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Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
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Name : |
LUCY SWITCHGEAR EASTERN SEABOARD LIMITED |
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Registered Office : |
Hemaraj
Eastern Seaboard Industrial Estate, 500/64 t. Tasith,
a. Pluakdaeng, Rayong 21140,
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Country : |
Thailand |
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Date of Incorporation : |
29.07.2013 |
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Com. Reg. No.: |
0105556119693 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged
in manufacturing and
distributing of electric
switchgear control and
equipment, including high,
medium and low
voltage switchgears and
related equipment |
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No. of Employees |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
LUCY SWITCHGEAR EASTERN
SEABOARD LIMITED
BUSINESS
ADDRESS : HEMARAJ EASTERN SEABOARD INDUSTRIAL ESTATE,
500/64 T. TASITH,
A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 33
684-333, 091 876-1732
FAX :
[66] 33
684-333
E-MAIL
ADDRESS : jirabhorn.mankong@lucyswitchgear.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2013
REGISTRATION
NO. : 0105556119693
TAX
ID NO. : 3035984505
CAPITAL REGISTERED : BHT. 76,000,000
CAPITAL PAID-UP : BHT.
76,000,000
SHAREHOLDER’S PROPORTION : BRITISH
: 100%
FISCAL YEAR CLOSING DATE : -
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CARL NICHOLAS SELLICK,
BRITISH
GENERAL MANAGER
NO.
OF STAFF : 80
LINES
OF BUSINESS : ELECTRIC SWITCHGEAR
CONTROL AND
EQUIPMENT
MANUFACTURER AND
DISTRIBUTOR
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The subject was
established on July
29, 2013 as
a private limited
company under the
registered name LUCY
SWITCHGEAR EASTERN SEABOARD
LIMITED, by British
groups, with the
business objective to
manufacture and distribute
electric switchgear control
and equipment to
domestic market. It
currently employs approximately
80 staff.
The
subject is a
wholly owned subsidiary
of W. Lucy & Co., Ltd.,
United Kingdom.
The
subject’s registered address
was initially at 17th Floor,
ITF Silom Tower,
140/36 Silom Road,
Suriyawongse, Bangrak, Bangkok
10500.
On
February 18, 2014,
the subject’s registered
address was relocated
to Hemaraj Eastern
Seaboard Industrial Estate,
500/64 T. Tasith, A. Pluakdaeng, Rayong
21140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Siwat Manosak |
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Thai |
45 |
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Mr. Sathien Hemsin |
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Thai |
35 |
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Mr. James Henry Telford |
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British |
58 |
|
Mr. Phillip Christopher Williams |
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British |
50 |
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Mr. Christopher Robert Levick |
|
British |
66 |
|
Mr. Carl Nicholas Sellick |
|
British |
47 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Carl Nicholas Sellick
is the Managing
Director.
He is British
nationality with the
age of 47
years old.
The subject
is engaged in
manufacturing and distributing
of electric switchgear
control and equipment,
including high, medium
and low voltage
switchgears and related
equipment.
BRAND NAME
“LUCY”
PURCHASE
Raw materials and
components are purchased
from suppliers both
in domestic and
overseas, mainly in
U.K.
MAJOR
SUPPLIER
W. Lucy & Co., Ltd. :
U.K.
SALES
100% of the
products is sold
locally to wholesalers,
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
L/C at sight
or T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 80 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial/industrial area.
COMMENT
The
subject is a newly established company.
It manufactures electric switchgear control
and equipments for
industrial users. The
subject did not
disclose its first year
operating performance,
however, credit provided
to the subject
should be on
secured basis.
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
On
September 20, 2013,
the registered capital
was increased to
Bht. 76,000,000 divided
into 760,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 19, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
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W. Lucy & Co., Ltd. Nationality: British Address : Eagle
Works, Walton Well Road,
Oxford, OX2
6EE, United Kingdom
|
759,998 |
100.00 |
|
Mr. Sathien Hemsin Nationality: Thai Address : 57/28
Sathorn Road, Thungmahamek,
Sathorn, Bangkok |
1 |
- |
|
Mr. Siwat Manosak Nationality: Thai Address : 43/67
Surawong Road, Suriyawongse,
Bangrak, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at September 19,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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Thai |
2 |
2 |
- |
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Foreign-British |
1 |
759,998 |
100.00 |
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Total |
3 |
760,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
None.
Note:
The 2013 financial
statement was not
available during investigation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.