., Rajburana, Bangkok
10140]
EMPLOYMENT
The subject employs
approximately 230 staff.
LOCATION DETAILS
Premises is rented
for administrative office
and assembly house I at
the heading address.
It is located
in commercial/residential area.
Assembly House II :
51/845 Moo 3, T.
Lamsai, A. Wangnoi, Ayutthaya
13170.
Tel.: [66]
35 215-771-9, Fax:
[66] 35 215-720.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$ 20,000,000.
COMMENT
Subject
was formed in
1989 as an
importer, distributor and
service provider of
agro-industry and food
processing business. Its
business performance in
2010 was significantly
increased in line
with demand from related
industries. Subject’s
current business is
active and growth
is strong.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 100,000 divided into 1,000
shares of Bht.
100 each.
The capital
was increased later
as follows:
Bht.
1,000,000 on December
15, 1994
Bht.
2,000,000 on July
14, 1998
Bht. 40,000,000 on
March 29, 2005
The latest registered
capital was increased
to Bht. 40,000,000 divided into
400,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kasetphand Industry Co.,
Ltd. Nationality: Thai Address : 100
Moo 3, Suksawad
Rd., Bangchak, Phrapradaeng, Samutprakarn |
399,994 |
99.99 |
Mr. Boonlert
Prapakamol
Nationality: Thai Address : 33
Ratanakarn 53 Rd.,
Suanluang,
Bangkok 10250 |
1 |
|
Mr. Min
Thienvorn
Nationality: Thai Address : 633/2
Moo 11, Bangpakok, Rajburana,
Bangkok |
1 |
|
Mr.
Prasert Pungkumarn
Nationality: Thai Address : 64
Nawathani Rd., Kannayao,
Bangkok |
1 |
= 0.01 |
Mr.
Eiam Ngamdamrong
Nationality: Thai Address : 141 oi Prasartsuk,
Chonhgnonsi, Yannawa, Bangkok |
1 |
|
Mr.
Pongthep Chiravanond
Nationality: Thai Address : 45
Klongtonnua, Wattana, Bangkok |
1 |
|
Mr.
Teerayuth Pithaya-israkul
Nationality: Thai Address :
8 Pattanakarn Rd.,
Suanluang, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Narumol Sukcharoen No.
10202
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
5,882,193.10 |
3,603,926.40 |
|
Trade Accounts Receivable |
150,405,826.29 |
134,131,729.77 |
|
Inventories |
149,811,009.68 |
99,294,798.16 |
|
Short-term Loan |
302,000,000.00 |
88,000,000.00 |
|
Other Current Assets
|
9,154,093.21 |
2,574,929.52 |
|
Total Current Assets
|
617,253,122.28 |
327,605,383.85 |
|
Long-term Investment |
9,000,000.00 |
9,562,500.00 |
|
Fixed Assets |
205,548,388.70 |
219,648,456.25 |
|
Intangible Assets |
4,725,247.90 |
2,504,652.87 |
|
Other Assets |
115,000.00 |
12,395,434.73 |
|
Total Assets |
836,641,758.88 |
571,716,427.70 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan |
157,961,596.63 |
106,149,881.78 |
|
Short-term Loan |
- |
6,500,000.00 |
|
Trade Accounts &
Notes Payable |
191,501,284.72 |
113,265,852.56 |
|
Current Portion of Long-term Loan |
9,000,000.00 |
36,000,000.00 |
|
Other Current Liabilities |
39,326,794.44 |
35,660,944.48 |
|
Total Current Liabilities |
397,789,675.79 |
297,576,678.82 |
|
|
|
|
|
Long-term Loan - Other Company |
- |
9,000,000.00 |
|
Total Liabilities |
397,789,675.79 |
306,576,678.82 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Surplus on Land
Appraisal |
25,213,574.50 |
25,213,574.50 |
|
Retained Earning |
|
|
|
Appropriated for Statutory Reserve |
4,000,000.00 |
4,000,000.00 |
|
Unappropriated |
369,638,508.59 |
195,926,174.38 |
|
Total Shareholders' Equity |
438,852,083.09 |
265,139,748.88 |
|
Total Liabilities &
Shareholders' Equity |
836,641,758.88 |
571,716,427.70 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
978,227,997.37 |
817,971,962.33 |
|
Services Income |
32,549,345.26 |
239,918,149.85 |
|
Other Income |
42,468,365.43 |
23,566,045.90 |
|
Total Revenues |
1,053,245,708.06 |
1,081,456,158.08 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
719,425,232.81 |
834,870,937.70 |
|
Selling Expenses |
84,687,671.37 |
87,967,889.66 |
|
Administrative Expenses |
42,001,571.43 |
43,457,481.92 |
|
Loss on Disposal
of Investment |
561,080.34 |
- |
|
Total Expenses |
846,675,555.95 |
966,296,309.28 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
206,570,152.11 |
115,159,848.80 |
|
Financial Cost |
[4,258,650.31] |
[10,569,975.16] |
|
Income Tax |
[28,599,167.59] |
[14,050,516.42] |
|
Net Profit / [Loss] |
173,712,334.21 |
90,539,357.22 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.55 |
1.10 |
|
QUICK RATIO |
TIMES |
0.39 |
0.46 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.92 |
4.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.21 |
1.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
76.01 |
43.41 |
|
INVENTORY TURNOVER |
TIMES |
4.80 |
8.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.31 |
46.28 |
|
RECEIVABLES TURNOVER |
TIMES |
6.72 |
7.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
97.16 |
49.52 |
|
CASH CONVERSION CYCLE |
DAYS |
33.16 |
40.17 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.18 |
78.92 |
|
SELLING & ADMINISTRATION |
% |
12.53 |
12.42 |
|
INTEREST |
% |
0.42 |
1.00 |
|
GROSS PROFIT MARGIN |
% |
33.03 |
23.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
20.44 |
10.89 |
|
NET PROFIT MARGIN |
% |
17.19 |
8.56 |
|
RETURN ON EQUITY |
% |
39.58 |
34.15 |
|
RETURN ON ASSET |
% |
20.76 |
15.84 |
|
EARNING PER SHARE |
BAHT |
434.28 |
226.35 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.91 |
1.16 |
|
TIME INTEREST EARNED |
TIMES |
48.51 |
10.89 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(4.45) |
|
|
OPERATING PROFIT |
% |
79.38 |
|
|
NET PROFIT |
% |
91.86 |
|
|
FIXED ASSETS |
% |
(6.42) |
|
|
TOTAL ASSETS |
% |
46.34 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.03 |
Impressive |
Industrial
Average |
9.57 |
|
Net Profit Margin |
17.19 |
Impressive |
Industrial
Average |
1.23 |
|
Return on Assets |
20.76 |
Impressive |
Industrial
Average |
2.31 |
|
Return on Equity |
39.58 |
Impressive |
Industrial
Average |
9.07 |
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 33.03%. 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 17.19%, 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
20.76%, 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 39.58%, 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 |
1.55 |
Impressive |
Industrial
Average |
1.37 |
|
Quick Ratio |
0.39 |
|
|
|
|
Cash Conversion Cycle |
33.16 |
|
|
|
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 1.55 times in 2010, increased from 1.1 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 0.39 times in 2010,
decreased from 0.46 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 34 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
0.91 |
Impressive |
Industrial
Average |
2.87 |
|
Times Interest Earned |
48.51 |
Impressive |
Industrial
Average |
1.79 |
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 48.51 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 0.48 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.92 |
Deteriorated |
Industrial
Average |
9.99 |
|
Total Assets Turnover |
1.21 |
Acceptable |
Industrial Average |
1.87 |
|
Inventory Conversion Period |
76.01 |
|
|
|
|
Inventory Turnover |
4.80 |
Impressive |
Industrial
Average |
2.81 |
|
Receivables Conversion Period |
54.31 |
|
|
|
|
Receivables Turnover |
6.72 |
Impressive |
Industrial
Average |
4.91 |
|
Payables Conversion Period |
97.16 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.50 |
|
UK Pound |
1 |
Rs.81.99 |
|
Euro |
1 |
Rs.67.54 |
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.