MIRA INFORM REPORT
|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PONPOONSIN CO., LTD. |
|
|
|
|
Registered Office : |
80 Maesod-Maetao Road, T. Maesod,
A. Maesod, Tak
63110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.04.2009 |
|
|
|
|
Com. Reg. No.: |
0635552000174 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor of Agricultural
Products |
|
|
|
|
No. of Employees : |
9 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on middle-income
earners. The Thai economy has weathered internal and external economic shocks
in recent years. The global economic crisis severely cut Thailand's exports,
with most sectors experiencing double-digit drops. In 2009, the economy
contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7
billion, which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013.
|
Source
: CIA |
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
TAX ID NO. : 3033449365
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAVIT CHAIDEE, THAI
MANAGING DIRECTOR
NO. OF STAFF : 9
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
9 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 |
35 |
|
Ms. Ravinant Kongsinsukadul |
|
Thai |
33 |
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 35
years old.
Ms. Ravinant Kongsinsukadul is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject’s activity
is a distributor
various kinds of
agricultural products, e.g. rice,
bean, dry red
chilly, red onions,
pearl onions, garlic,
ginger, corn and
etc.
PURCHASE
100% of its
products is purchased
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
9 staff. [office
and sales staff]
LOCATION DETAILS
The premise is owned for
administrative office at
the heading address. Premise is
located in provincial.
COMMENT
The subject was formed
in 2009 as a distributor of agricultural
products. Demand of products remains
strong. Subject has
moderate sales in the
past several years.
The products are
mainly supplied to multi-levels of
users, including restaurant,
food processing and
general consumers. The
products have widened into
many areas and
business sectors.
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, 2013]
|
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
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Nakorn Asawapratuengkul No.
6829
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010 were :
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
1,206,385.90 |
818,464.35 |
593,805.10 |
|
Other Receivable |
60,000.00 |
24,739.72 |
- |
|
Short-term Lending to Related Person |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Other Current Assets |
3,402.85 |
3,402.85 |
28,493.16 |
|
|
|
|
|
|
Total Current Assets
|
4,269,788.75 |
3,846,606.92 |
3,622,298.26 |
|
Total Assets |
4,269,788.75 |
3,846,606.92 |
3,622,298.26 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Other Payable |
27,000.00 |
28,000.00 |
- |
|
Accrued Income Tax |
8,067.52 |
- |
28,071.59 |
|
Accrued Expenses |
18,621.60 |
7,391.60 |
37,415.15 |
|
|
|
|
|
|
Total Current Liabilities |
53,689.12 |
35,391.60 |
65,486.74 |
|
Total Liabilities |
53,689.12 |
35,391.60 |
65,486.74 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning-
Unappropriated |
1,216,099.63 |
811,215.32 |
556,811.52 |
|
Total Shareholders' Equity |
4,216,099.63 |
3,811,215.32 |
3,556,811.52 |
|
Total Liabilities &
Shareholders' Equity |
4,269,788.75 |
3,846,606.92 |
3,622,298.26 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
23,253,793.50 |
20,363,634.95 |
17,407,800.00 |
|
Interest Income |
60,000.00 |
24,846.14 |
- |
|
Other Income |
106.42 |
- |
28,493.16 |
|
Total Revenues |
23,313,899.92 |
20,388,481.09 |
17,436,293.16 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
22,215,897.47 |
19,130,507.29 |
15,706,785.14 |
|
Selling Expenses |
349,000.00 |
662,081.50 |
749,464.73 |
|
Administrative Expenses |
298,550.62 |
322,391.35 |
597,153.81 |
|
Total Expenses |
22,863,448.09 |
20,114,980.14 |
17,053,403.68 |
|
Profit / [Loss] before Income
Tax |
450,451.83 |
273,500.95 |
382,889.48 |
|
Income Tax |
[45,567.52] |
[19,097.15] |
[35,571.59] |
|
|
|
|
|
|
Net Profit / [Loss] |
404,884.31 |
254,403.80 |
347,317.89 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
79.53 |
108.69 |
55.31 |
|
QUICK RATIO |
TIMES |
79.46 |
108.59 |
54.88 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.45 |
5.29 |
4.81 |
|
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 |
% |
95.54 |
93.94 |
90.23 |
|
SELLING & ADMINISTRATION |
% |
2.78 |
4.83 |
7.74 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
4.72 |
6.18 |
9.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.94 |
1.34 |
2.20 |
|
NET PROFIT MARGIN |
% |
1.74 |
1.25 |
2.00 |
|
RETURN ON EQUITY |
% |
9.60 |
6.68 |
9.76 |
|
RETURN ON ASSET |
% |
9.48 |
6.61 |
9.59 |
|
EARNING PER SHARE |
BAHT |
13.50 |
8.48 |
11.58 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.01 |
0.01 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
0.01 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
14.19 |
16.98 |
|
|
OPERATING PROFIT |
% |
64.70 |
(28.57) |
|
|
NET PROFIT |
% |
59.15 |
(26.75) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
11.00 |
6.19 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 14.19%. Turnover has increased from THB
20,363,634.95 in 2011 to THB 23,253,793.50 in 2012. While net profit has increased
from THB 254,403.80 in 2011 to THB 404,884.31 in 2012. And total assets has
increased from THB 3,846,606.92 in 2011 to THB 4,269,788.75 in 2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
4.72 |
Deteriorated |
Industrial Average |
11.66 |
|
Net Profit Margin |
1.74 |
Impressive |
Industrial Average |
0.27 |
|
Return on Assets |
9.48 |
Impressive |
Industrial Average |
0.79 |
|
Return on Equity |
9.60 |
Impressive |
Industrial Average |
2.66 |
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 4.72%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 1.74% 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
9.48%, 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 9.6%, 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 : EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
79.53 |
Impressive |
Industrial Average |
1.22 |
|
Quick Ratio |
79.46 |
|
|
|
|
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 79.53 times in 2012, decreased from 108.69 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 79.46 times in 2012,
decreased from 108.59 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 : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial Average |
2.12 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.26 |
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 0.01 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
1.84 |
|
Total Assets Turnover |
5.45 |
Impressive |
Industrial Average |
2.58 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
4.65 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
4.19 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 5.45 times and 5.29 times
in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.