MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPX FLOW TECHNOLOGY [THAILAND] LIMITED |
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Formerly Known As : |
APV [THAILAND] LIMITED |
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Registered Office : |
27th Floor, Unit 2702, Bangkok Business Center Building, 29 Sukhumvit 63 Road, Klongtonnua, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.09.1986 |
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Com. Reg. No.: |
0105529032621 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer And Distributor of Industrial Machinery
and Spare Parts |
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No. of Employees : |
35 |
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 |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as
it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company name
SPX FLOW
TECHNOLOGY [THAILAND] LIMITED
[FORMER : APV
[THAILAND] LIMITED]
SUMMARY
BUSINESS ADDRESS : 27th
FLOOR, UNIT 2702,
BANGKOK BUSINESS
CENTER BUILDING,
29
SUKHUMVIT 63 ROAD,
KLONGTONNUA, WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2714-3838
FAX : [66]
2714-3880
E-MAIL ADDRESS : kitina.janmeesri@apv.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1986
REGISTRATION NO. : 0105529032621
TAX ID NO. : 3101414103
CAPITAL REGISTERED : BHT. 15,250,000
CAPITAL PAID-UP : BHT.
15,250,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. STEVEN ROGER
TOWNSHEND, BRITISH
GENERAL MANAGER
NO. OF STAFF : 35
LINES OF BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
15, 1986 as
a private limited
company under the originally
registered name “APV [Thailand]
Ltd.”, by Foreign groups, with
the business objective
to import and
distribute machinery and spare
parts for food
processing and beverage industries. On February 12, 2004,
its registered name
was changed to “Invensys System
[Thailand] Company Limited”,
and was changed
again to “APV
[Thailand] Limited”, on
October 1, 2008.
On March 2,
2010, its registered
name was finally
changed to SPX
FLOW TECHNOLOGY [THAILAND] LIMITED.
Its business is
currently expanded to import
and distribute wide
range of industrial
machinery and spare
parts. It currently
employs 35 staff.
It is a
wholly owned subsidiary of
SPX Luxembourg Acquisition
Company Sarl., in
Luxembourg, and is
also a member
of SPX Corporation
in U.S.A.
The subject’s registered
address is 27th Flr.,
Unit 2702, Bangkok Business
Center Building, 29
Sukhumvit 63 Rd., Klongtonnua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Steven Roger Townshend |
|
British |
49 |
|
Mr. Kevin L. Lilly |
|
American |
59 |
|
Mr. Jeremy Wade Smeltser |
|
American |
38 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Steven Roger Townshend
is the General
Manager.
He is British
nationality with the
age of 49
years old.
Mr. Somtob Chaeycharoen is
the Project Manager.
He is Thai
nationality.
Ms. Nittaya Jiwanan is
the Finance Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in importing and
distributing of machinery
and spare parts for
food processing and
beverage industries, as
well as other
industries, such as
dairy products, pharmaceutical, health & personal care,
power plant, energy
and etc. The
subject also provides
after sales services.
MAJOR BRANDS
“APV”, “BRAN & LUEBBE”, “GERSTENBERG”, “JOHNSON
PUMP”, “LIGHTNIN”, “WAUKESHA
CHERRY-BURRELL”, “WCB-FLOW” and
etc.
PURCHASE
90% of the
products is imported
from U.S.A., U.K.,
Singapore, Republic of
China, Japan and
India, the remaining
10% is purchased
locally.
MAJOR SUPPLIERS
SPX Corporation : U.S.A.
SPX Flow Technology
London Ltd. :
U.K.
SALES
100% of the
products is sold
locally by wholesale
and retail to
manufacturers and end-users.
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 according to
IRICO’S DATABASE for
the past two
years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90 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.
Citibank N.A. [Bangkok
Branch]
EMPLOYMENT
The subject currently
employs 35 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Subject has moderate
business performance during
the past several
years. However, consumption
slowdown had decreased
demand of such
products in 2011. Nevertheless,
in line with overall recovery in 2012, domestic
industry has witnessed
an uptrend. Increased consumption from local
industry has contributed
to improve subject’s
sales and services.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 10,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
follows:
Bht. 8,000,000 on April 16,
1991
Bht. 10,000,000 on February 7,
2000
Bht. 12,000,000 on January 26,
2001
Bht. 25,000,000 on April 10,
2007
On April 28,
2008, its registered
capital was decreased
to Bht. 15,250,000 divided
into 152,500 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at October 15,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
SPX Luxembourg Acquisition
Company Sarl. Nationality: Luxembourg Address : Carr
Bonn 20 Rue
de la Poste
L-2346,
Luxembourg |
152,498 |
100.00 |
|
SPX Flow Technology
London Limited Nationality: British Address : 2
City Place, Beehive
Ring Rd., Gatwick, West Sussex,
RH6 0PA, U.K.
|
1 |
- |
|
APV Overseas Holdings
Limited Nationality: British Address : 2
City Place, Beehive
Ring Rd., Gatwick, West Sussex,
RH6 0PA, U.K.
|
1 |
- |
Total Shareholders : 3
Share Structure
[as at October
15, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
152,500 |
100.00 |
|
Total |
3 |
152,500 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Nisakorn Songmanee No.
5035
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
136,667,677 |
95,437,921 |
|
Trade Accounts & Other Receivable |
71,688,973 |
39,505,515 |
|
Inventories |
119,561,068 |
38,051,257 |
|
Other Current Assets
|
346,190 |
337,610 |
|
|
|
|
|
Total Current Assets
|
328,263,908 |
173,332,303 |
|
|
|
|
|
Fixed Assets |
1,001,277 |
1,329,066 |
|
Total Assets |
329,265,185 |
174,661,369 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
209,011,572 |
69,720,194 |
|
Accrued Income Tax |
4,428,823 |
9,200,118 |
|
Other Current Liabilities |
2,467,385 |
5,452,411 |
|
|
|
|
|
Total Current Liabilities |
215,907,780 |
84,372,723 |
|
|
|
|
|
Employee’s Benefit Obligation |
5,314,763 |
- |
|
Total Liabilities |
221,222,543 |
84,372,723 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 152,500 shares |
15,250,000 |
15,250,000 |
|
|
|
|
|
Capital Paid |
15,250,000 |
15,250,000 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
2,500,000 |
2,500,000 |
|
Unappropriated |
90,292,642 |
72,538,646 |
|
Total Shareholders' Equity |
108,042,642 |
90,288,646 |
|
Total Liabilities & Shareholders' Equity |
329,265,185 |
174,661,369 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
187,909,242 |
143,455,922 |
|
Services Income |
45,067,955 |
104,709,912 |
|
Other Income |
1,774,474 |
2,194,550 |
|
Total Revenues |
234,751,671 |
250,360,384 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
123,615,390 |
81,365,473 |
|
Cost of Services |
25,808,743 |
81,115,242 |
|
Selling Expenses |
30,108,312 |
28,228,939 |
|
Administrative Expenses |
28,115,566 |
17,789,380 |
|
Total Expenses |
207,648,011 |
208,499,034 |
|
|
|
|
|
Profit before Income Tax |
27,103,660 |
41,861,350 |
|
Income Tax |
[9,349,664] |
[13,517,575] |
|
Net Profit / [Loss] |
17,753,996 |
28,343,775 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.52 |
2.05 |
|
QUICK RATIO |
TIMES |
0.97 |
1.60 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
232.68 |
186.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.71 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
292.05 |
85.48 |
|
INVENTORY TURNOVER |
TIMES |
1.25 |
4.27 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
112.31 |
58.10 |
|
RECEIVABLES TURNOVER |
TIMES |
3.25 |
6.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
510.55 |
156.62 |
|
CASH CONVERSION CYCLE |
DAYS |
(106.19) |
(13.04) |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
64.14 |
65.47 |
|
SELLING & ADMINISTRATION |
% |
24.99 |
18.54 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
36.62 |
35.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.63 |
16.87 |
|
NET PROFIT MARGIN |
% |
7.62 |
11.42 |
|
RETURN ON EQUITY |
% |
16.43 |
31.39 |
|
RETURN ON ASSET |
% |
5.39 |
16.23 |
|
EARNING PER SHARE |
BAHT |
116.42 |
185.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.05 |
0.93 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(6.12) |
|
|
OPERATING PROFIT |
% |
(35.25) |
|
|
NET PROFIT |
% |
(37.36) |
|
|
FIXED ASSETS |
% |
(24.66) |
|
|
TOTAL ASSETS |
% |
88.52 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
36.62 |
Impressive |
Industrial Average |
15.74 |
|
Net Profit Margin |
7.62 |
Impressive |
Industrial Average |
1.55 |
|
Return on Assets |
5.39 |
Impressive |
Industrial Average |
2.93 |
|
Return on Equity |
16.43 |
Impressive |
Industrial Average |
7.57 |
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 36.62%. 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
7.62%, 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. Return on Assets ratio is
5.39%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 16.43%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.52 |
Satisfactory |
Industrial Average |
1.63 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
(106.19) |
|
|
|
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 1.52 times in 2011, decreased from 2.05 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 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 0.97 times in 2011,
decreased from 1.6 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 -107 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
2.05 |
Risky |
Industrial Average |
1.59 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.88 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.67 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 |
232.68 |
Impressive |
Industrial Average |
7.82 |
|
Total Assets Turnover |
0.71 |
Deteriorated |
Industrial Average |
1.89 |
|
Inventory Conversion Period |
292.05 |
|
|
|
|
Inventory Turnover |
1.25 |
Deteriorated |
Industrial Average |
4.22 |
|
Receivables Conversion Period |
112.31 |
|
|
|
|
Receivables Turnover |
3.25 |
Acceptable |
Industrial Average |
4.85 |
|
Payables Conversion Period |
510.55 |
|
|
|
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.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.