MIRA
INFORM REPORT
|
Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIN INTERWOOD CO., LTD. |
|
|
|
|
Registered Office : |
104 Moo 5,
Wellgrow Industrial Estate, |
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Country : |
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|
Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.08.1992 |
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Com. Reg. No.: |
0115535006491 |
|
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|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and distributing of wooden products
for children. |
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|
No of Employees : |
550 |
RATING & COMMENTS
|
MIRA’s 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 |
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|
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Payment Behaviour : |
Slow |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
|
Source
: CIA |
COMPANY NAME
PIN INTERWOOD CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 104
MOO 5, WELLGROW
INDUSTRIAL ESTATE,
BANGPAKONG, CHACHOENGSAO
24180,
TELEPHONE : [66] 38
570-421-6
FAX :
[66] 38
570-427
E-MAIL ADDRESS : info@pintoys.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0115535006491 [Former
: SOR POR.
3514]
TAX
ID NO. : 3271026878
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DUSADEE LAOTICHAROEN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 550
LINES
OF BUSINESS : WOODEN PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH LOW
PERFORMANCE
HISTORY
The
subject was established
on August 25, 1992
as a private
limited company under
the name style
PIN INTERWOOD CO., LTD. by
Thai groups. Its business objective
is to manufacture and
distribute wooden products
to both domestic
and international markets.
Subject currently employs
550 staff.
Subject
is a wholly
owned subsidiary of
Pin International Co.,
Ltd.
The
subject’s registered address
is 104 Moo 5,
Wellgrow Industrial Estate,
Bangna-Trad Rd., Bangsamak,
Bangpakong, Chachoengsao 24180,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Dusadee Laoticharoen |
|
Thai |
62 |
|
Mrs. Atchara Laoticharoen |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Dusadee Laoticharoen is the Managing
Director.
He is Thai
nationality with the
age of 62
years old.
Mrs. Atchara Laoticharoen is
the General Manager.
She is Thai
nationality with the
age of 59 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of wooden products for
children. The products
are football game,
rocking aero plane, baby’s
rocking horse, pull
back frog, rainbow
slope, sorting basket,
woodlands dolls house,
tables & chairs, toy chest & toy chest
benches, bookcases and
shelves, clothes stands
and cloth hangers
and etc.
BRAND NAME
“PIN”, “PINTOY”
PURCHASE
100%
of raw material
and components are
purchased from local
suppliers.
MAJOR SUPPLIER
Pin
International Co., Ltd. : Thailand
SALES
20% of the
products is sold
locally by wholesale
to dealers.
EXPORT
80% of the
products is exported
to U.S.A., Japan,
Hong Kong, Singapore, Taiwan,
Australia, Israel, New Zealand, and
the country in
Middle East and
Europe.
MAJOR CUSTOMERS
T.O.T.S. Pte. Ltd. : Singapore
Funatical Pty. Ltd. : Australia
Kawada Co., Ltd. : Japan
Pei & Jenny Ent. Co., Ltd. : Taiwan
Roundabout Distributors Ltd. : New
Zealand
Forkids Co., Ltd. : Thailand
Ikea Trading [Thailand]
Co., Ltd. : 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
according 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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
550 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial/industrial area.
COMMENT
The
subject is a manufacturer, distributor
and exporter of wooden products. The products are
mainly served household
consumers. The products
are for children
such as slider,
rocking animal chair
and etc. In
2013 economic slowdown,
household debt and
uncertain political situation
were major factors
affecting several local
businesses including the
subject which ended
the year with
negative results.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 20,000,000
on August 1, 1996
Bht. 50,000,000
on July 25,
2014
The
lastest capital was
increased to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at July 15,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Pin International Co.,
Ltd. Nationality: Thai Address : 104
Moo 5, Bangna-Trad Rd.,
Bangsamak,
Bangpakong, Chachoengsao |
499,993 |
100.00 |
|
Mr. Dusadee Laoticharoen Nationality: Thai Address : 442
Sukhumvit 50 Rd.,
Prakanong,
Klongtoey, Bangkok |
5 |
- |
|
Mrs. Atchara Laoticharoen Nationality: Thai Address : 218
Soi Wat Paingern, Thungwatdorn,
Sathorn, Bangkok |
1 |
- |
|
Mr. Sansern Laoticharoen Nationality: Thai Address : 89/264 Moo
2, T. Rachathewa, A. Bangplee,
Samutprakarn |
1 |
- |
Total Shareholders : 3
Share Structure
[as at July
15, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
500,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO
Mrs. Chaveewan Khampanon No.
0378
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
436,365.43 |
363,311.78 |
426,394.50 |
|
Short-term Investment |
5,651,511.59 |
5,640,386.53 |
15,759,043.45 |
|
Trade Accounts & Other
Receivable |
29,785,041.13 |
25,612,612.93 |
22,448,332.78 |
|
Trade Accounts Receivable - Related Company |
82,766,320.39 |
85,065,973.02 |
49,782,474.23 |
|
Inventories |
136,433,539.46 |
124,631,482.11 |
94,004,212.20 |
|
Other Current Assets
|
5,262,178.16 |
5,435,357.32 |
6,862,473.23 |
|
|
|
|
|
|
Total Current Assets
|
260,334,956.16 |
246,749,123.69 |
189,282,930.39 |
|
|
|
|
|
|
Fixed Assets |
94,573,326.95 |
104,976,394.09 |
113,493,570.16 |
|
Deferred Expenses |
- |
- |
5,851,836.68 |
|
Other Non - current Assets |
2,402,841.61 |
2,056,294.08 |
2,642,873.10 |
|
Total Assets |
357,311,124.72 |
353,781,811.86 |
311,271,210.33 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
233,090,152.02 |
209,520,108.42 |
172,314,844.77 |
|
Trade Accounts & Other
Payable |
72,053,611.74 |
47,950,624.32 |
60,618,677.01 |
|
Current Portion of Long-term
Liabilities |
18,203,200.84 |
30,190,000.00 |
31,834,609.02 |
|
Accrued Expenses |
16,783,923.76 |
11,964,508.31 |
13,241,264.95 |
|
Other Current Liabilities |
8,728,488.48 |
5,262,286.11 |
12,913,923.08 |
|
|
|
|
|
|
Total Current Liabilities |
348,859,376.84 |
304,887,527.16 |
290,923,318.83 |
|
Long-term Loan Liabilities, Net |
34,581,790.45 |
41,038,835.11 |
12,710,000.00 |
|
Total Liabilities |
383,441,167.29 |
345,926,362.27 |
303,633,318.83 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Unappropriated |
[46,130,042.57] |
[12,144,550.41] |
[12,362,108.50] |
|
Total Shareholders' Equity |
[26,130,042.57] |
7,855,449.59 |
7,637,891.50 |
|
Total Liabilities &
Shareholders' Equity |
357,311,124.72 |
353,781,811.86 |
311,271,210.33 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
382,551,249.18 |
477,517,834.43 |
548,902,433.73 |
|
Other Income |
1,773,465.89 |
5,524,839.49 |
5,409,691.02 |
|
Total Revenues |
384,324,715.07 |
483,042,673.92 |
554,312,124.75 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
368,225,081.98 |
438,047,703.95 |
486,958,828.60 |
|
Selling and Administrative Expenses |
33,335,550.58 |
28,110,366.99 |
32,413,588.93 |
|
Total Expenses |
401,560,632.56 |
466,158,070.94 |
519,372,417.53 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[17,235,917.49] |
16,884,602.98 |
34,939,707.22 |
|
Financial Cost |
[16,749,574.67] |
[16,667,044.89] |
[17,785,705.69] |
|
|
|
|
|
|
Net Profit / [Loss] |
[33,985,492.16] |
217,558.09 |
17,154,001.53 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.75 |
0.81 |
0.65 |
|
QUICK RATIO |
TIMES |
0.34 |
0.38 |
0.30 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.05 |
4.55 |
4.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
1.35 |
1.76 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
135.24 |
103.85 |
70.46 |
|
INVENTORY TURNOVER |
TIMES |
2.70 |
3.51 |
5.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
28.42 |
19.58 |
14.93 |
|
RECEIVABLES TURNOVER |
TIMES |
12.84 |
18.64 |
24.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.42 |
39.95 |
45.44 |
|
CASH CONVERSION CYCLE |
DAYS |
92.23 |
83.47 |
39.95 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.26 |
91.73 |
88.72 |
|
SELLING & ADMINISTRATION |
% |
8.71 |
5.89 |
5.91 |
|
INTEREST |
% |
4.38 |
3.49 |
3.24 |
|
GROSS PROFIT MARGIN |
% |
4.21 |
9.42 |
12.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.51) |
3.54 |
6.37 |
|
NET PROFIT MARGIN |
% |
(8.88) |
0.05 |
3.13 |
|
RETURN ON EQUITY |
% |
- |
2.77 |
224.59 |
|
RETURN ON ASSET |
% |
(9.51) |
0.06 |
5.51 |
|
EARNING PER SHARE |
BAHT |
(169.93) |
1.09 |
85.77 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.07 |
0.98 |
0.98 |
|
DEBT TO EQUITY RATIO |
TIMES |
(14.67) |
44.04 |
39.75 |
|
TIME INTEREST EARNED |
TIMES |
(1.03) |
1.01 |
1.96 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.89) |
(13.00) |
|
|
OPERATING PROFIT |
% |
(202.08) |
(51.68) |
|
|
NET PROFIT |
% |
(15,721.34) |
(98.73) |
|
|
FIXED ASSETS |
% |
(9.91) |
(7.50) |
|
|
TOTAL ASSETS |
% |
1.00 |
13.66 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -19.89%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.21 |
Deteriorated |
Industrial
Average |
121.73 |
|
Net Profit Margin |
(8.88) |
Deteriorated |
Industrial
Average |
0.58 |
|
Return on Assets |
(9.51) |
Deteriorated |
Industrial
Average |
0.69 |
|
Return on Equity |
- |
|
Industrial
Average |
2.11 |
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 4.21%. 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 -8.88%.
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 -9.51%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.75 |
Risky |
Industrial Average |
0.84 |
|
Quick Ratio |
0.34 |
|
|
|
|
Cash Conversion Cycle |
92.23 |
|
|
|
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 0.75 times in 2013, decreased from 0.81 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 0.34 times in 2013,
decreased from 0.38 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 93 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.07 |
Risky |
Industrial
Average |
0.69 |
|
Debt to Equity Ratio |
(14.67) |
Risky |
Industrial
Average |
2.23 |
|
Times Interest Earned |
(1.03) |
Risky |
Industrial
Average |
- |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -1.03 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 1.07 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.05 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.07 |
Satisfactory |
Industrial
Average |
1.19 |
|
Inventory Conversion Period |
135.24 |
|
|
|
|
Inventory Turnover |
2.70 |
Acceptable |
Industrial
Average |
4.55 |
|
Receivables Conversion Period |
28.42 |
|
|
|
|
Receivables Turnover |
12.84 |
Impressive |
Industrial Average |
3.95 |
|
Payables Conversion Period |
71.42 |
|
|
|
The company's Account Receivable Ratio is calculated as 12.84 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business activities.
The inventory turnover in days has increased from 104 days at the end of 2012
to 135 days at the end of 2013. This represents a negative trend. And Inventory
turnover has decreased from 3.51 times in year 2012 to 2.7 times in year 2013.
The company's Total Asset Turnover is calculated as 1.07 times and 1.35
times in 2013 and 2012 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.54 |
|
UK Pound |
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.