
10. η̡Хٷ̺áзٷη

        10.1 ʸݫ̷ݫڵϣݫ
             (1)  ʸݫڢʥݵ̸ݵ 
                  ǥ  п   ٷ  ݡƦٳ
                    ݵ Ϸݡη Ǧ- Υ ϡݲ                                                                    
                             ΣΥ  514/1 ηĥ
                       Тٳ  ץеη
             (2)  ηĦʸʥʸݫӷ 3 ڵηκʸݫԲ
ο߷ӷηĦʸѸԿХʷԢ
             (3)  ݫڵϣݫ

                  кȷǥث
                  ݵᥣкȷǥثй߷ϷķХٷеΡݸϷķȷβΦ
С߸ΡءȷԿԲᠠ  Ҳ٦ΦΡǸӷС߸ȷᠠ ̡٦ήηӷ
ݦ׸ݷʥءȷ
            
                        ΣٷΣ
                  ٷΣʳΣӷΣε׷ (ٶТΡʷ-ʡʷ) Σγβϡ

                  Хٷå׷ӷݵ̸ݵ 
                  ݵݷۡХٷå׷ӷݵοٶķԲ  ķХٷå׷ӷݵ
෸ݷۡοٶΣε׷ ॴй߷Хٷå׷

                  ʿΣʳݲݫ
                  ݵݲʿΣΣ׹οٶᷳй߷ 5 ۥ 20 
                  ݵݲʳݲݫڳοٶᷳй߷ 5 

                  ݫڵй߷ХٷγΥе
                  ݫڵй߷ХٷγΥеԲݷۡݫҲӨݳáй  
ݷСٲᷠ  ٷݼȷٷй߷ХٷγΥеţʠ  ݷӷԲѹå
й߷ХٷεҲӨݳáй  ݷ ʢβ׷ΡѹåԲݷۡй߷Բ
Өӷзٷη

                  
                  ᷣϷıҲ׵ٲϷķ᷵ʡ  ݷ᷹

         10.2  ΥΥΥǲáзٷηʥݵ 3  ʷݥ
                                   - 2 -
                           
                                        
                                          ݷ 31 ݷΣ  
                                   ٷݼ
                                                                            
                                        
                                              2540            2539            2538
                                          

                                          ݷε     %     ݷε     %     ݷε     %
ٷݼȿ׷
   ХٷǲХٷΡΣ                   43,071   4.00   27,506   3.60   10,334   1.29
   Хٷå׷ӷХٷΡ̦            201,756  18.72    5,779   0.76     -       -
   ءȷ (׵٦Ρʥкȷǥث
      ϷķХٷ 18,800,013 ε ӷ 2540
       6,187,730ε ӷ 2539 2538)238,247  22.10  173,401  22.71   91,560  11.40 
   ءȷݵ                              -       -       -       -         25   0.01   
   ٷΣ                            277,972  25.79  298,105  39.05  357,982  44.59 
   ХٷݷãΥݸ                             -       -       -       -      4,495   0.56  
   ХٷШΡٷʡ                30,372   2.82    5,353   0.70    4,888   0.61 
   ٷݼȿ׷ (׵٦Ρʥкȷ            
      ǥثϷķХٷ 773,937 ε
      ӷڠ 2540,2539 2538               9,628   0.89   16,998   2.23   17,927   2.23
           Ŀٷݼȿ׷              801,046  74.32  527,142  69.05  487,211  60.69
Хٷܿѡݵ (ݳβʡи
  8.375 ʹ)                                -       -       -       -     40,000   4.98  
Хٷå׷ӷݵ̸ݵ                 61,711   5.73    2,740   0.36   36,466   4.54  
ٷ Σ׹ - Σε׷׵٦Ρ
   ʿΣǿ                        214,910  19.94  233,362  30.57  237,973  29.64 
ٷݼ෠                                162   0.01      150   0.02    1,176   0.15
     
Ŀٷݼ                         1,077,829 100.00  763,394 100.00  802,826 100.00







                                          - 3 -

                                                  
                                         ݷ 31 ݷΣ

                           ȷٷķʥ
                                                                                                        
                                          
                                              2540            2539            2538
                                                   
                                          ݷε     %     ݷε     %     ݷε     %
 ȷٷȿ׷
    Хٷи١СٷݫХٷܿΡΣ        95,473   8.86  153,960  20.17  240,975  30.01                                             
    Цȷ                             1,421   0.13    2,592   0.34    2,243   0.28         
    Цȷݵ                              65   0.01      442   0.06      863   0.11
    ȷٷȿ׷
      -  Цȷ                          12,609   1.17   12,868   1.68   13,581   1.69 
      -  ҸǣΥ                       17,977   1.67   10,178   1.33    9,490   1.18
      -                                12,774   1.18   11,425   1.50   12,667   1.58                           
                Ŀȷٷȿ׷          43,360   4.02   34,471   4.51   35,738   4.45      
          Ŀȷٷȿ׷                 140,319  13.02  191,465  25.08  279,819  34.85
 ķʥ
    ׷ʷ - οݫ ã 10 ε
      ׷и 7,500,000 
      ᷵ʡ̨г߿ã
       -  7,500,000                     75,000   6.96   75,000   9.82   75,000   9.34
      ķСٷã                       156,000  14.47  156,000  20.44  156,000  19.43
      ǿ
          ݲмʵ׷ʥ                  7,500   0.70    7,500   0.98    7,500   0.94
          ݥԿԲݲ                    699,010  64.85  333,429  43.68  284,507  35.44
                 Ŀķʥ          937,510  86.98  571,929  74.92  523,007  65.15
 Ŀȷٷķʥ                 1,077,829 100.00  763,394 100.00  802,826 100.00

    





                                           - 4 -    

                                       β׷         
                                   ݸѳ̹ײݷ 31 ݷΣ
                                                                               
                                                               
                                          2540              2539               2538    
                                         
                                     ݷε      %      ݷε       %      ݷε        %
Բ
    ׵                        3,047,223   99.31  2,758,123  100.74   2,833,760   99.47
    Բ 
        - ķԲӷ(β׷)
          ׵ӷݵ               11,984    0.39    (33,727)  (1.23)     (2,241)  (0.08)
        -                          9,179    0.30     13,338    0.49      17,505    0.61
             ĿԲ              21,163    0.69    (20,389)  (0.74)     15,264    0.53
          ĿԲ                3,068,386  100.00  2,737,734  100.00   2,849,024  100.00
᷵׷̣Ө
    ᷵׷                       2,488,830   81.11  2,500,421   91.33   2,617,746   91.89
    Өӷ̸         105,590    3.44    100,719    3.68     104,572    3.67
    ʡи                        10,219    0.33     18,418    0.67      25,996    0.91
    γʸѵ                      24    0.01         24    0.00          24    0.00
          Ŀ᷵׷̣Ө       2,604,663   84.89  2,619,582   95.68   2,748,338   96.47
ʷХٷԲ̡ʷ     463,723   15.11    118,152    4.32     100,686    3.53
 ХٷԲ                          (   5,077)  (0.17) (   5,480)  (0.20)       -        -  
ʷ                   458,646   14.94    112,672    4.12     100,686    3.53     
 - β׷Ρйѹå
  ̸ݳáйХٷѸ
  ӳݲ                   (  25,565)  (0.83)      -        -          -        -  
׵                             433,081   14.11    112,672    4.12     100,686    3.53

    ʷ                61.15      -       15.02      -        13.42      -
                        (   3.41 )    -         -        -          -        -  
    ׵                          57.74      -       15.02      -        13.42      -  





                                         - 5 -

                                   Хٷǲ          
                               ݸڢʥѳ̹ײ 31 ݷΣ
                                                                  ȷ:ݷε                       
                                               
                                                       2540       2539       2538
                                                           
ХٷǲΡ٦зٷη
   ׵                                      433,081    112,672    100,686    
   ݸץ̵׵й߷Хٷǲݸ()
      Ρ٦зٷη:
         β׷ݥԿСٲᷦΡݳáй
           ХٷγΥе                       32,366      1,996       -  
         ʿΣݲݫ                29,790     31,651     30,603
         ķԲӷ () β׷׵ӷ
           ݵ                             ( 11,984)    33,727      6,735
         β׷Ρݲȷٷ               45         51        212
         () Ρٷݼ             (    322)  (    820)  (    252) 
         ءȷ (м࿢)                     ( 53,421)  ( 81,317)     1,489   
         ءȷݵòå                           -            25        657
         ٷΣòå                          20,133     59,877   ( 96,698)  
         ХٷݷãΥݸòå                          -         4,495      7,494  
         ХٷШΡٷʡ (м࿢)       ( 25,019)  (    465)     2,317
         ٷݼȿ׷òå                      7,369        929   (    402)
         ٷݼòå (м࿢)                  (     12)        18   (     21)
         Цȷм࿢ (òå)                (  1,171)       350      1,062 
         Цȷݵ (òå)                   (    377)  (    421)  (    266)
           ȷٷȿ׷м࿢ (òå)              8,889   (  1,268)  (  2,051)
            Хٷǲ׵ԲΦΡ٦зٷη       439,367    161,500     51,565

       







                                         - 6 -                                  
                                                              
                                                            ȷ:ݷε
                                               
                                                 2540       2539      2538     
                                                     
ХٷǲΡ٦å׷
    Хٷݷݸ                                     2,996       -          -                         
    Хٷå׷ӷݵ (м࿢)                   ( 49,984)      -          -
    ХٷǲݸΡУʥݡ׹              1,152      1,637        649
    ٷ Σ׹ (м࿢)                  ( 12,211)  ( 26,901)  ( 25,346)    
              Хٷǲ׵ӨԹӷ٦å׷         ( 58,047)  ( 25,264)  ( 24,697)  
ХٷǲΡ٦ݲХٷ
    Хٷи١СٷݫХٷܿΡǴθݷХٷ
    (òå)                                     (102,278)  ( 89,535)    30,218
    Хٷܿѡݵòå                          -        40,000          - 
    Хٷǲݷ                                  ( 67,500)  ( 63,750)  ( 52,500) 
              Хٷǲ׵ӨԹӷ٦ݲХٷ      (169,778)  (113,285)  ( 22,282)
 
Хٷǲ׵м࿢                                   211,542     22,951      4,586

ХٷǲееХٷǲ  ݷ᷹               33,285     10,334      5,748
 
ХٷǲееХٷǲ  ݷ᷹              244,827     33,285     10,334 

ʿåХٷǲйٲкмгٿڲݥ        
    1. ХٷǲΥ
       -  ʡи                              12,944     20,623     24,114
       -  ХٷԲ                                 -         2,648       -
    2. ХٷǲееХٷǲ̡ʸ
       -  ХٷǲӷʲӷΣ          43,071     27,506      7,578
       -  Хٷå׷ӷХٷΡ̦            201,756      5,779      2,756
           Ŀ                                  244,827     33,285     10,334






                                   - 7 -

                RATIO ANALYSIS
                                            2540        2539        2538      
      RECEIVABLE TURNOVER  (TIMES)          12.8        15.9        30.9          
      COLLECTION PERIOD  (DAYS)             28.5        22.9        11.8      
      ACCOUNT PAYABLE TURNOVER (TIMES)     1,683       1,064       1,264      
      PAYMENT PERIOD (DAYS)                 0.22        0.34         0.3      
      INVENTORY TURNOVER (TIMES)            11.0         9.3         7.9     
      INVENTORY TURNOVER PERIOD (DAYS)      33.3        39.5        46.1      
      GROSS PROFIT MARGIN (%)              18.32        9.34        7.62     
      NET PROFIT MARGIN (%)                14.21        4.08        3.55      
      RETURN ON EQUITY (%)                 46.19       19.70       19.25    
      DEBT TO EQUITY (TIMES)                0.15        0.33        0.54      
      PAYOUT RATIO (%)                        60          60          60         


          10.3  ʲȷᣥΥӷʡХٷᷡӷᥡʷ
                Կ

          10.4  ̿αХٷ
                Կ

          10.5  Хٷ
                ХٷԲءѷѸǲʿ

OPT 1.50            !B!@                                                                   '   N  n 