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|
|
MIRA INFORM REPORT
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Report No. : |
486810 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
IPAINT TECH CO., LTD. |
|
|
|
|
Registered Office : |
89/19 Moo 15, Bangna-Trad Road, T. Bangkaew, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
20.07.2010 |
|
|
|
|
Com. Reg. No.: |
0105553088002 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject
is engaged in
importing and distributing automated
paint system controllers
such as robot
system controls, PCS
mixing room, flame
treatment system, reciprocator controls,
spray booth controls, oven controls, conveyor controls,
liquid and powder
paint, as well
as providing design,
fabrication and installation services
of paint finishing
systems and environmental systems
for automotive and
general industries. |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has sustained strong growth and has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and
an aging population pose risks to growth.
|
Source
: CIA |
COMPANY
NAME
IPAINT
TECH CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 89/19
MOO 15, BANGNA-TRAD
ROAD, T. BANGKAEW,
A.
BANGPLEE,
SAMUTPRAKARN 10540, THAILAND
TELEPHONE : [66] 2316-2249,
081 349-8553, 089
204-2199
FAX :
[66] 2316-2250
E-MAIL
ADDRESS : ipainttech@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553088002
TAX
ID NO. : 3034014982
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHANTHAVONG SOUVANTHONG, FRENCH
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES
OF BUSINESS : AUTOMATED PAINT
SYSTEM CONTROLLERS
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 July
20, 2010 as
a private limited
company under the
registered name IPAINT
TECH CO., LTD., by
Thai and foreign groups, with
the business objective
to import and
distribute automated paint
system controllers. It
currently employs 35
staff.
The
subject’s registered address
is 89/19 Moo
15, Bangna-Trad Rd.,
T. Bangkaew,
A.
Bangplee, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chanthavong Souvanthong |
[x] |
French |
59 |
|
Ms. Jingping Ding |
|
Chinese |
36 |
|
Mrs. Lamai Jantarat |
|
Thai |
66 |
|
Mr. Sayabandith Souvanthong |
[x] |
French |
34 |
|
Ms. Tassanee Poungsombat |
[x] |
Thai |
39 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chanthavong Souvanthong is
the Managing Director.
He is French
nationality with the
age of 59
years old.
Ms. Tassanee Poungsombat is
the Sales Manager.
She is Thai
nationality with the
age of 39
years old.
Mr. Tanawat Bangwattanakul is
the Technical Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
automated paint system
controllers such as
robot system controls,
PCS mixing room,
flame treatment system,
reciprocator controls, spray booth controls, oven controls,
conveyor controls, liquid
and powder paint,
as well as
providing design, fabrication
and installation services
of paint finishing
systems and environmental systems
for automotive and
general industries.
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers in
Republic of China,
Japan, Germany, U.S.A.,
France and Taiwan.
SALES/ SERVICES
The products are
sold and serviced locally
to manufacturers and
end-users.
MAJOR CUSTOMER
Thai Summit Group : Thailand
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
or T/T.
BANKING
Bangkok
Bank Public Company
Limited
Kasikornbank
Public Company Limited
EMPLOYMENT
The
subject currently employs
35 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial, on
the outskirts of
Bangkok.
COMMENT
The
subject’s operating performance
in 2016 was satisfactory
with an increase
in both sales or
service income and
net profit comparing to
the previous year.
This was mainly due
to effective market expansion
on its customer
base and variety
of the products
to suit industrial
needs. Its business
is promising and
growing considerably.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Lamai Jantarat Nationality: Thai Address : 101/26
Kanchanapisek Road, Prawet, Bangkok |
30,600 |
51.00 |
|
Mr. Chanthavong Souvanthong Nationality: French Address : 101/4
Kanchanapisek Road, Prawet, Bangkok |
20,400 |
34.00 |
|
Mr. Sayabandith Souvanthong Nationality: French Address : 15
T. Bangkaew, A. Bangplee, Samutprakarn |
6,000 |
10.00 |
|
Ms. Jingping Ding Nationality: Chinese Address : 101/4
Kanchanapisek Road, Prawet, Bangkok |
3,000 |
5.00 |
Total Shareholders : 4
SHARE STRUCTURE [AS
AT APRIL 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
30,600 |
51.00 |
|
Foreign |
3 |
29,400 |
49.00 |
|
Total |
4 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vasawat Siripuchaka No.
11957
FINANCIALS
IPAINT
TECH CO., LTD.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2016, 2015
and 2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,865,889.43 |
4,307,700.40 |
2,228,098.36 |
|
Trade Accounts and
Other Receivable |
11,148,530.72 |
2,389,382.82 |
4,654,551.06 |
|
Short-term Loans |
- |
2,782,226.97 |
3,637,513.62 |
|
Inventories |
3,619,293.09 |
645,351.86 |
4,127,617.37 |
|
Other Current Assets |
6,159,850.08 |
- |
- |
|
Total Current Assets
|
23,793,563.32 |
10,124,662.05 |
14,647,780.41 |
|
|
|
|
|
|
Property, Plant and
Equipment |
13,885,698.55 |
10,190,499.81 |
11,400,026.07 |
|
Total Assets |
37,679,261.87 |
20,315,161.86 |
26,047,806.48 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan From Financial Institutions |
1,760,576.85 |
- |
- |
|
Trade Accounts and Other
Payable |
11,839,710.67 |
2,842,393.47 |
6,191,406.76 |
|
Current Portion of Long-term Liabilities |
257,829.17 |
- |
- |
|
Short-term Loan |
- |
1,412,988.98 |
1,276,778.63 |
|
Accrued Income Tax |
8,898.74 |
- |
- |
|
Other Current Liabilities |
1,715,192.53 |
- |
- |
|
Total Current Liabilities |
15,582,207.96 |
4,255,382.45 |
7,468,185.39 |
|
|
|
|
|
|
Long-term Loan |
3,020,011.90 |
1,321,291.07 |
2,734,327.46 |
|
Other Non-current Liabilities |
6,654,148.80 |
2,863,831.19 |
3,110,340.82 |
|
Total Liabilities |
25,256,368.66 |
8,440,504.71 |
13,312,853.67 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
60,000 shares
|
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
6,422,893.21 |
5,874,657.15 |
6,734,952.81 |
|
Total Shareholders’ Equity |
12,422,893.21 |
11,874,657.15 |
12,734,952.81 |
|
Total Liabilities and
Shareholders’ Equity |
37,679,261.87 |
20,315,161.86 |
26,047,806.48 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
62,630,159.91 |
31,653,673.51 |
63,655,968.67 |
|
Other Income |
392,548.75 |
562,362.82 |
849,936.00 |
|
Total Revenues |
63,022,708.66 |
32,216,036.33 |
64,505,904.67 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
48,560,678.44 |
15,870,471.08 |
40,955,697.04 |
|
Selling Expenses |
1,143,993.51 |
5,271,106.25 |
8,506,769.50 |
|
Administrative Expenses |
11,964,705.46 |
11,552,193.48 |
10,881,429.64 |
|
Total Expenses |
61,669,377.41 |
32,693,770.81 |
60,343,896.18 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost and Income Tax |
1,353,331.25 |
[477,734.48] |
4,162,008.49 |
|
Financial Cost |
[370,124.04] |
[382,561.18] |
[533,315.38] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
983,207.21 |
[860,295.66] |
3,628,693.11 |
|
Income Tax |
[434,971.15] |
- |
[872,415.81] |
|
Net Profit / [Loss] |
548,236.06 |
[860,295.66] |
2,756,277.30 |
IPAINT TECH
CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.53 |
2.38 |
1.96 |
|
QUICK RATIO |
TIMES |
0.90 |
2.23 |
1.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.51 |
3.11 |
5.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.66 |
1.56 |
2.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
27.20 |
14.84 |
36.79 |
|
INVENTORY TURNOVER |
TIMES |
13.42 |
24.59 |
9.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.97 |
27.55 |
26.69 |
|
RECEIVABLES TURNOVER |
TIMES |
5.62 |
13.25 |
13.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
88.99 |
65.37 |
55.18 |
|
CASH CONVERSION CYCLE |
DAYS |
3.18 |
(22.98) |
8.30 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.54 |
50.14 |
64.34 |
|
SELLING & ADMINISTRATION |
% |
20.93 |
53.15 |
30.46 |
|
INTEREST |
% |
0.59 |
1.21 |
0.84 |
|
GROSS PROFIT MARGIN |
% |
23.09 |
51.64 |
37.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.16 |
(1.51) |
6.54 |
|
NET PROFIT MARGIN |
% |
0.88 |
(2.72) |
4.33 |
|
RETURN ON EQUITY |
% |
4.41 |
(7.24) |
21.64 |
|
RETURN ON ASSET |
% |
1.46 |
(4.23) |
10.58 |
|
EARNING PER SHARE |
BAHT |
9.14 |
(14.34) |
45.94 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.42 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.03 |
0.71 |
1.05 |
|
TIME INTEREST EARNED |
TIMES |
3.66 |
(1.25) |
7.80 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
97.86 |
(50.27) |
|
|
OPERATING PROFIT |
% |
(383.28) |
(111.48) |
|
|
NET PROFIT |
% |
163.73 |
(131.21) |
|
|
FIXED ASSETS |
% |
36.26 |
(10.61) |
|
|
TOTAL ASSETS |
% |
85.47 |
(22.01) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 97.86%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.09 |
Satisfactory |
Industrial Average |
37.45 |
|
Net Profit Margin |
0.88 |
Deteriorated |
Industrial Average |
4.13 |
|
Return on Assets |
1.46 |
Deteriorated |
Industrial Average |
6.09 |
|
Return on Equity |
4.41 |
Acceptable |
Industrial Average |
11.72 |
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 23.09%. 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 0.88%.
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 1.46%.
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 4.41%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.53 |
Satisfactory |
Industrial Average |
2.07 |
|
Quick Ratio |
0.90 |
|
|
|
|
Cash Conversion Cycle |
3.18 |
|
|
|
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 1.53 times in 2016, decrease from 2.38 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 0.9 times in 2016,
decrease from 2.23 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 4 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
2.03 |
Risky |
Industrial Average |
0.89 |
|
Times Interest Earned |
3.66 |
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 3.66 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 0.67 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 |
4.51 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.66 |
Impressive |
Industrial Average |
1.48 |
|
Inventory Conversion Period |
27.20 |
|
|
|
|
Inventory Turnover |
13.42 |
Impressive |
Industrial Average |
3.47 |
|
Receivables Conversion Period |
64.97 |
|
|
|
|
Receivables Turnover |
5.62 |
Impressive |
Industrial Average |
4.73 |
|
Payables Conversion Period |
88.99 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.62 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 15 days at the
end of 2015 to 27 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 24.59 times in year 2015 to 13.42
times in year 2016.
The company's Total Asset Turnover is calculated as 1.66 times and 1.56
times in 2016 and 2015 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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
Thai baht |
1 |
INR 2.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.