MIRA INFORM REPORT
|
Report No. : |
331126 |
|
Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P. ELEGANT LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
324/19 Surawong Road, Siphaya, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Established : |
2014 |
|
|
|
|
Com. Reg. No.: |
0103557022632 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Subject is engaged in distributing of
men and women
garments, as well
as bedding products,
such as bedding
set and baby
bedding set |
|
|
|
|
No. of Employee : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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 has historically had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
name
P. ELEGANT
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 324/19 SURAWONG
ROAD, SIPHAYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2802-6517,
081 694-6053
FAX :
[66] 2802-6517
E-MAIL
ADDRESS : paranee_m@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2014
REGISTRATION
NO. : 0103557022632
TAX
ID NO. : 3036710738
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI :
98.00%
INDIAN
: 2.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MS.
PARANEE SUPAJITSAWAT, THAI
MANAGING PARTNER
NO.
OF STAFF : 2
LINES
OF BUSINESS : GARMENT AND
BEDDING PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : OPERATING NORMALLY
HISTORY
The
subject was established
on October 10,
2014 as a
limited partnership under the
registered name P. ELEGANT
LIMITED PARTNERSHIP by
Thai and Indian
partners, with the
business objective to
distribute garment and
bedding products. It
currently employs 2
staff.
The
subject’s registered address
is 324/19 Surawong
Road, Siphaya, Bangrak,
Bangkok
10500, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Ms. Paranee Supajitsawat signs
on behalf of
the subject with
seal affixed. She
also bears full
financial responsibility by
law.
MANAGEMENT
Ms. Paranee Supajitsawat is
the Managing Partner.
She is Thai
nationality with the
age of 45
years old.
BUSINESS
OPERATIONS
The subject is
engaged in distributing
of men and
women garments, as
well as bedding
products, such as
bedding set and
baby bedding set.
The subject has
started activity since
the beginning of
2015.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100%
of the products
is sold locally
by wholesale to
traders.
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 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.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 2 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The
subject was established
in 2014, however
the subject has
started its business
since the beginning
of 2015. It
is still in
early stage operation,
therefore any business
engagement should be on secured
basis only.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 which was carried by
6 persons as followed:
Name Age Amount
Ms. Paranee
Supajitsawat 45 Bht.
5,000,000 [unlimited partner]
Nationality: Thai
Address : 324/19
Surawong Road, Siphaya,
Bangrak, Bangkok
Ms. Rommicha Supajitsawat 33 Bht.
4,800,000
Nationality: Thai
Address : 324/19
Surawong Road, Siphaya,
Bangrak, Bangkok
Mr. Nayeem Ahmad Bhat 35 Bht. 50,000
Nationality: Indian
Address : 324/19
Surawong Road, Siphaya,
Bangrak, Bangkok
Mr. Mohd Maqbool Mir 33 Bht. 50,000
Nationality: Indian
Address : 324/19
Surawong Road, Siphaya,
Bangrak, Bangkok
Mr. Bilal Ahmad Khan 31 Bht. 50,000
Nationality: Indian
Address : 324/19
Surawong Road, Siphaya,
Bangrak, Bangkok
Mr. Asif Ahmad Mir 27 Bht. 50,000
Nationality: Indian
Address : 324/19
Surawong Road, Siphaya,
Bangrak, Bangkok
NAME OF
AUDITOR
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Pattinee
Tangkawattanakul No. 8979
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014 was :
ASSETS
|
Current Assets |
2014 |
|
|
|
|
Cash in Hand |
75,202.00 |
|
Loan to Related Person |
9,800,000.00 |
|
Deferred Interest |
16,333.33 |
|
|
|
|
Total Current Assets
|
9,891,535.33 |
|
Total Assets |
9,891,535.33 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
|
|
|
|
Accrued Expenses |
8,600.00 |
|
Deferred Withholding Tax |
2.00 |
|
|
|
|
Total Current Liabilities |
8,602.00 |
|
Total Liabilities |
8,602.00 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[117,066.67] |
|
Total Shareholders' Equity |
9,882,933.33 |
|
Total Liabilities & Shareholders'
Equity |
9,891,535.33 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Oct. 10,
2014 - Dec. 31, 2014 |
|
|
|
|
Interest Income |
16,333.33 |
|
Total Revenues |
16,333.33 |
|
Expenses |
|
|
|
|
|
Administrative Expenses |
133,400.00 |
|
Total Expenses |
133,400.00 |
|
Net Profit / [Loss] |
[117,066.67] |
|
Retained Earning, Beginning of Year |
- |
|
Retained Earning, End of Year |
[117,066.67] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1,149.91 |
|
QUICK RATIO |
TIMES |
1,149.91 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
(1.18) |
|
RETURN ON ASSET |
% |
(1.18) |
|
EARNING PER SHARE |
BAHT |
(1.17) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
47.07 |
|
Net Profit Margin |
- |
|
Industrial
Average |
(1.00) |
|
Return on Assets |
(1.18) |
Deteriorated |
Industrial
Average |
(4.81) |
|
Return on Equity |
(1.18) |
Deteriorated |
Industrial
Average |
(13.89) |
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. The company’s figure is -1.18%, 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. The company’s figure is -1.18%, 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 |
1,149.91 |
Impressive |
Industrial
Average |
1.33 |
|
Quick Ratio |
1,149.91 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 1149.91 times in 2014, 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 1149.91 times in
2014, although excluding inventory so the company still have good short-term
financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial
Average |
1.47 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0 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 Downtrend
Times Interest Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
- |
|
Industrial Average |
4.82 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
20.99 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
6.50 |
|
Payables Conversion Period |
- |
|
|
|
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.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.