|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PELTON &
KAY CO. LTD. |
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|
|
|
Registered Office : |
1/448 Moo 2, Ocean City Village, Sukhumvit
Road, Km. 30, T. Taiban, A. Muang, Samutprakarn 10280, |
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|
|
|
Country : |
Thailand. |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
23.01.1997 |
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|
|
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Com. Reg. No.: |
0115540000667 |
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|
|
|
Legal Form : |
Private Limited
Company. |
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|
|
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Line of Business : |
Importer and Distributor of Tanning chemical |
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|
|
|
No. of Employees : |
5. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small company |
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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 – 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 crisis 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 |
PELTON &
KAY CO. LTD.
ADDRESS: 1/448 Moo 2, Ocean City Village, Sukhumvit Road, Km. 30, T. Taiban,
A. Muang, Samutprakarn
10280, Thailand.
PHONE: (66) 2709-1326
FAX: (66) 2709-0996
Managing
Director: Mr. Somkiat
Sa-ngobsrichintana
Incorporated
on: 23rd January, 1997.
Organization: Private Limited Company.
Capital: Authorised: THB 3,000,000.00
Paid Up: THB
3,000,000.00
Business
Category: Importer and
distributor of tanning chemical.
Total
Revenue: THB
14,190,063.89 (Year ended 31-12-2012)
Employees: 5.
Main Dealing
Banker: Bangkok Bank
Public Co. Ltd., Thailand.
Banking
Relation: Satisfactory.
Registered
Address & Administrative Office:
1/448 Moo 2, Ocean
City Village, Sukhumvit Road, Km. 30, T. Taiban, A. Muang, Samutprakarn 10280, Thailand.
0115540000667
3271077627
Managing
Director: Mr. Somkiat
Sa-ngobsrichintana, a Thai aged 49
Auditor: Mr. Suwit Dokthien, Reg. No. 6692
Authorised Capital: THB 3,000,000.00 (Divided into 30,000 shares
of THB 100.00 each)
Paid Up
Capital: THB 3,000,000.00
7.
(As of 30th April, 2013)
|
Name |
Nationality |
No. of share |
Ratio (%) |
|
Mr. Somkiat Sa-ngobsrichintana |
Thai |
14,400 |
48.00 |
|
Mr. Visuth Aswavisetsiwakul |
Thai |
9,000 |
30.00 |
|
Ms. Chantree Sa-ngobsrichintana |
Thai |
4,500 |
15.00 |
|
Ms. Maimas Kositwattanapanich |
Thai |
600 |
2.00 |
|
Mr. Somchai Sa-ngobsrichintana |
Thai |
600 |
2.00 |
|
Mr. Sirisak Sa-ngobsrichintana |
Thai |
600 |
2.00 |
|
Mrs. Udomsap Sa-ngobsrichintana |
Thai |
300 |
1.00 |
|
|
|
________ |
________ |
|
Total: |
|
30,000 |
100.00 |
|
|
|
===== |
===== |
Mr.
Somkiat Sa-ngobsrichintana (*)
Ms.
Sompis Sa-ngobsrichintana
Ms.
Chantree Sa-ngobsrichintana
Mr.
Visuth Aswavisetsiwakul
Ms.
Narisra Chitnuyanont
AUTHORIZED SIGNATURES
Only the mentioned
director (*) can sign on behalf of the subject with company’s affixed.
The
subject was incorporated on 23rd January, 1997 as a private limited company, by
Thai groups, with the business objective to distribute tanning chemical to
local market.
The
capital was initially registered at THB 1,000,000 and increased to
THB 3,000,000 on 22nd October, 2002.
The
latest increase was divided into 30,000 shares of THB 100 each, fully
paid.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Distributor.
Lines: Tanning
chemical.
Location: The premise is owned for
administrative office at the heading address.
Premise is
located in provincial, on the outskirts
of Bangkok.
Employees:
Office Staff: 5.
Commodities
Imported: Imported from USA, China, India, Taiwan,
etc. and bought locally.
Market: Thailand.
Total Revenue: THB 10,318,444.86 (Year ended
31-12-2010)
THB 7,776,847.10 (Year ended
31-12-2011)
THB 14,190,063.89 (Year ended
31-12-2012)
Terms/Sales: In cash or on the credits
term of 30-60 days.
Terms/Buying:
From local: In cash or on the credits term of 30-60 days.
From abroad: T/T.
P.S.P. Tannery Co.
Ltd.
Thai Rung Rueng Tannery Co. Ltd.
Boonariya Tannery Industry
Co. Ltd.
(See also latest
financial statement attached)
Authorised Capital: THB 3,000,000.00 (Divided into 30,000
shares of THB 100.00 each)
Paid Up
Capital: THB 3,000,000.00
Profit &
Loss: Traded at a
profitable angle.
Condition: Maintained in a normal
state.
Facilities: Making active use of
general banking facilities.
Payment: Met as required.
Commercial
Morality: Satisfactory.
Banker: Bangkok Bank Public
Co. Ltd., Thailand.
Standing: Moderate.
[Information
obtained from the Legal Execution Department]
No
record filed against subject company during the past five years.
No
record filed against subject company’s directors during the past five year.
Established
in January 1997, Pelton & Kay Co. Ltd. is engaged
in importing and distributing tanning chemical for tannery.
Its
products are purchased from suppliers both domestic and overseas, mainly in the
United States, China, India, Taiwan, etc.
All
of the products is sold locally by wholesale to dealers, manufacturers and end‑users.
The
subject’s business in 2012 was satisfactory with an increase in both sales
revenue and net profit comparing to the same period of the previous year. The subject boasted that there is an increase
in number of orders in the second quarter of this year. Generally, its business is promising and
growing considerably in line with the demand of the products from local tanning
industry.
Considered
good for its normal business engagements in small credit amounts.
BALANCE SHEET
|
||
|
AS
AT DECEMBER 31 |
||
|
ASSETS |
||
|
(Unit: THB) |
||
|
|
2012 |
2011 |
|
Current Assets |
||
|
Cash in Hand & at Bank |
304,630.28 |
322,890.00 |
|
Trade Accounts Receivable |
3,358,216.40 |
2,547,653.95 |
|
Notes Dated Advance |
2,051,179.30 |
- |
|
Inventories |
2,456,224.67 |
4,164,334.37 |
|
Other Current Assets |
332,695.77 |
434,225.90 |
|
Total Current Assets |
8,502,946.42 |
7,469,104.22 |
|
Fixed Assets |
2,095,778.33 |
1,168,607.60 |
|
Other Non-current Assets |
3,000.00 |
3,000.00 |
|
Total Assets |
10,601,724.75 |
8,640,711.82 |
LIABILITIES &
SHAREHOLDER’ EQUITY
|
||
|
(Unit: THB) |
||
|
|
2012 |
2011 |
|
Current Liabilities |
||
|
Trade Accounts Payable |
208,466.71 |
22,460.00 |
|
Current Portion of Long-term Liabilities |
680,613.95 |
332,040.00 |
|
Accrued Expenses |
867,177.41 |
919,589.29 |
|
Accrued Income Tax |
77,389.62 |
30,250.44 |
|
Other Current Liabilities |
201,064.18 |
61,812.63 |
|
Total Current Liabilities |
2,034,711.87 |
1,366,152.36 |
|
Financial Lease Contract Payable |
655,178.89 |
359,710.00 |
|
Long-term Loan |
515,723.88 |
152,721.88 |
|
Total Liabilities |
3,205,614.64 |
1,878,584.24 |
|
Shareholders’ Equity |
|
|
|
Share Capital |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning/(Deficit) - Unappropriated |
4,396,110.11 |
3,762,127.58 |
|
Total Shareholders’ Equity |
7,396,110.11 |
6,762,127.58 |
|
Total Liabilities & Shareholders’
Equity |
10,601,724.75 |
8,640,711.82 |
PROFIT & LOSS
ACCOUNT
|
||
|
FOR
THE YEAR ENDED DECEMBER 31 |
||
|
(Unit: THB) |
||
|
|
2012 |
2011 |
|
Revenues |
||
|
Services Income |
14,086,681.00 |
7,587,831.90 |
|
Interest Income |
9,766.52 |
- |
|
Other Income |
93,616.37 |
189,015.20 |
|
Total Revenues |
14,190,063.89 |
7,776,847.10 |
|
Expenses |
|
|
|
Cost of Goods Sold |
7,809,320.36 |
3,607,728.20 |
|
Selling Expenses |
2,716,321.26 |
1,132,768.34 |
|
Administrative Expenses |
2,860,146.36 |
2,736,884.09 |
|
Total Expenses |
13,385,787.98 |
7,477,380.63 |
|
Profit/(Loss) before Financial Cost &
Income Tax |
804,275.91 |
299,466.47 |
|
Financial Cost - Interest Expenses |
-47,831.90 |
-21,707.88 |
|
Profit/(Loss) before Income Tax |
756,444.01 |
277,758.59 |
|
Income Tax |
-122,461.48 |
-60,250.44 |
|
Net Profit/(Loss) |
633,982.53 |
217,508.15 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
UK Pound |
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.83.14 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.