MIRA INFORM REPORT
|
Report No. : |
340488 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PREMIUM METALS CO., LTD. |
|
|
|
|
Registered Office : |
6th Floor, 246/1
Charumuang Road, Rongmuang,
Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
01.06.2005 |
|
|
|
|
Com. Reg. No.: |
0745548002035 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in importing
and distributing various
kinds of metals and
non-metals such as
nickel, tin, zinc,
aluminum. The subject also
provides cutting service
of the products
according to customer’s
requirement. |
|
|
|
|
No. of Employees : |
40 |
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 |
|
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 |
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’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
PREMIUM METALS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 6th
FLOOR, 246/1 CHARUMUANG
ROAD,
RONGMUANG,
PATHUMWAN,
BANGKOK
10330, THAILAND
TELEPHONE : [66] 2613-9538
FAX : [66] 2613-9540
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0745548002035
TAX ID NO. : 3031839281
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRASERT KIATSAKSRI, THAI
MANAGING DIRECTOR
NO. OF STAFF : 40
LINES OF BUSINESS : METALS AND
NON-METALS
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 June
1, 2005 as
a private limited
company under the
registered name PREMIUM
METALS CO., LTD., by
Thai groups, with the
business objective to
supply products and service
various kinds of
metals and non-metals. It
currently employs approximately 40
staff.
The subject’s registered
address is 6th Floor,
246/1 Charumuang Road,
Rongmuang, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasert Kiatsaksri |
|
Thai |
66 |
|
Mr. Prasit Kiatsaksri |
|
Thai |
59 |
|
Mr. Prateep Kiatsaksri |
|
Thai |
56 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prasert Kiatsaksri is
the Managing Director.
He is Thai
nationality with the
age of 66
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of metals and
non-metals such as
nickel, tin, zinc,
aluminum and etc. The subject
also provides cutting
service of the
products according to
customer’s requirement.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas in
Republic of China,
India and Australia.
MAJOR SUPPLIERS
Thai Metal Trade
Public Company Limited : Thailand
CS Steel Products
Co., Ltd. : Thailand
Tata Steel [Thailand]
Public Company Limited : Thailand
SALES
100% of the
products is sold
locally by wholesale
to traders, 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 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 40 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial
area.
Branch/warehouse:
198-198/1-2 Moo 10, T.
Panthong, A. Panthong, Chonburi
20160.
COMMENT
Subject imports and
distributes metals and
non-metals products. The
products are varies such as
nickel, tin, zinc, aluminum and etc.
In 2014 overall
industrial sector was
slowdown, but the
subject was able to
maintain strong business,
as well as
managed to obtain
a profit at
the end of
year.
FINANCIAL INFORMATION
The capital was registered at Bht. 5,000,000 divided into 50,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at October 31,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prasert Kiatsaksri Nationality: Thai Address : 47
Charumuang Road, Rongmuang,
Pathumwan, Bangkok |
15,000 |
30.00 |
|
Mr. Prateep Kiatsaksri Nationality: Thai Address : 29/8
Moo 2, T. Bangnamjued, A. Muang, Samutsakorn
|
10,000 |
20.00 |
|
Mr. Prasit Kiatsaksri Nationality: Thai Address : 28/2
Moo 11, T. Bangpleeyai, A. Bangplee, Samutprakarn |
10,000 |
20.00 |
|
Ms. Vijit Kiatsaksri Nationality: Thai Address : 26/5
Moo 5, Puthabucha
Road, Bangmod,
Jomthong, Bangkok |
5,000 |
10.00 |
|
Mrs. Wilai Chaisanguanjirakul Nationality: Thai Address : 496/2-3
Rama 4 Road,
Mahaprutharam,
Bangrak, Bangkok |
2,500 |
5.00 |
|
Ms. Vipa Kiatsaksri Nationality: Thai Address : 318/14
Moo 1, Bangpakok,
Rajburana, Bangkok |
2,500 |
5.00 |
|
Mrs. Vimonsri Thepkanjana Nationality: Thai Address : 47
Charumuang Road, Rongmuang,
Pathumwan, Bangkok |
2,500 |
5.00 |
|
Mrs. Wimonrat Teerawongpairoj Nationality: Thai Address : 108/212
Ayothaya Rd. Taladnoi,
Samphantawong, Bangkok |
2,500 |
5.00 |
Total Shareholders : 8
Share Structure [as
at October 31,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
50,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Pisij Sahavichienchai No. 3891
BALANCE SHEET
[BAHT]
The latest financial figures published
as at June
30, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
505,753.52 |
421,440.87 |
447,522.29 |
|
Trade Accounts Receivable
|
104,184,034.81 |
103,035,730.78 |
118,011,868.11 |
|
Inventories |
77,620,102.84 |
78,489,309.44 |
93,562,241.67 |
|
Other Current Assets
|
11,916,40749 |
635,572.58 |
7,274,637.61 |
|
|
|
|
|
|
Total Current Assets
|
194,226,298.66 |
182,582,053.67 |
219,296,269.68 |
|
|
|
|
|
|
Fixed Assets |
40,560,558.57 |
43,783,149.03 |
48,671,437.19 |
|
Other Non - current Assets |
67,523.36 |
27,523.36 |
27,523.36 |
|
Total Assets |
234,854,380.59 |
226,392,726.06 |
267,995,230.23 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
7,589,830.75 |
5,422,339.24 |
122,730,462.62 |
|
Trade Accounts Payable
|
88,910,675.45 |
76,152,671.80 |
61,992,527.60 |
|
Short-term Loans |
95,000,000.00 |
100,000,000.00 |
50,000,000.00 |
|
Accrued Interest |
3,295,896.72 |
3,662,773.25 |
1,519,129.51 |
|
Other Current Liabilities |
1,085,407.59 |
983,403.69 |
971,796.95 |
|
|
|
|
|
|
Total Current Liabilities |
195,881,810.51 |
186,221,187.98 |
237,213,916.68 |
|
Long-term Loan |
16,500,000.00 |
21,850,000.00 |
16,043,000.00 |
|
Total Liabilities |
212,381,810.51 |
208,071,187.98 |
253,256,916.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated |
17,472,570.08 |
13,321,538.08 |
9,738,313.55 |
|
Total Shareholders' Equity |
22,472,570.08 |
18,321,538.08 |
14,738,313.55 |
|
Total Liabilities & Shareholders' Equity |
234,854,380.59 |
226,395,726.06 |
267,995,230.23 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
460,992,612.60 |
459,857,116.00 |
433,279,498.30 |
|
Other Income |
15,381.28 |
925,332.87 |
22,742.44 |
|
Total Revenues |
461,007,993.88 |
460,782,448.87 |
433,302,240.74 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
397,179,204.66 |
400,613,071.17 |
376,789,419.03 |
|
Selling Expenses |
35,423,645.49 |
36,215,677.23 |
32,385,491.08 |
|
Administrative Expenses |
18,451,618.94 |
13,716,522.91 |
16,909,427.25 |
|
Total Expenses |
451,054,469.09 |
450,545,271.31 |
426,084,337.36 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
9,953,524.79 |
10,237,177.56 |
7,217,903.38 |
|
Financial Cost |
[4,759,434.81] |
[5,581,464.69] |
[3,935,540.11] |
|
Profit before Income
Tax |
5,194,089.98 |
4,655,712.87 |
3,282,363.27 |
|
Income Tax |
[1,041,040.69] |
[1,072,488.34] |
[755,152.88] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,153,049.29 |
3,583,224.53 |
2,527,210.39 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
0.98 |
0.92 |
|
QUICK RATIO |
TIMES |
(5.49) |
0.56 |
0.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.37 |
10.50 |
8.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.96 |
2.03 |
1.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
71.33 |
71.51 |
90.63 |
|
INVENTORY TURNOVER |
TIMES |
5.12 |
5.10 |
4.03 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
82.49 |
81.78 |
99.41 |
|
RECEIVABLES TURNOVER |
TIMES |
4.42 |
4.46 |
3.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
81.71 |
69.38 |
60.05 |
|
CASH CONVERSION CYCLE |
DAYS |
72.11 |
83.91 |
130.00 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.16 |
87.12 |
86.96 |
|
SELLING & ADMINISTRATION |
% |
11.69 |
10.86 |
11.38 |
|
INTEREST |
% |
1.03 |
1.21 |
0.91 |
|
GROSS PROFIT MARGIN |
% |
13.85 |
13.08 |
13.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.16 |
2.23 |
1.67 |
|
NET PROFIT MARGIN |
% |
0.90 |
0.78 |
0.58 |
|
RETURN ON EQUITY |
% |
18.48 |
19.56 |
17.15 |
|
RETURN ON ASSET |
% |
1.77 |
1.58 |
0.94 |
|
EARNING PER SHARE |
BAHT |
83.06 |
71.66 |
50.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.92 |
0.95 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.45 |
11.36 |
17.18 |
|
TIME INTEREST EARNED |
TIMES |
2.09 |
1.83 |
1.83 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.25 |
6.13 |
|
|
OPERATING PROFIT |
% |
(2.77) |
41.83 |
|
|
NET PROFIT |
% |
15.90 |
41.79 |
|
|
FIXED ASSETS |
% |
(7.36) |
(10.04) |
|
|
TOTAL ASSETS |
% |
3.74 |
(15.52) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 0.25%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.85 |
Satisfactory |
Industrial Average |
14.51 |
|
Net Profit Margin |
0.90 |
Deteriorated |
Industrial Average |
2.15 |
|
Return on Assets |
1.77 |
Deteriorated |
Industrial Average |
11.90 |
|
Return on Equity |
18.48 |
Acceptable |
Industrial Average |
36.37 |
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 13.85%. 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 0.9%. 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 1.77%.
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 18.48%.
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 |
0.99 |
Risky |
Industrial Average |
1.35 |
|
Quick Ratio |
(5.49) |
|
|
|
|
Cash Conversion Cycle |
72.11 |
|
|
|
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 0.99 times in 2014, increased from 0.98 times, then the company may have
problems meeting its short-term obligations. 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 -5.49 times in 2014,
decreased from 0.56 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 73 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
9.45 |
Risky |
Industrial Average |
1.96 |
|
Times Interest Earned |
2.09 |
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 2.1 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 0.9 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 |
11.37 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.96 |
Deteriorated |
Industrial Average |
5.54 |
|
Inventory Conversion Period |
71.33 |
|
|
|
|
Inventory Turnover |
5.12 |
Deteriorated |
Industrial Average |
17.86 |
|
Receivables Conversion Period |
82.49 |
|
|
|
|
Receivables Turnover |
4.42 |
Deteriorated |
Industrial Average |
9.39 |
|
Payables Conversion Period |
81.71 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.42 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 72 days at the
end of 2013 to 71 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.1 times in year 2013 to 5.12 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.96 times and 2.03
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.66.37 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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 |
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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.