MIRA
INFORM REPORT
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Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
POLSUK
HARDWARE LIMITED PARTNER |
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Registered Office : |
1173/16-17 Charoenkrung Road, Siphaya, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.01.1974 |
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Com. Reg. No.: |
0103517001251 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Industrial Hardware and Hand
Tools Importer and Distributor |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
POLSUK HARDWARE
LIMITED PARTNER
SUMMARY
BUSINESS
ADDRESS : 1173/16-17 CHAROENKRUNG ROAD, SIPHAYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2233-9143-4
FAX : [66] 2236-3259
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION NO. : 0103517001251
[Former : 126/2517]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT. 10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. APICHOTE LERTMONGKOLPHAN, THAI
MANAGING PARTNER
NO.
OF STAFF : 8
LINES
OF BUSINESS : INDUSTRIAL HARDWARE AND HAND
TOOLS
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 January 17,
1974 as a
limited partnership under the
name style POLSUK
HARDWARE LIMITED PARTNERSHIP, by Thai partner, the
Lertmongkolphan family, with
the business objective
to import and distribute wide
range of industrial
hardware and hand
tools to domestic
market. It currently
employs 8
staff.
The
subject’s registered address
is 1173/16-17 Charoenkrung Rd., Siphaya, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Apichote
Lertmongkolphan can sign
on behalf of
the subject with
seal affixed.
MANAGEMENT
Mr. Apichote Lertmongkolphan is
the Managing Partner.
He is Thai nationality with
the age of
28 years old.
Mr. Somsak Lertmongkolphan is
the Manager.
He is Thai nationality with
the age of
59 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
hardware and hand
tools, as well
as construction materials.
PURCHASE
60% of the products is
imported from Republic
of China, Taiwan,
and India, the
remaining 40% is
purchased from local
supplier.
SALES
100% of the
products is sold
locally to wholesalers, retailers 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
Kasikornbank Public
Co., Ltd.
[Phaholyothin office
branch, 400/1 Phaholyothin Rd., Samsennai, Phyathai,
Bangkok]
EMPLOYMENT
The
subject employs 8
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom in 3 storey
building of 2
row shop houses at
the heading address.
Premise is located
in a prime commercial area.
COMMENT
The
subject’s sales remain
flat according to
slow consumption of
overall market. In
2008 it is
expected that new
investment would have
continued and stimulated
by new government and overall
consumption would growing
largely.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000, which
was carried by 4 persons
as followed:
Name Age Amount
Mr. Somsak
Lertkamolphan [59] Bht.
2,500,000 [Unlimited Partner]
Mr. Apichote Lertmongkolphan [27] Bht.
2,500,000
Mrs. Pranisa Lertmongkolphan [61] Bht.
2,500,000
Ms. Methaporn Lertmongkolphan [30] Bht.
2,500,000
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Thanasith Wannarakpinyo No. 7442
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand |
14,162.50 |
20,911.25 |
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Inventories |
29,631,407.71 |
30,424,457.94 |
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Other Current Assets
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52,520.95 |
34,819.16 |
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Total Current
Assets |
29,698,091.16 |
30,480,188.35 |
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Fixed Assets |
393,405.76 |
1,130,025.09 |
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Other Assets |
343,700.00 |
343,700.00 |
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Total Assets |
30,435,196.92 |
31,953,913.44 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Bank Overdraft |
5,590,252.74 |
5,941,921.26 |
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Trade Accts. & Notes Payable |
2,928,798.60 |
3,357,408.40 |
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Short Term Loan |
2,000,000.00 |
2,000,000.00 |
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Other Current Liabilities |
56,775.08 |
54,443.85 |
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Total Current
Liabilities |
10,575,826.42 |
11,353,773.51 |
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Long Term Loan
from Related Person |
7,650,000.00 |
8,440,000.00 |
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Total Liabilities |
18,225,826.42 |
19,793,773.51 |
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Shareholders'
Equity |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Retained Earning -
Unappropriated |
2,209,370.50 |
2,160,139.93 |
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Total
Shareholders' Equity |
12,209,370.50 |
12,160,139.93 |
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Total
Liabilities & Shareholders' Equity |
30,435,196.92 |
31,953,913.44 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
12,303,811.09 |
12,459,557.15 |
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Other Income |
477,554.76 |
- |
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Total Revenues
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12,781,365.85 |
12,459,557.15 |
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Expenses |
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Cost of Goods
Sold |
10,626,456.92 |
10,417,731.43 |
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Selling & Administrative Expenses |
1,270,240.43 |
1,206,362.73 |
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Total Expenses |
11,896,697.35 |
11,624,094.16 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
884,668.50 |
835,462.99 |
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Interest Expenses |
[777,291.00] |
[758,992.39] |
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Income Tax |
[58,146.93] |
[50,786.52] |
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Net Profit / [Loss] |
49,230.57 |
25,684.08 |
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Retained Earning,
beginning of year |
2,160,139.93 |
2,134,455.85 |
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Retained Earning,
end of year |
2,209,370.50 |
2,160,139.93 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
[1.25] |
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Operating Profit |
7.23 |
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Net Profit |
91.68 |
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Fixed Assets |
[65.19] |
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Total Assets |
[4.75] |
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Profitability |
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Cost of Good
Sold |
86.37 |
83.61 |
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Operating Profit Margin |
7.19 |
6.71 |
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S & A
Expenses |
10.32 |
9.68 |
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Interest Paid |
6.32 |
6.09 |
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Other Revenues |
3.88 |
0.00 |
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Net Profit Margin |
0.40 |
0.21 |
Net Sales was
decreased by 1.25%,
Operating Profit was
increased by 7.23%,
Net Profit was
increased by 91.68%,
Fixed Assets was
decreased by 65.19%,
Total Assets was
decreased by 4.75%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 83.61%
to 86.37%, Operating
Profit Margin was
increased from 6.71%
to 7.19%, S
& A Expenses
was increased from
9.68% to 10.32%,
Interest Paid was increased
from 6.09% to
6.32%, Other Revenues
was increased from
0.00% to 3.88%,
Net Profit Margin
was increased from
0.21% to 0.40%.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
2.81 |
2.68 |
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Quick-Assets Ratio |
0.00 |
0.00 |
Current Ratio was
increased from 2.68
to 2.81, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.00 to 0.00,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2006 |
2005 |
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D/E Ratio |
1.49 |
1.63 |
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Times Interest Earned |
1.14 |
1.10 |
D/E Ratio was
decreased from 1.63
to 1.49, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
1.10 to 1.14,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
31.28 |
11.03 |
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Total Assets Turnover |
0.40 |
0.39 |
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Return on Assets |
0.16 |
0.08 |
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Return on Equity |
0.40 |
0.21 |
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Day's Payable |
85.69 |
97.01 |
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Day’s Inventories |
866.99 |
879.07 |
Fixed Assets Turnover
was increased from
11.03 times to
31.28 times, Total
Assets Turnover was
increased from 0.39
times to 0.40
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.08 to 0.16,
Return on Equity
was increased from
0.21 to 0.40,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 98
days to 86
days, and Day’s
Inventories was decreased
from 880 days
to 867 days.
RATING
EXPLANATIONS
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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 |
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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 |
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<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%)