MIRA INFORM REPORT
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Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ROCKET THAI COMPANY LIMITED |
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Registered Office : |
116 Moo 3, T. Thakham, A. Bangpakong, Chachoengsao 24130 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.04.1990 |
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Com. Reg. No.: |
0105533042121 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Batteries and Related Products |
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No. of Employees : |
277 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source
: CIA
Company name and address
ROCKET
THAI COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 116
MOO 3, T. THAKHAM, A. BANGPAKONG,
CHACHOENGSAO 24130
TELEPHONE : [66] 38
573-193-6, 086 897-2542
FAX :
[66] 38
573-197
E-MAIL
ADDRESS : general@rocket.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533042121 [Former : 4211/2533]
TAX
ID NO. : 3101825312
CAPITAL REGISTERED : BHT. 367,033,000
CAPITAL PAID-UP : BHT.
367,033,000
SHAREHOLDER’S PROPORTION : KOREAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JAE CHUN
CHOI, KOREAN
MANAGING DIRECTOR
NO.
OF STAFF : 277
LINES
OF BUSINESS : BATTERIES AND
RELATED PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 April 11,
1990 as a
private limited company
under the registered
name “Rocket Electric
Thai Company Limited”
by Korean groups.
It is a subsidiary
of Rocket Electric
Company Limited, Korea.
On
October 17, 1997, the subject’s
name was changed to
ROCKET THAI COMPANY
LIMITED.
The
subject’s business objective
is to manufacture
batteries and related
products with the promotional
privilege granted from
Thailand’s Board of
Investment [BOI] in 1990.
The products are
sold to both
domestic and international
markets. It currently
employs 277 staff.
The
subject’s registered address
is 116 Moo
3, T. Thakham,
A. Bangpakong, Chachoengsao
24130, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Jong Sung Kim |
[x] |
Korean |
73 |
|
Mr. Jae Chun Choi |
[x] |
Korean |
45 |
|
Mr. Sung San
Kim |
|
Korean |
56 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jae Chun Choi
is the Managing
Director.
He is Korean
nationality with the
age of 45
years old.
Mr. Yang Sun Woo
is the Import - Export Manager.
He is Korean
nationality.
Mr. Y. W. Jung
is the Factory
Manager.
He is Korean
nationality.
Mr. S. W. Yang
is the Administration Manager.
He is Korean
nationality.
Mr. K. H. Kim
is the Quality
Assurance Manager.
He is Korean
nationality.
Mrs. Jintana Taecharoen
is the Marketing
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
various types of
batteries, and related
products, as the
followings:
Products
Manganese Batteries :
4R25[4FM], 2SM
Alkaline Batteries : LR6[AA], LR03[AAA]
Flashlight Products : RL -303N, RL - 404N
Paper Batteries
Flexible Lithium Batteries
BRAND NAME
“ROCKET’
PURCHASE
Raw materials such
as sulphur, plastic resin,
electrical parts and accessories
are purchased from
suppliers and agents
both in domestic
and overseas in
Taiwan, Korea, Germany,
Republic of China
and Japan.
MAJOR SUPPLIERS
Global Connection Co., Ltd. : Thailand
Rocket Electric Co.,
Ltd. : Korea
EXPORT
80%
of the products
is exported to
Korea, Taiwan, Singapore,
Malaysia, Indonesia, Japan,
United Kingdom, France,
U.S.A., and Middle
East countries.
SALES
20% of the
products is sold
locally by wholesale
to dealers nationwide.
PARENT
COMPANY
Rocket Electric Company
Limited
Address : 747-29
Yuksam-dong, Kangnam-ku,
Seoul, Korea
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
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
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
277 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
Area:
Building : 9,030
square meters
Land : 22,576
square meters
Warehouse
is located at
88/5 Moo 3,
T. Thakam, A. Bangpakong, Chachoengsao.
COMMENT
The
subject’s operating performance
in 2011 was considered
satisfactory with an increase
in sales revenue
comparing to the same
period of the
previous year. However,
higher financial costs
had eroded its
net profit at
the end of
year. Nevertheless, the
subject anticipates a
better performance in
2012 from an
expansion of both
local and overseas
markets. Despite large
amount of deficit
retained earning, the
subject’s business is
still promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 54,000,000
divided into 54,000
shares of Bht. 1,000
each.
The
capital was increased
later as followings:
Bht. 177,251,000
on June 1,
2000
Bht. 221,000,000
on November 30,
2000
Bht. 421,033,000
on April 21,
2005
Bht. 557,033,000
on June 30,
2009
On
August 17, 2009,
capital was decreased
to Bht. 367,033,000 divided into 367,033
shares of Bht.
1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
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Rocket Electric Company
Limited Nationality: Korean Address : 747-29
Yuksam-dong, Kangnam-ku,
Seoul, Korea |
367,027 |
100.00 |
|
Mr. Jong Sung Kim Nationality: Korean Address : Seoul,
Korea |
1 |
- |
|
Mr. In Sub Un Nationality: Korean Address : Kwangju,
Korea |
1 |
- |
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Mr. Sang Hun Kim Nationality: Korean Address : Seoul,
Korea |
1 |
- |
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Mr. Sung San Kim Nationality: Korean Address : Seoul,
Korea |
1 |
- |
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Mr. Num In Kim Nationality: Korean Address : Kwangju,
Korea |
1 |
- |
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Mr. Jae Seung
Koo Nationality: Korean Address : 116
Moo 3, T. Thakham,
A. Bangpakong,
Chachoengsao |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
- |
- |
- |
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Foreign - Korean |
7 |
367,033 |
100.00 |
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Total |
7 |
367,033 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Decha Thippawang
No. 8483
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
10,222,412.93 |
81,121.38 |
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Trade Accounts Receivable |
111,562,828.96 |
93,462,123.75 |
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Inventories |
161,469,672.83 |
111,841,482.39 |
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Other Current Assets |
17,934,331.58 |
6,709,404.39 |
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Total Current Assets
|
301,189,246.30 |
212,094,131.91 |
|
|
|
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Fixed Assets |
374,558,866.55 |
321,436,194.01 |
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Other Non-current Assets |
14,267,200.40 |
11,098,485.07 |
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Total Assets |
690,015,313.25 |
544,628,810.99 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
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|
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Bank Overdraft & Short-term Loan
from Financial Institutions |
280,714,384.81 |
139,089,773.43 |
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Trade Accounts Payable & Other Payable |
90,357,476.19 |
85,114,742.05 |
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Current Portion of Financial Lease Contract Liabilities |
8,401,172.58 |
8,454,932.17 |
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Current Portion of
Long-term Loan |
2,713,674.89 |
1,200,000.00 |
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Other Current Liabilities |
6,330,223.64 |
13,430,221.65 |
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Total Current Liabilities |
388,516,932.11 |
247,289,669.30 |
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Long-term Loan |
37,224,913.28 |
33,789,797.63 |
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Total Liabilities |
425,741,845.39 |
281,079,466.93 |
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Shareholders' Equity |
|
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 367,033 shares |
367,033,000.00 |
367,033,000.00 |
|
Capital Paid |
367,033,000.00 |
367,033,000.00 |
|
Surplus on Land
Appraisal |
48,063,540.00 |
48,063,540.00 |
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Surplus on Share
Capital |
190,000,000.00 |
190,000,000.00 |
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Retained Earning -
Unappropriated |
[340,823,072.14] |
[341,547,195.94] |
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Total Shareholders' Equity |
264,273,467.86 |
263,549,344.06 |
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Total Liabilities & Shareholders' Equity |
690,015,313.25 |
544,628,810.99 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
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Sales Income |
616,957,166.47 |
588,392,005.36 |
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Other Income |
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Gain on
Exchange Rate |
224,844.70 |
7,049,352.24 |
|
Others |
341,365.53 |
1,018,360.02 |
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Total Revenues |
617,523,376.70 |
596,459,717.62 |
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Expenses |
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Cost of Goods
Sold |
538,851,981.39 |
524,176,264.57 |
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Selling &
Administrative Expenses |
63,534,572.96 |
58,381,543.64 |
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Total Expenses |
602,386,554.35 |
582,557,808.21 |
|
Profit / [Loss] before Financial
Costs |
15,136,822.35 |
13,901,909.41 |
|
Financial Costs |
[13,250,691.55] |
[9,331,373.65] |
|
Net Profit / [Loss] |
1,886,130.80 |
4,570,535.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.78 |
0.86 |
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QUICK RATIO |
TIMES |
0.31 |
0.38 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
1.65 |
1.83 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.89 |
1.08 |
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INVENTORY CONVERSION PERIOD |
DAYS |
109.37 |
77.88 |
|
INVENTORY TURNOVER |
TIMES |
3.34 |
4.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
66.00 |
57.98 |
|
RECEIVABLES TURNOVER |
TIMES |
5.53 |
6.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
61.21 |
59.27 |
|
CASH CONVERSION CYCLE |
DAYS |
114.17 |
76.59 |
|
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PROFITABILITY RATIO |
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COST OF GOODS SOLD |
% |
87.34 |
89.09 |
|
SELLING & ADMINISTRATION |
% |
10.30 |
9.92 |
|
INTEREST |
% |
2.15 |
1.59 |
|
GROSS PROFIT MARGIN |
% |
12.75 |
12.28 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.45 |
2.36 |
|
NET PROFIT MARGIN |
% |
0.31 |
0.78 |
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RETURN ON EQUITY |
% |
0.71 |
1.73 |
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RETURN ON ASSET |
% |
0.27 |
0.84 |
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EARNING PER SHARE |
BAHT |
5.14 |
12.45 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.62 |
0.52 |
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DEBT TO EQUITY RATIO |
TIMES |
1.61 |
1.07 |
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TIME INTEREST EARNED |
TIMES |
1.14 |
1.49 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
4.85 |
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OPERATING PROFIT |
% |
8.88 |
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NET PROFIT |
% |
(58.73) |
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FIXED ASSETS |
% |
16.53 |
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TOTAL ASSETS |
% |
26.69 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
12.75 |
Acceptable |
Industrial
Average |
18.18 |
|
Net Profit Margin |
0.31 |
Deteriorated |
Industrial
Average |
4.33 |
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Return on Assets |
0.27 |
Deteriorated |
Industrial
Average |
7.71 |
|
Return on Equity |
0.71 |
Deteriorated |
Industrial
Average |
17.03 |
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 12.75%. 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 0.31%.
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 0.27%.
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 0.71%.
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 |
0.78 |
Risky |
Industrial
Average |
1.13 |
|
Quick Ratio |
0.31 |
|
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Cash Conversion Cycle |
114.17 |
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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 0.78 times in 2011, decrease from 0.86 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 0.31 times in 2011,
decrease from 0.38 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 115 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
1.61 |
Risky |
Industrial
Average |
1.12 |
|
Times Interest Earned |
1.14 |
Deteriorated |
Industrial
Average |
10.25 |
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 1.15 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 0.62 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 |
1.65 |
Acceptable |
Industrial Average |
3.04 |
|
Total Assets Turnover |
0.89 |
Acceptable |
Industrial Average |
1.43 |
|
Inventory Conversion Period |
109.37 |
|
|
|
|
Inventory Turnover |
3.34 |
Acceptable |
Industrial Average |
5.01 |
|
Receivables Conversion Period |
66.00 |
|
|
|
|
Receivables Turnover |
5.53 |
Satisfactory |
Industrial Average |
6.99 |
|
Payables Conversion Period |
61.21 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.90 |
|
|
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
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
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.