MIRA INFORM REPORT
|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOUR
P. TECHNOLOGY CO.,
LTD. |
|
|
|
|
Registered Office : |
111/98 Soi Lasalle 32,
Sukhumvit 105 Road,
Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.11.1992 |
|
|
|
|
Com. Reg. No.: |
0105535149119 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
subject is
engaged in providing
a complete range
of services, including design, installation and
consulting for air pollution
treatment and control
system, mainly dust
control system, odor control
system and fume
control system to
building and various
industries, such as
food, plastic, rubber,
furniture production, paper
and pharmaceutical industries. |
|
|
|
|
No. of Employees : |
30 |
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 |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
FOUR P. TECHNOLOGY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 111/98 SOI
LASALLE 32,
SUKHUMVIT 105
ROAD, BANGNA,
BANGKOK 10260
TELEPHONE : [66] 2398-5090-2,
081 831-1327, 081
621-7991
FAX :
[66] 2398-5092
E-MAIL
ADDRESS : info@4ptech.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535149119
TAX
ID NO. : 3011192351
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. RATTANA KANPITHAYA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : AIR
POLLUTION CONTROL SYSTEM
SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on November 4,
1992 as a
private limited company under
the registered name
FOUR P. TECHNOLOGY
CO., LTD., by
Thai groups, with the business objective
to provide complete
range of air
pollution control system
for various industries.
It currently employs
approximately 30 staff.
The
subject’s registered address
is 111/98 Soi
Lasalle 32, Sukhumvit
105 Rd., Bangna,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
Mrs. Rattana Kanpithaya
AUTHORIZED PERSON
Only the above
director signs on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Rattana Kanpithaya is
the Managing Director.
She is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing a complete
range of services,
including design, installation
and consulting for air
pollution treatment and
control system, mainly
dust control system,
odor control system
and fume control
system to building
and various industries,
such as food,
plastic, rubber, furniture
production, paper and
pharmaceutical industries.
PURCHASE
100%
of equipment, materials
and supplies are
purchased from local
suppliers.
SERVICES
Its services are
for local manufactures
and end-users.
MAJOR CUSTOMER
Premier Products Co.,
Ltd. : Thailand
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 and services
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The premise
is owned for administrative office
at the heading
address. Premise is located
in commercial/residential area.
COMMENT
The
subject is a
service provider of air
pollution control units
for industrial sector.
Its business performance
in the year
2012 was moderate,
as well as
continue expanding into
the year 2013.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into
10,000 shares of Bht. 100 each
with fully paid.
On
April 27, 2004,
the capital was
increased to Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Rattana Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
59,000 |
59.00 |
|
Ms. Pimsiri Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
10,000 |
10.00 |
|
Master Purin Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
10,000 |
10.00 |
|
Master Pudis Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
10,000 |
10.00 |
|
Ms. Kulmas Kanpithaya Nationality: Thai Address : 119/20
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
9,999 |
10.00 |
|
Mr. Likit Nimtrakul Nationality: Thai Address : 121/53
Phyathai Rd., Thanon
Petchburi,
Rajthewi, Bangkok |
1,000 |
1.00 |
|
Mr. Teerayuth Tiranartvanich Nationality: Thai Address : 37/4
Sukhumvit 89/1 Rd.,
Prakanong,
Bangchak, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Suwanna Srihong No. 0421
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
12,353,509.75 |
651,109.55 |
1,855,058.07 |
|
Trade Accounts & Other Receivable |
9,132,456.89 |
2,041,079.01 |
5,041,529.70 |
|
Inventories |
3,319,201.63 |
3,872,608.26 |
4,757,444.21 |
|
Short-term Lending to Person
or Related Company |
- |
10,000,000.00 |
3,800,000.00 |
|
Other Current Assets |
- |
- |
968,795.69 |
|
|
|
|
|
|
Total Current Assets
|
24,805,168.27 |
16,564,796.82 |
16,422,827.67 |
|
|
|
|
|
|
Fixed Assets |
186,084.64 |
159,972.07 |
214,978.34 |
|
Other Non-current Assets |
1,511,286.92 |
1,511,286.92 |
1,511,286.92 |
|
Total Assets |
26,502,539.83 |
18,236,055.81 |
18,149,092.93 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Notes
Payable |
7,352,254.46 |
1,769,632.87 |
3,220,604.55 |
|
Other Current Liabilities |
221,963.90 |
2,192.70 |
53,320.16 |
|
|
|
|
|
|
Total Current Liabilities |
7,574,218.36 |
1,771,825.57 |
3,273,924.71 |
|
Total Liabilities |
7,574,218.36 |
1,771,825.57 |
3,273,924.71 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning- Unappropriated |
8,928,321.46 |
6,464,230.24 |
4,875,168.22 |
|
Total Shareholders' Equity |
18,928,321.46 |
16,464,230.24 |
14,875,168.22 |
|
Total Liabilities &
Shareholders' Equity |
26,502,539.83 |
18,236,055.81 |
18,149,092.93 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services
Income |
60,500,908.60 |
38,560,733.30 |
33,837,752.00 |
|
Other Income |
67,871.95 |
16,986.30 |
10,464.35 |
|
Total Revenues |
60,568,750.55 |
38,577,719.60 |
33,848,216.35 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
55,313,100.90 |
35,278,426.83 |
31,548,279.12 |
|
Selling Expenses |
786,719.37 |
270,766.31 |
434,781.04 |
|
Administrative Expenses |
1,266,767.76 |
754,594.19 |
640,871.43 |
|
Total Expenses |
57,366,588.03 |
36,303,787.33 |
32,623,931.59 |
|
Profit / [Loss] before Income
Tax |
3,202,162.52 |
2,273,932.27 |
1,224,284.76 |
|
Income Tax |
[738,071.29] |
[682,630.25] |
[374,314.49] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,464,091.23 |
1,591,302.02 |
849,970.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.27 |
9.35 |
5.02 |
|
QUICK RATIO |
TIMES |
2.84 |
7.16 |
3.27 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
325.13 |
241.05 |
157.40 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.28 |
2.11 |
1.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
21.90 |
40.07 |
55.04 |
|
INVENTORY TURNOVER |
TIMES |
16.66 |
9.11 |
6.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.10 |
19.32 |
54.38 |
|
RECEIVABLES TURNOVER |
TIMES |
6.62 |
18.89 |
6.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
48.52 |
18.31 |
37.26 |
|
CASH CONVERSION CYCLE |
DAYS |
28.48 |
41.08 |
72.16 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.43 |
91.49 |
93.23 |
|
SELLING & ADMINISTRATION |
% |
3.39 |
2.66 |
3.18 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
8.69 |
8.56 |
6.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.29 |
5.90 |
3.62 |
|
NET PROFIT MARGIN |
% |
4.07 |
4.13 |
2.51 |
|
RETURN ON EQUITY |
% |
13.02 |
9.67 |
5.71 |
|
RETURN ON ASSET |
% |
9.30 |
8.73 |
4.68 |
|
EARNING PER SHARE |
BAHT |
24.64 |
15.91 |
8.50 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.29 |
0.10 |
0.18 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.11 |
0.22 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
56.90 |
13.96 |
|
|
OPERATING PROFIT |
% |
40.82 |
85.74 |
|
|
NET PROFIT |
% |
54.85 |
87.22 |
|
|
FIXED ASSETS |
% |
16.32 |
(25.59) |
|
|
TOTAL ASSETS |
% |
45.33 |
0.48 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 56.9%. Turnover has increased from THB 38,560,733.30
in 2011 to THB 60,500,908.60 in 2012. While net profit has increased from THB
1,591,302.02 in 2011 to THB 2,464,091.23 in 2012. And total assets has
increased from THB 18,236,055.81 in 2011 to THB 26,502,539.83 in 2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.69 |
Deteriorated |
Industrial Average |
27.90 |
|
Net Profit Margin |
4.07 |
Impressive |
Industrial Average |
2.46 |
|
Return on Assets |
9.30 |
Impressive |
Industrial Average |
4.64 |
|
Return on Equity |
13.02 |
Impressive |
Industrial Average |
9.65 |
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 8.69%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have 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 4.07%, 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
9.3%, 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 13.02%, 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 Uptrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.27 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
2.84 |
|
|
|
|
Cash Conversion Cycle |
28.48 |
|
|
|
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 3.27 times in 2012, decreased from 9.35 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 2.84 times in 2012,
decreased from 7.16 times, although excluding inventory so the company still
have good short-term financial strength.
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 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial Average |
0.94 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.20 |
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 0.29 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 Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
325.13 |
Impressive |
Industrial Average |
1.55 |
|
Total Assets Turnover |
2.28 |
Impressive |
Industrial Average |
1.83 |
|
Inventory Conversion Period |
21.90 |
|
|
|
|
Inventory Turnover |
16.66 |
Impressive |
Industrial Average |
8.85 |
|
Receivables Conversion Period |
55.10 |
|
|
|
|
Receivables Turnover |
6.62 |
Impressive |
Industrial Average |
3.74 |
|
Payables Conversion Period |
48.52 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.62 and 18.89 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory. It
estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has decreased from 40 days at the end of 2011 to 22
days at the end of 2012. This represents a positive trend. And Inventory
turnover has increased from 9.11 times in year 2011 to 16.66 times in year
2012.
The company's Total Asset Turnover is calculated as 2.28 times and 2.11
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.