MIRA INFORM REPORT
|
Report No. : |
332293 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PCC PAISARNSIN CO., LTD. |
|
|
|
|
Registered Office : |
99 Soi Songprapha
24, Songprapha Road, Sikan, Donmuang,
Bangkok 10210 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.07.1991 |
|
|
|
|
Com. Reg. No.: |
0105534071761 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in providing
wide range of
electrical and mechanical
system works, such as installation and
maintenance services, including
engineering works. |
|
|
|
|
No. of Employees : |
100 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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
PCC PAISARNSIN CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99 SOI SONGPRAPHA
24, SONGPRAPHA ROAD,
SIKAN, DONMUANG,
BANGKOK 10210, THAILAND
TELEPHONE : [66] 2566-3851-4
FAX : [66] 2928-9978
E-MAIL ADDRESS : pcc_paisarnsin@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534071761
TAX ID NO. : 3101996630
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.
SOMBOON SAE-CHAN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 100
LINES OF BUSINESS : ELECTRICAL AND
MECHANICAL CONTRACTOR
|
|
|
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 July 31,
1991 as a private
limited company under
the registered name PCC
PAISARNSIN CO., LTD., by Thai group, with the
business objective to
provide wide range
of electrical and
mechanical systems services. It
currently employs approximately
100 staff.
The subject’s registered
address is 99
Soi Songprapha 24,
Songprapha Road, Sikan,
Donmuang, Bangkok 10210,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somboon Saechan |
|
Thai |
52 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somboon Saechan is
the Managing Director.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in providing
wide range of
electrical and mechanical
system works, such
as installation and maintenance
services, including engineering
works. Range of
services are as
follows:
Mechanical Works :
Plumbing works, fire
protection work, factory
process utility work,
oil tank, pressure tank, boiler
stack, air conditioning
work, ventilation work,
metal fabricate and process duct work,
medical gas system,
air pollution scrubber
and duct collector
Electrical Work
High voltage system,
low voltage system, fire alarm system,
MATV, CVTV system,
public addressed system,
electrical panel board
and etc.
PURCHASE
100% of system
equipment and supplies
are purchased from
local suppliers.
MAJOR SUPPLIER
Full Solar Co.,
Ltd. : Thailand
SALES
The subject’s services
are provided locally
to end-users both
private company and government
enterprises.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
[Rama 9
Branch, 9/8, 9/9 Central Plaza Rama 9, Rama 9 Road,
Huaykwang, Bangkok]
EMPLOYMENT
The subject employs
approximately 100 office
staff, engineers and service
workers.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches:
11/371 Moo 10, Soi
Ekachai 94, Ekachai
Road, Bangbon, Bangkok
10150.
11/399 Moo 10, Soi
Ekachai 94, Ekachai
Road, Bangbon, Bangkok
10150.
COMMENT
The subject was established itself
as a prominent service
provider of M&E
systems. Its services are renowned for reliability and
uncompromising standards of high quality supplying
to industrial and
construction sectors.
The subject’s business
was slowdown in
the previous years
caused by the
country’s economy sluggish.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100 each
with fully paid.
The capital was
increased later as
follows:
Bht. 5,000,000
on April 24,
1997
Bht. 10,000,000
on August 3,
1999
The latest registered
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 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somboon Saechan Nationality: Thai Address : 1961/5
Rama 4 Road,
Lumpini,
Pathumwan, Bangkok |
60,000 |
60.00 |
|
Mr. Somnuek Chantarungrod Nationality: Thai Address : 187/126
Soi Songprapha 24,
Songprapha Road, Sikan,
Donmuang,
Bangkok |
32,000 |
32.00 |
|
Mr. Somyos Saechan Nationality: Thai Address : 739/1
Soi Kingchan, Bangklo,
Bangkorlaem, Bangkok |
2,000 |
2.00 |
|
Mr. Somsak Saechan Nationality: Thai Address : 739/1
Soi Kingchan, Bangklo,
Bangkorlaem, Bangkok |
2,000 |
2.00 |
|
|
|
|
|
Mr. Sompap Saechan Nationality: Thai Address : 739/1
Soi Kingchan, Bangklo,
Bangkorlaem, Bangkok |
2,000 |
2.00 |
|
Ms. Somjai Chantarungrod Nationality: Thai Address : 739/1
Soi Kingchan, Bangklo,
Bangkorlaem, Bangkok |
1,999 |
2.00 |
|
Mr. Niwat Naga Nationality: Thai Address : 175
Moo 4, T. Kamsakaesaeng, A. Kamsakaesaeng, Nakornratchasima |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
100,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Natee Hongrattanauthai No.
2897
BALANCE SHEET
[BAHT]
The 2014 financial
statement was not submitted
to the Commercial
Registration Department during
an investigation.
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,617,576.96 |
15,650,018.59 |
14,686,575.36 |
|
Trade Accounts & Other
Receivable |
8,161,701.64 |
7,425,703.83 |
4,827,300.57 |
|
Short-term Loans |
6,613,750.00 |
700,000.00 |
18,589,572.04 |
|
Inventories |
47,925,156.43 |
32,851,997.04 |
700,000.00 |
|
Other Current Assets
|
23,023,713.48 |
1,363,247.88 |
3,082,262.00 |
|
|
|
|
|
|
Total Current Assets
|
87,341,898.51 |
57,990,967.34 |
41,885,709.97 |
|
|
|
|
|
|
Fixed Assets |
6,412,749.90 |
7,769,119.05 |
8,421,821.77 |
|
Other Non - current Assets |
10,984,621.33 |
7,484,621.33 |
1,955,214.15 |
|
Total Assets |
104,739,269.74 |
73,244,707.72 |
52,262,745.89 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
22,586,363.18 |
7,952,774.61 |
5,448,145.48 |
|
Trade Accounts & Other
Payable |
28,624,067.52 |
21,935,802.72 |
4,293,554.66 |
|
Short-term Loan |
10,013,400.00 |
2,793,332.00 |
- |
|
Other Current Liabilities |
2,301,373.85 |
2,100,820.25 |
1,631,782.26 |
|
|
|
|
|
|
Total Current Liabilities |
63,525,204.55 |
34,782,729.58 |
11,373,482.40 |
|
Total Liabilities |
63,525,204.55 |
34,782,729.58 |
11,373,482.40 |
|
|
|
|
|
|
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 Unappropriated [Deficit] |
31,214,065.19 |
28,461,978.14 |
30,889,263.49 |
|
Total Shareholders' Equity |
41,214,065.19 |
38,461,978.14 |
40,889,263.49 |
|
Total Liabilities & Shareholders' Equity |
104,739,269.74 |
73,244,707.72 |
52,262,745.89 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
109,010,080.91 |
172,873,912.68 |
53,513,893.20 |
|
Revenue from Construction |
- |
- |
145,486,138.42 |
|
Other Income |
2,160,680.50 |
159,661.19 |
666,350.22 |
|
Total Revenues |
111,170,761.41 |
173,033,573.87 |
199,666,381.84 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
89,376,838.66 |
167,257,126.22 |
179,348,606.18 |
|
Selling Expenses |
52,196.25 |
934.58 |
7,289.72 |
|
Administrative Expenses |
14,885,255.83 |
7,010,863.58 |
11,074,426.76 |
|
Total Expenses |
104,314,290.74 |
174,268,924.38 |
190,430,322.66 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
6,856,470.67 |
[1,235,350.51] |
9,236,059.18 |
|
Financial Cost |
[2,676,742.31] |
[1,191,934.84] |
[2,671,636.33] |
|
Income Tax |
[1,427,641.31] |
- |
[2,142,103.26] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,752,087.05 |
[2,427,285.35] |
4,422,319.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
1.67 |
3.68 |
|
QUICK RATIO |
TIMES |
0.26 |
0.68 |
3.35 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
17.00 |
22.25 |
23.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
2.36 |
3.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
195.72 |
71.69 |
1.42 |
|
INVENTORY TURNOVER |
TIMES |
1.86 |
5.09 |
256.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.33 |
15.68 |
8.85 |
|
RECEIVABLES TURNOVER |
TIMES |
13.36 |
23.28 |
41.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
116.90 |
47.87 |
8.74 |
|
CASH CONVERSION CYCLE |
DAYS |
106.15 |
39.50 |
1.54 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.99 |
96.75 |
90.12 |
|
SELLING & ADMINISTRATION |
% |
13.70 |
4.06 |
5.57 |
|
INTEREST |
% |
2.46 |
0.69 |
1.34 |
|
GROSS PROFIT MARGIN |
% |
19.99 |
3.34 |
10.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.29 |
(0.71) |
4.64 |
|
NET PROFIT MARGIN |
% |
2.52 |
(1.40) |
2.22 |
|
RETURN ON EQUITY |
% |
6.68 |
(6.31) |
10.82 |
|
RETURN ON ASSET |
% |
2.63 |
(3.31) |
8.46 |
|
EARNING PER SHARE |
BAHT |
27.52 |
(24.27) |
44.22 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.47 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.54 |
0.90 |
0.28 |
|
TIME INTEREST EARNED |
TIMES |
2.56 |
(1.04) |
3.46 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(36.94) |
(13.13) |
|
|
OPERATING PROFIT |
% |
(655.02) |
(113.38) |
|
|
NET PROFIT |
% |
213.38 |
(154.89) |
|
|
FIXED ASSETS |
% |
(17.46) |
(7.75) |
|
|
TOTAL ASSETS |
% |
43.00 |
40.15 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -36.94%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.99 |
Impressive |
Industrial Average |
16.59 |
|
Net Profit Margin |
2.52 |
Impressive |
Industrial Average |
0.78 |
|
Return on Assets |
2.63 |
Impressive |
Industrial Average |
1.41 |
|
Return on Equity |
6.68 |
Impressive |
Industrial Average |
3.68 |
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. Gross Profit Margin is 19.99%. 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. Net Profit Margin ratio is 2.52%,
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 2.63%, 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 6.68%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.37 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
106.15 |
|
|
|
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 1.37 times in 2013, decrease from 1.67 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 0.26 times in 2013,
decrease from 0.68 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 107 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Impressive |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
1.54 |
Acceptable |
Industrial Average |
1.82 |
|
Times Interest Earned |
2.56 |
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 2.57 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 0.61 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
17.00 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.04 |
Acceptable |
Industrial Average |
1.82 |
|
Inventory Conversion Period |
195.72 |
|
|
|
|
Inventory Turnover |
1.86 |
Deteriorated |
Industrial Average |
4.35 |
|
Receivables Conversion Period |
27.33 |
|
|
|
|
Receivables Turnover |
13.36 |
Impressive |
Industrial Average |
4.04 |
|
Payables Conversion Period |
116.90 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.36 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 72 days at the
end of 2012 to 196 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.09 times in year 2012 to 1.86 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.04 times and 2.36
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.