MIRA INFORM REPORT
|
Report No. : |
348953 |
|
Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI PREFORM
INDUSTRY COMPANY LIMITED |
|
|
|
|
Registered Office : |
154/5 Moo 3, T. Phrapratone, A. Muang, Nakornpathom 73000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
07.06.2007 |
|
|
|
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Com. Reg. No.: |
0735550001237 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of
High Voltage Electrical Equipment. |
|
|
|
|
No. of Employees : |
30 |
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 |
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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 |
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 and Summary
THAI PREFORM INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 154/5
MOO 3, T. PHRAPRATONE, A. MUANG,
NAKORNPATHOM 73000,
THAILAND
TELEPHONE : [66] 34
284-657, 080 657-7858,
086 374-9846
FAX : [66] 34
284-657
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0735550001237
TAX
ID NO. : 3032664059
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
TAIWANESE :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PREECHA EKCHOOSITH,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : HIGH
VOLTAGE ELECTRICAL EQUIPMENT
MANUFACTURER 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 June 7,
2007 as a private
limited company under
the registered name THAI PREFORM
INDUSTRY COMPANY LIMITED,
by Thai and Taiwanese
groups, with the business objective
to manufacture and
distribute high voltage
electrical equipments to
domestic market. It
currently employs approximately 30 staff.
The
subject’s registered address
is 154/5 Moo
3, T. Phrapratone, A. Muang,
Nakornpathom
73000, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Preecha Ekchoosith |
[x] |
Thai |
67 |
|
Mr. Somkid Kriengyutapoom |
|
Thai |
55 |
|
Mr. Tanas Janmatikornkul |
|
Thai |
61 |
AUTHORIZED
PERSON
The mentioned director
[x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Preecha Ekchoosith is
the Managing Director.
He is Thai
nationality with the
age of 67 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing and distributing
high voltage electrical
equipments such as
electric motors, electric
generators and others.
PURCHASE
100% of raw
material and components
are purchased from
local suppliers.
SALES
100% of the
products is sold
locally to wholesalers
and end-users mainly
power plant and
industrial factory.
SUBSIDIARY AND AFFILIATED COMPANY
Ekchoosit Lohakit Limited
Partnership
Business Type :
Distributor of metal
products
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 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at the heading
address. Premise is located in
provincial.
COMMENT
In
2015 the subject
remains optimistic for its
sales, despite it has
grown at slow
pace. The subject expects to
maintain the same
figure as the
previous year’s level.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chan Wen Tao Nationality: Taiwanese Address : Taiwan
|
3,800 |
19.00 |
|
Mr. Somkid Kriengyutapoom Nationality: Thai Address : 1040
Krungthep-Nonthaburi Road,
Bangsue, Bangkok |
3,000 |
15.00 |
|
Mr. Tanas Janmatikornkul Nationality: Thai Address : 70
Mahaprutharam, Bangrak, Bangkok
|
3,000 |
15.00 |
|
Mr. Lin Shu Hao Nationality: Taiwanese Address : Taiwan,
|
3,000 |
15.00 |
|
Mr. Lin Chang Choon Nationality: Taiwanese Address : Taiwan |
3,000 |
15.00 |
|
Ms. Sujitra Ekchoosith Nationality: Thai Address : 332/21
Moo 1, Thungkru,
Bangkok |
2,200 |
11.00 |
|
Mr. Preecha Ekchoosith Nationality: Thai Address : 332/21
Moo 1, Thungkru,
Bangkok |
2,000 |
10.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,200 |
51.00 |
|
Foreign - Taiwanese |
3 |
9,800 |
49.00 |
|
Total |
7 |
20,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Pornpimon
Chantnawarangkul No. 7123
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 |
4,753,735.38 |
1,902,985.19 |
2,620,525.59 |
|
Trade Accounts &
Other Receivable |
5,749,601.67 |
4,678,484.66 |
4,449,785.55 |
|
Revenue Department Receivable |
323,039.57 |
399,716.03 |
575,979.42 |
|
Inventories |
4,804,711.27 |
5,896,081.30 |
5,250,299.46 |
|
Other Current Assets
|
29,031.36 |
182,252.00 |
1,368.60 |
|
|
|
|
|
|
Total Current Assets
|
15,660,119.25 |
13,059,519.18 |
12,897,958.62 |
|
|
|
|
|
|
Fixed Assets |
3,953,178.51 |
4,058,781.45 |
4,127,510.52 |
|
Other Non-current Assets |
25,000.00 |
25,000.00 |
25,000.00 |
|
Total Assets |
19,638,297.76 |
17,143,300.63 |
17,050,469.14 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable
|
321,393.75 |
112,884.99 |
1,662,833.59 |
|
Short-term Loan from Related
Person |
14,500,000.00 |
13,000,000.00 |
11,960,000.00 |
|
Accrued Expenses |
96,579.58 |
106,545.16 |
132,956.25 |
|
Other Current Liabilities |
110,105.39 |
25,992.60 |
90,293.29 |
|
|
|
|
|
|
Total Current Liabilities |
15,028,078.72 |
13,245,422.75 |
13,846,083.16 |
|
Total Liabilities |
15,028,078.72 |
13,245,422.75 |
13,846,083.16 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated |
2,610,219.04 |
1,897,877.88 |
1,204,386.01 |
|
Total Shareholders' Equity |
4,610,219.04 |
3,897,877.88 |
3,204,386.01 |
|
Total Liabilities & Shareholders' Equity |
19,638,297.76 |
17,143,300.63 |
17,050,469.14 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
17,964,885.28 |
15,887,194.32 |
15,193,132.20 |
|
Other Income |
3,403.40 |
40,271.25 |
632,690.67 |
|
Total Revenues |
17,968,288.68 |
15,927,465.57 |
15,825,822.87 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
14,739,633.99 |
12,402,024.25 |
11,381,813.82 |
|
Selling Expenses |
610,152.32 |
594,777.20 |
1,104,409.49 |
|
Administrative Expenses |
1,830,814.43 |
2,164,288.46 |
2,609,736.90 |
|
Total Expenses |
17,180,600.74 |
15,161,089.91 |
15,095,960.21 |
|
Profit / [Loss] before Income
Tax |
787,687.94 |
766,375.66 |
729,862.66 |
|
Income Tax |
[75,346.78] |
[72,883.79] |
[89,932.15] |
|
|
|
|
|
|
Net Profit / [Loss] |
712,341.16 |
693,491.87 |
639,930.51 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
0.99 |
0.93 |
|
QUICK RATIO |
TIMES |
0.72 |
0.53 |
0.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.54 |
3.91 |
3.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.91 |
0.93 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
118.98 |
173.53 |
168.37 |
|
INVENTORY TURNOVER |
TIMES |
3.07 |
2.10 |
2.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
116.82 |
107.49 |
106.90 |
|
RECEIVABLES TURNOVER |
TIMES |
3.12 |
3.40 |
3.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.96 |
3.32 |
53.32 |
|
CASH CONVERSION CYCLE |
DAYS |
227.84 |
277.69 |
221.95 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.05 |
78.06 |
74.91 |
|
SELLING & ADMINISTRATION |
% |
13.59 |
17.37 |
24.45 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
17.97 |
22.19 |
29.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.38 |
4.82 |
4.80 |
|
NET PROFIT MARGIN |
% |
3.97 |
4.37 |
4.21 |
|
RETURN ON EQUITY |
% |
15.45 |
17.79 |
19.97 |
|
RETURN ON ASSET |
% |
3.63 |
4.05 |
3.75 |
|
EARNING PER SHARE |
BAHT |
35.62 |
34.67 |
32.00 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.77 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.26 |
3.40 |
4.32 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.08 |
4.57 |
|
|
OPERATING PROFIT |
% |
2.78 |
5.00 |
|
|
NET PROFIT |
% |
2.72 |
8.37 |
|
|
FIXED ASSETS |
% |
(2.60) |
(1.67) |
|
|
TOTAL ASSETS |
% |
14.55 |
0.54 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 13.08%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.97 |
Satisfactory |
Industrial
Average |
21.48 |
|
Net Profit Margin |
3.97 |
Deteriorated |
Industrial
Average |
16.83 |
|
Return on Assets |
3.63 |
Deteriorated |
Industrial
Average |
45.24 |
|
Return on Equity |
15.45 |
Deteriorated |
Industrial
Average |
88.20 |
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 17.97%. 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 3.97%.
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 3.63%.
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 15.45%.
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 |
1.04 |
Acceptable |
Industrial
Average |
1.55 |
|
Quick Ratio |
0.72 |
|
|
|
|
Cash Conversion Cycle |
227.84 |
|
|
|
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 1.04 times in 2014, increased from 0.99 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 0.72 times in 2014,
increased from 0.53 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 228 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
3.26 |
Risky |
Industrial
Average |
0.89 |
|
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 0.77 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.54 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.91 |
Deteriorated |
Industrial
Average |
2.69 |
|
Inventory Conversion Period |
118.98 |
|
|
|
|
Inventory Turnover |
3.07 |
Deteriorated |
Industrial
Average |
9.83 |
|
Receivables Conversion Period |
116.82 |
|
|
|
|
Receivables Turnover |
3.12 |
Deteriorated |
Industrial
Average |
7.97 |
|
Payables Conversion Period |
7.96 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.12 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 174 days at the
end of 2013 to 119 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 2.1 times in year 2013 to 3.07 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.91 times and 0.93
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.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
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.