MIRA INFORM REPORT
|
Report Date : |
15.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUVARNABHUMI AUTOMATION CO., LTD. |
|
|
|
|
Registered Office : |
52/82 Moo 13, Sapansung,
Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.10.2012 |
|
|
|
|
Date of Incorporation : |
19.11.2007 |
|
|
|
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Com. Reg. No.: |
0105550121017 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in distributing wide
range of engineering and industrial
equipment, such as
four meter, watt
hour meter, vacuum
switch, variable area
flowmeter, magnetic/mass flowmeter,
ultrasonic flowmeter, pressure
gauge, switches |
|
|
|
|
No of Employees : |
9 |
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 : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed 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 recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government 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 following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company Name
SUVARNABHUMI
AUTOMATION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 52/82 MOO 13,
SAPANSUNG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2736-2020
FAX : [66] 2736-2149
E-MAIL ADDRESS : reiwat@sautomat.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2007
REGISTRATION NO. : 0105550121017
TAX ID NO. : 3032857222
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. REIWAT TIRAPRAIWONG,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 9
LINES OF BUSINESS : ENGINEERING AND
INDUSTRIAL EQUIPMENT
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 November
19, 2007 as
a private limited
company under the name
style SUVARNABHUMI AUTOMATION
CO., LTD. by
Thai groups. Its business objective
is to distribute
wide range of engineering and
industrial equipments to
domestic market. It
currently employs 9
staff.
The subject’s registered
address is 52/82
Moo 13, Sapansung,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Reiwat Tirapraiwong |
|
Thai |
44 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Reiwat Tirapraiwong is
the Managing Director.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is engaged in distributing
wide range of
engineering and industrial equipment,
such as four
meter, watt hour
meter, vacuum switch,
variable area flowmeter,
magnetic/mass flowmeter, ultrasonic
flowmeter, pressure gauge,
switches.
MAJOR BRANDS
“OMEGA”, “KOBOLD”, “TECSIS”,
“FORBES MARSHALL”, “KROHNE”
and etc.
PURCHASE
The products are
purchased from suppliers
in both domestic
and overseas, mainly Japan,
Taiwan, Germany and
Republic of China.
MAJOR SUPPLIERS
Toyo Keiso Co.,
Ltd. : Japan
Krohne Messtechnik GmbH. : Germany
Tecsis GmbH. : Germany
Kobold Instruments Ltd. :
Thailand
SALES
100% of the
products is sold
locally to wholesalers,
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
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.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 9 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located
in commercial/residential area.
COMMENT
The subject’s business
performance is seemed
to have a
slow growth affected
by industrial slowdown.
Since 2013 decline consumption in domestic market has
caused to decrease
industrial related materials
and equipments. The impact of slow
spending and delay
of new investment would
pressure subject’s performance
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at
February 14, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Reiwat Tirapraiwong Nationality: Thai Address : 52/82
Moo 13, Sapansung,
Bangkok |
9,998 |
99.98 |
|
Ms. Vipaporn Rarerng Nationality: Thai Address : 86
Moo 12, T. Robmuang, A. Muang,
Roi-ed |
1 |
0.01 |
|
Ms. Saowanee Singhathip Nationality: Thai Address : 125/2
Rajakarndamnern Rd., T. Naimuang, A. Muang,
Roi-ed |
1 |
0.01 |
Total Shareholders : 3
Share Structure [as at
February 14, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Cherdchay Tortrakul No.
0468
Note:
The 2013 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET
[BAHT]
The latest financial figures published
as at October 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,933,444.19 |
1,860,621.39 |
1,761,087.34 |
|
Trade Accounts Receivable
|
2,921,890.09 |
3,892,529.66 |
3,549,353.14 |
|
Inventories |
1,170,040.00 |
1,260,050.00 |
1,169,498.37 |
|
Other Current Assets
|
181,889.37 |
145,996.03 |
283,122.74 |
|
|
|
|
|
|
Total Current Assets
|
6,207,263.65 |
7,159,197.08 |
6,763,061.59 |
|
|
|
|
|
|
Fixed Assets |
631,622.09 |
357,919.61 |
283,393.42 |
|
Other Non-current Assets |
67,226.70 |
115,285.66 |
115,285.66 |
|
Total Assets |
6,906,112.44 |
7,632,402.35 |
7,161,740.67 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
2,055,467.64 |
2,702,862.01 |
1,521,130.52 |
|
Short-term Loan from Person or Other |
- |
- |
4,461,882.79 |
|
Other Current Liabilities |
43,058.67 |
41,415.71 |
64,966.90 |
|
|
|
|
|
|
Total Current Liabilities |
2,098,526.31 |
2,744,277.72 |
6,047,980.21 |
|
Loan from Director & Other |
3,561,697.42 |
3,727,064.42 |
- |
|
Total Liabilities |
5,660,223.73 |
6,471,342.14 |
6,047,980.21 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
245,888.71 |
161,060.21 |
113,760.46 |
|
Total Shareholders' Equity |
1,245,888.71 |
1,161,060.21 |
1,113,760.46 |
|
Total Liabilities &
Shareholders' Equity |
6,906,112.44 |
7,632,402.35 |
7,161,740.67 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
20,395,222.27 |
18,495,380.00 |
14,249,571.68 |
|
Service Income |
1,971,628.33 |
- |
- |
|
Other Income |
11,667.98 |
3,605.28 |
0.54 |
|
Interest Income |
29,164.34 |
16,666.32 |
1,354.65 |
|
Total Revenues |
22,407,682.92 |
18,515,651.60 |
14,250,926.87 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,514,115.13 |
14,661,459.01 |
10,506,244.13 |
|
Selling Expenses |
404,232.3 |
1,325,577.46 |
1,473,455.79 |
|
Administrative Expenses |
4,377,198.30 |
2,481,315.38 |
2,147,528.56 |
|
Total Expenses |
22,295,546.26 |
18,468,351.85 |
14,127,228.48 |
|
Profit / [Loss] before Income
Tax |
112,136.66 |
47,299.75 |
123,698.39 |
|
Income Tax |
[27,308.16] |
- |
[9,334.52] |
|
|
|
|
|
|
Net Profit / [Loss] |
84,828.50 |
47,299.75 |
114,363.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.96 |
2.61 |
1.12 |
|
QUICK RATIO |
TIMES |
2.31 |
2.10 |
0.88 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
35.41 |
51.67 |
50.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.24 |
2.42 |
1.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
24.38 |
31.37 |
40.63 |
|
INVENTORY TURNOVER |
TIMES |
14.97 |
11.64 |
8.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.68 |
76.82 |
90.92 |
|
RECEIVABLES TURNOVER |
TIMES |
7.65 |
4.75 |
4.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.84 |
67.29 |
52.85 |
|
CASH CONVERSION CYCLE |
DAYS |
29.23 |
40.90 |
78.70 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.30 |
79.27 |
73.73 |
|
SELLING & ADMINISTRATION |
% |
21.38 |
20.58 |
25.41 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
21.88 |
20.84 |
26.28 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.50 |
0.26 |
0.87 |
|
NET PROFIT MARGIN |
% |
0.38 |
0.26 |
0.80 |
|
RETURN ON EQUITY |
% |
6.81 |
4.07 |
10.27 |
|
RETURN ON ASSET |
% |
1.23 |
0.62 |
1.60 |
|
EARNING PER SHARE |
BAHT |
8.48 |
4.73 |
11.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.85 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.54 |
5.57 |
5.43 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
20.93 |
29.80 |
|
|
OPERATING PROFIT |
% |
137.08 |
(61.76) |
|
|
NET PROFIT |
% |
79.34 |
(58.64) |
|
|
FIXED ASSETS |
% |
76.47 |
26.30 |
|
|
TOTAL ASSETS |
% |
(9.52) |
6.57 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 20.93%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.88 |
Acceptable |
Industrial Average |
37.30 |
|
Net Profit Margin |
0.38 |
Deteriorated |
Industrial Average |
4.52 |
|
Return on Assets |
1.23 |
Deteriorated |
Industrial Average |
8.23 |
|
Return on Equity |
6.81 |
Deteriorated |
Industrial Average |
19.32 |
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 21.88%. 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 0.38%.
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 1.23%.
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 6.81%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.96 |
Impressive |
Industrial Average |
1.66 |
|
Quick Ratio |
2.31 |
|
|
|
|
Cash Conversion Cycle |
29.23 |
|
|
|
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 2.96 times in 2012, increased from 2.61 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 2.31 times in 2012,
increased from 2.1 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 30 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
4.54 |
Risky |
Industrial Average |
1.37 |
|
Times Interest Earned |
- |
|
Industrial Average |
- |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.82 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 Stable
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
35.41 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.24 |
Impressive |
Industrial Average |
1.82 |
|
Inventory Conversion Period |
24.38 |
|
|
|
|
Inventory Turnover |
14.97 |
Impressive |
Industrial Average |
3.88 |
|
Receivables Conversion Period |
47.68 |
|
|
|
|
Receivables Turnover |
7.65 |
Impressive |
Industrial Average |
4.50 |
|
Payables Conversion Period |
42.84 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.65 and
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 31 days at the
end of 2011 to 24 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 11.64 times in year 2011 to 14.97
times in year 2012.
The company's Total Asset Turnover is calculated as 3.24 times and 2.42
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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.