MIRA INFORM REPORT
|
Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHACHA ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
99/586 Moo 4,
Nouvelle Condominium D, Bangna-Trad Road,
T. Bangchalong, A. Bangplee,
Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.04.2010 |
|
|
|
|
Com. Reg. No.: |
0105553047225 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged in importing
and distributing various
designs of ceramic
tiles for both wall
and floor, as
well as providing
an installation service
for hotel & resort, hospital,
commercial building, housing,
office building, condominium, apartment,
commercial shop, showroom |
|
|
|
|
No of Employees : |
30 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 & address
PHACHA ENTERPRISE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99/586 MOO 4,
NOUVELLE CONDOMINIUM D,
BANGNA-TRAD ROAD,
T. BANGCHALONG,
A.
BANGPLEE, SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2336-0393,
081 753-2300
FAX : [66] 2336-0394
E-MAIL ADDRESS : sale@phacha.com
REGISTRATION ADDRESS : 62
PRACHAPATTANA ROAD, THAPYAO,
LADKRABANG, BANGKOK
10520, THAILAND
ESTABLISHED : 2010
REGISTRATION NO. : 0105553047225
TAX ID NO. : 3033875478
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHATRI MAHALAO,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 30
LINES OF BUSINESS : CERAMIC TILES
IMPORTER AND
DISTRIBUTOR
|
|
|
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 5, 2010
as a private
limited company under
the registered name PHACHA
ENTERPRISE CO., LTD., by Thai groups,
with the business
objective to import
and distribute ceramic
tiles to domestic
market. It currently
employs approximately 30
staff.
The subject’s registered
address is 62 Prachapattana
Road, Thapyao, Ladkrabang,
Bangkok 10520, while,
the current operation
address is 99/586
Moo 4, Nouvelle
Condominium D, Bangna-Trad Road,
T. Bangchalong, A. Bangplee, Samutprakarn 10540.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Wipa Kaewboran |
|
Thai |
50 |
|
Mr. Charti Mahalao |
|
Thai |
53 |
AUTHORIZED PERSON
Both of the
above directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Charti Mahalao is
the Managing Director.
He is Thai
nationality with the
age of 53 years
old.
Ms. Wipa Kaewboran is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
designs of ceramic
tiles for both wall
and floor, as
well as providing
an installation service
for hotel & resort, hospital,
commercial building, housing,
office building, condominium,
apartment, commercial shop,
showroom.
MAJOR BRAND
“SANFORD” and etc.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, in India,
Vietnam, Republic of
China and Malaysia.
SALES
100% of the
products is sold
locally to wholesalers,
contractors 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 30-60-90 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 approximately 30
staff.
LOCATION DETAILS
The premise is
owned for administrative office
and showroom at the heading
address. Premise is
located in residential
area.
COMMENT
The subject is
an importer and
distributor of ceramic tiles for
floor and wall. The
products are various
types and sizes.
Subject reported an
outstanding sales in
the year 2013.
Current economic sluggish
and construction industry
slowdown have significantly
decreased demand of
ceramic tiles. Subject’s
sales revenues for
this year is
likely decline from
the previous year’s level.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares of Bht.
100 each with
fully paid.
On March 18, 2013,
the registered capital
was increased to
Bht. 3,000,000 divided into
30,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 29,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Wipa Kaewboran Nationality: Thai Address : 62
Prachapattana Road, Thabyao,
Ladkrabang, Bangkok |
12,000 |
40.00 |
|
Mr. Charti Mahalao Nationality: Thai Address : 174/7
Rimklongdan Road, Bangkho,
Jomthong, Bangkok |
12,000 |
40.00 |
|
Ms. Warunee Likitsupin Nationality: Thai Address : 493
Prachapattana Road, Thabyao,
Ladkrabang, Bangkok |
3,000 |
10.00 |
|
Mr. Kirksak Likitsupin Nationality: Thai Address : 5 Soi
Ladkrabang 15/1, Ladkrabang, Bangkok |
3,000 |
10.00 |
Total Shareholders : 4
Share Structure [as
at April 29,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Orawan Bamrungtham
No. 8841
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2013,
2012 & 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
1,571,986.03 |
1,849,784.92 |
1,063,186.31 |
|
Short-term Investment |
20,187,806.59 |
8,009,821.37 |
4,035,954.44 |
|
Trade Accounts &
Other Receivable |
23,821,801.42 |
17,337,099.74 |
3,539,646.67 |
|
Inventories |
6,855,284.76 |
4,015,421.38 |
5,663,802.10 |
|
Other Current Assets
|
568,197.89 |
153,737.49 |
327,543.03 |
|
|
|
|
|
|
Total Current Assets
|
53,005,076.69 |
31,365,864.90 |
14,630,132.55 |
|
Fixed Assets |
5,351,622.19 |
2,157,065.29 |
355,626.17 |
|
Total Assets |
58,356,698.88 |
33,522,930.19 |
14,985,758.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts &
Other Payable |
42,588,823.74 |
19,104,737.83 |
6,502,029.17 |
|
Short-term Loan from
Related Person |
- |
2,064,603.96 |
3,814,603.96 |
|
Current Portion of
Long-term Loan from Financial Institution |
170,124.07 |
232,925.09 |
- |
|
Accrued Income Tax |
1,631,138.45 |
1,037,492.95 |
3,734.48 |
|
Accrued Dividend |
- |
3,329,235.53 |
- |
|
Other Current Liabilities |
72,443.81 |
112,489.39 |
60,932.66 |
|
|
|
|
|
|
Total Current Liabilities |
44,462,530.07 |
25,881,484.75 |
10,381,300.27 |
|
Long-term Loan from
Financial Institution |
821,428.32 |
992,422.98 |
- |
|
Total Liabilities |
45,283,958.39 |
26,873,907.73 |
10,381,300.27 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
30,000 shares in
2013 10,000 shares in
2012 & 2011 |
3,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
300,000.00 |
100,000.00 |
- |
|
Unappropriated [Deficit] |
9,772,740.49 |
5,549,022.46 |
3,604,458.45 |
|
|
|
|
|
|
Total Shareholders' Equity |
13,072,740.49 |
6,649,022.46 |
4,604,458.45 |
|
Total Liabilities &
Shareholders' Equity |
58,356,698.88 |
33,522,930.19 |
14,985,758.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
209,833,227.36 |
150,947,859.04 |
71,571,154.81 |
|
Gain on Exchange
Rate |
- |
110,192.37 |
- |
|
Other Income |
536,894.76 |
246,754.54 |
58,323.74 |
|
Total Revenues |
210,370,122.12 |
151,304,805.95 |
71,629,478.55 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
172,274,542.11 |
129,029,197.09 |
59,294,801.10 |
|
Selling Expenses |
9,795,871.95 |
4,281,038.86 |
2,436,410.49 |
|
Administrative Expenses |
12,013,323.17 |
9,416,559.74 |
4,998,694.62 |
|
Loss from Exchange
Rate |
2,604,468.23 |
- |
278,439.20 |
|
Total Expenses |
196,688,205.46 |
142,726,795.69 |
67,008,345.41 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
13,681,916.66 |
8,578,010.26 |
4,621,133.14 |
|
Financial Cost |
[1,170,122.90] |
[1,370,494.85] |
[606,880.97] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
12,511,793.76 |
7,207,515.41 |
4,014,252.17 |
|
Income Tax |
[2,539,053.27] |
[1,658,492.95] |
[931,811.60] |
|
Net Profit / [Loss] |
9,972,740.49 |
5,549,022.46 |
3,082,440.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.21 |
1.41 |
|
QUICK RATIO |
TIMES |
1.03 |
1.05 |
0.83 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
39.21 |
69.98 |
201.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.60 |
4.50 |
4.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
14.52 |
11.36 |
34.86 |
|
INVENTORY TURNOVER |
TIMES |
25.13 |
32.13 |
10.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
41.44 |
41.92 |
18.05 |
|
RECEIVABLES TURNOVER |
TIMES |
8.81 |
8.71 |
20.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
90.23 |
54.04 |
40.02 |
|
CASH CONVERSION CYCLE |
DAYS |
(34.27) |
(0.76) |
12.89 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.10 |
85.48 |
82.85 |
|
SELLING & ADMINISTRATION |
% |
10.39 |
9.07 |
10.39 |
|
INTEREST |
% |
0.56 |
0.91 |
0.85 |
|
GROSS PROFIT MARGIN |
% |
18.16 |
14.76 |
17.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.52 |
5.68 |
6.46 |
|
NET PROFIT MARGIN |
% |
4.75 |
3.68 |
4.31 |
|
RETURN ON EQUITY |
% |
76.29 |
83.46 |
66.94 |
|
RETURN ON ASSET |
% |
17.09 |
16.55 |
20.57 |
|
EARNING PER SHARE |
BAHT |
332.42 |
554.90 |
308.24 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.80 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.46 |
4.04 |
2.25 |
|
TIME INTEREST EARNED |
TIMES |
11.69 |
6.26 |
7.61 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
39.01 |
110.91 |
|
|
OPERATING PROFIT |
% |
59.50 |
85.63 |
|
|
NET PROFIT |
% |
79.72 |
80.02 |
|
|
FIXED ASSETS |
% |
148.10 |
506.55 |
|
|
TOTAL ASSETS |
% |
74.08 |
123.70 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 39.01%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
18.16 |
Impressive |
Industrial Average |
15.54 |
|
Net Profit Margin |
4.75 |
Impressive |
Industrial Average |
1.70 |
|
Return on Assets |
17.09 |
Impressive |
Industrial Average |
2.76 |
|
Return on Equity |
76.29 |
Impressive |
Industrial Average |
8.66 |
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 18.16%. 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. The company’s figure is 4.75%, 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
17.09%, 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 76.29%, 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 |
1.19 |
Satisfactory |
Industrial Average |
1.41 |
|
Quick Ratio |
1.03 |
|
|
|
|
Cash Conversion Cycle |
(34.27) |
|
|
|
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 1.19 times in 2013, decreased from 1.21 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 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 1.03 times in 2013,
decreased from 1.05 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 -35 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
3.46 |
Risky |
Industrial Average |
2.04 |
|
Times Interest Earned |
11.69 |
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 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 11.7 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 0.78 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
39.21 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.60 |
Impressive |
Industrial Average |
1.62 |
|
Inventory Conversion Period |
14.52 |
|
|
|
|
Inventory Turnover |
25.13 |
Impressive |
Industrial Average |
3.88 |
|
Receivables Conversion Period |
41.44 |
|
|
|
|
Receivables Turnover |
8.81 |
Impressive |
Industrial Average |
3.73 |
|
Payables Conversion Period |
90.23 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.81 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 11 days at the
end of 2012 to 15 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 32.13 times in year 2012 to 25.13
times in year 2013.
The company's Total Asset Turnover is calculated as 3.6 times and 4.5
times in 2013 and 2012 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.