MIRA INFORM REPORT
|
Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.O.P.
INTERTRADE COMPANY LIMITED |
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Registered Office : |
3/317
Moo 11, Sukhapibal
1 Road, Ladprao, Bangkok
10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.03.2001 |
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Com. Reg. No.: |
0105544025397 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, distributor and exporter of trading company |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
P.O.P. INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 3/317
MOO 11, SUKHAPIBAL
1 ROAD,
LADPRAO, BANGKOK
10230
TELEPHONE : [66] 2570-8031,
2578-6150-1
FAX :
[66] 2942-3130
E-MAIL
ADDRESS : chanchai@popintertrade.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544025397 [Former : [2] 379/2544]
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANCHAI URAIRAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 March 14,
2001 as a
private limited company
under the name
style P.O.P. INTERTRADE COMPANY LIMITED by Thai groups, with the business objective to operate in
trading business specially
in foods
and packaging products. It
currently employs 12
staff.
The subject’s registered address is 3/317 Moo 11,
Sukhapibal 1 Rd., Ladprao, Bangkok 10230,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chanchai Urairat |
|
Thai |
43 |
|
Mrs. Supatra Urairat |
|
Thai |
40 |
|
Mrs. Hatairat Chaleawpong |
|
Thai |
62 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chanchai Urairat is
the Managing Director.
He is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is engaged
in international trading
business by importing
and distributing of
frozen foods: tuna fish,
mussel, canned foods
and etc., as well as
exporting of packaging
industrial products, e.g. machine and
empty canned products.
PURCHASE
The products are purchased
from suppliers both
in domestic and
overseas, mainly in
Oman, Australia, New
Zealand, Pakistan and
India.
SALES
The products are
sold locally by
wholesale to dealers
and end-users.
EXPORT
The products are
exported to Republic
of China, Indonesia,
Hong Kong and
Middle East countries.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION
DETAILS
The premise is rented for administrative office in a 3
storey building of 1 row
shop house at the
heading address. Premise
is located in
commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subject is
doing moderate business.
Domestic consumption improved
has resulted to
rising demand of
food products. Economic
improvement presumed a good
business results, as
well as current
economic situation also benefits
to the industry
as a whole.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided into 100,000 shares of Bht. 10
each.
On
April 24, 2006,
the capital was
increased to Bht. 10,000,000 divided
into 1,000,000 shares of
Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE :
[ as at April
30, 2011 ] at
Bht. 10 million of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chanchai Urairat Nationality: Thai Address : 3/317
Moo 11, Sukhapibal
1 Rd., Ladprao, Bangkok |
500,000 |
50.00 |
|
Mrs. Supatra Urairat Nationality: Thai Address : 3/317
Moo 11, Sukhapibal
1 Rd.,
Ladprao, Bangkok |
499,995 |
49.99 |
|
Mr. Monchai Chaleawpong Nationality: Thai Address : 125 Nipat-uthit
1 Rd., Hadyai,
Songkhla |
1 |
|
|
Mr. Porames Chaleawpong Nationality: Thai Address : 63/2
Padungdonyor Rd., Kuhasawan,
Muang Pattalung |
1 |
|
|
Mr. Sorawit Chaleawpong Nationality: Thai Address :
47 Thamnoonvithi Rd.,
Hadyai, Songkhla |
1 |
= 0.01 |
|
Mr. Chairat Chaleawpong Nationality: Thai Address : 47
Thamnoonvithi Rd., Hadyai,
Songkhla |
1 |
|
|
Mrs. Hatairat Chaleawpong Nationality: Thai Address : 125
Nipat-uthit 1 Rd.,
Hadyai, Songkhla |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Naowarat Sutthiveerawat No.
6735
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
137,376.66 |
364,675.37 |
|
Trade Accounts Receivable |
69,000,515.66 |
68,718,546.49 |
|
Inventories |
2,527,324.20 |
1,775,480.55 |
|
Loan to Person & Related Company |
1,403,644.46 |
583,124.74 |
|
Other Current Assets
|
431,386.56 |
35,000.00 |
|
|
|
|
|
Total Current Assets
|
73,500,247.54 |
71,476,827.15 |
|
Cash at Bank Pledged as
a Collateral |
5,224,056.76 |
5,200,443.04 |
|
Other Investment |
1,530,000.00 |
1,530,000.00 |
|
Fixed Assets |
97,505.33 |
300,399.48 |
|
Total Assets |
80,351,809.63 |
78,507,669.67 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from Financial
Institutions |
981,492.04 |
732,264.92 |
|
Trade Accounts Payable |
11,199,946.15 |
11,626,039.69 |
|
Payable Trust Receipt |
36,000,579.44 |
45,832,136.84 |
|
Loan from Director &
Related Company |
22,102,919.91 |
5,988,915.59 |
|
Current Portion of Long-term Liabilities |
746,787.37 |
2,035,329.28 |
|
Other Current Liabilities |
510,453.16 |
2,980,241.72 |
|
|
|
|
|
Total Current Liabilities |
71,542,178.07 |
69,194,928.04 |
|
|
|
|
|
Other Long-term Liabilities |
- |
557,223.44 |
|
Total Liabilities |
71,542,178.07 |
69,752,151.48 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized &
issued share capital 1,000,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[1,190,368.44] |
[1,244,481.81] |
|
Total Shareholders' Equity |
8,809,631.56 |
8,755,518.19 |
|
Total Liabilities &
Shareholders' Equity |
80,351,809.63 |
78,507,669.67 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
129,469,157.68 |
155,783,584.18 |
|
Other Income |
5,268,903.69 |
2,552,244.33 |
|
Total Sales |
134,738,061.37 |
158,335,828.51 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
123,197,154.25 |
145,662,617.98 |
|
Selling Expenses |
2,899,573.87 |
2,965,454.02 |
|
Administrative Expenses |
4,891,060.57 |
4,133,146.86 |
|
Other Expenses |
668,304.81 |
1,593,309.55 |
|
Total Expenses |
131,656,093.50 |
154,354,528.41 |
|
|
|
|
|
Profit / [Loss] Before Financial Cost & Income Tax |
3,081,967.87 |
3,981,300.10 |
|
Financial Cost |
[2,866,830.64] |
[3,623,012.61] |
|
Income Tax |
[136,952.16] |
[159,278.89] |
|
|
|
|
|
Net Profit / [Loss] |
78,185.07 |
199,008.60 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
1.03 |
|
QUICK RATIO |
TIMES |
0.97 |
1.00 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,327.82 |
518.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
1.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
7.49 |
4.45 |
|
INVENTORY TURNOVER |
TIMES |
48.75 |
82.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
194.53 |
161.01 |
|
RECEIVABLES TURNOVER |
TIMES |
1.88 |
2.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
33.18 |
29.13 |
|
CASH CONVERSION CYCLE |
DAYS |
168.83 |
136.32 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.16 |
93.50 |
|
SELLING & ADMINISTRATION |
% |
6.02 |
4.56 |
|
INTEREST |
% |
2.21 |
2.33 |
|
GROSS PROFIT MARGIN |
% |
8.91 |
8.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.38 |
2.56 |
|
NET PROFIT MARGIN |
% |
0.06 |
0.13 |
|
RETURN ON EQUITY |
% |
0.89 |
2.27 |
|
RETURN ON ASSET |
% |
0.10 |
0.25 |
|
EARNING PER SHARE |
BAHT |
0.08 |
0.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
0.89 |
|
DEBT TO EQUITY RATIO |
TIMES |
8.12 |
7.97 |
|
TIME INTEREST EARNED |
TIMES |
1.08 |
1.10 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(16.89) |
|
|
OPERATING PROFIT |
% |
(22.59) |
|
|
NET PROFIT |
% |
(60.71) |
|
|
FIXED ASSETS |
% |
(67.54) |
|
|
TOTAL ASSETS |
% |
2.35 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.91 |
Impressive |
Industrial
Average |
6.38 |
|
Net Profit Margin |
0.06 |
Impressive |
Industrial
Average |
(0.06) |
|
Return on Assets |
0.10 |
Impressive |
Industrial
Average |
(0.26) |
|
Return on Equity |
0.89 |
Impressive |
Industrial
Average |
(0.87) |
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 8.91%. 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 0.06%, higher
figure when 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
0.1%, 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 0.89%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.03 |
Impressive |
Industrial
Average |
1.02 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
168.83 |
|
|
|
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 1.03 times in 2010, same
figure as in
2009, 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 0.97 times in 2010,
decrease from 1 time, by excluding inventory, the company may have problems
meeting current liabilities.
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 169 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
8.12 |
Risky |
Industrial
Average |
2.90 |
|
Times Interest Earned |
1.08 |
Impressive |
Industrial
Average |
0.52 |
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 1.08 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 0.89 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,327.82 |
Impressive |
Industrial
Average |
9.17 |
|
Total Assets Turnover |
1.61 |
Deteriorated |
Industrial
Average |
4.14 |
|
Inventory Conversion Period |
7.49 |
|
|
|
|
Inventory Turnover |
48.75 |
Impressive |
Industrial Average |
7.48 |
|
Receivables Conversion Period |
194.53 |
|
|
|
|
Receivables Turnover |
1.88 |
Deteriorated |
Industrial
Average |
6.95 |
|
Payables Conversion Period |
33.18 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.19 |
|
UK Pound |
1 |
Rs.75.92 |
|
Euro |
1 |
Rs.65.44 |
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.