MIRA INFORM REPORT
|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIP VISION COMPANY
LIMITED |
|
|
|
|
Registered Office : |
14/1 Moo
3, T. Kayay, A. Bangpahan, |
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Country : |
|
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|
|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.11.2008 |
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Com. Reg. No.: |
0145551002445 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in manufacturing service of
electronic components, mainly
TV tuner and color display
tube for color
television industry. |
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|
No. of Employees : |
80 |
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 : |
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
TIP VISION
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 14/1
MOO 3, T. KAYAY,
A. BANGPAHAN,
AYUTTHAYA 13220, THAILAND
TELEPHONE : [66] 35
779-117-8
FAX :
[66] 35
779-118
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2008
REGISTRATION NO. : 0145551002445
TAX ID NO. : 3033300048
CAPITAL REGISTERED
: BHT.
5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANAT CHAROENTHAM,
THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 80
LINES OF
BUSINESS : ELECTRONIC COMPONENTS
MANUFACTURER, EXPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on
November 27, 2008
as a private
limited company under
the registered name
TIP VISION COMPANY
LIMITED by Thai groups,
with the business
objective is to provide manufacturing
service of electronic
components for color
television industry in
both domestic and
international markets. It
currently employs approximate
80 staff.
The subject’s
registered address is
14/1 Moo 3, T.
Kayay, A. Bangpahan,
Ayutthaya 13220, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Chanat
Charoentham
AUTHORIZED PERSON
The
above director signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chanat Charoentham
is the Managing
Director.
He
is Thai nationality
with the age
of 59 years
old.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing service of
electronic components, mainly
TV tuner and color display
tube for color
television industry.
PURCHASE
100% of
raw material is
purchased from local
suppliers.
SALES
60%
of the products
is exported to
U.S.A., and the
remaining 40% is
sold locally to manufacturers and
wholesalers.
MAJOR CUSTOMER
Princeton Display
Technologies Inc. :
U.S.A.
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 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.
Exports
are against T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject
currently employs approximately
80 office staff
and factory workers.
LOCATION DETAILS
The premise
is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
The subject
manufactures a television components
for both domestic and
overseas television industry.
The subject’s business performance
in 2011 was
outstanding. Moreover, the subject’s business
this year has
grown viable in
relation to an
improvement of related
industries.
FINANCIAL INFORMATION
The capital
was registered at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs.
Thipawan Suwankiree Nationality: Thai Address
: 5/5 Soi
Suwanpruk 5, Kwaeng Sapansung, Khet
Sapansung, Bangkok |
44,000 |
88.00 |
|
Mr.
Pawasant Suwankiree Nationality: Thai Address
: 72/125 Moo
17, Kwaeng Saensaeb, Khet
Minburi, Bangkok |
1,500 |
3.00 |
|
Ms.
Jutharat Charoentham Nationality: Thai Address
: 5/5 Soi
Suwanpruk 5, Kwaeng Sapansung, Khet
Sapansung, Bangkok |
1,500 |
3.00 |
|
Mrs.
Supaporn Kochawong Nationality: Thai Address
: 58/87 Moo
1, T. Klongklua,
A. Pakkred, Nonthaburi |
1,500 |
3.00 |
|
Mr. Tawee Kwannate Nationality: Thai Address
: 29/2 Moo
5, T. Singtothong, A. Bangnampriew, Chachoengsao |
500 |
1.00 |
|
Mr. Charoen Kongmongkol Nationality: Thai Address
: 43 Moo
3, T. Phosamton, A. Bangpahan, Ayutthaya |
500 |
1.00 |
|
Ms. Kamnuan Charoentham Nationality: Thai Address
: 16 Moo
3, T. Kayay, A.
Bangpahan, Ayutthaya |
500 |
1.00 |
Total Shareholders
: 7
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Jirawit
Masrangsan No. 1309
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash
and Cash Equivalents |
229,319.46 |
40,212.00 |
|
Other
Current Assets |
571,343.45 |
269,354.99 |
|
Inventories |
26,263,724.50 |
92,440,347.36 |
|
|
|
|
|
Total Current
Assets |
27,064,387.41 |
92,749,914.35 |
|
|
|
|
|
Fixed Assets |
422,437.80 |
537,425.27 |
|
Total Assets |
27,486,825.21 |
93,287,339.62 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Accrued
Expenses |
40,000.00 |
15,000.00 |
|
Other
Current Liabilities |
3,426.57 |
- |
|
|
|
|
|
Total Current
Liabilities |
43,426.57 |
15,000.00 |
|
|
|
|
|
Long-term Loans |
25,800,000.00 |
91,800,000.00 |
|
Total
Liabilities |
25,843,426.57 |
91,815,000.00 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 value authorized, issued
and fully paid
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital
Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained
Earning - Unappropriated |
[3,356,601.36] |
[3,527,660.38] |
|
Total
Shareholders' Equity |
1,643,398.64 |
1,472,339.62 |
|
Total
Liabilities & Shareholders' Equity |
27,486,825.21 |
93,287,339.62 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services |
122,266,584.93 |
37,210,021.45 |
|
Total Revenues |
122,266,584.93 |
37,210,021.45 |
|
Expenses |
|
|
|
|
|
|
|
Cost
of Goods Sold |
117,740,275.51 |
40,477,144.05 |
|
Selling Expenses |
4,203,167.18 |
- |
|
Administrative Expenses |
152,083.22 |
31,313.64 |
|
Total Expenses |
122,095,525.91 |
40,508,457.69 |
|
|
|
|
|
Profit / Loss] before
Financial Costs & Income Tax |
171,059.02 |
[3,298,436.24] |
|
Financial Costs |
- |
- |
|
|
|
|
|
Profit / [Loss] before
Income Tax |
171,059.02 |
[3,298,436.24] |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
171,059.02 |
[3,298,436.24] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
623.22 |
6,183.33 |
|
QUICK RATIO |
TIMES |
5.28 |
2.68 |
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
289.43 |
69.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.45 |
0.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
81.42 |
833.57 |
|
INVENTORY TURNOVER |
TIMES |
4.48 |
0.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
81.42 |
833.57 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.30 |
108.78 |
|
SELLING & ADMINISTRATION |
% |
3.56 |
0.08 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
3.70 |
(8.78) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.14 |
(8.86) |
|
NET PROFIT MARGIN |
% |
0.14 |
(8.86) |
|
RETURN ON EQUITY |
% |
10.41 |
(224.03) |
|
RETURN ON ASSET |
% |
0.62 |
(3.54) |
|
EARNING PER SHARE |
BAHT |
3.42 |
(65.97) |
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.98 |
|
DEBT TO EQUITY RATIO |
TIMES |
15.73 |
62.36 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
SALES GROWTH |
% |
228.59 |
|
|
OPERATING PROFIT |
% |
(105.19) |
|
|
NET PROFIT |
% |
105.19 |
|
|
FIXED ASSETS |
% |
(21.40) |
|
|
TOTAL ASSETS |
% |
(70.54) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.70 |
Deteriorated |
Industrial Average |
10.26 |
|
Net Profit Margin |
0.14 |
Deteriorated |
Industrial Average |
3.10 |
|
Return on Assets |
0.62 |
Deteriorated |
Industrial Average |
8.27 |
|
Return on Equity |
10.41 |
Acceptable |
Industrial Average |
18.13 |
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
3.7%. 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 0.14%. 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 0.62%.
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
10.41%.
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 |
623.22 |
Impressive |
Industrial Average |
1.70 |
|
Quick Ratio |
5.28 |
|
|
|
|
Cash Conversion Cycle |
81.42 |
|
|
|
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 623.22 times in 2011, decreased from
6183.33 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 5.28 times in 2011, increased from 2.68 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
82 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
RATIO
|
Debt Ratio |
0.94 |
Acceptable |
Industrial Average |
0.46 |
|
Debt to Equity Ratio |
15.73 |
Risky |
Industrial Average |
0.94 |
|
Times Interest Earned |
- |
|
Industrial Average |
11.69 |
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 0.94
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 |
289.43 |
Impressive |
Industrial Average |
10.38 |
|
Total Assets Turnover |
4.45 |
Impressive |
Industrial Average |
2.76 |
|
Inventory Conversion Period |
81.42 |
|
|
|
|
Inventory Turnover |
4.48 |
Deteriorated |
Industrial Average |
9.62 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
6.60 |
|
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.54.84 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.