MIRA
INFORM REPORT
|
Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUP PORN CHAI LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
449 Soi 101/1
[Vachirathamsathit], |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
0103527010423 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Engaged in importing
and distributing various
sizes of Manila
ropes. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
name
SUP PORN CHAI LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 449
SOI 101/1 [VACHIRATHAMSATHIT],
PRAKANONG,
BANGKOK10260
TELEPHONE : [66] 2221-0394,
2225-1513
FAX : [66] 2225-1513
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0103527010423 [Former : 1041/2527]
CAPITAL
REGISTERED : BHT.
1,000,000
CAPITAL
PAID-UP : BHT.
1,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. BANLUE LIMCHAROENRAT, THAI
MANAGING PARTNER
NO. OF
STAFF : 4
LINES OF
BUSINESS :
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 20,
1984 as a limited
partnership under the
registered name SUP PORN
CHAI LIMITED PARTNERSHIP, by Mr. Banlue
and Mr. Saeng Limcharoenrat, the
Thai partners, with
the business objective
to import and
distribute Manila ropes
to domestic market.
It currently employs
4 staff.
The
subject’s registered address
is 449 Sukhumvit
101/1 Rd., Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Banlue Limcharoenrat can
sign on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Banlue Limcharoenrat is
the Managing Partner.
He is Thai
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
sizes of Manila
ropes.
IMPORT
Most of
the products are
imported from India,
Taiwan, Republic of China
and Singapore.
SALES
The products is
sold locally to
wholesalers, retailers and
end-users.
REVENUE
In 2006, the
subject’s revenue was
increased around 15%
from the previous
year.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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 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
L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office,
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and shop in
a 3 storey
building of 1 row shop
house at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject
has moderate sales
and continued growing.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by
2 persons as
followed:
Name Age Amount
Mr. Banlue
Limcharoenrat [56] Bht.
500,000 [unlimited partner]
Mr. Saeng
Limcharoenrat [61] Bht.
500,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Vijit Promtanaphan No. 6873
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand |
4,492.00 |
1,295.64 |
|
Inventories |
4,573,197.49 |
4,337,053.18 |
|
Total Current
Assets |
4,577,689.49 |
4,338,348.82 |
|
|
|
|
|
Fixed Assets |
750.25 |
950.25 |
|
Total Assets
|
4,578,439.74 |
4,339,299.07 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Accrued Expenses |
23,125.00 |
- |
|
Accrued Income Tax |
12,261.13 |
- |
|
Other Current Liabilities |
4,288.06 |
59,127.66 |
|
Total Current
Liabilities |
39,674.19 |
59,127.66 |
|
Loan from Related
Person |
6,851,170.00 |
- |
|
Long Term Loan
from Partner |
- |
6,751,169.27 |
|
Total Liabilities |
6,890,844.19 |
6,810,296.93 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
[3,312,404.45] |
[3,470,997.86] |
|
Total
Shareholders' Equity |
[2,312,404.45] |
[2,470,997.86] |
|
Total
Liabilities & Shareholders' Equity |
4,578,439.74 |
4,339,299.07 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
8,716,010.70 |
8,219,367.60 |
|
Other Income |
5,743.28 |
- |
|
Total Revenues
|
8,721,753.98 |
8,219,367.60 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,974,596.87 |
7,348,970.29 |
|
Selling & Administrative Expenses |
560,552.57 |
670,776.92 |
|
Total Expenses |
8,535,149.44 |
8,019,747.21 |
|
Profit / [Loss] Before Income
Tax |
186,604.54 |
199,620.39 |
|
Income Tax |
[28,011.13] |
[31,490.26] |
|
Net Profit / [Loss] |
158,593.41 |
168,130.13 |
|
Retained Earning [deficit], beginning of
year |
[3,470,997.86] |
- |
|
Retained Earning,
end of year |
[3,312,404.45] |
168,130.13 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
6.04 |
|
|
Operating Profit |
[11.85] |
|
|
Net Profit |
[5.67] |
|
|
Fixed Assets |
[21.05] |
|
|
Total Assets |
5.51 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.49 |
89.41 |
|
Operating Profit Margin |
2.14 |
2.43 |
|
S & A
Expenses |
6.43 |
8.16 |
|
Other Revenues |
0.07 |
0.00 |
|
Net Profit Margin |
1.82 |
2.05 |
Net Sales was
increased by 6.04%,
Operating Profit was
decreased by 11.85%,
Net Profit was
decreased by 5.67%,
Fixed Assets was decreased by
21.05%, Total Assets
was increased by
5.51%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.41%
to 91.49%, Operating
Profit Margin was
decreased from 2.43%
to 2.14%, S
& A Expenses
was decreased from
8.16% to 6.43%,
Other Revenues was
increased from 0.00%
to 0.07%, Net
Profit Margin was
decreased from 2.05%
to 1.82%.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
115.38 |
73.37 |
|
Quick-Assets Ratio |
0.11 |
0.02 |
Current Ratio was
increased from 73.37
to 115.38, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.02 to 0.11,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
[2.98] |
[2.76] |
D/E Ratio was
decreased from -2.76
to -2.98, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
11,617.48 |
8,649.69 |
|
Total Assets Turnover |
1.90 |
1.89 |
|
Return on Assets |
3.46 |
3.87 |
|
Return on Equity |
6.86 |
6.80 |
|
Day’s Inventories |
188.89 |
189.96 |
Fixed Assets Turnover
was increased from
8,649.69 times to
11,617.48 times, Total
Assets Turnover was
increased from 1.89
times to 1.90
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
3.87 to 3.46,
Return on Equity
was increased from
6.80 to 6.86,
capacity to use
Assets to make
profit was good.
Day’s Inventories was
decreased from 190
days to 189
days.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)