MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROSEARCH INTERTRADE CO., LTD. |
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Registered Office : |
225/78 Soi Wat
Daodueng, Aroon Amarin, Bangyeekhan, Bangplad,
Bangkok 10700 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.04. 2006 |
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Com. Reg. No.: |
0105549049332 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Industrial Chemicals |
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
PROSEARCH INTERTRADE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 225/78 SOI WAT DAODUENG,
AROON AMARIN,
BANGYEEKHAN, BANGPLAD,
BANGKOK 10700
TELEPHONE : [66] 2434-1933
FAX : [66] 2935-6922
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION NO. : 0105549049332
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT. 1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VARIN PUTHIPINYO, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on April 17,
2006 as a
private limited company under the name style
PROSEARCH INTERTRADE CO.,
LTD., by Thai
group, with the
business objective to
import and distribute
industrial chemicals to
domestic market. It
currently employs 4
staff.
The
subject’s registered address
is located at
225/78 Soi Wat
Daodung, Arun Amarin
Rd., Bangyeekhan, Bangplad,
Bangkok 10700, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Varin Puthipinyo
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Varin Puthipinyo
is the Managing Director.
He is Thai nationality with
the age of
57 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing industrial
chemicals for various
industries mainly for
textile industry.
PURCHASE
The products are
purchased from supplier
and agent both
in domestic and
overseas, mainly in
Taiwan and Republic
of China.
SALES
100% of the
products is sold
locally by wholesale
and retail to
dealers, manufacturers 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 credit term
of 30 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
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/ residential area.
REMARK
CREDIT
OF US$ 500,000 ON D/A
SHOULD BE ON
SECURED BASIS.
COMMENT
The subject
operates as an importer
and distributor of
industrial chemical for various
industries mainly for
textile industry. The subject’s first year commercial
operation is considered
moderately with a
small amount of
sales revenue and
net profit. Therefore,
the above credit
should be treated
on a secured basis.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 12,
2006]
|
NAME |
HOLDING |
% |
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Mr. Atthabul
Vibulkanarak Nationality: Thai Address : 69
Chaokamrop Rd., Pomprab,
Bangkok |
2,500 |
25.00 |
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Mr. Prawit
Vibulkanarak Nationality: Thai Address : 69
Chaokamrop Rd., Pomprab,
Bangkok |
2,500 |
25.00 |
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Mr. Varin
Puthipinyo Nationality: Thai Address : 12
Inthrapitak 3 Rd.,
Bangyeerua,
Thonburi, Bangkok |
1,000 |
10.00 |
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Ms. Varaporn
Vibulkanarak Nationality: Thai Address : 69
Chaokamrop Rd., Pomprab,
Bangkok |
1,000 |
10.00 |
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Mrs. Somporn
Vibulkanarak Nationality: Thai Address : 69
Chaokamrop Rd., Pomprab,
Bangkok |
1,000 |
10.00 |
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Ms. Jatuporn
Luengpenthong Nationality: Thai Address : 4398
Rama 4 Rd.,
Prakanong, Klongtoey, Bangkok |
1,000 |
10.00 |
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Ms. Sirikul
Kulsamphan Nationality: Thai Address : 221/18
Moo 4, Samrong,
Phrapradaeng,
Samutprakarn |
1,000 |
10.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Krongthip
Sutthikulsombat No. 3896
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 was:
ASSETS
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Current Assets |
2006 |
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Cash in hand
& at Bank
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500,212.96 |
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Inventories |
119,781.33 |
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Other Current Assets
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4,479.00 |
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Total Current
Assets |
624,473.29 |
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Total Assets
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624,473.29 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
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Trade Accts. Payable |
100,274.00 |
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Other Current Liabilities |
14,679.97 |
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Total Current
Liabilities |
114,953.97 |
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Total Liabilities |
114,953.97 |
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Shareholders'
Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
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Capital Paid |
500,000.00 |
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Retained Earning -
Unappropriated |
9,519.32 |
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Total
Shareholders' Equity |
509,519.32 |
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Total
Liabilities & Shareholders' Equity |
624,473.29 |
PROFIT & LOSS ACCOUNT
|
Revenue |
April
17, 2006- Dec.
31, 2006 |
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Sales Income |
208,185.00 |
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Interest Income |
207.62 |
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Other Income |
730.37 |
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Total Revenues
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209,122.99 |
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Expenses |
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Cost of Goods
Sold |
125,448.20 |
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Selling & Administrative Expenses |
72,475.50 |
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Total Expenses |
197,923.70 |
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Profit / [Loss] Before Income Tax |
11,199.29 |
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Income Tax |
[1,679.97] |
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Net Profit / [Loss] |
9,519.32 |
FINANCIAL ANALYSIS
Profitability
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Profitability |
2006 |
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Cost of Good
Sold |
60.26 |
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Operating Profit Margin |
5.38 |
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S & A
Expenses |
34.81 |
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Other Revenues |
0.45 |
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Net Profit Margin |
4.57 |
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Earning Per Shares |
1.90 |
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No. of Shares |
5,000 |
Compare each cost
with sales, Cost of
Good Sold was
60.26%, Operating Profit
Margin was 5.38%,
S & A
Expenses was 34.81%,
Other Revenues was
0.45%, Net Profit
Margin was 4.57%.
Earning Per Shares
was 1.90 baht
per share.
Liquidity
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Liquidity |
2006 |
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Current Ratio |
5.43 |
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Quick-Assets Ratio |
4.35 |
Current Ratio was
5.43, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
Quick-Assets Ratio was
4.35, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
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Leverage |
2006 |
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D/E Ratio |
0.23 |
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0.00 |
D/E Ratio was
0.23, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company is low.
Efficiency
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Efficiency |
2006 |
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Total Assets Turnover |
0.33 |
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Return on Assets |
1.52 |
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Return on Equity |
1.87 |
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Day's Payable |
173.40 |
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Day’s Inventories |
207.13 |
Total Assets Turnover
was 0.33 times,
show the company
could use Assets
so efficiently, Return
on Assets was
1.52, Return on
Equity was 1.87,
capacity to use
Assets to make
profit was good.
Day's Payable was
174 days, and
Day’s Inventories was
208 days.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
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%)