MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAN INDUSTRIAL PRODUCTS COMPANY LIMITED |
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Registered Office : |
400 Sampawut Road,
Bangna, Bangna, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.05.1987 |
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Com. Reg. No.: |
0105530023591 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Wooden Furniture |
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
PAN INDUSTRIAL PRODUCTS COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 400
SAMPAWUT ROAD, BANGNA,
BANGNA, BANGKOK
10260
TELEPHONE : [66]
2398-0164, 2399-3958, 2398-0191
FAX : [66] 2398-0811
E-MAIL ADDRESS : udomsak-r@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530023591
CAPITAL REGISTERED
: BHT. 30,000,000
CAPITAL PAID-UP
: BHT. 30,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PAIBUL ATHIPHAN-AMPAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : WOODEN FURNITURE
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 May 19, 1987 as
a private limited
company under the name
style PAN INDUSTRIAL
PRODUCTS COMPANY LIMITED,
by Thai groups,
with the business
objective to manufacture
various kinds of
wooden furniture for both
domestic and international markets. It currently
employs approximately 100
staff.
The
subject’s registered address
is 400 Sampawut Rd., Bangna,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Paibul Athiphan-ampai
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paibul Athiphan-ampai
is the Managing Director.
He is Thai nationality with
the age of
65 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing
various kinds of wooden
furniture made from
plywood and board
wood. The products
are table, chair,
door, window and etc.,
under its owned
brand LION.
PURCHASE
100% of raw
material, mainly wooden
products are purchased
from local supplier.
SALES
80% of the products is
sold locally by
wholesale to dealers,
the remaining 20%
is exported to
Singapore and Japan.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in commercial/residential area.
Factory
and warehouse are
located at 99
Moo 5, T. Nawanghin, A.
Panasnikom, Chonburi 20140.
Tel. : [66] 38
299-340-8.
COMMENT
The
subject was formed
in 1987 as
a manufacturer, distributor
and exporter of
wooden furniture. The
products are mostly
for exports, which
major markets are
Japan and Singapore. Sales
has steadily grown
from both two
countries in which
demand remain strong,
while domestic consumption is
likely slow.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into
10,000 shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 20,000,000 on May 20,
1988
Bht. 30,000,000 on September
14, 1988
The
latest registered capital
was increased to
Bht. 30,000,000 divided into
30,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
29, 2008]
|
NAME |
HOLDING |
% |
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Mr. Paibul Athiphan-ampai Nationality: Thai Address : 400
Sampawut Rd., Bangna,
Bangkok |
5,500 |
18.33 |
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Mrs. Sumalee Athiphan-ampai Nationality: Thai Address : 320/9
Sampawut Rd., Bangna,
Bangkok |
5,500 |
18.33 |
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Mr. Samarnchai Athiphan-ampai Nationality: Thai Address : 27/1
Poochaosamingprai Rd., Samrong,
Phrapradaeng, Samutprakarn |
4,500 |
15.00 |
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Mr. Sitthichai Athiphan-ampai Nationality: Thai Address : 92/30
Moo 4, Bangchalong, Bangplee,
Samutprakarn |
4,500 |
15.00 |
|
Ms. Pornsuk Ratanapitaksakul Nationality: Thai Address : 320/34
Sampawut Rd., Bangna,
Bangkok |
4,500 |
15.00 |
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Ms. Sumontha Athiphan-ampai Nationality: Thai Address : 320/9
Sampawut Rd., Bangna,
Bangkok |
4,500 |
15.00 |
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Master Singh Athiphan-ampai Nationality: Thai Address : 320/34
Sampawut Rd., Bangna,
Bangkok |
1,000 |
3.34 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Punnee Na Kalasin
No. 0367
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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|
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Cash in hand
& at Bank
|
5,084,307.41 |
3,790,518.57 |
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Trade Accts. Receivable |
34,169,169.49 |
26,143,456.34 |
|
Withholding Income Tax |
78,645.14 |
1,368,757.30 |
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Other Current Assets
|
70,959,746.45 |
86,077,420.60 |
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Total Current Assets
|
110,291,868.49 |
117,380,152.81 |
|
Other Investment |
- |
2,500,000.00 |
|
Land |
4,100,000.00 |
4,100,000.00 |
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Building & Equipment |
|
|
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Building |
9,770,281.14 |
9,770,281.14 |
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Office Automation |
6,003,301.12 |
6,003,301.12 |
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Equipment & Machine |
51,802,956.28 |
51,802,956.28 |
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Vehicle |
1,608,853.29 |
1,608,853.29 |
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Total |
69,185,391.83 |
69,185,391.83 |
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Less: Depreciation |
[66,012,623.20] |
[65,022,699.21] |
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Total Building & Equipment, Net |
3,172,768.63 |
4,162,692.62 |
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Other Assets |
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Deferred Income |
12,750.37 |
- |
|
Guarantee |
200,000.00 |
200,000.00 |
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Total Assets |
117,777,387.49 |
128,342,845.43 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Bank Overdraft |
25,686,726.22 |
29,701,693.60 |
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Payable L/C, T/R |
2,852,055.88 |
6,396,346.36 |
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Trade Accts. Payable |
- |
48,454.83 |
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Revenue Department Payable |
687,524.06 |
354,635.91 |
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Accrued Withholding Income Tax |
28,863.70 |
31,852.30 |
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Accrued Auditor Account |
20,000.00 |
20,000.00 |
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Total Current Liabilities |
29,275,169.86 |
36,552,983.00 |
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Loan Bank-Payable |
68,295,343.34 |
72,822,870.98 |
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Total Liabilities |
97,570,513.20 |
109,375,853.98 |
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Shareholders' Equity |
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Share capital : Baht 1,000 value authorized, issued
and fully paid share
capital 30,000 shares |
30,000,000.00 |
30,000,000.00 |
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Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[9,793,125.71] |
[11,033,008.55] |
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Total Shareholders' Equity |
20,206,874.29 |
18,966,991.45 |
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Total Liabilities &
Shareholders' Equity |
117,777,387.49 |
128,342,845.43 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales-Foreign |
- |
567,405.40 |
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Sales-Local |
179,736,500.87 |
138,248,024.65 |
|
Other Income |
1,436,607.48 |
- |
|
Total Revenues |
181,173,108.35 |
141,245,732.05 |
|
Expenses |
|
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Cost of Goods
Sold |
172,076,523.12 |
132,512,942.84 |
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Selling & Administrative Expenses |
5,842,533.95 |
5,292,162.20 |
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Interest Expenses |
2,014,168.44 |
1,546,094.65 |
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Total Expenses |
179,933,225.51 |
139,351,199.69 |
|
Net Profit / [Loss] |
1,239,882.84 |
1,894,532.36 |
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Retained Earning [deficit], Beginning
of Year |
[11,033,008.55] |
[12,927,540.91] |
|
Retained Earning [deficit],
End of Year |
[9,793,125.71] |
[11,033,008.55] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
27.25 |
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Operating Profit |
[25.68] |
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Net Profit |
[34.55] |
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Fixed Assets |
[23.78] |
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Total Assets |
[8.23] |
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Profitability |
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Cost of Good
Sold |
95.74 |
93.82 |
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Operating Profit Margin |
1.81 |
2.44 |
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S & A
Expenses |
3.25 |
3.75 |
|
Interest Paid |
1.12 |
1.09 |
|
Other Revenues |
0.80 |
0.00 |
|
Net Profit Margin |
0.69 |
1.34 |
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Earning Per Shares |
41.33 |
63.15 |
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No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 27.25%,
Operating Profit was
decreased by 25.68%,
Net Profit was
decreased by 34.55%,
Fixed Assets was
decreased by 23.78%,
Total Assets was
decreased by 8.23%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.82%
to 95.74%, Operating
Profit Margin was
decreased from 2.44%
to 1.81%, S
& A Expenses
was decreased from
3.75% to 3.25%,
Interest Paid was increased
from 1.09% to
1.12%, Other Revenues
was increased from
0.00% to 0.80%,
Net Profit Margin
was decreased from
1.34% to 0.69%.
Earning Per Shares
was decreased from
63.15 baht per
share to 41.33
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
3.77 |
3.21 |
|
Quick-Assets Ratio |
1.34 |
0.86 |
Current Ratio was
increased from 3.21
to 3.77, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.86 to 1.34,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
4.83 |
5.77 |
|
Times Interest Earned |
1.62 |
2.23 |
D/E Ratio was
decreased from 5.77
to 4.83, 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
2.23 to 1.62,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
56.65 |
33.93 |
|
Total Assets Turnover |
1.53 |
1.10 |
|
Return on Assets |
1.05 |
1.48 |
|
Return on Equity |
6.14 |
9.99 |
|
Day's Payable |
0.00 |
0.12 |
|
Day’s Receivables |
68.44 |
66.63 |
Fixed Assets Turnover
was increased from
33.93 times to
56.65 times, Total
Assets Turnover was increased from
1.10 times to
1.53 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 1.48 to
1.05, Return on
Equity was decreased
from 9.99 to
6.14, capacity to
use Assets to make profit
was good.
Day's Payable was
decreased from 1
days to 0
days, while Day’s
Receivables was increased
from 67 days
to 69 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
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 |
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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%)