MIRA INFORM REPORT
|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.C. SUBPRASIT CO., LTD. |
|
|
|
|
Registered Office : |
724 Moo 5, Soi Pracha, T. Taiban, A. Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
|
|
|
|
|
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. |
|
|
|
|
No of Employees : |
6 |
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 : |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
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, 2703-9356
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 : 6
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
AND EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
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 6
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 |
58 |
|
Mrs. Chaemchan Kewcharoenwong |
|
Thai |
58 |
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 58
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing new
and used machinery, including
second hand spinning
machines and equipment
for garment and
textile industries, as
well as providing
of rental, installation
and maintenance services
for machineries.
PURCHASE
80%
of the products
is imported from
Republic of China,
Taiwan, and Malaysia,
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
according to 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 6
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 provider of
equipments and machines
for garment and
textile industries. The
subject’s operating performance
in 2013 was
not disclosed. However,
current business outlook
is seemed to
grow slowly caused
by economic slowdown.
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. Wilawan 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
NOTE:
The 2013 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
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.63.58 |
|
|
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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.