MIRA INFORM REPORT
|
Report No. : |
349361 |
|
Report Date : |
16.11.2015 |
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) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.04.2010 |
|
|
|
|
Com. Reg. No.: |
0105553047225 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and
distributing various designs
of ceramic tiles for
both wall and
floor, as well
as providing an
installation service of
the products for hotel & resort, hospital, commercial building, housing,
office building, condominium, apartment, commercial shop,
showroom |
|
|
|
|
No. of Employee : |
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 : |
Good |
|
|
|
|
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 |
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, 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
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. 5,000,000
CAPITAL PAID-UP : BHT. 5,000,000
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 |
51 |
|
Mr. Charti Mahalao |
|
Thai |
54 |
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 54
years old.
Ms. Wipa Kaewboran is the
Deputy Managing Director.
She is
Thai nationality with
the age of
51 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 of the products
for hotel & resort, hospital, commercial building, housing,
office building, condominium, apartment, commercial shop,
showroom and etc.
MAJOR
BRANDS
“SANFORD”, “TOCERA”,
“VTC”
PURCHASE
The products
are purchased from
suppliers both domestic
and overseas, in
India, Vietnam, Republic
of China and
Malaysia.
MAJOR
SUPPLIER
VTC International
Ceramics Joint Stock
Company : Vietnam
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 IRICO’S
DATABASE for 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 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 2014.
It also expects
a good business
this year from
an improvement in
related business in
general.
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. 3,000,000
on March 18,
2013
Bht. 5,000,000
on October 24,
2014
The latest registered
capital was increased
to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
29, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Wipa Kaewboran Nationality: Thai Address :
62 Prachapattana Road,
Thabyao, Ladkrabang, Bangkok
|
20,000 |
40.00 |
|
Mr.
Charti Mahalao Nationality: Thai Address :
174/7 Rimklongdan Road,
Bangkho, Jomthong, Bangkok
|
20,000 |
40.00 |
|
Ms. Warunee Likitsupin Nationality: Thai Address :
493 Prachapattana Road,
Thabyao, Ladkrabang, Bangkok
|
5,000 |
10.00 |
|
Mr.
Kirksak Likitsupin Nationality: Thai Address :
5 Soi Ladkrabang 15/1,
Ladkrabang, Bangkok |
5,000 |
10.00 |
Total
Shareholders : 4
Share Structure
[as at
April 29, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
50,000 |
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, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,199,801.38 |
1,571,986.03 |
1,849,784.92 |
|
Short-term
Investment |
31,514,845.08 |
20,187,806.59 |
8,009,821.37 |
|
Trade Accounts
& Other Receivable |
15,159,786.88 |
23,821,801.42 |
17,337,099.74 |
|
Inventories |
10,752,078.59 |
6,855,284.76 |
4,015,421.38 |
|
Other Current
Assets |
853,686.47 |
568,197.89 |
153,737.49 |
|
|
|
|
|
|
Total Current
Assets |
59,480,198.40 |
53,005,076.69 |
31,365,864.90 |
|
Investment in
Subsidiaries |
600,000.00 |
- |
- |
|
Fixed Assets |
8,024,237.47 |
5,351,622.19 |
2,157,065.29 |
|
Total Assets |
68,104,435.87 |
58,356,698.88 |
33,522,930.19 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
41,282,488.20 |
42,588,823.74 |
19,104,737.83 |
|
Short-term Loan
from Related Person |
- |
- |
2,064,603.96 |
|
Current Portion
of Financial Lease Contract Liabilities |
570,372.00 |
- |
- |
|
Current Portion
of Long-term Loan from
Financial
Institution |
181,936.29 |
170,124.07 |
232,925.09 |
|
Accrued Income
Tax |
3,368,949.23 |
1,631,138.45 |
1,037,492.95 |
|
Accrued Dividend |
- |
- |
3,329,235.53 |
|
Other Current
Liabilities |
- |
72,443.81 |
112,489.39 |
|
|
|
|
|
|
Total Current
Liabilities |
45,403,745.72 |
44,462,530.07 |
25,881,484.75 |
|
Financial
Lease Contract Liabilities |
965,678.22 |
- |
- |
|
Long-term Loan
from Financial Institution |
560,443.10 |
821,428.32 |
992,422.98 |
|
Total Liabilities
|
46,929,867.04 |
45,283,958.39 |
26,873,907.73 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized
and issued share
capital 50,000
shares in 2014 30,000
shares in 2013 10,000
shares in 2012 |
5,000,000.00 |
3,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
3,000,000.00 |
1,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
500,000.00 |
300,000.00 |
100,000.00 |
|
Unappropriated [Deficit] |
15,674,568.83 |
9,772,740.49 |
5,549,022.46 |
|
|
|
|
|
|
Total
Shareholders' Equity |
21,174,568.83 |
13,072,740.49 |
6,649,022.46 |
|
Total Liabilities
& Shareholders' Equity |
68,104,435.87 |
58,356,698.88 |
33,522,930.19 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
225,067,931.18 |
209,833,227.36 |
150,947,859.04 |
|
Gain on
Exchange Rate |
- |
- |
110,192.37 |
|
Other Income |
1,229,878.79 |
536,894.76 |
246,754.54 |
|
Total Revenues |
226,297,809.97 |
210,370,122.12 |
151,304,805.95 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
184,999,132.01 |
172,274,542.11 |
129,029,197.09 |
|
Selling Expenses |
6,122,479.42 |
9,795,871.95 |
4,281,038.86 |
|
Administrative Expenses |
12,939,256.54 |
12,013,323.17 |
9,416,559.74 |
|
Loss from
Exchange Rate |
97,464.22 |
2,604,468.23 |
- |
|
Total Expenses
|
204,158,332.19 |
196,688,205.46 |
142,726,795.69 |
|
|
|
|
|
|
Profit / Loss]
before Financial Cost & Income Tax |
22,139,477.78 |
13,681,916.66 |
8,578,010.26 |
|
Financial Cost |
[1,555,632.61] |
[1,170,122.90] |
[1,370,494.85] |
|
|
|
|
|
|
Profit /
[Loss] before Income Tax
|
20,583,845.17 |
12,511,793.76 |
7,207,515.41 |
|
Income Tax |
[4,709,276.34] |
[2,539,053.27] |
[1,658,492.95] |
|
Net Profit / [Loss] |
15,874,568.83 |
9,972,740.49 |
5,549,022.46 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.31 |
1.19 |
1.21 |
|
QUICK RATIO |
TIMES |
1.05 |
1.03 |
1.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
28.05 |
39.21 |
69.98 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
3.30 |
3.60 |
4.50 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
21.21 |
14.52 |
11.36 |
|
INVENTORY
TURNOVER |
TIMES |
17.21 |
25.13 |
32.13 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
24.59 |
41.44 |
41.92 |
|
RECEIVABLES
TURNOVER |
TIMES |
14.85 |
8.81 |
8.71 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
81.45 |
90.23 |
54.04 |
|
CASH CONVERSION
CYCLE |
DAYS |
(35.65) |
(34.27) |
(0.76) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
82.20 |
82.10 |
85.48 |
|
SELLING &
ADMINISTRATION |
% |
8.47 |
10.39 |
9.07 |
|
INTEREST |
% |
0.69 |
0.56 |
0.91 |
|
GROSS PROFIT
MARGIN |
% |
18.35 |
18.16 |
14.76 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
9.84 |
6.52 |
5.68 |
|
NET PROFIT MARGIN |
% |
7.05 |
4.75 |
3.68 |
|
RETURN ON EQUITY |
% |
74.97 |
76.29 |
83.46 |
|
RETURN ON ASSET |
% |
23.31 |
17.09 |
16.55 |
|
EARNING PER SHARE |
BAHT |
317.49 |
332.42 |
554.90 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.78 |
0.80 |
|
DEBT TO EQUITY
RATIO |
TIMES |
2.22 |
3.46 |
4.04 |
|
TIME INTEREST
EARNED |
TIMES |
14.23 |
11.69 |
6.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.26 |
39.01 |
|
|
OPERATING PROFIT |
% |
61.82 |
59.50 |
|
|
NET PROFIT |
% |
59.18 |
79.72 |
|
|
FIXED ASSETS |
% |
49.94 |
148.10 |
|
|
TOTAL ASSETS |
% |
16.70 |
74.08 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth
is 7.26%. Turnover has increased from THB
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit
Margin |
18.35 |
Impressive |
Industrial Average |
17.55 |
|
Net Profit Margin |
7.05 |
Impressive |
Industrial Average |
1.35 |
|
Return on Assets |
23.31 |
Impressive |
Industrial Average |
2.35 |
|
Return on Equity |
74.97 |
Impressive |
Industrial Average |
7.52 |
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 18.35%. 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 7.05%, 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 23.31%, 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 74.97%, 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 |
1.31 |
Satisfactory |
Industrial Average |
1.39 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion
Cycle |
(35.65) |
|
|
|
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 1.31 times in 2014,
increased 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 1.05 times in 2014, increased from 1.03
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 -36 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Downtrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity
Ratio |
2.22 |
Acceptable |
Industrial Average |
2.32 |
|
Times Interest
Earned |
14.23 |
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
14.24 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 0.69 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 |
28.05 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
3.30 |
Impressive |
Industrial Average |
1.74 |
|
Inventory
Conversion Period |
21.21 |
|
|
|
|
Inventory
Turnover |
17.21 |
Impressive |
Industrial Average |
3.76 |
|
Receivables
Conversion Period |
24.59 |
|
|
|
|
Receivables
Turnover |
14.85 |
Impressive |
Industrial Average |
4.37 |
|
Payables
Conversion Period |
81.45 |
|
|
|
The company's
Account Receivable Ratio is calculated as 14.85 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 15 days at the end of 2013 to 21 days at the end of 2014. This
represents a negative trend. And Inventory turnover has decreased from 25.13
times in year 2013 to 17.21 times in year 2014.
The company's Total
Asset Turnover is calculated as 3.3 times and 3.6 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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.