MIRA INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PONPOONSIN CO., LTD. |
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Registered Office : |
80
Maesod-Maetao Road, T. Maesod,
A. Maesod, Tak
63110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.04.2009 |
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Com. Reg. No.: |
0635552000174 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of agricultural products |
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No. of Employee: |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
PONPOONSIN CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 80
MAESOD-MAETAO ROAD,
T. MAESOD,
A. MAESOD, TAK
63110
TELEPHONE : [66] 55
536-238, 089 636-6554
FAX :
[66] 55
536-238
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0635552000174
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAVIT CHAIDEE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMENCE
HISTORY
The
subject was established
on April 24,
2009 as a
private limited company
under the name style
PONPOONSIN CO., LTD., by Thai
groups, in order
to distribute various kinds of
agricultural products to
domestic markets. It
currently employs 10 staff.
The
subject’s registered address
is 80 Maesod-Maetao
Rd., T. Maesod,
A. Maesod, Tak
63110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pravit Chaidee |
|
Thai |
33 |
|
Ms. Ravinant Kongsinsukadul |
|
Thai |
31 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pravit Chaidee
is the Managing
Director.
He is Thai
nationality with the
age of 33
years old.
Ms. Ravinant Kongsinsukadul is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 31
years old.
BUSINESS OPERATIONS
The subject’s activity
is a distributor
various kinds of
agricultural products, e.g. bean,
dry red chilly,
red onions, pearl
onions, garlic, ginger,
corn and etc.
PURCHASE
100%
of its products
is purchased and
supplied from local
suppliers.
SALES
[LOCAL]
100%
of the products
is also sold
locally by wholesale
to dealers and
end-users.
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
credit term of
30 days.
Local
bills are paid
by cash or
on the credit
term of 30
days.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff. [office
and sales staff]
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The
subject was formed in 2009 as a distributor of agricultural products. Demand of products
remains strong. Subject has moderate sales in
2010 fiscal year. Sales
were moderate in the
first eight months of the year,
while current flooding
has resulted to
heavily decrease of
crop products including
chilly, corn, vegetables
and etc.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100 each.
On
March 25, 2010,
the capital was
increased to Bht.
3,000,000 divided into
30,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pravit Chaidee Nationality: Thai Address : 468/Por Moo 5,
T. Kereeraj, A.
Pobphra, Tak |
10,000 |
33.34 |
|
Ms. Ravinant Kongsinsukadul Nationality: Thai Address : 104/2 Moo 11,
T. Pangmhoo, A.
Muang, Maehongsorn |
10,000 |
33.33 |
|
Ms. Thitiporn Laosinsakulvanich Nationality: Thai Address : 352 Moo 5,
T. Kereeraj, A.
Pobphra, Tak |
10,000 |
33.33 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nakorn Asawapratuengkul No.
6829
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
593,805.10 |
1,236,994.41 |
|
Short-term Loan to Related Person |
3,000,000.00 |
- |
|
Other Current Assets |
28,493.16 |
- |
|
|
|
|
|
Total Current Assets
|
3,622,298.26 |
1,236,994.41 |
|
Total Assets |
3,622,298.26 |
1,236,994.41 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Accrued Income Tax |
28,071.59 |
10,500.78 |
|
Accrued Expenses |
37,415.15 |
17,000.00 |
|
|
|
|
|
Total Current Liabilities |
65,486.74 |
27,500.78 |
|
Total Liabilities |
65,486.74 |
27,500.78 |
|
|
|
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Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 &
10,000 shares in 2010 & 2009 respectively |
3,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
1,000,000.00 |
|
Retained Earning-
Unappropriated |
556,811.52 |
209,493.63 |
|
Total Shareholders' Equity |
3,556,811.52 |
1,209,493.63 |
|
Total Liabilities & Shareholders' Equity |
3,622,298.26 |
1,236,994.41 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
April 24,
2009 – Dec. 31,
2009 |
|
|
|
|
|
Sales Income |
17,407,800.00 |
6,267,181.10 |
|
Other Income |
28,493.16 |
- |
|
Total Sales |
17,436,293.16 |
6,267,181.10 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
15,706,785.14 |
5,945,340.89 |
|
Selling Expenses |
749,464.73 |
63,835.00 |
|
Administrative Expenses |
597,153.81 |
38,010.80 |
|
Total Expenses |
17,053,403.68 |
6,047,186.69 |
|
Profit / [Loss] before Income
Tax |
382,889.48 |
219,994.41 |
|
Income Tax |
[35,571.59] |
[10,500.78] |
|
|
|
|
|
Net Profit / [Loss] |
347,317.89 |
209,493.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
55.31 |
44.98 |
|
QUICK RATIO |
TIMES |
54.88 |
44.98 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.81 |
5.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.23 |
94.86 |
|
SELLING & ADMINISTRATION |
% |
7.74 |
1.63 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
9.94 |
5.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
3.51 |
|
NET PROFIT MARGIN |
% |
2.00 |
3.34 |
|
RETURN ON EQUITY |
% |
9.76 |
17.32 |
|
RETURN ON ASSET |
% |
9.59 |
16.94 |
|
EARNING PER SHARE |
BAHT |
11.58 |
20.95 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.02 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
177.76 |
|
|
OPERATING PROFIT |
% |
74.05 |
|
|
NET PROFIT |
% |
65.79 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
192.83 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
9.94 |
Impressive |
Industrial Average |
6.34 |
|
Net Profit Margin |
2.00 |
Impressive |
Industrial Average |
0.38 |
|
Return on Assets |
9.59 |
Impressive |
Industrial Average |
1.25 |
|
Return on Equity |
9.76 |
Impressive |
Industrial Average |
4.13 |
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 9.94%. 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. Net Profit Margin ratio is 2%
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
9.59%, 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 9.76%, 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 |
55.31 |
Impressive |
Industrial Average |
1.24 |
|
Quick Ratio |
54.88 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 55.31 times in 2010, increase from 44.98 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 54.88 times in 2010,
increase from 44.98 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial Average |
0.71 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial Average |
2.39 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.56 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.02 less 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 |
- |
|
Industrial Average |
6.89 |
|
Total Assets Turnover |
4.81 |
Impressive |
Industrial Average |
3.46 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
6.89 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
7.50 |
|
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.49.13 |
|
UK Pound |
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.75 |
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.