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MIRA INFORM REPORT
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Report No. : |
487555 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
POLY-POSH LIMITED PARTNERSHIP |
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Registered Office : |
100/3 Moo 7, Krungnon-Jongtanom Road, T. Mahasawat, A. Bangkruay, Nonthaburi 11130 |
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Country : |
Thailand |
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Financials (as on) : |
30.11.2016 |
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Date of Incorporation : |
02.12.2004 |
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Com. Reg. No.: |
0123547007657 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
The subject is
engaged in importing
and distributing printing
equipments and supplies
such as printing
inks and chemicals,
printing machines, printing
papers, coloring, offset
printing rubber sheets. |
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|
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|
No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
US$ 150,000. |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
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 |
|
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 sustained strong growth and 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.
Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, 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, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company
name
POLY-POSH LIMITED
PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 100/3
MOO 7, KRUNGNON-JONGTANOM ROAD,
T.
MAHASAWAT, A. BANGKRUAY,
NONTHABURI 11130,
THAILAND
TELEPHONE
: [66] 2446-6245,
2449-9118, 2449-9229
FAX :
[66] 2985-1026
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0123547007657
TAX ID NO. : 3031621602
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP
: BHT.
4,000,000
PARTNER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE
: MRS.
MALAI PONGWARIN, THAI
MANAGING PARTNER
NO. OF
STAFF : 6
LINES OF
BUSINESS : PRINTING EQUIPMENTS
AND SUPPLIES
IMPORTER AND
DISTRIBUTOR
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
December 2, 2004
as a limited
partnership under the registered
name POLY-POSH LIMITED PARTNERSHIP
by Thai partners,
with the business
objective to import
and distribute printing
equipments and supplies.
It currently employs
6 staff.
The subject’s registered address
is 100/3 Moo 7, Krungnon-Jongtanom Road,
T. Mahasawat, A. Bangkruay, Nonthaburi
11130, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Pongchai
Pongwarin
Mrs. Malai Pongwarin
One of the
mentioned partners can
sign on behalf
of the subject
with seal affixed.
Both partners bear
full financial responsibility by
law.
MANAGEMENT
Mrs. Malai Pongwarin
is the Managing
Partner.
She is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing printing
equipments and supplies
such as printing
inks and chemicals,
printing machines, printing
papers, coloring, offset
printing rubber sheets
and etc.
PURCHASE
80% of
the products is
purchased from local
suppliers, the remaining
20% is imported
from Republic of
China, Taiwan, India
and Germany.
SALES
100% of
the products is
sold locally both
by wholesale and
retail to dealers,
printing house and
end-users both private
and government sectors.
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 to the
past two years.
CREDIT
Sales are by
cash or on
the credit 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 Company Limited
EMPLOYMENT
The subject
employs 6 staff.
LOCATION DETAILS
The premise
is rented for
administrative office and
shop at the
heading address. Premise
is located in
commercial/residential area.
REMARK
MAXIMUM CREDIT
SHOULD BE GRANTED
AT US$ 150,000.
COMMENT
The subject’s
products have been
marketed locally for
fourteen years. The subject’s sales income
in 2016 had
dropped in accordance
with slow consumption
and high competition
in local market, while
growth is expected at
slow pace due
to slow recovery of
many industries.
Nevertheless, the subject’s business remains
moderately fair and profitable.
FINANCIAL INFORMATION
The capital
was registered at Bht.
4,000,000 which was
carried by 4
persons as followed:
Name Age Amount
Mr. Pongchai
Pongwarin 65 Bht.
2,220,000 [unlimited partner]
Address : 293/1 Nakornchaisri
Road,
Dusit,
Bangkok
Mrs. Malai Pongwarin 54 Bht.
1,380,000 [unlimited partner]
Address : 100/3 Moo
7, Krungnon-Jongtanom Road,
T.
Mahasawat, A. Bangkruay,
Nonthaburi
Mr. Peera Thanawin 43 Bht.
300,000
Address : 75/21 Moo
4, Suanpak Road,
Talingchan, Bangkok
Mr. Chutikaj
Tubtimdaeng 38 Bht.
100,000
Address :
102/692 Moo 3, T.
Bangmuangmai,
A. Muang, Samutprakarn
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
None
financial
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2016, 2015 and
2014 were:
ASSETS
|
Current
Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash
and Cash Equivalents
|
3,438,574.58 |
2,075,248.83 |
1,824,636.36 |
|
Trade
Account and Other Receivable |
4,125,174.22 |
5,268,169.63 |
5,360,110.59 |
|
Inventories |
4,583,874.76 |
5,406,786.08 |
5,978,803.69 |
|
Other
Current Assets |
216,585.73 |
74,224.67 |
79,340.28 |
|
|
|
|
|
|
Total
Current Assets |
12,364,209.29 |
12,824,429.21 |
13,242,890.92 |
|
|
|
|
|
|
Equipments |
4,412,005.40 |
4,903,511.58 |
4,508,679.59 |
|
Other
Non-current Assets |
6,000.00 |
6,000.00 |
6,000.00 |
|
Total
Assets |
16,782,214.69 |
17,733,940.79 |
17,757,570.51 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade
Account and Other Payable |
1,423,523.51 |
2,208,896.90 |
2,036,416.24 |
|
Current Portion of
Financial Lease
Contract Liabilities |
578,279.89 |
712,897.44 |
- |
|
Other
Current Liabilities |
151,224.13 |
561,345.76 |
705,185.53 |
|
|
|
|
|
|
Total Current Liabilities |
2,153,027.53 |
3,483,140.10 |
2,741,601.77 |
|
|
|
|
|
|
Other Non-current Liabilities |
793,082.97 |
1,371,362.86 |
2,851,578.90 |
|
Total
Liabilities
|
2,976,110.50 |
4,854,502.96 |
5,593,180.67 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
9,836,104.19 |
8,879,437.83 |
8,164,389.84 |
|
Total
Shareholders' Equity |
13,836,104.19 |
12,879,437.83 |
12,164,389.84 |
|
Total
Liabilities and Shareholders'
Equity |
16,782,214.69 |
17,733,940.79 |
17,757,570.51 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales
or Services |
17,236,107.60 |
19,639,749.00 |
20,271,909.00 |
|
Gain on Disposal of Assets |
- |
25,911.26 |
- |
|
Gain on Exchange Rate |
19,086.33 |
- |
- |
|
Other
Income |
20,535.88 |
8,077.07 |
111,230.98 |
|
Total
Revenues |
17,275,729.81 |
19,673,734.53 |
20,383,139.98 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in
Finished Goods and
Work in Progress |
221,871.35 |
[190,006.61] |
12,893,704.39 |
|
Raw Material and
Material Supplies |
9,993,813.61 |
11,554,422.99 |
- |
|
Employee Benefits Expenses |
3,633,080.78 |
3,262,105.39 |
2,840,545.67 |
|
Vehicle Expenses |
285,201.52 |
280,827.20 |
- |
|
Confirmation Fee |
101,522.02 |
162,042.50 |
- |
|
Repair Fee |
161,198.44 |
113,149.52 |
- |
|
Utility Bills |
127,307.67 |
121,855.65 |
- |
|
Depreciation and
Amortization |
1,220,115.84 |
1,187,459.78 |
764,578.07 |
|
Professional Services |
65,000.00 |
615,000.00 |
- |
|
Auditing Fee |
15,000.00 |
20,000.00 |
- |
|
Fee |
10,160.00 |
22,374.00 |
- |
|
Loss on Exchange Rate |
- |
28,662.31 |
- |
|
Other Expenses |
259,241.90 |
225,355.83 |
1,779,322.56 |
|
Total Expenses |
16,093,513.13 |
17,403,248.56 |
18,278,150.69 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost &
Income Tax |
1,182,216.68 |
2,270,485.97 |
2,104,989.29 |
|
Financial Cost |
[107,172.23] |
[167,053.13] |
[69,678.68] |
|
|
|
|
|
|
Profit / [Loss] before
Income Tax |
1,075,044.45 |
2,103,432.84 |
2,035,310.61 |
|
Income Tax |
[118,378.09] |
[421,699.26] |
[366,305.32] |
|
Net
Profit / [Loss] |
956,666.36 |
1,681,733.58 |
1,669,005.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.74 |
3.68 |
4.83 |
|
QUICK RATIO |
TIMES |
3.51 |
2.11 |
2.62 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.91 |
4.01 |
4.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.11 |
1.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
163.78 |
173.65 |
169.25 |
|
INVENTORY TURNOVER |
TIMES |
2.23 |
2.10 |
2.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.36 |
97.91 |
96.51 |
|
RECEIVABLES TURNOVER |
TIMES |
4.18 |
3.73 |
3.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.86 |
70.94 |
57.65 |
|
CASH CONVERSION CYCLE |
DAYS |
200.27 |
200.62 |
208.11 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
59.27 |
57.86 |
63.60 |
|
SELLING & ADMINISTRATION |
% |
32.60 |
29.45 |
17.78 |
|
INTEREST |
% |
0.62 |
0.85 |
0.34 |
|
GROSS PROFIT MARGIN |
% |
40.96 |
42.31 |
36.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.86 |
11.56 |
10.38 |
|
NET PROFIT MARGIN |
% |
5.55 |
8.56 |
8.23 |
|
RETURN ON EQUITY |
% |
6.91 |
13.06 |
13.72 |
|
RETURN ON ASSET |
% |
5.70 |
9.48 |
9.40 |
|
EARNING PER SHARE |
BAHT |
23.92 |
42.04 |
41.73 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.27 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
0.38 |
0.46 |
|
TIME INTEREST EARNED |
TIMES |
11.03 |
13.59 |
30.21 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.24) |
(3.12) |
|
|
OPERATING PROFIT |
% |
(47.93) |
7.86 |
|
|
NET PROFIT |
% |
(43.11) |
0.76 |
|
|
FIXED ASSETS |
% |
(10.02) |
8.76 |
|
|
TOTAL ASSETS |
% |
(5.37) |
(0.13) |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -12.24%. Turnover has decreased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
40.96 |
Satisfactory |
Industrial
Average |
41.63 |
|
Net Profit Margin |
5.55 |
Impressive |
Industrial
Average |
3.67 |
|
Return on Assets |
5.70 |
Impressive |
Industrial
Average |
5.45 |
|
Return on Equity |
6.91 |
Satisfactory |
Industrial
Average |
12.29 |
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 40.96%. 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. Net Profit Margin ratio is
5.55%, 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 5.7%, 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. When compared
with the industry average, it was lower, the company's figure is 6.91%.
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 |
5.74 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
3.51 |
|
|
|
|
Cash Conversion Cycle |
200.27 |
|
|
|
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 5.74 times in 2016, increase from 3.68 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 3.51 times in 2016,
increase from 2.11 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 201 days.
Trend of the average competitors
in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial
Average |
1.29 |
|
Times Interest Earned |
11.03 |
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 11.04 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 0.18 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 Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.91 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.03 |
Satisfactory |
Industrial
Average |
1.49 |
|
Inventory Conversion Period |
163.78 |
|
|
|
|
Inventory Turnover |
2.23 |
Satisfactory |
Industrial
Average |
3.26 |
|
Receivables Conversion Period |
87.36 |
|
|
|
|
Receivables Turnover |
4.18 |
Satisfactory |
Industrial
Average |
4.30 |
|
Payables Conversion Period |
50.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.18 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 decreased from 174 days at the
end of 2015 to 164 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 2.1 times in year 2015 to 2.23 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.03 times and
1.11 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.64 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
|
THB |
1 |
INR 2.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.