MIRA INFORM REPORT
|
Report No. : |
351442 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PETCHSEEG THAI CO., LTD. |
|
|
|
|
Registered Office : |
Unit 2201, 2nd Floor, O.P. Garden Building, 46 Charoenkrung
36 Road, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
10.07.1996 |
|
|
|
|
Com. Reg. No.: |
0105539076680 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in
importing and distributing diamonds,
precious stones and jewelry
products, such as
ring, bangles, earring,
necklace, pendants &
etc., as well as
exporting of local
jewelry products. |
|
|
|
|
No. of Employees : |
04 |
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 : |
Small Company |
|
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 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
PETCHSEEG THAI CO., LTD.
SUMMARY
BUSINESS ADDRESS : UNIT
2201, 2nd FLOOR,
O.P. GARDEN BUILDING,
46 CHAROENKRUNG
36 ROAD, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2267-4604
FAX : [66] 2267-4605
E-MAIL ADDRESS : petchseeg@gmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539076680
TAX ID NO. : 3011740262
CAPITAL REGISTERED : BHT.
9,000,000
CAPITAL PAID-UP : BHT.
9,000,000
SHAREHOLDER’S PROPORTION : THAI
: 52.00%
INDIAN
: 48.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MS. MANEERAT SONGLERTMETHA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 4
LINES OF BUSINESS : DIAMONDS AND
JEWELRY PRODUCTS
IMPORTER, DISTRIBUTOR
AND 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 July 10,
1996 as a
private limited company
under the registered
name PETCHSEEG THAI CO., LTD., by
Thai and Indian groups,
with the objective
to engage in
diamonds and jewelry
trading business. It
currently employs
approximately 4 staff.
The subject’s registered address
was initially located
at Suite 205E, 31st Floor, Gems Tower,
1249/205 Charoenkrung Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
On December 20,
2013, its registered
address was relocated
to Unit 2201,
2nd Floor, O.P.
Garden Building, Charoenkrung
36 Road, Bangrak,
Bangkok 10500 and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hemu Singh Jain |
|
Indian |
45 |
|
Mr. Khan Sarasuwan |
|
Thai |
52 |
|
Ms. Maneerat Songlertmetha |
|
Thai |
47 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Maneerat Songlertmetha is
the Managing Director.
She is Thai
nationality with the
age of 47 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing diamonds,
precious stones and jewelry
products, such as
ring, bangles, earring,
necklace, pendants &
etc., as well as
exporting of local
jewelry products.
PURCHASE
The products are
purchased from suppliers
and manufacturers in
both domestic and
overseas, mainly in
India and Hong
Kong.
SALES
Imported products are
sold locally to
traders, manufacturers and
end-users.
EXPORT
Thai jewelry products
are exported to
India, Japan, Republic
of China, U.S.A.,
Russia, Singapore and
Hong Kong.
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.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
4 staff.
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address. Premise is
located in a
prime commercial area.
COMMENT
Diamond and jewelry
consumption in 2014
was slightly dropped
comparing to the
same period of the
previous year’s level
due to a
slowdown of jewelry
industry of both
local and overseas
markets.
However, the subject would have
an advantage from
weakness of Thai
baht against other currencies which is
favourable to the
exporter at the
moment. Despite of
slowdown of economy, the
subject expects a moderate
business this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided
into 30,000 shares
of
Bht. 100 each.
The capital was
increased later as
following:
Bht. 5,000,000
on May 23,
2001
Bht. 7,000,000
on December 4,
2002
Bht. 9,000,000
on April 1,
2004
The latest registered
capital was increased
to Bht. 9 million,
divided into 90,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Hemu Singh Jain Nationality: Indian Address : 158
Charoennakorn Rd., Banglampulang,
Klongsan, Bangkok |
43,200 |
48.00 |
|
Ms. Maneerat Songlertmetha Nationality: Thai Address : 223/23
Nares Rd., Siphaya,
Bangrak, Bangkok |
27,300 |
30.33 |
|
Mrs. Buarian Narongchai Nationality: Thai Address : 339/3
Charoenkrung Rd., Wadphrayakrai,
Bangkorlaem, Bangkok |
5,500 |
6.11 |
|
Mr. Khan Sarasuwan Nationality: Thai Address : 72/15
Moo 11, Petchkasem
Rd., Bangkae,
Pasicharoen, Bangkok |
4,500 |
5.00 |
|
Mrs. Thanyaporn Songlertmetha Nationality: Thai Address : 223/23
Nares Rd., Siphaya,
Bangrak, Bangkok |
4,500 |
5.00 |
|
Mr. Rasalam Salaemae Nationality: Thai Address : 21
Chuewa-Saijom Rd., Taluban,
Saiburi, Pattani |
2,500 |
2.78 |
|
Mr. Isma-ae Salae Nationality: Thai Address : 56
Moo 2, Thanam,
Panare, Pattani |
2,500 |
2.78 |
Total Shareholders : 7
Shareholders Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
46,800 |
52.00 |
|
Foreign - Indian |
1 |
43,200 |
48.00 |
|
Total |
7 |
90,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Manit Nilpraphan No. 4055
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 |
680,117.41 |
546,008.65 |
771,284.12 |
|
Trade Accounts & Other
Receivable |
12,501,547.73 |
6,676,774.32 |
7,421,876.14 |
|
Short-term Loans |
500,000.00 |
- |
- |
|
Inventories |
36,974,719.55 |
18,794,064.08 |
20,152,302.86 |
|
Other Current Assets
|
299,238.83 |
- |
- |
|
|
|
|
|
|
Total Current Assets
|
50,955,623.52 |
26,016,847.05 |
28,345,463.12 |
|
Fixed Assets |
474,901.11 |
440,015.02 |
1,624,283.60 |
|
Other Non-current Assets |
336,640.00 |
336,640.00 |
336,640.00 |
|
Total Assets |
51,767,164.63 |
26,793,502.07 |
30,306,386.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
- |
- |
778,843.49 |
|
Trade Accounts & Other
Payable |
39,494,115.38 |
13,788,330.79 |
16,929,388.16 |
|
Accrued Income Tax |
172,106.63 |
92,855.06 |
120,819.90 |
|
Other Current Liabilities |
53,288.21 |
28,203.69 |
67,683.01 |
|
|
|
|
|
|
Total Current Liabilities |
39,719,510.22 |
13,909,389.54 |
17,896,734.56 |
|
Total Liabilities |
39,719,510.22 |
13,909,389.54 |
17,896,734.56 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 90,000 shares |
9,000,000.00 |
9,000,000.00 |
9,000,000.00 |
|
|
|
|
|
|
Capital Paid |
9,000,000.00 |
9,000,000.00 |
9,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
3,047,654.41 |
3,884,112.53 |
3,409,652.16 |
|
Total Shareholders' Equity |
12,047,654.41 |
12,884,112.53 |
12,409,652.16 |
|
Total Liabilities & Shareholders' Equity |
51,767,164.63 |
26,793,502.07 |
30,306,386.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Export Income |
21,219,116.67 |
30,115,779.84 |
20,925,921.28 |
|
Sales Income |
12,259,505.02 |
6,298,173.26 |
6,341,570.98 |
|
Other Income |
249,911.89 |
2,159,445.28 |
415,879.04 |
|
Total Revenues |
33,728,533.58 |
38,573,398.38 |
27,683,371.30 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished
Goods and Work in Process |
[18,180,655.47] |
1,358,238.78 |
[7,035,699.64] |
|
Purchase of Goods |
46,347,525.74 |
30,744,648.43 |
29,272,492.61 |
|
Employees Benefit Expenses |
3,882,274.00 |
3,279,000.00 |
2,664,000.00 |
|
Advertising |
21,700.00 |
- |
- |
|
Vehicle Expenses |
21,720.00 |
22,150.00 |
13,900.00 |
|
Depreciation and Amortization |
113,001.41 |
90,206.61 |
70,783.82 |
|
Other Expenses |
1,939,788.39 |
2,157,493.40 |
1,175,686.05 |
|
Total Expenses |
34,145,354.07 |
37,651,737.22 |
26,161,162.84 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost and Income
Tax |
[416,820.49] |
921,661.16 |
1,522,208.46 |
|
Financial Cost |
- |
[18,070.73] |
[98,580.71] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[416,820.49] |
903,590.43 |
1,423,627.75 |
|
Income Tax |
[419,637.63] |
[429,130.06] |
[329,461.90] |
|
Net Profit / [Loss] |
[836,458.12] |
474,460.37 |
1,094,165.85 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.28 |
1.87 |
1.58 |
|
QUICK RATIO |
TIMES |
0.34 |
0.52 |
0.46 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
70.50 |
82.76 |
16.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.65 |
1.36 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
479.14 |
213.68 |
330.78 |
|
INVENTORY TURNOVER |
TIMES |
0.76 |
1.71 |
1.10 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
136.30 |
66.93 |
99.35 |
|
RECEIVABLES TURNOVER |
TIMES |
2.68 |
5.45 |
3.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
511.78 |
156.77 |
277.88 |
|
CASH CONVERSION CYCLE |
DAYS |
103.65 |
123.84 |
152.25 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.13 |
88.16 |
81.55 |
|
SELLING & ADMINISTRATION |
% |
12.06 |
9.31 |
10.08 |
|
INTEREST |
% |
- |
0.05 |
0.36 |
|
GROSS PROFIT MARGIN |
% |
16.61 |
17.77 |
19.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.25) |
2.53 |
5.58 |
|
NET PROFIT MARGIN |
% |
(2.50) |
1.30 |
4.01 |
|
RETURN ON EQUITY |
% |
(6.94) |
3.68 |
8.82 |
|
RETURN ON ASSET |
% |
(1.62) |
1.77 |
3.61 |
|
EARNING PER SHARE |
BAHT |
(9.29) |
5.27 |
12.16 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.52 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.30 |
1.08 |
1.44 |
|
TIME INTEREST EARNED |
TIMES |
- |
51.00 |
15.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.06) |
33.54 |
|
|
OPERATING PROFIT |
% |
(145.22) |
(39.45) |
|
|
NET PROFIT |
% |
(276.30) |
(56.64) |
|
|
FIXED ASSETS |
% |
7.93 |
(72.91) |
|
|
TOTAL ASSETS |
% |
93.21 |
(11.59) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -8.06%. Turnover has decreased from THB 36,413,953.10
in 2013 to THB 33,478,621.69 in 2014. While net profit has decreased from THB
474,460.37 in 2013 to THB -836,458.12 in 2014. And total assets has increased
from THB 26,793,502.07 in 2013 to THB 51,767,164.63 in 2014.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.61 |
Impressive |
Industrial Average |
14.45 |
|
Net Profit Margin |
(2.50) |
Deteriorated |
Industrial Average |
2.32 |
|
Return on Assets |
(1.62) |
Deteriorated |
Industrial Average |
4.94 |
|
Return on Equity |
(6.94) |
Deteriorated |
Industrial Average |
13.14 |
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 16.61%. 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 -2.5%.
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 -1.62%.
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 -6.94%.
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 |
1.28 |
Acceptable |
Industrial Average |
1.77 |
|
Quick Ratio |
0.34 |
|
|
|
|
Cash Conversion Cycle |
103.65 |
|
|
|
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 1.28 times in 2014, decrease from 1.87 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 0.34 times in 2014,
decrease from 0.52 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 104 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
3.30 |
Risky |
Industrial Average |
1.46 |
|
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.77 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 |
70.50 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.65 |
Deteriorated |
Industrial Average |
2.13 |
|
Inventory Conversion Period |
479.14 |
|
|
|
|
Inventory Turnover |
0.76 |
Deteriorated |
Industrial Average |
3.38 |
|
Receivables Conversion Period |
136.30 |
|
|
|
|
Receivables Turnover |
2.68 |
Acceptable |
Industrial Average |
4.06 |
|
Payables Conversion Period |
511.78 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.68 and 5.45 in
2014 and 2013 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2014
decreased from 2013. This would suggest the company had deteriorated in the
management of its debt collections.
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 214 days at the
end of 2013 to 479 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 1.71 times in year 2013 to 0.76 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.65 times and 1.36
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.