MIRA
INFORM REPORT
|
Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX
COMMODITIES LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.05.2001 |
|
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Com. Reg. No.: |
010554404272 |
|
|
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|
Legal Form : |
Private
Limited Company |
|
|
|
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Line of Business : |
Importer,
distributor and broker trading company |
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No. of Employees : |
16 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
PHOENIX COMMODITIES LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
BC, 18th FLOOR, SETHIWAN
TOWER,
139
PAN
ROAD, SILOM, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2266-7240-6
FAX :
[66] 2266-7249
E-MAIL
ADDRESS : rice@pclworld.net
agri@pclworld.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544042721 [Former: 652/2544]
TAX
ID NO. : 3030273918
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
27,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
FOREIGN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. GAURAV DHAWAN,
INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 16
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR
AND BROKER
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 May 9, 2001
as a private
limited company under
the name style PHOENIX
COMMODITIES LTD., by Thai
and Indian groups, in
order to provide and service wide range of
commercial products to both
domestic and international markets.
It currently employs
16 staff.
It
is a joint
venture between Helios
Holdings Ltd., Thailand
and Phoenix Commodities
Pte. Ltd., Singapore,
which are holding
around 51% and
48.98% of the
subject’s total shares
respectively. It is
also a member
of Phoenix Commodities
PVT. Ltd., in
British Virgin Island.
The
subject’s registered address
is Unit BC, 18th Flr., Sethiwan Tower, 139
Pan Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Vanida Chansirikul |
|
Thai |
49 |
|
Mr. Gaurav Dhawan |
|
Indian |
38 |
|
Mr. Raja Banerjee |
|
Indian |
39 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Gaurav Dhawan is
the Chief Executive
Officer.
He is Indian
nationality with the
age of 38 years
old.
Mr. Raja Banerjee is
the Executive Director.
He is Indian
nationality with the
age of 39 years
old.
BUSINESS OPERATIONS
The subject is engaged in importing
and distributing wide
range of commercial
products, which can
be divided into two main
products: foods and
minerals. The products
are as follows:
- Food
products: rice/premium rice,
sugar, grain, bean, wheat,
corn, spicy products
[mustard seed, black
pepper, cloves, coriander seed,
turmeric and sesame
seed and etc.]
- Mining
products such as coal,
manganese, iron and
etc.
PURCHASE
The products are
purchased from suppliers
both local and
overseas, in India,
Indonesia, Malaysia, Vietnam,
Japan, Germany, Republic
of China, Taiwan
and Philippines.
MAJOR
SUPPLIERS
Vinafood
Corp. : Vietnam
P
and S Barite
Mining Co., Ltd. : Thailand
Pands
Group : Thailand
P T
Agro Restu :
Indonesia
SALES
The products are
sold and serviced
to both domestic
and overseas customers
with over 30
countries, such as
Singapore, Vietnam. Laos, India,
Bangladesh, Republic of
China, Dubai, Kenya,
Ukraine, Saudi Arabia,
South Africa, Europe and
Middle East countries.
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
Sales and services
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 16
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Branch
office :
-
140/5
Moo 6, T. Nakornluang, A. Nakornluang, Ayutthaya 13260.
COMMENT
The
subject was formed
in 2001 as an
importer and distributor of various
products. The products
are varieties for
industrial, commercial and
consumer sectors. Sales were improved
significantly in the year
2011 and continued increasing in 2012 due to
expansion from industrial sector
and increase consumptions
in export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000
divided into 30,000
shares of Bht.
1,000 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
at Bht. 27,000,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Helios Holdings Ltd. Nationality: Thai Address : 139
Pan Rd., Silom,
Bangrak, Bangkok |
15,300 |
51.00 |
|
Phoenix Commodities Pte.
Ltd. Nationality: Singaporean Address : 17
Philip Street, 05-01
Grand Building, Singapore |
14,693 |
48.98 |
|
Mr. Gaudav Dhawan Nationality: Indian Address : 68/109
Sukhumvit 23 Rd., Klongtoey,
Wattana, Bangkok |
1 |
|
|
Mr. Exclaya Kirish Chandra Nationality: Indian Address : 80 Sukhumvit 23
Rd., Klongtoey,
Wattana, Bangkok |
1 |
= 0.02 |
|
Mr. Raja Banerjee Nationality: Indian Address : 55
Sukhumvit 11 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Ms. Vanida Chansirikul Nationality: Thai Address : 343/3
Charoenkrung Rd., Siphya,
Bangrak, Bangkok |
1 |
|
|
Ms. Ampika Siridejanont Nationality: Thai Address : 222/127
Pracha-uthis 72 Rd.,
Thungkru,
Rajburana, Bangkok |
1 |
|
|
Ms. Uthisa Kaewsom Nationality: Thai Address : 63
Moo 7, Nathom,
Muang, Pathalung |
1 |
|
|
Mr. Somchai Sirichatrawat Nationality: Thai Address : 128/52
Moo 3, Klongsuanplu,
Phranakornsri Ayutthaya |
1 |
|
Total Shareholders : 9
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
15,304 |
51.00% |
|
Foreign |
4 |
14,696 |
49.00% |
|
Total |
9 |
30,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Kosol Yaemseemool No.
4575
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
20,777,942 |
8,655,783 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
14,154,157 |
23,268,373 |
|
- Other company |
75,383,905 |
42,356,907 |
|
Related Company Receivable |
85,673,679 |
- |
|
Inventories |
73,540,027 |
75,617,643 |
|
Refundable Value Added Tax |
8,539,180 |
9,012,479 |
|
Other Current Assets |
1,313,844 |
944,982 |
|
|
|
|
|
Total Current Assets |
279,382,734 |
159,856,167 |
|
|
|
|
|
Cash at Bank under Commitment |
25,100,000 |
12,850,000 |
|
Fixed Assets |
32,712,338 |
15,744,536 |
|
Other non-current Assets |
1,379,194 |
1,358,094 |
|
Total Assets |
338,574,266 |
189,808,797 |
LIABILITIES & SHAREHOLDERS’ EQUITY
[BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Bank |
90,705,636 |
10,850,014 |
|
Trade Accounts Payable |
|
|
|
- Related company |
157,829,901 |
118,873,770 |
|
- Other company |
15,477,433 |
20,355,038 |
|
Director & Related Company Payable |
20,585,853 |
- |
|
Current Portion of Financial Lease Contract Liabilities |
57,695 |
248,838 |
|
Accrued Income Tax |
1,652,981 |
637,594 |
|
Accrued Expenses |
8,024,504 |
2,231,671 |
|
|
|
|
|
Total Current Liabilities |
294,334,003 |
153,196,925 |
|
|
|
|
|
Financial Lease Contract Liabilities,
net |
- |
57,695 |
|
Estimated Obligation for Employee Benefit |
2,841,669 |
- |
|
Total Liabilities |
297,175,672 |
153,254,620 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized,
issued and fully
paid share capital
30,000 shares |
30,000,000 |
30,000,000 |
|
|
|
|
|
Capital Paid |
27,000,000 |
24,000,000 |
|
Retained Earning-Unappropriated |
14,398,594 |
12,554,177 |
|
Total Shareholders’ Equity |
41,398,594 |
36,554,177 |
|
Total Liabilities & Shareholders’ Equity |
338,574,266 |
189,808,797 |
PROFIT & LOSS ACCOUNT
|
|
2011 |
2010 |
|
|
|
|
|
Sales Income |
849,010,812 |
309,555,931 |
|
Commission Income |
27,833,336 |
25,836,706 |
|
Gain on Exchange Rate |
- |
6,042,822 |
|
Other Income |
157,965 |
177,276 |
|
Total Revenues |
877,002,113 |
341,612,735 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
786,639,592 |
291,500,038 |
|
Selling Expenses |
33,040,873 |
8,192,425 |
|
Administrative Expenses |
46,888,676 |
37,431,198 |
|
Loss on Exchange Rate |
5,161,645 |
- |
|
Total Expenses |
871,730,786 |
337,123,661 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
5,271,327 |
4,489,074 |
|
Financial Cost |
[1,025,606] |
[381,443] |
|
Profit before Income
Tax |
4,245,721 |
4,107,631 |
|
Income Tax |
[2,401,304] |
[1,390,765] |
|
|
|
|
|
Net Profit / [Loss] |
1,844,417 |
2,716,866 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
1.04 |
|
QUICK RATIO |
TIMES |
0.67 |
0.48 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
25.95 |
19.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.51 |
1.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.12 |
94.68 |
|
INVENTORY TURNOVER |
TIMES |
10.70 |
3.85 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.41 |
49.94 |
|
RECEIVABLES TURNOVER |
TIMES |
11.26 |
7.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.18 |
25.49 |
|
CASH CONVERSION CYCLE |
DAYS |
59.35 |
119.14 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.65 |
94.17 |
|
SELLING & ADMINISTRATION |
% |
9.41 |
14.74 |
|
INTEREST |
% |
0.12 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
10.64 |
16.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.62 |
1.45 |
|
NET PROFIT MARGIN |
% |
0.22 |
0.88 |
|
RETURN ON EQUITY |
% |
4.46 |
7.43 |
|
RETURN ON ASSET |
% |
0.54 |
1.43 |
|
EARNING PER SHARE |
BAHT |
68.31 |
113.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.18 |
4.19 |
|
TIME INTEREST EARNED |
TIMES |
5.14 |
11.77 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
174.27 |
|
|
OPERATING PROFIT |
% |
17.43 |
|
|
NET PROFIT |
% |
(32.11) |
|
|
FIXED ASSETS |
% |
107.77 |
|
|
TOTAL ASSETS |
% |
78.38 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.64 |
Impressive |
Industrial
Average |
7.91 |
|
Net Profit Margin |
0.22 |
Deteriorated |
Industrial
Average |
0.91 |
|
Return on Assets |
0.54 |
Deteriorated |
Industrial
Average |
4.02 |
|
Return on Equity |
4.46 |
Deteriorated |
Industrial
Average |
12.10 |
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. The
company’s figure is 10.64%. 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 0.22%.
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 0.54%.
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 4.46%.
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 |
0.95 |
Risky |
Industrial
Average |
1.42 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
59.35 |
|
|
|
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 0.95 times in 2011, decreased from 1.04 times, then the company may have
problems meeting its short-term obligations. 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 0.67 times in 2011,
increased 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 60 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
7.18 |
Risky |
Industrial
Average |
1.76 |
|
Times Interest Earned |
5.14 |
Impressive |
Industrial
Average |
2.38 |
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 5.14 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 0.88 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
25.95 |
Impressive |
Industrial Average |
16.27 |
|
Total Assets Turnover |
2.51 |
Acceptable |
Industrial Average |
4.50 |
|
Inventory Conversion Period |
34.12 |
|
|
|
|
Inventory Turnover |
10.70 |
Satisfactory |
Industrial Average |
12.02 |
|
Receivables Conversion Period |
32.41 |
|
|
|
|
Receivables Turnover |
11.26 |
Impressive |
Industrial Average |
6.99 |
|
Payables Conversion Period |
7.18 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
|
UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
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.