MIRA INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
PACIFICA
ELEMENTS CO., LTD. |
|
|
|
|
Registered Office : |
1st-3rd Floor,
976/7 Rimklongsamsen Road, Bangkapi, Huaykwang,
Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
14.10.2003 |
|
|
|
|
Com. Reg. No.: |
0105546125208 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer &distributor
of fashion boutiques and
related products |
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 : |
Unknown |
|
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
PACIFICA ELEMENTS CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 1st-3rd FLOOR,
976/7 RIMKLONGSAMSEN ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310
TELEPHONE : [66] 2641-5939
FAX : [66] 2641-5268
E-MAIL ADDRESS : admin@pacificaelements.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546125208
CAPITAL REGISTERED : BHT.
27,905,000
CAPITAL PAID-UP : BHT.
27,905,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
ALISA TRAKULTHONG, THAI
MANAGING DIRECTOR
NO. OF STAFF : 20
LINES OF BUSINESS : FASHION BOUTIQUES
AND RELATED PRODUCTS
IMPORTER &
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 October 14,
2003 as a private
limited company under the
name style PACIFICA ELEMENTS CO., LTD., by Thai
groups, in order
to distribute international
brands of fashion
boutiques and related
products to local market. It
currently employs approximately
20 staff.
The
subject’s registered address
was initially located
at 71/1 Soi
Suksavittaya, Silom Rd.,
Silom, Bangrak, Bangkok
10500.
On
June 13, 2008,
its registered address
was relocated to
976/7 Rimklongsamsen Rd.,
Bangkapi, Huaykwang, Bangkok 10310, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasert Levichan |
[-] |
Thai |
41 |
|
Mr. Opas Levichan |
[-] |
Thai |
38 |
|
Mrs. Alisa Trakulthong |
|
Thai |
42 |
|
Mr. Thananchai Trakulthong |
|
Thai |
41 |
|
Mr. Thanakarn Damrongrat |
|
Thai |
41 |
|
Mrs. Kanikar Veerawan |
[x] |
Thai |
40 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the mentioned
directors [-] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Alisa Trakulthong
is the Managing
Director.
She is Thai
nationality with the
age of 42
years old.
Ms. Anilin Buranasiri is
the Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are importer and authorized dealer various kinds of
fashion boutiques and related
products such as footwear,
cloth, hand bags,
briefcases, travel bags,
watches, other leather
goods, sunglasses, fragrance,
logo lines, optical,
gift items and
accessories, for men and
women, under the brand
name “KENNETH COLE”
“CAMPER” and “COACH”.
IMPORT
100%
of the products
is imported from
United States of
America.
MAJOR SUPPLIERS
- Kenneth
Cole Production Inc. : U. S. A.
- Coach
Inc. : U. S. A.
SALES
100% of the
products is sold
locally by retail
to end-users.
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.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok]
Citibank N.A.
[Bangkok
Branch, 82 North
Sathorn Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately
20 office and
sales staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Showrooms :
COACH, CAMPER : 1st Flr.,
Siam Discovery Center
Bldg, Rama 1
Rd., Pathumwan,
Bangkok 10330.
COACH
: The
Emporium Shopping Center,
Sukhumvit Rd.,
Klongtoey, Bangkok 10110.
KENNETH
COLE, : The
Grand Hyatt Erawan
Hotel, Rajdamri Rd.,
COACH & CAMPER Pathumwan, Bangkok
10330.
REMARK
CREDIT
OF US$ 2,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The
subject’s business is still promising
and its sales sale
has
increased considerably, in
line with demand
of the luxury
products form middle
to high income
earners who consume
lot of European
high fashion as
well as more
awareness of luxurious
products in their
lifestyle.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 15,000,000 divided into 150,000
shares of Bht.
100 each.
On
April 27, 2004,
the capital was
increased to Bht. 27,905,000 divided
into 279,050 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Opas Levichan Nationality: Thai Address : 22/7
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
83,716 |
30.00 |
|
Mr. Prasert Levichan Nationality: Thai Address : 976/7
Rimklongsamsen Rd., Bangkapi, Huaykwang,
Bangkok |
72,553 |
26.00 |
|
Mrs. Alisa Trakulthong Nationality: Thai Address : 2/1
Soi Vachirathamsathit, Bangna, Bangkok |
55,810 |
20.00 |
|
Mr. Thanakarn Damrongrat Nationality: Thai Address : 7/25
Moo 11, Klongkum, Buengkum, Bangkok |
20,929 |
7.50 |
|
Mrs. Kanikar Veerawan Nationality: Thai Address : 20
Soi Metheenives, Klongton,
Klongtoey, Bangkok |
13,953 |
5.00 |
|
Mr. Thananchai Trakulthong Nationality: Thai Address : 71/2 North
Sathorn Rd., Silom,
Bangrak, Bangkok |
8,371 |
3.00 |
|
Ms. Anilin Buranasiri Nationality: Thai Address : 261/1
Sukhumvit 31 Rd.,
Klongtonnua,
Wattana, Bangkok |
8,371 |
3.00 |
|
Mrs. Sopitnapha Choompanee Nationality: Thai Address : 97
Phaholyothin 5 Rd.,
Samsennai,
Phyathai, Bangkok |
8,371 |
3.00 |
|
Mr. Vachiranant Supakarn Nationality: Thai Address : 101
Sukhumvit Rd., Klongtonnua, Wattana, Bangkok |
6,976 |
2.50 |
Total Shareholders : 9
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chirath Chakpitaksataya No. 5342
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
10,640,931 |
2,845,871 |
|
Trade Account Receivable |
52,370,494 |
46,470,972 |
|
Loan to Director |
1,936,760 |
1,886,260 |
|
Prepaid Expenses |
4,779,319 |
6,934,954 |
|
Inventories |
41,601,442 |
34,291,441 |
|
Other Current Assets
|
2,452,475 |
2,187,406 |
|
|
|
|
|
Total Current Assets
|
113,801,421 |
94,616,904 |
|
|
|
|
|
Fixed Assets |
17,849,237 |
12,820,444 |
|
Deposit |
9,354,288 |
8,723,928 |
|
Total Assets |
141,004,946 |
116,161,276 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Current Portion of
Long-term Loan from Financial Institution |
914,263 |
- |
|
Trade Accts. Payable |
6,608,812 |
7,475,388 |
|
Other Payable |
14,264,754 |
6,091,620 |
|
Loan from Director |
25,278,286 |
25,323,227 |
|
Accrued Expenses |
37,153,184 |
29,200,373 |
|
Other Current Liabilities |
22,626,803 |
23,443,295 |
|
Total Current Liabilities |
106,846,102 |
91,533,903 |
|
Long-term Loan from Financial Institution |
4,004,436 |
- |
|
Total Liabilities |
110,850,538 |
91,533,903 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 279,050 shares |
27,905,000 |
27,905,000 |
|
|
|
|
|
Capital Paid |
27,905,000 |
27,905,000 |
|
Unappropriated [Deficit] |
2,249,408 |
[3,277,627] |
|
Total Shareholders' Equity |
30,154,408 |
24,627,373 |
|
Total Liabilities &
Shareholders' Equity |
141,004,946 |
116,161,276 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
227,082,555 |
188,856,062 |
|
Other Income |
2,510,162 |
815,994 |
|
Total Sale s |
229,592,717 |
189,672,056 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
99,397,236 |
77,591,801 |
|
Selling Expenses |
60,193,063 |
52,695,690 |
|
Administrative Expenses |
58,949,720 |
53,967,105 |
|
Other Expenses |
- |
894,478 |
|
Total Expenses |
218,540,019 |
185,149,074 |
|
|
|
|
|
Profit Before Interest Expenses & Income Tax |
11,052,698 |
4,522,982 |
|
Interest Expenses |
[3,881,652] |
[1,465,553] |
|
Profit Before Income Tax |
7,171,046 |
3,057,429 |
|
Income Tax |
[1,644,011] |
- |
|
|
|
|
|
Net Profit / [Loss] |
5,527,035 |
3,057,429 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.03 |
|
QUICK RATIO |
TIMES |
0.65 |
0.64 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.72 |
14.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
1.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
152.77 |
161.31 |
|
INVENTORY TURNOVER |
TIMES |
2.39 |
2.26 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
84.18 |
89.81 |
|
RECEIVABLES TURNOVER |
TIMES |
4.34 |
4.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.27 |
35.17 |
|
CASH CONVERSION CYCLE |
DAYS |
212.68 |
215.96 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
43.77 |
41.09 |
|
SELLING & ADMINISTRATION |
% |
52.47 |
56.48 |
|
INTEREST |
% |
1.71 |
0.78 |
|
GROSS PROFIT MARGIN |
% |
57.33 |
59.35 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.87 |
2.39 |
|
NET PROFIT MARGIN |
% |
2.43 |
1.62 |
|
RETURN ON EQUITY |
% |
18.33 |
12.41 |
|
RETURN ON ASSET |
% |
3.92 |
2.63 |
|
EARNING PER SHARE |
BAHT |
19.81 |
10.96 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.68 |
3.72 |
|
TIME INTEREST EARNED |
TIMES |
2.85 |
3.09 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
20.24 |
|
|
OPERATING PROFIT |
% |
144.37 |
|
|
NET PROFIT |
% |
80.77 |
|
|
FIXED ASSETS |
% |
39.22 |
|
|
TOTAL ASSETS |
% |
21.39 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
57.33 |
Impressive |
Industrial Average |
24.86 |
|
Net Profit Margin |
2.43 |
Impressive |
Industrial Average |
(0.64) |
|
Return on Assets |
3.92 |
Impressive |
Industrial Average |
(0.69) |
|
Return on Equity |
18.33 |
Impressive |
Industrial Average |
(2.36) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 57.33%. 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. Net Profit Margin ratio is 2.43%
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
3.92%, 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 18.33%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.07 |
Acceptable |
Industrial Average |
1.49 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
212.68 |
|
|
|
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 1.07 times in 2009, increase 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 0.65 times in 2009,
increase from 0.64 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 213 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Impressive |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
3.68 |
Risky |
Industrial Average |
1.99 |
|
Times Interest Earned |
2.85 |
Impressive |
Industrial Average |
0.12 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.85 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 0.79 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.72 |
Impressive |
Industrial Average |
3.14 |
|
Total Assets Turnover |
1.61 |
Impressive |
Industrial Average |
1.08 |
|
Inventory Conversion Period |
152.77 |
|
|
|
|
Inventory Turnover |
2.39 |
Impressive |
Industrial Average |
1.38 |
|
Receivables Conversion Period |
84.18 |
|
|
|
|
Receivables Turnover |
4.34 |
Impressive |
Industrial Average |
2.31 |
|
Payables Conversion Period |
24.27 |
|
|
|
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.44.89 |
|
UK Pound |
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
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.