MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHISIT INTER GROUP CO., LTD. |
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Registered Office : |
199 Moo 5, T. Nongprong, A. Srimahaphote, Chachoengsao Province 25140 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
07.08.1991 |
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|
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Com. Reg. No.: |
0105534074239 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Industrial Chemicals |
|
|
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No. of Employees : |
140 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
PHISIT
INTER GROUP CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 199
MOO 5, T. NONGPRONG,
A. SRIMAHAPHOTE,
CHACHOENGSAO PROVINCE
25140, THAILAND
TELEPHONE : [66] 37
209-101-2
FAX :
[66] 37
209-101
E-MAIL
ADDRESS : info@phisit.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534074239 [Former
: 7424/2534]
CAPITAL REGISTERED : BHT. 240,000,000
CAPITAL PAID-UP : BHT. 194,752,426
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAKIN NITHITANAPHAT, THAI
PRESIDENT
NO.
OF STAFF : 140
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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
7, 1991 as
a private limited
company under the
registered name HICHEM DYESTUFFS CO., LTD. by Thai groups, in
order to manufacture and
distribute textile chemicals for both local and overseas
markets. It currently employs
approximate 140 staff.
On September 11,
1997 the subjects
name was changed
to PHISIT INTER
GROUP CO., LTD.
The subject was
granted the quality
standard ISO 9000
and ISO 14001
certifications by Bureau
Veritas Quality Institutes
[BVQI] on June
9, 2000 and
in 2002 respectively.
The subjects registered address was initially at 9 Soi
Prachanimit, Pradiphat Rd.,
Samsennai, Phyathai, Bangkok
10400.
On November 8, 2006,
it was relocated
to 199 Moo
5, T. Nongprong, A. Srimahaphote, Chachoengsao
25140, and this
is the companys
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pakin Nithitanaphat |
|
Thai |
60 |
|
Mr. Pawit Nithitanaphat |
|
Thai |
30 |
|
Mr. Pongsak Sawasdikiat |
|
Thai |
53 |
|
Mr. Torphan Phisitkul |
|
Thai |
37 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with companys affixed.
MANAGEMENT
Mr. Pakin Nithitanaphat is
the President.
He is Thai
nationality with the
age of 60
years old.
Mr. Torphan Phisitkul is the Managing
Director.
He is Thai
nationality with the
age of 37
years old.
Mr. Suradej Nithitanaphat is
the Factory and
Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing industrial chemicals for
textile industry including
dyestuff, pigment resin
colors, concentrate dye
and etc.
The products are
as follows:
-
Dyestuff
: Reactive dyes
-
Dyestuff
: Disperse dyes
-
Dyestuff
: Acid dyes
-
Dyestuff
: Direct dyes
-
Dyestuff
: Vat dyes
-
Dyestuff
: Basic dyes
-
Textile
auxiliary chemicals
-
Printing
pigment
PURCHASE
The raw materials are purchased
from both local
and overseas suppliers
in Germany, Japan, Republic
of China, Taiwan,
India and United
States of America.
MAJOR SUPPLIERS
Zschemer & Schwarz
Mohsdorp GmbH &
CO. KG : Germany
Oriental Giant Dyes
& Chemical Ind. Corp. : U.S.A.
Sanyo Chemical Industries
Ltd. : Japan
SALES [LOCAL]
80% of the
products is sold
locally by wholesale
to agents and
textile manufacturers, the remaining 20% is exported to Republic of
China, Taiwan, Indonesia, Japan, Singapore, Germany,
France and Middle
East countries.
RELATED COMPANIES
Phisit Group of
Companies consists of :
Eurosia Chemical Co.,
Ltd.
Business Type : Importer
& distributor of
industrial chemical
Phisit Co., Ltd.
Business Type : Importer
& distributor of
tanning machinery
Phisitchai Real Estate
Co., Ltd.
Business Type : Real
estate business.
Grouptech Co., Ltd.
Business Type : Importer
& distributor of
laboratory equipment
TFF Surface Engineering
Co., Ltd.
Business Type :
Importer and distributor
of industrial chemicals.
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.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
The products are
sold mainly on
credit with the
maximum credit given
to customers at
30-60 days. The subject
is found to have some
late payment problem
from around 5-10 customers,
but they can
negotiate.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The subject employs approximately 140 staff
[office, sales staff
and factory workers
LOCATION DETAILS
The premise is owned
for administrative office and
factory I at the heading
address. Premise is
located in provincial.
Factory II is
located at 1299
Moo 1, Taiban,
Muang, Samutprakarn 10270.
Warehouse is located
at 59, 59/1 Moo
10, Thatalad, Samparn,
Nakornpathom 73210.
Bangkok branches:
9 Pradipat Rd.,
Samsennai, Phaythai, Bangkok
10400.
Tel.
2271-1148-9, fax. 2271-2488.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
Subject
had good business
performance in the
past year. Strong
consumption from economy
recovering has risen
demand of such
products in 2010.
Despite floods in the
large area of
the country, growing
of textile industry
in 2011 has witnessed an
upward trend. Subjects
business outlook is
upbeat.
FINANCIAL INFORMATION
The capital was
registered at Bht.
40,000,000 divided into
400,000 shares of Bht. 100
each.
The capital was
increased later as
followings:
Bht.
120,000,000 on August
7, 2000
Bht.
240,000,000 on February
14, 2002
The latest capital
was increased to
Bht. 240,000,000 divided into
2,400,000 shares of
Bht. 100 each
with 81.15% paid-up.
THE SHAREHOLDERS LISTED
WERE : [as
at May 16, 2011]
at Bht. 194,752,426
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Torphan Pisithkul Nationality: Thai Address : 132
Vibhavadee-Rangsit Rd., Ladyao,
Jatujak, Bangkok 10900 |
444,000 |
18.50 |
|
Mrs. Pichaya Israpakdee Nationality: Thai Address : 9
Soi Prachanimit, Praditpat Rd.,
Samsennai,
Phyathai, Bangkok 10400 |
384,000 |
16.00 |
|
Ms. Kasama Pisithkul Nationality: Thai Address : 132
Vibhavadee-Rangsit Rd., Ladyao,
Jatujak, Bangkok 10900 |
384,000 |
16.00 |
|
Mr. Pakin Nithitanaphat Nationality: Thai Address : 1/1
Rama 6 Rd., Samsennai, Phyathai,
Bangkok 10400 |
240,000 |
10.00 |
|
Mrs. Pornphat Nithitanaphat Nationality: Thai Address : 1/1
Rama 6 Rd., Samsennai, Phyathai,
Bangkok 10400 |
192,000 |
8.00 |
|
Mr. Pawit Nithitanaphat Nationality: Thai Address : 1
Soi 10, Pradipat
Rd., Samsennai,
Phyathai, Bangkok |
192,000 |
8.00 |
|
Mr. Pongsak Sawasdikiat Nationality: Thai Address : 11/1
Soi 10, Pradipat
Rd., Samsennai,
Phyathai, Bangkok |
120,000 |
5.00 |
|
Others |
444,000 |
18.50 |
Total Shareholders : 15
Share Structure [as
at May 16,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
15 |
2,400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
15 |
2,400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Supasangad Pemavipart No.
2357
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
5,987,066.23 |
202,114.00 |
|
Trade Accounts Receivable |
77,939,675.11 |
85,713,487.54 |
|
Short Term Loan
to Person or Related Company |
390,914.31 |
390,914.31 |
|
Inventories |
65,805,536.00 |
11,284,170.46 |
|
Other Current Assets |
28,745,218.35 |
13,995,691.44 |
|
Total Current Assets
|
178,868,410.00 |
111,586,377.75 |
|
Other Long-term Investment |
5,400,000.00 |
5,400,000.00 |
|
Long-term Loan to Person or
Related Company |
32,293,026.00 |
138,200,000.00 |
|
Fixed Assets |
119,216,002.90 |
122,088,494.50 |
|
Other Assets |
369,714.21 |
39,306.21 |
|
Total Assets |
336,147,153.11 |
377,314,178.46 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loans from Financial Institution |
59,222,812.33 |
95,629,705.62 |
|
Trade Accounts & Notes
Payable |
66,726,371.12 |
72,704,129.81 |
|
Current Portion of Long-term
Loan |
7,056,000.00 |
7,056,000.00 |
|
Other Current Liabilities |
5,233,529.63 |
7,079,441.57 |
|
Total Current Liabilities |
138,238,713.08 |
182,469,277.00 |
|
|
|
|
|
Other Long-term Loan |
25,863,472.56 |
32,919,472.56 |
|
Total Liabilities |
164,102,185.64 |
215,388,749.56 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,400,000 shares |
240,000,000.00 |
240,000,000.00 |
|
Capital Paid |
194,752,426.00 |
194,752,426.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[22,707,458.53] |
[32,826,997.10] |
|
Total Shareholders' Equity |
172,044,967.47 |
161,925,428.90 |
|
Total Liabilities & Shareholders' Equity |
336,147,153.11 |
377,314,178.46 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
417,883,384.99 |
406,615,788.71 |
|
Other Income |
21,336,286.40 |
16,291,212.59 |
|
Total Revenues |
439,219,671.39 |
422,907,001.30 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
366,811,569.15 |
357,405,646.32 |
|
Selling Expenses |
7,708,316.94 |
7,785,587.34 |
|
Administrative Expenses |
34,677,212.04 |
28,305,261.90 |
|
Other Expenses |
4,293,923.26 |
2,358,594.54 |
|
Total Expenses |
413,491,021.39 |
395,855,090.10 |
|
Profit / [Loss] Before Finance
Cost & Income Tax |
25,728,650.00 |
27,051,911.20 |
|
Finance Cost |
[10,361,184.77] |
[10,481,536.67] |
|
Profit / [Loss] Before Income Tax |
15,367,465.23 |
16,570,374.53 |
|
Income Tax |
[5,247,926.66] |
[5,414,565.61] |
|
Net Profit / [Loss] |
10,119,538.57 |
11,155,808.92 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
0.61 |
|
QUICK RATIO |
TIMES |
0.61 |
0.47 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.51 |
3.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.24 |
1.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.48 |
11.52 |
|
INVENTORY TURNOVER |
TIMES |
5.57 |
31.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.08 |
76.94 |
|
RECEIVABLES TURNOVER |
TIMES |
5.36 |
4.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.40 |
74.25 |
|
CASH CONVERSION CYCLE |
DAYS |
67.16 |
14.22 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.78 |
87.90 |
|
SELLING & ADMINISTRATION |
% |
10.14 |
8.88 |
|
INTEREST |
% |
2.48 |
2.58 |
|
GROSS PROFIT MARGIN |
% |
17.33 |
16.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.16 |
6.65 |
|
NET PROFIT MARGIN |
% |
2.42 |
2.74 |
|
RETURN ON EQUITY |
% |
5.88 |
6.89 |
|
RETURN ON ASSET |
% |
3.01 |
2.96 |
|
EARNING PER SHARE |
BAHT |
5.20 |
5.73 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.95 |
1.33 |
|
TIME INTEREST EARNED |
TIMES |
2.48 |
2.58 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.77 |
|
|
OPERATING PROFIT |
% |
(4.89) |
|
|
NET PROFIT |
% |
(9.29) |
|
|
FIXED ASSETS |
% |
(2.35) |
|
|
TOTAL ASSETS |
% |
(10.91) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.33 |
Satisfactory |
Industrial
Average |
19.04 |
|
Net Profit Margin |
2.42 |
Impressive |
Industrial
Average |
(0.32) |
|
Return on Assets |
3.01 |
Impressive |
Industrial
Average |
1.43 |
|
Return on Equity |
5.88 |
Satisfactory |
Industrial
Average |
6.23 |
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 17.33%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the
problems with control over its costs.
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 2.42%, higher figure when 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
3.01%, 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. When compared with the
industry average, it was lower, the company's figure is 5.88%.
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 |
1.29 |
Deteriorated |
Industrial
Average |
10.29 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
67.16 |
|
|
|
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 1.29 times in 2010, increased from 0.61 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 0.61 times in 2010,
increased from 0.47 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 68 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
0.95 |
Impressive |
Industrial
Average |
2.37 |
|
Times Interest Earned |
2.48 |
Deteriorated |
Industrial
Average |
228.42 |
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 2.49 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 0.49 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.51 |
Deteriorated |
Industrial
Average |
139.40 |
|
Total Assets Turnover |
1.24 |
Satisfactory |
Industrial
Average |
1.50 |
|
Inventory Conversion Period |
65.48 |
|
|
|
|
Inventory Turnover |
5.57 |
Acceptable |
Industrial
Average |
10.59 |
|
Receivables Conversion Period |
68.08 |
|
|
|
|
Receivables Turnover |
5.36 |
Satisfactory |
Industrial
Average |
6.72 |
|
Payables Conversion Period |
66.40 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
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 SCs 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.