MIRA INFORM REPORT
|
Report No. : |
322201 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
WOORY INDUSTRIAL [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
32/8 Moo 7, T. Pong, A. Banglamung, Chonburi 20150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.03.2004 |
|
|
|
|
Com. Reg. No.: |
0215547000998 |
|
|
|
|
Legal Form : |
PRIVATE LIMITED COMPANY |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing and
distributing of plastic parts
for air conditioning industries
such as air
damper actuator, clutch
coil, evaporator sensor,
temperature switch, front
blower switch, rear blower
switch |
|
|
|
|
No. of Employee : |
73 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 has had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand 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 both 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. Government approved flood mitigation projects, worth $11.7 billion, were started in 2012 to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as the country faced political uncertainty and a coup in May 2014. The interim government is implementing a special $11 billion short-term stimulus package and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name
WOORY INDUSTRIAL [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 32/8
MOO 7, T.
PONG, A. BANGLAMUNG,
CHONBURI 20150,
THAILAND
TELEPHONE : [66] 38
227-392-7
FAX
: [66] 38
287-398
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0215547000998 [Former :
0217354700999]
TAX
ID NO. : 3031302679
CAPITAL REGISTERED : BHT. 19,000,000
CAPITAL PAID-UP : BHT.
19,000,000
SHAREHOLDER’S PROPORTION : SOUTH
KOREAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
JUNG JAE HEE,
SOUTH KOREAN
MANAGING DIRECTOR
NO.
OF STAFF : 73
LINES
OF BUSINESS : AIR
CONDITIONING PARTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 26, 2004
as a private
limited company under
the registered name WOORY
INDUSTRIAL [THAILAND] CO.,
LTD., by
South Korean groups,
in order to operate
as a manufacturer
and distributor of
air conditioning parts
for local market.
It currently employs
73 staff.
The
subject’s registered address
is 32/8 Moo
7, T. Pong, A.
Banglamung,
Chonburi
20150, and this
is the company’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kim Myung
Joon |
|
South Korean |
74 |
|
Mr. Kim Jung
Woo |
|
South Korean |
44 |
|
Mr. Jung Jae
Hee |
|
South Korean |
47 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jung Jae
Hee is the
Managing Director.
He is South
Korean nationality with
the age of
47 years old.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
and distributing of plastic
parts for air
conditioning industries such
as air damper
actuator, clutch coil,
evaporator sensor, temperature
switch, front blower
switch, rear blower
switch and etc.
BRAND
NAME
“WR”
PURCHASE
Raw materials are
purchased from suppliers in
both domestic and
overseas mainly Japan,
Germany, Korea, Taiwan
and Republic of
China.
MAJOR
SUPPLIER
Woory Industrial Co.,
Ltd. : Korea
SALES
100% of the
products is sold
locally to air-conditioning manufactures.
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
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
73 office staff
and factory workers.
LOCATION
DETAILS
The premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
COMMENT
Subject was formed
in 2004 as a
manufacturer and distributor of
plastic parts for air
conditioning industries. The
subject’s air-conditioning parts
are sold to
local air-conditioning manufactures
who supply the
air-conditioners to automobile
and electric appliance
industries.
The subject’s operating
performance in 2014
was moderately fair with
an increase in
both sales revenue
and net profit
comparing to the
previous year. In
general, the subject’s
business is promising
in line with
the improvement and
recovery of related
industries.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
19,000,000 divided into
190,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
March 13, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Lee Bijong
Jay Nationality : South Korean Address : South
Korea |
95,000 |
50.00 |
|
Woory Industrial Co.,
Ltd. Nationality : South Korean Address : South
Korea |
94,993 |
49.99
|
|
Mr. Kim Myung Joon Nationality : South Korean Address : South
Korea |
1 |
|
|
Mr. Kim Jung
Wu Nationality : South Korean Address : South
Korea |
1 |
|
|
Mr. So Eun
Dong Nationality : South Korean Address : South
Korea |
1 |
|
|
Mr. Kung Seong
Ku Nationality : South Korean Address : South
Korea |
1 |
= 0.01 |
|
Mr. Min Mun
Ki Nationality : South Korean Address : South
Korea |
1 |
|
|
Mr. Lee Eug
Chon Nationality : South Korean Address : South
Korea |
1 |
|
|
Mr. Jung Jae
Hee Nationality : South Korean Address : South
Korea |
1 |
|
Total Shareholders : 9
Share Structure [as
at March 13,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - South Korean |
9 |
190,000 |
100.00 |
|
Total |
9 |
190,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Amornrat Inthorn
No. 8311
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 |
35,238,780.16 |
36,043,428.44 |
628,204.48 |
|
Trade Accounts &
Other Receivable |
48,644,647.88 |
47,813,236.92 |
45,914,651.14 |
|
Inventories |
40,795,538.56 |
35,577,747.36 |
57,367,978.05 |
|
Other Current Assets
|
3,621,391.59 |
2,373,220.81 |
177,489.05 |
|
|
|
|
|
|
Total Current Assets
|
128,300,358.19 |
121,807,633.53 |
104,088,322.72 |
|
|
|
|
|
|
Fixed Assets |
28,161,914.45 |
27,945,540.96 |
31,403,620.92 |
|
Other Non - current Assets |
220,500.00 |
217,500.00 |
215,046.27 |
|
Total Assets |
156,682,772.64 |
149,970,674.49 |
135,706,989.91 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
- |
- |
4,716,966.93 |
|
Trade Accounts & Other
Payable |
14,482,290.90 |
32,258,424.52 |
22,268,349.65 |
|
Current Portion of
Long-term Liabilities |
1,200,000.00 |
1,200,000.00 |
1,200,000.00 |
|
Accrued Copyright |
38,573,018.33 |
29,842,353.62 |
42,556,660.49 |
|
Accrued Income Tax |
3,495,635.75 |
4,309,991.46 |
3,822,215.95 |
|
Accrued Customs Duties |
2,457,061.00 |
2,457,061.00 |
2,774,773.00 |
|
Other Current Liabilities |
183,452.59 |
4,918,591.78 |
1,066,527.72 |
|
|
|
|
|
|
Total Current Liabilities |
60,391,458.57 |
74,986,422.38 |
78,405,493.74 |
|
Long-term Loan |
1,480,835.45 |
2,462,518.15 |
3,371,482.01 |
|
Total Liabilities |
61,872,294.02 |
77,448,940.53 |
81,776,975.75 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 190,000 shares |
19,000,000.00 |
19,000,000.00 |
19,000,000.00 |
|
|
|
|
|
|
Capital Paid |
19,000,000.00 |
19,000,000.00 |
19,000,000.00 |
|
Retained Earnings: Appropriated for statutory reserve |
1,900,000.00 |
1,900,000.00 |
1,900,000.00 |
|
Unappropriated |
73,910,478.62 |
51,621,733.96 |
33,030,014.16 |
|
Total Shareholders' Equity |
94,810,478.62 |
72,521,733.96 |
53,930,014.16 |
|
Total Liabilities & Shareholders' Equity |
156,682,772.64 |
149,970,674.49 |
135,706,989.91 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
382,797,182.11 |
378,665,582.67 |
397,710,346.49 |
|
Other Income |
3,695,734.30 |
1,247,547.77 |
5,176,538.78 |
|
Total Revenues |
386,492,916.41 |
379,913,130.44 |
402,886,885.27 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
313,452,405.51 |
311,178,097.37 |
344,612,818.77 |
|
Selling Expenses |
2,214,360.91 |
1,528,273.21 |
1,230,383.08 |
|
Administrative Expenses |
34,178,424.54 |
35,082,212.92 |
31,521,896.28 |
|
Total Expenses |
349,845,190.96 |
347,788,583.50 |
377,365,098.13 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
36,647,725.45 |
32,124,546.94 |
25,521,787.14 |
|
Financial Cost |
[218,768.80] |
[339,760.89] |
[477,049.90] |
|
Profit / [Loss] before Income
Tax |
36,428,956.65 |
31,784,786.05 |
25,044,737.24 |
|
Income Tax |
[7,340,211.99] |
[6,393,066.25] |
[5,780,674.59] |
|
|
|
|
|
|
Net Profit / [Loss] |
29,088,744.66 |
25,391,719.80 |
19,264,062.65 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.12 |
1.62 |
1.33 |
|
QUICK RATIO |
TIMES |
1.39 |
1.12 |
0.59 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
13.59 |
13.55 |
12.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.44 |
2.52 |
2.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.50 |
41.73 |
60.76 |
|
INVENTORY TURNOVER |
TIMES |
7.68 |
8.75 |
6.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.38 |
46.09 |
42.14 |
|
RECEIVABLES TURNOVER |
TIMES |
7.87 |
7.92 |
8.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.86 |
37.84 |
23.59 |
|
CASH CONVERSION CYCLE |
DAYS |
77.02 |
49.98 |
79.31 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.88 |
82.18 |
86.65 |
|
SELLING & ADMINISTRATION |
% |
9.51 |
9.67 |
8.24 |
|
INTEREST |
% |
0.06 |
0.09 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
19.08 |
18.15 |
14.65 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.57 |
8.48 |
6.42 |
|
NET PROFIT MARGIN |
% |
7.60 |
6.71 |
4.84 |
|
RETURN ON EQUITY |
% |
30.68 |
35.01 |
35.72 |
|
RETURN ON ASSET |
% |
18.57 |
16.93 |
14.20 |
|
EARNING PER SHARE |
BAHT |
153.10 |
133.64 |
101.39 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.39 |
0.52 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.65 |
1.07 |
1.52 |
|
TIME INTEREST EARNED |
TIMES |
167.52 |
94.55 |
53.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.09 |
(4.79) |
|
|
OPERATING PROFIT |
% |
14.08 |
25.87 |
|
|
NET PROFIT |
% |
14.56 |
31.81 |
|
|
FIXED ASSETS |
% |
0.77 |
(11.01) |
|
|
TOTAL ASSETS |
% |
4.48 |
10.51 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 1.09%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.08 |
Acceptable |
Industrial
Average |
37.56 |
|
Net Profit Margin |
7.60 |
Deteriorated |
Industrial
Average |
16.29 |
|
Return on Assets |
18.57 |
Deteriorated |
Industrial
Average |
40.34 |
|
Return on Equity |
30.68 |
Acceptable |
Industrial
Average |
58.82 |
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 19.08%. 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 7.6%. 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 18.57%.
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 30.68%.
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 |
2.12 |
Satisfactory |
Industrial
Average |
2.76 |
|
Quick Ratio |
1.39 |
|
|
|
|
Cash Conversion Cycle |
77.02 |
|
|
|
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 2.12 times in 2014, increase from 1.62 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 1.39 times in 2014,
increase from 1.12 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 78 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.39 |
Acceptable |
Industrial
Average |
0.31 |
|
Debt to Equity Ratio |
0.65 |
Impressive |
Industrial
Average |
0.44 |
|
Times Interest Earned |
167.52 |
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 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 167.52 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 0.39 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
13.59 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.44 |
Satisfactory |
Industrial
Average |
2.48 |
|
Inventory Conversion Period |
47.50 |
|
|
|
|
Inventory Turnover |
7.68 |
Acceptable |
Industrial
Average |
14.73 |
|
Receivables Conversion Period |
46.38 |
|
|
|
|
Receivables Turnover |
7.87 |
Impressive |
Industrial
Average |
5.87 |
|
Payables Conversion Period |
16.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.87 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 increased from 42 days at the
end of 2013 to 48 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 8.75 times in year 2013 to 7.68 times
in year 2014.
The company's Total Asset Turnover is calculated as 2.44 times and 2.52
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.