MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P N R DYNAMIC CO., LTD. |
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Formerly Known As : |
P N R VALCON [THAILAND] CO., LTD |
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Registered Office : |
267/241
Sukhumvit Road, T. Maptaphut, A. Muang, Rayong
Province 21150 |
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Country : |
Thailand |
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Financials (as on) : |
30.11.2006 |
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Date of Incorporation : |
09.12. 2003 |
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Com. Reg. No.: |
0215546002393 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Engineering and
Industrial 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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
P N R DYNAMIC CO., LTD.
[FORMER : P N R
VALCON [THAILAND] CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 267/241 SUKHUMVIT ROAD, T. MAPTAPHUT,
A.
MUANG, RAYONG PROVINCE 21150
TELEPHONE : [66] 38 609-355
FAX : [66] 38
609-354
E-MAIL ADDRESS : boonthiya@pnrvalcon.co.th
Salescenter@pnrvalcon.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0215546002393
CAPITAL REGISTERED
: BHT. 2,000,000
CAPITAL PAID-UP
: BHT. 2,000,000
FISCAL YEAR
CLOSING DATE : NOVEMBER 30
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MONTHON KUNNAWIN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : ENGINEERING AND INDUSTRIAL EQUIPMENT
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 December 9,
2003 as a private limited company
under the originally registered
name “P N R Valcon [Thailand]
Co., Ltd.” by
Thai and Singaporean
groups. On March
20, 2008, subject
was changed its
name to be P
N R DYNAMIC CO., LTD. Its
business objective is
to import and
distribute engineering and
industrial equipment in
Rayong province. It
currently employs 9
staff.
The subject’s registered address is
at 267/241 Sukhumvit
Rd., Mabtaphud, Muang, Rayong
21150, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Monthon Kunnawin |
[x] |
Thai |
29 |
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Mr. Tan Good Swee |
|
Singaporean |
58 |
|
Mr. Loke Yin Hoe |
[x] |
Singaporean |
61 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Monthon Kunnawin is
the Managing Director.
He is Thai nationality with
the age of
29 years old.
BUSINESS OPERATIONS
The subject is engaged in importing
and distributing engineering
and industrial equipment,
specialized in pump
system, parts and
related products. Its
products are such
as pipes, tubes,
valves, and instrument,
as well as
mechanical products for
oil and gas
refinery, petrochemicals, power
plants and etc.
PURCHASE
The products are
purchased from supplier
both in domestic
and overseas, mainly
in Singapore and
Taiwan.
MAJOR SUPPLIER
P N R
Engineering Pte. Ltd.
: Singapore
SALES
100% of the
products is sold
locally by retail
to 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 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
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
provincial.
REMARK
CREDIT
OF US$ 500,000 D/A IS
TOO HIGH TO
RECOMMEND.
COMMENT
The
subject’s operating performance
in 2006 was
sluggish even though
there was an
increase in sales
revenue comparing to the
previous year, but
it still obtained
net loss at
the end of
year. The subject
also has accumulated
deficit retained earnings.
Due to this, the above
credit is too
high to recommend.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 20,
2008]
|
NAME |
HOLDING |
% |
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Mr. Monthon Kunnawin Nationality: Thai Address : 72
Naimuang, Muang, Nakornratchasima |
10,799 |
53.99 |
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Mr. Teerayuth Likitwithayakrai Nationality: Thai Address : 133/122
Moo 2, Thabma,
Banchang, Rayong |
4,000 |
20.00 |
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Mr. Tan Good Swee Nationality: Singaporean Address : 35
Tannery Rd., Singapore |
2,000 |
10.00 |
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Mr. Loke Yin Hoe Nationality: Singaporean Address : 30
North Oak Rd.,
Singapore |
1,800 |
9.00 |
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Ms. Rung-arun Phuprasert Nationality: Thai Address : 6/2
Banmai, Muang, Nakornratchasima |
800 |
4.00 |
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Ms. Somsaluay Seethiensuk Nationality: Thai Address : 3/11
Naimuang, Muang, Nakornratchasima |
600
|
3.00 |
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Ms. Boonthiya Phoroon Nationality: Thai Address : 60/232
Moo 5, Banchang,
Rayong |
1 |
0.01 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Chiam Ouiyamaphan No. 1507
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in hand
& at Bank
|
78,135.27 |
180,805.55 |
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Trade Accts. Receivable |
1,086,475.80 |
130,000.00 |
|
Short-term Loan to Person or
Related Company |
- |
460,367.00 |
|
Inventories |
45,323.19 |
45,323.19 |
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Other Current Assets
|
70,305.71 |
21,114.68 |
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Total Current Assets
|
1,280,239.97 |
837,610.42 |
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Fixed Assets |
118,283.86 |
71,599.39 |
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Other Assets |
10,000.00 |
20,000.00 |
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Total Assets |
1,408,523.83 |
929,209.81 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
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|
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Trade Accts. Payable |
430,889.00 |
- |
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Short Term Loan from
Other Person Related Company |
110,000.00 |
- |
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Other Current Liabilities |
51,929.45 |
42,552.01 |
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Total Current Liabilities |
592,818.45 |
42,552.01 |
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Total Liabilities |
592,818.45 |
42,552.01 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning - Unappropriated |
[1,184,294.62] |
[1,113,342.20] |
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Total Shareholders' Equity |
815,705.38 |
886,657.80 |
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Total Liabilities &
Shareholders' Equity |
1,408,523.83 |
929,209.81 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales Income |
7,073,992.34 |
2,011,463.75 |
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Other Income |
5,437.89 |
197,820.09 |
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Total Revenues |
7,079,430.23 |
2,209,283.84 |
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Expenses |
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Cost of Goods
Sold |
5,823,950.41 |
1,579,531.60 |
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Selling & Administrative Expenses |
1,326,432.24 |
1,005,979.18 |
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Total Expenses |
7,150,382.65 |
2,585,510.78 |
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Net Profit / [Loss] |
[70,952.42] |
[376,226.94] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
251.68 |
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Operating Profit |
[94.64] |
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Net Profit |
81.14 |
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Fixed Assets |
65.20 |
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Total Assets |
51.58 |
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Profitability |
|
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Cost of Good
Sold |
82.33 |
78.53 |
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Operating Profit Margin |
[1.00] |
[18.70] |
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S & A
Expenses |
18.75 |
50.01 |
|
Other Revenues |
0.08 |
9.83 |
|
Net Profit Margin |
[1.00] |
[18.70] |
|
Earning Per Shares |
[3.55] |
[18.81] |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 251.68%,
Operating Profit was
decreased by 94.64%,
Net Profit was
increased by 81.14%,
Fixed Assets was
increased by 65.20%,
Total Assets was
increased by 51.58%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 78.53%
to 82.33%, Operating
Profit Margin was
increased from -18.70%
to -1.00%, S & A Expenses was decreased from
50.01% to 18.75%,
Other Revenues was
decreased from 9.83%
to 0.08%, Net
Profit Margin was
increased from -18.70%
to -1.00%.
Earning Per Shares
was increased from
-18.81 baht per
share to -3.55
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.16 |
19.68 |
|
Quick-Assets Ratio |
1.96 |
18.12 |
Current Ratio was
decreased from 19.68
to 2.16, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
18.12 to 1.96,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.73 |
0.05 |
D/E Ratio was
increased from 0.05
to 0.73, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
59.81 |
28.09 |
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Total Assets Turnover |
5.02 |
2.16 |
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Return on Assets |
[5.04] |
[40.49] |
|
Return on Equity |
[8.70] |
[42.43] |
|
Day's Payable |
21.93 |
0.00 |
|
Day’s Inventories |
2.31 |
8.11 |
|
Day’s Receivables |
55.29 |
23.27 |
Fixed Assets Turnover
was increased from
28.09 times to
59.81 times, Total
Assets Turnover was
increased from 2.16
times to 5.02
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-40.49 to -5.04,
Return on Equity
was increased from
-42.43 to -8.70,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
increased from 0
days to 22
days, while Day’s
Inventories was decreased
from 9 days to 3
days, but Day’s
Receivables was increased
from 24 days
to 56 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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 |
|
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%)