MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PAWS PET
CORP., LTD. |
|
|
|
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Registered Office : |
88 Soi Puengmee
29, Sukhumvit Road, Bangchak, Prakanong,
Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.01.2003 |
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Com. Reg. No.: |
0105546003358 |
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Legal Form : |
Private
Limited Company |
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|
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Line of Business : |
Importer
And Distributor of
Pet Foods And
Pet Accessories |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually Correct |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PAWS
PET CORP., LTD.
SUMMARY
BUSINESS
ADDRESS : 88
SOI PUENGMEE 29,
SUKHUMVIT ROAD,
BANGCHAK, PRAKANONG,
BANGKOK 10260
TELEPHONE : [66] 2332-5991,
2332-5996
FAX :
[66] 2332-5995
E-MAIL
ADDRESS : pawspetfood@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546003358
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 : MS. NETCHANOK SRIRANTIROJ,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 11
LINES
OF BUSINESS : PET
FOODS AND PET
ACCESSORIES
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 January 8, 2003
as a private
limited company under the
registered name PAWS
PET CORP. LTD.
by Thai groups. Its
business objective is to
import and distribute
pet foods and pet
accessories to domestic
market. It currently
employs 11 staff.
The
subject’s registered address
is 88 Soi
Puengmee 29, Sukhumvit
Rd., Bangchak, Prakanong,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Ms. Netchanok Srisantiroj
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Netchanok Srisantiroj is
the Managing Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of pet foods
and pet accessories,
such as comb,
brush, collar, bags,
toys and etc.
PURCHASE
90%
of the products
is imported from
U.S.A. and Australia,
the remaining 10%
is purchased from
local suppliers.
SALES
80% of the
products is sold
locally by wholesale
to dealers, the remaining
20% to 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 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 11
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The subject
is an importer and distributor of pet products
including various types of pet
foods and vitamins.
It has been served
to general consumers.
Consumption of such
products is depending
on purchasing power
and proficiency living
cost. Meanwhile market of pet
products has strong competition,
subject should aware of fluctuated
demand of its
products from local
consumption.
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 28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Netchanok Srisantiroj Nationality: Thai Address : 156/8
Moo 12, Bangna,
Bangna, Bangkok |
3,200 |
32.00 |
|
Mrs. Thipaya Angkananukroh Nationality: Thai Address : 63/255
Moo 8, Bangmod, Jomthong,
Bangkok |
1,900 |
19.00 |
|
Mr. Chayuti Sitthikornprasart Nationality: Thai Address : 63
Bangna-Trad 27 Rd.,
Bangna, Bangkok |
1,700 |
17.00 |
|
Mr. Paibul Angkananukroh Nationality: Thai Address : 181/18
Anusawaree, Bangkhen, Bangkok |
1,500 |
15.00 |
|
Ms. Punnee Prasertkaew Nationality: Thai Address : 8/502
Moo 14, Bangkaew,
Bangplee,
Samutprakarn |
1,000 |
10.00 |
|
Mr. Thanawat Kasemsongporn Nationality: Thai Address : 60/94
Moo 1, Mahasawad,
Bangkruay, Nonthaburi |
500 |
5.00 |
|
Mrs. Sumol Prasertwit Nationality: Thai Address : 156/8
Moo 12, Bangna,
Bangna, Bangkok |
200 |
2.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Wannee Tangkijsanguan
No. 7419
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
2,434,745.28 |
2,600,512.25 |
|
Trade Accounts Receivable |
3,453,488.18 |
3,326,194.89 |
|
Inventories |
5,397,268.46 |
6,027,032.73 |
|
Other Current Assets |
1,751,522.50 |
7,373.43 |
|
|
|
|
|
Total Current Assets
|
13,037,024.42 |
11,961,113.30 |
|
Fixed Deposit |
81,782.00 |
80,000.00 |
|
Fixed Assets |
399,956.95 |
637,560.08 |
|
Guarantee |
295,149.35 |
201,869.35 |
|
Total Assets |
13,813,912.72 |
12,880,542.73 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts & Notes Payable |
122,048.42 |
1,061,540.69 |
|
Other Current Liabilities |
479,479.21 |
520,227.24 |
|
|
|
|
|
Total Current Liabilities |
601,527.63 |
1,581,767.93 |
|
|
|
|
|
Loan from Person or
Related Company |
21,650,000.00 |
20,650,000.00 |
|
Total Liabilities |
22,251,527.63 |
22,231,767.93 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning-
Unappropriated |
[9,437,614.91] |
[10,351,225.20] |
|
Total Shareholders' Equity |
[8,437,614.91] |
[9,351,225.20] |
|
Total Liabilities & Shareholders' Equity |
13,813,912.72 |
12,880,542.73 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
19,461,837.27 |
22,831,786.04 |
|
Interest Income |
7,852.60 |
6,696.45 |
|
Other Income |
16,140.00 |
- |
|
Total Revenues |
19,485,829.87 |
22,838,482.49 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
12,132,580.66 |
14,898,502.06 |
|
Selling Expenses |
3,306,240.10 |
3,167,034.44 |
|
Administrative Expenses |
3,133,308.29 |
3,000,069.81 |
|
Total Expenses |
18,572,129.05 |
21,065,606.31 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
913,700.82 |
1,772,876.18 |
|
Financial Cost |
[90.53] |
- |
|
|
|
|
|
Net Profit / [Loss] |
913,610.29 |
1,772,876.18 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
21.67 |
7.56 |
|
QUICK RATIO |
TIMES |
9.79 |
3.75 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
48.66 |
35.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
162.37 |
147.66 |
|
INVENTORY TURNOVER |
TIMES |
2.25 |
2.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.77 |
53.17 |
|
RECEIVABLES TURNOVER |
TIMES |
5.64 |
6.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.67 |
26.01 |
|
CASH CONVERSION CYCLE |
DAYS |
223.47 |
174.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
62.34 |
65.25 |
|
SELLING & ADMINISTRATION |
% |
33.09 |
27.01 |
|
INTEREST |
% |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
37.78 |
34.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.69 |
7.76 |
|
NET PROFIT MARGIN |
% |
4.69 |
7.76 |
|
RETURN ON EQUITY |
% |
(10.83) |
(18.96) |
|
RETURN ON ASSET |
% |
6.61 |
13.76 |
|
EARNING PER SHARE |
BAHT |
91.36 |
177.29 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.61 |
1.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
(2.64) |
(2.38) |
|
TIME INTEREST EARNED |
TIMES |
10,092.80 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(14.76) |
|
|
OPERATING PROFIT |
% |
(48.46) |
|
|
NET PROFIT |
% |
(48.47) |
|
|
FIXED ASSETS |
% |
(37.27) |
|
|
TOTAL ASSETS |
% |
7.25 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
37.78 |
Impressive |
Industrial Average |
9.01 |
|
Net Profit Margin |
4.69 |
Impressive |
Industrial Average |
1.21 |
|
Return on Assets |
6.61 |
Impressive |
Industrial Average |
5.24 |
|
Return on Equity |
(10.83) |
Deteriorated |
Industrial Average |
17.84 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 37.78%. When compared with
the industry average, the ratio of the company was higher. This 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. The company’s figure is 4.69% 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 6.61%, 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. When compared with the
industry average, it was lower, the company's figure is -10.83%.
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 |
21.67 |
Impressive |
Industrial Average |
1.47 |
|
Quick Ratio |
9.79 |
|
|
|
|
Cash Conversion Cycle |
223.47 |
|
|
|
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 21.67 times in 2010, increase from 7.56 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 9.79 times in 2010,
increase from 3.75 times, although excluding inventory so the company still
have good short-term financial strength.
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 224 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.61 |
Impressive |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
(2.64) |
Risky |
Industrial Average |
1.58 |
|
Times Interest Earned |
10,092.80 |
Impressive |
Industrial Average |
2.39 |
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 10092.8 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 1.61 greater than 0.5, most of the
company's assets are financed through equity.
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 |
48.66 |
Impressive |
Industrial Average |
17.31 |
|
Total Assets Turnover |
1.41 |
Deteriorated |
Industrial Average |
4.72 |
|
Inventory Conversion Period |
162.37 |
|
|
|
|
Inventory Turnover |
2.25 |
Deteriorated |
Industrial Average |
13.08 |
|
Receivables Conversion Period |
64.77 |
|
|
|
|
Receivables Turnover |
5.64 |
Acceptable |
Industrial Average |
7.53 |
|
Payables Conversion Period |
3.67 |
|
|
|
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
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.