MIRA
INFORM REPORT
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Report Date : |
07.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PIRATEX
INTERNATIONAL LIMITED |
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Registered Office : |
38 Moo 7,
T. Nongpling, A. Nongkae, Saraburi
Province 18140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.05.2004 |
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Com. Reg. No.: |
0195547000417 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Textile and
Yarn Chemical |
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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
PIRATEX
INTERNATIONAL LIMITED
SUMMARY
BUSINESS
ADDRESS : 125
SOI SAINAMPUENG, SUKHUMVIT
22 ROAD,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2259-2722-4
FAX : [66] 2258-3302
REGISTRATION ADDRESS : 38
MOO 7, T. NONGPLING, A.
NONGKAE,
SARABURI PROVINCE
18140
ESTABLISHED
: 2004
REGISTRATION NO. : 0195547000417
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT. 5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KITTISAK KARNCHANAPONGKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : TEXTILE AND YARN CHEMICAL
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on May 19, 2004 as
a private limited
company under the name
style PIRATEX INTERNATIONAL LIMITED by Thai groups,
in order to manufacture and
supply textile and
yarn chemicals for
textile industry. It
currently employs approximately 100 staff.
The
subject’s registered address
is 38 Moo 7, Nongpling,
Nongkae, Saraburi 18140,
while the current
operation address is at 125
Soi Sainampueng, Sukhumvit
22 Rd., Klongtoey,
Bangkok 10110.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mrs. Araya Karnchanapongkul |
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Thai |
55 |
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Mr. Kittisak Karnchanapongkul |
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Thai |
56 |
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Ms. Saowaros Karnchanapongkul |
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Thai |
51 |
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Mr. Peerawich Karnchanapongkul |
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Thai |
27 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kittisak Karnchanapongkul is
the Managing Director.
He is Thai nationality with
the age of
56 years old.
Ms. Saowaros Karnchanapongkul is
the General Manager.
She is Thai nationality with
the age of
51 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing of
textile and yarn
chemicals.
PURCHASE
Most of raw
materials are purchased
from local supplier,
the remaining and
machinery are imported
from Taiwan and
Germany.
SALES
100% of the
products is sold
locally by wholesale
to textile manufacturers.
MAJOR CUSTOMER
Day-Tex Enterprise Co.,
Ltd. : Thailand
RELATED AND AFFILIATED COMPANY
Day-Tex Enterprise
Co., Ltd.
Business Type
: Importer and
distributor of textile
chemical and machine
parts.
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
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office : 9 Ratchadapisek Rd., Jatujak, Bangkok]
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
provincial.
Factory
and warehouse are
located at 38
Moo 7, Nongpling, Nongkae, Saraburi
18140
REMARK
CREDIT
OF US$ 500,000 SHOULD
BE IN ORDER.
COMMENT
The
subject has strong sales from local consumption. The subject also
has fast growing
business and expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each.
On
January 31, 2007,
the capital was
increased to Bht. 20,000,000 divided into 200,000
shares of Bht.
100 each.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007] at Bht.
5,000,000 of capitalization
|
NAME |
HOLDING |
% |
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Mrs. Araya Karnchanapongkul Nationality: Thai Address : 123
Sukhumvit 20 Rd.,
Klongtoey, Bangkok |
22,000 |
44.00 |
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Mr.
Kittisak Karnchanapongkul Nationality: Thai Address : 347 Sukhumvit
50 Rd., Prakanong,
Klongtoey, Bangkok |
22,000 |
44.00 |
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Ms.
Saowaros Karnchanapongkul Nationality: Thai Address : 212/86
Moo 4, Thungkru,
Bangkok |
2,000 |
4.00 |
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Mrs.
Kittiya Vorakijpokatorn Nationality: Thai Address : 125
Sukhumvit 22 Rd.,
Klongtoey, Bangkok |
1,000 |
2.00 |
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Mr. Keerati Karnchanapongkul Nationality: Thai Address : 123 Sukhumvit
20 Rd., Klongtoey, Bangkok |
1,000 |
2.00 |
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Mr.
Peerawich Karnchanapongkul Nationality: Thai Address : 123 Sukhumvit
20 Rd., Klongtoey, Bangkok |
1,000 |
2.00 |
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Mr. Surasak Karnchanapongkul Nationality: Thai Address : 47/71
Moo 5, Samaedam,
Bangkhunthien, Bangkok |
999 |
2.00 |
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Mr. Pongdej Klayphaophan Nationality: Thai Address : 86/4
Moo 6, Pracha-uthit Rd., Thungkru, Bangkok |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Chaleaw Yimlamai No. 1177
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in hand
& at Bank
|
734,793.36 |
80,447.21 |
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Trade Accts. Receivable |
50,325,765.39 |
43,127,683.48 |
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Inventories |
121,019,389.29 |
110,295,413.98 |
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Short Term Loan
to Person or
Related Company |
40,650,000.00 |
24,750,000.00 |
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Other Current Assets
|
6,986,135.72 |
6,170,584.27 |
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Total Current
Assets |
219,716,083.76 |
184,242,128.94 |
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Fixed Assets |
13,092,815.17 |
13,014,869.23 |
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Other Assets |
55,015,000.00 |
5,000.00 |
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Total Assets |
287,820,898.93 |
197,443,998.17 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
233,292,624.34 |
137,059,417.46 |
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Trade Accts. Payable |
34,323,154.81 |
45,443,341.20 |
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Short Term Loan
from Person or Related Company |
5,000,000.00 |
- |
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Current Portion of Long
Term Loans |
849,132.00 |
704,760.00 |
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Other Current Liabilities |
2,869,461.04 |
4,060,684.20 |
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Total Current
Liabilities |
276,334,372.19 |
187,268,202.86 |
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Other Long Term Loan |
204,527.00 |
822,220.00 |
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Total Liabilities |
276,538,899.19 |
188,090,422.86 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated |
6,281,999.74 |
4,353,575.31 |
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Total
Shareholders' Equity |
11,281,999.74 |
9,353,575.31 |
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Total
Liabilities & Shareholders' Equity |
287,820,898.93 |
197,443,998.17 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
288,070,588.11 |
253,023,255.61 |
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Other Income |
10,206,819.07 |
2,400,208.23 |
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Total Revenues
|
298,277,407.18 |
255,423,463.84 |
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Expenses |
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Cost of Goods
Sold |
273,273,158.22 |
236,651,684.25 |
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Selling & Administrative Expenses |
15,070,199.91 |
11,369,529.38 |
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Other Expenses |
22,881.61 |
44,666.49 |
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Total Expenses |
288,366,239.74 |
248,065,880.12 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
9,911,167.44 |
7,357,583.72 |
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Interest Expenses |
[7,465,640.99] |
[5,215,959.40] |
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Income Tax |
[517,102.02] |
[446,572.70] |
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Net Profit / [Loss] |
1,928,424.43 |
1,695,051.62 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
13.85 |
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Operating Profit |
17.88 |
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Net Profit |
13.77 |
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Fixed Assets |
0.60 |
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Total Assets |
45.77 |
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Profitability |
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Cost of Good
Sold |
94.86 |
93.53 |
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Operating Profit Margin |
3.45 |
2.93 |
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S & A
Expenses |
5.23 |
4.49 |
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Interest Paid |
2.59 |
2.06 |
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Other Revenues |
3.54 |
0.95 |
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Net Profit Margin |
0.67 |
0.67 |
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Earning Per Shares |
38.57 |
33.90 |
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No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 13.85%,
Operating Profit was
increased by 17.88%,
Net Profit was
increased by 13.77%,
Fixed Assets was
increased by 0.60%,
Total Assets was
increased by 45.77%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.53%
to 94.86%, Operating
Profit Margin was
increased from 2.93%
to 3.45%, S
& A Expenses
was increased from
4.49% to 5.23%,
Interest Paid was increased
from 2.06% to
2.59%, Other Revenues
was increased from
0.95% to 3.54%,
Net Profit Margin
was decreased from
0.67% to 0.67%.
Earning Per Shares
was increased from
33.90 baht per
share to 38.57
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.80 |
0.98 |
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Quick-Assets Ratio |
0.18 |
0.23 |
Current Ratio was
decreased from 0.98
to 0.80, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.23 to 0.18,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
24.51 |
20.11 |
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Times Interest Earned |
1.33 |
1.42 |
D/E Ratio was
increased from 20.11
to 24.51, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
1.42 to 1.33,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
22.00 |
19.44 |
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Total Assets Turnover |
1.00 |
1.28 |
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Return on Assets |
0.67 |
0.86 |
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Return on Equity |
17.09 |
18.12 |
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Day's Payable |
42.89 |
64.66 |
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Day’s Inventories |
151.24 |
156.93 |
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Day’s Receivables |
62.89 |
61.36 |
Fixed Assets Turnover
was increased from
19.44 times to
22.00 times, Total
Assets Turnover was
decreased from 1.28
times to 1.00
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 0.86 to
0.67, Return on
Equity was decreased
from 18.12 to
17.09, capacity to use Assets to
make profit was
good.
Day's Payable was
decreased from 65
days to 43
days, and Day’s
Inventories was decreased
from 157 days
to 152 days, while Day’s
Receivables was increased
from 62 days
to 63 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 |
|
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. |
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 |
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<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%)