MIRA
INFORM REPORT
|
Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRECISION
SLITTING CENTER CO.,
LTD. |
|
|
|
|
Registered Office : |
16 Soi Chalermprakiat R 9,
Soi 48, Yaek
26, Dokmai, Pravej, |
|
|
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Country : |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
06.02.1992 |
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|
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Com. Reg. No.: |
0105535021074 |
|
|
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|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Service provider of slitting
and cutting |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s 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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PRECISION SLITTING CENTER CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16
SOI CHALERMPRAKIAT R 9,
SOI 48, YAEK
26,
DOKMAI, PRAVEJ,
BANGKOK 10250
TELEPHONE : [66] 2328-0830-5,
2328-0330-1
FAX :
[66] 2328-0107,
2726-7467
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535021074
TAX
ID NO. : 3011085899
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PORNSAK PONGPIRIYAKARN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : SLITTING AND CUTTING
SERVICE PROVIDER
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 February 6,
1992 as a
private limited company
under the name
style PRECISION SLITTING CENTER
CO., LTD., by Thai groups.
Its business objective
is to provide slitting and cutting service
for industrial papers,
foil and coating
materials. It currently
employs approximate 30
staff.
The
subject’s registered address
was initially located
at 89/3 Moo
2, Soi
Chadsanthaharnrua 26,
Udomsuk Rd., Dokmai,
Pravej, Bangkok 10250.
On
March 23, 2009,
the subject’s registered address
was changed to
16 Soi Chalermprakiat R 9, Soi 48,
Yaek 26, Dokmai,
Pravej, Bangkok 10250,
by the Pravej
District Office, but both are
the same location,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornsak Pongpiriyakarn |
|
Thai |
58 |
|
Mrs. Tassanee Pongpiriyakarn |
|
Thai |
54 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pornsak Pongpiriyakarn is
the Managing Director.
He is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing slitting and
cutting service for
industrial papers, foils,
metals and various
coating materials for
electrical, printing &
packaging and other
industries. Range of products
for service included
laminated paper, rolled
paper, transform paper,
flexible film and
etc.
PURCHASE
100%
of slitting and
cutting materials is
purchased from local
suppliers.
SALES
100% of the
product is served
locally to manufacturers.
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 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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 30 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse at
the heading address.
Premise is located
in commercial/residential area.
Branches:
-
23 Soi Chalermprakiat R. 9, Soi 48,
Yeak 26, Dokmai, Pravej,
Bangkok. 10250.
-
98/2 Moo 2
Soi Chadsantahanrua 26, Udomsuk
Rd., Dokmai, Pravej,
Bangkok 10250.
COMMENT
The subject’s sales
in 2010 was
moderate. Domestic industry
improvement has rising
demand and services of industrial
materials slitting and cutting. Its
business had continued
growing in 2011, and
current business outlook is
promising.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 100,000
shares of Bht. 10
each with fully
paid.
On September 30, 1992, the
capital was increased to Bht. 10,000,000 divided into 1,000,000 shares
of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pornsak Pongpiriyakarn Nationality: Thai Address : 2102/134
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
779,997 |
77.99 |
|
Mrs. Tassanee Pongpiriyakarn Nationality: Thai Address : 21 Soi
Chalermprakiat R.9, Soi 48,
Yaek 26,
Dokmai, Pravej, Bangkok |
220,000 |
22.00 |
|
Mr. Pongpat Pongpiriyakarn Nationality: Thai Address : 16 Soi
Chalermprakiat R.9, Soi 48,
Yaek 26,
Dokmai, Pravej, Bangkok |
1 |
|
|
Mr. Chakrapong Pongpiriyakarn Nationality: Thai Address : 16 Soi
Chalermprakiat R.9, Soi 48,
Yaek 26,
Dokmai, Pravej, Bangkok |
1 |
= 0.01 |
|
Mr. Patchara Pongpiriyakarn Nationality: Thai Address : 16 Soi
Chalermprakiat R.9, Soi 48,
Yaek 26,
Dokmai, Pravej, Bangkok |
1 |
|
Total Shareholders : 5
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sangvorn Sutthisanont No.
0097
Note
The 2011 financial
statement was not submitted to
the Commercial Registration
Department during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
1,069,483.34 |
1,001,229.47 |
|
Trade Accounts Receivable |
10,403,747.71 |
9,861,694.68 |
|
Inventories |
438,807.57 |
438,807.57 |
|
Other Current Assets
|
752,813.43 |
622,027.70 |
|
Total Current
Assets |
12,664,852.05 |
11,923,759.42 |
|
|
|
|
|
Fixed Assets |
150,191,454.97 |
145,768,377.27 |
|
Other Assets |
2,224,879.00 |
176,406.91 |
|
Total Assets
|
165,081,186.02 |
157,868,543.60 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term Loan
from Financial Institution |
16,430,953.04 |
20,327,263.46 |
|
Trade Accounts Payable |
1,822,410.79 |
2,293,157.23 |
|
Current Portion of Long-term Loans |
1,884,000.00 |
1,884,000.00 |
|
Short-term Loan from Related
Person |
2,592,488.03 |
923,517.61 |
|
Accrued Income Tax |
3,514,598.81 |
1,611,227.65 |
|
Accrued Expenses |
3,928,155.81 |
4,116,519.40 |
|
Other Current Liabilities |
2,310,294.57 |
2,091,660.49 |
|
Total Current
Liabilities |
32,482,901.05 |
33,247,345.84 |
|
|
|
|
|
Long-term Loans from Other Company |
3,738,000.00 |
5,622,000.00 |
|
Total Liabilities |
36,220,901.05 |
38,869,345.84 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value Authorized &
issued share capital
1,000,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Statutory Reserve |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
117,860,284.97 |
107,999,197.76 |
|
Total
Shareholders' Equity |
128,860,284.97 |
118,999,197.76 |
|
Total
Liabilities & Shareholders' Equity |
165,081,186.02 |
157,868,543.60 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Services Income |
87,598,087.67 |
76,104,754.75 |
|
Other Income |
338,736.25 |
229,964.54 |
|
Total Sales
|
87,936,823.92 |
76,334,719.29 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods |
- |
[161,040.60] |
|
Cost of Purchased Goods |
- |
247,870.00 |
|
Employees Expenses |
7,038,020.00 |
6,466,236.00 |
|
Depreciation |
14,151,473.16 |
13,423,767.68 |
|
Other Expenses |
37,070,084.62 |
33,660,131.66 |
|
Total Expenses |
58,259,577.78 |
53,636,964.74 |
|
Profit before Financial Cost &
Income Tax |
29,677,246.14 |
22,697,754.55 |
|
Financial Cost |
[1,221,161.42] |
[1,393,477.78] |
|
Profit before Income Tax |
28,450,084.72 |
21,304,276.77 |
|
Income Tax |
[8,594,997.51] |
[7,424,495.23] |
|
Net Profit / [Loss] |
19,861,087.21 |
13,879,781.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.39 |
0.36 |
|
QUICK RATIO |
TIMES |
0.35 |
0.33 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.58 |
0.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.53 |
0.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
646.16 |
|
INVENTORY TURNOVER |
TIMES |
- |
0.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.35 |
47.30 |
|
RECEIVABLES TURNOVER |
TIMES |
8.42 |
7.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
3,376.78 |
|
CASH CONVERSION CYCLE |
DAYS |
43.35 |
(2,683.32) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
- |
0.33 |
|
SELLING & ADMINISTRATION |
% |
24.19 |
26.14 |
|
INTEREST |
% |
1.39 |
1.83 |
|
GROSS PROFIT MARGIN |
% |
100.39 |
99.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
33.88 |
29.82 |
|
NET PROFIT MARGIN |
% |
22.67 |
18.24 |
|
RETURN ON EQUITY |
% |
15.41 |
11.66 |
|
RETURN ON ASSET |
% |
12.03 |
8.79 |
|
EARNING PER SHARE |
BAHT |
19.86 |
13.88 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.28 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
24.30 |
16.29 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.10 |
|
|
OPERATING PROFIT |
% |
30.75 |
|
|
NET PROFIT |
% |
43.09 |
|
|
FIXED ASSETS |
% |
3.03 |
|
|
TOTAL ASSETS |
% |
4.57 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
100.39 |
Impressive |
Industrial
Average |
30.40 |
|
Net Profit Margin |
22.67 |
Impressive |
Industrial
Average |
5.20 |
|
Return on Assets |
12.03 |
Impressive |
Industrial
Average |
5.96 |
|
Return on Equity |
15.41 |
Impressive |
Industrial
Average |
10.36 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 100.39%. 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 22.67%,
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
12.03%, 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 15.41%, 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 |
0.39 |
Risky |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.35 |
|
|
|
|
Cash Conversion Cycle |
43.35 |
|
|
|
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 0.39 times in 2010, increased from 0.36 times, then the company may not be
efficiently using its current assets. 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 0.35 times in 2010,
increased from 0.33 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
0.28 |
Impressive |
Industrial
Average |
0.72 |
|
Times Interest Earned |
24.30 |
Impressive |
Industrial
Average |
6.43 |
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 24.31 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 0.22 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 |
0.58 |
Deteriorated |
Industrial
Average |
2.15 |
|
Total Assets Turnover |
0.53 |
Deteriorated |
Industrial
Average |
1.15 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
6.21 |
|
Receivables Conversion Period |
43.35 |
|
|
|
|
Receivables Turnover |
8.42 |
Impressive |
Industrial
Average |
4.57 |
|
Payables Conversion Period |
- |
|
|
|
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.53.71 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.23 |
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.