MIRA
INFORM REPORT
|
Report No. : |
333849 |
|
Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANKIT IMPEX CO., LTD. |
|
|
|
|
Registered Office : |
Room 14-A, 11th Floor, Bangkok Gems & Jewelry Building, 322/14 Surawong Road, Siphaya, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
24.06.1997 |
|
|
|
|
Com. Reg. No.: |
0105540058975 [Former : 855/2540] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged
in importing, distributing and
exporting of diamonds,
precious stones and
jewelry products. |
|
|
|
|
No. of Employees : |
3 |
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 : |
Slow but correct |
|
|
|
|
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 |
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
PANKIT IMPEX
CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM
14-A, 11th FLOOR,
BANGKOK GEMS &
JEWELRY
BUILDING, 322/14 SURAWONG
ROAD,
SIPHAYA,
BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE
: [66] 2631-7494-6,
089 680-5804
FAX : [66] 2631-7497
EMAIL-ADDRESS : pankitimpex@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540058975 [Former :
855/2540]
TAX ID NO. : 3011856512
CAPITAL REGISTERED : BHT.
12,000,000
CAPITAL PAID-UP
: BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR. AMIT RASIKLAL
GANDHI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMONDS AND
JEWELRY
IMPORTER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on June
24, 1997 as
a private limited
company under the
name style PANKIT
IMPEX CO., LTD., by Indian
and Thai groups,
in order to
import and distribute
diamond to local
& overseas markets.
It currently employs 3 staff.
The subject’s
registered address was
initially at Room
201, 2nd Floor, T.D. Building, 14-16
Mahesak Rd., Suriyawongse, Bangrak,
Bangkok 10500.
On January
16, 2006, the
subject’s registered address
was relocated to
Room 14-A, 11th Floor, Bangkok Gems
& Jewelry Building,
322/14 Surawong Rd., Siphaya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Amit Rasiklal
Gandhi |
Indian |
41 |
|
Mr. Nirav Rasiklal
Gandhi |
Indian |
39 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Amit
Rasiklal Gandhi is
the Managing Director.
He is Indian
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing and
exporting of diamonds,
precious stones and
jewelry products.
PURCHASE
The products are
purchased from suppliers
and agents both
domestic and overseas
in
India, Belgium,
South Africa and
Pakistan.
MAJOR SUPPLIERS
Kohinoor
International Ltd. : India
Silver Shine Co., Ltd. : India
M/S B. Vijay
Kumar & Co. :
India
M/S Classic Diamonds
Ltd. : India
SALES [LOCAL]
80% of the
products is sold
locally to wholesalers.
EXPORT
20% of the
products is exported
to France, India,
Spain, Hong Kong, Japan, Republic
of China, Korea
and Middle East.
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 on
the credit term
of 30 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.
BUSINESS TRANSACTION
The products are
sold and purchased
both by cash and
credit with the maximum credit given at 30-60 days. The subject is found to have late
payment by some customers, but they can
negotiate.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject employs
3 staff. [office
and sales staff]
LOCATION DETAILS
The premise is rented
for administrative office
at the heading
address. Premise is located
in commercial area.
COMMENT
Subject had moderate
performance in the year
2014 despite slow
consumption in domestic
market. However, the
subject’s business growth
in the first
six months of
this year was
flat due to
slow recovery of
the country’s economy
and declined domestic
purchasing power.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into 40,000
shares of Bht.
100 each.
The capital was
increased later as
follows:
Bht. 6,000,000
on June 28,
2005
Bht. 8,000,000 on August 28, 2007
Bht.
12,000,000 on December
29, 2009
The latest registered
capital was increased
to Bht. 12,000,000 divided into 120,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Amit Rasiklal
Gandhi Nationality: Indian
Address : 910/5 Rama
3 Rd., Bangpongpang,
Yananwa, Bangkok |
40,000 |
33.33 |
|
Ms. Alisa Leesee Nationality: Thai Address : 56
Moo 6, Dongtakob,
Tapanhin,
Pijit |
20,000 |
16.67 |
|
Ms. Saowaluck
Saoluek Nationality: Thai Address : 158
Moo 1, Phakpang,
Phukeaw,
Chaiyaphum |
20,000 |
16.67 |
|
Mr. Nirav Rasiklal
Gandhi Nationality: Indian
Address : 910/5
Rama 3 Rd., Bangpongpang, Yananwa, Bangkok |
18,800 |
15.66 |
|
Mr. Chumpol Keeta Nationality: Thai Address : 241
Moo 11, Angthong, Muang,
Kampaengpetch |
10,000 |
8.33 |
|
Mr. Sirithai
Thavornphan Nationality: Thai Address : 164/665 Moo 3, Pimolraj,
Bangbuathong,
Nonthaburi |
5,600 |
4.67 |
|
Ms. Narisa Ploykham Nationality: Thai Address : 8
Moo 13, Sarklek, Pijit |
5,600 |
4.67 |
Total
Shareholders : 7
Share Structure [as at April
30, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
61,200 |
51.00 |
|
Foreign-Indian |
2 |
58,800 |
49.00 |
|
Total |
7 |
120,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Vasana Tanmongkol
No. 1888
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31, 2014,
2013 & 2012 were:
ASSETS
|
Current
Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
54,217.12 |
11,065.99 |
375,776.16 |
|
Trade Accounts Receivable |
11,681,066.46 |
8,837,918.60 |
19,857,397.53 |
|
Inventories
|
86,203,830.63 |
78,863,270.04 |
41,179,256.09 |
|
Other Current Assets
|
- |
3,767,096.78 |
3,514,391.50 |
|
Total Current Assets |
97,939,114.21 |
91,479,351.41 |
64,926,821.28 |
|
|
|
|
|
|
Fixed Assets
|
46,496.14 |
14.00 |
14.00 |
|
Total Assets |
97,985,610.35 |
91,479,365.41 |
64,926,835.28 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft from
Bank |
2,946,204.04 |
2,993,947.33 |
2,980,841.22 |
|
Loan from Bank |
7,142,835.12 |
7,370,635.48 |
6,973,960.82 |
|
Trade Accounts Payable |
33,744,836.95 |
48,699,706.08 |
24,220,176.40 |
|
Accrued Income Tax |
81,434.05 |
75,575.71 |
- |
|
Other Current Liabilities |
38,955,334.49 |
17,836,024.96 |
16,840,519.82 |
|
Total Current Liabilities |
82,870,644.65 |
76,975,889.56 |
51,015,498.26 |
|
Total Liabilities |
82,870,644.65 |
76,975,889.56 |
51,015,498.26 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Capital Paid
|
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning - Unappropriated |
3,114,965.70 |
2,503,475.85 |
1,911,337.02 |
|
Total Shareholders' Equity |
15,114,965.70 |
14,503,475.85 |
13,911,337.02 |
|
Total
Liabilities & Shareholders' Equity |
97,985,610.35 |
91,479,365.41 |
64,926,835.28 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income
|
32,773,541.38 |
29,869,843.31 |
27,143,335.24 |
|
Other Income |
23.40 |
24.71 |
500,968.40 |
|
Total Revenues |
32,773,564.78 |
29,869,868.02 |
27,644,303.64 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
27,602,855.46 |
22,042,536.99 |
23,353,116.60 |
|
Selling Expenses |
371,253.17 |
53,519.15 |
121,831.57 |
|
Administrative
Expenses |
2,634,691.78 |
2,657,215.16 |
2,944,470.03 |
|
Loss on Exchange Rate |
539,939.27 |
3,495,728.02 |
- |
|
Total Expenses |
31,148,739.68 |
28,248,999.32 |
26,419,418.20 |
|
Profit / [Loss]
Before Financial Cost & Income Tax |
1,624,825.10 |
1,620,868.70 |
1,224,885.44 |
|
Financial Cost |
[855,901.20] |
[878,154.16] |
[858,472.76] |
|
Profit / [Loss]
Before Income Tax |
768,923.90 |
742,714.54 |
366,412.68 |
|
Income Tax |
[157,434.05] |
[150,575.71] |
[140,039.92] |
|
Net Profit / [Loss]
|
611,489.85 |
592,138.83 |
226,372.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
1.19 |
1.27 |
|
QUICK RATIO |
TIMES |
0.14 |
0.11 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
704.87 |
2,133,560.24 |
1,938,809.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.33 |
0.33 |
0.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1,139.90 |
1,305.89 |
643.62 |
|
INVENTORY TURNOVER |
TIMES |
0.32 |
0.28 |
0.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
130.09 |
108.00 |
267.03 |
|
RECEIVABLES TURNOVER |
TIMES |
2.81 |
3.38 |
1.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
446.22 |
806.41 |
378.55 |
|
CASH CONVERSION CYCLE |
DAYS |
823.77 |
607.47 |
532.09 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.22 |
73.80 |
86.04 |
|
SELLING & ADMINISTRATION |
% |
9.17 |
9.08 |
11.30 |
|
INTEREST |
% |
2.61 |
2.94 |
3.16 |
|
GROSS PROFIT MARGIN |
% |
15.78 |
26.20 |
15.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.96 |
5.43 |
4.51 |
|
NET PROFIT MARGIN |
% |
1.87 |
1.98 |
0.83 |
|
RETURN ON EQUITY |
% |
4.05 |
4.08 |
1.63 |
|
RETURN ON ASSET |
% |
0.62 |
0.65 |
0.35 |
|
EARNING PER SHARE |
BAHT |
5.10 |
4.93 |
1.89 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.84 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.48 |
5.31 |
3.67 |
|
TIME INTEREST EARNED |
TIMES |
1.90 |
1.85 |
1.43 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.72 |
10.04 |
|
|
OPERATING PROFIT |
% |
0.24 |
32.33 |
|
|
NET PROFIT |
% |
3.27 |
161.58 |
|
|
FIXED ASSETS |
% |
332,015.29 |
- |
|
|
TOTAL ASSETS |
% |
7.11 |
40.90 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 9.72%. Turnover has increased from
THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.78 |
Satisfactory |
Industrial
Average |
16.41 |
|
Net Profit Margin |
1.87 |
Impressive |
Industrial
Average |
1.41 |
|
Return on Assets |
0.62 |
Deteriorated |
Industrial
Average |
3.02 |
|
Return on Equity |
4.05 |
Deteriorated |
Industrial
Average |
8.20 |
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 15.78%. 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 1.87% 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. When compared with
the industry average, it was lower, the company's figure is 0.62%.
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 4.05%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
1.18 |
Acceptable |
Industrial
Average |
1.66 |
|
Quick Ratio |
0.14 |
|
|
|
|
Cash Conversion Cycle |
823.77 |
|
|
|
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 1.18 times in 2014, decreased from 1.19 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 0.14
times in 2014, increased from 0.11 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 824 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
5.48 |
Risky |
Industrial
Average |
1.49 |
|
Times Interest Earned |
1.90 |
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 1.9 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 0.85 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 Downtrend
Times Interest Earned Stable
ACTIVITY
: ACCEPTABLE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
704.87 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.33 |
Deteriorated |
Industrial
Average |
2.14 |
|
Inventory Conversion Period |
1,139.90 |
|
|
|
|
Inventory Turnover |
0.32 |
Deteriorated |
Industrial
Average |
3.44 |
|
Receivables Conversion Period |
130.09 |
|
|
|
|
Receivables Turnover |
2.81 |
Acceptable |
Industrial
Average |
4.11 |
|
Payables Conversion Period |
446.22 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.81
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 decreased from 1306 days at the
end of 2013 to 1140 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 0.28 times in year 2013 to 0.32 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.33
times and 0.33 times in 2014 and 2013 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.63.89 |
|
UK Pound |
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.