MIRA
INFORM REPORT
|
Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PRESTORISE INTERTRADE COMPANY LIMITED |
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Registered Office : |
13th Floor, Bangkok Gems & Jewelry Tower, 322/23 Surawong Road, Suriyawongse, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532061741 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and
exporting various kinds
of diamond cutting
for jewelry production industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
PRESTORISE INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 13th FLOOR,
BANGKOK GEMS & JEWELRY TOWER,
322/23 SURAWONG
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2238-3880-2
FAX : [66] 2238-3884
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532061741 [Former : 6174/2532]
CAPITAL
REGISTERED : BHT. 15,000,000
CAPITAL
PAID-UP : BHT. 15,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PRAVEEN RAGHUNATH LODHA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : DIAMONDS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on July 6,
1989 as a
private limited company under the name style PRESTORISE INTERTRADE COMPANY LIMITED,
by Thai and
Indian groups, to
operate a jewelry
business. It
currently employs 12
staff.
The
subject’s registered address
is 322/23 Bangkok
Gems & Jewelry Tower, Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Praveen Raghunath Lodha
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Praveen Raghunath Lodha is the Managing Director.
He is Indian nationality with
the age of
49 years old.
Mr. Amrish Pandya
is the Assistant Manager.
He is Indian nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
various kinds of
diamond cutting for
jewelry production industry.
PURCHASE
The products are
purchased from suppliers both
local and overseas,
mainly in India
and South Africa.
SALES [LOCAL]
The products are
sold locally to
dealers and manufacturers.
EXPORT
The
products are exported
to Hong Kong
and other countries
in Europe and
Asia.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
for 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.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office, 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
COMMENT
Thai
jewelry industry remains
upbeat especially for
exports. Demand of diamonds
as raw material of jewelry
industry is still
strong.
The subject’s
customers are jewelry shop and
jewelry factory. Its sales
revenue is moderate.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 6,000,000 on December 8,
1993
Bht. 15,000,000 on December 27,
1994
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
150,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 5, 2006]
|
NAME |
HOLDING |
% |
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|
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Mr. Withaya Wongglednark Nationality: Thai Address : 9/13
Silom Rd., Silom,
Bangrak,. Bangkok |
76,396 |
50.93 |
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Mr. Praveen Raghunath
Lodha Nationality: Indian Address : 322/23
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
73,500 |
49.00 |
|
Ms.
Voraphan Pholkham Nationality: Thai Address : 176/306 Tesabandamri Rd., Naimuang, Muang, Nan |
100 |
0.07 |
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Mr.
Chartchai Itthipongsawat Nationality: Thai Address : 251
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mr. Somchai Wongwai Nationality: Thai Address : 1813/201
Charansanitwong Rd., Bangbamru,
Bangkoknoi, Bangkok |
1 |
- |
|
Ms.
Vipaporn Manora Nationality: Thai Address : 74/18
Moo 1, Bangwua,
Bangpakong, Chachoengsao |
1 |
- |
|
Mrs.
Suphannee Saemuay Nationality: Thai Address : 135/139
Arjnarong Rd., Klongtoey, Bangkok |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Nongnuch Ouitrakul No.
2241
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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Cash in hand
& at Bank
|
1,440,738.58 |
844,244.84 |
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Short Term Investment |
50,000.00 |
50,000.00 |
|
Trade Accts. Receivable |
69,572,610.85 |
46,297,906.48 |
|
Inventories |
47,858,090.41 |
30,507,400.92 |
|
Other Current Assets
|
167,712.92 |
139,947.36 |
|
Total Current
Assets |
119,089,152.76 |
77,839,499.60 |
|
Long Term Investment |
3,000,000.00 |
3,000,000.00 |
|
Fixed Assets |
1,722,579.30 |
2,356,975.44 |
|
Other Assets |
1,200.00 |
27,910.69 |
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Total Assets |
123,812,932.06 |
83,224,385.73 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
45,474,354.29 |
30,346,849.41 |
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Trade Accts. Payable |
52,358,917.88 |
28,903,425.69 |
|
Current Portion of Hire-Purchase Payable |
- |
281,040.00 |
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Accrued Expenses |
493,661.38 |
372,657.93 |
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Accrued Income Tax |
486,644.62 |
468,987.52 |
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Other Current Liabilities |
407,060.87 |
379,952.56 |
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Total Current
Liabilities |
99,220,639.04 |
60,752,913.11 |
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Total Liabilities |
99,220,639.04 |
60,752,913.11 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
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Retained Earning -
Unappropriated |
9,592,293.02 |
7,471,472.62 |
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Total
Shareholders' Equity |
24,592,293.02 |
22,471,472.62 |
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Total Liabilities &
Shareholders' Equity |
123,812,932.06 |
83,224,385.73 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
164,276,136.28 |
145,635,994.76 |
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Other Income |
97,724.63 |
1,289,332.07 |
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Total Revenues
|
164,373,860.91 |
146,925,326.83 |
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Expenses |
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Cost of Goods
Sold |
151,955,853.10 |
135,908,644.60 |
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Selling & Administrative Expenses |
7,694,144.34 |
6,545,196.60 |
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Total Expenses |
159,649,997.44 |
142,453,841.20 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
4,723,863.47 |
4,471,485.63 |
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Interest Expenses |
[1,611,423.84] |
[1,678,725.36] |
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Income Tax |
[991,619.23] |
[891,162.91] |
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Net Profit / [Loss] |
2,120,820.40 |
1,901,597.36 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
12.80 |
|
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Operating Profit |
[6.34] |
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Net Profit |
11.53 |
|
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Fixed Assets |
[26.92] |
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Total Assets |
48.77 |
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Profitability |
|
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Cost of Good
Sold |
92.50 |
93.32 |
|
Operating Profit Margin |
2.88 |
3.07 |
|
S & A
Expenses |
4.68 |
4.49 |
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Interest Paid |
0.98 |
1.15 |
|
Other Revenues |
0.06 |
0.89 |
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Net Profit Margin |
1.29 |
1.31 |
|
Earning Per Shares |
14.14 |
12.68 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
increased by 12.80%,
Operating Profit was
decreased by 6.34%,
Net Profit was
increased by 11.53%,
Fixed Assets was
decreased by 26.92%,
Total Assets was
increased by 48.77%,
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.32%
to 92.50%, Operating
Profit Margin was
decreased from 3.07%
to 2.88%, S
& A Expenses
was increased from
4.49% to 4.68%,
Interest Paid was decreased
from 1.15% to
0.98%, Other Revenues
was decreased from
0.89% to 0.06%,
Net Profit Margin
was decreased from
1.31% to 1.29%,
Earning Per Shares
was increased from
12.68 baht per
share to 14.14
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.20 |
1.28 |
|
Quick-Assets Ratio |
0.72 |
0.78 |
Current Ratio was
decreased from 1.28
to 1.20, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.78 to 0.72,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
4.03 |
2.70 |
|
Times Interest Earned |
2.93 |
2.66 |
D/E Ratio was
increased from 2.70
to 4.03, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is
high, Times Interest
Earned was increased
from 2.66 to
2.93, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
95.37 |
61.79 |
|
Total Assets Turnover |
1.33 |
1.75 |
|
Return on Assets |
1.71 |
2.28 |
|
Return on Equity |
8.62 |
8.46 |
|
Day's Payable |
114.74 |
71.45 |
|
Day’s Inventories |
104.88 |
75.41 |
|
Day’s Receivables |
152.46 |
114.44 |
Fixed Assets Turnover
was increased from
61.79 times to
95.37 times, Total
Assets Turnover was
decreased from 1.75
times to 1.33
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 2.28 to
1.71, Return on
Equity was increased
from 8.46 to
8.62, capacity to
use Assets to
make profit was
good,
Day's Payable was
increased from 72
days to 115
days, Day’s Inventories
was increased from
76 days to
105 days, and
Day’s Receivables was
increased from 115
days to 153
days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)