MIRA
INFORM REPORT
|
Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
S.P.S. COOPERATE LTD. |
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Registered Office : |
74 Moo 9, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.10.1985 |
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Com. Reg. No.: |
0105528034255 |
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|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Manufacturer, Distributor and Exporter of Home and Office Furniture |
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No. of Employees : |
1,200 |
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 |
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Payment Behaviour : |
No Complaints |
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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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
S.P.S.
COOPERATE LTD.
SUMMARY
BUSINESS
ADDRESS : 74
MOO 9,
T. KLONGNAKHONNUANGKHET, A.
MUANG,
TELEPHONE : [66] 38
593-456, 38 593-447-56,
081 813-0401
FAX : [66] 38
593-001, 38 593-010
E-MAIL
ADDRESS : sps@spsthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528034255 [Former : 3425/2528]
TAX
ID NO. : 3101552331
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP : BHT.
250,000,000
SHAREHOLDERS PROPORTION : THAI : 80%
DUTCH : 20%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KERATI SERMPRAPHASILP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,200
LINES
OF BUSINESS : HOME
AND OFFICE FURNITURE
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on October
2, 1985 as
a private limited
company under the
registered name S.
Praphasilp Industrial Co.,
Ltd. by Thai
groups.
On August 1,
1996 the subjects
name was changed
to S.P.S. COOPERATE
LTD.
In 2009, subject
was a joint
venture between Thai
groups, the Sermpraphasilp family
and Triple T.N.V.
Co., Ltd., the
Dutch company. It
currently employs
approximate 1,200 staff.
The subject is
a leading of
the board on
frame manufacturer for AV
speaker/rack and R.T.A panel
furniture with promotional
privilege from Board
of Investment, Thailand.
Award [from various
agents]
·
Best
Products Awards : 1987-1988
·
Best
Company Award : 1989
·
Best
Exporter Award : 1989
·
NIC
Award 1989 : 1989
·
1st
·
Best
Performance Exporter Award :
1999
·
ISO
9002 Certificate : 2000
At
present, the subject
is focused on
manufacturing home and
office furniture only.
The subjects registered
address is 74
Moo 9, Suvintawong
Rd., T. Klongnakhonnuangkhet, A. Muang,
Chachoengsao 24000, and
this is the
companys operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Kerati Sermpraphasilp |
|
Thai |
57 |
|
Ms.
Orapin Sermpraphasilp |
|
Thai |
55 |
|
Mr.
Weerasak Sermpraphasilp |
|
Thai |
53 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with companys
affixed.
MANAGEMENT
Mr.
Kerati Sermpraphasilp is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
Ms. Orapin
Sermpraphasilp is the
General Manager.
She is Thai
nationality with the
age of 55 years old.
Mr.
Voravit Cheangsri is
the Personnel Manager.
He is Thai
nationality.
Mr.
Sirisak Charoenrumviwat is
the Marketing Manager.
He is Thai
nationality.
Mr.
Pichet Fuang-arrom is
the Factory Manager.
He is
Thai nationality.
Ms. Peangmarn
Pholwa is the
Accounting Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subjects activities
are manufacturer and distributor
of home and office
furniture such as
bedroom, living room, kitchen, office
furniture, wall cabinet, computer desk
and file cabinet under
its own brand
MODAR as well
as customers brands
for exports.
PURCHASE
Raw materials such
as aluminium, glass,
plastic, rubber, metal,
accessories and etc.,
are purchased from
both local and
overseas suppliers in
Japan, Germany, Korea,
Singapore, Hong Kong,
Italy, Republic of
China and Taiwan.
MAJOR SUPPLIER
Panel Plus Co.,
Ltd. :
EXPORT
[COUNTRY]
95% of the products is exported to Japan,
United States of America, Europe, Middle
East, India, Singapore,
Vietnam, Malaysia, Australia
and Hong Kong.
SALES
[LOCAL]
5% of the
products is also
sold locally to
manufacturers and wholesalers.
MAJOR
CUSTOMERS
·
Furniture
Shop
·
·
Hyper Store
·
Furniture
Store
·
Department
Store
·
Ikea Trading
[
SUBSIDIARY AND
AFFILIATED COMPANIES
S.P.S. Intertech Co.,
Ltd.
Business Type : Manufacturer
and distributor of
TV stand products
S.P.S. Inter System
Co., Ltd.
Business Type : Manufacturer
and distributor of
visual entertainment products
S.P.S. Global Trade
Co., Ltd.
Business Type : Property
business for department
store and shopping
mall projects.
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
Kasikornbank Public Co.,
Ltd.
[Head Office :
Bangkok Bank Public
Co., Ltd.
[Head Office :
Thanachart Bank Public
Co., Ltd.
[Head Office : 1101
New
EMPLOYMENT
The subject employs
approximately 1,200 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office,
factory and warehouse
at the heading
address. It is
located in an
industrial area.
Branch office :
99 Moo 2,
Suvintawong Rd., T. Klongnakhonnuangkhet, A. Muang,
Chachoengsao 24000.
COMMENT
Subject is a manufacturer,
distributor and exporter of
home and office furniture. Its main
markets are U.S.A., Japan, Europe
and etc. With
an expansion of overseas customers, the
subject has raised the production capability continuously in
producing better quality and new
products with higher technology.
Subjects business performance in the
year 2010 was
good. With the improvement
of overall economy
has prompted the subject
to increase its
sales volume to meet
with rising demand.
Its current business outlook is
promising especially in Asian
countries.
FINANCIAL INFORMATION
The capital was
registered at Bht.
3,000,000 divided into
3,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 15,000,000
on August 17,
1988
Bht. 36,000,000
on October 10,
1988
Bht. 53,000,000
on July 7,
1993
Bht. 70,000,000
on August 29,
1994
Bht. 150,000,000
on May 29,
2000
Bht. 200,000,000
on June 17,
2009
Bht. 250,000,000
on December 9,
2009
The latest registered
capital was increased
to Bht. 250,000,000 divided
into 250,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at September 20,
2011] at Bht.
250,000,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Triple T.N.V. Co.,
Ltd. Nationality : Dutch Address : Netherlands |
50,001 |
20.02 |
|
Ms. Orapin Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,334 |
13.33 |
|
Mr. Weerasak Sermpraphasilp Nationality : Thai Address : 64/10
Soi Samwa 11, Bangchan,
Klongsamwa, Bangkok |
33,333 |
13.33 |
|
Mr. Peerapol Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,333 |
13.33 |
|
Mr. Kerati Sermpraphasilp Nationality : Thai Address : 121
Soi Ramkhamhaeng 64,
Huamark,
Bangkapi, Bangkok |
33,333 |
13.33 |
|
Mr. Vorapoj Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,333 |
13.33 |
|
Ms. Voranuj Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,333 |
13.33 |
Total Shareholders : 7
Share Structure [as
at September 20,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
199,999 |
80.00 |
|
Foreign - Dutch |
1 |
50,001 |
20.00 |
|
Total |
7 |
250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Athipong Athipongsakul
No. 3500
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
11,258,659.53 |
5,103,104.09 |
|
Trade Accounts Receivable |
125,311,138.33 |
79,812,198.26 |
|
Inventories |
117,439,888.07 |
124,569,979.72 |
|
Prepaid Goods |
760,533.54 |
1,652,322.09 |
|
Deferred Interest |
31,980,000.00 |
31,980,000.00 |
|
Refundable Value Added Tax |
7,842,737.68 |
6,233,019.18 |
|
Other Current Assets
|
3,092,613.41 |
2,614,008.01 |
|
|
|
|
|
Total Current Assets
|
297,685,570.56 |
251,964,631.35 |
|
|
|
|
|
Investment in Subsidiary |
447,000,000.00 |
415,000,000.00 |
|
Other Long-term Investment |
200,000.00 |
200,000.00 |
|
Fixed Assets |
335,706,072.79 |
365,909,029.14 |
|
Intangible Assets |
128,268.96 |
250,800.69 |
|
Withholding Income Tax |
300,748.81 |
152,182.99 |
|
Other Assets |
1,311,661.00 |
840,207.00 |
|
Total Assets |
1,082,332,322.12 |
1,034,316,851.17 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
249,780,171.06 |
276,792,529.29 |
|
Trade Accounts Payable |
202,863,201.94 |
131,463,338.00 |
|
Related Company Payable |
14,221,721.98 |
8,236,047.41 |
|
Short-term Loan &
Accrued Interest from
Related Company |
52,533,184.98 |
50,211,155.73 |
|
Current Portion of
Long-term Loan |
60,228,000.00 |
35,140,000.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
566,525.38 |
530,564.68 |
|
Accrued Expenses |
48,607,569.84 |
47,528,033.88 |
|
Other Current Liabilities |
12,167,861.22 |
2,053,220.78 |
|
|
|
|
|
Total Current Liabilities |
640,968,236.40 |
551,954,889.77 |
|
Long-term Loan from
Financial Institution |
114,468,000.00 |
174,689,000.00 |
|
Financial Lease Contract Liabilities |
552,984.19 |
1,119,509.55 |
|
Total Liabilities |
755,989,220.59 |
727,763,399.32 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 250,000 shares in 2010
& 2009 respectively |
250,000,000.00 |
250,000,000.00 |
|
|
|
|
|
Capital Paid |
250,000,000.00 |
222,500,000.00 |
|
Premium on Share Capital |
147,000,000.00 |
147,000,000.00 |
|
Surplus on Revaluation
of Assets |
152,385,150.00 |
167,483,150.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[223,042,048.47] |
[230,429,698.15] |
|
Total Shareholders' Equity |
326,343,101.53 |
306,553,451.85 |
|
Total Liabilities & Shareholders' Equity |
1,082,332,322.12 |
1,034,316,851.17 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
1,198,933,937.28 |
1,060,308,570.86 |
|
Interest Income |
29,510.61 |
2,704,143.05 |
|
Gain on Exchange
Rate |
7,485,279.22 |
13,615,986.35 |
|
Other Income |
6,987,126.45 |
8,719,337.62 |
|
Total Revenues |
1,213,435,853.56 |
1,085,348,037.88 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,084,138,504.11 |
928,956,707.75 |
|
Selling Expenses |
29,488,897.92 |
30,307,063.33 |
|
Administrative Expenses |
59,138,777.57 |
62,883,374.61 |
|
Loss on Exchange Rate |
3,834,113.07 |
7,200,925.65 |
|
Doubtful Account |
- |
2,875,154.60 |
|
Total Expenses |
1,176,600,292.67 |
1,032,223,225.94 |
|
|
|
|
|
Profit before Financial Cost |
36,835,560.89 |
53,124,811.94 |
|
Financial Cost |
[29,447,911.21] |
[29,579,659.36] |
|
|
|
|
|
Net Profit / [Loss] |
7,387,649.68 |
23,545,152.58 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.46 |
0.46 |
|
QUICK RATIO |
TIMES |
0.21 |
0.15 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.57 |
2.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.11 |
1.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.54 |
48.95 |
|
INVENTORY TURNOVER |
TIMES |
9.23 |
7.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.15 |
27.47 |
|
RECEIVABLES TURNOVER |
TIMES |
9.57 |
13.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
68.30 |
51.65 |
|
CASH CONVERSION CYCLE |
DAYS |
9.39 |
24.77 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.43 |
87.61 |
|
SELLING & ADMINISTRATION |
% |
7.39 |
8.79 |
|
INTEREST |
% |
2.46 |
2.79 |
|
GROSS PROFIT MARGIN |
% |
10.78 |
14.75 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.07 |
5.01 |
|
NET PROFIT MARGIN |
% |
0.62 |
2.22 |
|
RETURN ON EQUITY |
% |
2.26 |
7.68 |
|
RETURN ON ASSET |
% |
0.68 |
2.28 |
|
EARNING PER SHARE |
BAHT |
29.55 |
105.82 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.32 |
2.37 |
|
TIME INTEREST EARNED |
TIMES |
1.25 |
1.80 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
13.07 |
|
|
OPERATING PROFIT |
% |
(30.66) |
|
|
NET PROFIT |
% |
(68.62) |
|
|
FIXED ASSETS |
% |
(8.25) |
|
|
TOTAL ASSETS |
% |
4.64 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.78 |
Acceptable |
Industrial Average |
17.03 |
|
Net Profit Margin |
0.62 |
Impressive |
Industrial Average |
0.57 |
|
Return on Assets |
0.68 |
Satisfactory |
Industrial Average |
0.70 |
|
Return on Equity |
2.26 |
Satisfactory |
Industrial Average |
2.33 |
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 10.78%. 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. Net Profit Margin ratio is 0.62%,
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 0.68%.
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 2.26%.
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 |
0.46 |
Risky |
Industrial Average |
1.23 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
9.39 |
|
|
|
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 0.46 times in 2010, same
figure as in
2009, this indicated
that 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 0.21 times in 2010,
increase from 0.15 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 10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
2.32 |
Risky |
Industrial Average |
2.26 |
|
Times Interest Earned |
1.25 |
Impressive |
Industrial Average |
1.06 |
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 1.26 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 0.7 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 |
3.57 |
Impressive |
Industrial Average |
2.66 |
|
Total Assets Turnover |
1.11 |
Satisfactory |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
39.54 |
|
|
|
|
Inventory Turnover |
9.23 |
Impressive |
Industrial Average |
3.33 |
|
Receivables Conversion Period |
38.15 |
|
|
|
|
Receivables Turnover |
9.57 |
Impressive |
Industrial Average |
3.97 |
|
Payables Conversion Period |
68.30 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.