MIRA INFORM REPORT
|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.C.
SUBPRASIT CO., LTD. |
|
|
|
|
Registered Office : |
724 Moo
5, Soi Pracha,
T. Taiban, A. Muang,
Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.06.1992 |
|
|
|
|
Com. Reg. No.: |
0105535090513 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
importer and distributor
of industrial machinery
and equipment for
garment and textile
industries, as well
as provide rental, installation and
maintenance services for
machineries. |
|
|
|
|
No. of Employees : |
08 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
P.C. SUBPRASIT CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 724
MOO 5, SOI
PRACHA, T. TAIBAN,
A.
MUANG, SAMUTPRAKARN 10280
TELEPHONE : [66] 2389-2339,
086 971-3526
FAX :
[66] 2389-5604
E-MAIL
ADDRESS : pc.subprasit@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535090513
TAX
ID NO. : 3011136164
CAPITAL REGISTERED : BHT. 1,500,000
CAPITAL PAID-UP : BHT.
1,500,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRASIT KEWCHAROENWONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on June 16,
1992 as a
private limited company under
the originally registered
name “P.C. Dairy
Fresh Co., Ltd.”
by Thai groups. On
October 8, 1992,
its registered name
was changed to
P.C. SUBPRASIT CO.,
LTD. Its business
objective is to
import and distribute
machinery and equipment
for garment and
textile industries. It
currently employs 8
staff.
The
subject’s registered address
is 724 Moo 5, Soi Pracha,
T. Taiban, A. Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasit Kewcharoenwong |
|
Thai |
57 |
|
Mrs. Chaemchan Kewcharoenwong |
|
Thai |
57 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prasit Kewcharoenwong is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
industrial machinery and
equipment for garment
and textile industries,
as well as
provide rental, installation
and maintenance services
for machineries.
PURCHASE
80%
of the products
is imported from
Republic of China,
Taiwan and Singapore,
the remaining 20%
is purchased from
local suppliers and
agents.
SALES
100% of the
products is sold
locally 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
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
8 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
The
subject is an
importer, distributor and
service providers of
equipments and machines
for garment and
textile industries. The
subject reported slow
business performance in
the previous year,
while its current
business is still.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,500,000
divided into 15,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Chaemchan Kewcharoenwong Nationality: Thai Address : 724
Moo 5, Soi Pracha, T. Taiban,
A.
Muang, Samutprakarn |
7,500 |
50.00 |
|
Mr. Prasit Kewcharoenwong Nationality: Thai Address : 724
Moo 5, Soi
Pracha, T. Taiban, A.
Muang, Samutprakarn |
7,495 |
49.97 |
|
Mrs. Vilawan Mahawongpaisal Nationality: Thai Address : 161/371
Charansanitwong Rd.,
Bangkhunsri, Bangkoknoi, Bangkok |
1 |
|
|
Mr. Prapol Mahawongpaisal Nationality: Thai Address : 161/371
Charansanitwong Rd.,
Bangkhunsri, Bangkoknoi, Bangkok |
1 |
|
|
Mr. Chatchai Chatvijitchoke Nationality: Thai Address : 42/69
Moo 6, T. Thasai,
A. Muang, Nonthaburi |
1 |
= 0.03 |
|
Ms. Samai Thamol Nationality: Thai Address : 61
Moo 8, T. Bakdong,
A. Khunharn, Srisaket |
1 |
|
|
Mr. Somchai Chantatrakulchai Nationality: Thai Address : 38
Moo 5, Petchkasem
Rd., Banghwa,
Pasicharoen, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
15,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
15,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suvimol Thiengthae No.
7069
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
7,467,931.29 |
1,540,863.37 |
3,893,881.09 |
|
Trade Accounts & Other Receivable |
19,548,911.52 |
13,647,571.27 |
6,620,341.56 |
|
Inventories |
18,842,341.83 |
13,878,918.92 |
8,695,340.94 |
|
Other Current Assets
|
611,795.70 |
1,067,338.92 |
298,670.76 |
|
|
|
|
|
|
Total Current Assets
|
46,470,980.34 |
30,134,692.48 |
19,508,234.35 |
|
|
|
|
|
|
Fixed Assets |
7,032,434.36 |
10,043,588.48 |
10,849,718.74 |
|
Total Assets |
53,503,414.70 |
40,178,280.96 |
30,357,953.09 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
4,951,333.20 |
12,382,630.14 |
3,354,802.37 |
|
Trade Accounts & Other
Payable |
14,718,976.33 |
14,455,322.86 |
10,069,486.71 |
|
Short-term Loan from
Person or Related Company |
28,647,095.12 |
4,300,000.00 |
8,728,970.00 |
|
Other Current Liabilities |
11,197.80 |
12,616.26 |
85,921.26 |
|
|
|
|
|
|
Total Current Liabilities |
48,328,602.45 |
31,150,569.26 |
22,239,180.34 |
|
|
|
|
|
|
Employee Benefits Obligation |
234,267.98 |
- |
- |
|
Total Liabilities |
48,562,870.43 |
31,150,569.26 |
22,239,180.34 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 15,000 shares |
1,500,000.00 |
1,500,000.00 |
1,500,000.00 |
|
|
|
|
|
|
Capital Paid |
1,500,000.00 |
1,500,000.00 |
1,500,000.00 |
|
Retained Earnings Unappropriated
|
3,440,544.27 |
7,527,711.70 |
6,618,772.75 |
|
Total Shareholders' Equity |
4,940,544.27 |
9,027,711.70 |
8,118,772.75 |
|
Total Liabilities & Shareholders' Equity |
53,503,414.70 |
40,178,280.96 |
30,357,953.09 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
14,802,562.00 |
39,154,201.00 |
42,757,149.60 |
|
Rental Income |
2,640,000.00 |
2,100,000.00 |
500,000.00 |
|
Gain on Exchange Rate |
- |
431,908.15 |
- |
|
Other Income |
2,106.00 |
3,840.96 |
571,087.58 |
|
Total Revenues |
17,444,668.00 |
41,689,950.11 |
43,828,237.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
13,937,813.92 |
30,898,966.36 |
35,225,885.04 |
|
Selling Expenses |
1,383,537.68 |
5,104,326.60 |
2,823,948.05 |
|
Administrative Expenses |
4,850,243.88 |
4,257,058.01 |
3,122,174.34 |
|
Loss on Exchange Rate |
530,616.41 |
- |
1,049,191.59 |
|
Total Expenses |
20,702,211.89 |
40,260,350.97 |
42,221,199.02 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
[3,257,543.89] |
1,429,599.14 |
1,607,038.16 |
|
Financial Costs |
[662,765.92] |
[324,432.73] |
[538,102.25] |
|
Profit / [Loss] before Income
Tax |
[3,920,309.81] |
1,105,166.41 |
1,068,935.91 |
|
Income Tax |
- |
[196,227.46] |
[146,772.20] |
|
|
|
|
|
|
Net Profit / [Loss] |
[3,920,309.81] |
908,938.95 |
922,163.71 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.96 |
0.97 |
0.88 |
|
QUICK RATIO |
TIMES |
0.56 |
0.49 |
0.47 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.48 |
4.11 |
3.99 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.33 |
1.03 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
493.44 |
163.95 |
90.10 |
|
INVENTORY TURNOVER |
TIMES |
0.74 |
2.23 |
4.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
409.08 |
120.75 |
55.86 |
|
RECEIVABLES TURNOVER |
TIMES |
0.89 |
3.02 |
6.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
385.46 |
170.76 |
104.34 |
|
CASH CONVERSION CYCLE |
DAYS |
517.06 |
113.94 |
41.62 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.91 |
74.90 |
81.43 |
|
SELLING & ADMINISTRATION |
% |
35.74 |
22.69 |
13.75 |
|
INTEREST |
% |
3.80 |
0.79 |
1.24 |
|
GROSS PROFIT MARGIN |
% |
20.11 |
26.16 |
19.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(18.68) |
3.47 |
3.72 |
|
NET PROFIT MARGIN |
% |
(22.48) |
2.20 |
2.13 |
|
RETURN ON EQUITY |
% |
(79.35) |
10.07 |
11.36 |
|
RETURN ON ASSET |
% |
(7.33) |
2.26 |
3.04 |
|
EARNING PER SHARE |
BAHT |
(261.35) |
60.60 |
61.48 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.91 |
0.78 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.83 |
3.45 |
2.74 |
|
TIME INTEREST EARNED |
TIMES |
(4.92) |
4.41 |
2.99 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(57.72) |
(4.63) |
|
|
OPERATING PROFIT |
% |
(327.86) |
(11.04) |
|
|
NET PROFIT |
% |
(531.31) |
(1.43) |
|
|
FIXED ASSETS |
% |
(29.98) |
(7.43) |
|
|
TOTAL ASSETS |
% |
33.17 |
32.35 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -57.72%. Turnover has decreased from THB 41,254,201.00
in 2011 to THB 17,442,562.00 in 2012. While net profit has decreased from THB 908,938.95
in 2011 to THB -3,920,309.81 in 2012. And total assets has increased from THB 40,178,280.96
in 2011 to THB 53,503,414.70 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.11 |
Deteriorated |
Industrial Average |
42.74 |
|
Net Profit Margin |
(22.48) |
Deteriorated |
Industrial Average |
1.65 |
|
Return on Assets |
(7.33) |
Deteriorated |
Industrial Average |
3.20 |
|
Return on Equity |
(79.35) |
Deteriorated |
Industrial Average |
8.90 |
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 20.11%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have 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 -22.48%. 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 -7.33%.
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 -79.35%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.96 |
Risky |
Industrial Average |
1.48 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
517.06 |
|
|
|
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 0.96 times in 2012, decreased from 0.97 times, then the company may
have problems meeting its short-term obligations. 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 0.56 times in 2012,
increased from 0.49 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 518 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.91 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
9.83 |
Risky |
Industrial Average |
1.83 |
|
Times Interest Earned |
(4.92) |
Risky |
Industrial Average |
1.01 |
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 -4.92 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 0.91 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 Downtrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.48 |
Impressive |
Industrial Average |
1.33 |
|
Total Assets Turnover |
0.33 |
Deteriorated |
Industrial Average |
1.93 |
|
Inventory Conversion Period |
493.44 |
|
|
|
|
Inventory Turnover |
0.74 |
Deteriorated |
Industrial Average |
5.00 |
|
Receivables Conversion Period |
409.08 |
|
|
|
|
Receivables Turnover |
0.89 |
Deteriorated |
Industrial Average |
3.39 |
|
Payables Conversion Period |
385.46 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.89 and 3.02 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012 decreased
from 2011. This would suggest the company had deteriorated in the management of
its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business activities.
The inventory turnover in days has increased from 164 days at the end of 2011 to
493 days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 2.23 times in year 2011 to 0.74 times in year 2012.
The company's Total Asset Turnover is calculated as 0.33 times and 1.03 times
in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.