MIRA INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRESTORISE
INTERTRADE COMPANY LIMITED |
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Registered Office : |
14th Floor, Bangkok Gems & Jewelry Tower, 322/23 Surawong Road, Suriyawongse, Bangrak, Bangkok 10500, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.07.1989 |
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Com. Reg. No.: |
0105532061741 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Diamonds |
RATING & COMMENTS
|
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 – 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 |
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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
PRESTORISE
INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR,
BANGKOK GEMS & JEWELRY TOWER,
322/23 SURAWONG
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2238-3880-2
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 RAGHUNATH
LODHA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : DIAMONDS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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, to operate
a jewelry business.
It currently employs
approximate 10 staff.
The
subject’s registered address is
322/23 Bangkok Gems & Jewelry Tower,
Surawong Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Praveen Raghunath Lodha
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Praveen Raghunath Lodha is the Managing Director.
He is Indian
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and exporting
various kinds of
diamond cutting, gemstones
for jewelry production
industry, as well
as jewelry products.
PURCHASE
The products are
purchased from suppliers both
local and overseas,
mainly in India
and South Africa.
SALES
[LOCAL]
The products are
sold locally to
dealers and manufacturers.
EXPORT
The
products are exported
to Hong Kong,
Japan, India and
other countries in
Europe.
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.
[Head Office, 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
Thai
jewelry industry remains
upbeat especially for
exports. Demand of diamonds
as raw material
of jewelry industry
remains optimistic. Improved
consumption in international
markets was the key
to drive its sales
sale in 2010.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
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 April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Anupa Narular Nationality: Thai Address : 322/23
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
73,496 |
49.00 |
|
Mr. Praveen Raghunath Lodha Nationality: Indian Address : 322/23
Surawong Rd., Suriyawongse,
Bangrak, Bangkok |
70,000 |
46.67 |
|
Ms. Niramala Zasiti Nationality: Indian Address : 1867/86
Charoennakorn Rd., Banglampulang, Klongsan,
Bangkok |
3,000 |
2.00 |
|
Mr. Nikorn Kijvanich Nationality: Thai Address : 69/71
Rama 4 Rd.,
Pomprab, Bangkok |
3,000 |
2.00 |
|
Mrs. Sukesi Lohda Nationality: Thai Address : 1867/86
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
499 |
0.33 |
|
Ms. Araya Thirachavalit Nationality: Thai Address : 510
Charansanitwong 66/1 Rd.,
Bangplad, Bangkok |
4 |
- |
|
Ms. Mahee Lohda Nationality: Thai Address : 1867/86
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nongnuch Ouitrakul No.
2241
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
171,585.84 |
1,507,976.59 |
|
Trade Accounts Receivable |
56,192,416.16 |
71,170,386.36 |
|
Inventories |
55,736,931.32 |
46,325,183.18 |
|
Other Current Assets |
195,264.43 |
205,104.15 |
|
|
|
|
|
Total Current Assets
|
112,296,197.75 |
119,208,650.28 |
|
|
|
|
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Fixed Assets |
1,367,317.60 |
1,572,093.33 |
|
Intangible Assets |
21,530.86 |
30,753.24 |
|
Other Assets |
1,200.00 |
1,200.00 |
|
Total Assets |
113,686,246.21 |
120,812,696.85 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
68,717,285.21 |
44,207,155.76 |
|
Trade Accounts Payable |
12,014,919.81 |
45,752,515.32 |
|
Current Portion of Hire-purchase Payable |
148,872.06 |
342,009.65 |
|
Other Current Liabilities |
1,557,359.92 |
1,107,196.78 |
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|
|
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Total Current Liabilities |
82,438,437.00 |
91,408,877.51 |
|
|
|
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Hire-purchase Payable, net of Current Portion |
- |
148,872.06 |
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Total Liabilities |
82,438,437.00 |
91,557,749.57 |
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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 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning- Unappropriated |
16,247,809.21 |
14,254,947.28 |
|
Total Shareholders' Equity |
31,247,809.21 |
29,254,947.28 |
|
Total Liabilities & Shareholders' Equity |
113,686,246.21 |
120,812,696.85 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
176,515,338.94 |
144,284,116.90 |
|
Gain on Exchange
Rate |
2,161,694.73 |
- |
|
Other Income |
202,716.69 |
247,812.18 |
|
Total Sales |
178,879,750.36 |
144,531,929.08 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
166,712,011.68 |
134,497,172.46 |
|
Selling Expenses |
859,742.80 |
726,683.35 |
|
Administrative Expenses |
4,372,364.76 |
4,266,683.88 |
|
Loss on Exchange Rate |
- |
795,287.26 |
|
Total Expenses |
171,944,119.24 |
140,285,826.95 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
6,935,631.12 |
4,246,102.13 |
|
Financial Cost |
[3,941,327.18] |
[2,022,884.44] |
|
Profit / [Loss] before Income
Tax |
2,995,303.94 |
2,223,217.69 |
|
Income Tax |
[1,002,442.01] |
[802,328.21] |
|
|
|
|
|
Net Profit / [Loss] |
1,992,861.93 |
1,420,889.48 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
1.36 |
1.30 |
|
QUICK RATIO |
TIMES |
0.68 |
0.80 |
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
129.10 |
91.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.55 |
1.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
122.03 |
125.72 |
|
INVENTORY TURNOVER |
TIMES |
2.99 |
2.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
116.20 |
180.04 |
|
RECEIVABLES TURNOVER |
TIMES |
3.14 |
2.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.31 |
124.16 |
|
CASH CONVERSION CYCLE |
DAYS |
211.92 |
181.60 |
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.45 |
93.22 |
|
SELLING & ADMINISTRATION |
% |
2.96 |
3.46 |
|
INTEREST |
% |
2.23 |
1.40 |
|
GROSS PROFIT MARGIN |
% |
6.89 |
6.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.93 |
2.94 |
|
NET PROFIT MARGIN |
% |
1.13 |
0.98 |
|
RETURN ON EQUITY |
% |
6.38 |
4.86 |
|
RETURN ON ASSET |
% |
1.75 |
1.18 |
|
EARNING PER SHARE |
BAHT |
13.29 |
9.47 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.64 |
3.13 |
|
TIME INTEREST EARNED |
TIMES |
1.76 |
2.10 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22.34 |
|
|
OPERATING PROFIT |
% |
63.34 |
|
|
NET PROFIT |
% |
40.25 |
|
|
FIXED ASSETS |
% |
(13.03) |
|
|
TOTAL ASSETS |
% |
(5.90) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
6.89 |
Acceptable |
Industrial Average |
10.37 |
|
Net Profit Margin |
1.13 |
Impressive |
Industrial Average |
(0.89) |
|
Return on Assets |
1.75 |
Impressive |
Industrial Average |
(1.19) |
|
Return on Equity |
6.38 |
Impressive |
Industrial Average |
(3.06) |
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 6.89%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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. Net Profit Margin ratio is 1.13%,
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
1.75%, 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 6.38%, 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 |
1.36 |
Satisfactory |
Industrial Average |
1.81 |
|
Quick Ratio |
0.68 |
|
|
|
|
Cash Conversion Cycle |
211.92 |
|
|
|
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 1.36 times in 2010, increase from 1.3 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 0.68 times in 2010,
decrease from 0.8 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 212 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
2.64 |
Risky |
Industrial Average |
1.53 |
|
Times Interest Earned |
1.76 |
Impressive |
Industrial Average |
(0.19) |
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 1.76 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 0.73 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
129.10 |
Impressive |
Industrial Average |
8.05 |
|
Total Assets Turnover |
1.55 |
Impressive |
Industrial Average |
1.30 |
|
Inventory Conversion Period |
122.03 |
|
|
|
|
Inventory Turnover |
2.99 |
Impressive |
Industrial Average |
2.00 |
|
Receivables Conversion Period |
116.20 |
|
|
|
|
Receivables Turnover |
3.14 |
Impressive |
Industrial Average |
3.00 |
|
Payables Conversion Period |
26.31 |
|
|
|
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.44.42 |
|
UK Pound |
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.87 |
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.