MIRA
INFORM REPORT
|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
PIN SIAM
CO., LTD. |
|
|
|
|
Registered Office : |
32/9 Moo 5, Phaholyothin Road, T. Klongnueng, A. Klongluang, Pathumthani 12120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.08.1997 |
|
|
|
|
Com. Reg. No.: |
0105540072935 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing assembly
and distributor of
industrial machinery and
parts |
|
|
|
|
No. of Employees : |
100 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
PIN SIAM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 32/9
MOO 5, PHAHOLYOTHIN ROAD,
T. KLONGNUENG,
A. KLONGLUANG,
PATHUMTHANI 12120,
THAILAND
TELEPHONE : [66] 2901-8778,
2901-7607, 2901-8338
FAX : [66] 2901-7608
E-MAIL
ADDRESS : sale@pinsgroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0105540072935
TAX
ID NO. : 3011874158
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT.
220,249,250
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAIRACH BURAPACHAISRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND PARTS
MANUFACTURING ASSEMBLY
AND 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 August 11, 1997 as
a private limited
company under the
name style PIN
SIAM CO., LTD.,
by Thai groups,
with the business
objective to engage
in manufacturing assembly
of industrial machinery
and parts to
local market. It
currently employs 100
staff.
The
subject’s registered address
was initially located
at 1061-9 Srinakarin
Rd., Suanluang, Bangkok
10250.
On
April 1, 2005,
its registered address
was relocated to
32/9 Moo 5, Phaholyothin
Rd., T. Klongnueng,
A. Klongluang, Pathumthani
12120, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pairach Burapachaisri |
[x] |
Thai |
63 |
|
Mrs. Kanyarat Burapachaisri |
[+] |
Thai |
61 |
|
Ms. Pin Burapachaisri |
|
Thai |
34 |
|
Mr. Krerk Burapachaisri |
|
Thai |
33 |
|
Ms. Supreeya Kaniknant |
|
Thai |
36 |
AUTHORIZED PERSON
The above mentioned
director [x] can
sign or the
director [+] can
jointly sign with
one of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pairach Burapachaisri is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Krerk Burapachaisri is
the Sales Manager.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing assembly of
industrial machinery and
parts such as
engine parts, filters,
hydraulic cylinders, gages
and etc., by
customer’s requirement. It
is also importer
and distributor of
heavy machinery and
equipment as well
as providing rental
and maintenance services.
MAJOR BRAND
“CATERPILLAR”
PURCHASE
Most of heavy
machinery are imported
from Germany, France, United Kingdom,
Republic of China,
Japan and United
States of America,
and the remaining
is
purchased from local
suppliers.
SALES
100% of the
products and services
are sold locally
to manufacturers,
wholesalers, end-users and
Thai Government.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is not
found to have
subsidiary or 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.
BANKING
Bangkok Bank Public Co., Ltd.
Bank of Ayudhya Public Co., Ltd.
TMB Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs 100
staff. [office, sales
staff and factory
workers]
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse at
the heading address.
Premise is located
in provincial
Branches/Showrooms:
-
470/21-22
Moo 2, T.
Phrabath, A. Muang, Lampang
52000.
-
112 Moo 1, A.
Wangnoi, Ayutthaya 13170.
COMMENT
The subject’s business
has grown well from
local consumption. Since
it has been
in the business
in 1997, the
subject has supplied various
machinery and equipments
which mostly are
for industrial sectors.
Economic
recovery resulting 2011
better chance for
its business. With
its strengths in
production and services,
the subject has
outstanding performance this year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100 each
with fully paid.
The
capital was increased
later as the
followings:
Bht.
30,000,000 on March
23, 1998
Bht.
50,000,000 on February
14, 2002
Bht.
300,000,000 on September
30, 2004
The
latest registered capital
was increased to Bht. 300,000,000
divided into 3,000,000 shares of
Bht. 100 each
with the current
capital paid-up of
Bht. 220,249,250.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 27, 2012]
|
NAME |
HOLDING
|
% |
|
|
|
|
|
Mr. Pairach Burapachaisri Nationality: Thai Address : 160/26
Soi 19, Panya Village, Pattanakarn Rd.,
Suanluang, Bangkok |
1,500,000 |
50.00 |
|
Ms. Pin Burapachaisri Nationality: Thai Address : 160/26
Soi 19, Panya Village, Pattanakarn Rd.,
Suanluang, Bangkok |
500,010 |
16.67 |
|
Mr. Krerk Burapachaisri Nationality: Thai Address : 160/26
Soi 19, Panya Village, Pattanakarn Rd.,
Suanluang, Bangkok |
500,000 |
16.67 |
|
Mrs. Kanyarat Burapachaisri Nationality: Thai Address : 160/26
Soi 19, Panya Village, Pattanakarn Rd.,
Suanluang, Bangkok |
299,970 |
10.00 |
|
A S Tech Co. Ltd.
Nationality: Thai Address : 112
Moo 1, T. Kaongam, A.
Wangnoi, Ayudhya |
200,000 |
6.66 |
|
Ms. Supreeya Kaniknant Nationality: Thai Address : 160/27 Soi
19, Panya Village, Pattanakarn Rd.,
Suanluang, Bangkok |
10 |
- |
|
Mr. Thanapat Torsamphan Nationality: Thai Address : 160/27 Soi
19, Panya Village, Pattanakarn Rd.,
Suanluang, Bangkok |
10 |
- |
Total Shareholders : 7
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
3,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
3,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Varaporn Oonpitipongsa
No. 5132
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,124,738.23 |
908,330.88 |
|
Trade Accounts & Other Receivable |
59,390,738.74 |
39,097,167.64 |
|
Short-term Lending |
213,157.00 |
28,750.00 |
|
Inventories |
253,138,211.82 |
229,539,108.06 |
|
Other Current Assets
|
1,137,952.61 |
666,240.60 |
|
|
|
|
|
Total Current Assets
|
315,004,798.40 |
270,239,597.18 |
|
Long-term Lending |
6,115,000.00 |
5,900,000.00 |
|
Fixed Assets |
152,893,147.21 |
131,499,682.25 |
|
Other Non-current Assets |
5,289,935.46 |
4,063,752.03 |
|
Total Assets |
479,302,881.07 |
411,703,031.46 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
48,213,389.13 |
38,040,515.35 |
|
Trade Accounts & Other
Payable |
31,774,915.01 |
35,832,699.14 |
|
Current Portion of Long-term
Liabilities |
11,276,472.15 |
7,740,472.90 |
|
Current Portion of
Hire-purchase Payable |
847,311.84 |
731,268.00 |
|
Other Current Liabilities |
406,007.19 |
308,866.61 |
|
|
|
|
|
Total Current Liabilities |
92,518,095.32 |
82,653,822.00 |
|
Long-term Loan |
185,122,787.43 |
151,444,180.36 |
|
Hire-purchase Payable |
1,660,664.46 |
1,660,820.37 |
|
Reserve for Employee’s Benefit |
3,673,573.00 |
- |
|
Total Liabilities |
282,975,120.21 |
235,758,822.73 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 3,000,000 shares |
300,000,000.00 |
300,000,000.00 |
|
|
|
|
|
Capital Paid |
220,249,250.00 |
203,500,000.00 |
|
Retained Earning - Unappropriated |
[23,921,489.14] |
[27,555,791.27] |
|
Total Shareholders' Equity |
196,327,760.86 |
175,944,208.73 |
|
Total Liabilities & Shareholders' Equity |
479,302,881.07 |
411,703,031.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services |
227,381,766.47 |
199,399,240.97 |
|
Installment Sales Income |
16,085,037.39 |
22,613,084.10 |
|
Other Income |
6,827,325.23 |
7,100,327.37 |
|
Total Revenues |
250,294,129.09 |
229,112,652.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
169,560,405.85 |
155,521,609.96 |
|
Cost of Installment
Sales |
13,043,512.97 |
17,927,767.31 |
|
Selling Expenses |
9,933,887.73 |
8,827,526.75 |
|
Administrative Expenses |
37,001,141.11 |
33,384,217.64 |
|
Total Expenses |
229,538,947.66 |
215,661,121.66 |
|
|
|
|
|
Profit before Financial Costs |
20,755,181.43 |
13,451,530.78 |
|
Financial Costs |
[13,949,238.30] |
[12,405,930.68] |
|
Net Profit / [Loss] |
6,805,943.13 |
1,045,600.10 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.40 |
3.27 |
|
QUICK RATIO |
TIMES |
0.66 |
0.48 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.59 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.51 |
0.54 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
505.99 |
483.03 |
|
INVENTORY TURNOVER |
TIMES |
0.72 |
0.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
89.04 |
64.28 |
|
RECEIVABLES TURNOVER |
TIMES |
4.10 |
5.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
63.51 |
75.40 |
|
CASH CONVERSION CYCLE |
DAYS |
531.51 |
471.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.00 |
78.13 |
|
SELLING & ADMINISTRATION |
% |
19.28 |
19.01 |
|
INTEREST |
% |
5.73 |
5.59 |
|
GROSS PROFIT MARGIN |
% |
27.80 |
25.07 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.52 |
6.06 |
|
NET PROFIT MARGIN |
% |
2.80 |
0.47 |
|
RETURN ON EQUITY |
% |
3.47 |
0.59 |
|
RETURN ON ASSET |
% |
1.42 |
0.25 |
|
EARNING PER SHARE |
BAHT |
3.09 |
0.51 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.44 |
1.34 |
|
TIME INTEREST EARNED |
TIMES |
1.49 |
1.08 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.66 |
|
|
OPERATING PROFIT |
% |
54.30 |
|
|
NET PROFIT |
% |
550.91 |
|
|
FIXED ASSETS |
% |
16.27 |
|
|
TOTAL ASSETS |
% |
16.42 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.80 |
Impressive |
Industrial Average |
26.79 |
|
Net Profit Margin |
2.80 |
Satisfactory |
Industrial Average |
3.38 |
|
Return on Assets |
1.42 |
Acceptable |
Industrial Average |
2.41 |
|
Return on Equity |
3.47 |
Satisfactory |
Industrial Average |
3.70 |
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. Gross Profit Margin is 27.8%. 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 2.8%. 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, it was lower, the company's figure is 1.42%.
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, it was lower, the company's figure is 3.47%.
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 |
3.40 |
Impressive |
Industrial Average |
1.94 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
531.51 |
|
|
|
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 3.4 times in 2011, increase from 3.27 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 0.66 times in 2011,
increase from 0.48 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 532 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
1.44 |
Risky |
Industrial Average |
0.75 |
|
Times Interest Earned |
1.49 |
Deteriorated |
Industrial Average |
4.32 |
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 1.49 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 0.59 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 |
1.59 |
Acceptable |
Industrial Average |
2.20 |
|
Total Assets Turnover |
0.51 |
Acceptable |
Industrial Average |
0.82 |
|
Inventory Conversion Period |
505.99 |
|
|
|
|
Inventory Turnover |
0.72 |
Deteriorated |
Industrial Average |
3.34 |
|
Receivables Conversion Period |
89.04 |
|
|
|
|
Receivables Turnover |
4.10 |
Impressive |
Industrial Average |
3.05 |
|
Payables Conversion Period |
63.51 |
|
|
|
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.54.27 |
|
UK Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.