MIRA
INFORM REPORT
|
Report Date : |
25.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
POONPON
TRADING CO., LTD. |
|
|
|
|
Registered Office : |
60 Moo 17, Surin-Prasat Road, T. Chanieng, A. Muang, Surin 32000, Thailand |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.10.2005 |
|
|
|
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Com. Reg. No.: |
0325548000303 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor
and exporter of rice
mill |
|
|
|
|
No. of Employees : |
50 employees |
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 : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
POONPON TRADING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 60
MOO 17, SURIN-PRASAT
ROAD, T. CHANIENG,
A.
MUANG, SURIN 32000,
THAILAND
TELEPHONE : [66] 44
143-199, 087 239-8555
FAX :
[66] 44
143-005
E-MAIL ADDRESS : poonpontrading@hotmail.com
info@poonpon.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0325548000303
TAX
ID NO. : 3031921882
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUPHANUT OLARNWORAWUT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : RICE
MILL
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 October 28,
2005 as a
private limited company under
the registered name
style POONPON TRADING
CO., LTD., by
Thai groups, with the objective
to be engaged in
rice mill business.
It currently employs
approximate 50 staff.
It
achieved international standard,
ISO 9001 : 2000 certificate, quality
management systems, by
UKAS, as well
as GMP and
HACCP certification.
The
subject’s registered address
is 60 Moo
17, Surin-Prasat Rd.,
T. Chanieng,
A. Muang,
Surin
32000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Sarinee
Olarnworawut |
|
Thai |
55 |
|
Mr. Suphanut
Olarnworawut
|
|
Thai |
58 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suphanut
Olarnworawut
is the Managing
Director.
He is Thai
nationality with the
age of 58
years old.
Ms. Donnapak
Olarnworawut
is the Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The
subject is engaged
in rice mill
business, to manufacture,
distribute and export
of Thai jasmine
rice products, with
various packaging sizes,
including 2 kg., 5 kg.,
25 kg., and 50 kg.,
under the various
names “THE GREAT
EMPEROR”, “GOLDEN RICE
BOX”, “BUN SETHEE”
and “POONPON RICE”
brands.
PRODUCTION CAPACITY
500 tons
per day
PURCHASE
100%
of the products
is purchased from
local farmers both
in Surin province
and nearby provinces.
SALES
80% of the
products is exported
to Malaysia, Singapore,
United Arab Emirates,
and the countries in
Europe and South
Africa, and the
remaining 20% is
sold locally.
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
credit term of
30 days.
Exports are against
T/T.
BANKING
Kasikornbank Public
Co., Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 50 office
staff and workers.
LOCATION
DETAILS
The
premise is owned for
administrative office, rice
mill and silo on
128,000 square meters of
area at the
heading address. Premise
is located in
provincial.
COMMENT
The
subject operates a
rice mill as well
as distributing and exporting
of rice products
in which its
sales revenue from
both local and
overseas markets has grown significantly
in 2011. The subject
has expanded its
market aggressively in
the first quarter
of 2012, and
it expects good
business performance throughout
the year.
Generally,
its business is promising
and growing considerably.
FINANCIAL INFORMATION
The
capital was registered at Bht. 5,000,000 divided
into 50,000 shares
of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht.
6,000,000 on February
21, 2006
Bht. 10,000,000 on December 17,
2007
Bht. 20,000,000 on October 6,
2009
The
latest registered capital
was increased to Bht. 20 million,
divided into 200,000
shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chalit
Olarnworawut Nationality: Thai Address : 641/14
Ladprao
Rd., Ladyao, Jatujak,
Bangkok |
40,000 |
20.00 |
|
Mr. Suphanut
Olarnworawut Nationality: Thai Address : 60
Moo 17, T. Chanieng, A. Muang, Surin |
40,000 |
20.00 |
|
Mrs. Sarinee
Olarnworawut Nationality: Thai Address : 60
Moo 17, T. Chanieng, A. Muang, Surin |
40,000 |
20.00 |
|
Mr. Thansawat Olarnworawut Nationality: Thai Address : 60
Moo 17, T. Chanieng, A. Muang, Surin |
40,000 |
20.00 |
|
Ms. Chorthip
Olarnworawut Nationality: Thai Address : 641/14
Ladprao
Rd., Ladyao, Jatujak,
Bangkok |
20,000 |
10.00 |
|
Ms. Dhanapak
Olarnworawut Nationality: Thai Address : 60
Moo 17, T. Chanieng, A. Muang, Surin |
20,000 |
10.00 |
Total Shareholders : 6
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nophawan
Mahantapibarn
No. 3662
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
4,072,199.48 |
146,967.70 |
|
Trade Accounts Receivable
|
33,646,655.65 |
3,996,632.77 |
|
Inventories |
35,728,621.64 |
26,708,967.94 |
|
Receivable - Sale Department |
1,456,386.84 |
153,509.36 |
|
Other Current Assets
|
- |
100,362.48 |
|
|
|
|
|
Total Current Assets
|
74,903,863.61 |
31,106,440.25 |
|
|
|
|
|
Fixed Assets |
14,889,277.36 |
17,068,302.65 |
|
Other Assets |
1,500.00 |
1,500.00 |
|
Total Assets |
89,794,640.97 |
48,176,242.90 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Current Portion of Long-term
Loans |
9,492,000.00 |
9,492,000.00 |
|
Accrued Expenses |
340,809.67 |
724,836.20 |
|
Payable - Sale Department |
11,328.90 |
21,292.69 |
|
Short-term Loan from Related
Person |
46,730,000.00 |
- |
|
|
|
|
|
Total Current Liabilities |
56,574,138.57 |
10,238,128.89 |
|
|
|
|
|
Long-term Loan from Other
Company |
3,536,912.83 |
11,830,167.81 |
|
Total Liabilities |
60,111,051.40 |
22,068,296.70 |
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
645,000.00 |
405,000.00 |
|
Unappropriated |
9,038,589.57 |
5,702,946.20 |
|
Total Shareholders' Equity |
29,683,589.57 |
26,107,946.20 |
|
Total Liabilities & Shareholders' Equity |
89,794,640.97 |
48,176,242.90 |
PROFIT & LOSS
ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
231,265,221.22 |
175,026,910.57 |
|
Other Income |
3,997,693.76 |
5,674,494.42 |
|
Total Sales |
235,262,914.98 |
180,701,404.99 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
214,719,937.09 |
165,628,944.47 |
|
Selling Expenses |
8,834,410.53 |
7,813,676.06 |
|
Administrative Expenses |
2,134,178.97 |
1,736,908.82 |
|
Total Expenses |
225,688,526.59 |
175,179,529.35 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
9,574,388.39 |
5,521,875.64 |
|
Financial Costs |
[1,198,745.02] |
[1,555,815.50] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
8,375,643.37 |
3,966,060.10 |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
8,375,643.37 |
3,966,060.14 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.32 |
3.04 |
|
QUICK RATIO |
TIMES |
0.67 |
0.40 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15.53 |
10.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.58 |
3.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
60.73 |
58.86 |
|
INVENTORY TURNOVER |
TIMES |
6.01 |
6.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.10 |
8.33 |
|
RECEIVABLES TURNOVER |
TIMES |
6.87 |
43.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
113.84 |
67.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.85 |
94.63 |
|
SELLING & ADMINISTRATION |
% |
4.74 |
5.46 |
|
INTEREST |
% |
0.52 |
0.89 |
|
GROSS PROFIT MARGIN |
% |
8.88 |
8.61 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.14 |
3.15 |
|
NET PROFIT MARGIN |
% |
3.62 |
2.27 |
|
RETURN ON EQUITY |
% |
28.22 |
15.19 |
|
RETURN ON ASSET |
% |
9.33 |
8.23 |
|
EARNING PER SHARE |
BAHT |
41.88 |
19.83 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.03 |
0.85 |
|
TIME INTEREST EARNED |
TIMES |
7.99 |
3.55 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
32.13 |
|
|
OPERATING PROFIT |
% |
73.39 |
|
|
NET PROFIT |
% |
111.18 |
|
|
FIXED ASSETS |
% |
(12.77) |
|
|
TOTAL ASSETS |
% |
86.39 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.88 |
Acceptable |
Industrial
Average |
16.43 |
|
Net Profit Margin |
3.62 |
Impressive |
Industrial
Average |
1.12 |
|
Return on Assets |
9.33 |
Impressive |
Industrial
Average |
3.00 |
|
Return on Equity |
28.22 |
Impressive |
Industrial
Average |
9.66 |
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 8.88%. When
compared with the industry average, the ratio of the company was lower,
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 3.62%,
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
9.33%, 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 28.22%, 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 |
1.32 |
Satisfactory |
Industrial
Average |
1.35 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
113.84 |
|
|
|
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 1.32 times in 2011, decreased from 3.04 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 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 0.67 times in 2011,
increased from 0.4 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 114 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Impressive |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
2.03 |
Acceptable |
Industrial
Average |
2.15 |
|
Times Interest Earned |
7.99 |
Impressive |
Industrial
Average |
1.20 |
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 7.99 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 0.67 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 |
15.53 |
Impressive |
Industrial
Average |
7.18 |
|
Total Assets Turnover |
2.58 |
Satisfactory |
Industrial
Average |
2.74 |
|
Inventory Conversion Period |
60.73 |
|
|
|
|
Inventory Turnover |
6.01 |
Impressive |
Industrial
Average |
4.52 |
|
Receivables Conversion Period |
53.10 |
|
|
|
|
Receivables Turnover |
6.87 |
Satisfactory |
Industrial
Average |
7.89 |
|
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.38 |
|
UK Pound |
1 |
Rs.87.80 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.