MIRA INFORM REPORT
|
Report No. : |
328511 |
|
Report Date : |
29.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
IPMTV CO., LTD. |
|
|
|
|
Registered Office : |
16th B Floor, Amornpan 205 Tower, 89/23 Ratchadapisaek Road, Dindaeng, Bangkok 10400 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Com. Reg. No.: |
0105547134553 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
·
Manufacturing of
satellite disc [orange color] ·
Broadcasting satellite
television system service ·
Distributing and
exporting of Set-Top-Box |
|
|
|
|
No. of Employee : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 |
A2 |
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
IPMTV CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 16th B FLOOR,
AMORNPAN 205 TOWER,
89/23 RATCHADAPISAEK ROAD,
DINDAENG,
BANGKOK 10400,
THAILAND
TELEPHONE : [66] 2245-0222
FAX :
[66] 2245-0300
E-MAIL
ADDRESS : service@ipmss.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547134553
TAX
ID NO. : 3031577169
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MANOP TOKARNKA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : STELLITE TELEVISION
PRODUCTS AND
SERVICES
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 October 1, 2004
as a private
limited company under
the originally registered
name “Public IT Service Co., Ltd.”, by
Thai group. On
October 21, 2009,
its registered name
was changed to
IPMTV CO., LTD.
Its objective to be engaged
in satellite television. It currently employs approximately
300 staff.
The
subject’s registered address
is 16th B
Floor, Amornpan 205
Tower, 89/23 Ratchadapisaek Road,
Dindaeng, Bangkok 10400, and
this is the
subject’s current
operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Manop Tokarnka |
|
Thai |
51 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Manop Tokarnka
is the Managing
Director.
He is Thai
nationality with the
age of 51 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
broadcasting satellite business
comprising :
-
Manufacturing of
satellite disc [orange color]
-
Broadcasting satellite
television system service
-
Distributing and
exporting of Set-Top-Box
MAJOR BRAND
“IPM”
PURCHASE
The products and
material are purchased
from suppliers both
domestic and overseas
in Republic of
China and Taiwan.
SALES/SERVICES
98% of the
products is sold
and serviced locally
to wholesalers, retailers, and end-users
2% of the
rest is exported
to Laos and
Mynmar.
NAME OF
DEALERS
IPM Sales and
Service Co., Ltd.
PN Sat Co.,
Ltd.
Bangkok Sat and
CCTV Co., Ltd.
Kittisak Telecom and
Electronic Co., Ltd.
SUBSIDIARY AND
AFFILIATED COMPANY
IPM Sales and
Service Co., Ltd.
Business Type :
Installation service of
satellite disc.
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 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
The
subject was not
disclosed its banker’s
name.
EMPLOYMENT
The subject employs
approximately 300 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located
in commercial/residential area.
Factory
is located at
169 Moo 4, T.
Kaerai, A. Krathumban, Samutsakorn
74110.
COMMENT
The subject was
founded by a
group of telecommunication companies who conduct business over 20
years, with the
goal of providing satellite TV to the public. Its
business
has
been slowing down
due to unfavorable
factors such as
slowdown of economy
and strong competitive
in domestic market.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
On
October 21, 2009, the
capital was increased to Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with fully paid.
On
June 17, 2015,
it was decreased
to 25,000,000 divided into
250,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at June 15,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sunee Tawornviriyakul Nationality: Thai Address : 878
Moo 3, T.
Theparak, A. Muang,
Samutprakarn |
249,998 |
100.00 |
|
Mr. Manop Tokarnka Nationality: Thai Address : 571/2 Soi
Phasuk, Dindaeng, Bangkok
|
1 |
- |
|
Mr. Manaporn Plodpai Nationality: Thai Address : 571/2 Soi
Phasuk, Dindaeng, Bangkok
|
1 |
- |
Total Shareholders : 3
Share Structure [as
at June 15,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
250,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
250,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Ladawan Woon No.
5361
Note
The 2014 financial
statement has not
yet available during
investigation.
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,782,729.38 |
3,527,039.93 |
3,283,488.58 |
|
Trade Accounts &
Other Receivable |
52,484,145.84 |
43,897,692.47 |
31,481,570.48 |
|
Other Current Assets
|
480,410.25 |
1,482,618.74 |
- |
|
|
|
|
|
|
Total Current Assets
|
56,747,285.47 |
48,907,351.14 |
34,765,059.06 |
|
|
|
|
|
|
Long-term Investment
|
15,557,637.26 |
104,090,070.91 |
85,490,214.19 |
|
Fixed Assets |
29,981,319.11 |
24,604,594.15 |
15,030,142.35 |
|
Other Non - current Assets |
2,645,053.60 |
2,548,201.11 |
1,393,615.23 |
|
Total Assets |
104,931,295.44 |
180,150,217.30 |
136,679,030.83 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
37,697,509.82 |
68,155,528.41 |
32,733,008.23 |
|
Current Portion of
Hire-purchase Payable |
1,949,472.00 |
1,107,252.00 |
1,107,252.00 |
|
Short-term Loans |
3,362,807.28 |
- |
- |
|
Accrued Income Tax |
- |
24,409.78 |
- |
|
|
|
|
|
|
Total Current Liabilities |
43,009,789.10 |
69,287,190.19 |
33,840,260.23 |
|
Hire-purchase Payable |
2,463,169.76 |
2,879,807.28 |
2,327,127.14 |
|
Other Non-current Liabilities |
- |
3,550,000.00 |
2,900,000.00 |
|
Total Liabilities |
45,472,958.86 |
75,716,997.47 |
39,067,387.37 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[40,541,663.42] |
4,433,219.83 |
[2,388,356.54] |
|
Total Shareholders' Equity |
59,458,336.58 |
104,433,219.83 |
97,611,643.46 |
|
Total Liabilities &
Shareholders' Equity |
104,931,295.44 |
180,150,217.30 |
136,679,030.83 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
71,695,857.32 |
108,455,605.26 |
53,095,898.00 |
|
Service Income |
93,920.56 |
- |
- |
|
Other Income |
2,176,541.34 |
1,868,228.54 |
1,454,910.35 |
|
Total Revenues |
73,966,319.22 |
110,323,833.80 |
54,550,808.35 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
75,124,615.33 |
50,434,215.79 |
28,392,039.10 |
|
Selling Expenses |
5,340,234.23 |
19,736,420.92 |
12,982,732.23 |
|
Administrative Expenses |
38,156,113.63 |
30,514,990.91 |
17,592,296.68 |
|
Total Expenses |
118,620,963.19 |
100,685,627.62 |
58,967,068.01 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[44,654,643.97] |
9,638,206.18 |
[4,416,259.66] |
|
Financial Cost |
[320,239.28] |
[180,857.65] |
[78,926.91] |
|
Profit / [Loss] before Income
Tax |
[44,974,883.25] |
9,457,348.53 |
[4,495,186.57] |
|
Income Tax |
- |
[2,635,772.16] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[44,974,883.25] |
6,821,576.37 |
[4,495,186.57] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.32 |
0.71 |
1.03 |
|
QUICK RATIO |
TIMES |
1.31 |
0.68 |
1.03 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.39 |
4.41 |
3.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.68 |
0.60 |
0.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
266.84 |
147.73 |
216.42 |
|
RECEIVABLES TURNOVER |
TIMES |
1.37 |
2.47 |
1.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
183.16 |
493.25 |
420.81 |
|
CASH CONVERSION CYCLE |
DAYS |
83.69 |
(345.52) |
(204.39) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
104.65 |
46.50 |
53.47 |
|
SELLING & ADMINISTRATION |
% |
60.59 |
46.33 |
57.58 |
|
INTEREST |
% |
0.45 |
0.17 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
(1.61) |
55.22 |
49.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(62.20) |
8.89 |
(8.32) |
|
NET PROFIT MARGIN |
% |
(62.65) |
6.29 |
(8.47) |
|
RETURN ON EQUITY |
% |
(75.64) |
6.53 |
(4.61) |
|
RETURN ON ASSET |
% |
(42.86) |
3.79 |
(3.29) |
|
EARNING PER SHARE |
BAHT |
(44.97) |
6.82 |
(4.50) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.42 |
0.29 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.76 |
0.73 |
0.40 |
|
TIME INTEREST EARNED |
TIMES |
(139.44) |
53.29 |
(55.95) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(33.81) |
104.26 |
|
|
OPERATING PROFIT |
% |
(563.31) |
(318.24) |
|
|
NET PROFIT |
% |
(759.30) |
251.75 |
|
|
FIXED ASSETS |
% |
21.85 |
63.70 |
|
|
TOTAL ASSETS |
% |
(41.75) |
31.81 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -33.81%. Turnover has decreased from THB 108,455,605.26
in 2012 to THB 71,789,777.88 in 2013. While net profit has decreased from THB
6,821,576.37 in 2012 to THB -44,974,883.25 in 2013. And total assets has
decreased from THB 180,150,217.30 in 2012 to THB 104,931,295.44 in 2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(1.61) |
Deteriorated |
Industrial
Average |
21.47 |
|
Net Profit Margin |
(62.65) |
Deteriorated |
Industrial
Average |
6.87 |
|
Return on Assets |
(42.86) |
Deteriorated |
Industrial
Average |
11.50 |
|
Return on Equity |
(75.64) |
Deteriorated |
Industrial
Average |
20.00 |
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 -1.61%. 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 -62.65%.
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 -42.86%.
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 -75.64%.
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 |
1.32 |
Acceptable |
Industrial
Average |
1.85 |
|
Quick Ratio |
1.31 |
|
|
|
|
Cash Conversion Cycle |
83.69 |
|
|
|
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 1.32 times in 2013, increased from 0.71 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 1.31 times in 2013,
increased from 0.68 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 84 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
0.76 |
Impressive |
Industrial
Average |
0.73 |
|
Times Interest Earned |
(139.44) |
Risky |
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 lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -139.45 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.43 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 Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.39 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.68 |
Deteriorated |
Industrial
Average |
1.67 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
7.80 |
|
Receivables Conversion Period |
266.84 |
|
|
|
|
Receivables Turnover |
1.37 |
Deteriorated |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
183.16 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.37 and 2.47 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
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 0.68 times and 0.6
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.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.