MIRA INFORM REPORT
|
Report No. : |
347560 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
NATRAWEE
TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
5/2 Moo 14, Suwinthawong Road, T. Saladaeng, A. Bangnampreaw, Chachoengsao 24000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.03.2000 |
|
|
|
|
Com. Reg. No.: |
0105543032691 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Assembler & Contractor of Agricultural
Machinery. |
|
|
|
|
No. of Employees : |
40 |
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, 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
NATRAWEE TECHNOLOGY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 5/2
MOO 14, SUWINTHAWONG
ROAD,
T.
SALADAENG, A. BANGNAMPREAW,
CHACHOENGSAO 24000,
THAILAND
TELEPHONE : [66] 38
846-200-2, 081 822-0063, 081
350-4270
FAX :
[66] 38
846-203
E-MAIL
ADDRESS : natrawee_technology@yahoo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543032691
TAX
ID NO. : 3030106902
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMCHAI THEPSILPVISUT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : AGRICULTURAL MACHINERY
MANUFACTURER, ASSEMBLER & CONTRACTOR
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 March 30,
2000 as a
private limited company
under the registered name NATRAWEE TECHNOLOGY
CO., LTD., by Thai group,
with the business objective to manufacture and service for agricultural machinery. It currently employs approximately
40 staff.
The
subject’s registered address
is 5/2 Moo
14, Suwinthawong Road,
T. Saladaeng, A.
Bangnampreaw, Chachoengsao 24000,
and this is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Thepsilpvisut |
|
Thai |
58 |
|
Mrs. Kessara Thepsilpvisut |
|
Thai |
53 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai Thepsilpvisut is
the Managing Director.
He is Thai
nationality with the
age of 58
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing assembly and
supplying various kinds of
agricultural machinery, such
as small milling
rice machine, oil
purify machine, cleaner
paddy machine, and
rolling oil machine,
under its own
brands “THONGTRAWEE”, and “GREEN
BEE”, as well as contract
manufacturing and assembling of
milling rice machine
and agricultural machinery,
under customer’s brand.
The subject
also provides after
sales services.
PURCHASE
100% of spare
parts and components
are purchased from
local suppliers.
SALES/SERVICES
100% of the
products is sold
and serviced locally
to wholesalers, and
end-users, mainly Thai
farmers.
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 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.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
40 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in provincial.
COMMENT
Considering various factors and
situation happened in
2014, it was not easy to operate the business and generate a good result.
Running business in the previous was very challenging as there
were many outside factors affecting
the company performance
which could not be controlled, such as
political conflict causing delay of governmental spending. This included
delay of payment to the farmer under
the rice pledging scheme initiated
by the previous government, and
it caused reduction of
farmer purchasing power
and reduction of the
company’s sale. In addition, the
government announced the
policy to avoid the
second crop cultivation
due to tremendous
drought. As a
result, the cultivate area
has dropped sharply
by millions acres causing
decrease of demand of agricultural
machinery.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
On
August 30, 2012,
the registered capital
was increased to
Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Thepsilpvisut Nationality: Thai Address : 1
Ladprao Road, Wangthonglang, Bangkok
|
13,000 |
43.34 |
|
Mrs. Kessara Thepsilpvisut Nationality: Thai Address : 92/29
Moo 2, Lampakchee,
Nongjok, Bangkok |
12,000 |
40.00 |
|
Mr. Monchai Thepsilpvisut Nationality: Thai Address : 121/1
Nanekaew Road, T. Tharahad, A.
Muang, Suphanburi |
4,600 |
15.33 |
|
Mrs. Napaporn Thepsilpvisut Nationality: Thai Address : 1
Ladprao Road, Wangthonglang,
Bangkok |
200 |
0.67 |
|
Mr. Srichai Thepsilpvisut Nationality: Thai Address : 121/1
Nanekaew Road, T. Tharahad, A.
Muang, Suphanburi |
100 |
0.33 |
|
|
|
|
|
Ms. Lampoei Thepsilpvisut Nationality: Thai Address : 577/15
Ladprao Road, Wangthonglang, Bangkok |
100 |
0.33 |
Total Shareholders : 6
Share
Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
30,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Jaroen
Wattanaprateepakorn No. 6157
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 |
6,106,522.56 |
1,203,563.99 |
931,145.42 |
|
Trade Accounts & Other
Receivable |
5,656,635.52 |
4,708,594.33 |
3,628,141.19 |
|
Inventories |
2,728,500.00 |
487,060.59 |
1,624,048.00 |
|
|
|
|
|
|
Total Current Assets
|
14,491,658.08 |
6,399,218.91 |
6,183,334.61 |
|
|
|
|
|
|
Long-term Loans |
- |
8,000,000.00 |
6,921,000.00 |
|
Equipments |
916,516.96 |
1,336,511.47 |
1,890,025.64 |
|
Total Assets |
15,408,175.04 |
15,735,730.38 |
14,994,360.25 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
8,591,033.47 |
9,377,912.32 |
9,575,421.54 |
|
Short-term Loan |
410,000.00 |
- |
- |
|
Accrued Income Tax |
23,361.68 |
160,833.49 |
16,209.03 |
|
|
|
|
|
|
Total Current Liabilities |
9,024,395.15 |
9,538,745.81 |
9,591,630.57 |
|
Total Liabilities |
9,024,395.15 |
9,538,745.81 |
9,591,630.57 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning [Deficit] Unappropriated |
3,383,779.89 |
3,196,984.57 |
2,402,729.68 |
|
Total Shareholders' Equity |
6,383,779.89 |
6,196,984.57 |
5,402,729.68 |
|
Total Liabilities &
Shareholders' Equity |
15,408,175.04 |
15,735,730.38 |
14,994,360.25 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
42,100,843.62 |
78,928,192.25 |
45,842,804.00 |
|
Other Income |
1,011.08 |
744,341.74 |
107,973.52 |
|
Total Revenues |
42,101,854.70 |
79,672,533.99 |
45,950,777.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
36,627,769.33 |
68,560,396.30 |
40,057,312.09 |
|
Selling Expenses |
2,636,265.60 |
7,215,164.41 |
2,881,526.49 |
|
Administrative Expenses |
2,573,308.97 |
2,863,598.39 |
2,674,951.66 |
|
Total Expenses |
41,837,343.90 |
78,639,159.10 |
45,613,790.24 |
|
Profit / [Loss] before
Financial Cost & Financial Cost |
264,510.80 |
1,033,374.89 |
336,987.28 |
|
Financial Cost |
- |
- |
[43,397.27] |
|
Profit / [Loss] before Income
Tax |
264,510.80 |
1,033,374.89 |
293,590.01 |
|
Income Tax |
[77,715.48] |
[239,120.00] |
[101,347.03] |
|
|
|
|
|
|
Net Profit / [Loss] |
186,795.32 |
794,254.89 |
192,242.98 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.61 |
0.67 |
0.64 |
|
QUICK RATIO |
TIMES |
1.30 |
0.62 |
0.48 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
45.94 |
59.06 |
24.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.73 |
5.02 |
3.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
27.19 |
2.59 |
14.80 |
|
INVENTORY TURNOVER |
TIMES |
13.42 |
140.76 |
24.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.04 |
21.77 |
28.89 |
|
RECEIVABLES TURNOVER |
TIMES |
7.44 |
16.76 |
12.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
85.61 |
49.93 |
87.25 |
|
CASH CONVERSION CYCLE |
DAYS |
(9.38) |
(25.56) |
(43.57) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.00 |
86.86 |
87.38 |
|
SELLING & ADMINISTRATION |
% |
12.37 |
12.77 |
12.12 |
|
INTEREST |
% |
0.63 |
1.31 |
0.74 |
|
GROSS PROFIT MARGIN |
% |
13.00 |
14.08 |
12.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.63 |
1.31 |
0.74 |
|
NET PROFIT MARGIN |
% |
0.44 |
1.01 |
0.42 |
|
RETURN ON EQUITY |
% |
2.93 |
12.82 |
3.56 |
|
RETURN ON ASSET |
% |
1.21 |
5.05 |
1.28 |
|
EARNING PER SHARE |
BAHT |
6.23 |
26.48 |
6.41 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.61 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.41 |
1.54 |
1.78 |
|
TIME INTEREST EARNED |
TIMES |
1.00 |
1.00 |
1.00 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(46.66) |
72.17 |
|
|
OPERATING PROFIT |
% |
(74.40) |
206.65 |
|
|
NET PROFIT |
% |
(76.48) |
313.15 |
|
|
FIXED ASSETS |
% |
(31.42) |
(29.29) |
|
|
TOTAL ASSETS |
% |
(2.08) |
4.94 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -46.66%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.00 |
Deteriorated |
Industrial
Average |
48.24 |
|
Net Profit Margin |
0.44 |
Deteriorated |
Industrial
Average |
2.28 |
|
Return on Assets |
1.21 |
Deteriorated |
Industrial
Average |
2.64 |
|
Return on Equity |
2.93 |
Deteriorated |
Industrial
Average |
7.47 |
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 13%. 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 0.44%.
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 1.21%.
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 2.93%.
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 |
1.61 |
Impressive |
Industrial
Average |
1.35 |
|
Quick Ratio |
1.30 |
|
|
|
|
Cash Conversion Cycle |
(9.38) |
|
|
|
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 1.61 times in 2014, increased from 0.67 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 1.3 times in 2014,
increased from 0.62 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 -10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
1.41 |
Acceptable |
Industrial
Average |
1.67 |
|
Times Interest Earned |
1.00 |
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 1.01 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 0.59 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
45.94 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.73 |
Impressive |
Industrial
Average |
1.16 |
|
Inventory Conversion Period |
27.19 |
|
|
|
|
Inventory Turnover |
13.42 |
Impressive |
Industrial
Average |
1.88 |
|
Receivables Conversion Period |
49.04 |
|
|
|
|
Receivables Turnover |
7.44 |
Impressive |
Industrial
Average |
3.40 |
|
Payables Conversion Period |
85.61 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.44 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 3 days at the end
of 2013 to 27 days at the end of 2014. This represents a negative trend. And
Inventory turnover has decreased from 140.76 times in year 2013 to 13.42 times
in year 2014.
The company's Total Asset Turnover is calculated as 2.73 times and 5.02
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
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.