MIRA
INFORM REPORT
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Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
179 Moo 11, T. Banchian, A. Hanka, Chainat 17130 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.08.1996 |
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Com. Reg. No.: |
0185539000152 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing Service Military Supplies And Related Products |
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No. of Employees : |
106 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name
CH.
PAISARN CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 179
MOO 11, T. BANCHIAN, A. HANKA,
CHAINAT 17130,
THAILAND
TELEPHONE : [66] 56
451-982-4
FAX :
[66] 56
451-987
E-MAIL
ADDRESS : chpaisarn@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0185539000152
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAVIT YODVANICH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 106
LINES
OF BUSINESS : MILITARY SUPPLIES
AND RELATED PRODUCTS
MANUFACTURING SERVICE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on August 1, 1996
as a private
limited company under
the name style
CH. PAISARN CO., LTD., by
Thai group, Yodvanich
family, in order
to provide manufacturing service various
kinds of military
supplies and related
products. It currently employs
106 staff.
It
was granted an
investment privilege promotional
from Board of
Investment [BOI], under
the certificated No.
1177/2542 for the
helmets and bullet
proof jackets on
April 28, 1999.
The
subject’s registered address is 179
Moo 11, T. Banchian, A. Hanka,
Chainat 17130, and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Chaiyos Yodvanich |
|
Thai |
76 |
|
Mr. Pravit Yodvanich |
|
Thai |
41 |
|
Mr. Sakchai Yodvanich |
|
Thai |
49 |
|
Mr. Pracha Yodvanich |
|
Thai |
41 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pravit Yodvanich
is the Managing
Director.
He is Thai
nationality with the
age of 41
years old.
Mr. Sakchai Yodvanich
is the General
Manager & Factory Manager.
He is Thai
nationality with the
age of 49 years
old.
BUSINESS OPERATIONS
The subject is
engaged in provide
manufacturing service various
kinds of military
supplies and related
products such as bullet proof
jacket, helmet, beret, uniform,
pilot suit, backpack, duffle bag, tent, poncho, magazine
vest, belt, compass
pouch, y-type suspender,
entrenching tool, billy
can cover, water canteen,
canteen cup and
cover and etc.,
under customer’s requirement.
PURCHASE
100% of
the raw material
is supplied by Serichai
Military Co., Ltd., the
subject’s related company.
SALES
100%
of its products
is sold and
serviced to Serichai
Military Co., Ltd.
RELATED COMPANY
Serichai Military Co.,
Ltd.
Business Type: Government
bidder and distributor of
military supplies and
related products.
Address : 55/20
Sanambinnam Rd., T.
Thasai, A. Muang,
Nonthaburi 11000.
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.
BANKING
TMB
Bank Public Co., Ltd.
[Chainat Branch : 54/6 Wongto
Rd., T. Chainat,
A. Muang, Chainat
Province].
Bangkok
Bank Public Co.,
Ltd.
[Chainat Branch : 57/17 Wangto
Rd., T. Naimuang,
A. Muang, Chainat Province].
EMPLOYMENT
The
subject employs 106
staff [office staff
and factory workers].
LOCATION DETAILS
The
premise is owned for
administrative office, factory
& warehouse at the
heading address. Premise
is located in provincial.
COMMENT
The
subject received a
negative response from
customers in 2011, while
market sluggish was
due to various factors including
the massive floods
in the country in
the last quarter.
In
2012 market has
turned to positive
growth and helped
boost demand of the
products, which purchasing
power grew between 6-10%
compared to the previous
year.
FINANCIAL INFORMATION
The
capital was initially registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
On
March 22, 1999,
the capital was
increased to Bht.
5,000,000 divided into
50,000 shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [ as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Chaiyos Yodvanich
Nationality: Thai Address : 62 Dindaeng
Rd., Dindaeng, Bangkok |
20,000 |
40.00 |
|
Mr. Pravit Yodvanich Nationality: Thai Address : 62 Dindaeng
Rd., Dindaeng, Bangkok |
8,000 |
16.00 |
|
Mr. Pracha Yodvanich Nationality: Thai Address : 62 Dindaeng
Rd., Dindaeng, Bangkok |
8,000 |
16.00 |
|
Mr. Sakchai Yodvanich Nationality: Thai Address : 55/99 Nonthaburi
42 Rd., T. Thasai, A. Muang,
Nonthaburi |
8,000 |
16.00 |
|
Mrs. Kimlai Yodvanich Nationality: Thai Address : 62 Dindaeng
Rd., Dindaeng, Bangkok |
4,000 |
8.00 |
|
Ms. Siriporn Yodvanich Nationality: Thai Address : 20 Moo 6,
Omkred, Pakkred, Nonthaburi |
1,000 |
2.00 |
|
Mrs. Nusara Ratanaprakarn Nationality: Thai Address : 55/97 Moo 5,
T. Thasai, A. Muang, Nonthaburi |
1,000 |
2.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chote Ekabutr
No. 1559
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 |
232,002,635.19 |
325,313,239.50 |
|
Temporary Investment |
50,000,000.00 |
- |
|
Trade Accounts Receivable |
61,487,377.79 |
37,615,651.46 |
|
Inventories |
31,276,970.28 |
14,147,990.98 |
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Short-term Lending to Related
Person |
1,662,891.99 |
1,652,519.38 |
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Other Current Assets
|
3,323,829.31 |
1,899,415.92 |
|
Total Current Assets
|
379,756,704.56 |
380,628,817.24 |
|
Long-term Cash at Financial Institution |
10,000,000.00 |
10,000,000.00 |
|
Cash at Bank pledged as a
Collateral |
15,520,000.00 |
15,520,000.00 |
|
Fixed Assets |
28,035,108.79 |
34,326,809.79 |
|
Total Assets |
433,311,813.35 |
440,475,627.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
- |
9,566,672.04 |
|
Trade Accounts & Notes Payable |
6,142,774.07 |
2,430,045.78 |
|
Accrued Expenses |
5,741,249.26 |
42,910,759.15 |
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Other Current Liabilities |
8,329,287.03 |
293,056.98 |
|
Total Current Liabilities |
20,213,310.36 |
55,200,533.95 |
|
Total Liabilities |
20,213,310.36 |
55,200,533.95 |
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Shareholders' Equity |
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Statutory Reserve |
500,000.00 |
500,000.00 |
|
Retained Earning -
Unappropriated |
407,598,502.99 |
379,775,093.08 |
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Total Shareholders' Equity |
413,098,502.99 |
385,275,093.08 |
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Total Liabilities & Shareholders' Equity |
433,311,813.35 |
440,475,627.03 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
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Sales & Services
|
148,401,758.30 |
544,236,656.32 |
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Other Income |
15,334,744.58 |
1,673,124.56 |
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Total Revenues |
163,736,502.88 |
545,909,780.88 |
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Expenses |
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Cost of Goods
Sold & Services |
99,799,959.51 |
262,981,165.29 |
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Selling Expenses |
6,554,730.20 |
5,574,521.56 |
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Administrative Expenses |
20,724,900.97 |
62,713,377.58 |
|
Total Expenses |
127,079,590.68 |
331,269,064.43 |
|
Profit before Financial Costs |
36,656,912.20 |
214,640,716.45 |
|
Financial Costs |
[27,911.83] |
[232,207.69] |
|
Profit before Income Tax |
36,629,000.37 |
214,408,508.76 |
|
Income Tax |
[8,805,590.46] |
[51,954,066.96] |
|
Net Profit / [Loss] |
27,823,409.91 |
162,454,441.80 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
18.79 |
6.90 |
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QUICK RATIO |
TIMES |
16.99 |
6.57 |
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ACTIVITY RATIO |
|
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FIXED ASSETS TURNOVER |
TIMES |
5.29 |
15.85 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.34 |
1.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
114.39 |
19.64 |
|
INVENTORY TURNOVER |
TIMES |
3.19 |
18.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
151.23 |
25.23 |
|
RECEIVABLES TURNOVER |
TIMES |
2.41 |
14.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
22.47 |
3.37 |
|
CASH CONVERSION CYCLE |
DAYS |
243.15 |
41.49 |
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PROFITABILITY
RATIO |
|
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|
|
COST OF GOODS SOLD |
% |
67.25 |
48.32 |
|
SELLING & ADMINISTRATION |
% |
18.38 |
12.55 |
|
INTEREST |
% |
0.02 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
43.08 |
51.99 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
24.70 |
39.44 |
|
NET PROFIT MARGIN |
% |
18.75 |
29.85 |
|
RETURN ON EQUITY |
% |
6.74 |
42.17 |
|
RETURN ON ASSET |
% |
6.42 |
36.88 |
|
EARNING PER SHARE |
BAHT |
556.47 |
3,249.09 |
|
|
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.05 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.05 |
0.14 |
|
TIME INTEREST EARNED |
TIMES |
1,313.31 |
924.35 |
|
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ANNUAL GROWTH |
|
|
|
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SALES GROWTH |
% |
(72.73) |
|
|
OPERATING PROFIT |
% |
(82.92) |
|
|
NET PROFIT |
% |
(82.87) |
|
|
FIXED ASSETS |
% |
(18.33) |
|
|
TOTAL ASSETS |
% |
(1.63) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
43.08 |
Impressive |
Industrial
Average |
22.28 |
|
Net Profit Margin |
18.75 |
Impressive |
Industrial
Average |
2.20 |
|
Return on Assets |
6.42 |
Impressive |
Industrial
Average |
2.59 |
|
Return on Equity |
6.74 |
Impressive |
Industrial
Average |
5.66 |
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 43.08%. 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 18.75% 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
6.42%, 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 6.74%, 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 |
18.79 |
Impressive |
Industrial
Average |
1.71 |
|
Quick Ratio |
16.99 |
|
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Cash Conversion Cycle |
243.15 |
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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 18.79 times in 2011, increased from 6.9 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 16.99 times in 2011,
increased from 6.57 times, although excluding inventory so the company still
have good short-term financial strength.
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 244 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.05 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.05 |
Impressive |
Industrial
Average |
1.01 |
|
Times Interest Earned |
1,313.31 |
Impressive |
Industrial
Average |
2.34 |
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 1313.32 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 0.05 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.29 |
Impressive |
Industrial Average |
2.80 |
|
Total Assets Turnover |
0.34 |
Deteriorated |
Industrial Average |
1.15 |
|
Inventory Conversion Period |
114.39 |
|
|
|
|
Inventory Turnover |
3.19 |
Impressive |
Industrial Average |
3.17 |
|
Receivables Conversion Period |
151.23 |
|
|
|
|
Receivables Turnover |
2.41 |
Acceptable |
Industrial Average |
3.75 |
|
Payables Conversion Period |
22.47 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
|
1 |
Rs.86.30 |
|
Euro |
1 |
Rs.67.73 |
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.