MIRA
INFORM REPORT
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Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
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Name : |
P.O.P. INTERTRADE COMPANY LIMITED |
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Registered Office : |
832 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
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 Foods and Packaged Foods |
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No. of Employees : |
10 Employees |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
Source : CIA
Company name
P.O.P. INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS :
LADPRAO,
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]
TAX
ID NO. : 3030246608
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANCHAI URAIRAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FOODS
AND PACKAGED FOODS
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
packaged foods. It
currently employs 10
staff.
The
subject’s registered address
was initially located
at 3/317 Moo 11,
Sukhapibal 1 Rd., Ladprao, Bangkok 10230. On
June 25, 2012,
its registered address
was changed to 832
Ladprao Wanghin Rd., Ladprao,
Bangkok 10230, by the Ladprao
District Office, which they
are the same
location. This is
also the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Chanchai Urairat |
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Thai |
44 |
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Mrs. Supatra Urairat |
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Thai |
41 |
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Mrs. Hatairat Chaleawpong |
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Thai |
63 |
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 44
years old.
BUSINESS OPERATIONS
The subject is engaged
in international trading
business by importing,
distributing and exporting
of foods and
packaged foods as
follows:
Import/Distribute
- Frozen
seafood; long tail
frozen tuna, yellow fin frozen
tuna, skipjack frozen
tuna, frozen tuna
loin, Indian mackerel, cuttle
fish, sardine mackerel and
reef cod red fish.
- Tuna
processing line; thawing
bin, dumper, butchering conveyor, pre-cooker, side
spray, cleaning conveyor, pack
shaper, weighting conveyor, gravity
filter, can washer
machine, retort basket,
retort machine, steam
jacket tank, flaker,
sizing conveyor and
seamer.
- Fresh
fruits
Export
- Food
items; canned foods,
seafood products, rice
vermicelli, tapioca flour,
gluten rice flour,
monk bean flour,
modified starch, freeze-dried products
- Packaging;
empty can & end, paper
label for can,
retort pouches, plastic
cover, sticker, shrink
wrap, stretch film
and plastic slip
sheet
PURCHASE
The products are purchased
from suppliers both
in domestic and
overseas, mainly in
Malaysia, Republic of
China, Germany, 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, European
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 approximately
10 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.
COMMENT
The subject is
doing moderate business.
Domestic consumption improved
has resulted to
rising demand of
food products. Exported
products also maintain
a good benefit.
The subject has
been enjoying its
business growth in
the past nine
months of this year.
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, 2012]
|
NAME |
HOLDING |
% |
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Mr. Chanchai Urairat Nationality: Thai Address : 832
Ladprao Wanghin Rd., Ladprao,
Bangkok |
500,000 |
50.00 |
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Mrs. Supatra Urairat Nationality: Thai Address : 832
Ladprao Wanghin Rd., Ladprao,
Bangkok |
499,995 |
49.99 |
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Mr. Monchai Chaleawpong Nationality: Thai Address : 125
Nipat-uthit 1 Rd.,
Hadyai, Songkhla |
1 |
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Mr. Porames Chaleawpong Nationality: Thai Address : 63/2
Padungdonyor Rd., Kuhasawan,
Muang Pattalung |
1 |
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Mr. Sorawit Chaleawpong Nationality: Thai Address : 47
Thamnoonvithi Rd., Hadyai,
Songkhla |
1 |
= 0.01 |
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Mr. Chairat Chaleawpong Nationality: Thai Address : 47
Thamnoonvithi Rd., Hadyai,
Songkhla |
1 |
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Mrs. Hatairat Chaleawpong Nationality: Thai Address : 125
Nipat-uthit 1 Rd.,
Hadyai, Songkhla |
1 |
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Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
7 |
1,000,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Naowarat Sutthiveerawat No.
6735
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
640,443.21 |
137,376.66 |
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Trade Accounts Receivable |
56,375,347.05 |
69,000,515.66 |
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Inventories |
1,837,440.00 |
2,527,324.20 |
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Lending to Person & Related
Company |
13,933,847.34 |
1,403,644.46 |
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Other Current Assets
|
- |
431,386.56 |
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Total Current Assets
|
72,787,077.60 |
73,500,247.54 |
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Cash at Bank Pledged as
a Collateral |
5,061,233.69 |
5,224,056.76 |
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Investment in Other Company |
2,550,000.00 |
1,530,000.00 |
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Fixed Assets |
20,623.92 |
97,505.33 |
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Total Assets |
80,418,935.21 |
80,351,809.63 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial
Institutions |
- |
981,492.04 |
|
Trade Accounts Payable |
15,155,739.19 |
11,199,946.15 |
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Payable Trust Receipt |
41,729,005.61 |
36,000,579.44 |
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Loan from Director &
Related Company |
11,348,212.34 |
22,102,919.91 |
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Current Portion of Long-term Liabilities |
- |
746,787.37 |
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Other Current Liabilities |
3,051,769.01 |
510,453.16 |
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Total Current Liabilities |
71,284,726.15 |
71,542,178.07 |
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Total Liabilities |
71,284,726.15 |
71,542,178.07 |
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Shareholders' Equity |
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Share capital : Baht 10
par value Authorized &
issued share capital 1,000,000 shares |
10,000,000.00 |
10,000,000.00 |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Retained Earning Unappropriated [Deficit] |
[865,790.94] |
[1,190,368.44] |
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Total Shareholders' Equity |
9,134,209.06 |
8,809,631.56 |
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Total Liabilities &
Shareholders' Equity |
80,418,935.21 |
80,351,809.63 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
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Sales |
190,854,158.91 |
129,469,157.68 |
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Other Income |
4,387,993.80 |
5,268,903.69 |
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Total Sales |
195,242,152.71 |
134,738,061.37 |
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Expenses |
|
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Cost of Goods
Sold |
183,951,996.12 |
123,197,154.25 |
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Selling Expenses |
3,688,419.04 |
2,899,573.87 |
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Administrative Expenses |
3,811,800.90 |
4,891,060.57 |
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Other Expenses |
488,731.14 |
668,304.81 |
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Total Expenses |
191,940,947.20 |
131,656,093.50 |
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Profit / [Loss] Before Financial Cost & Income Tax |
3,301,205.51 |
3,081,967.87 |
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Financial Cost |
[2,827,497.56] |
[2,866,830.64] |
|
Income Tax |
[148,698.45] |
[136,952.16] |
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Net Profit / [Loss] |
325,009.50 |
78,185.07 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
1.02 |
1.03 |
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QUICK RATIO |
TIMES |
0.80 |
0.97 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
9,254.02 |
1,327.82 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.37 |
1.61 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.65 |
7.49 |
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INVENTORY TURNOVER |
TIMES |
100.11 |
48.75 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
107.82 |
194.53 |
|
RECEIVABLES TURNOVER |
TIMES |
3.39 |
1.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.07 |
33.18 |
|
CASH CONVERSION CYCLE |
DAYS |
81.39 |
168.83 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
96.38 |
95.16 |
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SELLING & ADMINISTRATION |
% |
3.93 |
6.02 |
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INTEREST |
% |
1.48 |
2.21 |
|
GROSS PROFIT MARGIN |
% |
5.92 |
8.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.73 |
2.38 |
|
NET PROFIT MARGIN |
% |
0.17 |
0.06 |
|
RETURN ON EQUITY |
% |
3.56 |
0.89 |
|
RETURN ON ASSET |
% |
0.40 |
0.10 |
|
EARNING PER SHARE |
BAHT |
0.33 |
0.08 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.89 |
0.89 |
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DEBT TO EQUITY RATIO |
TIMES |
7.80 |
8.12 |
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TIME INTEREST EARNED |
TIMES |
1.17 |
1.08 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
47.41 |
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OPERATING PROFIT |
% |
7.11 |
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NET PROFIT |
% |
315.69 |
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FIXED ASSETS |
% |
(78.85) |
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TOTAL ASSETS |
% |
0.08 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
5.92 |
Deteriorated |
Industrial
Average |
15.38 |
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Net Profit Margin |
0.17 |
Deteriorated |
Industrial
Average |
1.54 |
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Return on Assets |
0.40 |
Deteriorated |
Industrial
Average |
3.07 |
|
Return on Equity |
3.56 |
Deteriorated |
Industrial
Average |
7.45 |
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 5.92%. 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 0.17%.
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 0.4%.
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 3.56%.
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 |
1.02 |
Acceptable |
Industrial
Average |
1.70 |
|
Quick Ratio |
0.80 |
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Cash Conversion Cycle |
81.39 |
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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 1.02 times in 2011, decreased from 1.03 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 0.8 times in 2011,
decreased from 0.97 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 82 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
7.80 |
Risky |
Industrial
Average |
1.39 |
|
Times Interest Earned |
1.17 |
Deteriorated |
Industrial
Average |
2.49 |
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 1.17 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
9,254.02 |
Impressive |
Industrial
Average |
7.30 |
|
Total Assets Turnover |
2.37 |
Impressive |
Industrial
Average |
1.94 |
|
Inventory Conversion Period |
3.65 |
|
|
|
|
Inventory Turnover |
100.11 |
Impressive |
Industrial
Average |
5.22 |
|
Receivables Conversion Period |
107.82 |
|
|
|
|
Receivables Turnover |
3.39 |
Satisfactory |
Industrial
Average |
3.81 |
|
Payables Conversion Period |
30.07 |
|
|
|
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.55.16 |
|
UK Pound |
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
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.