MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRAPATSIRI EQUIPMENT CO., LTD. |
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Registered Office : |
196/1
Soi Sabayjai, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
0105535109401 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing of
marine engines and
spare parts, as
well as providing
of maintenance 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
PRAPATSIRI EQUIPMENT CO., LTD.
SUMMARY
BUSINESS ADDRESS : 196/1
SOI SABAYJAI,
SAMSENNOK, HUAYKWANG,
TELEPHONE : [66] 2693-1063-5
FAX : [66] 2693-1067
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535109401 [Former : 10759/2535]
CAPITAL
REGISTERED : BHT.
1,000,000
CAPITAL
PAID-UP : BHT.
1,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MANOCH SRICHARASRUNG, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 14
LINES OF
BUSINESS : MARINE ENGINES
AND SPARE PARTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 30,
1992 as a
private limited company by
Thai groups, under the
name style PRAPATSIRI
EQUIPMENT CO., LTD.,
in order to
distribute marine engines
and spare parts
to domestic market.
It currently employs
14 staff.
The
subject’s registered address
was initially located
at 1980 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok 10320.
In
2006, it was
relocated to 196/1
Soi Sabayjai, Suthisarn
Rd., Samsennok, Huaykang,
Bangkok 10310, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Manoch Sricharasrung
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Manoch Sricharasrung is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
marine engines and
spare parts, as
well as providing
of maintenance service.
IMPORT
Most
of the products
are imported from
SALES
The products is
sold locally to
retailers and end-users.
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.
BANKING
Banker’s
name was not
disclosed.
EMPLOYMENT
The
subject employs 14
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
50,000.
COMMENT
With
quality products and
efficiency services has enabled
the subject to
become the leading
service in marine
solution.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 20, 2006]
|
NAME |
HOLDING |
% |
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Mr. Manoch Sricharasrung Nationality: Thai Address :
Huaykwang, |
9,940 |
99.40 |
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Mrs.
Siriwan Kachamas Nationality: Thai Address : |
10 |
0.10 |
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Mr. Suwit Kachamas Nationality: Thai Address : 2/98
Moo 8, Bangbon,
Bangkhunthien, |
10 |
0.10 |
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Mrs.
Wannaporn Sricharasrung Nationality: Thai Address : |
10 |
0.10 |
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Ms.
Vikarnda Sricharasrung Nationality: Thai Address : Huaykwang,
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10 |
0.10 |
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Mrs.
Thosaporn Moo Nationality: Thai Address : |
10 |
0.10 |
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Ms. Amporn Maneecharassaeng Nationality: Thai Address : 110/19
Moo 4, Kannayao,
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10 |
0.10 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Prasit Sailekthim No.
0962
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
|
669,351.62 |
59,385.00 |
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Trade Accts. Receivable |
4,868,486.48 |
5,626,447.34 |
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Other Current Assets
|
1,598,735.42 |
- |
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Total Current
Assets |
7,136,573.52 |
5,685,832.34 |
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Fixed Assets |
557,000.45 |
103,964.44 |
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Other Assets |
42,293.54 |
6,500.00 |
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Total Assets
|
7,735,867.51 |
5,796,296.78 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft &
Short Term Loan
from Financial Institute |
- |
499,302.84 |
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Other & Trade Accts. Payable |
4,861,557.07 |
3,704,507.99 |
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Current Portion of Hire-purchase Payable |
170,124.00 |
- |
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Other Current Liabilities |
137,150.88 |
321,332.83 |
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Total Current
Liabilities |
5,168,831.95 |
4,525,143.66 |
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Hire-purchase Payable Net
of Current Portion |
255,186.00 |
- |
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Total Liabilities |
5,424,017.95 |
4,525,143.66 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
1,311,849.56 |
271,153.12 |
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Total
Shareholders' Equity |
2,311,849.56 |
1,271,153.12 |
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Total
Liabilities & Shareholders' Equity |
7,735,867.51 |
5,796,296.78 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
34,042,626.24 |
18,996,718.40 |
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Other Income |
3,943.99 |
- |
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Total Revenues
|
34,046,570.23 |
18,996,718.40 |
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Expenses |
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Cost of Services
|
27,487,387.87 |
13,623,263.14 |
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Selling & Administrative Expenses |
5,067,694.69 |
6,705,349.02 |
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Total Expenses |
32,555,082.56 |
20,328,612.16 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
1,491,487.67 |
[1,331,893.76] |
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Interest Expenses |
[2,609.22] |
[89,203.34] |
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Income Tax |
[448,182.01] |
[231,570.09] |
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Net Profit / [Loss] |
1,040,696.44 |
[1,652,667.19] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
79.20 |
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Operating Profit |
[162.49] |
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Net Profit |
162.97 |
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Fixed Assets |
435.76 |
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Total Assets |
33.46 |
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Profitability |
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Cost of Good
Sold |
80.74 |
71.71 |
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Operating Profit Margin |
4.38 |
[7.01] |
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S & A
Expenses |
14.89 |
35.30 |
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Interest Paid |
0.01 |
0.47 |
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Other Revenues |
0.01 |
0.00 |
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Net Profit Margin |
3.06 |
[8.70] |
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Earning Per Shares |
104.07 |
[165.27] |
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No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 79.20%,
Operating Profit was
decreased by 162.49%,
Net Profit was
increased by 162.97%,
Fixed Assets was
increased by 435.76%,
Total Assets was
increased by 33.46%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 71.71%
to 80.74%, Operating
Profit Margin was
increased from -7.01%
to 4.38%, S
& A Expenses
was decreased from
35.30% to 14.89%,
Interest Paid was decreased
from 0.47% to
0.01%, Other Revenues
was increased from
0.00% to 0.01%,
Net Profit Margin
was increased from
-8.70% to 3.06%.
Earning Per Shares
was increased from
-165.27 baht per
share to 104.07
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
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Current Ratio |
1.38 |
1.26 |
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Quick-Assets Ratio |
1.07 |
1.26 |
Current Ratio was
increased from 1.26
to 1.38, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.26 to 1.07,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
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D/E Ratio |
2.35 |
3.56 |
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Times Interest Earned |
571.62 |
[14.93] |
D/E Ratio was
decreased from 3.56
to 2.35, 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
-14.93 to 571.62,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
61.12 |
182.72 |
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Total Assets Turnover |
4.40 |
3.28 |
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Return on Assets |
13.45 |
[28.51] |
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Return on Equity |
45.02 |
[130.01] |
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Day's Payable |
51.41 |
70.20 |
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Day’s Receivables |
51.48 |
106.62 |
Fixed Assets Turnover
was decreased from
182.72 times to
61.12 times, Total
Assets Turnover was
increased from 3.28
times to 4.40
times, show the
company could use Assets so
efficiently, Return on
Assets was increased
from -28.51 to
13.45, Return on
Equity was increased
from -130.01 to
45.02, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 71
days to 52
days, and Day’s
Receivables was decreased
from 107 days
to 52 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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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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%)