MIRA
INFORM REPORT
|
Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRESTORISE INTERTRADE COMPANY LIMITED |
|
|
|
|
Registered Office : |
13th Floor, Surawong Watanakarn Building, 322/23 Surawong
Road, Siphya, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
06.07.1989 |
|
|
|
|
Com. Reg. No.: |
0105532061741 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and
Distributor of Diamonds |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
PRESTORISE
INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 13th FLOOR,
SURAWONG WATANAKARN BUILDING,
322/23 SURAWONG
ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2238-3880-3
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 R. LODHA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : DIAMONDS
IMPORTER, EXPORTER
& DISTRIBUTOR
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, in
order to import and
distribute diamonds to local
market. It current employs 10
staff.
The
subject’s registered address
is 322/23 Surawong Watanakarn Building,
Surawong Rd., Siphya,
Bangrak, Bangkok 10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Praveen R.
Lodha
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Praveen
R. Lodha is
the Managing Director.
He is Indian nationality with
the age of
50 years old.
Mr. Amrish
Pandya is the Assistant Manager.
He is Indian nationality.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing & exporting of
diamonds and jewelry products.
PURCHASE
Jewelry products are
purchased from local
supplier and manufacturers.
IMPORT
Diamond
is imported from
India.
SALES [LOCAL]
Diamond
is sold locally
by wholesale to
dealers and manufacturers.
EXPORT
Jewelry
products are exported
to U.S.A. and
Hong Kong.
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 credit term
of 30 days.
Local
bills are paid
by cash or
on the credits term of
30-60 days.
Imports
are by L/C & T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs 10
staff [office and sales staff].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise is located in commercial
area.
COMMENT
The subject has been in its business for almost 19 years. Its sales has steadily grown as Thai jewelry production has switched from premium diamond to fine diamond from India due to their competitive prices. However, domestic slow consumption caused by economic uncertainty has resulted to currently decline the subject’s sales revenue.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 5,000,000 divided into 50,000
shares of Bht. 100 each.
The
capital was increased
later as follows:
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 December 17,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Praveen
R. Lodha Nationality: Indian Address : 322/23 Surawong
Rd., Siphya, Bangrak, Bangkok 10500 |
73,500 |
49.00 |
|
Mr. Nikorn
Kijvanich Nationality: Thai Address : 69/71 Rama
4 Rd., Pomprab,
Bangkok |
61,466 |
40.98 |
|
Mrs. Anupa Naruelar Nationality: Thai Address : 32/31-32 Sukhumvit
26 Rd., Klongton,
Klongtoey, Bangkok |
15,030 |
10.02 |
|
Mr. Chartchai
Itthipongsawat Nationality: Thai Address : 251 Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok 10240 |
1 |
- |
|
Mr. Somchart
Wongvai Nationality: Thai Address : 1813/201 Charansanitwong Rd., Bangbamru,
Bangkoknoi, Bangkok 10700 |
1 |
- |
|
Ms. Viraporn
Manora Nationality: Thai Address : 74/18 Moo 1,
Bangwua, Bangpakong,
Chachoengsao Province |
1 |
- |
|
Mrs. Suphannee
Saemuay Nationality: Thai Address : 135/139 Arj-Narong Rd., Klongtoey,
Prakanong, Bangkok 10110 |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Nongnuj Ouitrakul
No. 2241
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
667,998.22 |
1,440,738.58 |
|
Trade Accts. Receivable |
71,301,342.57 |
69,572,610.85 |
|
Inventories |
50,804,983.71 |
47,858,090.41 |
|
Other Current Assets
|
229,351.60 |
167,712.92 |
|
|
|
|
|
Total Current
Assets |
123,003,676.10 |
119,039,152.76 |
|
Cash at Bank
pledged as a
Collateral |
3,052,121.29 |
3,050,000.00 |
|
Fixed Assets |
1,128,865.22 |
1,722,579.30 |
|
Other Assets |
1,200.00 |
1,200.00 |
|
Total Assets |
127,185,862.61 |
123,812,932.06 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
63,934,675.53 |
45,474,354.29 |
|
Trade Accts. Payable |
34,786,858.19 |
52,358,917.88 |
|
Accrued Expenses |
899,470.74 |
493,661.38 |
|
Accrued Income Tax |
531,030.60 |
486,644.62 |
|
Other Current Liabilities |
180,103.90 |
407,060.87 |
|
|
|
|
|
Total Current
Liabilities |
100,332,138.96 |
99,220,639.04 |
|
Total Liabilities |
100,332,138.96 |
99,220,639.04 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
11,853,723.65 |
9,592,293.02 |
|
Total
Shareholders' Equity |
26,853,723.65 |
24,592,293.02 |
|
Total
Liabilities & Shareholders' Equity |
127,185,862.61 |
123,812,932.06 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
163,664,902.88 |
164,276,136.28 |
|
Gain on Exchange
Rate |
2,180,143.13 |
- |
|
Other Income |
198,414.96 |
97,724.63 |
|
Total Revenues
|
166,043,460.97 |
164,373,860.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
151,886,753.92 |
151,955,853.10 |
|
Selling & Administrative Expenses |
7,315,550.84 |
7,964,144.34 |
|
Total Expenses |
159,202,304.76 |
159,919,997.44 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
6,841,156.21 |
4,723,863.47 |
|
Interest Expenses |
[3,551,200.97] |
[1,611,423.84] |
|
Income Tax |
[1,028,524.61] |
[991,619.23] |
|
|
|
|
|
Net Profit / [Loss] |
2,261,430.63 |
2,120,820.40 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[0.37] |
|
|
Operating Profit |
54.17 |
|
|
Net Profit |
6.63 |
|
|
Fixed Assets |
[34.47] |
|
|
Total Assets |
2.72 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
92.80 |
92.50 |
|
Operating Profit Margin |
4.18 |
2.71 |
|
S & A
Expenses |
4.47 |
4.85 |
|
Interest Paid |
2.17 |
0.98 |
|
Other Revenues |
1.45 |
0.06 |
|
Net Profit Margin |
1.38 |
1.29 |
|
Earning Per Shares |
15.08 |
14.14 |
|
No. of Shares |
150,000 |
150,000 |
Net Sales was
decreased by 0.37%,
Operating Profit was
increased by 54.17%,
Net Profit was
increased by 6.63%,
Fixed Assets was
decreased by 34.47%,
Total Assets was
increased by 2.72%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.50%
to 92.80%, Operating
Profit Margin was
increased from 2.71%
to 4.18%, S
& A Expenses
was decreased from
4.85% to 4.47%,
Interest Paid was increased
from 0.98% to
2.17%, Other Revenues
was increased from
0.06% to 1.45%,
Net Profit Margin
was increased from
1.29% to 1.38%.
Earning Per Shares
was increased from
14.14 baht per
share to 15.08
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.23 |
1.20 |
|
Quick-Assets Ratio |
0.72 |
0.72 |
Current Ratio was
increased from 1.20
to 1.23, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.72 to 0.72,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
3.74 |
4.03 |
|
Times Interest Earned |
1.93 |
2.76 |
D/E Ratio was
decreased from 4.03
to 3.74, 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
2.76 to 1.93,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
144.98 |
95.37 |
|
Total Assets Turnover |
1.29 |
1.33 |
|
Return on Assets |
1.78 |
1.71 |
|
Return on Equity |
8.42 |
8.62 |
|
Day's Payable |
76.52 |
114.74 |
|
Day’s Inventories |
111.75 |
104.88 |
|
Day’s Receivables |
156.84 |
152.46 |
Fixed Assets Turnover
was increased from
95.37 times to
144.98 times, Total
Assets Turnover was
decreased from 1.33
times to 1.29
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 1.71 to
1.78, Return on
Equity was decreased
from 8.62 to
8.42, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 115
days to 77
days, while Day’s
Inventories was increased
from 105 days
to 112 days, and Day’s
Receivables was increased
from 153 days
to 157 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. |
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 |
|
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%)