MIRA
INFORM REPORT
|
Report No. : |
329443 |
|
Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI SECURITY PRINTING CO., LTD. |
|
|
|
|
Registered Office : |
685, 687 Soi
Ladprao 64 [Getnuti], |
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Country : |
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|
|
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
06.03.2006 |
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Com. Reg. No.: |
0105549030437 |
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor security
printing and packaging products. |
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|
|
|
No. of Employees : |
60 |
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 : |
Slow but correct |
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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 – 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 |
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Very High |
C1 |
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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 |
SUMMARY
BUSINESS
ADDRESS : 685, 687 SOI LADPRAO 64 [GETNUTI], LADPRAO ROAD,
WANGTHONGLANG, BANGKOK
10310, THAILAND
TELEPHONE : [66] 2530-2773
FAX :
[66] 2530-2774
E-MAIL
ADDRESS : sales@thaisecurityprinting.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549030437
TAX
ID NO. : 3032093989
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : FEBRUARY 28
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
AMORN PITI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : SECURITY PRINTING AND PACKAGING PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 6, 2006
as a private
limited company under
the registered name THAI SECURITY
PRINTING CO., LTD., by Thai group,
with the business
objective to manufacture and
distribute security printing and packaging products.
It currently employs
approximately 60 staff.
The
subject’s registered address
is 685, 687 Soi Ladprao
64 [Getnuti], Ladprao Road,
Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amorn Piti |
|
Thai |
48 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Amorn Piti is
the Managing Director.
He is Thai
nationality with the
age of 48 years
old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and distributing
various kinds of security printing and packaging products used in various
businesses, such as telecommunication, airline,
IT products and
services, department store,
advertising agents, duty
free, as follows:
·
Security Sticker
-
Hologram
-
Sensitive
void
-
Sensitive
double layers
-
Sensitive
logo void
-
Trademark
void
·
Security packaging
products
·
Other Security
printing
-
Promotion coupon
-
Security gift
voucher
-
Security ticket
-
Security certificate
-
Security watermarks
paper
·
Other quality
products
-
Marketing premium
-
Marketing sticker
-
Label products
PURCHASE
Raw materials and
printing chemical are
purchased from suppliers
both domestic and
overseas in U.S.A., U.K.,
Germany, Republic of
China and Japan.
SALES/SERVICES
100% of the
products is sold
and serviced locally
to end-users both
private and government
enterprises.
MAJOR CUSTOMERS
King Power International
Co., Ltd.
Small and Medium
Enterprise Development Bank
of 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
according 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.
BANKING
Krung
Thai Bank Public
Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
60 staff.
LOCATION DETAILS
The
premise is owned for administrative office
and printing house
at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at 679 Soi
Ladprao 64 [Getnuti], Ladprao
Road,
Wangthonglang, Bangkok
10310.
COMMENT
The
subject reported moderate
business in the
previous years. It
has gained creditability
and comprehensive network
with its customers. Generally,
its business is
moderately grown.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each with fully
paid.
On
May 22, 2013,
the registered capital
was increased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at September 7,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Amorn Piti Nationality: Thai Address : 525/71
Soi Ladprao 126,
Ladprao Road,
Pubpla, Wangthonglang, Bangkok
|
49,800 |
99.60 |
|
Ms. Kulada Addoddon Nationality: Thai Address : 687 Soi
Ladprao 64 [Getnuti], Ladprao Road,
Wangthonglang, Bangkok |
100 |
0.20 |
|
Ms. Tanyarat Piti Nationality: Thai Address : 525/71
Soi Ladprao 126,
Ladprao Road,
Pubpla, Wangthonglang, Bangkok
|
100 |
0.20 |
Total Shareholders : 3
Share Structure [as
at September 7, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Wisit Tirayuwat No.
6789
Note:
The 2014 financial
statement has not
yet disclosed to
public by the
Commercial Registration Department,
as soon as
it is available
we will arrange
to send it
without delay.
BALANCE SHEET [BAHT]
The latest financial figures published
as at February
28, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
414,207.94 |
411,955.81 |
322,189.00 |
|
Trade Accounts &
Other Receivable |
4,682,346.83 |
3,883,211.12 |
2,518,512.71 |
|
Inventories |
575,348.57 |
254,746.95 |
954,213.46 |
|
Other Current Assets
|
182,769.87 |
78,072.59 |
2,165,395.07 |
|
|
|
|
|
|
Total Current Assets
|
5,854,673.21 |
4,627,986.47 |
5,960,310.24 |
|
|
|
|
|
|
Fixed Assets |
34,613,300.67 |
32,811,354.08 |
22,633,122.99 |
|
Assets under Construction |
- |
- |
5,738,672.74 |
|
Other Non - current Assets |
1,480,105.42 |
1,731,583.29 |
1,645,249.21 |
|
Total Assets |
41,948,079.30 |
39,170,923.84 |
35,977,355.18 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
3,100,360.33 |
2,985,078.41 |
2,966,616.34 |
|
Trade Accounts & Other
Payable |
2,293,542.26 |
1,428,457.82 |
1,325,986.47 |
|
Current Portion of
Long-term Loans |
2,774,400.00 |
2,774,400.00 |
2,930,520.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
2,846,942.91 |
2,687,409.96 |
2,039,409.96 |
|
Other Current Liabilities |
1,079,046.18 |
1,249,107.71 |
1,350,862.37 |
|
|
|
|
|
|
Total Current Liabilities |
12,094,291.68 |
11,124,453.90 |
10,613,395.14 |
|
Long-term Loan from Financial
Lease Contract Liabilities |
10,389,698.15 |
10,580,068.52 |
13,181,901.58 |
|
Payable from Related Parties |
6,348,457.12 |
8,020,463.12 |
866,812.12 |
|
Financial Lease Contract Liabilities |
2,429,789.58 |
3,542,523.06 |
3,573,199.28 |
|
Total Liabilities |
31,262,236.53 |
33,267,508.60 |
28,235,308.12 |
|
|
|
|
|
|
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 [Deficit] |
9,685,842.77 |
4,903,415.24 |
6,742,047.06 |
|
Total Shareholders' Equity |
10,685,842.77 |
5,903,415.24 |
7,742,047.06 |
|
Total Liabilities &
Shareholders' Equity |
41,948,079.30 |
39,170,923.84 |
35,977,355.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
42,378,062.62 |
28,806,206.26 |
24,830,571.00 |
|
Other Income |
165,362.47 |
81,356.36 |
5,809,066.69 |
|
Total Revenues |
42,543,425.09 |
28,887,562.62 |
30,639,637.69 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
22,221,867.37 |
19,437,290.85 |
19,508,486.60 |
|
Selling Expenses |
568,398.18 |
533,765.73 |
285,154.90 |
|
Administrative Expenses |
11,863,765.93 |
9,558,683.16 |
8,900,762.56 |
|
Total Expenses |
34,654,031.48 |
29,529,739.74 |
28,694,404.06 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
7,889,393.61 |
[642,177.12] |
1,945,233.63 |
|
Financial Cost |
[2,142,675.76] |
[1,196,454.70] |
[1,174,542.48] |
|
Profit / [Loss] before Income
Tax |
5,746,717.85 |
[1,838,631.82] |
770,691.15 |
|
Income Tax |
[964,290.32] |
- |
[101,146.90] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,782,427.53 |
[1,838,631.82] |
669,544.25 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.48 |
0.42 |
0.56 |
|
QUICK RATIO |
TIMES |
0.42 |
0.39 |
0.27 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.22 |
0.88 |
1.10 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.01 |
0.74 |
0.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.45 |
4.78 |
17.85 |
|
INVENTORY TURNOVER |
TIMES |
38.62 |
76.30 |
20.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.33 |
49.20 |
37.02 |
|
RECEIVABLES TURNOVER |
TIMES |
9.05 |
7.42 |
9.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.67 |
26.82 |
24.81 |
|
CASH CONVERSION CYCLE |
DAYS |
12.11 |
27.16 |
30.07 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
52.44 |
67.48 |
78.57 |
|
SELLING & ADMINISTRATION |
% |
29.34 |
35.04 |
36.99 |
|
INTEREST |
% |
5.06 |
4.15 |
4.73 |
|
GROSS PROFIT MARGIN |
% |
47.95 |
32.81 |
44.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
18.62 |
(2.23) |
7.83 |
|
NET PROFIT MARGIN |
% |
11.29 |
(6.38) |
2.70 |
|
RETURN ON EQUITY |
% |
44.75 |
(31.15) |
8.65 |
|
RETURN ON ASSET |
% |
11.40 |
(4.69) |
1.86 |
|
EARNING PER SHARE |
BAHT |
478.24 |
(183.86) |
66.95 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.85 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.93 |
5.64 |
3.65 |
|
TIME INTEREST EARNED |
TIMES |
3.68 |
(0.54) |
1.66 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
47.11 |
16.01 |
|
|
OPERATING PROFIT |
% |
(1,328.54) |
(133.01) |
|
|
NET PROFIT |
% |
360.11 |
(374.61) |
|
|
FIXED ASSETS |
% |
5.49 |
44.97 |
|
|
TOTAL ASSETS |
% |
7.09 |
8.88 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 47.11%.
Turnover has increased from THB 28,806,206.26 in 2012 to THB 42,378,062.62 in
2013. While net profit has increased from THB -1,838,631.82 in 2012 to THB 4,782,427.53
in 2013. And total assets has increased from THB 39,170,923.84 in 2012 to THB
41,948,079.30 in 2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
47.95 |
Acceptable |
Industrial
Average |
95.88 |
|
Net Profit Margin |
11.29 |
Impressive |
Industrial
Average |
6.07 |
|
Return on Assets |
11.40 |
Impressive |
Industrial
Average |
6.50 |
|
Return on Equity |
44.75 |
Impressive |
Industrial
Average |
13.66 |
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 47.95%. 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 11.29%, 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 11.4%, 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 44.75%, 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 Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.48 |
Risky |
Industrial
Average |
1.49 |
|
Quick Ratio |
0.42 |
|
|
|
|
Cash Conversion Cycle |
12.11 |
|
|
|
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 0.48 times in 2013, increased from 0.42 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 0.42 times in 2013,
increased from 0.39 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 13 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
2.93 |
Risky |
Industrial
Average |
1.03 |
|
Times Interest Earned |
3.68 |
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 3.69 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 0.75 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.22 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.01 |
Satisfactory |
Industrial
Average |
1.07 |
|
Inventory Conversion Period |
9.45 |
|
|
|
|
Inventory Turnover |
38.62 |
Impressive |
Industrial
Average |
3.57 |
|
Receivables Conversion Period |
40.33 |
|
|
|
|
Receivables Turnover |
9.05 |
Impressive |
Industrial
Average |
3.25 |
|
Payables Conversion Period |
37.67 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.05 and 7.42 in
2013 and 2012 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 2013
increased from 2012. This would suggest the company had good performance 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 increased from 5 days at the end
of 2012 to 9 days at the end of 2013. This represents a negative trend. And
Inventory turnover has decreased from 76.3 times in year 2012 to 38.62 times in
year 2013.
The company's Total Asset Turnover is calculated as 1.01 times and 0.74
times in 2013 and 2012 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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.