MIRA INFORM REPORT
|
Report No. : |
351570 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRAPORN DARSUT LIMITED |
|
|
|
|
Registered Office : |
8/6 Soi Mongkolnives, Vibhavadi-Rangsit Road, Ladyao, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
17.12.1986 |
|
|
|
|
Com. Reg. No.: |
0105529046061 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Machinery, Chemical and Material Supplies |
|
|
|
|
No. of Employees : |
12 |
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 |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
Name
PRAPORN DARSUT
LIMITED
SUMMARY
BUSINESS
ADDRESS : 8/6
SOI MONGKOLNIVES,
VIBHAVADI-RANGSIT ROAD,
LADYAO, JATUJAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2941-1929
FAX :
[66] 2562-0736-7
E-MAIL
ADDRESS : praporn.darsut@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529046061 [Former : 4609/2529]
TAX
ID NO, : 3101424256
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI :
95.00%
INDIAN
: 5.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
SIRILAK KONGSAEN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : INDUSTRIAL MACHINERY,
CHEMICAL
AND MATERIAL
SUPPLIES
IMPORTER AND 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 December 17,
1986 as a
private limited company
under the registered
name PRAPORN DARSUT
LIMITED, by Thai groups,
in order to
distribute industrial machinery,
chemicals and material supplies
for various industries.
It currently employs
12 staff.
The
subject’s registered address
was initially at 1575/37 Phaholyothin Rd., Samsennai,
Phyathai, Bangkok 10900.
On
December 16, 2005,
the subject’s registered
address was relocated
to 8/6 Soi
Mongkolnives, Vibhavadi-Rangsit Rd.,
Ladyao, Jatujak, Bangkok 10900, and
this is the
subject’s
current operation address.
THE BOARD OF DIRECTOR
Ms. Sirilak Kongsaen
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Sirilak Kongsaen is
the Managing Director.
She is Thai
nationality with the
age of 52
years old.
Mr. Dinesh Poojary is
the Deputy Managing
Director & Sales Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
distributing and commission
agent of industrial
machinery, chemicals and
material supplies for various
industries such as
pharmaceuticals, packaging, household,
stainless steel and
etc.
PURCHASE
Most of the
products are imported
from India, Republic of
China, Japan and
Germany, the remaining
is purchased from
local suppliers.
MAJOR SUPPLIER
Alexanderwerk AG. : Germany
SALES
The products are
sold and serviced
locally by wholesale to
manufacturers 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 for 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Soi Aree
Branch, Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address. Premise is
located in commercial/residential area.
Warehouse and Branch office
is located at
1/32 Moo 8, Prachachuen Rd., T. Bangtalad, A. Pakkred,
Nonthaburi 11120.
COMMENT
The
subject’s business performance
has been slowing down
from both strong
competitive
market
and shrinking consumption from industrial
sector. Its business
has grown at
slow pace since
the previous year.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,500,000
divided into 1,500
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 10,500,000
on June 29,
1995
Bht. 20,000,000
on June 17,
1998
Bht. 30,000,000
on August 6, 2001
The
latest registered capital
was increased to
Bht. 30 million divided
into 30,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sirilak Kongsaen Nationality: Thai Address : 101/61 Moo 2, T. Saima,
A. Muang, Nonthaburi |
25,300 |
84.33 |
|
Mr. Dinesh Poojary Nationality: Indian Address : 8/6
Vibhavadi-Rangsit Road, Ladyao,
Jatujak, Bangkok |
1,500 |
5.00 |
|
Mr. Thaitiwas Sudjiadee Nationality: Thai Address : 101/61 Moo 2, T. Saima,
A. Muang, Nonthaburi |
1,000 |
3.33 |
|
Ms. Thitiporn Sudjiadee Nationality: Thai Address : 101/61 Moo 2, T. Saima,
A. Muang, Nonthaburi |
1,000 |
3.33 |
|
Ms. Thitaporn Sudjiadee Nationality: Thai Address : 101/61 Moo 2, T. Saima,
A. Muang, Nonthaburi |
1,000 |
3.33 |
|
Mr. Sakchai Kongsaen Nationality: Thai Address : 1/11/1 Moo 10, T. Taladkwan, A. Muang, Nonthaburi |
200 |
0.68 |
Total Shareholders : 6
Share Structure
[as at
April 30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
28,500 |
95.00 |
|
Foreign - Indian |
1 |
1,500 |
5.00 |
|
Total |
6 |
30,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Amornrat Boonthanakorn No. 4769
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
|
114,937.23 |
85,810.11 |
3,005,923.19 |
|
Short-term Investment |
- |
56,501.25 |
56,501.25 |
|
Trade Accounts &
Other Receivable |
8,828,349.30 |
4,514,025.51 |
9,792,609.27 |
|
Short-term Loan to
Director |
18,266,600.00 |
14,487,416.00 |
9,868,087.36 |
|
Inventories |
4,008,537.84 |
2,010,532.78 |
2,447,358.61 |
|
Other Current Assets
|
200,415.07 |
159,205.66 |
126,265.24 |
|
|
|
|
|
|
Total Current Assets
|
31,418,839.44 |
21,313,491.31 |
25,296,744.92 |
|
Long-term Investment |
100,000.00 |
100,000.00 |
- |
|
Fixed Assets |
14,068,700.81 |
16,682,988.26 |
18,677,288.38 |
|
Other Non-current Assets |
602,813.76 |
163,100.00 |
163,100.00 |
|
Total Assets |
46,190,354.01 |
38,259,579.57 |
44,137,133.30 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft
& Short-term Loan from
Financial
Institution |
12,126,544.23 |
3,391,428.90 |
- |
|
Trade Accounts
& Other Payable |
9,941,460.43 |
5,637,354.86 |
18,878,988.48 |
|
Current Portion
of Finance Lease
Contract
Liabilities |
1,311,222.50 |
1,316,979.46 |
1,390,056.97 |
|
Current Portion
of Long-term Loan from
Financial
Institution |
1,604,058.16 |
1,448,307.31 |
1,167,081.98 |
|
Accrued Income
Tax |
- |
1,021,258.98 |
380,601.93 |
|
Other Current
Liabilities |
5,358.86 |
- |
- |
|
|
|
|
|
|
Total Current
Liabilities |
24,988,644.18 |
12,815,329.51 |
21,816,729.36 |
|
Long-term Loan
- Net of
Current Portion |
629,633.38 |
1,940,855.88 |
2,699,130.00 |
|
Long-term Loan
from Financial Institution
-
Net of Current
Portion |
9,189,177.26 |
10,657,264.35 |
10,956,135.77 |
|
Employee Benefit
Obligation |
748,036.69 |
634,295.97 |
750,299.22 |
|
Total Liabilities |
35,555,491.51 |
26,047,745.71 |
36,222,294.35 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000 par
value Authorized &
issued share capital
30,000 shares
|
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
[19,365,137.50] |
[17,788,166.14] |
[22,085,161.05] |
|
|
|
|
|
|
Total Shareholders' Equity |
10,634,862.50 |
12,211,833.86 |
7,914,838.95 |
|
Total Liabilities & Shareholders' Equity |
46,190,354.01 |
38,259,579.57 |
44,137,133.30 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
39,585,357.86 |
68,162,554.34 |
47,805,773.62 |
|
Service Income |
253,384.92 |
194,367.78 |
168,474.24 |
|
Other Income |
1,288,353.34 |
812,324.84 |
87,288.04 |
|
Total Revenues |
41,127,096.12 |
69,169,246.96 |
48,061,535.90 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
27,353,474.41 |
46,080,062.59 |
30,263,200.94 |
|
Selling Expenses |
2,729,118.49 |
4,826,073.18 |
4,826,073.18 |
|
Administrative Expenses |
10,729,502.41 |
11,456,775.47 |
11,236,334.67 |
|
Total Expenses |
40,812,095.31 |
62,362,911.24 |
46,325,608.79 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
315,000.81 |
6,806,335.72 |
1,735,927.11 |
|
Financial Cost |
[1,691,741.93] |
[1,136,213.87] |
[1,154,408.56] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[1,376,741.12] |
5,670,121.85 |
581,518.55 |
|
Income Tax |
[200,230.24] |
[1,373,126.94] |
[696,222.52] |
|
Net Profit / [Loss] |
[1,576,971.36] |
4,296,994.91 |
[114,703.97] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
1.66 |
1.16 |
|
QUICK RATIO |
TIMES |
1.09 |
1.49 |
1.04 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.83 |
4.10 |
2.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.86 |
1.79 |
1.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
53.49 |
15.93 |
29.52 |
|
INVENTORY TURNOVER |
TIMES |
6.82 |
22.92 |
12.37 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.88 |
24.10 |
74.50 |
|
RECEIVABLES TURNOVER |
TIMES |
4.51 |
15.14 |
4.90 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
132.66 |
44.65 |
227.70 |
|
CASH CONVERSION CYCLE |
DAYS |
1.72 |
(4.62) |
(123.67) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.66 |
67.41 |
63.08 |
|
SELLING & ADMINISTRATION |
% |
33.78 |
23.82 |
33.48 |
|
INTEREST |
% |
4.25 |
1.66 |
2.41 |
|
GROSS PROFIT MARGIN |
% |
34.57 |
33.78 |
37.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.79 |
9.96 |
3.62 |
|
NET PROFIT MARGIN |
% |
(3.96) |
6.29 |
(0.24) |
|
RETURN ON EQUITY |
% |
(14.83) |
35.19 |
(1.45) |
|
RETURN ON ASSET |
% |
(3.41) |
11.23 |
(0.26) |
|
EARNING PER SHARE |
BAHT |
(52.57) |
143.23 |
(3.82) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.68 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.34 |
2.13 |
4.58 |
|
TIME INTEREST EARNED |
TIMES |
0.19 |
5.99 |
1.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(41.72) |
42.49 |
|
|
OPERATING PROFIT |
% |
(95.37) |
292.09 |
|
|
NET PROFIT |
% |
(136.70) |
3,846.16 |
|
|
FIXED ASSETS |
% |
(15.67) |
(10.68) |
|
|
TOTAL ASSETS |
% |
20.73 |
(13.32) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -41.72%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.57 |
Impressive |
Industrial
Average |
0.91 |
|
Net Profit Margin |
(3.96) |
Deteriorated |
Industrial
Average |
2.22 |
|
Return on Assets |
(3.41) |
Deteriorated |
Industrial
Average |
7.20 |
|
Return on Equity |
(14.83) |
Deteriorated |
Industrial
Average |
12.95 |
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 34.57%. 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 -3.96%.
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 -3.41%.
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 -14.83%.
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 |
1.26 |
Acceptable |
Industrial
Average |
1.76 |
|
Quick Ratio |
1.09 |
|
|
|
|
Cash Conversion Cycle |
1.72 |
|
|
|
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 1.26 times in 2014, decreased
from 1.66 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 1.09 times in 2014,
decreased from 1.49 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 2 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 |
0.51 |
|
Debt to Equity Ratio |
3.34 |
Risky |
Industrial
Average |
1.05 |
|
Times Interest Earned |
0.19 |
Risky |
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 0.19 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
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 Uptrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.83 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.86 |
Deteriorated |
Industrial
Average |
3.24 |
|
Inventory Conversion Period |
53.49 |
|
|
|
|
Inventory Turnover |
6.82 |
Deteriorated |
Industrial
Average |
25.28 |
|
Receivables Conversion Period |
80.88 |
|
|
|
|
Receivables Turnover |
4.51 |
Acceptable |
Industrial
Average |
6.54 |
|
Payables Conversion Period |
132.66 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.51 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 16 days at the
end of 2013 to 53 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 22.92 times in year 2013 to 6.82
times in year 2014.
The company's Total Asset Turnover is calculated as 0.86 times and 1.79
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
|
THAI BHAT |
1 |
Rs.1.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
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.