MIRA INFORM REPORT
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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MANEERAT PHEUD-PHON CO., LTD. |
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Registered Office : |
32/956-957 Mooban Taladthai, Phaholyothin Road, T. Klongnueng, A. Klongluang, Pathumthani 12120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.03.2000 |
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Com. Reg. No.: |
0495543000045 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Agricultural Products |
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No. of Employees : |
10 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Thailand |
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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 -
averaging more than 4% per year - as it recovered from the Asian financial
crisis of 1997-98. Thai exports - mostly machinery and electronic components,
agricultural commodities, and jewelry - continue to drive the economy,
accounting for more than half of GDP. The global financial crisis of 2008-09 severely
cut Thailand's exports, with most sectors experiencing double-digit drops. In
2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded from their depressed 2009
level. Steady economic growth at just below 4% during the first three quarters
of 2011 was interrupted by historic flooding in October and November in the
industrial areas north of Bangkok, crippling the manufacturing sector and
leading to a revised growth rate of only 0.1% for the year. The industrial
sector is poised to recover from the second quarter of 2012 onward, however,
and the government anticipates the economy will probably grow between 5.5 and
6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company name
MANEERAT
PHEUD-PHON CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 32/956-957 MOOBAN
TALADTHAI,
PHAHOLYOTHIN ROAD,
T. KLONGNUENG,
A.
KLONGLUANG, PATHUMTHANI 12120
TELEPHONE : [66] 2908-4191, 084
943-7888
FAX :
[66] 2908-4191
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION
NO. : 0495543000045
TAX
ID NO. : 3491001594
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. MANEERAT NAWAKULKANCHANAPAS, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : AGRICULTUTRAL PRODUCTS
IMPORTER AND
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 March 23,
2000 as a
private limited company
under the name style MANEERAT
PHEUD-PHON CO., LTD., by Thai groups, in
order to import
and distribute agricultural
products to domestic
market. It currently
employs 10 staff.
The subject’s registered address
was initially located
at 47/6 Soi
Inthamara 25, Sutthisarn
Rd., Samsennai, Phyathai,
Bangkok 10400.
On
August 24, 2009,
it was relocated
to 32/956-957 Mooban
Taladthai, Phaholyothin Rd.,
T. Klongnueng, A.
Klongluang, Pathumthani 12120,
and this is
the subject’s current operation address.
THE BOARD OF
DIRECTORS
|
Name |
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Nationality |
Age |
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Mrs. Maneerat
Nawakulkanchanapas |
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Thai |
53 |
|
Mr. Suwich Deemee |
|
Thai |
44 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Maneerat Nawakulkanchanapas is
the Managing Director.
She is Thai
nationality with the
age of 53
years old.
Ms. Vilaiporn Nawakulkanchanapas is
the Finance & Accounting Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing
agricultural products, such
as peanut, soybean,
green pea, chili,
garlic, sesame and
etc.
PURCHASE
80% of the
products is imported
from Republic of
China, India, Laos
and Vietnam, and
the remaining 20%
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers
and
end-users.
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 T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at 59 Puthacharoen
Rd., T. Mukdaharn, A. Muang,
Mukdaharn. Tel : [66] 42
611-473 Fax :
[66] 42 630-878.
COMMENT
The
subject was formed
in 2000 as
an importer and
distributor of agricultural
products. The subject
is engaged in
supplying agricultural products
to domestic market. Its long
term appreciation is
potential due to demand
of agricultural products
are for food
business and food processing
industry, which remain
brisk.
Its
business outlook is promising
and expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 100 shares of
Bht. 10,000 each.
On
April 1, 2002,
the capital was increased
to Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
May 29, 2012]
|
NAME |
HOLDING |
% |
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Mrs. Maneerat
Nawakulkanchanapas Nationality: Thai Address : 32
Nakniwas 24 Rd., Ladprao,
Bangkok |
24,999 |
50.00 |
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Mr. Suwich Deemee Nationality: Thai Address : 47/6
Sutthisarn Rd., Samsennai,
Phyathai, Bangkok |
24,999 |
50.00 |
|
Mr. Nathapol Polpao Nationality: Thai Address : 89
Moo 5, T. Namthieng, A. Kamcha-ei, Mukdaharn |
2 |
- |
Total Shareholders : 3
Share Structure [as
at May 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
50,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Dolapa Larpphon-olarn No.
8433
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
1,577,629.53 |
1,886,520.00 |
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Inventories |
- |
6,949,996.00 |
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Advance for Goods |
7,330,206.37 |
48,623,577.00 |
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Total Current Assets
|
8,907,835.90 |
57,460,093.00 |
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Long-term Lending to Related
Person |
4,800,000.00 |
4,357,490.00 |
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Fixed Assets |
3,244,858.97 |
4,094,757.00 |
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Other Non - current Assets |
10,210.00 |
10,210.00 |
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Total Assets |
16,962,904.87 |
65,922,550.88 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
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Loan from Financial
Institutions |
- |
15,000,000.00 |
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Trade Accounts Payable & Postdated Cheque |
72,550.00 |
24,836,583.00 |
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Deferred Income Tax |
98,635.47 |
444,863.00 |
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Short-term Loan from
Related Person |
- |
9,800,000.00 |
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Other Current Liabilities |
41,103.53 |
233,027.00 |
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Total Current Liabilities |
212,289.00 |
50,314,473.00 |
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Total Liabilities |
212,289.00 |
50,314,473.00 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
11,750,615.87 |
10,608,077.00 |
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Total Shareholders' Equity |
16,750,615.87 |
15,608,077.00 |
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Total Liabilities & Shareholders' Equity |
16,962,904.87 |
65,922,550.00 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales & Services Income |
454,072,620.75 |
803,407,257.00 |
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Other Income |
2,365,616.80 |
11,727.00 |
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Total Revenues |
456,438,237.55 |
803,418,984.00 |
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Expenses |
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Cost of Goods
Sold & Services |
450,472,847.87 |
793,556,022.00 |
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Selling and Administrative Expenses |
4,168,166.61 |
5,466,733.00 |
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Total Expenses |
454,641,014.48 |
799,022,755.00 |
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Profit / Loss] before Financial
Costs & Income Tax |
1,797,223.07 |
4,396,229.00 |
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Financial Costs |
[28,166.71] |
[178,175.00] |
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Profit / [Loss] before Income Tax |
1,769,056.36 |
4,218,054.00 |
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Income Tax |
[626,517.49] |
[1,086,327.00] |
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Net Profit / [Loss] |
1,142,538.87 |
3,131,727.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
41.96 |
1.14 |
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QUICK RATIO |
TIMES |
7.43 |
0.04 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
139.94 |
196.20 |
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TOTAL ASSETS TURNOVER |
TIMES |
26.77 |
12.19 |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
3.20 |
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INVENTORY TURNOVER |
TIMES |
- |
114.18 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
0.06 |
11.42 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.06) |
(8.23) |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
99.21 |
98.77 |
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SELLING & ADMINISTRATION |
% |
0.92 |
0.68 |
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INTEREST |
% |
0.01 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
1.31 |
1.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.40 |
0.55 |
|
NET PROFIT MARGIN |
% |
0.25 |
0.39 |
|
RETURN ON EQUITY |
% |
6.82 |
20.06 |
|
RETURN ON ASSET |
% |
6.74 |
4.75 |
|
EARNING PER SHARE |
BAHT |
22.85 |
62.63 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.01 |
0.76 |
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DEBT TO EQUITY RATIO |
TIMES |
0.01 |
3.22 |
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TIME INTEREST EARNED |
TIMES |
63.81 |
24.67 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(43.48) |
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OPERATING PROFIT |
% |
(59.12) |
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|
NET PROFIT |
% |
(63.52) |
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FIXED ASSETS |
% |
(20.76) |
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TOTAL ASSETS |
% |
(74.27) |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
1.31 |
Deteriorated |
Industrial
Average |
8.91 |
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Net Profit Margin |
0.25 |
Impressive |
Industrial
Average |
(0.74) |
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Return on Assets |
6.74 |
Impressive |
Industrial
Average |
(0.64) |
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Return on Equity |
6.82 |
Impressive |
Industrial
Average |
(1.70) |
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 1.31%. 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 0.25%, 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
6.74%, 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 6.82%, 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 |
41.96 |
Impressive |
Industrial
Average |
2.26 |
|
Quick Ratio |
7.43 |
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Cash Conversion Cycle |
(0.06) |
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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 41.96 times in 2011, increased from 1.14 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 7.43 times in 2011,
increased from 0.04 times, although excluding inventory so the company still
have good short-term financial strength.
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 -1 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial
Average |
0.91 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial
Average |
2.90 |
|
Times Interest Earned |
63.81 |
Impressive |
Industrial
Average |
0.70 |
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 63.81 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 0.01 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
139.94 |
Impressive |
Industrial Average |
7.25 |
|
Total Assets Turnover |
26.77 |
Impressive |
Industrial Average |
3.54 |
|
Inventory Conversion Period |
- |
|
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Inventory Turnover |
- |
|
Industrial Average |
17.76 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
10.92 |
|
Payables Conversion Period |
0.06 |
|
|
|
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.55.54 |
|
|
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
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
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.