MIRA INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PAWA
INTERNATIONAL SALES AGENCY
LIMITED PARTNERSHIP |
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Registered Office : |
51 Soi Sarapee 2, Prachatipok Road, Somdejchaophya, Klongsan, Bangkok 10600 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
03.11.1972 |
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Com. Reg. No.: |
0103515021301 |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
Importer
and Distributor of
Agrochemical Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
PAWA INTERNATIONAL
SALES AGENCY LIMITED
PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 51
SOI SARAPEE 2,
PRACHATIPOK ROAD,
SOMDEJCHAOPHYA, KLONGSAN,
BANGKOK 10600,
THAILAND
TELEPHONE : [66] 2437-8952,
081 837-4805
FAX : [66] 2438-2411
E-MAIL
ADDRESS : pawatools@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0103515021301 [Former: 2239/2515]
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MRS. BIMLA VARAMA,
THAI
MANAGING PARTNER
NO.
OF STAFF : 9
LINES
OF BUSINESS : AGROCHEMICAL PRODUCTS
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 November 3, 1972 as
a limited partnership
under the name
style PAWA INTERNATIONAL
SALES AGENCY LIMITED
PARTNERSHIP, by Thai-Indian
groups, with the
business objective to
distribute agrochemical products
for domestic market.
It currently employs
9 staff.
The
subject’s registered address
is 51 Soi
Sarapee 2, Prachatipok
Rd., Somdejchaophya, Klongsan,
Bangkok 10600, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mrs. Bimla Varama can
sign on behalf
of the subject
with seal affixed.
She also bears
full financial responsibility by
law.
MANAGEMENT
Mrs. Bimla Varama is
the Managing Partner.
She is Thai
nationality with the
age of 67
years old.
Mr. Chanin Varama is
the Assistant Managing
Partner.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
agrochemical products, including
herbicide, insecticide, fungicide
and fertilizer. Range of products are Zinc Phosphate 80%
Power Commando, Celphos
Aluminium Phosphide 56%
and etc.
PURCHASE
The products are purchased
from suppliers and
agents in both domestic
and overseas, mainly
India, Singapore and
Indonesia.
MAJOR SUPPLIER
Excel Industrial Co.,
Ltd. : India
SALES
The products are
sold locally by
wholesale to end-users.
RELATED AND AFFILIATED
COMPANY
Pawa Agrotools &
Handtools Limited Partnership
Business Type :
Importer and distributor of
agro-tools and hardware
products.
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.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
and shop at
the heading address.
Premise is located
in commercial/residential area.
Warehouse
is located at 10 Trok Tonpho, Charoenkrung Rd., Bangkorlaem,
Bangkok 10120. Tel. [66]
2289-0471.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
50,000.
COMMENT
The
subject has moderate
business during the
past few years. Strong consumption
of agro chemicals is the
key to business success.
Market of agrochemical products has grown steadily
from the country’s
main agricultural industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
which was carried
by 3 persons
as followed:
Name Age Amount
Mr. Chanin
Varama [39]
Bht. 25,000
Mrs. Bimla
Varama [67]
Bht. 1,950,000 [unlimited
partner]
Mr. Sathit
Kumar [64]
Bht. 25,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suchart Srimanchantha No.
3549
Note
The 2010, financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
237,103.99 |
294,272.31 |
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Trade Accounts Receivable |
70,210.51 |
216,331.73 |
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Inventories |
12,607,766.87 |
11,121,735.40 |
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|
|
|
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Total Current Assets
|
12,915,081.37 |
11,632,339.44 |
|
Fixed Assets |
852.38 |
1,785.09 |
|
Other Assets |
255,092.87 |
186,691.61 |
|
Total Assets |
13,171,026.62 |
11,820,816.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft |
43,802.67 |
779,719.99 |
|
Accrued Expenses |
38,638.03 |
120,850.71 |
|
Trade Accounts Payable |
6,896,525.03 |
4,897,345.87 |
|
|
|
|
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Total Current Liabilities |
6,978,965.73 |
5,797,916.57 |
|
Loan to Partners |
1,300,000.00 |
1,700,000.00 |
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Total Liabilities |
8,278,965.73 |
7,497,916.57 |
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Shareholders' Equity |
|
|
|
|
|
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
2,892,060.89 |
2,322,899.57 |
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Total Shareholders' Equity |
4,892,060.89 |
4,322,899.57 |
|
Total Liabilities & Shareholders' Equity |
13,171,026.62 |
11,820,816.14 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
25,054,477.72 |
26,969,556.68 |
|
Other Income |
163,163.81 |
- |
|
Total Sales |
25,217,641.53 |
26,969,556.68 |
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Expenses |
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Cost of Goods
Sold |
23,373,225.96 |
24,862,880.34 |
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Selling & Administrative Expenses |
1,111,341.87 |
1,143,686.66 |
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Total Expenses |
24,484,567.83 |
26,006,567.00 |
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Profit / [Loss] before Financial
Cost & Income Tax |
733,073.70 |
962,989.68 |
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Financial Cost |
[88,224.35] |
[56,051.90] |
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Income Tax |
[75,688.03] |
[118,580.11] |
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|
|
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Net Profit / [Loss] |
569,161.32 |
788,357.67 |
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Retained Earning, beginning
of year |
2,322,899.57 |
1,534,541.90 |
|
Retained Earning, end
of year |
2,892,060.89 |
2,322,899.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.85 |
2.01 |
|
QUICK RATIO |
TIMES |
0.04 |
0.09 |
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|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
29,393.55 |
15,108.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.90 |
2.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
196.88 |
163.27 |
|
INVENTORY TURNOVER |
TIMES |
1.85 |
2.24 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.02 |
2.93 |
|
RECEIVABLES TURNOVER |
TIMES |
356.85 |
124.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
107.70 |
71.90 |
|
CASH CONVERSION CYCLE |
DAYS |
90.21 |
94.31 |
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|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.29 |
92.19 |
|
SELLING & ADMINISTRATION |
% |
4.44 |
4.24 |
|
INTEREST |
% |
0.35 |
0.21 |
|
GROSS PROFIT MARGIN |
% |
7.36 |
7.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.93 |
3.57 |
|
NET PROFIT MARGIN |
% |
2.27 |
2.92 |
|
RETURN ON EQUITY |
% |
11.63 |
18.24 |
|
RETURN ON ASSET |
% |
4.32 |
6.67 |
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|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.63 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.69 |
1.73 |
|
TIME INTEREST EARNED |
TIMES |
8.31 |
17.18 |
|
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ANNUAL GROWTH |
|
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|
|
SALES GROWTH |
% |
(7.10) |
|
|
OPERATING PROFIT |
% |
(23.88) |
|
|
NET PROFIT |
% |
(27.80) |
|
|
FIXED ASSETS |
% |
(52.25) |
|
|
TOTAL ASSETS |
% |
11.42 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
7.36 |
Acceptable |
Industrial
Average |
10.07 |
|
Net Profit Margin |
2.27 |
Impressive |
Industrial
Average |
1.37 |
|
Return on Assets |
4.32 |
Impressive |
Industrial
Average |
3.50 |
|
Return on Equity |
11.63 |
Impressive |
Industrial
Average |
10.32 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 7.36%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the
problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.27% compared with those of its average
competitors in the same industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
4.32%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 11.63%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.85 |
Impressive |
Industrial
Average |
1.41 |
|
Quick Ratio |
0.04 |
|
|
|
|
Cash Conversion Cycle |
90.21 |
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|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.85 times in 2009, decrease from 2.01 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.04 times in 2009,
decrease from 0.09 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 91 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
1.69 |
Acceptable |
Industrial
Average |
1.74 |
|
Times Interest Earned |
8.31 |
Impressive |
Industrial
Average |
2.23 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 8.31 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.63 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
29,393.55 |
Impressive |
Industrial
Average |
10.31 |
|
Total Assets Turnover |
1.90 |
Acceptable |
Industrial
Average |
2.56 |
|
Inventory Conversion Period |
196.88 |
|
|
|
|
Inventory Turnover |
1.85 |
Deteriorated |
Industrial
Average |
7.30 |
|
Receivables Conversion Period |
1.02 |
|
|
|
|
Receivables Turnover |
356.85 |
Impressive |
Industrial
Average |
4.60 |
|
Payables Conversion Period |
107.70 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.