MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIRIYAPUL INTERNATIONAL LIMITED |
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Registered Office : |
539/4 Sri Ayudhaya Road, Thanon Phyathai, Ratchathewi, Bangkok 10400 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.08.1986 |
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Com. Reg. No.: |
0105529026345 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Dealer of Food and Consumer Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PIRIYAPUL
INTERNATIONAL LIMITED
SUMMARY
BUSINESS
ADDRESS : 539/4
SRI AYUDHAYA ROAD,
THANON PHYATHAI,
RATCHATHEWI, BANGKOK
10400, THAILAND
TELEPHONE : [66] 2246-0403
FAX :
[66] 2246-5489,
2247-2004
E-MAIL
ADDRESS : piriyapu@cscoms.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529026345
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHOOSAK PIRIYAPUL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : FOOD
AND CONSUMER PRODUCTS
IMPORTER, DISTRIBUTOR
AND DEALER
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 August 1, 1986 as
a private limited
company under the registered name style PIRIYAPUL INTERNATIONAL LIMITED
by Thai groups, with the
business objective to distribute various
kinds of foods and consumer
products to domestic
market. It currently
employs approximate 100
staff.
The
subject is also
a member of
The American Chamber
of Commerce in
Thailand.
The subject’s registered address is 539/4 Sri Ayudhaya Rd., Thanon
Phyathai, Ratchathewi, Bangkok 10400,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amnuay Yossook |
|
Thai |
74 |
|
Mr. Choosak Piriyapul |
[x] |
Thai |
59 |
|
Mrs. Wanna Piriyapul |
|
Thai |
54 |
|
Mr. Chettha Piriyapul |
|
Thai |
32 |
|
Mr. Supachet Piriyapul |
|
Thai |
31 |
|
Mr. Vorachet Piriyapul |
|
Thai |
29 |
|
Ms. Kanistha Piriyapul |
|
Thai |
26 |
|
Mr. Uthis Praphansiri |
|
Thai |
79 |
|
Mr. Kriengsak Visuthichit |
|
Thai |
60 |
|
Mr. Chaicharn At-ora-ake |
|
Thai |
69 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Choosak Piriyapul is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
Mr. Supachet Piriyapul
is the General
Manager.
He is Thai
nationality with the
age of 31
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of food and
consumer products as
follows:
Products Brand
Instant coffee : NESCAFE, TASTER’S
CHOICE, FOLGERS,
MAXIM, MOCCONA,
SANKA, GOLD KILI,
Ground coffee : MAXWELL HOUSE
Instant tea : NESTEA
Tea bag : LIPTON
Non-dairy creamer : COFFEE MATE
Tonic food
drink : CARNATION MALTED
MILK
Cereal : GOLD
KILI
Powder drink : TANG
Fruit juice : COTTEE’S, DEL
MONTE, LIGO, S & W,
OCEAN
SPRAY, SUNSWEET, etc.
Canned fruit : DEL
MONTE, LIGO
Canned vegetable : DEL
MONTE, S & W
Pie filling : WILDERNESS, CRYSTAL
Bakery : CALUMET
Sauce/ seasoning : A. 1, DEL MONTE,
MAGGI, TABASCO
Confectionery : EIWA,
LIFE SAVERS, FOX’S
Biscuit : BOURBON
Cigars : -
Tobacco : -
etc.
PURCHASE
Most of
the products are
purchased from local
suppliers, the remaining
is imported from
U.S.A., Australia and
Europe country.
MAJOR
SUPPLIERS
Sara
Lee Coffee & Tea
[Thailand] Co., Ltd. : Thailand
Unilever
Thai Holding Co.,
Ltd. : Thailand
SALES
100% of the
products is sold
locally by wholesale
through over 1,000
customers, such as
hypermarket, supermarket, convenience
store and retail
shop.
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.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Branch
office : 84/3 - 84/8
Rajaprarop Rd., Makkasan,
Ratchathewi, Bangkok 10400.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,500,000.
COMMENT
The subject is one among
the leading importers and
distributors of foods and
consumer products in
domestic market. Its products
have seen on shelf in the
stores nationwide, as
well as many products are
preferred by consumers
for a long time.
Subject
is considered a
solid business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 50,000 shares of Bht. 100 each
with fully paid.
On
August 22, 2001,
the capital was
increased to Bht. 15,000,000
divided into 150,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Choosak Piriyapul Nationality: Thai Address : 539/4
Sri Ayudhaya Rd.,
Thanon Phyathai,
Ratchathewi, Bangkok |
48,975 |
32.65 |
|
Mrs. Wanna Piriyapul Nationality: Thai Address : 539/4
Sri Ayudhaya Rd.,
Thanon Phyathai,
Ratchathewi, Bangkok |
21,000 |
14.00 |
|
Mr. Vorachet Piriyapul Nationality: Thai Address : 539/4
Sri Ayudhaya Rd.,
Thanon Phyathai,
Ratchathewi, Bangkok |
20,005 |
13.33 |
|
Mr. Supachet Piriyapul Nationality: Thai Address : 539/4
Sri Ayudhaya Rd.,
Thanon Phyathai,
Ratchathewi, Bangkok |
20,005 |
13.33 |
|
Mr. Chettha Piriyapul Nationality: Thai Address : 539/4
Sri Ayudhaya Rd.,
Thanon Phyathai,
Ratchathewi, Bangkok |
20,005 |
13.33 |
|
Ms. Kanistha Piriyapul Nationality: Thai Address : 539/4
Sri Ayudhaya Rd.,
Thanon Phyathai,
Ratchathewi, Bangkok |
20,000 |
13.33 |
|
Mr. Amnuay Yossook Nationality: Thai Address : 188
Moo 1, Padaed,
Muang, Chiangmai |
5 |
=0.03 |
|
Mr. Somsak Piriyapul Nationality: Thai Address : 1086/24
Charoenkrung Rd., Bangrak,
Bangkok |
5 |
|
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Supoj Pithayapongpat No.
3863
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
29,290.42 |
4,974.27 |
|
Trade Accounts Receivable |
164,048,154.32 |
133,653,951.77 |
|
Inventories |
401,517,467.97 |
350,424,038.28 |
|
Other Current Assets |
639,123.95 |
1,365,243.22 |
|
|
|
|
|
Total Current Assets
|
566,234,036.66 |
485,448,207.54 |
|
|
|
|
|
Fixed Assets |
59,482,007.47 |
53,825,386.26 |
|
Other Assets |
8,000.00 |
8,000.00 |
|
Total Assets |
625,724,044.13 |
539,281,593.80 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
300,802,640.39 |
282,389,716.77 |
|
Trade Accounts Payable |
1,454,413.74 |
1,740,128.28 |
|
Current Portion of Long-tem Loans |
18,000,000.00 |
18,000,000.00 |
|
Short-term Loan from Person
Related |
262,560,000.00 |
180,576,000.00 |
|
Other Current Liabilities |
3,752,841.31 |
1,201,176.20 |
|
|
|
|
|
Total Current Liabilities |
586,569,895.44 |
483,907,021.25 |
|
|
|
|
|
Long-term Loan |
10,000,000.00 |
28,000,000.00 |
|
Total Liabilities |
596,569,895.44 |
511,907,021.25 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning-
Unappropriated |
14,154,148.69 |
12,374,572.55 |
|
Total Shareholders' Equity |
29,154,148.69 |
27,374,572.55 |
|
Total Liabilities & Shareholders' Equity |
625,724,044.13 |
539,281,593.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales Income |
521,494,547.43 |
471,765,738.34 |
|
Other Income |
4,985,691.46 |
3,277,764.86 |
|
Total Revenues |
526,480,238.89 |
475,043,503.20 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
425,243,962.88 |
367,687,195.57 |
|
Selling Expenses |
54,459,881.67 |
64,878,174.77 |
|
Administrative Expenses |
27,439,207.94 |
23,482,248.99 |
|
Total Expenses |
507,143,052.49 |
456,047,619.33 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
19,337,186.40 |
18,995,883.87 |
|
Financial Cost |
[16,229,305.68] |
[15,325,459.85] |
|
Profit / [Loss] before Income
Tax |
3,107,880.72 |
3,670,424.02 |
|
Income Tax |
[1,328,304.58] |
[1,101,127.20] |
|
|
|
|
|
Net Profit / [Loss] |
1,779,576.14 |
2,569,296.82 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.97 |
1.00 |
|
QUICK RATIO |
TIMES |
0.28 |
0.28 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.77 |
8.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.83 |
0.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
344.63 |
347.86 |
|
INVENTORY TURNOVER |
TIMES |
1.06 |
1.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
114.82 |
103.41 |
|
RECEIVABLES TURNOVER |
TIMES |
3.18 |
3.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.25 |
1.73 |
|
CASH CONVERSION CYCLE |
DAYS |
458.21 |
449.54 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.54 |
77.94 |
|
SELLING & ADMINISTRATION |
% |
15.70 |
18.73 |
|
INTEREST |
% |
3.11 |
3.25 |
|
GROSS PROFIT MARGIN |
% |
19.41 |
22.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.71 |
4.03 |
|
NET PROFIT MARGIN |
% |
0.34 |
0.54 |
|
RETURN ON EQUITY |
% |
6.10 |
9.39 |
|
RETURN ON ASSET |
% |
0.28 |
0.48 |
|
EARNING PER SHARE |
BAHT |
11.86 |
17.13 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.95 |
|
DEBT TO EQUITY RATIO |
TIMES |
20.46 |
18.70 |
|
TIME INTEREST EARNED |
TIMES |
1.19 |
1.24 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.54 |
|
|
OPERATING PROFIT |
% |
1.80 |
|
|
NET PROFIT |
% |
(30.74) |
|
|
FIXED ASSETS |
% |
10.51 |
|
|
TOTAL ASSETS |
% |
16.03 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.41 |
Impressive |
Industrial Average |
6.06 |
|
Net Profit Margin |
0.34 |
Deteriorated |
Industrial Average |
0.73 |
|
Return on Assets |
0.28 |
Deteriorated |
Industrial Average |
4.07 |
|
Return on Equity |
6.10 |
Deteriorated |
Industrial Average |
12.34 |
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 19.41%. 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 0.34%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.28%.
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 6.1%.
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 |
0.97 |
Risky |
Industrial Average |
1.39 |
|
Quick Ratio |
0.28 |
|
|
|
|
Cash Conversion Cycle |
458.21 |
|
|
|
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 0.97 times in 2009, decrease from 1 time, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
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 0.28 times in 2009,
increase from 0.28 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 459 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.95 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
20.46 |
Risky |
Industrial Average |
1.86 |
|
Times Interest Earned |
1.19 |
Acceptable |
Industrial Average |
1.92 |
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 1.2 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 0.95 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 |
8.77 |
Deteriorated |
Industrial Average |
19.42 |
|
Total Assets Turnover |
0.83 |
Deteriorated |
Industrial Average |
5.55 |
|
Inventory Conversion Period |
344.63 |
|
|
|
|
Inventory Turnover |
1.06 |
Deteriorated |
Industrial Average |
13.25 |
|
Receivables Conversion Period |
114.82 |
|
|
|
|
Receivables Turnover |
3.18 |
Deteriorated |
Industrial Average |
8.67 |
|
Payables Conversion Period |
1.25 |
|
|
|
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
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.