MIRA
INFORM REPORT
|
Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CPD
INTERNATIONAL CO., LTD. |
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Registered Office : |
15th Floor, Unit 3-4, K Tower B, 209/1 Sukhumvit 21 [Asoke] Road, Klongtoeynua, Wattana, Bangkok 10110 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.02.2004 |
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Com. Reg. No.: |
0105547028672 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Provider for oil
and gas industry of management consultant and service |
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No. of Employees : |
15 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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 : |
Moderate |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries,
|
Source : CIA |
Company name
CPD INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 15th FLOOR,
UNIT 3-4, K
TOWER B,
209/1 SUKHUMVIT
21 [ASOKE] ROAD,
KLONGTOEYNUA, WATTANA,
TELEPHONE : [66] 2664-2790
FAX :
[66] 2664-2190
E-MAIL
ADDRESS : info@cpd.vg
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547028672
TAX
ID NO. : 3031316669
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAUL JOHN
GRANT, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : MANAGEMENT CONSULTANT AND SERVICE
PROVIDER FOR
OIL AND GAS
INDUSTRY
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 26,
2004 as a
private limited company under
the registered name
CPD INTERNATIONAL CO.,
LTD., by Thai and
Foreign groups, with
the business objective
is to provide
management consultant and
other related services
for oil & gas industry.
It currently employs
15 staff.
The major
shareholders are CPD
Services International Limited, Thailand, Mr. Paul John Grant, the British
businessman, and Mr. Dean Warren Masters, the New Zealander businessman,
with holding around
51%, 24.5% and
24.5% of the
subject’s shares respectively.
The
subject is a
member of CPD
Group of companies,
which the registered
offices are in Singapore
and British Virgin
Island.
The
subject’s registered address
is 15th Floor,
Unit 3-4, K Tower B, Sukhumvit
21 [Asoke] Road, Klongtoeynua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Dean Warren Masters |
|
New Zealander |
47 |
|
Mr. Paul John Grant |
|
British |
44 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Paul John Grant
is the Managing
Director.
He is British
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject
is engaged in
providing wide range
of management consultant
and other related
services for gas
& oil industry.
Range of services
are as follows:
·
Management
Systems
-
Management
consultancy [operations,
training, HR & HSE] with
the ability to
provide a variety
of client specific management
systems, such as
HSE manuals, well
control manuals and
operations manuals.
·
Payroll
& Contract management Services
-
Payroll & contracting services
-
Value
added services
-
Customized
payroll solutions
-
Personnel
sourcing and recruitment
·
Marketing
& Business Development
-
Marketing & contracting services
-
Business
Development, communications &
IT consultancy services
PURCHASE
100%
of purchasing is
from local suppliers.
SERVICES
100% of the
project is served
locally to end-users,
mainly in oil & gas
industry.
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
Services are by cash or
on negotiated terms.
Local bills are
paid by cash
or on the
credit term of
30 days.
BANKING
The
subject has not
disclosed its banker’s
name.
EMPLOYMENT
The
subject currently employs
15 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
Note:
Refer
to your given
name “CPD International
Services Ltd.”, please
be informed that
the above name
is one of CPD
group of companies,
which was registered
in Singapore.
COMMENT
The
subject operates as a
professionals consultant in
the industrial area
providing the development
of management systems
for new start
companies and also
existing companies looking
to revamp and energize
their existing systems.
Increasing in demand
from clients has
resulted to a
moderate business growth in
the past years.
Subject’s business outlook is
promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 12,000,000
on December 8,
2004
Bht. 14,000,000
on February 22,
2008
Bht. 20,000,000
on February 17,
2011
The
latest registered capital
was increased to
Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
CPD Services International Limited Nationality: Thai Address : 209/1
K Tower B, Sukhumvit
21 [Asoke] Rd.,
Klongtoeynua, Wattana, |
101,994 |
51.00 |
|
Mr. Dean Warren Masters Nationality: New Zealander Address : New |
49,000 |
24.50 |
|
Mr. Paul John Grant Nationality: British Address : |
49,000 |
24.50 |
|
Mrs. Siriwan
Viwattanasitthiwong Nationality: Thai Address : 64/130
Moo 5, Chimplee,
Talingchan, |
1 |
- |
|
Ms. Petcharat Thongthas Nationality: Thai Address : 85/30
Moo 8,
Sampran, Nakornpathom |
1 |
- |
|
Ms. Siriwan Khunpaisad Nationality: Thai Address : 434/7
Bangsue, Bangsue, |
1 |
- |
|
Ms. Thani Suwannakin Nationality: Thai Address : 737
Moo 6,
Saimai, |
1 |
- |
|
Ms. Chavida Binarsun Nationality: Thai Address : 102/240
Moo 3, Thungsikan,
Donmuang, |
1 |
- |
|
Ms. Vareemon Asarapornsri Nationality: Thai Address : 610
Therthai 33 Rd.,
Bukkalo, Thonburi, |
1 |
- |
Total Shareholders : 9
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
102,000 |
51.00 |
|
Foreign |
2 |
98,000 |
49.00 |
|
Total |
9 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Somboon Chim-on No.
1962
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and
Cash Equivalents |
2,137,292.77 |
4,272,549.91 |
|
Other Current Assets
|
18,380,016.20 |
12,059,849.73 |
|
|
|
|
|
Total Current Assets
|
20,517,308.97 |
16,332,399.64 |
|
|
|
|
|
Fixed Assets |
32,886,902.76 |
38,310,511.22 |
|
Other Non-current Assets |
662,290.00 |
622,709.28 |
|
Total Assets |
54,066,501.73 |
55,265,620.14 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Current Portion of Long-term
Liabilities |
188,009.30 |
225,611.16 |
|
Accrued Income Tax |
183,136.37 |
301,365.28 |
|
Other Current Liabilities |
166,442.10 |
168,755.99 |
|
|
|
|
|
Total Current Liabilities |
537,587.77 |
695,732.43 |
|
Long-term Loan |
36,778,050.00 |
36,778,050.00 |
|
Lease Contract Liabilities |
- |
188,009.30 |
|
Total Liabilities |
37,315,637.77 |
37,661,791.73 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated [deficit] |
[3,249,136.04] |
[2,396,171.59] |
|
Total Shareholders' Equity |
16,750,863.96 |
17,603,828.41 |
|
Total Liabilities & Shareholders' Equity |
54,066,501.73 |
55,265,620.14 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
27,375,166.06 |
24,662,030.54 |
|
Other Income |
522.19 |
453,062.38 |
|
Total Revenues |
27,375,688.25 |
25,115,092.92 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
145,367.93 |
173,074.76 |
|
Administrative Expenses |
27,662,040.98 |
24,803,302.59 |
|
Total Expenses |
27,807,408.91 |
24,976,377.35 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
[431,720.66] |
138,715.57 |
|
Financial Costs |
[17,199.95] |
[17,199.95] |
|
Income Tax |
[404,043.84] |
[621,402.96] |
|
Net Profit / [Loss] |
[852,964.45] |
[499,887.34] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
38.17 |
23.48 |
|
QUICK RATIO |
TIMES |
3.98 |
6.14 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.83 |
0.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.51 |
0.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
0.53 |
0.70 |
|
SELLING & ADMINISTRATION |
% |
101.05 |
100.57 |
|
INTEREST |
% |
0.06 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
99.47 |
101.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.58) |
0.56 |
|
NET PROFIT MARGIN |
% |
(3.12) |
(2.03) |
|
RETURN ON EQUITY |
% |
(5.09) |
(2.84) |
|
RETURN ON ASSET |
% |
(1.58) |
(0.90) |
|
EARNING PER SHARE |
BAHT |
(4.26) |
(2.50) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.23 |
2.14 |
|
TIME INTEREST EARNED |
TIMES |
(25.10) |
8.06 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.00 |
|
|
OPERATING PROFIT |
% |
(411.23) |
|
|
NET PROFIT |
% |
(70.63) |
|
|
FIXED ASSETS |
% |
(14.16) |
|
|
TOTAL ASSETS |
% |
(2.17) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
99.47 |
Impressive |
Industrial
Average |
29.50 |
|
Net Profit Margin |
(3.12) |
Deteriorated |
Industrial
Average |
2.28 |
|
Return on Assets |
(1.58) |
Deteriorated |
Industrial
Average |
1.68 |
|
Return on Equity |
(5.09) |
Deteriorated |
Industrial
Average |
4.53 |
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 99.47%. 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 -3.12%.
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 -1.58%.
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 -5.09%.
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 |
38.17 |
Impressive |
Industrial
Average |
1.52 |
|
Quick Ratio |
3.98 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 38.17 times in 2011, increased from 23.48 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 3.98 times in 2011,
decreased from 6.14 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
2.23 |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
(25.10) |
Risky |
Industrial
Average |
1.57 |
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 -25.11 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.69 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.83 |
Acceptable |
Industrial Average |
1.33 |
|
Total Assets Turnover |
0.51 |
Acceptable |
Industrial Average |
0.73 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
9.63 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.56 |
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.69 |
|
UK Pound |
1 |
Rs.89.20 |
|
Euro |
1 |
Rs.72.10 |
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.