MIRA INFORM REPORT
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Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PETCHSEEG
THAI CO., LTD. |
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Registered Office : |
Suite 205e, 31st Floor, Gems Tower,1249/205 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
10.07.1996 |
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Com. Reg. No.: |
0105539076680 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
Distributor and Exporter of diamonds and
jewelry products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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|
b1 |
b1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
PETCHSEEG
THAI CO., LTD.
SUMMARY
BUSINESS
ADDRESS :
BANGRAK,
TELEPHONE : [66] 2267-4604,
89 891-5674
FAX :
[66] 2267-4605
E-MAIL
ADDRESS : petchseeg@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION
NO. : 0105539076680
CAPITAL REGISTERED : BHT. 9,000,000
CAPITAL PAID-UP : BHT.
9,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HEMU SINGH
JAIN, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER
, DISTRIBUTOR AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 10,
1996 as a
private limited company
under the name style
PETCHSEEG THAI CO., LTD., by
Thai and Indian
groups, with the
objective to engage
in diamonds and
jewelry trading business.
It currently employs approximately
5 staff.
The subject’s registered
address is 1249/205
Charoenkrung Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
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|
Mr. Hemu Singh Jain |
|
Indian |
41 |
|
Mr. Khan Sarasuwan |
|
Thai |
48 |
|
Ms. Maneerat Songlertmetha |
|
Thai |
43 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hemu Singh Jain
is the Managing
Director.
He is Indian
nationality with the
age of 41
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing diamonds and
jewelry products, as well
as exporting of
local jewelry products.
PURCHASE
The products are purchased
from suppliers and manufacturers in both domestic and overseas,
mainly in India
and Hong Kong.
SALES
Imported products are
sold locally to
traders, manufacturers and
end-users.
EXPORT
Thai jewelry products
are exported to
India, Japan, Singapore
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 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
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 5 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office at
the heading address. Premise is
located in a
prime commercial area.
COMMENT
Increased
diamond and jewelry
consumption in 2010 was
driven by economic recovery.
The subject still
maintained its moderate
business from both local
and overseas markets with potential
to expand subsequently.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT USD 100,000.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 5,000,000
on May 23,
2001
Bht. 7,000,000
on December 4,
2002
Bht. 9,000,000
on April 1,
2004
The
latest registered capital
was increased to
Bht. 9 million, divided
into 90,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Hemu Singh Jain Nationality: Indian Address :
Klongsan, |
43,200 |
48.00 |
|
Ms. Maneerat Songlertmetha Nationality: Thai Address : |
27,300 |
30.33 |
|
Mrs. Buarian Narongchai Nationality: Thai Address :
Bangkorlaem, |
5,500 |
6.11 |
|
Mr. Khan Sarasuwan Nationality: Thai Address : 72/15
Moo 11,
Pasicharoen, |
4,500 |
5.00 |
|
Ms. Thanyaporn Songlertmetha Nationality: Thai Address : |
4,500 |
5.00 |
|
Mr. Rasalam Salaemea Nationality: Thai Address : Pattani |
2,500 |
2.78 |
|
Mr. Isma-ae Salae Nationality: Thai Address : 56
Moo 2, Thanam,
Panare, Pattani |
2,500 |
2.78 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Manit Nilprapha No.
4055
BALANCE
SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,263,857.05 |
1,175,960.08 |
|
Trade Accts. Receivable |
5,224,028.15 |
5,677,165.47 |
|
Inventories |
10,892,034.26 |
10,620,318.95 |
|
Other Current Assets
|
125,767.17 |
227,713.48 |
|
|
|
|
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Total Current Assets
|
17,505,686.63 |
17,701,157.98 |
|
Fixed Assets |
139,915.52 |
174,894.41 |
|
Other Assets |
336,640.00 |
336,640.00 |
|
Total Assets |
17,982,242.15 |
18,212,692.39 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable |
7,550,785.07 |
7,089,219.14 |
|
Other Current Liabilities |
191,518.64 |
282,882.55 |
|
|
|
|
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Total Current Liabilities |
7,742,304.34 |
7,372,101.69 |
|
Total Liabilities |
7,742,304.34 |
7,372,101.69 |
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Shareholders' Equity |
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 90,000 shares |
9,000,000.00 |
9,000,000.00 |
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Capital Paid |
9,000,000.00 |
9,000,000.00 |
|
Retained Earning -
Unappropriated |
1,239,937.81 |
1,840,590.70 |
|
Total Shareholders' Equity |
10,239,937.81 |
10,840,590.70 |
|
Total Liabilities & Shareholders' Equity |
17,982,242.15 |
18,212,692.39 |
PROFIT
& LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Export Income |
7,620,474.49 |
7,849,054.73 |
|
Sales Income |
3,224,973.53 |
9,130,976.35 |
|
Other Income |
784,449.29 |
- |
|
Total Sales |
11,629,897.31 |
16,980,031.08 |
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Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
9,426,948.72 |
14,023,208.34 |
|
Selling Expenses |
81,855.50 |
136,241.47 |
|
Administrative Expenses |
2,581,592.47 |
2,546,791.95 |
|
Other Expenses |
3,313.56 |
77,580.48 |
|
Total Expenses |
12,093,710.25 |
16,783,822.24 |
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|
|
|
|
Profit / [Loss] before Income
Tax |
[463,812.94] |
196,208.84 |
|
Income Tax |
[136,839.95] |
[212,236.28] |
|
|
|
|
|
Net Profit / [Loss] |
[600,652.89] |
[16,027.44] |
|
Retained Earning
[deficit], beginning of
year |
1,840,590.70 |
1,856,618.14 |
|
Retained Earning
[deficit], end of
year |
1,239,937.81 |
1,840,590.70 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
2.26 |
2.40 |
|
QUICK RATIO |
TIMES |
0.84 |
0.93 |
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ACTIVITY RATIO |
|
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|
FIXED ASSETS TURNOVER |
TIMES |
77.51 |
97.09 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
421.73 |
276.43 |
|
INVENTORY TURNOVER |
TIMES |
0.87 |
1.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
175.81 |
122.04 |
|
RECEIVABLES TURNOVER |
TIMES |
2.08 |
2.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
292.36 |
184.52 |
|
CASH CONVERSION CYCLE |
DAYS |
305.18 |
213.94 |
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.92 |
82.59 |
|
SELLING & ADMINISTRATION |
% |
24.56 |
15.80 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
20.31 |
17.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.28) |
1.16 |
|
NET PROFIT MARGIN |
% |
(5.54) |
(0.09) |
|
RETURN ON EQUITY |
% |
(5.87) |
(0.15) |
|
RETURN ON ASSET |
% |
(3.34) |
(0.09) |
|
EARNING PER SHARE |
BAHT |
(6.67) |
(0.18) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.40 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.76 |
0.68 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(36.13) |
|
|
OPERATING PROFIT |
% |
(336.39) |
|
|
NET PROFIT |
% |
(3,647.65) |
|
|
FIXED ASSETS |
% |
(20.00) |
|
|
TOTAL ASSETS |
% |
(1.27) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.31 |
Impressive |
Industrial Average |
10.62 |
|
Net Profit Margin |
(5.54) |
Deteriorated |
Industrial Average |
(0.91) |
|
Return on Assets |
(3.34) |
Deteriorated |
Industrial Average |
(1.16) |
|
Return on Equity |
(5.87) |
Deteriorated |
Industrial Average |
(2.99) |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 20.31%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -5.54%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, its was lower, the company's figure is -3.34%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, its was lower, the company's figure is -5.87%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY
RATIO
|
Current Ratio |
2.26 |
Impressive |
Industrial Average |
1.85 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
305.18 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.26 times in 2009, decrease from 2.4 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant
position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.84 times in 2009,
decrease from 0.93 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 306 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.76 |
Impressive |
Industrial Average |
1.52 |
|
Times Interest Earned |
- |
|
Industrial Average |
(0.13) |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using less leverage and has stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.43 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average
competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY
RATIO
|
Fixed Assets Turnover |
77.51 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
0.60 |
Deteriorated |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
421.73 |
|
|
|
|
Inventory Turnover |
0.87 |
Deteriorated |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
175.81 |
|
|
|
|
Receivables Turnover |
2.08 |
Acceptable |
Industrial Average |
2.78 |
|
Payables Conversion Period |
292.36 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.