MIRA
INFORM REPORT
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Report Date : |
27.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P. MALAI EXPORT CO., LTD. |
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Registered Office : |
89/11 Vibhavadee Rangsit Road, Sikan, Donmuang, Bangkok 10210 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.01.1996 |
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Com. Reg. No.: |
0105539005120 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter of Apparel and Ornament |
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No. of Employees : |
3 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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
P. MALAI
EXPORT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 89/11
VIBHAVADEE RANGSIT ROAD,
SIKAN,
DONMUANG, BANGKOK
10210, THAILAND
TELEPHONE : [66] 2252-7762
FAX :
[66] 2253-3047
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0105539005120
TAX
ID NO. : 3011673850
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
2,500,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANAN PATTARAMALAI,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : APPAREL AND
ORNAMENT
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 12,
1996 as a
private limited company under the registered
name P. MALAI EXPORT CO.,
LTD., by Thai
groups, with the business
objective to export
various kinds of
apparel and ornaments.
It currently employs
3 staff.
The
subject’s registered address
is 89/11 Vibhavadee
Rangsit Rd., Sikan,
Donmuang, Bangkok 10210,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Syed Tahir Ali |
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Pakistani |
- |
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Mr. Rahim Raffaideen Pallie |
|
Sri Lankish |
45 |
|
Mr. Anan Pattaramalai |
|
Thai |
54 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Anan Pattaramalai is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting various kinds
of apparels and
ornaments.
PURCHASE
100%
of the products
is purchased from
local suppliers.
EXPORT
100% of the
products is exported
to India, Pakistan
and Hong Kong.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any 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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 20,000.
COMMENT
The
subject operates as an
exporter of apparels
and ornaments to
overseas markets. Its business
is relatively slow
with low income
in the past several
years. Business expansion
and growth are
unlikely.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 500,000
shares of Bht. 10
each, with the
current capital paid-up
at 50% or
Bht. 2,500,000.
THE
SHAREHOLDERS LISTED WERE
: [as at September 29,
1999] at Bht.
2,500,000 of capitalization.
|
NAME |
HOLDING |
% |
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Mr. Anan Pattaramalai Nationality: Thai Address : 87/2
Langsuan Rd., Lumpini,
Pathumwan,
Bangkok |
150,000 |
30.00 |
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Mrs. Juthamas Pattaramalai Nationality: Thai Address : 76/19-20
Langsuan Rd., Lumpini,
Pathumwan, Bangkok |
150,000 |
30.00 |
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Mr. Sompong Pattaramalai Nationality: Thai Address : 79/116
Moo 1, Rama
2 Rd., Thakam,
Bangkhunthien, Bangkok |
150,000 |
30.00 |
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Master Chokechai Husen Nationality: Thai Address : 87/2
Langsuan Rd., Lumpini,
Pathumwan,
Bangkok |
25,000 |
5.00 |
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Mr. Noi Pattaramalai Nationality: Thai Address : 99/7
Petchkasem Rd., Bangwha,
Pasicharoen, Bangkok |
10,000 |
2.00 |
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Mrs. Chantana Apichairuangporn Nationality: Thai Address : 99/7
Petchkasem Rd., Bangwha,
Pasicharoen, Bangkok
|
10,000 |
2.00 |
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Ms. Benjamas Pattaramalai Nationality: Thai Address : 43/405
Moo 6, Rama
2 Rd., Jomthong, Bangkok |
5,000 |
1.00 |
Total Shareholders : 7
Share Structure [as
at September 29,
1999]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
7 |
500,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
7 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pimnaphan Laolikitnand
No. 10741
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
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Cash and Cash Equivalents |
591,570.76 |
1,052,888.91 |
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Tax Coupon |
71,176.79 |
71,176.79 |
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Other Current Assets
|
123,996.92 |
77,312.49 |
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Total Current Assets
|
786,744.47 |
1,201,378.19 |
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Receivable from Lending to Related
Person |
1,000,000.00 |
- |
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Equipment |
1,943,373.38 |
2,735,037.69 |
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Total Assets |
3,730,117.85 |
3,936,415.88 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
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Bank Overdraft |
1,654,200.00 |
1,654,200.00 |
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Other Current Liabilities |
12,000.00 |
13,100.00 |
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Total Current Liabilities |
1,666,200.00 |
1,667,300.00 |
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Total Liabilities |
1,666,200.00 |
1,667,300.00 |
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Shareholders' Equity |
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Share capital : Baht 10
value Authorized &
issued share capital
500,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
2,500,000.00 |
2,500,000.00 |
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Retained Earning - Unappropriated |
[436,082.15] |
[230,884.12] |
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Total Shareholders' Equity |
2,063,917.85 |
2,269,115.88 |
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Total Liabilities & Shareholders' Equity |
3,730,117.85 |
3,936,415.88 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
1,347,201.48 |
1,992,411.73 |
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Other Income |
2,500.00 |
- |
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Total Revenues |
1,349,701.48 |
1,992,411.73 |
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Expenses |
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Cost of Goods
Sold |
630,233.20 |
1,132,770.17 |
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Administrative Expenses |
924,666.31 |
1,496,161.37 |
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Total Expenses |
1,554,899.51 |
2,628,931.54 |
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Profit / [Loss] before Income Tax |
[205,198.03] |
[636,519.81] |
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Income Tax |
- |
- |
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Net Profit / [Loss] |
[205,198.03] |
[636,519.81] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.47 |
0.72 |
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QUICK RATIO |
TIMES |
0.40 |
0.67 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
0.69 |
0.73 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.36 |
0.51 |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
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INVENTORY TURNOVER |
TIMES |
- |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
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CASH CONVERSION CYCLE |
DAYS |
- |
- |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
46.78 |
56.85 |
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SELLING & ADMINISTRATION |
% |
68.64 |
75.09 |
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INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
53.40 |
43.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(15.23) |
(31.95) |
|
NET PROFIT MARGIN |
% |
(15.23) |
(31.95) |
|
RETURN ON EQUITY |
% |
(9.94) |
(28.05) |
|
RETURN ON ASSET |
% |
(5.50) |
(16.17) |
|
EARNING PER SHARE |
BAHT |
(0.82) |
(2.55) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.45 |
0.42 |
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DEBT TO EQUITY RATIO |
TIMES |
0.81 |
0.73 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(32.38) |
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OPERATING PROFIT |
% |
(67.76) |
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|
NET PROFIT |
% |
67.76 |
|
|
FIXED ASSETS |
% |
(28.95) |
|
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TOTAL ASSETS |
% |
(5.24) |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
53.40 |
Impressive |
Industrial Average |
(20.55) |
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Net Profit Margin |
(15.23) |
Deteriorated |
Industrial Average |
162.99 |
|
Return on Assets |
(5.50) |
Deteriorated |
Industrial Average |
(13.99) |
|
Return on Equity |
(9.94) |
Deteriorated |
Industrial Average |
(30.94) |
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 53.4%. 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 -15.23%.
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. Return on Assets ratio is
-5.5%, 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 -9.94%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.47 |
Risky |
Industrial Average |
(20.31) |
|
Quick Ratio |
0.40 |
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Cash Conversion Cycle |
- |
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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 0.47 times in 2011, decrease from 0.72 times, then the company may
not be efficiently using its current assets. 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 0.4 times in 2011, decrease
from 0.67 times, then the company has not enough current assets that presumably
can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.45 |
Impressive |
Industrial Average |
1.08 |
|
Debt to Equity Ratio |
0.81 |
Impressive |
Industrial Average |
1.40 |
|
Times Interest Earned |
- |
|
Industrial Average |
(11.40) |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.45 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.69 |
Impressive |
Industrial Average |
(15,897.35) |
|
Total Assets Turnover |
0.36 |
Impressive |
Industrial Average |
0.26 |
|
Inventory Conversion Period |
- |
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Inventory Turnover |
- |
|
Industrial Average |
106.43 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
|
Industrial Average |
(1,382.05) |
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Payables Conversion Period |
- |
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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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.96 |
|
|
1 |
Rs.88.68 |
|
Euro |
1 |
Rs.72.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.