MIRA INFORM
REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SUP
PORN CHAI LIMITED
PARTNERSHIP |
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Registered Office : |
449 Soi 101/1
[Vachirathamsathit], |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.04.1984 |
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Com. Reg. No.: |
0103527010423 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
importer and distributor of manila ropes |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SUP
PORN CHAI LIMITED
PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 449
SOI 101/1 [VACHIRATHAMSATHIT],
PRAKANONG,
TELEPHONE : [66] 2221-0394,
2225-1513
FAX :
[66] 2225-1513
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0103527010423 [Former : 1041/2527]
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. BANLUE LIMCHAROENRAT, THAI
MANAGING PARTNER
NO.
OF STAFF : 4
LINES
OF BUSINESS :
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on April 20,
1984 as a limited
partnership under the
registered name SUP PORN
CHAI LIMITED PARTNERSHIP, by Mr. Banlue
and Mr. Saeng Limcharoenrat, the
Thai partners, with the
business objective to import
and distribute Manila
ropes to domestic
market. It currently
employs 4 staff.
The
subject’s registered address
is 449 Sukhumvit
101/1 Rd., Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Banlue Limcharoenrat can
sign on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Banlue Limcharoenrat is
the Managing Partner.
He is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
sizes of Manila
ropes.
IMPORT
Most
of the products
are imported from
India, Taiwan, Republic
of China and
Singapore.
SALES
The products are
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
Bangkok Bank Public
Co., Ltd.
[Head Office
:
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and shop in
a 3 storey
building of 1 row shop
house at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
Subject
reported slow business
in 2009 due
to market stagnant.
However current market
improvement has resulted
to a better
change, and growth is
also continuing.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by
2 persons as
followed:
Name Age Amount
Mr. Banlue
Limcharoenrat [60] Bht.
500,000 [unlimited partner]
Mr. Saeng
Limcharoenrat [65] Bht.
500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vijit Promtanaphan No. 6873
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand |
20,279.00 |
31,710.00 |
|
Inventories |
3,288,914.64 |
3,572,135.15 |
|
Total Current Assets
|
3,309,193.64 |
3,603,845.15 |
|
|
|
|
|
Fixed Assets |
25,167.43 |
33,133.02 |
|
Total Assets |
3,334,361.07 |
3,636,978.17 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Accrued Income Tax |
56,039.67 |
51,375.56 |
|
Accrued Expenses |
133,100.00 |
138,100.00 |
|
Other Current Liabilities |
10,745.12 |
65,916.42 |
|
Total Current Liabilities |
199,884.79 |
255,391.98 |
|
Loan from Related
Person |
2,441,278.00 |
3,317,278.00 |
|
Total Liabilities |
2,641,162.79 |
3,572,669.98 |
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|
|
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Shareholders' Equity |
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
[306,801.72] |
[935,691.81] |
|
Total Shareholders' Equity |
693,198.28 |
64,308.19 |
|
Total Liabilities & Shareholders' Equity |
3,334,361.07 |
3,636,978.17 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
8,493,740.80 |
11,674,371.30 |
|
Other Income |
13,761.36 |
24,873.29 |
|
Total Sales |
8,507,502.16 |
11,699,244.59 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,970,766.62 |
9,982,642.05 |
|
Selling Expenses |
110,900.00 |
- |
|
Administrative Expenses |
709,935.82 |
867,374.73 |
|
Total Expenses |
7,791,602.44 |
10,850,016.78 |
|
Profit Before Income Tax |
715,899.72 |
849,227.81 |
|
Income Tax |
[87,009.63] |
[107,587.59] |
|
Net Profit / [Loss] |
628,890.09 |
741,640.22 |
|
Retained Earning
[deficit], beginning of
year |
[935,691.81] |
[1,677,332.03] |
|
Retained Earning, end
of year |
[306,801.72] |
[935,691.81] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
16.56 |
14.11 |
|
QUICK RATIO |
TIMES |
0.10 |
0.12 |
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|
|
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ACTIVITY RATIO |
|
|
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|
FIXED ASSETS TURNOVER |
TIMES |
337.49 |
352.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.55 |
3.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
172.21 |
130.61 |
|
INVENTORY TURNOVER |
TIMES |
2.12 |
2.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
172.21 |
130.61 |
|
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
82.07 |
85.51 |
|
SELLING & ADMINISTRATION |
% |
9.66 |
7.43 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
18.09 |
14.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.43 |
7.27 |
|
NET PROFIT MARGIN |
% |
7.40 |
6.35 |
|
RETURN ON EQUITY |
% |
90.72 |
1,153.26 |
|
RETURN ON ASSET |
% |
18.86 |
20.39 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.98 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.81 |
55.56 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(27.24) |
|
|
OPERATING PROFIT |
% |
(15.70) |
|
|
NET PROFIT |
% |
(15.20) |
|
|
FIXED ASSETS |
% |
(24.04) |
|
|
TOTAL ASSETS |
% |
(8.32) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.09 |
Impressive |
Industrial Average |
7.46 |
|
Net Profit Margin |
7.40 |
Impressive |
Industrial Average |
0.78 |
|
Return on Assets |
18.86 |
Impressive |
Industrial Average |
1.93 |
|
Return on Equity |
90.72 |
Impressive |
Industrial Average |
5.33 |
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. Gross Profit Margin is 18.09%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
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. Net Profit Margin is 7.4% 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 is 18.86%,
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
is 90.72%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
16.56 |
Impressive |
Industrial Average |
1.59 |
|
Quick Ratio |
0.10 |
|
|
|
|
Cash Conversion Cycle |
172.21 |
|
|
|
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 16.56 times in 2009, increase from 14.11 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 0.1 times in 2009,
decrease from 0.12 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 173 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
3.81 |
Risky |
Industrial Average |
1.64 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.15 |
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
stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.79 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 |
337.49 |
Impressive |
Industrial Average |
11.23 |
|
Total Assets Turnover |
2.55 |
Impressive |
Industrial Average |
2.48 |
|
Inventory Conversion Period |
172.21 |
|
|
|
|
Inventory Turnover |
2.12 |
Deteriorated |
Industrial Average |
5.93 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.21 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
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.