Ice maker was introduced in 1851 when John Gorrie was awarded US patent 8080 and then 1853 and 1855 to Alexander Twining and James Harrison respectively. Nowadays, ice makers can be found in many places like larger size refrigerator, most trendy restaurants coffee shops, hotels and movie theatres as well as factories, cruise lines, seafood industry and medical industry. Newton Equipment is one of the players in Thailand’s ice maker industry, it has been growing in the past decade with the strong capability to offer quality product and after sales services. It was once part of the leader in Thailand’s market, but since 1997’s financial crisis, things have changed tremendously. This company seems to be doing well, but after a more throughout study of its financial data, result shows that it has been suffering with various problems and the main one being the operation capital. Therefore, in order to conclude this study, toward the end there are a few improvement suggestions for the company in hope that it can strengthen the company’s financial and management situation. The foremost crucial thing that the company needs to improve is the account receivable and inventory management, while other aspects will need to be worked on in the same time.