MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PRANALI CORPORATION CO., LTD. |
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Registered Office : |
32nd Floor,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547081182 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in exclusive
spa service |
RATING & COMMENTS
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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 : |
Regular |
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Litigation : |
Clear |
name
PRANALI CORPORATION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 32nd FLOOR,
1010
JATUJAK,
TELEPHONE : [66] 2949-2400-4
FAX : [66] 2944-2405
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547081182 [Former : 0108454713935]
CAPITAL
REGISTERED : BHT.
4,000,000
CAPITAL
PAID-UP : BHT.
4,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. PRANEE SUEBWONGLEE,
THAI
PRESIDENT
NO. OF STAFF
: 50
LINES OF
BUSINESS : EXCLUSIVE SPA
SERVICE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on
June 16, 2004
as a private
limited company under the
name style PRANALI
CORPORATION CO., LTD., by
Thai group, the Suebwonglee family, to
operate exclusive spa
and related service,
under the name “Pranali
Wellness Serenity”. It
currently employs approximately
50 staff.
The
major shareholder is
Mrs. Pranee Suebwonglee, who
is also the
Managing Director of
Bodyshape Corporation Group
Co., Ltd., the
leading slimming service
center in Thailand.
The
subject’s registered address
is 1010 Shinawatra
Tower 3, Vibhavadee
Rangsit Rd., Jatujak,
Bangkok 10900, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mrs. Pranee Suebwonglee |
[x] |
Thai |
52 |
|
Mr. Songpol Suebwonglee |
|
Thai |
37 |
|
Ms. Nisha Suebwonglee |
[x] |
Thai |
- |
|
Mr. Adisorn Aswapitiyaporn |
|
Thai |
50 |
|
Ms. Nathaporn Thipvoranik |
|
Thai |
31 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Pranee Suebwonglee
is the President.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in exclusive
spa service, the
day spa business
named “Pranali Wellness
Serenity”, as well as fitness,
slim, yoga and
beauty salon services,
consists of V.I.P.
member, which is
limited only 20
persons, divided into
3 categories as
follows:
|
Number
of Membership |
Price [Bht.] |
Period [year] |
|
|
|
|
|
10 |
800,000 |
1 |
|
5 |
1,800,000 |
3 |
|
5 |
2,500,000 |
5 |
For the fitness
service’s price is
started from Bht. 15,000
per annum, which
also limited not
over 350 general
membership, and spa
service charge for
non-membership is started
from Baht. 3,000 and
Baht. 15,000 for one
day package. Its operation
has been started
since September 2004.
PURCHASE
The
spa and fitness
equipment and supplies
are purchased from
suppliers and agents both
in domestic and
overseas, mainly France
and U.S.A.
RELATED AND
AFFILIATED COMPANY
Bodyshape Corporation
Group Co., Ltd.
Business Type :
Slimming service center.
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 IRICO’S
DATABASE for the past
two years.
CREDIT
Sales and serviced
are by cash.
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
Banker’s
name was not
disclosed.
EMPLOYMENT
The
subject employs approximately
50 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and Spa at
the heading address.
Premise is located
in commercial/residential area.
The
other service center
is located at
The Siam Paragon
shopping complex, Rama
1 Rd., Wangmai,
Pathumwan, Bangkok 10330.
NOTE
Refer to
your given address,
600/510-512 Moo 14,
Phaholyothin Rd., Kukot,
Lamlukka, Pathumthani 12130,
please be informed that
it is the
head office of
Bodyshape Corporation Group Co.,
Ltd., the subject’s
related company.
COMMENT
The
subject is not
successful in its
business as its
sales were not
on the target.
Its exclusive spa
has not been
performed well due to it was
set up for
high end and
exclusive customer.
The
owner of the
subject is also
running slimming center
named “Body Shape”,
which has been
well known and
popular among middle to
high income customers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht. 100
each fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mrs. Pranee Suebwonglee Nationality: Thai Address : 600/632
Moo 14, Kukot, Lamlukka,
Pathumthani |
22,998 |
57.50 |
|
Bodyshape Corporation
Group Co., Ltd. Nationality: Thai Address : 600/510-512
Moo 14, Kukot, Lamlukka,
Pathumthani |
8,000 |
20.00 |
|
Mr. Phupong Suebwonglee Nationality: Thai Address : 600/632
Moo 14, Lamlukka, Pathumthani |
4,000 |
10.00 |
|
Master Nipun
Suebwonglee Nationality: Thai Address : 600/632
Moo 14,
Lamlukka, Pathumthani |
4,000 |
10.00 |
|
Mr. Songpol Suebwonglee Nationality: Thai Address :
903/9 Moo 9,
Nakornsawan-tok, Muang, Nakornasawan |
1,000 |
2.50 |
|
Mr.
Surapong Suebwonglee Nationality: Thai Address : 600/632
Moo 14,
Lamlukka, Pathumthani |
1 |
- |
|
Ms.
Nathaporn Thipvoranik Nationality: Thai Address : |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Sathaporn Kotheranurak
No. 3349
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
244,946.98 |
1,003,802.17 |
|
Trade Accts. Receivable |
650,665.00 |
- |
|
Inventories |
665,613.28 |
391,833.57 |
|
Revenue Department Receivable |
2,834,195.92 |
2,767,732.68 |
|
Other Current Assets
|
476,364.72 |
101,646.45 |
|
|
|
|
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Total Current
Assets |
4,871,785.90 |
4,265,014.87 |
|
Fixed Assets [note 1] |
28,683,776.00 |
32,575,229.35 |
|
Other Assets |
71,704.64 |
1,747,894.64 |
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Total Assets
|
33,627,266.54 |
38,588,138.86 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Short-term Loan from Bank |
2,982,021.94 |
- |
|
Trade Accts. Payable |
640,362.00 |
2,223,086.93 |
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Current Portion of Long-term
Liabilities |
8,589,252.31 |
8,555,926.09 |
|
Short-term Loan from Person or
Related Company |
29,922,570.4 |
13,036,614.40 |
|
Advance Income |
1,107,241.95 |
1,882,817.42 |
|
Accrued Expenses |
11,491,253.15 |
5,071,554.44 |
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Other Current Liabilities |
565,770.00 |
585,682.80 |
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Total Current
Liabilities |
55,298,471.75 |
31,355,682.08 |
|
Other Long-term Loan |
11,210,609.18 |
19,248,698.02 |
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Total Liabilities |
66,509,080.93 |
50,604,380.10 |
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Shareholders'
Equity |
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
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|
|
|
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Unappropriated |
[36,881,814.39] |
[16,016,241.24] |
|
Total
Shareholders' Equity |
[32,881,814.39] |
[12,016,241.24] |
|
Total
Liabilities & Shareholders' Equity |
33,627,266.54 |
38,588,138.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Service Income |
12,308,867.36 |
525,788.18 |
|
Other Income |
9,559.39 |
10,395.10 |
|
Total Revenues
|
12,318,426.75 |
536,183.28 |
|
Expenses |
|
|
|
|
|
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Cost of Service
|
7,495,648.09 |
2,022,933.53 |
|
Selling & Administrative Expenses |
22,688,829.61 |
13,945,798.03 |
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Total Expenses |
30,184,477.70 |
15,968,731.56 |
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|
|
|
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Profit / [Loss] before
Interest Expenses |
[17,866,050.95] |
[15,432,548.28] |
|
Interest Expenses |
[2,999,522.20] |
[583,692.96] |
|
|
|
|
|
Net Profit / [Loss] |
[20,865,573.15] |
[16,016,241.24] |
FINANCIAL NOTE
NOTE 1
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Improvement & Construction |
20,920,456.03 |
18,319,285.13 |
|
Office Automation &
Furniture |
2,876,064.13 |
2,804,739.22 |
|
Hand Tools |
14,306,960.21 |
13,462,478.63 |
|
Total |
38,103,480.37 |
34,586,502.98 |
|
Less: Depreciation |
[9,419,704.37] |
[2,011,273.63] |
|
Total
|
28,683,776.00 |
32,575,229.35 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
2,241.03 |
|
|
Operating Profit |
[95.05] |
|
|
Net Profit |
[30.28] |
|
|
Fixed Assets |
[11.95] |
|
|
Total Assets |
[12.86] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
60.90 |
384.74 |
|
Operating Profit Margin |
[145.15] |
[2,935.13] |
|
S & A
Expenses |
184.33 |
2,652.36 |
|
Interest Paid |
24.37 |
111.01 |
|
Other Revenues |
0.08 |
1.98 |
|
Net Profit Margin |
[169.52] |
[3,046.14] |
|
Earning Per Shares |
[521.64] |
[400.41] |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 2,241.03%,
Operating Profit was
decreased by 95.05%,
Net Profit was
decreased by 30.28%,
Fixed Assets was
decreased by 11.95%,
Total Assets was
decreased by 12.86%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 384.74%
to 60.90%, Operating
Profit Margin was
increased from -2,935.13%
to -145.15%, S
& A Expenses
was decreased from
2,652.36% to 184.33%,
Interest Paid was decreased
from 111.01% to
24.37%, Other Revenues
was decreased from
1.98% to 0.08%,
Net Profit Margin
was increased from -3,046.14% to
-169.52%.
Earning Per Shares
was decreased from
-400.41 baht per
share to -521.64 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.09 |
0.14 |
|
Quick-Assets Ratio |
0.02 |
0.03 |
Current Ratio was
decreased from 0.14
to 0.09, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.03
to 0.02, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
[2.02] |
[4.21] |
|
Times Interest Earned |
[5.96] |
[26.44] |
D/E Ratio was
increased from -4.21
to -2.02, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from -26.44
to -5.96, capacity
to pay interest
paid was not
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.43 |
0.02 |
|
Total Assets Turnover |
0.37 |
0.01 |
|
Return on Assets |
[62.05] |
[41.51] |
|
Return on Equity |
[63.46] |
[133.29] |
|
Day's Payable |
18.73 |
1,522.12 |
|
Day’s Inventories |
19.47 |
268.28 |
|
Day’s Receivables |
19.03 |
0.00 |
Fixed Assets Turnover
was increased from
0.02 times to 0.43 times,
Total Assets Turnover
was increased from
0.01 times to
0.37 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from -41.51 to
-62.05, Return on
Equity was increased
from -133.29 to
-63.46, capacity to use Assets
to make profit
was not good.
Day's Payable was
decreased from 1,523
days to 19
days, and Day’s
Inventories was decreased
from 269 days
to 20 days,
while Day’s Receivables
was increased from
0 days to
20 days.
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 |
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%)