MIRA
INFORM REPORT
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Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
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Name : |
POWERADE LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0105545014950 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing various
kinds of electronics
and electric control
systems and equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
name
POWERADE LTD.
SUMMARY
BUSINESS ADDRESS :
SUANLUANG,
TELEPHONE : [66] 2332-7527
FAX : [66] 2332-7536
E-MAIL ADDRESS : info@opowerade.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545014950 [Former : 10154500182]
CAPITAL
REGISTERED : BHT.
15,000,000
CAPITAL
PAID-UP : BHT.
15,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SIRIPRAKAY SUPUTTHIPONG,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 25
LINES OF
BUSINESS : ELECTRONICS AND
ELECTRIC CONTROL
SYSTEM
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 February
7, 2002 as
a private limited
company under the originally
registered name “Powerwill Ltd.”
by Thai groups.
On March 12,
2002, subject has
changed its name
to be POWERADE
LTD. Its business
objective is an importer
and distributor electronics
and electric control
systems and equipment
to domestic market.
It currently employs
25 staff.
The
subject’s registered address
is 893 Onnuch
Rd., [ Sukhumvit 77], Suanluang,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mrs. Siriprakay Suputthipong |
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Thai |
55 |
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Ms. Nathakaporn Suputthipong |
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Thai |
32 |
|
Mr. Prasop Petchsakulrat |
|
Thai |
61 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs.
Siriprakay Suputthipong is
the Managing Director.
She is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of electronics
and electric control
systems and equipment, including
bus-way, circuit
breakers, capacitor rank,
HRC base, power
meter, disconnecting switches,
protective relays, lighting
control solutions and
etc.
MAJOR BRANDS
“MKS”, “MIKRO”, “NAXSOLUX”,
“GE”, “TRIATEK” and
etc.
PURCHASE
Most of the
products are imported
from Japan, Germany,
United States of America, and Taiwan,
the remaining is
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
K B R
GmbH. :
SALES
The products is
sold locally to
wholesalers and end-users.
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
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 25
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
Branch
office is located
at 97 Pattanakarn
13 Rd., Suanluang,
Bangkok 10250.
REMARK
CREDIT
OF US$ 15,000,000 IS
NOT RECOMMENDED DUE TO
IT IS
TOO HIGH.
COMMENT
Despite
the economic slowdown,
the subject can maintain
its good business.
The products have strong
potential in local
market due to their
high quality standard.
FIANCIAL INFORMATION
The
capital was initially
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each.
On
July 13, 2004,
the capital was
increased to Bht. 15,000,000 divided
into 150,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mrs.
Siriprakay Suputthipong Nationality: Thai Address : 52
Sukhumvit 81 Rd.,
Suanluang, |
109,500 |
73.00 |
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Mrs.
Bang-orn Petchsakulrat Nationality: Thai Address :
Pathumwan, |
21,500 |
14.33 |
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Mrs.
Busakorn Forey Nationality: Thai Address : 58
Tesaban Sai 2
Rd., Wad Kallaya,
Thonburi, |
3,000 |
2.00 |
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Ms.
Supattana Nirakthanaporn Nationality: Thai Address : 14/58
Moo 1, Taladkwan,
Muang, Nonthaburi |
3,000 |
2.00 |
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Ms.
Nathakaporn Suputthipong Nationality: Thai Address : 14/58
Moo 1, Taladkwan,
Muang, Nonthaburi |
3,000 |
2.00 |
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Mr. Jenwich Visaijorn Nationality: Thai Address : 39/168
Moo 7, Samwatawantok,
Klongsamwa, |
3,000 |
2.00 |
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Mr. Piriya Luangpathom-aram Nationality: Thai Address : 318/3
Moo 1, Bangpakok,
Rajburana, |
2,000 |
1.33 |
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Mr.
Thawatchai Charoenlertkamol Nationality: Thai Address : 62
Pomprab, |
2,000 |
1.33 |
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Mr. Piya Vaiyachay Nationality: Thai Address : 62
Pomprab, |
2,000 |
1.33 |
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Ms. Sunee Techachookiat Nationality: Thai Address : |
1,000 |
0.68 |
Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Chitra Samarnvorawong No. 4437
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
120,169.96 |
194,260.00 |
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Trade Accts. Receivable |
43,721,459.29 |
51,733,292.73 |
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Short Term Loan
to Related Company |
6,700,000.00 |
- |
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Inventories |
21,153,721.33 |
32,549,006.64 |
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Other Current Assets
|
1,966,157.80 |
1,937,871.06 |
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Total Current
Assets |
73,661,508.38 |
86,414,430.43 |
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Fixed Assets |
3,726,989.92 |
1,931,881.90 |
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Other Assets |
99,591.25 |
99,591.25 |
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Total Assets
|
77,488,089.55 |
88,445,903.58 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft from
Financial Institution |
11,898,145.27 |
11,004,935.81 |
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Trade Accts. Payable |
27,884,660.26 |
43,504,034.48 |
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Current Portion of Long
Term Contract Liabilities |
476,052.00 |
239,796.00 |
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Current Portion of Long
Term Loans |
1,557,845.11 |
- |
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Pre-receipt Income |
9,204,646.88 |
5,939,054.32 |
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Other Current Liabilities |
2,660,701.29 |
1,993,519.32 |
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Total Current
Liabilities |
53,682,050.81 |
62,681,339.93 |
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Long Term Loan
from Related Person |
15,835,000.00 |
15,675,000.00 |
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Long Term Contract
Liabilities Net of Current Portion |
968,547.00 |
499,575.00 |
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Long Term Loans |
461,987.70 |
- |
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Total Liabilities |
70,947,585.51 |
78,855,914.93 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
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Capital Paid |
15,000,000.00 |
15,000,000.00 |
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Retained Earning -
Unappropriated |
[8,459,495.96] |
[5,410,011.35] |
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Total
Shareholders' Equity |
6,540,504.04 |
9,589,988.65 |
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Total
Liabilities & Shareholders' Equity |
77,488,089.55 |
88,445,903.58 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
149,490,657.22 |
129,591,609.17 |
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Other Income |
3,478,997.06 |
1,855,452.92 |
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Total Revenues
|
152,969,654.28 |
131,447,062.09 |
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Expenses |
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Cost of Goods
Sold |
120,627,417.42 |
101,582,905.96 |
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Selling & Administrative Expenses |
30,664,445.54 |
17,394,692.87 |
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Total Expenses |
151,291,862.96 |
118,977,598.83 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
1,677,791.32 |
12,469,463.26 |
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Interest Expenses |
[2,330,352.95] |
[833,286.24] |
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Income Tax |
[2,396,922.98] |
- |
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Net Profit / [Loss] |
[3,049,484.61] |
11,636,177.02 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
15.36 |
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Operating Profit |
[88.34] |
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Net Profit |
[126.21] |
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Fixed Assets |
92.92 |
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Total Assets |
[12.39] |
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Profitability |
|
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Cost of Good
Sold |
80.69 |
78.39 |
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Operating Profit Margin |
1.12 |
9.62 |
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S & A
Expenses |
20.51 |
13.42 |
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Interest Paid |
1.56 |
0.64 |
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Other Revenues |
2.33 |
1.43 |
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Net Profit Margin |
[2.04] |
8.98 |
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Earning Per Shares |
[20.33] |
77.57 |
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No. of Shares |
150,000 |
150,000 |
Net Sales was
increased by 15.36%,
Operating Profit was
decreased by 88.34%,
Net Profit was
decreased by 126.21%,
Fixed Assets was
increased by 92.92%,
Total Assets was
decreased by 12.39%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 78.39%
to 80.69%, Operating
Profit Margin was
decreased from 9.62%
to 1.12%, S
& A Expenses
was increased from
13.42% to 20.51%,
Interest Paid was increased
from 0.64% to
1.56%, Other Revenues
was increased from
1.43% to 2.33%,
Net Profit Margin
was decreased from
8.98% to -2.04%.
Earning Per Shares
was decreased from
77.57 baht per
share to -20.33 baht
per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.37 |
1.38 |
|
Quick-Assets Ratio |
0.94 |
0.83 |
Current Ratio was
decreased from 1.38
to 1.37, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of the
company was good,
Quick-Assets Ratio was
increased from 0.83
to 0.94, capacity
to pay Short
Term Loan was
not good, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
10.85 |
8.22 |
|
Times Interest Earned |
0.72 |
14.96 |
D/E Ratio was
increased from 8.22
to 10.85, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
14.96 to 0.72,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
40.11 |
67.08 |
|
Total Assets Turnover |
1.93 |
1.47 |
|
Return on Assets |
[3.94] |
13.16 |
|
Return on Equity |
[46.62] |
121.34 |
|
Day's Payable |
67.15 |
120.85 |
|
Day’s Inventories |
50.94 |
90.42 |
|
Day’s Receivables |
105.29 |
143.71 |
Fixed Assets Turnover
was decreased from
67.08 times to
40.11 times, Total
Assets Turnover was
increased from 1.47
times to 1.93
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
13.16 to -3.94,
Return on Equity
was decreased from
121.34 to -46.62,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 121
days to 68
days, Day’s Inventories
was decreased from
91 days to
51 days, and
Day’s Receivables was
decreased from 144
days to 106
days.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)