MIRA
INFORM REPORT
|
Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PREFORMED
LINE PRODUCTS [THAILAND]
LIMITED |
|
|
|
|
Formerly Known As : |
TYCO ELECTRONICS DULMISON
[THAILAND] CO., LTD |
|
|
|
|
Registered Office : |
296 Moo 4, Ladkrabang Industrial Estate, Epz 3, Chalongkrung Road, Lamplatiew, Ladkrabang, Bangkok 10520 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1976 |
|
|
|
|
Com. Reg. No.: |
0105519005990 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of
Electrical Equipment
|
|
|
|
|
No. of Employees : |
250 |
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 : |
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
PREFORMED
LINE PRODUCTS [THAILAND]
LIMITED
[FORMER
: TYCO ELECTRONICS
DULMISON [THAILAND] CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 296
MOO 4, LADKRABANG
INDUSTRIAL ESTATE,
EPZ 3,
CHALONGKRUNG ROAD, LAMPLATIEW,
LADKRABANG, BANGKOK
10520, THAILAND
TELEPHONE : [66]
2739-4026
FAX :
[66] 2326-0564
E-MAIL
ADDRESS : sales@preformed.asia
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1976
REGISTRATION
NO. : 0105519005990
TAX
ID NO. : 3101092202
CAPITAL
REGISTERED : BHT.
256,000,000
CAPITAL
PAID-UP : BHT.
251,500,000
SHAREHOLDER’S PROPORTION : AUSTRALIAN : 100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SURAPOL PICHAYAJITTIPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : ELECTRICAL
EQUIPMENT
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on June
7, 1976 as
a private limited
company under the registered
name “Dulmison [Thailand]
Co., Ltd.” by
Australian groups, in
order to manufacture
electric transmission line
products for both
local and overseas
markets.
On December 14,
2001, the subject’s name was
changed to “Tyco
Electronics Dulmison
[Thailand] Co., Ltd.”,
and finally changed to
PREFORMED LINE PRODUCTS [THAILAND] LIMITED
on December 18,
2009.
Presently, the subject
is a wholly
owned subsidiary of
Preformed Line Products [Australia] Pty.
Ltd., in Australia.
The subject was
granted the quality
standards ISO 9001:2000
and ISO 14001 : 2004 certificates
by SGS Yarsley International
Institutes in 2001
and on November
15, 2010 respectively.
The subject’s
registered address is
296 Moo 4,
Ladkrabang Industrial Estate
EPZ 3, Chalongkrung Rd., Lampratiew,
Ladkrabang, Bangkok 10520,
and this is
the company’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
|
|
Mr. Norman Leslie
Windell |
Australian |
59 |
|
Mr. William Henry Haag
III |
American |
49 |
Mr. Robert Grant
Ruhlman
|
American |
56 |
Mr. Surapol Pichayajittipong
|
Thai |
45 |
AUTHORIZED PERSON
Any of the
above directors signs
on behalf of
the subject with the company’s
affixed.
MANAGEMENT
Mr. Surapol Pichayajittipong is
the Managing Director.
He is Thai
nationality with the
age of 45
years old.
Mr. Montri Chomsin
is the Regional
Sales Manager.
He is Thai
nationality.
Mr. Apisit Ekcheewanon
is the Sales
Manager.
He is
Thai nationality.
Mr. Teera Puxsupachat
is the Business
Development Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of electrical
equipment, specialized in power
transmission, power distribution [overhead], power
distribution [underground],
fiber optics and
accessories, used in
telecommunication, power plant
and sub-station businesses.
BRAND NAME
“PLP”
PURCHASE
70% of raw
materials mainly aluminum
ingot and components
are purchased from
local suppliers, the
remaining 30% is
imported from United
Kingdom, Belgium, Australia
and Republic of
China.
MAJOR SUPPLIERS
Thai Mallesable
Co., Ltd. : Thailand
Siam Technic Co.,
Ltd. : Thailand
Alcan Enfield Alloy
Ltd. : United
Kingdom
Lamitref S.A. : Belgium
DISTRIBUTION
80% of its
products is exported
to Vietnam, Taiwan,
Laos, Hong Kong,
Indonesia, Philippines, Cambodia,
India and Sri
Lanka, the remaining
20% is sold
locally by wholesale
to dealers and
by retail to
end-users both government
enterprise and private
sectors.
MAJOR CUSTOMERS
Electricity Generating
Authority of Thailand
Metropolitan Electricity Authority
Provincial Electricity Authority
SUBSIDIARIES & 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 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 on negotiated
term or T/T.
Exports are against
T/T on negotiated
term.
BUSINESS TRANSACTION
Most of
the products is
sold to customers by
credit with the
maximum credit given
at 60 days.
The subject finds
no problem on
its account receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500
EMPLOYMENT
The subject employs
approximately 250 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office,
factory and warehouse
at the heading
address. It is
located in an
industrial area.
COMMENT
The subject is a high net worth manufacturing of electrical products with the high quality and standard that meets with international requirements. An expansion of domestic infrastructure especially in energy sector has resulted with the increasing of company’s workload. The company’s productivity by the 2011 year-end was impressive, as well as expectation for the growth of its business this year would be continued.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 1,000 shares
of Bht. 1,000
each.
The capital was
increased later as
follows:
Bht. 6,000,000
on June 25,
1982
Bht. 256,000,000
on December 9,
2009
The latest registered
capital was increased
to Bht. 256,000,000
divided into 256,000
shares of Bht.
1,000 each.
THE
SHAREHOLDERS LISTED WERE
[as at April
25, 2012] at
Bht. 251.5 million of
capitalization.
|
NAME |
HOLDING |
% |
|
Preformed Line Products
[Australia] Pty. Ltd. Nationality : Australian Address : 190
Power Street, Glendenning
NSW 2761, Australia |
255,998 |
100.00 |
|
Preformed Line Products
Company Nationality : American Address : 660
Beta Drive, Mayfield
Village, OH
44143, U.S.A. |
1 |
- |
Mr. Somchoke
Saikua
Nationality : Thai Address : 105
Ramkhamhaeng 29 Rd.,
Huamark,
Bangkapi, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
2 |
255,999 |
100.00 |
|
Total |
3 |
256,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Krisda Lertvana No.
4958
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
23,166,665 |
20,244,592 |
|
Trade Accounts &
Other Receivable |
81,542,635 |
105,538,169 |
|
Short-term Loan to
Related Company |
30,220,000 |
45,000,000 |
|
Inventories |
163,705,821 |
114,198,996 |
|
Prepayment for Goods |
12,100,720 |
9,592,393 |
|
Other Current Assets |
4,753,468 |
1,176,257 |
|
|
|
|
|
Total Current Assets
|
315,489,309 |
295,750,407 |
|
Cash at Bank
pledged as a
Collateral |
|
10,000,000 |
|
Fixed Assets |
69,307,291 |
64,994,837 |
|
Intangible Assets |
1,374,696 |
1,285,184 |
|
Deferred Compensation |
44,001,080 |
40,393,376 |
|
Deposit |
4,808,520 |
4,726,280 |
|
Total Assets |
444,980,896 |
417,150,084 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts &
Other Payable |
73,533,628 |
71,907,453 |
|
Short-term Loan from
Related Company |
77,781,925 |
60,815,725 |
|
Estimated Liabilities from
Litigations |
44,001,080 |
40,393,376 |
|
Accrued Income Tax |
- |
8,269,006 |
|
Other Current Liabilities |
13,209,102 |
9,801,034 |
|
|
|
|
|
Total Current Liabilities |
208,525,735 |
191,186,594 |
|
Reserve for Long-term
Employees’ Benefit |
3,325,001 |
- |
|
Total Liabilities |
211,850,736 |
191,186,594 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value Authorized &
issued share capital
256,000 shares |
256,000,000 |
256,000,000 |
|
|
|
|
|
Capital Paid |
251,500,000 |
251,500,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
1,909,870 |
1,909,870 |
|
Unappropriated |
[20,279,710] |
[27,446,380] |
|
Total Shareholders' Equity |
233,130,160 |
225,963,490 |
|
Total Liabilities & Shareholders' Equity |
444,980,896 |
417,150,084 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
452,234,143 |
409,563,681 |
|
Other Income |
1,655,406 |
192,102 |
|
Total Revenues |
453,889,549 |
409,755,783 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
377,842,201 |
319,195,368 |
|
Selling Expenses |
25,230,988 |
24,009,004 |
|
Administrative Expenses |
40,855,664 |
28,385,567 |
|
Loss on Exchange
Rate |
- |
2,946,822 |
|
Total Expenses |
443,928,853 |
374,536,761 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
9,960,696 |
35,219,022 |
|
Financial Cost |
[1,736,791] |
[423,129] |
|
Income Tax |
[1,057,235] |
[9,856,007] |
|
|
|
|
|
Net Profit / [Loss] |
7,166,670 |
24,939,886 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.51 |
1.55 |
|
QUICK RATIO |
TIMES |
0.65 |
0.89 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.53 |
6.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
0.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
158.14 |
130.59 |
|
INVENTORY TURNOVER |
TIMES |
2.31 |
2.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.81 |
94.05 |
|
RECEIVABLES TURNOVER |
TIMES |
5.55 |
3.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.03 |
82.23 |
|
CASH CONVERSION CYCLE |
DAYS |
152.92 |
142.42 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.55 |
77.94 |
|
SELLING & ADMINISTRATION |
% |
14.61 |
12.79 |
|
INTEREST |
% |
0.38 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
16.82 |
22.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
8.60 |
|
NET PROFIT MARGIN |
% |
1.58 |
6.09 |
|
RETURN ON EQUITY |
% |
3.07 |
11.04 |
|
RETURN ON ASSET |
% |
1.61 |
5.98 |
|
EARNING PER SHARE |
BAHT |
28.50 |
99.16 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.91 |
0.85 |
|
TIME INTEREST EARNED |
TIMES |
5.74 |
83.23 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.42 |
|
|
OPERATING PROFIT |
% |
(71.72) |
|
|
NET PROFIT |
% |
(71.26) |
|
|
FIXED ASSETS |
% |
6.64 |
|
|
TOTAL ASSETS |
% |
6.67 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.82 |
Satisfactory |
Industrial Average |
18.40 |
|
Net Profit Margin |
1.58 |
Acceptable |
Industrial Average |
2.54 |
|
Return on Assets |
1.61 |
Deteriorated |
Industrial Average |
4.23 |
|
Return on Equity |
3.07 |
Deteriorated |
Industrial Average |
10.72 |
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 16.82%. 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 1.58%.
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 1.61%.
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 3.07%.
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 |
1.51 |
Impressive |
Industrial Average |
1.35 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
152.92 |
|
|
|
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 1.51 times in 2011, decrease from 1.55 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 0.65 times in 2011,
decrease from 0.89 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 153 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.91 |
Impressive |
Industrial Average |
1.44 |
|
Times Interest Earned |
5.74 |
Impressive |
Industrial Average |
3.57 |
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 5.74 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 |
6.53 |
Impressive |
Industrial Average |
4.32 |
|
Total Assets Turnover |
1.02 |
Acceptable |
Industrial Average |
1.58 |
|
Inventory Conversion Period |
158.14 |
|
|
|
|
Inventory Turnover |
2.31 |
Deteriorated |
Industrial Average |
4.94 |
|
Receivables Conversion Period |
65.81 |
|
|
|
|
Receivables Turnover |
5.55 |
Impressive |
Industrial Average |
4.30 |
|
Payables Conversion Period |
71.03 |
|
|
|
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.55.91 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.12 |
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.