MIRA
INFORM REPORT
|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.D.K. ENTERPRISE
CO., LTD. |
|
|
|
|
Registered Office : |
43 Soi Charoennakorn 4, Charoennakorn Road, Klongtonsai, Klongsan, Bangkok 10600, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
0105546010877 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer And Distributor
of Non-Woven Fabric Products |
|
|
|
|
No. of Employees : |
12 |
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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
P.D.K.
ENTERPRISE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 43
SOI CHAROENNAKORN 4,
CHAROENNAKORN ROAD,
KLONGTONSAI, KLONGSAN,
BANGKOK 10600,
THAILAND
TELEPHONE : [66] 2861-0250-1,
2438-5377
FAX : [66] 2438-1941
E-MAIL
ADDRESS : pdk_enterprise@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546010877
TAX
ID NO. : 3030790101
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRADEEPKUMAR KWATRA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : NON-WOVEN FABRIC
PRODUCTS
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 27,
2003 as a
private limited company under
the registered name
P.D.K. ENTERPRISE CO.,
LTD., by Thai groups, with the
business objective to
import and distribute
various kinds of
non-woven fabric for
various industries. It
currently employs 12
staff.
The subject’s registered address is 43 Soi
Charoennakorn 4, Charoennakorn Rd.,
Klongtonsai, Klongsan, Bangkok
10600, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pradeepkumar Kwatra |
|
Thai |
59 |
|
Mrs. Meena Kwatra |
|
Thai |
56 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pradeepkumar Kwatra is
the Managing Director.
He is Thai
nationality with the
age of 59 years
old.
Mr. Viphon Kwatra is
the Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
non-woven fabrics including
PP spunbond non-woven fabric, meltblown
non-woven fabric, disposable face
masks and etc., used
in furniture, packaging,
automotive, medical and
garment industries.
PURCHASE
80%
of the products
is imported from
Republic of China
and India, the
remaining 20% is
purchased from local
suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
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
according 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
D/A and T/T
on negotiated terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
12 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject is an
importer and distributor
of non-woven fabrics. Strong
consumption from industrial
sector has resulted
to moderate sales
in the previous year, as
well as its current
business is growing
viable.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pradeepkumar Kwatra Nationality: Thai Address : 8/53
Moo 8, Bangprom,
Talingchan, Bangkok |
4,100 |
41.00 |
|
Mrs. Meena Kwatra Nationality: Thai Address : 43
Soi Charoennakorn 4,
Klongtonsai,
Klongsan, Bangkok |
3,900 |
39.00 |
|
Mr. Vinit Kwatra Nationality: Thai Address : 8/53
Moo 8, Bangprom,
Talingchan, Bangkok |
500 |
5.00 |
|
Mr. Viphon Kwatra Nationality: Thai Address : 8/53
Moo 8, Bangprom,
Talingchan, Bangkok |
500 |
5.00 |
|
Ms. Suwanee Shawala Nationality: Thai Address : 31/3
Soi Sukhumvit 11,
Klongtoeynua,
Wattana, Bangkok |
500 |
5.00 |
|
Mrs. Shiwani Kwatra Nationality: Thai Address : 25/66
Moo 13, Bangramad,
Talingchan,
Bangkok |
500 |
5.00 |
Total Shareholders : 6
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sirawich Kanthuk No.
7647
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
12,486,709.27 |
1,479,215.45 |
|
Trade Accounts & Other Receivable |
22,402,937.62 |
20,585,560.38 |
|
Inventories |
13,201,710.18 |
7,858,841.99 |
|
Goods Deposit |
673,004.49 |
- |
|
Other Current Assets
|
422,112.01 |
109,314.78 |
|
|
|
|
|
Total Current Assets
|
49,186,473.57 |
30,032,932.60 |
|
Long-term Lending to Related
Person |
- |
200,000.00 |
|
Fixed Assets |
235,237.86 |
112,353.00 |
|
Intangible Assets |
16,570.27 |
22,170.07 |
|
Other Non-current Assets |
221,800.00 |
221,800.00 |
|
Total Assets |
49,660,081.70 |
30,589,255.67 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
8,100,000.00 |
6,000,000.00 |
|
Trade Accounts & Other Payable |
9,899,349.80 |
7,337,138.95 |
|
Accrued Income Tax |
579,184.75 |
308,348.36 |
|
Accrued Expenses |
3,883,544.48 |
1,930,165.20 |
|
Other Current Liabilities |
808,650.54 |
195,192.07 |
|
|
|
|
|
Total Current Liabilities |
23,270,729.57 |
15,770,844.58 |
|
Long-term Loan from Related Person |
8,546,255.00 |
- |
|
Reserve for Employee’s Benefit |
800,175.62 |
- |
|
Total Liabilities |
32,617,160.19 |
15,770,844.58 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
16,042,921.51 |
13,818,411.09 |
|
Total Shareholders' Equity |
17,042,921.51 |
14,818,411.09 |
|
Total Liabilities & Shareholders' Equity |
49,660,081.70 |
30,589,255.67 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
139,199,198.55 |
65,495,776.27 |
|
Other Income |
9,916.54 |
20,186.45 |
|
Total Revenues |
139,209,115.09 |
65,515,962.72 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
125,479,700.05 |
55,735,783.61 |
|
Selling Expenses |
2,027,499.29 |
813,276.95 |
|
Administrative Expenses |
7,856,202.44 |
9,794,055.41 |
|
Total Expenses |
135,363,401.78 |
66,343,115.97 |
|
|
|
|
|
Profit before Financial Costs & Income Tax |
3,845,713.31 |
[827,153.25] |
|
Financial Costs |
[771,115.14] |
[230,863.81] |
|
|
|
|
|
Profit before Income Tax |
3,074,598.17 |
[1,058,017.06] |
|
Income Tax |
[915,571.75] |
[890,721.36] |
|
Net Profit / [Loss] |
2,159,026.42 |
[1,948,738.42] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.11 |
1.90 |
|
QUICK RATIO |
TIMES |
1.50 |
1.40 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
591.74 |
582.95 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.80 |
2.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.40 |
51.47 |
|
INVENTORY TURNOVER |
TIMES |
9.50 |
7.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.74 |
114.72 |
|
RECEIVABLES TURNOVER |
TIMES |
6.21 |
3.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
28.80 |
48.05 |
|
CASH CONVERSION CYCLE |
DAYS |
68.35 |
118.14 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.14 |
85.10 |
|
SELLING & ADMINISTRATION |
% |
7.10 |
16.20 |
|
INTEREST |
% |
0.55 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
9.86 |
14.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.76 |
(1.26) |
|
NET PROFIT MARGIN |
% |
1.55 |
(2.98) |
|
RETURN ON EQUITY |
% |
12.67 |
(13.15) |
|
RETURN ON ASSET |
% |
4.35 |
(6.37) |
|
EARNING PER SHARE |
BAHT |
215.90 |
(194.87) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.91 |
1.06 |
|
TIME INTEREST EARNED |
TIMES |
4.99 |
(3.58) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
112.53 |
|
|
OPERATING PROFIT |
% |
(564.93) |
|
|
NET PROFIT |
% |
210.79 |
|
|
FIXED ASSETS |
% |
109.37 |
|
|
TOTAL ASSETS |
% |
62.34 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.86 |
Satisfactory |
Industrial
Average |
11.62 |
|
Net Profit Margin |
1.55 |
Impressive |
Industrial
Average |
1.23 |
|
Return on Assets |
4.35 |
Impressive |
Industrial
Average |
2.12 |
|
Return on Equity |
12.67 |
Impressive |
Industrial
Average |
5.83 |
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 9.86%. 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 1.55%,
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
4.35%, 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 12.67%, 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 |
2.11 |
Impressive |
Industrial Average |
1.61 |
|
Quick Ratio |
1.50 |
|
|
|
|
Cash Conversion Cycle |
68.35 |
|
|
|
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 2.11 times in 2011, increased from
1.9 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 1.5 times in 2011,
increased from 1.4 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 69 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
1.91 |
Risky |
Industrial
Average |
1.74 |
|
Times Interest Earned |
4.99 |
Impressive |
Industrial
Average |
1.68 |
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 4.99 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 0.66 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
591.74 |
Impressive |
Industrial Average |
9.48 |
|
Total Assets Turnover |
2.80 |
Impressive |
Industrial Average |
1.68 |
|
Inventory Conversion Period |
38.40 |
|
|
|
|
Inventory Turnover |
9.50 |
Impressive |
Industrial Average |
4.77 |
|
Receivables Conversion Period |
58.74 |
|
|
|
|
Receivables Turnover |
6.21 |
Impressive |
Industrial Average |
2.93 |
|
Payables Conversion Period |
28.80 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.