MIRA INFORM REPORT
|
Report No. : |
334731 |
|
Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAHABHANT ELECTRIC CO., LTD. |
|
|
|
|
Registered Office : |
38/10 Moo 3, Soi Tanasit, Taparak Road, T. Bangpla, A. Bangplee, Samutprakarn 10540, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.08.2005 |
|
|
|
|
Com. Reg. No.: |
0115548008420 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, distributing and exporting
of high voltage transformers and related equipments under
its own brand “SEC”, as well as
contract manufacturing of the products under customer’s brands. |
|
|
|
|
No. of Employees : |
300 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
A2 |
|
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 has historically had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
SAHABHANT ELECTRIC
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 38/10
MOO 3, SOI
TANASIT, TAPARAK ROAD,
T.
BANGPLA, A. BANGPLEE, SAMUTPRAKARN
10540,
THAILAND
TELEPHONE
: [66] 081
357-4480, 2182-1033-6
FAX :
[66] 2182-1039
E-MAIL ADDRESS : sale@sahabhant.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0115548008420
TAX ID NO. : 3031890657
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP
: BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
PRAPAS CHANTARANGSRI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : TRANSFORMERS AND RELATED
EQUIPMENT
MANUFACTURER, DISTRIBUTOR,
EXPORTER
AND
CONTRACT MANUFACTURER
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
August 15, 2005 as
a private limited
company under the
registered name SAHABHANT
ELECTRIC CO., LTD., by
Thai group, with the
business objective to
manufacture transformers and
related equipment to
both domestic and
overseas markets. It
currently employs approximately
300 staff.
The subject’s
registered address is
38/10 Moo 3, Soi Tanasit,
Taparak Road, T. Bangpla, A. Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Prapas
Chantarangsri |
Thai |
46 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prapas
Chantarangsri
is the Managing
Director.
He is Thai
nationality with the
age of 46
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, distributing
and exporting of
high voltage transformers
and related equipments
under its own
brand “SEC”, as well
as contract manufacturing
of the products
under customer’s brands.
PURCHASE
Raw materials and
components are purchased
from suppliers both
domestic and overseas
in Germany, Republic
of China, Japan
and Taiwan.
SALES
The products are
sold and serviced
to wholesalers, manufacturers, and
end-users with 90%
to local and
the remaining 10% to
overseas, e.g. Republic of
China, Taiwan and
Malaysia.
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
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject
employs approximately 300
staff.
LOCATION
DETAILS
The premise
is owned for administrative office, factory
and warehouse at the heading
address. Premise is
located in provincial.
COMMENT
Subject has
witnessed persistent increased
in its business turnover in addition
to secure reliable
product quality in
the previous year. Subject has
built up good-term supply
and producing with
efficiency process that
can be trusted
with international standard.
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. 3,000,000
on August 18,
2006
Bht. 10,000,000
on March 13,
2007
Bht. 27,000,000
on May 12,
2008
Bht. 50,000,000
on April 5,
2010
The latest
registered capital was
increased to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
29, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prapas Chantarangsri
Nationality: Thai Address : 527
Charansanitwong Road, Bangplad,
Bangkok |
499,994 |
99.99 |
|
Mr. Suebsak
Thipsong Nationality: Thai Address : 217
Moo 9, T. Dokkamtai, A. Dokkamtai, Payao |
3 |
|
|
Mr. Sriron Thipsong Nationality: Thai Address : 123/188
Moo 11, Nawamin
Road,
Kannayao, Bangkok |
1 |
|
|
Ms. Jarin
Thuekwamsat Nationality: Thai Address : 89
Moo 1, Teparak
Road, Praeksamai,
Muang, Samutprakarn |
1 |
= 0.01 |
|
Mrs. Monthien
Sonnoi Nationality: Thai Address : 529
Moo 4, Teparak
Road, Teparak,
Muang, Samutprakarn |
1 |
|
Total
Shareholders : 5
Share Structure [as at
April 29, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
500,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Udom Jaipiam No. 1976
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current
Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
9,995,090.33 |
523,580.98 |
658,506.56 |
|
Trade Accounts &
Other Receivable |
49,732,863.33 |
57,951,045.76 |
109,795,343.80 |
|
Short-term Loan to Related Company |
25,653,808.83 |
- |
- |
|
Inventories |
91,742,838.50 |
91,459,314.62 |
63,810,614.78 |
|
Other Current Assets
|
4,587,922.30 |
8,060,562.88 |
54,292,696.39 |
|
|
|
|
|
|
Total Current Assets |
181,712,523.29 |
157,994,504.24 |
228,557,161.53 |
|
Cash at Bank pledged as a Collateral |
6,938,370.54 |
6,812,989.26 |
8,642,619.40 |
|
Long-term Investment |
9,499,600.00 |
9,499,600.00 |
2,299,600.00 |
|
Fixed Assets |
98,398,979.98 |
89,594,597.71 |
78,704,728.48 |
|
Other Non -
current Assets |
- |
- |
501,624.00 |
|
Total Assets |
296,549,473.81 |
263,901,691.21 |
318,705,733.41 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial
Institutions |
82,325,987.26 |
113,533,426.85 |
134,053,806.29 |
|
Trade Accounts & Other
Payable |
108,499,514.11 |
43,281,177.20 |
88,860,057.95 |
|
Current
Portion of Liabilities |
|
|
|
|
Long-term loans
from financial Institutions |
3,960,746.04 |
5,325,421.01 |
2,172,000.00 |
|
Financial
lease contract payable |
5,001,798.79 |
2,629,247.23 |
2,266,430.17 |
|
Accrued Income Tax |
- |
- |
5,222,727.71 |
|
Other Current Liabilities |
866,094.91 |
2,727,556.30 |
3,940,733.31 |
|
|
|
|
|
|
Total Current Liabilities |
200,654,141.11 |
167,496,828.59 |
236,515,755.43 |
|
Long-term Loan from Related Person |
- |
7,670,000.00 |
1,289,000.00 |
|
Current
Portion of Liabilities
|
|
|
|
|
Long-term loans
from financial Institutions |
843,958.24 |
4,811,424.33 |
1,755,050.74 |
|
Financial
lease contract payable |
7,195,077.96 |
4,351,153.22 |
2,665,850.66 |
|
Total Liabilities |
208,693,177.31 |
184,329,406.14 |
242,225,656.83 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 100 par
value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning
Unappropriated |
37,856,296.50 |
29,572,285.07 |
26,480,076.58 |
|
Total Shareholders'
Equity |
87,856,296.50 |
79,572,285.07 |
76,480,076.58 |
|
Total Liabilities
& Shareholders' Equity |
296,549,473.81 |
263,901,691.21 |
318,705,733.41 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
318,957,908.73 |
201,282,786.25 |
306,371,130.58 |
|
Income from Repairing Transformers and More |
3,136,500.00 |
3,930,370.66 |
13,600,856.37 |
|
Interest Income |
768,518.23 |
147,527.73 |
187,702.25 |
|
Gain on Exchange Rate
|
118,378.51 |
451,039.38 |
176,728.61 |
|
Other Income |
2,778,321.40 |
92,125.75 |
324,895.10 |
|
Total Revenues |
325,759,626.87 |
205,903,849.77 |
320,661,312.91 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
253,374,253.63 |
149,358,030.89 |
253,960,246.26 |
|
Selling Expenses |
12,857,145.36 |
9,442,706.03 |
11,875,657.18 |
|
Administrative
Expenses |
38,327,383.08 |
27,895,978.25 |
28,308,275.26 |
|
Total Expenses |
304,558,782.07 |
186,696,715.17 |
294,144,178.70 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost & Income
Tax |
21,200,844.80 |
19,207,134.60 |
26,517,134.21 |
|
Financial Cost |
[10,526,876.38] |
[15,155,146.64] |
[14,679,745.64] |
|
Profit / [Loss]
before Income Tax |
10,673,968.42 |
4,051,987.96 |
11,837,388.57 |
|
Income Tax |
[2,389,956.99] |
[959,779.47] |
[2,834,648.78] |
|
|
|
|
|
|
Net Profit / [Loss]
|
8,284,011.43 |
3,092,208.49 |
9,002,739.79 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
0.94 |
0.97 |
|
QUICK RATIO |
TIMES |
0.43 |
0.35 |
0.47 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.24 |
2.25 |
3.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.08 |
0.76 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
132.16 |
223.51 |
91.71 |
|
INVENTORY TURNOVER |
TIMES |
2.76 |
1.63 |
3.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.91 |
105.09 |
130.81 |
|
RECEIVABLES TURNOVER |
TIMES |
6.41 |
3.47 |
2.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
156.30 |
105.77 |
127.71 |
|
CASH CONVERSION CYCLE |
DAYS |
32.77 |
222.82 |
94.80 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.44 |
74.20 |
82.89 |
|
SELLING & ADMINISTRATION |
% |
16.05 |
18.55 |
13.12 |
|
INTEREST |
% |
3.30 |
7.53 |
4.79 |
|
GROSS PROFIT MARGIN |
% |
22.69 |
28.09 |
21.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.65 |
9.54 |
8.66 |
|
NET PROFIT MARGIN |
% |
2.60 |
1.54 |
2.94 |
|
RETURN ON EQUITY |
% |
9.43 |
3.89 |
11.77 |
|
RETURN ON ASSET |
% |
2.79 |
1.17 |
2.82 |
|
EARNING PER SHARE |
BAHT |
16.57 |
6.18 |
18.01 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.70 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.38 |
2.32 |
3.17 |
|
TIME INTEREST EARNED |
TIMES |
2.01 |
1.27 |
1.81 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
58.46 |
(34.30) |
|
|
OPERATING PROFIT |
% |
10.38 |
(27.57) |
|
|
NET PROFIT |
% |
167.90 |
(65.65) |
|
|
FIXED ASSETS |
% |
9.83 |
13.84 |
|
|
TOTAL ASSETS |
% |
12.37 |
(17.20) |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 58.46%. Turnover has increased
from THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.69 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
2.60 |
Deteriorated |
Industrial
Average |
8.84 |
|
Return on Assets |
2.79 |
Deteriorated |
Industrial
Average |
15.68 |
|
Return on Equity |
9.43 |
Deteriorated |
Industrial
Average |
40.26 |
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 22.69%. When
compared with the industry average, the ratio of the company was higher,
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 2.6%. 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 2.79%.
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 9.43%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
0.91 |
Risky |
Industrial
Average |
1.35 |
|
Quick Ratio |
0.43 |
|
|
|
|
Cash Conversion Cycle |
32.77 |
|
|
|
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 0.91 times in 2014, decreased from 0.94 times, then the
company may have problems meeting its short-term obligations. 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 0.43
times in 2014, increased from 0.35 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 33 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
2.38 |
Risky |
Industrial
Average |
1.67 |
|
Times Interest Earned |
2.01 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet
its debt obligations. Ratio is 2.02 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 Uptrend
Times Interest Earned Stable
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
3.24 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.08 |
Acceptable |
Industrial
Average |
1.77 |
|
Inventory Conversion Period |
132.16 |
|
|
|
|
Inventory Turnover |
2.76 |
Satisfactory |
Industrial
Average |
3.61 |
|
Receivables Conversion Period |
56.91 |
|
|
|
|
Receivables Turnover |
6.41 |
Impressive |
Industrial
Average |
4.42 |
|
Payables Conversion Period |
156.30 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.41
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 224 days at the
end of 2013 to 132 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 1.63 times in year 2013 to 2.76 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.08
times and 0.76 times in 2014 and 2013 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 Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
UK Pound |
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.