MIRA
INFORM REPORT
|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PISTEK [THAILAND] COMPANY LIMITED |
|
|
|
|
Registered Office : |
3rd Floor, 12/31 Moo 7, Takham Road, K.M. 5, Samaedam, Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0105543006917 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing
and distributing of
IT accessories, mainly
Blank Compact Disc [CD]
and Digital Versatile
Disc [DVD], as well
as exporting of
Calcium Carbonate and
Limestone. |
|
|
|
|
No. of Employees : |
11 |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed 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. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company name
PISTEK [THAILAND]
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 3rd
FLOOR, 12/31 MOO
7, TAKHAM ROAD,
K.M. 5,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2415-5152
FAX : [66] 2416-7126
E-MAIL ADDRESS : d.haiwong@pistektrading.com
siripong@pistektrading.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543006917
TAX ID NO. : 3030048545
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. PISITH KIATSIRIKAJORN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 11
LINES OF BUSINESS : TRADING COMPANY
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on January
20, 2000 as
a private limited
company under the
registered name “Pistek
IT Technology [Thailand]
Company Limited” by
Thai group. On August 30, 2004,
its registered name
was changed to
PISTEK [THAILAND] COMPANY
LIMITED. The business’s objective
is to be
engaged in trading
business both domestic
and international markets.
It currently employs
11 staff.
The subject’s registered
address is 3rd Floor,
12/31 Moo 7,
Takham Road, K.M. 5,
Samaedam, Bnagkhunthien, Bangkok
10150, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pisith Kiatsirikajorn |
[x] |
Thai |
35 |
|
Mr. Pipat Kiatsirikajorn |
[-] |
Thai |
32 |
|
Mr. Siripong Hongpraiwan |
|
Thai |
38 |
|
Mr. Chen Men Chi |
[-] |
Chinese |
- |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or two of
the mentioned directors
[-] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pisith Kiatsirikajorn is
the Managing Director.
He is Thai
nationality with the
age of 35
years old.
Mr. Siripong Hongpraiwan is
the Executive Director.
He is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in importing and
distributing of IT
accessories, mainly Blank
Compact Disc [CD] and
Digital Versatile Disc [DVD],
as well as
exporting of Calcium
Carbonate and Limestone.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas in Taiwan
and Republic of
China.
SALES
100% of the
imported products is
sold locally to
wholesalers.
EXPORT
Domestic products are
exported to Malaysia
and Republic of
China.
RELATED AND AFFILIATED COMPANY
JMP Pistek [Thailand]
Co., Ltd.
Business Type :
Importer and distributor
of plastic products
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 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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 11 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject was
formed in 2000
as a trading
business to both domestic and
overseas markets. The
products have been
served to wholesalers.
However, current local
consumption is not
impressive, and the
subject’s business performance
would grow at
slow pace this
year.
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
October 18, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pisith Kiatsirikajorn Nationality: Thai Address : 330/10
Moo 7, Bangpakok,
Rajburana,
Bangkok |
6,500 |
65.00 |
|
Mr. Siripong Hongpraiwan Nationality: Thai Address : 37
Thanang Road, T. Naimuang, A.
Muang, Lamphun |
3,000 |
30.00 |
|
Mrs. Uthumthip Puangkajorn Nationality: Thai Address : 7/14
Soi Takham 14,
Samaedam,
Bangkhunthien, Bangkok |
500 |
5.00 |
Total Shareholders : 3
Share Structure [as
at October 18,
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.
Mr. Chamroon Bamrungsri No.
2236
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,812,193.86 |
2,741,085.45 |
1,990,634.21 |
|
Trade Accounts Receivable |
8,958,805.20 |
5,494,914.28 |
1,914,726.21 |
|
Inventories |
6,643,357.25 |
3,587,571.50 |
2,646,284.50 |
|
Other Current Assets
|
1,626,410.78 |
2,635,687.26 |
2,180,913.63 |
|
|
|
|
|
|
Total Current Assets
|
22,040,767.09 |
14,459,258.49 |
8,732,558.55 |
|
|
|
|
|
|
Fixed Assets |
204,784.46 |
174,813.58 |
162,282.71 |
|
Other Non-current Assets |
27,801.81 |
632,901.93 |
492,285.18 |
|
Total Assets |
22,273,353.36 |
15,266,974.00 |
9,387,126.44 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
2.31 |
- |
- |
|
Trade Accounts Payable |
2,624,936.85 |
3,995,434.52 |
657,026.77 |
|
Other Current Liabilities |
465,267.22 |
1,653,203.60 |
621,105.11 |
|
|
|
|
|
|
Total Current Liabilities |
3,090,206.38 |
5,648,638.12 |
1,278,131.88 |
|
|
|
|
|
|
Loans |
9,054,121.97 |
- |
- |
|
Total Liabilities |
12,144,328.35 |
5,648,638.12 |
1,278,131.88 |
|
|
|
|
|
|
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 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning
Unappropriated |
9,129,025.01 |
8,618,335.88 |
7,108,994.56 |
|
Total Shareholders' Equity |
10,129,025.01 |
9,618,335.88 |
8,108,994.56 |
|
Total Liabilities &
Shareholders' Equity |
22,273,353.36 |
15,266,974.00 |
9,387,126.44 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales - Domestic
|
21,068,413.25 |
21,193,004.17 |
11,055,006.56 |
|
Sales - Overseas |
6,686,683.59 |
10,567,943.62 |
5,817,329.16 |
|
Other Income |
1,089,611.52 |
731,023.60 |
674,485.72 |
|
Total Revenues |
28,844,708.36 |
32,491,971.39 |
17,546,821.44 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
24,718,056.94 |
28,125,228.54 |
14,528,469.92 |
|
Selling Expenses |
1,143,836.11 |
825,872.61 |
789,839.43 |
|
Administrative Expenses |
286,890.07 |
107,473.44 |
313,180.60 |
|
Employee Expenses |
413,112.70 |
1,197,945.46 |
685,249.03 |
|
Depreciation |
11,677.95 |
3,614.89 |
969.25 |
|
Other Expenses |
711,571.09 |
111,472.70 |
298,654.92 |
|
Financial Cost |
817,049.89 |
104,849.61 |
101,388.05 |
|
Total Expenses |
28,102,194.75 |
30,476,457.25 |
16,717,751.20 |
|
Profit before Income Tax |
1,453,584.70 |
2,015,514.14 |
1,052,556.48 |
|
Less: Income Tax |
[231,824.48] |
[381,378.53] |
[140,639.12] |
|
Profit after Income
Tax |
1,221,760.22 |
1,634,135.61 |
911,917.36 |
|
Less: Unrealized Expenses |
[711,071.09] |
[124,794.29] |
[223,486.24] |
|
Net Profit / [Loss] |
510,689.13 |
1,509,341.32 |
688,431.12 |
|
Retained Earning,
Beginning of Year |
8,618,335.88 |
7,108,994.56 |
6,420,563.44 |
|
Retained Earning, End
of Year |
9,129,025.01 |
8,618,335.88 |
7,108,994.56 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
7.13 |
2.56 |
6.83 |
|
QUICK RATIO |
TIMES |
4.46 |
1.46 |
3.06 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
135.53 |
181.68 |
103.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.25 |
2.08 |
1.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
98.10 |
46.56 |
66.48 |
|
INVENTORY TURNOVER |
TIMES |
3.72 |
7.84 |
5.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
117.81 |
63.15 |
41.42 |
|
RECEIVABLES TURNOVER |
TIMES |
3.10 |
5.78 |
8.81 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.76 |
51.85 |
16.51 |
|
CASH CONVERSION CYCLE |
DAYS |
177.15 |
57.85 |
91.40 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.06 |
88.55 |
86.11 |
|
SELLING & ADMINISTRATION |
% |
5.20 |
2.95 |
6.54 |
|
INTEREST |
% |
2.94 |
0.33 |
0.60 |
|
GROSS PROFIT MARGIN |
% |
14.87 |
13.75 |
17.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.68 |
6.35 |
4.91 |
|
NET PROFIT MARGIN |
% |
1.84 |
4.75 |
4.08 |
|
RETURN ON EQUITY |
% |
5.04 |
15.69 |
8.49 |
|
RETURN ON ASSET |
% |
2.29 |
9.89 |
7.33 |
|
EARNING PER SHARE |
BAHT |
51.07 |
150.93 |
68.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.37 |
0.14 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.20 |
0.59 |
0.16 |
|
TIME INTEREST EARNED |
TIMES |
0.91 |
19.22 |
8.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.61) |
88.24 |
|
|
OPERATING PROFIT |
% |
(63.16) |
143.11 |
|
|
NET PROFIT |
% |
(66.16) |
119.24 |
|
|
FIXED ASSETS |
% |
17.14 |
7.72 |
|
|
TOTAL ASSETS |
% |
45.89 |
62.64 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -12.61%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.87 |
Satisfactory |
Industrial Average |
19.21 |
|
Net Profit Margin |
1.84 |
Satisfactory |
Industrial Average |
2.01 |
|
Return on Assets |
2.29 |
Deteriorated |
Industrial Average |
5.66 |
|
Return on Equity |
5.04 |
Deteriorated |
Industrial Average |
17.02 |
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 14.87%. 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 1.84%.
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 2.29%.
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 5.04%.
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 |
7.13 |
Impressive |
Industrial Average |
1.43 |
|
Quick Ratio |
4.46 |
|
|
|
|
Cash Conversion Cycle |
177.15 |
|
|
|
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 7.13 times in 2012, increased from 2.56 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 4.46 times in 2012,
increased from 1.46 times, although excluding inventory so the company still
have good short-term financial strength.
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 178 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
1.20 |
Satisfactory |
Industrial Average |
1.98 |
|
Times Interest Earned |
0.91 |
Risky |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.91 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 0.55 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 Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
135.53 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.25 |
Deteriorated |
Industrial Average |
2.82 |
|
Inventory Conversion Period |
98.10 |
|
|
|
|
Inventory Turnover |
3.72 |
Acceptable |
Industrial Average |
7.13 |
|
Receivables Conversion Period |
117.81 |
|
|
|
|
Receivables Turnover |
3.10 |
Acceptable |
Industrial Average |
4.99 |
|
Payables Conversion Period |
38.76 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.10 and
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 47 days at the
end of 2011 to 98 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 7.84 times in year 2011 to 3.72 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.25 times and 2.08
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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.