MIRA INFORM REPORT
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Report Date : |
8th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
KANZEN
INTERNATIONAL LTD |
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Registered Office : |
404 Soi
Siripoj, Sukhumvit 81-Road,
Suanluang, Suanluang, Bangkok
10250, Thailand |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
01015542081966 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importers & distributors chemical for
pharmaceutical products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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 : |
Regular |
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Litigation : |
Clear |
NAME
KANZEN INTERNATIONAL LTD.
SUMMARY
BUSINESS ADDRESS : 404 SOI SIRIPOJ, SUKHUMVIT
81-ROAD, SUANLUANG,
SUANLUANG, BANGKOK 10250, THAILAND
TELEPHONE : [66] 2332-8719,
2332-8724
FAX : [66] 2332-8725, 2332-8720
E-MAIL ADDRESS : kadiyam@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 01015542081966 [Former: [3]
1509/2542]
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT. 20,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KADIYAM RAMA KRISANA,
INDIAN MANAGING DIRECTOR
NO. OF STAFF : 8
LINES OF BUSINESS : CHEMICAL FOR PHARMACEUTICAL
PRODUCTS IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH ENGAGEMENT NORMAL
BUSINESS
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR
PERFORMANCE
HISTORY
The subject was established on October 22, 1999 as a private limited company under the name style KANZEN INTERNATIONAL LTD. by Indian and Thai partners in order to distribute gemstone and jewelry products for local market. It currently employs 8 staff.
In 2003 the subject’s business has changed to be Pharmaceutical Chemical Distribution.
The subject’s registered address was initially located at 80/31 Moo 8, Nongkaem, Bangkok 10160.
On July 3, 2000, the registered address was changed to 5th Floor, T.D. Building, 14-16 Mahesak Rd., Suriyawongse, Bangrak, Bangkok 10500.
On October 4, 2001, the registered address was relocated to 404 Soi Siripoj, Sukhumvit 81 Rd., Suanluang, Bangkok 10250, and this is the subject’s current operation address.
THE BOARD OF DIRECTOR
Mr. Kadiyam Rama Krisana
AUTHORIZED PERSON
The above director can sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Kadiyam Rama Krisana is the Managing Director.
He is Indian nationality with the age of 44 years old. He has been the Managing Director since the subject’s inception in 1999.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing of chemical for pharmaceutical products.
PURCHASE
Most of its products are imported from India and European countries, the remaining is purchased from local suppliers.
SALES [LOCAL]
100% of its products is sold locally to manufacturers.
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 IRICO’S DATABASE for the past two years.
RELATED AND AFFILIATED COMPANY
Benicham [Thailand]
Co., Ltd.
Business Type: Importer & distributor of industrial chemicals
CREDIT
Sales are by cash or on the credit term of 30 days.
Local bills are paid by cash or on the credits term of 60-90 days.
Imports are by L/C at sight and T/T.
BUSINESS TRANSACTION
In term of sales, the products are sold mainly by cash and the remaining is by credit, with the maximum credit given at 30 days. The subject is not found to have payment problem from its customers.
BANKING
Bangkok Bank
Public Co., Ltd.
[Ekamai Branch: Sukhumvit 63 Rd., Wattana, Bangkok 10110]
EMPLOYMENT
The subject employs 8 staff. [office and sales staff]
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in commercial/residential area.
COMMENT
Chemicals for pharmaceutical industry were the key element for production processes. The country’s pharmaceutical industry are poised for growth benefiting players such as manufacturers, exporter and chemical suppliers.
Due to higher competition and also increasingly difficult market leading, the subject expected its sales revenue this year would be increased slightly from the previous years.
FINANCIAL INFORMATION
The capital was initially registered at Bht. 2,000,000 divided into 20,000 shares of Bht. 100 each.
The capital was increased later as follows:
Bht. 3,000,000 on July 3, 2000
Bht. 15,000,000 on October 29, 2001
Bht. 20,000,000 on November 30, 2001
The latest registered
capital was increased
to Bht. 20,000,000
divided into 200,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at March 22, 2005]
|
NAME |
HONDING |
% |
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|
|
|
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Mr. Kadiyam Rama Krisana Nationality: Indian Address : 1-8-197 Ziekadpalli Hyderabud, India |
48,000 |
24.00 |
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Mr. Chalermpol Chompoo Nationality: Thai Address : 39 Moo 5, Bangkrasor, Muang, Nonthaburi |
32,000 |
16.00 |
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Ms. Chantana Neampraphan Nationality: Thai Address : 15/1 Krathumrai, Nongjok, Bangkok |
30,000 |
15.00 |
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Mrs. Paradi Rama Krisana Nationality: Indian Address : 1-8-197 Ziekadpalli Hyderabud, India |
30,000 |
15.00 |
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Ms. Ratana Surasena Nationality: Thai Address : 68 Moo 8, Toomtai, Kumpawapi, Udonthani |
20,000 |
10.00 |
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Ms. Varunee Singtongam Nationality: Thai Address : 251 Krungthep-Kreetha Rd., Huamark, Bangkapi, Bangkok |
20,000 |
10.00 |
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Ms. Menpa Meherleela Nationality: Indian Address : 1-8-197 Ziekadpalli Hyderabud, India |
20,000 |
10.00 |
Total Shareholders : 7
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Ms. Dara Paksuthon No. 1312
BALANCE SHEET
[BAHT]
The latest financial figures published for December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
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Cash in hand & at Bank |
5,116,608.72 |
1,939,115.07 |
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Trade Accts. Receivable |
1,160,043.39 |
6,893,160.40 |
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Inventories |
909,860.86 |
900,000.00 |
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Other Current Assets |
796,257.31 |
243,515.75 |
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Total Current Assets |
7,982,770.28 |
9,975,791.22 |
|
Long Term Loan to Person or Related Company |
12,300,000.00 |
10,100,000.00 |
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Total Assets |
20,282,770.28 |
20,075,791.22 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
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Trade Accts. Payable |
2,423,341.74 |
2,230,392.44 |
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Other Current Liabilities |
28,038.11 |
18,998.00 |
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Total Current Liabilities |
2,451,379.85 |
2,249,390.44 |
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Total Liabilities |
2,451,379.85 |
2,249,390.44 |
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Shareholders' Equity |
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning - Unappropriated |
[2,168,609.57] |
[2,173,599.22] |
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Total Shareholders' Equity |
17,831,390.43 |
17,826,400.78 |
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Total
Liabilities & Shareholders' Equity |
20,282,770.28 |
20,075,791.22 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
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Sales |
10,315,752.70 |
9,918,342.48 |
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Other Income |
333,166.78 |
502,202.51 |
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Total Revenues |
10,648,919.48 |
10,420,544.99 |
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Expenses |
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Cost of Goods Sold |
9,599,443.11 |
9,340,774.31 |
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Selling & Administrative Expenses |
1,024,807.61 |
1,037,840.88 |
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Total Expenses |
10,624,250.72 |
10,378,615.19 |
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Profit / [Loss] Before Income Tax |
24,668.76 |
41,929.80 |
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Income Tax |
[19,679.11] |
- |
|
Net Profit / [Loss] |
4,989.65 |
41,929.80 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
4.01 |
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Operating |
[0.18] |
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Net Profit |
[88.10] |
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Total Assets |
1.03 |
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Profitability |
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Cost of Goods Sold |
93.06 |
94.18 |
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Operating Profit Margin |
6.94 |
5.82 |
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S&A expenses |
9.93 |
10.46 |
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Other Revenues |
3.23 |
5.06 |
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Net Profit Margin |
0.05 |
0.42 |
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Earning Per Shares |
0.02 |
0.21 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
increased by 4.01%,
Operating Profit was
decreased by 0.18%,
Net Profit was
decreased by 88.10%,
Total Assets was
increased by 1.03%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
94.18% to 93.06%,
Operating Profit Margin
was increased from
5.82% to 6.94%,
S & A
Expenses were decreased
from 10.46% to
9.93%, Other Revenues
was decreased from
5.06% to 3.23%,
Net Profit Margin
was decreased from
0.42% to 0.05%.
Earning Per Shares was decreased from 0.21 baht per share to 0.02 baht per share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
3.26 |
4.43 |
|
Quick - assets ratio |
2.56 |
3.93 |
Current Ratio was decreased from 4.43 to 3.26, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 3.93 to 2.56, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
0.14 |
0.13 |
D/E Ratio was
increased from 0.13
to 0.14, show the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2004 |
2003 |
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Total Assets Turnover |
0.51 |
0.49 |
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Return on Assets |
0.02 |
0.21 |
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Return on Equity |
0.03 |
0.24 |
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Day’s Payable |
92.14 |
87.15 |
|
Day’s Inventories |
34.60 |
35.17 |
|
Days’ Receivables |
41.05 |
253.67 |
Total Assets Turnover
was increased from
0.49 times to
0.51 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
decreased from 0.21
to 0.02, Return
on Equity was
decreased from 0.24
to 0.03, capacity
to use Assets to make
profit was not
good.
Day’s Payable was increased from 88 days to 93 days, while Day’s Inventories was decreased from 36 days to 35 days, and Day’s Receivables was decreased from 254 days to 42 days.
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |