MIRA INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PETROLEUM EQUIPMENTS [THAILAND] CO., LTD. |
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Registered Office : |
98 Soi Ramkhamhaeng 21 [Navasri], Ramkhamhaeng Road, Pubpla, Wangthonglang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.01.2002 |
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Com. Reg. No.: |
0105545005471 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Scientific Equipment and Instruments |
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No. of Employees : |
23 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more
than 4% per year - as it recovered from the Asian financial crisis of 1997-98.
Thai exports - mostly machinery and electronic components, agricultural
commodities, and jewelry - continue to drive the economy, accounting for more
than half of GDP. The global financial crisis of 2008-09 severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In 2009,
the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded from their depressed 2009 level.
Steady economic growth at just below 4% during the first three quarters of 2011
was interrupted by historic flooding in October and November in the industrial
areas north of Bangkok, crippling the manufacturing sector and leading to a
revised growth rate of only 0.1% for the year. The industrial sector is poised
to recover from the second quarter of 2012 onward, however, and the government
anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while
private sector forecasts range between 3.8% and 5.7%.
Source : CIA
Company name
PETROLEUM EQUIPMENTS [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 98
SOI RAMKHAMHAENG 21 [NAVASRI],
RAMKHAMHAENG ROAD,
PUBPLA,
WANGTHONGLANG, BANGKOK
10310
TELEPHONE : [66] 2184-4010
FAX :
[66] 2184-4011
E-MAIL
ADDRESS : sales@peco2002.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545005471 [Former
: KOR THOR. 05-0085-45]
TAX
ID NO. : 3030461667
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. APIWAT AKALEEPHAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 23
LINES
OF BUSINESS : SCIENTIFIC EQUIPMENT
AND INSTRUMENTS
IMPORTER AND
DISTRIBUTOR
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 January 15,
2002 as a
private limited company
under the name style PETROLEUM
EQUIPMENTS [THAILAND] CO., LTD.
by Thai groups.
Its business objective
is to import
and distribute wide
range of scientific
equipments and instruments.
It currently employs
23 staff.
The
subject’s registered address
is 98 Soi
Ramkhamhaeng 21 [Navasri],
Ramkhamhaeng Rd., Pubpla,
Wangthonglang, Bangkok 10310,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apiwat Akaleephan |
|
Thai |
69 |
|
Mrs. Supranee Akaleephan |
|
Thai |
56 |
|
Mr. Kajorn Jiramongkolporn |
|
Thai |
71 |
|
Mr. Thanawat Jiramongkolporn |
|
Thai |
68 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Apiwat Akaleephan is
the Managing Director.
He is Thai
nationality with the
age of 69
years old.
Mr. John Djung is
the Marketing &
Sales Director.
He is Singaporean
nationality.
BUSINESS OPERATIONS
The
subject is engaged
in importing and
distributing wide range
of petroleum testing
equipment, Petrospec Ethanol
Purity Analyzer, as
well as scientific
equipment and instruments for
foods, paints, automobiles,
cements, petrochemicals industries
and etc. The
subject also provides
after sales services
of the products.
MAJOR BRANDS
“PAC”,
“HERZOG”, “ISL”, “ALCOR”,
“PETRO SPEC”, “ANTEK”,
“PSPI”, “FALEX”, SUNDY”,
“NABERTHERM” and “TANNAS”
IMPORT
90%
of the products
is imported from
U.S.A., Germany, France,
Republic of China
and Belgium.
MAJOR
SUPPLIERS
PAC
Petroleum Analyzer Company
LP. : U.S.A.
Walter
Herzog GmbH : Germany
ISL
S.A. : France
Alcor
Petroleum Instrument : U.S.A.
Pertro
Spec : U.S.A.
Antek
Instruments Inc. : U.S.A.
Precision
Scientific Petroleum Instruments : U.S.A.
Tannas
Corp. : U.S.A.
Falex
Tribology N.V. : Belgium
Hunan
Sundy Science and
Technology
Development Co., Ltd.
: Republic
of China
Nabertherm
GmbH. : Germany
Cambridge
Viscosity Inc. : U.S.A.
SALES
100% of the products is sold
locally by wholesale
to manufacturers and
end-users, mainly university
both private and
government sectors.
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
T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs 23 office
and service staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject has achieved
high customers satisfaction,
delivered products that
have great appeal
in the market.
It committed to
supply its expertise,
sales and service for the finest
instruments in the world of petroleum testing equipment for characterizing and
understanding the properties and
behavior of fuels and lubricants, as well as
providing scientific equipments
and instruments for various
industries.
FINANCIAL INFORMATION
The
capital was registered
at 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 |
% |
|
|
|
|
|
Mr. Apiwat Akaleephan Nationality: Thai Address : 56/1
Moo 6, Donpao,
Maewang, Chiangmai |
20,000 |
40.00 |
|
Mr. Kajorn Jiramongkolporn Nationality: Thai Address : 507
Seri 6 Rd.,
Suanluang, Bangkok |
10,000 |
20.00 |
|
Mrs. Alisa Jiramongkolporn Nationality: Thai Address : 507
Seri 6 Rd.,
Suanluang, Bangkok |
7,500 |
15.00 |
|
Mr. Thanawat Jiramongkolporn Nationality: Thai Address : 73/10
Sukhumvit Rd., Klongtoey,
Bangkok |
7,500 |
15.00 |
|
Ms. Phanwadee Akaleephan Nationality: Thai Address : 75
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkok |
2,599 |
5.20 |
|
Ms. Tuchsaran Akaleephan Nationality: Thai Address : 75
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkok |
2,400 |
4.80 |
|
Mrs. Supranee Akaleephan Nationality: Thai Address : 205/148
Moo 6, Prawet,
Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Niwest Chintanarkvichai
No. 5832
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
11,650,027.94 |
9,745,236.45 |
|
Trade Accounts Receivable |
22,581,589.06 |
11,211,006.65 |
|
Inventories |
9,499,674.54 |
11,379,974.66 |
|
Other Current Assets |
210,758.20 |
224,433.83 |
|
|
|
|
|
Total Current Assets
|
43,942,049.74 |
32,560,651.59 |
|
|
|
|
|
Fixed Assets |
83,350.30 |
174,044.60 |
|
Total Assets |
44,025,400.04 |
32,734,696.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
10,051,022.39 |
5,830,591.15 |
|
Deposit for Goods |
3,822,261.23 |
2,603,561.23 |
|
Accrued Commission |
1,938,678.12 |
958,920.82 |
|
Accrued Expenses |
2,975,419.72 |
2,448,789.05 |
|
Other Current Liabilities |
2,910,895.55 |
2,208,358.07 |
|
|
|
|
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Total Current Liabilities |
21,698,277.01 |
14,050,220.32 |
|
Total Liabilities |
21,698,277.01 |
14,050,220.32 |
|
|
|
|
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Shareholders’ Equity |
|
|
|
|
|
|
|
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 |
419,197.05 |
419,197.05 |
|
Retained Earning-
Unappropriated |
16,907,925.98 |
13,265,278.82 |
|
Total Shareholders' Equity |
22,327,123.03 |
18,684,475.87 |
|
Total Liabilities & Shareholders' Equity |
44,025,400.04 |
32,734,696.19 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
83,394,758.65 |
48,805,982.89 |
|
Services Income |
2,277,951.92 |
2,295,106.55 |
|
Other Income |
1,062,985.61 |
1,409,550.43 |
|
Total Revenues |
86,735,696.18 |
52,510,639.87 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
63,305,824.82 |
32,237,791.71 |
|
Cost of Services |
1,732,800.00 |
1,614,706.94 |
|
Selling Expenses |
3,769,226.91 |
3,228,064.47 |
|
Administrative Expenses |
13,077,808.00 |
11,351,678.89 |
|
Total Expenses |
81,885,659.73 |
48,432,242.01 |
|
Profit before Income Tax |
4,850,036.45 |
4,078,397.86 |
|
Income Tax |
[1,207,389.29] |
[1,019,282.53] |
|
|
|
|
|
Net Profit / [Loss] |
3,642,647.16 |
3,059,115.33 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.03 |
2.32 |
|
QUICK RATIO |
TIMES |
1.58 |
1.49 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,027.86 |
293.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.95 |
1.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
53.31 |
122.70 |
|
INVENTORY TURNOVER |
TIMES |
6.85 |
2.97 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
96.21 |
80.08 |
|
RECEIVABLES TURNOVER |
TIMES |
3.79 |
4.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.41 |
62.87 |
|
CASH CONVERSION CYCLE |
DAYS |
93.11 |
139.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.92 |
66.25 |
|
SELLING & ADMINISTRATION |
% |
19.66 |
28.53 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
25.33 |
36.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.66 |
7.98 |
|
NET PROFIT MARGIN |
% |
4.25 |
5.99 |
|
RETURN ON EQUITY |
% |
16.31 |
16.37 |
|
RETURN ON ASSET |
% |
8.27 |
9.35 |
|
EARNING PER SHARE |
BAHT |
72.85 |
61.18 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.97 |
0.75 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
67.65 |
|
|
OPERATING PROFIT |
% |
18.92 |
|
|
NET PROFIT |
% |
19.08 |
|
|
FIXED ASSETS |
% |
(52.11) |
|
|
TOTAL ASSETS |
% |
34.49 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.33 |
Impressive |
Industrial
Average |
15.74 |
|
Net Profit Margin |
4.25 |
Impressive |
Industrial
Average |
1.55 |
|
Return on Assets |
8.27 |
Impressive |
Industrial Average |
2.93 |
|
Return on Equity |
16.31 |
Impressive |
Industrial
Average |
7.57 |
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 25.33%. 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 4.25%, 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 8.27%, 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 16.31%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
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 |
2.03 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.58 |
|
|
|
|
Cash Conversion Cycle |
93.11 |
|
|
|
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 2.03 times in 2011, decreased from 2.32 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 1.58 times in 2011,
increased from 1.49 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 94 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 |
0.61 |
|
Debt to Equity Ratio |
0.97 |
Impressive |
Industrial
Average |
1.59 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.88 |
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.
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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,027.86 |
Impressive |
Industrial
Average |
7.82 |
|
Total Assets Turnover |
1.95 |
Impressive |
Industrial
Average |
1.89 |
|
Inventory Conversion Period |
53.31 |
|
|
|
|
Inventory Turnover |
6.85 |
Impressive |
Industrial
Average |
4.22 |
|
Receivables Conversion Period |
96.21 |
|
|
|
|
Receivables Turnover |
3.79 |
Satisfactory |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
56.41 |
|
|
|
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.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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.