MIRA INFORM REPORT
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Report No. : |
348904 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRESTORISE INTERTRADE COMPANY LIMITED |
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Registered Office : |
13th Floor, Bangkok Gems & Jewellery Tower, 322/23 Surawong Road, Siphya, Bangrak |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.07.1989 |
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Com. Reg. No.: |
0105532061741 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in importing, distributing and exporting of diamonds, gemstones and jewelry products. |
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No. of Employees : |
5 |
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 |
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Payment Behaviour : |
No Complaints |
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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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive 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 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d'etat, 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
PRESTORISE
INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 13th FLOOR, BANGKOK GEMS & JEWELLERY
TOWER,
322/23 SURAWONG
ROAD,
SIPHYA, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2238-3880-3
FAX :
[66] 2238-3884
E-MAIL
ADDRESS : wonderful_9128@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532061741
TAX
ID NO. : 3101720709
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAVEEN RAGHUNATH LODHA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : DIAMONDS, GEMSTONES & JEWELRY PRODUCTS
IMPORTER, EXPORTER
& DISTRIBUTOR
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 6,
1989 as a
private limited company
under the registered
name PRESTORISE INTERTRADE
COMPANY LIMITED, by
Thai and Indian
groups, in order to
import and distribute diamonds,
gemstones and jewelry
to both local
and overseas markets.
It current employs
5 staff.
The subject’s registered
address is 13th Floor,
Bangkok Gems & Jewellery
Tower, 322/23 Surawong
Road, Siphya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Praveen Raghunath
Lodha
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Praveen Raghunath
Lodha is the
Managing Director.
He is Indian
nationality with the
age of 57 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and
exporting of diamonds, gemstones
and jewelry products.
PURCHASE
100% of jewelry
products is purchased
from local suppliers
and manufacturers.
IMPORT
Diamonds
and gemstones are
imported from India,
Republic of China
and Hong Kong.
MAJOR SUPPLIER
Anna
Diamonds Bvba Ltd. : India
SALES [LOCAL]
Diamonds
are sold locally
by wholesale to
dealers and manufacturers.
EXPORT
Jewelry
products are exported
to U.S.A., India, Hong Kong and
Europe.
SUBSIDIARY AND
AFFILIATED COMPANY
Priyaank International Co.,
Ltd.
Business Type :
Importer and distributor
of jewelry products
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.
CREDIT
Sales
are by cash
or 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 L/C
or T/T.
Exports
are against T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs 5 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
The subject has been in its business for more than 20 years. Its sales had steadily grown in the past several years. Subject reported good business results in the year 2014 despite of economic slowdown and shrinking domestic purchasing power. Generally, the subject’s business is promising and enjoys steady growth.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 6,000,000
on December 8,
1993
Bht. 15,000,000
on December 27,
1994
The
latest registered capital
was increased to
Bht. 15,000,000 divided into
150,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Anupa Naruelar Nationality: Thai Address : 32/31-32 Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
73,496 |
49.00 |
|
Mr. Praveen Raghunath
Lodha Nationality: Indian Address : 322/23
Surawong Rd., Siphya, Bangrak, Bangkok |
70,000 |
46.67 |
|
Ms. Niramala Zasiti Nationality: Indian Address : 1867/85
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
3,000 |
2.00 |
|
Mr. Nikorn Kijvanich Nationality: Thai Address : 69/71 Rama
4 Rd., Pomprab,
Bangkok |
3,000 |
2.00 |
|
Mrs. Sukesee Lodha Nationality: Indian Address : 1867/85
Charoennakorn Rd., Banglampulang,
Klongsan, Bangkok |
499 |
0.33 |
|
Ms. Araya Thirachawalit Nationality: Thai Address : 510
Charansanitwong 66/1 Rd.,
Bangplad, Bangkok |
4 |
- |
|
|
|
|
|
Ms. Mahee Lodha Nationality: Thai Address : 1867/93
Charoennakorn Rd.,
Banglampulang,
Klongsan, Bangkok |
1 |
- |
Total Shareholders : 7
Share
Structure [as at
April 30, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
76,501 |
51.00 |
|
Foreign - Indian |
3 |
73,499 |
49.00 |
|
Total |
7 |
150,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nongnuj Ouitrakul
No. 2241
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 |
353,252.45 |
1,547,198.39 |
485,380.22 |
|
Short-term Investment |
63,033.75 |
61,039.58 |
58,995.39 |
|
Trade Accounts & Other Receivable |
19,103,793.51 |
80,100,529.88 |
94,118,118.98 |
|
Inventories |
133,136,005.60 |
120,065,728.40 |
49,770,338.49 |
|
Other Current Assets
|
4,898.74 |
74,193.99 |
3,605.80 |
|
|
|
|
|
|
Total Current Assets
|
152,660,984.05 |
201,848,690.24 |
144,436,438.88 |
|
|
|
|
|
|
Fixed Assets |
1,371,651.92 |
1,793,256.73 |
1,417,795.97 |
|
Intangible Assets |
24,866.34 |
3.00 |
3,086.10 |
|
Deposit |
1,200.00 |
1,200.00 |
1,200.00 |
|
Total Assets |
154,058,702.31 |
203,643,149.97 |
145,858,520.95 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
103,855,106.58 |
145,175,522.79 |
69,388,103.05 |
|
Trade Account & Other Payable |
9,093,713.36 |
20,044,235.98 |
40,265,954.37 |
|
Current Portion of Financial Lease Contract Liabilities |
121,820.08 |
354,304.97 |
336,854.70 |
|
Other Current Liabilities |
531,401.30 |
417,935.83 |
457,503.83 |
|
|
|
|
|
|
Total Current Liabilities |
113,602,041.32 |
165,991,999.57 |
110,448,415.95 |
|
Financial Lease Contract Liabilities, Net |
- |
121,820.08 |
477,436.31 |
|
Total Liabilities |
113,602,041.32 |
166,113,819.65 |
110,925,852.26 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
150,000 shares |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
25,456,660.99 |
22,529,330.32 |
19,932,668.69 |
|
Total Shareholders' Equity |
40,456,660.99 |
37,529,330.32 |
34,932,668.69 |
|
Total Liabilities &
Shareholders' Equity |
154,058,702.31 |
203,643,149.97 |
145,858,520.95 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
224,311,350.29 |
201,409,397.44 |
191,649,458.58 |
|
Gain on Exchange Rate |
1,640,822.80 |
- |
3,805,585.68 |
|
Other Income |
361,304.53 |
276,925.13 |
258,554.58 |
|
Total Revenues |
226,313,477.62 |
201,686,322.57 |
195,713,598.84 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
211,678,012.88 |
185,001,880.84 |
182,899,516.42 |
|
Selling Expenses |
1,565,215.75 |
1,205,603.98 |
1,091,052.83 |
|
Administrative Expenses |
5,547,507.12 |
5,337,304.58 |
5,697,233.02 |
|
Loss on Exchange
Rate |
- |
3,311,083.50 |
- |
|
Total Expenses |
218,790,735.75 |
194,855,872.90 |
189,687,802.27 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
7,522,741.87 |
6,830,449.67 |
6,025,796.57 |
|
Financial Cost |
[3,561,129.90] |
[3,273,002.21] |
[2,233,780.57] |
|
Profit before Income Tax |
3,961,611.97 |
3,557,447.46 |
3,792,016.00 |
|
Income Tax |
[1,034,281.30] |
[960,785.83] |
[1,075,223.43] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,927,330.67 |
2,596,661.63 |
2,716,792.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.34 |
1.22 |
1.31 |
|
QUICK RATIO |
TIMES |
0.17 |
0.49 |
0.86 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
163.53 |
112.31 |
135.17 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.46 |
0.99 |
1.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
229.57 |
236.88 |
99.32 |
|
INVENTORY TURNOVER |
TIMES |
1.59 |
1.54 |
3.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
31.09 |
145.16 |
179.25 |
|
RECEIVABLES TURNOVER |
TIMES |
11.74 |
2.51 |
2.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
15.68 |
39.55 |
80.36 |
|
CASH CONVERSION CYCLE |
DAYS |
244.97 |
342.50 |
198.22 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.37 |
91.85 |
95.43 |
|
SELLING & ADMINISTRATION |
% |
3.17 |
3.25 |
3.54 |
|
INTEREST |
% |
1.59 |
1.63 |
1.17 |
|
GROSS PROFIT MARGIN |
% |
6.52 |
8.28 |
6.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.35 |
3.39 |
3.14 |
|
NET PROFIT MARGIN |
% |
1.31 |
1.29 |
1.42 |
|
RETURN ON EQUITY |
% |
7.24 |
6.92 |
7.78 |
|
RETURN ON ASSET |
% |
1.90 |
1.28 |
1.86 |
|
EARNING PER SHARE |
BAHT |
19.52 |
17.31 |
18.11 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.82 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.81 |
4.43 |
3.18 |
|
TIME INTEREST EARNED |
TIMES |
2.11 |
2.09 |
2.70 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
11.37 |
5.09 |
|
|
OPERATING PROFIT |
% |
10.14 |
13.35 |
|
|
NET PROFIT |
% |
12.73 |
(4.42) |
|
|
FIXED ASSETS |
% |
(23.51) |
26.48 |
|
|
TOTAL ASSETS |
% |
(24.35) |
39.62 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 11.37%. Turnover has increased from THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.52 |
Deteriorated |
Industrial Average |
16.41 |
|
Net Profit Margin |
1.31 |
Satisfactory |
Industrial Average |
1.41 |
|
Return on Assets |
1.90 |
Acceptable |
Industrial Average |
3.02 |
|
Return on Equity |
7.24 |
Satisfactory |
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 6.52%. 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 1.31%.
When compared with the industry average, the ratio of the company was lower.
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 1.9%.
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 7.24%.
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 |
1.34 |
Satisfactory |
Industrial Average |
1.66 |
|
Quick Ratio |
0.17 |
|
|
|
|
Cash Conversion Cycle |
244.97 |
|
|
|
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 1.34 times in 2014, decrease from 1.22 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 0.17 times in 2014,
decrease from 0.49 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 245 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.74 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
2.81 |
Risky |
Industrial Average |
1.49 |
|
Times Interest Earned |
2.11 |
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 2.12 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 0.74 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
: SATISFACTORY
ACTIVITY
RATIO
|
Fixed Assets Turnover |
163.53 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.46 |
Acceptable |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
229.57 |
|
|
|
|
Inventory Turnover |
1.59 |
Deteriorated |
Industrial Average |
3.44 |
|
Receivables Conversion Period |
31.09 |
|
|
|
|
Receivables Turnover |
11.74 |
Impressive |
Industrial Average |
4.11 |
|
Payables Conversion Period |
15.68 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.74 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 237 days at the
end of 2013 to 230 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 1.54 times in year 2013 to 1.59 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.46 times and 0.99
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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
0.89 |
25.00 |
22.25 |
|
ACTIVITY RATIO |
2.33 |
20.00 |
46.60 |
|
PROFITABILITY
RATIO |
1.67 |
25.00 |
41.75 |
|
LEVERAGE RATIO |
1.78 |
10.00 |
17.80 |
|
ANNUAL GROWTH |
2.40 |
20.00 |
48.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
176.40 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.