MIRA
INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
S. P. S. INTERTECH CO., LTD. |
|
|
|
|
Registered Office : |
99 Moo 2,
Suvintawong Road, Klongnakornnuangkhet, Muang, Chachoengsao 24000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
24.06.2003 |
|
|
|
|
Com. Reg. No.: |
0245546000609 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing Contract of Home
and Office Furniture
|
|
|
|
|
No. of Employees : |
550 |
RATING & COMMENTS
|
MIRAs 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 30, 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
S. P. S. INTERTECH
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99
MOO 2, SUVINTAWONG
ROAD,
KLONGNAKORNNUANGKHET, MUANG,
CHACHOENGSAO 24000
TELEPHONE : [66] 38
847-730-47
FAX :
[66] 38
847-748-9
E-MAIL
ADDRESS : sps@spsthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0245546000609
CAPITAL REGISTERED : BHT. 448,000,000
CAPITAL PAID-UP : BHT.
448,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KERATI SERMPRAPHASILP, THAI
PRESIDENT
NO.
OF STAFF : 550
LINES
OF BUSINESS : HOME
AND OFFICE FURNITURE
MANUFACTURING CONTRACT
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 24,
2003 as a
private limited company under
the name style S. P. S. INTERTECH
CO., LTD., by Thai groups,
in order to provide
manufacturing contract wide
range of home
and office furniture
for both domestic and
international markets. It
currently employs approximate
550 staff.
It
was granted investment
privilege promotional by
Board of Investment
[BOI] on February
5, 2005.
Subject
is a subsidiary
of S. P. S. Cooperate
Co., Ltd.
The subjects registered
address is 99 Moo 2, Suvintawong
Rd., Klongnakornnuangkhet, Muang,
Chachoengsao 24000, and
this is the
subjects current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kerati Sermpraphasilp |
|
Thai |
57 |
|
Ms. Orapin Sermpraphasilp |
|
Thai |
55 |
|
Mr. Weerasak Sermpraphasilp |
|
Thai |
53 |
AUTHORIZED PERSON
Any two of the above directors can
jointly sign on
behalf of the
subject with companys
affixed.
MANAGEMENT
Mr. Kerati Sermpraphasilp is
the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Weerasak Sermpraphasilp is the
Managing Director.
He is Thai
nationality with the
age of 53
years old.
Ms. Orapin Sermpraphasilp is
the Finance & Account Manager.
She is Thai
nationality with the
age of 55
years old.
Mr. Chaiyapong is the
Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing contract wide range of
home and office
furniture for bedroom, kitchen, living room and
etc., under its own brand SPS as
well as customers
brands.
PURCHASE
Raw materials i.e.
wood, aluminum, metal
products and glass
as well as
accessories are purchased
from suppliers and agents
in both domestic
and overseas, such
as Japan, Republic
of China, Singapore,
Germany, U.S.A. and Malaysia.
SALES
80% of the
products is exported
to Australia and
many countries in
Europe, Asia, Middle
East and U.S.A.,
the remaining 20%
is sold locally.
MAJOR CUSTOMERS
Ikea Wholesale Inc. : U.S.A.
Ikea Systems B.V. : Sweden
Ikea [Thailand] Co.,
Ltd. : Thailand
RELATED AND
AFFILIATED COMPANY
S. P. S. Inter System
Co., Ltd.
Business Type : Design
and development services
of visual entertainment
products.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
550 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse at
the heading address.
Premise is located
in provincial.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
1,000,000.
COMMENT
SPS brand has well recognized throughout the country and abroad. They
are the five top seller of middle-end
products in Thailand and are sold into many countries in
USA, Asia, Middle East
and European countries.
Sales had gradually
improved in 2010 from
consumption improvement. Repair
and renovation after
floods in the
country has soared
home furniture market.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided into
1,000 shares of
Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 201,000,000
on December 22,
2003
Bht. 251,000,000
on June 17,
2009
Bht. 448,000,000
on December 9,
2009
The
latest registered capital
was increased to
Bht. 448 million, divided
into 448,000 shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
S. P. S. Cooperate Co.,
Ltd. Nationality: Thai Address : 74
Moo 9, Suvintawong
Rd.,
Klongnakornnuangkhet,
Muang, Chachoengsao |
447,000 |
99.78 |
|
Mrs. Paphasiri Sermpraphasilp Nationality: Thai Address : 21
Pracharajbumphen Rd., Huaykwang,
Bangkok |
148 |
0.04 |
|
Mr. Kerati Sermpraphasilp Nationality: Thai Address : 121
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
142 |
0.03 |
|
Ms. Orapin Sermpraphasilp Nationality: Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
142 |
0.03 |
|
Mr. Weerasak Sermpraphasilp Nationality: Thai Address : 24 Soi
S. Kiatchai 1, Huaykwang,
Bangkok |
142 |
0.03 |
|
Mr. Peerapol Sermpraphasilp Nationality: Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
142 |
0.03 |
|
Mr. Vorapoj Sermpraphasilp Nationality: Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
142 |
0.03 |
|
Ms. Voranuch Sermpraphasilp Nationality: Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
142 |
0.03 |
Total Shareholders : 8
Share Structure [as
at April 28, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
448,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
448,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Athipong Athipongsakul No.
3500
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
28,895,501.98 |
126,619,349.55 |
|
Trade Accounts Receivable |
113,430,478.90 |
73,967,189.68 |
|
Related Company Receivable |
14,221,721.98 |
8,236,047.41 |
|
Other Company Receivable |
9,715,600.00 |
234,295.60 |
|
Inventories |
182,142,166.99 |
90,562,840.00 |
|
Other Current Assets
|
18,197,556.99 |
12,102,430.27 |
|
|
|
|
|
Total Current Assets
|
366,603,026.84 |
311,722,152.51 |
|
Loan to Related
Company |
52,533,184.98 |
50,211,155.73 |
|
Fixed Assets |
1,156,522,104.79 |
786,883,710.39 |
|
Intangible Assets |
922,963.74 |
971,437.07 |
|
Total Assets |
1,576,581,280.35 |
1,149,788,455.70 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
178,752,836.45 |
239,595,874.83 |
|
Trade Accounts Payable |
192,812,227.79 |
107,726,950.65 |
|
Related Company Payable |
- |
3,987,628.92 |
|
Current Portion of Long-term
Loan from Bank |
112,500,000.00 |
32,400,000.00 |
|
Current Portion of Other
Long-term Loan |
60,000,000.00 |
24,000,000.00 |
|
Current Portion of Hire-purchase Contract Liabilities |
295,707.05 |
272,083.22 |
|
Accrued Expenses |
19,765,536.25 |
13,724,654.06 |
|
Other Current Liabilities |
12,239,716.95 |
2,448,259.99 |
|
|
|
|
|
Total Current Liabilities |
576,366,024.49 |
424,155,451.67 |
|
Long-term Loan from
Bank |
328,320,000.00 |
50,019,752.31 |
|
Other Long-term Loan |
297,241,960.26 |
318,291,644.94 |
|
Hire-purchase Contract Liabilities |
130,665.39 |
426,372.45 |
|
Total Liabilities |
1,202,058,650.14 |
792,893,221.37 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 448,000 shares
|
448,000,000.00 |
448,000,000.00 |
|
|
|
|
|
Capital Paid |
448,000,000.00 |
416,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
10,181,956.37 |
10,181,956.37 |
|
Unappropriated |
[83,659,326.16] |
[69,286,722.04] |
|
Total Shareholders' Equity |
374,522,630.21 |
356,895,234.33 |
|
Total Liabilities & Shareholders' Equity |
1,576,581,280.35 |
1,149,788,455.70 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
1,071,134,238.99 |
804,225,152.47 |
|
Gain on Exchange
Rate |
8,711,838.29 |
11,803,729.05 |
|
Other Income |
6,320,904.37 |
3,199,123.40 |
|
Total Revenues |
1,086,166,981.65 |
819,228,004.92 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
932,870,489.02 |
676,384,626.58 |
|
Selling Expenses |
14,636,274.89 |
8,939,383.53 |
|
Administrative Expenses |
71,727,398.58 |
46,311,518.97 |
|
Loss on Exchange
Rate |
43,403,806.30 |
2,631,273.72 |
|
Total Expenses |
1,062,637,968.79 |
734,266,802.80 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
23,529,012.86 |
84,961,202.12 |
|
Interest Expenses |
[37,901,616.98] |
[32,316,115.17] |
|
|
|
|
|
Net Profit / [Loss] |
[14,372,604.12] |
52,645,086.95 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.64 |
0.73 |
|
QUICK RATIO |
TIMES |
0.29 |
0.49 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.93 |
1.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.68 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
71.27 |
48.87 |
|
INVENTORY TURNOVER |
TIMES |
5.12 |
7.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.65 |
33.57 |
|
RECEIVABLES TURNOVER |
TIMES |
9.44 |
10.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.44 |
58.13 |
|
CASH CONVERSION CYCLE |
DAYS |
34.48 |
24.31 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.09 |
84.10 |
|
SELLING & ADMINISTRATION |
% |
8.06 |
6.87 |
|
INTEREST |
% |
3.54 |
4.02 |
|
GROSS PROFIT MARGIN |
% |
14.31 |
17.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
10.56 |
|
NET PROFIT MARGIN |
% |
(1.34) |
6.55 |
|
RETURN ON EQUITY |
% |
(3.84) |
14.75 |
|
RETURN ON ASSET |
% |
(0.91) |
4.58 |
|
EARNING PER SHARE |
BAHT |
(32.08) |
126.55 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.21 |
2.22 |
|
TIME INTEREST EARNED |
TIMES |
0.62 |
2.63 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
33.19 |
|
|
OPERATING PROFIT |
% |
(72.31) |
|
|
NET PROFIT |
% |
(127.30) |
|
|
FIXED ASSETS |
% |
46.97 |
|
|
TOTAL ASSETS |
% |
37.12 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.31 |
Acceptable |
Industrial
Average |
23.02 |
|
Net Profit Margin |
(1.34) |
Deteriorated |
Industrial
Average |
(7.08) |
|
Return on Assets |
(0.91) |
Deteriorated |
Industrial
Average |
(0.90) |
|
Return on Equity |
(3.84) |
Deteriorated |
Industrial
Average |
2.44 |
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 14.31%. When compared with
the industry average, the ratio of the company was lower, 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 -1.34%,
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. When compared with the
industry average, it was lower, the company's figure is -0.91%.
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 -3.84%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.64 |
Risky |
Industrial
Average |
20.19 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
34.48 |
|
|
|
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 0.64 times in 2010, decreased from 0.73 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 0.29 times in 2010,
decreased from 0.49 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 35 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial
Average |
1.08 |
|
Debt to Equity Ratio |
3.21 |
Risky |
Industrial
Average |
1.65 |
|
Times Interest Earned |
0.62 |
Risky |
Industrial
Average |
549.13 |
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 0.63 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 0.76 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.93 |
Deteriorated |
Industrial
Average |
3,167.68 |
|
Total Assets Turnover |
0.68 |
Deteriorated |
Industrial
Average |
1.59 |
|
Inventory Conversion Period |
71.27 |
|
|
|
|
Inventory Turnover |
5.12 |
Deteriorated |
Industrial
Average |
13.89 |
|
Receivables Conversion Period |
38.65 |
|
|
|
|
Receivables Turnover |
9.44 |
Deteriorated |
Industrial
Average |
19.33 |
|
Payables Conversion Period |
75.44 |
|
|
|
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.49.13 |
|
|
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.75 |
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 SCs 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.