MIRA INFORM REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SPHERIC-TRAFALGAR [THAILAND] LTD. |
|
|
|
|
Registered Office : |
170 Moo 4,
Eastern Seaboard Industrial
Estate, Pluakdaeng, Rayong
21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
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|
|
Date of Incorporation : |
2005 |
|
|
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Com. Reg. No.: |
0215548001335 |
|
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|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer and Contractor Of Balls and
Related Products |
|
|
|
|
No. of Employees : |
200 |
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 |
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Payment Behaviour : |
Slow but Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company
name
SPHERIC-TRAFALGAR [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 170 MOO 4,
EASTERN SEABOARD INDUSTRIAL
ESTATE, PLUAKDAENG,
RAYONG 21140
TELEPHONE : [66] 38
959-164-70
FAX : [66]
38
955-261
E-MAIL ADDRESS : sales@ballbiz.co.u.k.
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0215548001335
TAX ID NO. : 3031810648
CAPITAL REGISTERED : BHT.
80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : BRITISH :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NIGEL EDWARD
PLASKETT, BRITISH
PRESIDENT
NO. OF STAFF : 200
LINES OF BUSINESS : BALLS
AND RELATED PRODUCTS
MANUFACTURER AND
CONTRACTOR
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 June
3, 2005 as
a private limited
company under the
name style SPHERIC-TRAFALGAR
[THAILAND] LTD., by
British groups. Its
business objective is
to provide manufacturing
service of balls
and related products
with variety of
materials and specifications. It
currently employs approximate 200 staff. It
achieved the standard
BS : EN : ISO 9001:2000
certification.
Subject is a
wholly owned subsidiary
of Spheric-Trafalgar Ltd., U.K.
The subject’s registered
address is 170
Moo 4, Eastern
Seaboard Industrial Estate,
Pluakdaeng, Rayong 21140,
and this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nigel Edward Plaskett |
|
British |
54 |
|
Mr. Neil Alvin Plaskett |
|
British |
- |
|
Mr. Nicholas Plaskett |
|
British |
26 |
|
Mrs. Vilaiporn Saidhanaphu |
|
Thai |
31 |
AUTHORIZED
PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nigel Edward Plaskett
is the Managing
Director.
He is British
nationality with the
age of 54
years old.
Ms. Promphan Wongshim is
the G.M. & Administration Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
service wide range
of balls in
various materials and specifications, such
as Carbon, Stainless
Steel, Silicon Nitride, Ceramic, Chrome,
Plastic, Silicon Nitride,
Tungsten Carbide and
etc., as well
as related products,
such as ball
transfer unit, roller, precision
ball and etc., for
automotive and electronics
industries.
BRAND
NAME
“STL”
PURCHASE
Most of raw
materials such as
stainless steel, chrome,
carbon, bronze, brass
and etc., are purchased
from local suppliers,
the remaining is
imported from Republic
of China and
United Kingdom.
MAJOR
SUPPLIER
Spheric-Trafalgar Ltd. : U.K.
SALES
95% of the
products is exported
to U.S.A., United
Kingdom, Republic of
China, Japan and Taiwan,
the remaining 5%
is sold and serviced
locally.
MAJOR
CUSTOMERS
Spheric-Trafalgar Inc. :
U.S.A.
Spheric-Trafalgar Ltd. : U.K.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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 according
to IRICO’S DATABASE
for the past
two years.
CREDIT
Services 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.
EMPLOYMENT
The subject employs
approximately 200 staff.
LOCATION
DETAILS
The premise is
owned for administrative office
and factory at the heading
address. Premise is
located in provincial/industrial area.
COMMENT
Subject was formed
in 2005 as
a manufacturing service
of balls and
related products. The products
are mainly served
to industrial users
which are parts
of industrial machinery.
Its products are in
high precision CMM
reference and tooling
balls and modified
products for numerous
applications. Subject has grown
significantly into a
global operation supplying the
balls to various industries in
many countries.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
4,000 shares of Bht.
1,000 each with
fully paid.
The capital was increased later
as follows:
Bht. 20,000,000 on December 28,
2005
Bht. 80,000,000 on February 19,
2008
The latest registered
capital was increased
to Bht. 80 million, divided
into 80,000 shares
of Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Spheric-Trafalgar Ltd. Nationality: British Address : Bentley
House, Wiston Business Park, London Rd.,
Ashington, West Sussex, RH20 3DJ,
U.K. |
79,998 |
99.99 |
|
Mr. Nigel Edward Plaskett Nationality: British Address : U.K. |
1 |
= 0.01 |
|
Mr. Neil Alvin Plaskett Nationality: British Address : U.K. |
1 |
|
Total Shareholders : 3
Share
Structure
[as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - British |
3 |
80,000 |
100.00 |
|
Total |
3 |
80,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Somsong Tangchitporn No.
4732
BALANCE
SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
5,705,531.41 |
7,194,278.55 |
|
Trade Accounts Receivable
|
|
|
|
- Related company |
794,244,492.23 |
433,071,556.67 |
|
- Other company |
18,673,276.75 |
20,928,514.40 |
|
Related Company Receivable |
- |
2,590,968.40 |
|
Inventories |
134,447,726.31 |
97,221,381.66 |
|
Other Current Assets
|
2,260,215.34 |
8,068,203.94 |
|
|
|
|
|
Total Current Assets
|
955,331,242.04 |
569,074,903.62 |
|
|
|
|
|
Fixed Assets |
280,667,800.81 |
307,387,826.74 |
|
Other Non-current Assets |
856,160.00 |
980,050.00 |
|
Total Assets |
1,236,855,202.85 |
877,442,780.36 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
- Related company |
231,717,016.58 |
183,443,214.63 |
|
- Other company |
250,821,449.23 |
97,469,791.13 |
|
Other Payable-Related
Company and Director |
583,608,768.23 |
422,508,352.04 |
|
Current Portion of Long-term
Loans |
23,928,000.00 |
17,280,000.00 |
|
Current Portion of
Hire-purchase Payable |
1,148,484.00 |
1,802,987.96 |
|
Accrued Expenses |
10,655,866.83 |
6,385,018.35 |
|
Accrued Income Tax |
1,193,742.23 |
- |
|
Other Current Liabilities |
3,390,747.07 |
3,876,347.57 |
|
|
|
|
|
Total Current Liabilities |
1,106,464,074.17 |
732,765,711.68 |
|
Long-term Loan from Financial
Institution |
47,244,425.09 |
61,859,300.53 |
|
Hire-purchase Payable |
1,527,655.83 |
1,758,033.35 |
|
Total Liabilities |
1,155,236,155.09 |
796,383,045.56 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 80,000 shares |
80,000,000.00 |
80,000,000.00 |
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Retained Earning - Unappropriated |
1,619,047.76 |
1,059,734.80 |
|
Total Shareholders' Equity |
81,619,047.76 |
81,059,734.80 |
|
Total Liabilities & Shareholders' Equity |
1,236,855,202.85 |
877,442,780.36 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
470,196,773.68 |
350,408,915.95 |
|
Other Income |
20,325,188.38 |
7,152,925.14 |
|
Total Revenues |
490,521,962.06 |
357,561,841.09 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
440,069,966.12 |
306,028,417.04 |
|
Administrative Expenses |
41,779,871.77 |
41,866,415.82 |
|
Total Expenses |
481,849,837.89 |
347,894,832.86 |
|
|
|
|
|
Profit / Loss] before Financial Expenses & Income Tax |
8,672,124.17 |
9,667,008.23 |
|
Financial Expenses |
[5,743,631.49] |
[4,586,979.47] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
2,928,492.68 |
5,080,028.76 |
|
Income Tax |
[2,369,179.73] |
- |
|
Net Profit / [Loss] |
559,312.95 |
5,080,028.76 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.86 |
0.78 |
|
QUICK RATIO |
TIMES |
0.74 |
0.63 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.68 |
1.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.38 |
0.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.51 |
115.96 |
|
INVENTORY TURNOVER |
TIMES |
3.27 |
3.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
14.50 |
21.80 |
|
RECEIVABLES TURNOVER |
TIMES |
25.18 |
16.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
208.03 |
116.25 |
|
CASH CONVERSION CYCLE |
DAYS |
(82.03) |
21.50 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.59 |
87.33 |
|
SELLING & ADMINISTRATION |
% |
8.89 |
11.95 |
|
INTEREST |
% |
1.22 |
1.31 |
|
GROSS PROFIT MARGIN |
% |
10.73 |
14.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.84 |
2.76 |
|
NET PROFIT MARGIN |
% |
0.12 |
1.45 |
|
RETURN ON EQUITY |
% |
0.69 |
6.27 |
|
RETURN ON ASSET |
% |
0.05 |
0.58 |
|
EARNING PER SHARE |
BAHT |
6.99 |
63.50 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
14.15 |
9.82 |
|
TIME INTEREST EARNED |
TIMES |
1.51 |
2.11 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
34.19 |
|
|
OPERATING PROFIT |
% |
(10.29) |
|
|
NET PROFIT |
% |
(88.99) |
|
|
FIXED ASSETS |
% |
(8.69) |
|
|
TOTAL ASSETS |
% |
40.96 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.73 |
Impressive |
Industrial Average |
9.07 |
|
Net Profit Margin |
0.12 |
Deteriorated |
Industrial Average |
3.09 |
|
Return on Assets |
0.05 |
Deteriorated |
Industrial Average |
5.05 |
|
Return on Equity |
0.69 |
Deteriorated |
Industrial Average |
7.45 |
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 10.73%. 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 0.12%.
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 0.05%.
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 0.69%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.86 |
Risky |
Industrial Average |
1.31 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
(82.03) |
|
|
|
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 0.86 times in 2011, increased from 0.78 times, then the company may
have problems meeting its short-term obligations. 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 0.74 times in 2011,
increased from 0.63 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 -83 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.32 |
|
Debt to Equity Ratio |
14.15 |
Risky |
Industrial Average |
0.39 |
|
Times Interest Earned |
1.51 |
Deteriorated |
Industrial Average |
15.28 |
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 1.51 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 0.93 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 |
1.68 |
Acceptable |
Industrial Average |
2.66 |
|
Total Assets Turnover |
0.38 |
Deteriorated |
Industrial Average |
1.62 |
|
Inventory Conversion Period |
111.51 |
|
|
|
|
Inventory Turnover |
3.27 |
Deteriorated |
Industrial Average |
12.22 |
|
Receivables Conversion Period |
14.50 |
|
|
|
|
Receivables Turnover |
25.18 |
Impressive |
Industrial Average |
8.76 |
|
Payables Conversion Period |
208.03 |
|
|
|
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.55.08 |
|
UK Pound |
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.