MIRA
INFORM REPORT
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Report Date : |
02.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SPICES & POWDER CO., LTD. |
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Registered Office : |
44/325 Niran Condominium 11, Soi Lasal 12, Sukhumvit 105 Road, Bangna, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
0105546027877 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various
kinds of food
ingredients and spice
products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
SPICES & POWDER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 44/325 NIRAN
CONDOMINIUM 11,
SOI LASAL
12, SUKHUMVIT 105 ROAD,
BANGNA,
TELEPHONE : [66] 2744-5112
FAX :
[66] 2744-5113
E-MAIL ADDRESS : chanjira-sapco@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546027877 [Former : 10654600319]
CAPITAL
REGISTERED : BHT.
5,000,000
CAPITAL
PAID-UP : BHT.
3,750,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. SUDARAT PITHAYACHAIKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 7
LINES OF
BUSINESS : FOOD
INGREDIENTS AND SPICE
PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 4,
2003 as a
private limited company
under the name
style SPICES & POWDER CO.,
LTD., by Thai group, the
Pithayachaikul family, with the
business objective to
distribute food ingredients
and spice products
to domestic market.
It currently employs
7 staff.
The
subject’s registered address
is 44/325 Soi
Lasal, Sukhumvit 105
Rd., Bangna, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
Ms. Sudarat Pithayachaikul |
|
Thai |
45 |
|
Ms. Benjawan Pithayachaikul |
|
Thai |
66 |
|
Ms. Sutthirat Pithayachaikul |
|
Thai |
41 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Sudarat Pithayachaikul is the Managing
Director.
She is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of food
ingredients and spice
products, according to customer’s requirement.
IMPORT
100%
of the products
is imported from
India and Republic
of China.
SALES
The products is
sold locally by
wholesale to manufacturers, dealers
and end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
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.
Imports are by
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Hong Kong & Shanghai Banking
Corp.
EMPLOYMENT
The
subject employs 7
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
REMARK
CREDIT
OF US$ 15,000,000 D/A
TERMS IS TOO HIGH
TO RECOMMEND.
COMMENT
The subject’s business
is not doing
well with a net
loss of many consecutive years.
The above credit
is too high
to recommend.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 100 shares
of Bht. 50,000 each.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006] at Bht.
3,750,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
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Ms.
Benjawan Pithayachaikul Nationality: Thai Address : 30
Sukhumvit 64 Rd.,
Bangchak,
Prakanong, |
33 |
33.00 |
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Mr. Suthee Pithayachaikul Nationality: Thai Address : |
24 |
24.00 |
|
Ms. Sudarat Pithayachaikul Nationality: Thai Address :
207 Moo 1,
Nongplasawai, Banhong, Lamphun |
20 |
20.00 |
|
Ms.
Sutthirat Pithayachaikul Nationality: Thai Address : 93/3
Moo 3, Laoyao,
Banhong, Lamphun |
20 |
20.00 |
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Ms.
Kamolmas Tangmahamek Nationality: Thai Address : 229/12
Moo 10, Nongsuang,
Viharndaeng, Saraburi |
1 |
1.00 |
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Ms.
Orn-anong Vichiannit Nationality: Thai Address : 373/173
Moo 2, Bangbor,
Samutprakarn |
1 |
1.00 |
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Ms.
Chanjira Jaiman Nationality: Thai Address : 102/3
Moo 14, Huay-or,
Long, Prae |
1 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Teerapong Suthamanuswong No.
2927
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in hand
& at Bank
|
1,581,582.41 |
1,482,631.41 |
|
Trade Accts. Receivable |
47,352.85 |
7,768.20 |
|
Inventories |
280,288.00 |
390,010.00 |
|
Goods Deposit |
1,378,923.60 |
450,000.00 |
|
Total Current
Assets |
3,288,146.86 |
2,330,409.61 |
|
|
|
|
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Fixed Assets |
319,919.07 |
239,669.23 |
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Total Assets
|
3,608,065.93 |
2,570,078.84 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Trade Accts. & Notes Payable |
48,952.50 |
55,077.00 |
|
Pre-receipt Deposit |
1,200,000.00 |
- |
|
Accrued Expenses |
192,277.00 |
58,482.00 |
|
Other Current Liabilities |
38,331.43 |
30,657.31 |
|
Total Current
Liabilities |
1,479,560.93 |
144,216.31 |
|
Loan from Director |
117,306.43 |
110,773.79 |
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Total Liabilities |
1,596,867.36 |
254,990.10 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
3,750,000.00 |
3,750,000.00 |
|
Retained Earning -
Unappropriated |
[1,738,801.43] |
[1,434,911.26] |
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Total
Shareholders' Equity |
2,011,198.57 |
2,315,088.74 |
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Total
Liabilities & Shareholders' Equity |
3,608,065.93 |
2,570,078.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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|
|
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Sales |
11,994,926.68 |
5,635,759.82 |
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Other Income |
115,611.40 |
- |
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Total Revenues
|
12,110,538.08 |
5,635,759.82 |
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Expenses |
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Cost of Goods
Sold |
10,898,112.84 |
5,109,638.94 |
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Selling & Administrative Expenses |
1,516,315.41 |
1,475,049.62 |
|
Total Expenses |
12,414,428.25 |
6,584,688.56 |
|
Net Profit / [Loss] |
[303,890.17] |
[948,928.74] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
112.84 |
|
|
Operating Profit |
[84.95] |
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Net Profit |
67.98 |
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|
Fixed Assets |
33.48 |
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Total Assets |
40.39 |
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Profitability |
|
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Cost of Good
Sold |
90.86 |
90.66 |
|
Operating Profit Margin |
[2.53] |
[16.84] |
|
S & A
Expenses |
12.64 |
26.17 |
|
Other Revenues |
0.96 |
0.00 |
|
Net Profit Margin |
[2.53] |
[16.84] |
|
Earning Per Shares |
[8.10] |
[25.30] |
|
No. of Shares |
37,500 |
37,500 |
Net Sales was increased by 112.84%, Operating Profit was decreased by 84.95%, Net Profit was increased by 67.98%, Fixed Assets was increased by 33.48%, Total Assets was increased by 40.39%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.66%
to 90.86%, Operating
Profit Margin was
increased from -16.84%
to -2.53%, S
& A Expenses
was decreased from
26.17% to 12.64%,
Other Revenues was
increased from 0.00%
to 0.96%, Net
Profit Margin was
increased from -16.84%
to -2.53%.
Earning Per Shares
was increased from
-25.30 baht per
share to -8.10
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.22 |
16.16 |
|
Quick-Assets Ratio |
1.10 |
10.33 |
Current Ratio was
decreased from 16.16
to 2.22, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio was decreased
from 10.33 to
1.10, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.79 |
0.11 |
D/E Ratio was
increased from 0.11
to 0.79, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
37.49 |
23.51 |
|
Total Assets Turnover |
3.32 |
2.19 |
|
Return on Assets |
[8.42] |
[36.92] |
|
Return on Equity |
[15.11] |
[40.99] |
|
Day's Payable |
1.47 |
3.52 |
|
Day’s Inventories |
8.41 |
24.91 |
|
Day’s Receivables |
1.42 |
0.50 |
Fixed Assets Turnover
was increased from
23.51 times to
37.49 times, Total
Assets Turnover was
increased from 2.19
times to 3.32
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-36.92 to -8.42,
Return on Equity
was increased from
-40.99 to -15.11,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 4
days to 2 days,
and Day’s Inventories
was decreased from
25 days to
9 days, while
Day’s Receivables was
increased from 1
days to 2
days.
RATING EXPLANATIONS
|
RATING |
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)