MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRANEATSILP CO.,
LTD. |
|
|
|
|
Registered Office : |
19 Moo 6, Soi Sukhapibal 8, K.M. 35, Sukhumvit Road, Bangpoomai, Muang, Samutprakarn 10270 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.04.1990 |
|
|
|
|
Com. Reg. No.: |
0115533001386 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in printing service
for textile industries.
Its products are
cotton and rayon
screen printing width
from 40”- 60” with
roll and piece
for packaging. Some
of printed designs
are supplied by
customers. |
|
|
|
|
No. of Employees |
180 |
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 – 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 and address
PRANEATSILP
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 19
MOO 6, SOI
SUKHAPIBAL 8, K.M. 35,
SUKHUMVIT ROAD,
BANGPOOMAI, MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2323-1173-6, 2709-5896-9,
2323-1355-6
FAX :
[66] 2323-1177
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0115533001386 [Former : SOR. POR. 1959]
TAX
ID NO. : 3271037485
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMNUK CHIRAYUKOOL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : TEXTILE PRINTING
SERVICE
MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on April
3, 1990 as a private limited
company under the name
style PRANEATSILP CO.,
LTD by Thai
groups, in order
to provide printing
service for textile industry. It
currently employs approximately 180 staff.
The subject’s registered
address is 19 Moo
6, Soi
Sukhapibal 8, Km. 35,
Sukhumvit Rd., Bangpoomai, Muang,
Samutprakarn 10270, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somnuk Chirayukool |
|
Thai |
60 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somnuk Chirayukool is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject is
engaged in printing
service for textile
industries. Its products
are cotton and
rayon screen printing
width from 40”- 60”
with roll and
piece for packaging.
Some of printed
designs are supplied
by customers.
PURCHASE
Most of raw
materials for processing
are purchased from local
suppliers, and the
rest is imported
from Taiwan and
Japan.
MAJOR SUPPLIER
BASF Thai Ltd. [5-10%]
SALES [LOCAL]
Some of the
products is sold and
serviced locally to
textile factories.
EXPORT
Most of the
products are exported
to Africa, Middle East,
India Nepal, Sri Lanka,
Malaysia and Bangladesh.
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.
RELATED AND AFFILIATED
COMPANY
Panu Pusa Co.,
Ltd.
Business Type :
Provider textile printing
service
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.
[Paknam Branch :
Muang, Samutprakarn]
EMPLOYMENT
The subject employs
approximately 180 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
Textile industry is
estimated to shrink
in light of weakening domestic consumption
and lower economic
growth.
Dipping sales of
textiles has seen in
past several months.
Risk factors include the simmering
political conflict and a weakening
of country’s economy. Sluggish consumption
is expected to take a toll
on domestic sales
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into
50,000 shares of
Bht. 100
each.
On December 28, 1992,
the capital was
increased to Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April
29, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Ratana Chirayukool Nationality: Thai Address : 19
Moo 6, Taibanmai, Muang, Samutprakarn |
30,000 |
30.00 |
|
Mr. Somnuk Chirayukool Nationality: Thai Address : 1614/1513
Moo 6, Taibanmai, Muang, Samutprakarn |
25,000 |
25.00 |
|
Mr. Vinai Piemkulvanich Nationality: Thai Address : 19/9
Moo 14, Bangpleeyai,
Bangplee, Samutprakarn |
15,000 |
15.00 |
|
Mrs. Buppha Piemkulvanich Nationality: Thai Address : 187
Moo 3, Poochaosamingprai Rd.,
Samrongklang,
Phrapradaeng, Samutprakarn |
15,000 |
15.00 |
|
Ms. Nawinda Chirayukool Nationality: Thai Address : 19
Moo 6, Taibanmai, Muang,
Samutprakarn |
15,000 |
15.00 |
Total Shareholders : 5
Share Structure [as
at April 29, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
100,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO
Ms. Usana Srisornkampol
No. 5606
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 |
2,092,085.04 |
2,070,656.05 |
2,060,095.92 |
|
Trade Accounts Receivable |
52,070,753.39 |
40,618,762.74 |
37,651,415.73 |
|
Inventories |
5,989,998.06 |
5,844,988.70 |
5,731,415.24 |
|
Other Current Assets
|
1,262,209.97 |
394,234.16 |
1,071,438.37 |
|
|
|
|
|
|
Total Current Assets
|
61,415,046.46 |
48,928,641.65 |
46,514,365.26 |
|
|
|
|
|
|
Fixed Assets |
44,044,803.77 |
40,304,965.64 |
40,964,084.07 |
|
Other Non-current Assets |
160,300.00 |
634,145.32 |
- |
|
Total Assets |
105,620,150.23 |
89,867,752.61 |
87,478,449.33 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
22,094,775.71 |
12,388,492.71 |
11,057,104.56 |
|
Trade Accounts Payable |
23,098,592.26 |
18,736,594.83 |
20,570,590.08 |
|
Other Current Liabilities |
2,496,520.30 |
2,308,090.57 |
2,675,753.55 |
|
|
|
|
|
|
Total Current Liabilities |
47,689,888.27 |
33,433,178.11 |
34,303,448.19 |
|
Total Liabilities |
47,689,888.27 |
33,433,178.11 |
34,303,448.19 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Unappropriated |
46,930,261.96 |
45,434,574.50 |
42,175,001.14 |
|
Total Shareholders' Equity |
57,930,261.96 |
56,434,574.50 |
53,175,001.14 |
|
Total Liabilities &
Shareholders' Equity |
105,620,150.23 |
89,867,752.61 |
87,478,449.33 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Services Income |
154,868,853.25 |
156,709,929.00 |
180,510,077.75 |
|
Other Income |
34,485.72 |
103,290.88 |
180,544.47 |
|
Total Revenues |
154,903,338.97 |
156,813,219.88 |
180,690,622.22 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Services
|
122,980,801.20 |
126,081,925.89 |
146,902,718.51 |
|
Services Expenses |
1,009,855.45 |
906,833.39 |
1,082,530.27 |
|
Administrative Expenses |
15,747,195.29 |
14,277,560.79 |
14,684,820.33 |
|
Other Expenses |
9,393.88 |
4,841.80 |
- |
|
Total Expenses |
139,747,245.82 |
141,271,161.87 |
162,670,069.11 |
|
Profit before Financial Cost & Income Tax |
15,156,093.15 |
15,542,058.01 |
18,020,553.11 |
|
Financial Cost |
[218,836.00] |
[160,571.93] |
[56,453.66] |
|
Profit before Income Tax |
14,937,257.15 |
15,381,486.08 |
17,964,099.45 |
|
Income Tax |
[3,441,569.69] |
[4,621,912.72] |
[5,410,009.05] |
|
Net Profit / [Loss] |
11,495,687.46 |
10,759,573.36 |
12,554,090.40 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.46 |
1.36 |
|
QUICK RATIO |
TIMES |
1.14 |
1.28 |
1.16 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.52 |
3.89 |
4.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.47 |
1.74 |
2.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
17.78 |
16.92 |
14.24 |
|
INVENTORY TURNOVER |
TIMES |
20.53 |
21.57 |
25.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
122.72 |
94.61 |
76.13 |
|
RECEIVABLES TURNOVER |
TIMES |
2.97 |
3.86 |
4.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
68.56 |
54.24 |
51.11 |
|
CASH CONVERSION CYCLE |
DAYS |
71.94 |
57.29 |
39.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.41 |
80.46 |
81.38 |
|
SELLING & ADMINISTRATION |
% |
10.82 |
9.69 |
8.73 |
|
INTEREST |
% |
0.14 |
0.10 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
20.61 |
19.61 |
18.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.79 |
9.92 |
9.98 |
|
NET PROFIT MARGIN |
% |
7.42 |
6.87 |
6.95 |
|
RETURN ON EQUITY |
% |
19.84 |
19.07 |
23.61 |
|
RETURN ON ASSET |
% |
10.88 |
11.97 |
14.35 |
|
EARNING PER SHARE |
BAHT |
114.96 |
107.60 |
125.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.45 |
0.37 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.82 |
0.59 |
0.65 |
|
TIME INTEREST EARNED |
TIMES |
69.26 |
96.79 |
319.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.17) |
(13.18) |
|
|
OPERATING PROFIT |
% |
(2.48) |
(13.75) |
|
|
NET PROFIT |
% |
6.84 |
(14.29) |
|
|
FIXED ASSETS |
% |
9.28 |
(1.61) |
|
|
TOTAL ASSETS |
% |
17.53 |
2.73 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -1.17%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.61 |
Deteriorated |
Industrial
Average |
49.28 |
|
Net Profit Margin |
7.42 |
Impressive |
Industrial
Average |
0.83 |
|
Return on Assets |
10.88 |
Impressive |
Industrial
Average |
0.70 |
|
Return on Equity |
19.84 |
Impressive |
Industrial
Average |
2.05 |
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 20.61%. 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 7.42%, 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
10.88%, 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 19.84%, 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 |
1.29 |
Impressive |
Industrial
Average |
1.12 |
|
Quick Ratio |
1.14 |
|
|
|
|
Cash Conversion Cycle |
71.94 |
|
|
|
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 1.29 times in 2012, decreased from 1.46 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 1.14 times in 2012,
decreased from 1.28 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 72 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.45 |
Impressive |
Industrial
Average |
0.70 |
|
Debt to Equity Ratio |
0.82 |
Impressive |
Industrial
Average |
2.39 |
|
Times Interest Earned |
69.26 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 69.26 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.45 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.52 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.47 |
Impressive |
Industrial
Average |
0.84 |
|
Inventory Conversion Period |
17.78 |
|
|
|
|
Inventory Turnover |
20.53 |
Impressive |
Industrial
Average |
3.59 |
|
Receivables Conversion Period |
122.72 |
|
|
|
|
Receivables Turnover |
2.97 |
Satisfactory |
Industrial
Average |
3.23 |
|
Payables Conversion Period |
68.56 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.97 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 17 days at the
end of 2011 to 18 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 21.57 times in year 2011 to 20.53
times in year 2012.
The company's Total Asset Turnover is calculated as 1.47 times and 1.74
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.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.