MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PAMEXIM CO., LTD. |
|
|
|
|
Registered Office : |
8 Moo
8, T. Napaya, A. Langsuan,
Chumporn 86110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.10.2011 |
|
|
|
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Com. Reg. No.: |
0865554000323 |
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|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Subject is engaged
in distributing of
palm oil and
related products, such
as palm acid
oil, palm sludge
oil and fuel
oil. |
|
|
|
|
No. of Employees : |
02 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years
|
Source
: CIA |
Company
name
PAMEXIM CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 8
MOO 8, T. NAPAYA,
A. LANGSUAN,
CHUMPORN 86110,
THAILAND
TELEPHONE : [66] 084
184-7304
FAX : [66] 77
510-645
E-MAIL
ADDRESS : suksumran@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0865554000323
TAX
ID NO. : 3034758497
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. PHISANU SUKSUMRAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : PALM
OIL AND RELATED
PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 19,
2011 as a
private limited company
under the registered
name PAMEXIM CO.,
LTD., by Thai groups, with
the business objective
to distribute palm
oil and related
products to domestic
market. It currently
employs 2 staff.
The
subject’s registered address
is 8 Moo 8, T.
Napaya, A. Langsuan, Chumporn
86110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Phisanu Suksumran |
|
Thai |
32 |
|
Ms. Anusara Pongphantarak |
|
Thai |
30 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Phisanu Suksumran is
the Managing Director.
He is Thai
nationality with the
age of 32
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing of palm
oil and related
products, such as
palm acid oil,
palm sludge oil
and fuel oil.
PURCHASE
80%
of the products
is purchased from
local suppliers, the
remaining 20% is
imported from Oman.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
MAJOR CUSTOMER
Sirinya Oil Co.,
Ltd. : Thailand
RELATED AND AFFILIATED
COMPANY
Sirinya Oil Co.,
Ltd
Business Type : Distributor
of fuel oil
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
2 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in provincial.
COMMENT
The
subject is an
importer and distributor
of palm oil
related products for
domestic consumption.
Subject reported its
early stage operation
at low level,
while current demand
of the products
has gradually increased.
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, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phisanu Suksumran Nationality: Thai Address : 59/173
Moo 2, Ladprao,
Bangkok |
3,400 |
34.00 |
|
Ms. Anusara Pongphantarak Nationality: Thai Address : 334
Moo 4, T. Bankuan,
A. Langsuan, Chumporn |
3,300 |
33.00 |
|
Ms. Sirinya Suksumran Nationality: Thai Address : 8
Moo 8, T. Napaya,
A. Langsuan, Chumporn |
3,300 |
33.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Natthawadee Nimthong No.
8233
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2012 &
2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash in Hand
& at Bank |
147,045.69 |
100,000.00 |
|
Short-term Loan to Person or Related Company |
1,000,000.00 |
900,000.00 |
|
Other Current Assets
|
1,666.67 |
1,500.00 |
|
|
|
|
|
Total Current Assets
|
1,148,712.36 |
1,001,500.00 |
|
Total Assets |
1,148,712.36 |
1,001,500.00 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
|
|
|
|
|
Other Current Liabilities |
5,000.00 |
3,000.00 |
|
|
|
|
|
Total Current Liabilities |
5,000.00 |
3,000.00 |
|
Total Liabilities |
5,000.00 |
3,000.00 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par 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 |
143,712.36 |
[1,500.00] |
|
Total Shareholders' Equity |
1,143,712.36 |
998,500.00 |
|
Total Liabilities & Shareholders' Equity |
1,148,712.36 |
1,001,500.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
|
|
|
|
|
Sales Income |
908,718.40 |
- |
|
Other Income |
1,666.67 |
1,500.00 |
|
Total Revenues |
910,385.07 |
1,500.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
657,699.97 |
- |
|
Employee Expenses |
60,000.00 |
- |
|
Other Expenses |
47,472.74 |
3,000.00 |
|
Total Expenses |
765,172.71 |
3,000.00 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
145,212.36 |
[1,500.00] |
|
Financial Cost |
- |
- |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
145,212.36 |
[1,500.00] |
|
Income Tax |
- |
- |
|
|
|
|
|
Net Profit / [Loss] |
145,212.36 |
[1,500.00] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
229.74 |
333.83 |
|
QUICK RATIO |
TIMES |
229.41 |
333.33 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.79 |
- |
|
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 |
% |
72.38 |
- |
|
SELLING & ADMINISTRATION |
% |
6.60 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
27.81 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
15.98 |
- |
|
NET PROFIT MARGIN |
% |
15.98 |
- |
|
RETURN ON EQUITY |
% |
12.70 |
(0.15) |
|
RETURN ON ASSET |
% |
12.64 |
(0.15) |
|
EARNING PER SHARE |
BAHT |
14.52 |
(0.15) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.00 |
0.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.00 |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
OPERATING PROFIT |
% |
(9,780.82) |
- |
|
NET PROFIT |
% |
9,780.82 |
- |
|
FIXED ASSETS |
% |
- |
- |
|
TOTAL ASSETS |
% |
14.70 |
- |
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.81 |
Impressive |
Industrial Average |
14.96 |
|
Net Profit Margin |
15.98 |
Impressive |
Industrial Average |
0.13 |
|
Return on Assets |
12.64 |
Impressive |
Industrial Average |
1.02 |
|
Return on Equity |
12.70 |
Impressive |
Industrial Average |
4.96 |
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. Gross Profit Margin is 27.81%. When compared with
the industry average, the ratio of the company was higher, 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. Net Profit Margin ratio is 15.98%,
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
12.64%, 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 12.7%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
229.74 |
Impressive |
Industrial Average |
0.91 |
|
Quick Ratio |
229.41 |
|
|
|
|
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 229.74 times in 2012, decrease from 333.83 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 229.41 times in 2012,
decrease from 333.33 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 :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial Average |
0.76 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial Average |
3.08 |
|
Times Interest Earned |
- |
|
Industrial Average |
- |
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 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 Uptrend
Times Interest Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
0.79 |
Deteriorated |
Industrial Average |
7.89 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
56.73 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
22.20 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 0.79 times in 2012.
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.