MIRA INFORM REPORT
|
Report No. : |
347557 |
|
Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPX FLOW TECHNOLOGY
[THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
APV [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
27th Floor, Unit 2702, Bangkok Business Center Building, 29 Sukhumvit 63 Road, Klongtonnua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.09.1986 |
|
|
|
|
Com. Reg. No.: |
0105529032621 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Machinery and Spare Parts. |
|
|
|
|
No. of Employees : |
43 |
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 |
|
|
|
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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 |
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, 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
SPX FLOW TECHNOLOGY [THAILAND] LIMITED
[FORMER: APV [THAILAND] LIMITED]
SUMMARY
BUSINESS
ADDRESS : 27th FLOOR,
UNIT 2702,
BANGKOK BUSINESS
CENTER BUILDING,
29 SUKHUMVIT 63 ROAD, KLONGTONNUA,
WATTANA,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2714-3838
FAX :
[66] 2714-3880
E-MAIL
ADDRESS : kitina.janmeesri@apv.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529032621
TAX
ID NO. : 3101414103
CAPITAL REGISTERED : BHT. 15,250,000
CAPITAL PAID-UP : BHT.
15,250,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. STEVEN ROGER
TOWNSHEND, BRITISH
GENERAL MANAGER
NO.
OF STAFF : 43
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND SPARE PARTS
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 September 15,
1986 as a
private limited company under
the originally registered name “APV [Thailand]
Ltd.” by Foreign groups,
with the
business objective to import and
distribute machinery and spare
parts for food
processing and beverage industries. On February 12, 2004,
its registered name
was changed to “Invensys System [Thailand] Company Limited”,
and changed again to “APV
[Thailand] Limited”, on October
1, 2008.
On March 2,
2010, its registered name was finally changed to SPX FLOW
TECHNOLOGY [THAILAND] LIMITED.
Its business is
currently expanded to import
and distribute wide
range of industrial
machinery and spare
parts. It currently
employs 43 staff.
It
is a wholly
owned subsidiary of SPX
Luxembourg Acquisition Company
Sarl., in Luxembourg,
and is also a
member of SPX
Corporation in U.S.A.
The subject’s registered address is 27th Flr., Unit
2702, Bangkok Business Center
Building, 29 Sukhumvit 63 Rd., Klongtonnua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Steven Roger Townshend |
|
British |
51 |
|
Mr. Jeremy Wade Smeltser |
|
American |
40 |
|
Mr. Stephen Athan Tsoris |
|
American |
57 |
|
Mr. Giuseppe Di Lieto |
|
Italian |
43 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Steven Roger Townshend
is the General
Manager.
He is British
nationality with the
age of 51
years old.
Mr. Somtob Chaeycharoen is
the Project Manager.
He is Thai
nationality.
Ms. Nittaya Jiwanan is
the Finance Manager.
She is Thai
nationality.
Mr. Somboon Wareechuensuk is
the Sales Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s
core business is
engaged in importing
and distributing machinery
and spare parts for
food processing and
beverage industries, as
well as other
industries, such as
dairy products, pharmaceutical, health & personal care,
power plant, energy
and etc. The
subject also provides
after sales services.
MAJOR BRANDS
“APV”, “BRAN & LUEBBE”, “GERSTENBERG”, “JOHNSON
PUMP”, “LIGHTNIN”, “WAUKESHA
CHERRY-BURRELL”, “WCB-FLOW” and
etc.
PURCHASE
90% of the
products is imported
from U.S.A., United Kingdom,
Denmark, Taiwan, Singapore,
Republic of China,
Japan and India,
the remaining 10%
is purchased locally.
MAJOR
SUPPLIERS
SPX
Corporation : U.S.A.
SPX
Flow Technology London
Ltd. : U.K.
Gerstenberg
Services A/S : Denmark
SALES
100% of the
products is sold
locally by wholesale
and retail to
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90 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
Bangkok
Bank Public Co.,
Ltd.
Citibank
N.A. [Bangkok Branch]
EMPLOYMENT
The
subject currently employs
43 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject’s operating
performance in 2014
was dropped with
a decrease in
both sales revenue
and net profit comparing
to the previous
year. This was
mainly due to
a slowdown of
local economy and
shrinkage of related
industries which finally
resulted to a
decrease in demand
of the products.
Nevertheless, the subject
was able to
obtain net profit
at the end
of year. Generally,
the subject operates
a moderate business performance.
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. 8,000,000
on April 16,
1991
Bht. 10,000,000
on February 7,
2000
Bht. 12,000,000
on January 26,
2001
Bht. 25,000,000
on April 10,
2007
On
April 28, 2008,
its registered capital
was decreased to
Bht. 15,250,000 divided into
152,500 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE: [as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
SPX Luxembourg Acquisition
Company Sarl. Nationality: Luxembourg Address : Carr
Bonn 20 Rue de
la Poste L-2346, Luxembourg
|
152,498 |
100.00 |
|
SPX Flow Technology
London Limited Nationality: British Address : 2
City Place, Beehive
Ring Rd., Gatwick, West Sussex,
RH6 0PA, U.K.
|
1 |
- |
|
APV Overseas Holdings
Limited Nationality: British Address : 2
City Place, Beehive
Ring Rd., Gatwick, West Sussex,
RH6 0PA, U.K.
|
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
152,500 |
100.00 |
|
Total |
3 |
152,500 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Niti Juengnijniran No.
3809
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 |
93,981,647 |
288,173,824 |
207,835,085 |
|
Trade Accounts &
Other Receivable |
46,380,018 |
47,156,202 |
127,996,139 |
|
Inventories |
59,861,545 |
41,941,595 |
140,686,113 |
|
Other Current Assets
|
15,774 |
196,029 |
- |
|
|
|
|
|
|
Total Current Assets
|
200,238,984 |
377,467,650 |
476,517,337 |
|
|
|
|
|
|
Fixed Assets |
995,153 |
529,552 |
916,617 |
|
Total Assets |
201,234,137 |
377,997,202 |
477,433,954 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
101,859,1290 |
68,501,363 |
256,274,810 |
|
Accrued Income Tax |
5,249,728 |
11,558,078 |
12,886,067 |
|
Other Current Liabilities |
3,400,032 |
5,882,215 |
17,705,269 |
|
|
|
|
|
|
Total Current Liabilities |
110,508,889 |
85,941,656 |
286,866,146 |
|
|
|
|
|
|
Employee Benefits Obligation |
3,384,954 |
7,424,822 |
6,335,182 |
|
Total Liabilities |
113,893,843 |
93,366,478 |
293,201,328 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
152,500 shares |
15,250,000 |
15,250,000 |
15,250,000 |
|
|
|
|
|
|
Capital Paid |
15,250,000 |
15,250,000 |
15,250,000 |
|
Retained Earnings: Appropriated for statutory reserve |
2,500,000 |
2,500,000 |
2,500,000 |
|
Unappropriated |
69,590,294 |
266,880,724 |
166,482,626 |
|
Total Shareholders' Equity |
87,340,294 |
284,630,724 |
184,232,626 |
|
Total Liabilities &
Shareholders' Equity |
201,234,137 |
377,997,202 |
477,433,954 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
224,831,909 |
173,699,839 |
352,994,629 |
|
Service Income |
80,590,345 |
314,498,282 |
213,298,744 |
|
Other Income |
1,899,630 |
2,867,669 |
1,203,061 |
|
Total Revenues |
307,321,884 |
491,065,790 |
567,496,434 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
147,894,811 |
100,540,223 |
245,241,815 |
|
Cost of Services |
46,850,445 |
215,615,568 |
158,411,458 |
|
Selling Expenses |
26,890,229 |
26,566,994 |
25,131,481 |
|
Administrative Expenses |
22,345,606 |
24,642,257 |
35,453,749 |
|
Total Expenses |
243,981,091 |
367,365,042 |
464,238,503 |
|
Profit before Income
Tax |
63,340,793 |
123,700,748 |
103,257,931 |
|
Income Tax |
[11,187,223] |
[23,302,650] |
[27,067,947] |
|
|
|
|
|
|
Net Profit / [Loss] |
52,153,570 |
100,398,098 |
76,189,984 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.81 |
4.39 |
1.66 |
|
QUICK RATIO |
TIMES |
1.27 |
3.90 |
1.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
306.91 |
921.91 |
617.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.52 |
1.29 |
1.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
112.20 |
48.42 |
127.21 |
|
INVENTORY TURNOVER |
TIMES |
3.25 |
7.54 |
2.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.43 |
35.26 |
82.50 |
|
RECEIVABLES TURNOVER |
TIMES |
6.59 |
10.35 |
4.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1,909.09 |
79.08 |
231.73 |
|
CASH CONVERSION CYCLE |
DAYS |
(1,741.47) |
4.59 |
(22.02) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
63.76 |
64.76 |
71.28 |
|
SELLING & ADMINISTRATION |
% |
16.12 |
10.49 |
10.70 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
36.86 |
35.83 |
28.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
20.74 |
25.34 |
18.23 |
|
NET PROFIT MARGIN |
% |
17.08 |
20.57 |
13.45 |
|
RETURN ON EQUITY |
% |
59.71 |
35.27 |
41.36 |
|
RETURN ON ASSET |
% |
25.92 |
26.56 |
15.96 |
|
EARNING PER SHARE |
BAHT |
341.99 |
658.35 |
499.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.25 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.30 |
0.33 |
1.59 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(37.44) |
(13.79) |
|
|
OPERATING PROFIT |
% |
(48.80) |
19.80 |
|
|
NET PROFIT |
% |
(48.05) |
31.77 |
|
|
FIXED ASSETS |
% |
87.92 |
(42.23) |
|
|
TOTAL ASSETS |
% |
(46.76) |
(20.83) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -37.44%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.86 |
Impressive |
Industrial
Average |
36.13 |
|
Net Profit Margin |
17.08 |
Impressive |
Industrial
Average |
3.91 |
|
Return on Assets |
25.92 |
Impressive |
Industrial
Average |
8.26 |
|
Return on Equity |
59.71 |
Impressive |
Industrial
Average |
19.94 |
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. Gross Profit Margin is 36.86%. 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. Net Profit Margin ratio is 17.08%,
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
25.92%, 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 59.71%, 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 :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.81 |
Impressive |
Industrial
Average |
1.55 |
|
Quick Ratio |
1.27 |
|
|
|
|
Cash Conversion Cycle |
(1,741.47) |
|
|
|
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 1.81 times in 2014, decrease from 4.39 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 1.27 times in 2014,
decrease from 3.9 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 -1742 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
1.30 |
Acceptable |
Industrial
Average |
1.50 |
|
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 0.57 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
306.91 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.52 |
Acceptable |
Industrial Average |
2.11 |
|
Inventory Conversion Period |
112.20 |
|
|
|
|
Inventory Turnover |
3.25 |
Acceptable |
Industrial
Average |
5.96 |
|
Receivables Conversion Period |
55.43 |
|
|
|
|
Receivables Turnover |
6.59 |
Impressive |
Industrial
Average |
5.37 |
|
Payables Conversion Period |
1,909.09 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.59 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 48 days at the
end of 2013 to 112 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 7.54 times in year 2013 to 3.25 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.52 times and 1.29
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.65.45 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.