MIRA INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHOTONICS
SCIENCE CO., LTD. |
|
|
|
|
Registered Office : |
9/10 Chaokhun Taharn Road, Klongsamprawes, Ladkrabang, Bangkok 10520 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
11.03.2003 |
|
|
|
|
Com. Reg. No.: |
0105546030428 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer,
distributor and
service of laser
machines and related
equipment |
|
|
|
|
No. of Employees
: |
60 |
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 – 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
PHOTONICS SCIENCE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 9/10
CHAOKHUN TAHARN ROAD,
KLONGSAMPRAWES, LADKRABANG,
BANGKOK 10520
TELEPHONE : [66] 2172
8577-8, 081 931-2279
FAX :
[66] 2172-8579
E-MAIL
ADDRESS : sales@photonics-science.com
service@photonics-science.com
laser@photonics-science.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION
NO. : 0105546030428
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURIN CHAOWALIT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : LASER
MACHINES AND RELATED
EQUIPMENT
IMPORTER, DISTRIBUTOR
AND SERVICE
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 March 11,
2003 as a
private limited company under
the name style PHOTONICS SCIENCE CO., LTD., by Thai groups, with
the business objective to import
and distribute laser machines and related equipment for various industries.
It currently employs
approximate 60 staff.
The
subject’s registered address
was initially located
at 107/13 Romklao
Rd., Minburi, Bangkok
10510.
On September 15, 2008, it was
relocated to 9/10 Chaokhun Taharn
Rd., Klongsamprawes, Ladkrabang,
Bangkok 10520, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kamnueng Visalsaowapark |
|
Thai |
46 |
|
Mr. Surin Chaowalit |
|
Thai |
41 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Surin Chaowalit is
the Managing Director.
He is Thai
nationality with the age of
41 years old.
Mr. Chaipol Mahamongkolsawad is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in importing
and distributing wide
range of laser
machines and related
equipment as the
followings:
1. Laser
products
-
Fiber lasers,
Cw Nd :
YAG lasers, Pulsed
Nd : YAG
lasers, Q-switched lasers,
gas lasers, laser
marking, laser cutting/engineering, laser
welding machine, jewelry/dental laboratory
laser system.
2. Scanner &
spare parts
- Galvanometer scanner,
2D scan system,
3D scan system,
dynamic focusing units
vario scan,
and control boards.
3. Laser optics
and spare parts
- Achromatic lasers,
focusing lens and
scanning mirror
4. Software
for optical system
design, under the
name “ZEMAX”
5. Spare parts
-
Filters, flash lamps,
diode modules, cleaning
kits, energy meters,
safety glasses.
The subject is
also providing design,
installation and maintenance service
for robot cut,
robot cut plast,
optic mark, laser
welding, laser cutting
system, laser engraving
system, marking and
engraving laser. Its
products are mainly
supplied to automobiles,
jewelry, electronics, foods,
pharmaceuticals and metal
works industries.
MAJOR BRANDS
“I WELD”, “MARK”,
“MELALEX”, “ROYJET”, “BRIGHTSTAR”,
“I MARK” and etc.
IMPORT
Most
of the products
are imported from
U.S.A., Germany, Taiwan,
Singapore and Japan.
MAJOR
SUPPLIERS
Wavelab
Scientific Pte. Ltd. :
Singapore
GSI
Group : U.S.A.
Laser
Star Technolgies Corporation :
U.S.A.
Scanlab
AG. : Germany
Robot
Technology GmbH. : Germany
SALES
100% of the
products is sold
and serviced locally
to manufacturers, dealers
and
end-users.
RELATED AND AFFILIATED
COMPANY
P.T.G. Precision Co.,
Ltd.
Advanced Mechatronics &
Automation Co., Ltd.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
[Ladkrabang Industrial
Estate Branch, Chalongkrung
Rd., Ladkrabang, Bangkok]
EMPLOYMENT
The
subject employs approximately
60 staff.
LOCATION
DETAILS
The
premise is owned for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
Branch/showroom :
Bangrak
Branch : Unit
603, 6th Flr.,
Sirikorn Bldg., 116 Mahaseth
Rd., Siphraya.
Bangrak, Bangkok 10500.
Tel. [66] 2631-8828-9,
Fax. [66] 2681-8830.
Bangkapi
Branch : Unit
0219-0220, B1st Flr.,
Pantip Plaza Bldg.,
3191-3191/1
Ladprao
Rd., Klongchan, Bangkapi,
Bangkok 10230.
Tel.
[66] 2187-3135, Fax. [66]
2187-3136.
Chiangmai
Branch : 411/24
E8, Star Avenue
Bldg., Mahidon Rd.,
T. Thasala,
A. Muang,
Chiangmai 50000.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
200,000.
COMMENT
Laser
has been increased
its performance in
most industries from
beauty and medical
to heavy industry. With various
types of laser has
turned to modern
technology for people’s
lifestyle. Laser for industrial
used has been
in market for
many years with
gradually improved of its
scope of works. Besides the
leading company in
providing industrial laser machine, subject also has
the skill, knowledge
and expertise to support
its customers in
laser processing. Its
business has rapidly
grown with demand
in the market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100 each.
On
October 28, 2004,
the capital was
increased to Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE :
[as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kamnueng Visalsaowapark Nationality: Thai Address : 32/54
Moo 1, Klongluang,
Pathumthani |
5,999 |
20.00 |
|
Mr. Teerapong Puangkaew Nationality: Thai Address : 173
Moo 2, Klongtan, Ranond,
Songkhla |
5,999 |
20.00 |
|
Mr. Surin Chaowalit Nationality: Thai Address : 94/498
Moo 4, Lampakchee,
Nongjok, Bangkok |
5,999 |
20.00 |
|
Mr. Chaipol Mahamongkolsawad Nationality: Thai Address : 33/57
Moo 11, Saensaeb,
Bangkok |
5,999 |
20.00 |
|
Mrs. Poolsuk Wannasuphoprasit Nationality: Thai Address : 694/17
Petchburi Rd., Ratchathewee, Bangkok |
5,999 |
20.00 |
|
Ms. Pilaiwan Chaowalit Nationality: Thai Address : 68
Moo 5, Krungching,
Nobpitam,
Nakornsrithammarat |
2 |
- |
|
Mrs. Somjai On-sira Nationality: Thai Address : 123/2
Thawai Rd., Thachalom,
Muang,
Samutsakorn |
2 |
- |
|
Mr. Pornchai Chitkrua Nationality: Thai Address : 109/134
Moo 1, Lampakkood, Thanyaburi,
Pathumthani |
1 |
- |
Total Shareholders : 8
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Patchara
Charoonwuthatham No. 5581
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
468,972.30 |
1,171,641.66 |
|
Trade Accounts Receivable |
8,025,283.72 |
5,336,779.84 |
|
Inventories |
17,884,586.11 |
7,365,719.86 |
|
Other Current Assets
|
1,434,108.00 |
716,039.89 |
|
Total Current Assets
|
27,812,950.13 |
14,590,181.25 |
|
|
|
|
|
Fixed Assets |
41,010,254.35 |
46,107,022.51 |
|
Other Assets |
841,560.00 |
826,088.18 |
|
Total Assets |
69,664,764.48 |
61,523,291.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
15,297,934.74 |
7,427,018.80 |
|
Trade Accounts Payable |
2,763,120.61 |
3,283,561.67 |
|
Current Portion of Financial Lease Contact Payable |
537,190.82 |
1,217,658.18 |
|
Current Portion of Loan
from Financial Institutions |
4,350,965.85 |
3,103,681.64 |
|
Short-term Loan from
Related Company |
23,250,000.00 |
23,500,000.00 |
|
Other Current Liabilities |
|
|
|
Pre-receipt Deposit |
300,000.00 |
800,000.00 |
|
Others |
2,086,843.29 |
2,118,958.02 |
|
Total Current Liabilities |
48,586,055.31 |
41,450,878.31 |
|
Financial Lease Contract
Payable, Net of
Current Portion |
- |
647,345.49 |
|
Long-term Loan from
Financial Institutions, Net of
Current Portion |
14,218,703.64 |
12,308,361.65 |
|
Total Liabilities |
62,804,758.95 |
54,406,585.45 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
3,860,005.53 |
4,116,706.49 |
|
Total Shareholders' Equity |
6,860,005.53 |
7,116,706.49 |
|
Total Liabilities & Shareholders' Equity |
69,664,764.48 |
61,523,291.94 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services |
74,247,278.73 |
56,489,987.76 |
|
Other Income |
|
|
|
Gain on
Exchange Rate |
217,810.25 |
- |
|
Others |
3,112,234.41 |
179,722.36 |
|
Total Sales |
77,577,323.39 |
56,669,710.12 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
51,272,361.37 |
39,908,697.69 |
|
Selling Expenses |
2,378,777.77 |
1,374,415.98 |
|
Administrative Expenses |
22,224,301.17 |
17,044,382.51 |
|
Others |
- |
60,720.41 |
|
Total Expenses |
75,875,440.31 |
58,388,216.59 |
|
Profit / [Loss] before
Financial Cost |
1,701,883.08 |
[1,718,506.47] |
|
Financial Cost |
[1,958,584.04] |
[2,589,813.13] |
|
Net Profit / [Loss] |
[256,700.96] |
[4,308,319.60] |
|
Retained Earning, beginning
of year |
4,116,706.49 |
8,425,026.09 |
|
Retained Earning, end
of year |
3,860,005.53 |
4,116,706.49 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.57 |
0.35 |
|
QUICK RATIO |
TIMES |
0.17 |
0.16 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.81 |
1.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
127.32 |
67.37 |
|
INVENTORY TURNOVER |
TIMES |
2.87 |
5.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.45 |
34.48 |
|
RECEIVABLES TURNOVER |
TIMES |
9.25 |
10.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.67 |
30.03 |
|
CASH CONVERSION CYCLE |
DAYS |
147.10 |
71.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
69.06 |
70.65 |
|
SELLING & ADMINISTRATION |
% |
33.14 |
32.61 |
|
INTEREST |
% |
2.64 |
4.58 |
|
GROSS PROFIT MARGIN |
% |
35.43 |
29.67 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.29 |
(3.04) |
|
NET PROFIT MARGIN |
% |
(0.35) |
(7.63) |
|
RETURN ON EQUITY |
% |
(3.74) |
(60.54) |
|
RETURN ON ASSET |
% |
(0.37) |
(7.00) |
|
EARNING PER SHARE |
BAHT |
(8.56) |
(143.61) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.16 |
7.64 |
|
TIME INTEREST EARNED |
TIMES |
0.87 |
(0.66) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
31.43 |
|
|
OPERATING PROFIT |
% |
(199.03) |
|
|
NET PROFIT |
% |
94.04 |
|
|
FIXED ASSETS |
% |
(11.05) |
|
|
TOTAL ASSETS |
% |
13.23 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
35.43 |
Impressive |
Industrial Average |
28.76 |
|
Net Profit Margin |
(0.35) |
Deteriorated |
Industrial Average |
0.34 |
|
Return on Assets |
(0.37) |
Deteriorated |
Industrial Average |
5.30 |
|
Return on Equity |
(3.74) |
Deteriorated |
Industrial Average |
13.64 |
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 35.43%. 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 -0.35%.
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 -0.37%.
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 -3.74%.
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 |
0.57 |
Risky |
Industrial Average |
18.58 |
|
Quick Ratio |
0.17 |
|
|
|
|
Cash Conversion Cycle |
147.10 |
|
|
|
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 0.57 times in 2010, increase from 0.35 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 0.17 times in 2010,
increase from 0.16 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 148 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
9.16 |
Risky |
Industrial Average |
1.24 |
|
Times Interest Earned |
0.87 |
Risky |
Industrial Average |
397.57 |
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 0.87 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.9 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 |
1.81 |
Deteriorated |
Industrial Average |
1,871.67 |
|
Total Assets Turnover |
1.07 |
Acceptable |
Industrial Average |
1.87 |
|
Inventory Conversion Period |
127.32 |
|
|
|
|
Inventory Turnover |
2.87 |
Deteriorated |
Industrial Average |
29.95 |
|
Receivables Conversion Period |
39.45 |
|
|
|
|
Receivables Turnover |
9.25 |
Satisfactory |
Industrial Average |
10.41 |
|
Payables Conversion Period |
19.67 |
|
|
|
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.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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.