MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
D.SIVA TRADING LIMITED PARTNERSHIP |
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Registered Office : |
144/77
Mooban Chantara Nives, Vorarat
Trade Center, Thanurat Road,
Tungwatdon, Sathorn,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
0103528020457 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importing and distributing the various kinds of
plastic & glass
containers for several
industries such as
pharmaceuticals, cosmetics, food
& beverage, chemical and etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 : |
Usually correct |
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Litigation : |
Clear |
name
D.SIVA TRADING LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 144/77
MOOBAN CHANTARA NIVES, VORARAT
TRADE
CENTER, THANURAT
ROAD, TUNGWATDON, SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2676-1926-7, 081-934-5778
FAX : [66]
2213-2586
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO.
: 0103528020457 [Former : 2044/2528]
CAPITAL
REGISTERED : BHT. 4,500,000
CAPITAL
PAID-UP : BHT. 4,500,000
FISCAL YEAR
CLOSING DATE : MAY 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR.
SIVANARAYAN SINGH, INDIAN
MANAGING PARTNER
NO. OF
STAFF : 9
LINES OF
BUSINESS : PLASTIC
& GLASS CONTAINERS
IMPORTER &
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 August
7, 1985 as
a limited partnership
under the name
style D.SIVA TRADING
LIMITED PARTNERSHIP, by Mr.
Sivanarayan Singh, who is the
Managing Partner and bears full
financial responsibility by
law. The subject’s objective is
a distributor various
kinds of plastic and
glass containers and
related products to
local market. It
currently employs 9
staff.
The subject’s registered
address is 144/77 Thanurat
Rd., Tungwatdon, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
MANAGEMENT
Mr. Sivanarayan
Singh is the Managing Partner.
He is Indian nationality with
the age of
55 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing the various kinds
of plastic &
glass containers for
several industries such
as pharmaceuticals, cosmetics,
food & beverage,
chemical and etc.
PURCHASE
80% of the products
is purchased from
local manufacturers &
suppliers, while the remaining 20%
is imported from
India, Germany and
France.
SALES [LOCAL]
100% of the
products is sold
locally by wholesale
to manufacture and
dealers.
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 30-60-90 days.
Imports are by
L/C at sight and T/T
on negotiated term.
BUSINESS TRANSACTION
The products are
sold to customers
both by cash
and credit, with
the maximum credit
given at 30-60
days. The subject
is not found to have
problem on its
account receivable.
BANKING
Bank of
Ayudhya Public Co.,
Ltd.
[Bangrak Branch
: 318 Silom Rd., Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
9 office and
sales staff.
LOCATION DETAILS
The premise is
rented for administrative office in a
4.5 storey building
of 1 row shop house
at the heading address. Premise
is located in
residential area.
Branch office is located
at 103 Soi Siripoj, Sukhumvit
81 Rd., Suanluang,
Bangkok 10250.
COMMENT
Containers for various
industries such as
food & beverage,
chemical, cosmetic and
pharmaceutical were in
strong demand as
Thai industries are
unlikely to use
recycle products, therefore
imported and manufactured of plastic containers remain
high.
The subject is
doing good business
and expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,500,000 which was
carried by 4 persons
as follows:
Name Age Amount
Mr. Sivanarayan Singh 55
Bht. 1,850,000 [Unlimited Partner]
Mr. Mahabee Singh 48
Bht. 250,000
Mr. Haris Z.
Dodia 50
Bht. 900,000
Mr. Anan Gumar
Rye -
Bht. 1,500,000
NAME OF
AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Pisith Paengyod
No. 0859
BALANCE SHEET [BAHT]
The
latest financial figures
published for May
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in hand
& at Bank
|
60,615.00 |
58,878.40 |
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Trade Accounts Receivable |
2,252,044.53 |
4,194,772.26 |
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Inventories |
3,532,915.93 |
4,265,261.92 |
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Other Current Assets |
196.84 |
7,837.43 |
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Total Current
Assets |
5,845,772.30 |
8,526,750.01 |
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Fixed Assets |
11,794.80 |
12,804.93 |
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Other Assets |
15,000.00 |
20,690.64 |
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Total Assets |
5,872,567.10 |
8,560,245.58 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft &
Short-Term Loan from Bank |
2,187,585.86 |
2,470,562.32 |
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Trade Accounts &
Notes Payable |
531,951.22 |
3,263,736.32 |
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Short Term Loan
to Person or
Related Company |
471,804.75 |
570,000.00 |
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Other Current Liabilities |
75,217.80 |
378,731.04 |
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Total Current
Liabilities |
3,266,559.63 |
6,683,029.68 |
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Total Liabilities |
3,266,559.63 |
6,683,029.68 |
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Shareholders'
Equity |
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Capital Paid |
4,500,000.00 |
4,500,000.00 |
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Retained Earning -
Unappropriated [Deficit] |
[1,893,992.53] |
[2,622,784.10] |
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Total
Shareholders' Equity |
2,606,007.47 |
1,877,215.90 |
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Total
Liabilities & Shareholders' Equity |
5,872,567.10 |
8,560,245.58 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
12,265,762.89 |
7,732,015.49 |
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Other Income |
242,545.52 |
186,914.89 |
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Total Revenues
|
12,508,308.41 |
7,918,930.38 |
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Expenses |
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Cost of Goods
Sold |
9,977,944.66 |
5,443,631.26 |
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Selling & Administrative Expenses |
1,390,505.97 |
1,373,637.90 |
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Other Expenses |
- |
42,145.55 |
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Total Expenses |
11,368,450.63 |
6,859,414.71 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
1,139,857.78 |
1,059,515.67 |
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Interest Expenses |
[343,910.43] |
[309,853.00] |
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Income Tax |
[67,155.78] |
- |
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Net Profit / [Loss] |
728,791.57 |
749,662.67 |
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Retained Earning [deficit], Beginning
of Year |
[2,622,784.10] |
[3,372,446.77] |
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Retained Earning [deficit], End
of Year |
[1,893,992.53] |
[2,622,784.10] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
58.64 |
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Operating Profit |
[34.78] |
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Net Profit |
[2.78] |
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Fixed Assets |
[7.89] |
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Total Assets |
[31.40] |
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Profitability |
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Cost of Good
Sold |
81.35 |
70.40 |
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Operating Profit Margin |
9.29 |
14.25 |
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S & A
Expenses |
11.34 |
17.77 |
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Interest Paid |
2.80 |
4.01 |
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Other Revenues |
1.98 |
2.42 |
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Net Profit Margin |
5.94 |
9.70 |
Net Sales was
increased by 58.64%,
Operating Profit was
decreased by 34.78%,
Net Profit was
decreased by 2.78%,
Fixed Assets was
decreased by 7.89%,
Total Assets was
decreased by 31.40%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 70.40%
to 81.35%, Operating
Profit Margin was
decreased from 14.25%
to 9.29%, S
& A Expenses
was decreased from
17.77% to 11.34%,
Interest Paid was decreased
from 4.01% to
2.80%, Other Revenues
was decreased from
2.42% to 1.98%,
Net Profit Margin
was decreased from
9.70% to 5.94%.
Liquidity
|
Liquidity |
2006 |
2005 |
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Current Ratio |
1.79 |
1.28 |
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Quick-Assets Ratio |
0.71 |
0.64 |
Current Ratio was
increased from 1.28
to 1.79, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.64 to 0.71,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
1.25 |
3.56 |
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Times Interest Earned |
3.31 |
3.56 |
D/E Ratio was
decreased from 3.56
to 1.25, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
3.56 to 3.31,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
1,039.93 |
603.83 |
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Total Assets Turnover |
2.09 |
0.90 |
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Return on Assets |
12.41 |
8.76 |
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Return on Equity |
27.97 |
39.93 |
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Day's Payable |
15.61 |
151.96 |
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Day’s Inventories |
103.69 |
198.59 |
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Day’s Receivables |
66.10 |
195.31 |
Fixed Assets Turnover
was increased from
603.83 times to
1,039.93 times, Total
Assets Turnover was
increased from 0.90
times to 2.09
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
8.76 to 12.41,
Return on Equity
was decreased from
39.93 to 27.97,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 152
days to 16
days, Day’s Inventories
was decreased from
199 days to
104 days, and
Day’s Receivables was
decreased from 196
days to 67
days.
RATING
EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)