MIRA
INFORM REPORT
|
Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
OPS OILFIELD SERVICES [THAILAND] CO., LTD. |
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Registered Office : |
Room 1502, 15th Floor, Shinawatra Tower 3, 1010 Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.02.2008 |
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Com. Reg. No.: |
0135551001813 |
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Legal Form : |
Oilfield Supplies and Service Provider |
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Line of Business : |
Private Limited Company |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
OPS
OILFIELD SERVICES [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : ROOM
1502, 15th FLOOR,
SHINAWATRA TOWER 3,
1010
VIBHAVADI
RANGSIT ROAD, CHATUCHAK,
BANGKOK
10900, THAILAND
TELEPHONE : [66] 2996-2777
FAX :
[66] 2966-2774
E-MAIL
ADDRESS : contact@opsthailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0135551001813
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDERS PROPORTION : THAI : 95%
DANISH : 5%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. RATCHATANAND KEREELAENG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : OILFIELD SUPPLIES
AND SERVICE PROVIDER
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 February 22,
2008 as a private
limited company under the
registered name style OPS OILFIELD SERVICES [THAILAND] CO.,
LTD., by Thai and Danish groups, with the
business objective to
supply and provide
service for international oil and gas industry
for both downstream and upstream
operations. It currently employs
approximate 20 staff.
The
subjects registered address
was initially located
at 99/349 Na
Nakorn Building, Chaengwattana
Rd., Thungsongjhong, Laksi,
Bangkok 10210.
On
February 25, 2011,
its registered address
was relocated to Room
1502, 15th Flr.,
Shinawatra Tower 3, 1010
Vibhavadi Rangsit Rd.,
Chatuchak, Bangkok 10900,
and this
is the subjects current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Ratchatanand Kereelaeng |
[x] |
Thai |
42 |
|
Mr. Ole Peter Siefert |
|
Danish |
53 |
AUTHORIZED PERSON
Only the above
director [x] can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Ms. Ratchatanand Kereelaeng is
the Managing Director.
She is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject is
engaged in supplying
and providing wide
range of services
for international oil
and gas industry
for both upstream and
downstream operations, under
benchmark OPS THAILAND.
Range of services
are as follows:
- SSHE
Equipment supply and maintenance.
- Well upstream
& downstream equipment & services.
- Field Support
Base, Storage facility, incl. logistic support.
- Man-power:
Well Engineering, Drilling Engineering, Drilling Supervisors, Well
Services Engineers & Supervisors, Drilling Contractor Crews, Service
Contractor Supervisors.
- MODU and
Platform Inspections.
- MODU
Pre-contract inspections on behalf of clients, to ensure contractor
equipment meet client requirements.
PURCHASE
100%
of purchasing is
from local suppliers.
SALES
Range of services
is provided to
oil and gas
operators.
RELATED AND
AFFILIATED COMPANIES
OPS Oilfield Equipment & Services Ltd.
Business Type :
Provider of oil
and gas equipment.
Oilfield Professional &
Services Limited Partnership
Business Type :
Yard service.
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/services 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.
BANKING
The
bankers name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Songkhla
Base : 20/62
Moo 2, Khanchanawanit Rd.,
Khaolokchang, Muang,
Songkhla
province 90000.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subjects operating result
was good. Subject
has potential in its
business with the expansion of
oil and
gas industry, and would
facilitate its products and
services that help the industry to maintain and improve their
productivities.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000 divided into 1,000
shares of Bht. 100
each with fully
paid.
On
May 19, 2009,
the capital was
increased to Bht.
10,000,000 divided into 100,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
September 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
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Ms. Ratchatanand Kereelaeng Nationality: Thai Address : 58/669
Moo 7, Klongpra-udom,
Ladlumkaew, Pathumthani |
94,600 |
94.60 |
|
Mr. Ole Peter Siefert Nationality: Danish Address : 138
Moo 8, Takhan,
Bankhai, Rayong |
5,000 |
5.00 |
|
Mr. Pongphan Kereelaeng Nationality: Thai Address : 138
Moo 8, Takhan,
Bankhai, Rayong |
400 |
0.40 |
Total Shareholders : 3
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
95,000 |
95.00 |
|
Foreign - Danish |
1 |
5,000 |
5.00 |
|
Total |
3 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Premwadee Forngsiri No.
9758
Note
The 2010 financial
statement was not
submitted to the
Commercial Registration Department.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
1,012,457.27 |
48,218.70 |
|
Trade Accounts Receivable |
140,192,233.30 |
22,782,992.07 |
|
Other Current Assets |
24,278,158.88 |
3,649,274.30 |
|
|
|
|
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Total Current Assets
|
165,482,849.45 |
26,480,485.07 |
|
|
|
|
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Fixed Assets |
6,177,023.95 |
301,613.65 |
|
Total Assets |
171,659,873.40 |
26,782,098.72 |
LIABILITIES &
SHAREHOLDERS EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
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Trade Accounts Payable |
59,996,650.88 |
1,752,330.80 |
|
Current Portion of Long-term Loan-Financial Lease Contract Liabilities |
739,218.14 |
- |
|
Other Current Liabilities |
81,937,728.06 |
23,861,330.65 |
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|
|
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Total Current Liabilities |
142,673,597.08 |
25,613,661.45 |
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|
|
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Long-term Loan-Financial Lease
Contract Liabilities, net
of Current Portion |
2,439,379.87 |
- |
|
Total Liabilities |
145,112,976.95 |
25,613,661.45 |
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|
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Shareholders Equity |
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 & 1,000
shares in 2009 & 2008
respectively |
10,000,000.00 |
100,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
100,000.00 |
|
Retained Earning-
Unappropriated |
16,546,896.45 |
1,068,437.27 |
|
Total Shareholders' Equity |
26,546,896.45 |
1,168,437.27 |
|
Total Liabilities & Shareholders' Equity |
171,659,873.40 |
26,782,098.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
Feb. 22,
2008 Dec. 31,
2008 |
|
|
|
|
|
Services Income |
253,451,148.21 |
53,222,548.36 |
|
Other Income |
1,417,071.63 |
304,437.62 |
|
Total Revenues |
254,868,219.84 |
53,526,985.98 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
199,024,402.48 |
47,375,030.50 |
|
Administrative Expenses |
32,888,542.21 |
4,766,552.12 |
|
Total Expenses |
231,912,944.69 |
52,141,582.62 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
22,955,275.15 |
1,385,403.36 |
|
Financial Cost |
[73,665.28] |
- |
|
Profit / [Loss] before Income
Tax |
22,881,609.87 |
1,385,403.36 |
|
Income Tax |
[7,403,150.69] |
[316,966.09] |
|
|
|
|
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Net Profit / [Loss] |
15,478,459.18 |
1,068,437.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
1.03 |
|
QUICK RATIO |
TIMES |
0.99 |
0.89 |
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|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
41.03 |
176.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
1.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
201.89 |
156.25 |
|
RECEIVABLES TURNOVER |
TIMES |
1.81 |
2.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
110.03 |
13.50 |
|
CASH CONVERSION CYCLE |
DAYS |
91.86 |
142.74 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.53 |
89.01 |
|
SELLING & ADMINISTRATION |
% |
12.98 |
8.96 |
|
INTEREST |
% |
0.03 |
- |
|
GROSS PROFIT MARGIN |
% |
22.03 |
11.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.06 |
2.60 |
|
NET PROFIT MARGIN |
% |
6.11 |
2.01 |
|
RETURN ON EQUITY |
% |
58.31 |
91.44 |
|
RETURN ON ASSET |
% |
9.02 |
3.99 |
|
EARNING PER SHARE |
BAHT |
154.78 |
1,068.44 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.96 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.47 |
21.92 |
|
TIME INTEREST EARNED |
TIMES |
311.62 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
376.21 |
|
|
OPERATING PROFIT |
% |
1,556.94 |
|
|
NET PROFIT |
% |
1,348.70 |
|
|
FIXED ASSETS |
% |
1,947.99 |
|
|
TOTAL ASSETS |
% |
540.95 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.03 |
Impressive |
Industrial
Average |
15.96 |
|
Net Profit Margin |
6.11 |
Impressive |
Industrial
Average |
2.86 |
|
Return on Assets |
9.02 |
Impressive |
Industrial Average |
6.74 |
|
Return on Equity |
58.31 |
Impressive |
Industrial
Average |
11.51 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The companys figure is 22.03%. When compared with the
industry average, the ratio of the company was higher, this 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 companys figure is
6.11%, higher figure when
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
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. Return on Assets ratio is
9.02%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 58.31%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.16 |
Acceptable |
Industrial
Average |
2.09 |
|
Quick Ratio |
0.99 |
|
|
|
|
Cash Conversion Cycle |
91.86 |
|
|
|
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 1.16 times in 2009, increased from 1.03 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 lower.
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 0.99 times in 2009,
increased from 0.89 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 92 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
5.47 |
Risky |
Industrial
Average |
0.70 |
|
Times Interest Earned |
311.62 |
Impressive |
Industrial
Average |
5.73 |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 311.62 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.85 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
41.03 |
Impressive |
Industrial
Average |
6.06 |
|
Total Assets Turnover |
1.48 |
Acceptable |
Industrial
Average |
2.35 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
86.15 |
|
Receivables Conversion Period |
201.89 |
|
|
|
|
Receivables Turnover |
1.81 |
Deteriorated |
Industrial
Average |
6.05 |
|
Payables Conversion Period |
110.03 |
|
|
|
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.52.78 |
|
|
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.88 |
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 |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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.