MIRA INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PICHIT
INDUSTRIAL WORKS CO.,
LTD. |
|
|
|
|
Registered Office : |
11 Krungthep-Kreetha Road,
Sapansoong, Sapansoong,
Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
11.10.1993 |
|
|
|
|
Com. Reg. No.: |
0665536000106 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of carbon brushes and carbon parts |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
PICHIT
INDUSTRIAL WORKS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 11
KRUNGTHEP-KREETHA ROAD, SAPANSOONG,
SAPANSOONG, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2736-0323
FAX :
[66] 2736-0754
E-MAIL
ADDRESS : info@pic.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0665536000106
CAPITAL REGISTERED : BHT. 130,600,000
CAPITAL PAID-UP : BHT.
130,600,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ANTHONIUS HERMANS, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 480
LINES
OF BUSINESS : CARBON BRUSHES
AND CARBON PARTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 October 11, 1993
as a private
limited company under the
registered name style
PICHIT INDUSTRIAL WORKS
CO., LTD. by
Thai and German groups.
Its business objective
is to manufacture
and distribute carbon
brushes and carbon parts to OEM and general markets
both domestic and
international markets. It currently
employs approximate 480
staff. It also
achieved the international
standard ISO 2000
certification by TUV
from Germany.
The
subject is a
subsidiary of Schunk
GmbH., in Germany.
The
subject’s registered address
is 11 Krungthep-Kreetha Rd.,
Sapansoong, Sapansoong, Bangkok
10250, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Urhard Carl Edgar
Clauzerk |
|
German |
60 |
|
Mr. Anthonius Hermans |
[x] |
German |
51 |
|
Mr. Ron Varanlov |
|
German |
37 |
|
Mr. Maeurer Heinz Joachim |
|
German |
62 |
|
Mr. Reynvaan Conrad Hans
Hendrik |
|
German |
60 |
AUTHORIZED PERSON
The above director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Anthonius Hermans is
the Managing Director.
He is German
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of carbon brushes and
carbon parts for electric power
tools, fractional household
appliances, automobiles and
industrial applications, under
its own brand
“PIC”.
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining as well
as machinery are
imported from Germany
and U.S.A.
MAJOR SUPPLIER
Schunk GmbH. :
Germany
SALES
The products are sold
by wholesale to manufacturer
and end-users both
local and overseas,
such as Germany, U.S.A.,
Japan, Singapore, Korea,
United Kingdom and
Italy.
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
480 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
141/7 Moo 11,
Ruamchitbandarn Rd., T. Noenmakok,
A. Bangmoolnark, Pichit
66120. Tel. [66]
56 632-101-2, Fax.
[66] 632-229.
Branch
office : 62
Moo 3, T. Wuasamrong, A. Bangmoolnark, Pichit
66120.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The country’s overall industrial growth
still has potential as well as showing a continue growing. The subject’s products are
also looks to be on the increasing productivity. Market
demand of carbon brushes
and carbon parts for various industries
remains progressive.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000 divided
into 60,000 shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 12,000,000
on August 2,
1995
Bht. 32,000,000
on July 22,
1996
Bht. 130,600,000
on December 17,
2004
The
latest registered capital
was increased to
Bht. 130,600,000 divided
into 1,306,000 shares of Bht.
100 each
with fully paid.
MAIN
SHAREHOLDERS : [as at
March 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Schunk GmbH. Nationality: German Address : Germany |
1,044,800 |
80.00 |
|
Mrs. Prathana Phusawan Nationality: Thai Address : 70/60
Ramkhamhaeng 164 Rd.,
Minburi, Bangkok |
108,554 |
8.31 |
|
Mr. Wisith Yaowapongsiri Nationality: Thai Address : 11
Sukhapiban 2 Rd.,
Kannayao,
Bangkapi, Bangkok |
33,631 |
2.57 |
|
Mr. Somsak Teerapongpaibul Nationality: Thai Address : 174/5
Urupong Rd., Rongmuang,
Pathumwan, Bangkok |
22,530 |
1.72 |
|
Mr. Thawatchai Pratuengsitthi Nationality: Thai Address : 29-31
Nares Rd., Siphaya,
Bangrak, Bangkok |
18,774 |
1.44 |
|
Mr. Manus Phusawan Nationality: Thai Address : 7/67
Moo 54, Ramkhamhaeng Rd.,
Minburi, Bangkok |
11,267 |
0.86 |
|
Ms. Supreeya Phusawan Nationality: Thai Address : 70/60
Ramkhamhaeng 164 Rd.,
Minburi, Bangkok |
10,533 |
0.81 |
|
Ms. Teeranuch Phusawan Nationality: Thai Address : 70/51
Ramkhamhaeng 164 Rd.,
Minburi, Bangkok |
10,533 |
0.81 |
|
Others |
45,378 |
3.48 |
Total Shareholders : 18
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somkid Tiatrakul
No. 2785
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
45,853,117 |
27,331,192 |
|
Trade Accounts Receivable |
|
|
|
- Other |
49,123,540 |
49,195,902 |
|
- Related Company |
6,909,451 |
4,374,489 |
|
Inventories |
66,504,467 |
59,090,788 |
|
Other Current Assets |
1,393,001 |
1,357,682 |
|
|
|
|
|
Total Current Assets
|
169,783,576 |
141,350,053 |
|
Advance Machinery |
1,728,363 |
1,056,000 |
|
Cash at Bank
pledged as a
Collateral |
6,885,890 |
6,851,931 |
|
Intangible Assets |
1,926,438 |
2,222,507 |
|
Fixed Assets |
72,979,010 |
89,137,213 |
|
Total Assets |
253,303,277 |
240,617,704 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
- Other Trading |
8,004,235 |
5,270,717 |
|
- Related Company |
5,455,761 |
2,723,141 |
|
Related Company Payable |
462,041 |
460,554 |
|
Advance Received Income |
3,458,187 |
4,970,369 |
|
Other Current Liabilities |
7,094,493 |
15,005,942 |
|
|
|
|
|
Total Current Liabilities |
24,474,717 |
28,430,723 |
|
Total Liabilities |
24,474,717 |
28,430,723 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,306,000 shares |
130,600,000 |
130,600,000 |
|
|
|
|
|
Capital Paid |
130,600,000 |
130,600,000 |
|
Premium on Share Capital |
21,940,502 |
21,940,502 |
|
Statutory Reserve |
7,670,000 |
7,020,000 |
|
Retained Earning-
Unappropriated |
68,618,058 |
52,626,479 |
|
Total Shareholders' Equity |
228,828,560 |
212,186,981 |
|
Total Liabilities & Shareholders' Equity |
253,303,277 |
240,617,704 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
293,787,134 |
264,519,143 |
|
Other Income |
2,184,941 |
4,091,368 |
|
Reversal Doubtful Account |
2,000,000 |
- |
|
Total Sales |
297,972,075 |
268,610,511 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
215,358,901 |
203,324,570 |
|
Selling Expenses |
6,708,213 |
6,326,075 |
|
Administrative Expenses |
50,007,998 |
41,807,354 |
|
Total Expenses |
272,075,112 |
251,457,999 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
25,896,963 |
17,152,512 |
|
Financial Cost |
[3,761] |
[1,093,303] |
|
Profit / [Loss] before Income
Tax |
25,893,202 |
16,059,209 |
|
Income Tax |
[2,721,623] |
[3,074,210] |
|
|
|
|
|
Net Profit / [Loss] |
23,171,579 |
12,984,999 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
6.94 |
4.97 |
|
QUICK RATIO |
TIMES |
4.16 |
2.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.03 |
2.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.16 |
1.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
112.71 |
106.08 |
|
INVENTORY TURNOVER |
TIMES |
3.24 |
3.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
61.03 |
67.88 |
|
RECEIVABLES TURNOVER |
TIMES |
5.98 |
5.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.57 |
9.46 |
|
CASH CONVERSION CYCLE |
DAYS |
160.18 |
164.50 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
73.30 |
76.87 |
|
SELLING & ADMINISTRATION |
% |
19.31 |
18.20 |
|
INTEREST |
% |
0.00 |
0.41 |
|
GROSS PROFIT MARGIN |
% |
28.12 |
24.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.81 |
6.48 |
|
NET PROFIT MARGIN |
% |
7.89 |
4.91 |
|
RETURN ON EQUITY |
% |
10.13 |
6.12 |
|
RETURN ON ASSET |
% |
9.15 |
5.40 |
|
EARNING PER SHARE |
BAHT |
17.74 |
9.94 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.10 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.11 |
0.13 |
|
TIME INTEREST EARNED |
TIMES |
6,885.66 |
15.69 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.06 |
|
|
OPERATING PROFIT |
% |
50.98 |
|
|
NET PROFIT |
% |
78.45 |
|
|
FIXED ASSETS |
% |
(18.13) |
|
|
TOTAL ASSETS |
% |
5.27 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
28.12 |
Impressive |
Industrial Average |
14.80 |
|
Net Profit Margin |
7.89 |
Impressive |
Industrial Average |
4.38 |
|
Return on Assets |
9.15 |
Impressive |
Industrial Average |
4.91 |
|
Return on Equity |
10.13 |
Impressive |
Industrial Average |
9.04 |
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 28.12%. 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 company’s figure is
7.89% 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
9.15%, 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 10.13%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
6.94 |
Impressive |
Industrial Average |
1.32 |
|
Quick Ratio |
4.16 |
|
|
|
|
Cash Conversion Cycle |
160.18 |
|
|
|
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 6.94 times in 2010, increase from 4.97 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 4.16 times in 2010,
increase from 2.85 times, although excluding inventory so the company still
have good short-term financial strength.
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 161 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.10 |
Impressive |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
0.11 |
Impressive |
Industrial Average |
0.71 |
|
Times Interest Earned |
6,885.66 |
Impressive |
Industrial Average |
4.18 |
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 6885.66 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 0.1 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.03 |
Impressive |
Industrial Average |
2.01 |
|
Total Assets Turnover |
1.16 |
Impressive |
Industrial Average |
1.13 |
|
Inventory Conversion Period |
112.71 |
|
|
|
|
Inventory Turnover |
3.24 |
Acceptable |
Industrial Average |
5.58 |
|
Receivables Conversion Period |
61.03 |
|
|
|
|
Receivables Turnover |
5.98 |
Impressive |
Industrial Average |
5.42 |
|
Payables Conversion Period |
13.57 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 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.