MIRA
INFORM REPORT
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.A. TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
100/3 Sukhumvit 63
[Ekamai] Road, Klongton Nua,
Wattana, |
|
|
|
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Country : |
|
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
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Date of Incorporation : |
01.05.1978 |
|
|
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Com. Reg. No.: |
0105521007031 |
|
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|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Importer & Distributor of Pharmaceutical Products & Pharmaceutical Chemical |
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|
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|
No. of Employees : |
9 |
RATING & COMMENTS
|
MIRAs Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
P.A.
TRADING COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 100/3
SUKHUMVIT 63 [EKAMAI]
ROAD,
KLONGTON NUA,
WATTANA,
TELEPHONE : [66] 2391-8881,
2391-0053, 2391-3876, 2392-5030
FAX :
[66] 2391-7255
E-MAIL
ADDRESS : patco@csloxinfo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0105521007031 [Former
: 704/2521]
TAX
ID NO. : 3101151626
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PUANG LAOWANSIRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : PHARMACEUTICAL PRODUCTS
&
PHARMACEUTICAL
CHEMICAL
IMPORTER &
DISTRIBUTOR
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 May 1,
1978 as a
private limited company
under the name
style P.A. TRADING COMPANY
LIMITED, by Thai group,
Laowansiri family, in order
to import and
distribute pharmaceutical products and
chemical for pharmaceutical industry.
It currently employs
9 staff.
The
subjects registered address
is 100/3 Sukhumvit 63 [Ekamai] Rd., Klongton Nua, Wattana, Bangkok 10110, and
this is the
subjects current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Puang Laowansiri |
|
Thai |
81 |
|
Mrs. Aree Laowansiri |
|
Thai |
77 |
|
Mr. Peerapongdej Laowansiri |
|
Thai |
49 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Puang Laowansiri is
the Managing Director.
He is Thai
nationality with the
age of 81
years old.
Mr. Peerapongdej Laowansiri is
the General Manager & Sales Manager.
He is Thai nationality with
the age of 49 years
old.
BUSINESS OPERATIONS
The subject is engaged
in importing and distributing various
kinds of based
chemicals for pharmaceutical
industry, as well as pharmaceutical products under customers requirement.
IMPORT
90%
of its products
is imported from
Israel, India, Republic
of China, Taiwan,
Japan, Hong Kong,
Germany, Italy, Spain,
United Kingdom, United
States of America
and Malaysia, and
the remaining 10% is purchased
locally.
SALES
The
products are sold locally by
wholesale to dealers and end-users,
such as pharmaceutical manufacturers, hospital
and clinic.
MAJOR CUSTOMER
The Government Pharmaceutical Organization : Thailand
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 on negotiated
term.
BUSINESS TRANSACTION
The
products are sold
by cash or
credit, with maximum credit
given at
30-60 days. The subject
is not found to have problem
on its account
receivable.
BANKING
Siam
Commercial Bank Public Co.,
Ltd.
[Chidlom Branch : 1060 New Petchburi
Rd., Makkasan, Rajthevee,
Bangkok 10400]
EMPLOYMENT
The
subject employs 9
staff [office and sales staff].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in
commercial/residential area.
COMMENt
Growing of healthcare industry resulting
to increasing demand of pharmaceutical products
and chemicals pharmaceutical productions.
Subjects business outlook
remains positive and
growing steadily.
FINANCIAL INFORMATION
The capital
was initially registered at
Bht. 1,000,000 divided into
10,000 shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 3,000,000
on June 25,
2001
Bht. 6,000,000
on December 23,
2002
Bht. 10,500,000
on December 15,
2008
On
August 24, 2011,
the latest registered
capital was decreased
to Bht. 5,000,000
divided into 50,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
May 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Peerapongdej Laowansiri Nationality: Thai Address : 212 Sukhumvit 63 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
16,716 |
33.43 |
|
Mr. Puang Laowansiri Nationality: Thai Address : 212 Sukhumvit 63 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
15,580 |
31.16 |
|
Mrs. Aree Laowansiri Nationality: Thai Address : 212 Sukhumvit 63 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
15,176 |
30.35 |
|
Ms. Buntripavadee Laowansiri Nationality: Thai Address : 212 Sukhumvit 63 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
840 |
1.68 |
|
Ms. Narisara Laowansiri Nationality: Thai Address : 212 Sukhumvit 63 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
840 |
1.68 |
|
Ms. Arpavadee Laowansiri Nationality: Thai Address : 212 Sukhumvit 63 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
840 |
1.68 |
|
Mr. Suriya Chanpeng Nationality: Thai Address : 100/3 Sukhumvit 63 Rd., Klongtonnua,
Wattana, Bangkok 10110 |
8 |
0.02 |
Total Shareholders : 7
Share Structure [as
at May 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Capt. Somchai Ratanasuwan
No. 2260
Note:
The 2011 financial
statement has not
yet been submitted
to the Commercial
Registration Department during
investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
137,609.99 |
311,935.14 |
|
Trade Accounts & Notes
Receivable |
8,543,149.50 |
7,756,105.15 |
|
Inventories |
2,354,238.59 |
5,270,826.95 |
|
Accounts Receivable - Shares |
- |
1,000,000.00 |
|
Other Current Assets |
310,478.00 |
98,695.54 |
|
Total Current Assets
|
11,345,476.08 |
14,437,562.78 |
|
|
|
|
|
Fixed Assets |
163,020.89 |
242,411.90 |
|
Other Current Assets |
98,476.06 |
98,476.06 |
|
Total Assets |
11,606,973.03 |
14,778,450.74 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
4,367,402.25 |
4,645,500.92 |
|
Trade Accounts & Notes
Payable |
10,970,699.58 |
12,861,922.83 |
|
Accrued Income Tax |
213,838.88 |
48,293.61 |
|
Other Current Liabilities |
211,147.62 |
115,991.78 |
|
Total Current Liabilities |
15,763,088.33 |
17,671,709.14 |
|
Payable & Loan from Directors |
- |
1,660,063.96 |
|
Total Liabilities |
15,763,088.33 |
19,331,773.10 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 105,000 shares |
10,500,000.00 |
10,500,000.00 |
|
Capital Paid |
10,500,000.00 |
10,500,000.00 |
|
Retained Earning - Unappropriated |
[14,656,115.30] |
[15,053,322.36] |
|
Total Shareholders' Equity |
[4,156,115.30] |
[4,553,322.36] |
|
Total Liabilities & Shareholders' Equity |
11,606,973.03 |
14,778,450.74 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
34,432,793.38 |
33,562,585.00 |
|
Profit/[Loss] on Exchange
Rate |
812,159.90 |
[204,772.51] |
|
Other Income |
475.36 |
16,799.70 |
|
Total Revenues |
35,245,428.64 |
33,374,612.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
31,420,423.07 |
30,334,168.21 |
|
Selling and Administrative Expenses |
2,459,333.05 |
1,779,562.12 |
|
Total Expenses |
33,879,756.12 |
32,113,730.33 |
|
Profit / [Loss] before Interest
Expenses & Income Tax |
1,365,672.52 |
1,260,881.86 |
|
Interest Expenses |
[726,698.72] |
[1,086,810.25] |
|
Income Tax |
[241,766.74] |
[57,330.47] |
|
Net Profit / [Loss] |
397,207.06 |
116,741.14 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.72 |
0.82 |
|
QUICK RATIO |
TIMES |
0.55 |
0.46 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
211.22 |
138.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.97 |
2.27 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
27.35 |
63.42 |
|
INVENTORY TURNOVER |
TIMES |
13.35 |
5.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.56 |
84.35 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
4.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
127.44 |
154.76 |
|
CASH CONVERSION CYCLE |
DAYS |
(9.53) |
(6.99) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.25 |
90.38 |
|
SELLING & ADMINISTRATION |
% |
7.14 |
5.30 |
|
INTEREST |
% |
2.11 |
3.24 |
|
GROSS PROFIT MARGIN |
% |
11.11 |
9.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.97 |
3.76 |
|
NET PROFIT MARGIN |
% |
1.15 |
0.35 |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
3.42 |
0.79 |
|
EARNING PER SHARE |
BAHT |
3.78 |
1.11 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.36 |
1.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
(3.79) |
(4.25) |
|
TIME INTEREST EARNED |
TIMES |
1.88 |
1.16 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.59 |
|
|
OPERATING PROFIT |
% |
8.31 |
|
|
NET PROFIT |
% |
240.25 |
|
|
FIXED ASSETS |
% |
(32.75) |
|
|
TOTAL ASSETS |
% |
(21.46) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.11 |
Deteriorated |
Industrial
Average |
22.82 |
|
Net Profit Margin |
1.15 |
Acceptable |
Industrial
Average |
2.01 |
|
Return on Assets |
3.42 |
Satisfactory |
Industrial
Average |
3.81 |
|
Return on Equity |
- |
|
Industrial
Average |
10.23 |
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 11.11%. 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 1.15%.
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 3.42%.
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 |
0.72 |
Risky |
Industrial
Average |
1.60 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
(9.53) |
|
|
|
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 0.72 times in 2010, decreased from 0.82 times, then the company may not be
efficiently using its current assets. 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 0.55 times in 2010,
increased from 0.46 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 -10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.36 |
Risky |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
(3.79) |
Risky |
Industrial
Average |
1.55 |
|
Times Interest Earned |
1.88 |
Deteriorated |
Industrial
Average |
3.80 |
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 1.88 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 1.36 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 |
211.22 |
Impressive |
Industrial
Average |
8.53 |
|
Total Assets Turnover |
2.97 |
Impressive |
Industrial
Average |
1.90 |
|
Inventory Conversion Period |
27.35 |
|
|
|
|
Inventory Turnover |
13.35 |
Impressive |
Industrial
Average |
3.93 |
|
Receivables Conversion Period |
90.56 |
|
|
|
|
Receivables Turnover |
4.03 |
Impressive |
Industrial
Average |
2.79 |
|
Payables Conversion Period |
127.44 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 SCs 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.
[66]
2391-8881, 2391-0053, 2391-3876,
2392-5030