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MIRA INFORM REPORT
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Report No. : |
490863 |
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Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
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Name : |
TAN POON SIN LIMITED PARTNERSHIP |
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Registered Office : |
1293-1295 Songwad Road, Samphantawong, Bangkok 10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
15.09.1961 |
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Com. Reg. No.: |
0103504005423 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
The subject is
engaged in distributing various kinds of metal products such as stainless
plate, stainless steel pipe & tube, stainless shaft, aluminum sheet, brass
sheet. |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
COMPANY NAME
TAN POON SIN LIMITED
PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 1293-1295 SONGWAD
ROAD,
SAMPHANTAWONG,
BANGKOK 10100, THAILAND
TELEPHONE : [66]
2234-0038, 2234-4720
FAX :
[66] 2234-6761
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1961
REGISTRATION NO. : 0103504005423
TAX ID NO. : 3102143620
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR.
LUEKIAT TANGPOONSINTHANA,THAI
MANAGING
PARTNER
NO. OF STAFF : 15
LINES OF BUSINESS : METALS
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 September
15, 1961 as
a limited partnership
under the registered name
TAN POON SIN
LIMITED PARTNERSHIP, by
Thai groups, Tangpoonsinthana family,
to distribute variety
of metals to
local market. It
currently employs 15
staff.
The subject’s registered
address is 1293-1295
Songwad Rd., Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
THE AUTHORIZED PERSON
Mr. Luekiat Tangpoonsinthana signs
on behalf of
the subject with
seal affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Luekiat Tangpoonsinthana
is the Managing
Partner.
He is
Thai nationality with
the age of
87 years old.
Mr. Chaikit Tangpoonsinthana
is the Assistant
Manager.
He is
Thai nationality with
the age of
66 years old.
Mr.
Nattakit Tangpoonsinthana
is the Sales
& Marketing Manager.
He is
Thai nationality with
the age of
54 years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of metal products
such as stainless
plate, stainless steel
pipe & tube, stainless shaft,
aluminum sheet, brass
sheet and etc.
PURCHASE
100% of
the products is
purchased from local
suppliers.
MAJOR SUPPLIERS
Juthawan Co.,
Ltd. : Thailand
Thai Metal
Trade Public Company
Limited :
Thailand
Sahaviriya Steel
Industries Public Company
Limited : Thailand
SALES
100% of
the products is
sold locally by
both wholesale and
retail 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 according 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.
BANKING
Bank of
Ayudhya Public Company
Limited
Bangkok Bank
Public Company Limited
EMPLOYMENT
The subject employs 15
staff. [office and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office,
shop and warehouse
in a 3
storey building of
2 row shop houses
at the heading
address. Premise is
located in commercial
area.
Branch Office :
-
1351-1357 Khaowlam
Road, Taladnoi, Samphantawong, Bangkok
10100
-
1275-81 Songwad
Road, Samphantawong, Bangkok
10100
Note
Refer to the
given name in your
order as TAN
POON SIN LTD.,
please be informed that the
correct registered name
is TAN POON
SIN LIMITED PARTNERSHIP.
COMMENT
The subject’s
operating performance in
2016 was slightly
slowdown from a
decrease in both
sales or service
income and net
profit comparing to
the previous year mainly
due to slowdown
of economy, slow
growth and less expansion in
related industries. Nevertheless, it maintains a
moderate business with
sustainable profit on a
yearly basis.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 which was
carried by 6
persons as followed:
Name Amount
Mr. Luekiat Tangpoonsinthana Bht. 2,000,000 [Unlimited
Partner]
Mr. Suvich Tangpoonsinthana Bht. 875,000
Mr. Chaikit Tangpoonsinthana Bht. 875,000
Mr. Chokechai Tangpoonsinthana Bht. 100,000
Mr. Phanu Tangpoonsinthana Bht. 100,000
Mr. Chaiyaporn Tangpoonsinthana Bht. 50,000
Later, the capital
was carried by
3 persons as
followed :
Name Age Amount
Mr. Luekiat Tangpoonsinthana 87 Bht.
3,075,000 [Unlimited Partner]
Address : 1275-81 Songwad
Road,
Samphantawong, Bangkok
Mr. Chaikit Tangpoonsinthana 66 Bht.
875,000
Address : 1275-81 Songwad
Road,
Samphantawong, Bangkok
Mr. Nattakit Tangpoonsinthana 54 Bht. 50,000
Address : 1275-81 Songwad
Road,
Samphantawong, Bangkok
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Supawadee
Angsusingha No. 6220
BALANCE SHEET [BAHT]
The latest financial
figures published for December
31, 2016, 2015
and 2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
10,114,002.37 |
7,998,568.15 |
3,112,271.94 |
|
Trade Accounts
and Other Receivable
|
4,212,256.37 |
2,368,127.08 |
2,796,837.43 |
|
Inventories |
44,139,655.81 |
46,207,240.10 |
53,188,943.56 |
|
Total Current
Assets |
58,465,914.55 |
56,573,935.33 |
59,098,052.93 |
|
Total Assets |
58,465,914.55 |
56,573,935.33 |
59,098,052.93 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft
and Short-term Loan From Financial Institutions |
- |
10,000,000.00 |
- |
|
Trade
Accounts and Other Payable |
11,762,331.79 |
11,279,581.59 |
15,332,383.85 |
|
Short-term Loan |
10,000,000.00 |
- |
10,000,000.00 |
|
Accrued Income
Tax |
172,720.77 |
196,787.68 |
162,887.91 |
|
Total Current
Liabilities |
21,935,052.56 |
21,476,369.27 |
25,495,271.76 |
|
Total Liabilities
|
21,935,052.56 |
21,476,369.27 |
25,495,271.76 |
|
|
|
|
|
|
Shareholders’
Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning
-Unappropriated [Deficit] |
32,530,861.99 |
31,097,566.06 |
29,602,781.17 |
|
Total Shareholders’ Equity |
36,530,861.99 |
35,097,566.06 |
33,602,781.17 |
|
Total Liabilities
and Shareholders’ Equity |
58,465,914.55 |
56,573,935.33 |
59,098,052.93 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
50,617,904.80 |
52,922,648.85 |
58,744,973.60 |
|
Other Income |
75,962.52 |
422,336.31 |
7,217.86 |
|
Total Revenues |
50,693,867.32 |
53,344,985.16 |
58,752,191.46 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold or Services |
- |
50,329,427.06 |
55,726,524.63 |
|
Selling Expenses |
- |
9,430.32 |
31,911.49 |
|
Administrative Expenses |
- |
833,173.21 |
843,642.83 |
|
Other Expenses |
48,572,217.37 |
- |
- |
|
Total Expenses
|
48,572,217.37 |
51,172,030.59 |
56,602,078.95 |
|
|
|
|
|
|
Profit /[Loss]
before Financial Cost and Income Tax |
2,121,649.95 |
2,172,954.57 |
2,150,112.51 |
|
Financial Cost |
[325,633.25] |
[301,382.00] |
[351,113.64] |
|
|
|
|
|
|
Profit
/[Loss] before Income
Tax |
1,796,016.70 |
1,871,572.57 |
1,798,998.87 |
|
Income Tax
|
[362,720.77] |
[376,787.68] |
[362,887.91] |
|
Net Profit / [Loss] |
1,433,295.93 |
1,494,784.89 |
1,436,110.96 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.67 |
2.63 |
2.32 |
|
QUICK RATIO |
TIMES |
0.65 |
0.48 |
0.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.87 |
0.94 |
0.99 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
- |
335.10 |
348.38 |
|
INVENTORY
TURNOVER |
TIMES |
- |
1.09 |
1.05 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
30.37 |
16.33 |
17.38 |
|
RECEIVABLES
TURNOVER |
TIMES |
12.02 |
22.35 |
21.00 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
- |
81.80 |
100.42 |
|
CASH CONVERSION
CYCLE |
DAYS |
30.37 |
269.64 |
265.33 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
- |
95.10 |
94.86 |
|
SELLING &
ADMINISTRATION |
% |
- |
1.59 |
1.49 |
|
INTEREST |
% |
0.64 |
0.57 |
0.60 |
|
GROSS PROFIT
MARGIN |
% |
100.15 |
5.70 |
5.15 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
4.19 |
4.11 |
3.66 |
|
NET PROFIT MARGIN |
% |
2.83 |
2.82 |
2.44 |
|
RETURN ON EQUITY |
% |
3.92 |
4.26 |
4.27 |
|
RETURN ON ASSET |
% |
2.45 |
2.64 |
2.43 |
|
EARNING PER SHARE |
BAHT |
35.83 |
37.37 |
35.90 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.38 |
0.43 |
|
DEBT TO EQUITY
RATIO |
TIMES |
0.60 |
0.61 |
0.76 |
|
TIME INTEREST
EARNED |
TIMES |
6.52 |
7.21 |
6.12 |
|
|
|
|
|
|
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ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.35) |
(9.91) |
|
|
OPERATING PROFIT |
% |
(2.36) |
1.06 |
|
|
NET PROFIT |
% |
(4.11) |
4.09 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
3.34 |
(4.27) |
|
ANNUAL GROWTH: RISKY
An annual sales
growth is -4.35%. Turnover has decreased from THB
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit
Margin |
100.15 |
Impressive |
Industrial Average |
9.21 |
|
Net Profit Margin |
2.83 |
Impressive |
Industrial Average |
0.63 |
|
Return on Assets |
2.45 |
Impressive |
Industrial Average |
1.13 |
|
Return on Equity |
3.92 |
Impressive |
Industrial Average |
3.16 |
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. Gross Profit Margin is 100.15%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
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. Net Profit Margin ratio is 2.83%, 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 2.45%, 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 3.92%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.67 |
Impressive |
Industrial Average |
1.62 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion
Cycle |
30.37 |
|
|
|
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 2.67 times in 2016,
increase from 2.63 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 0.65 times in 2016, increase from 0.48 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 31 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity
Ratio |
0.60 |
Impressive |
Industrial Average |
1.68 |
|
Times Interest
Earned |
6.52 |
Impressive |
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 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
6.52 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 0.38 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 Stable
Times Interest
Earned Stable
ACTIVITY: SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
- |
|
Industrial Average |
- |
|
Total Assets
Turnover |
0.87 |
Acceptable |
Industrial Average |
1.80 |
|
Inventory
Conversion Period |
- |
|
|
|
|
Inventory
Turnover |
- |
|
Industrial Average |
4.12 |
|
Receivables
Conversion Period |
30.37 |
|
|
|
|
Receivables
Turnover |
12.02 |
Impressive |
Industrial Average |
4.38 |
|
Payables
Conversion Period |
- |
|
|
|
The company's
Account Receivable Ratio is calculated as 12.02 and
The company's Total
Asset Turnover is calculated as 0.87 times and 0.94 times in 2016 and 2015
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 Downtrend
Inventory Turnover Downtrend
Receivables
Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.71 |
|
Thai Baht |
1 |
INR 2.06 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.