MIRA
INFORM REPORT
|
Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
BHASIN INTERNATIONAL CO., LTD. |
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Registered Office : |
5th Floor, Tvc Thaveesab
Building, 453 Thadindaeng
Road, Somdejchaophaya,
Klongsan, Bangkok 10600 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
0105547076227 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in distributing and exporting various
kinds of stainless
kitchen products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
name
BHASIN INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 5th FLOOR,
TVC THAVEESAB BUILDING,
453 THADINDAENG ROAD,
SOMDEJCHAOPHAYA,
KLONGSAN,
BANGKOK 10600, THAILAND
TELEPHONE : [66] 2863-3107-8
FAX :
[66] 2863-3106
E-MAIL ADDRESS : hrgimpex@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547076227
CAPITAL
REGISTERED : BHT. 3,000,000
CAPITAL
PAID-UP : BHT. 3,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. HARDEEP SINGH BHASIN, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : STAINLESS KITCHEN
AND BATHROOM PRODUCTS
DISTRIBUTOR AND
EXPORTER
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 June 7, 2004
as a private limited company under the name style BHASIN INTERNATIONAL CO., LTD.,
by Thai and
Indian groups, with
the business objective
to distribute various
kinds of stainless
kitchen and bathroom
products to both
domestic and international markets. It currently
employs 12 staff.
The
subject’s registered address
is 453 Thadindaeng Rd., Somdejchaophaya, Klongsan, Bangkok 10600,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Hardeep Singh Bhasin
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hardeep Singh
Bhasin is the Managing Director.
He is Indian nationality with
the age of
37 years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing and exporting various
kinds of stainless
kitchen products, such
as stainless steel
cutlery, stainless steel
bowls, kitchen tools, salad set, serving set,
stainless steel tong,
pet bowls, stainless
steel bowls, colanders,
bar accessories, ashtray,
table accessories, stainless
steel box, stainless
steel canisters and etc.,
as well as
bathroom accessories.
PURCHASE
100% of the
products is purchased
from local manufacturers.
SALES
90% of the products is
exported to U.S.A.,
Australia, and countries
in Europe, Asia
and Africa, and
the remaining 10%
is sold locally.
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.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Ratchawongse Branch,
Ratchawongse Rd., Samphantawong, Bangkok]
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The subject’s
sales is below
target. Market expansion
in international markets
remains slow, as
well as number
of clients are
little.
However,
the subject still
has potential related
to its quality products and good market strategy.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each.
On
July 4, 2006,
the capital was
increased to Bht. 3,000,000 divided into 30,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Hardeep Singh
Bhasin Nationality: Indian Address : 453
Thadindaeng Rd., Somdejchaophaya,
Klongsan, Bangkok |
14,700 |
49.00 |
|
Nr, Arthorn Supantharika Nationality: Thai Address : 12
Moo 6, Sukprayoon Rd., Wadluang,
Panusnikom, Chonburi |
8,100 |
27.00 |
|
Ms. Saijai Sae-ow Nationality: Thai Address : 387/744
Ladprao Rd., Wangthonglang, Bangkok |
3,000 |
10.00 |
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Ms.
Boonchan Sae-ow Nationality: Thai Address : 50/646
Jatuchote Rd., Or-ngern,
Saimai, Bangkok |
2,000 |
6.67 |
|
Ms. Suchada Boonchuaysanong Nationality: Thai Address : 124 Thadindaeng Rd.,
Somdejchaophaya,
Klongsan, Bangkok |
2,000 |
6.67 |
|
Mr. Suchet Plod-on Nationality: Thai Address : 50/1
Moo 6, Khuntalay, Lansakar,
Nakornsrithammarat |
100 |
0.33 |
|
Ms. Nitaya Saysap Nationality: Thai Address : 47
Moo 2, T. Samkha, A. Kuchinarai, Kalasin |
100 |
0.33 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Varee Chayuti No. 7288
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
90,659.41 |
107,007.83 |
|
Short Term Loan
to Person or Related Company |
- |
700,000.00 |
|
Inventories |
959,817.00 |
- |
|
Other Current Assets
|
102,272.01 |
36,550.67 |
|
Total Current
Assets |
1,152,748.42 |
843,558.50 |
|
|
|
|
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Fixed Assets |
4,214.72 |
5,895.09 |
|
Total Assets |
1,156,963.14 |
849,453.59 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Short Term Loan
from Person or
Related Company |
60,000.00 |
- |
|
Other Current Liabilities |
7,648.58 |
7,125.00 |
|
Total Current
Liabilities |
67,648.58 |
7,125.00 |
|
Total Liabilities |
67,648.58 |
7,125.00 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 30,000 &
20,000 shares in 2006 & 2005 |
3,000,000.00 |
2,000,000.00 |
|
Capital Paid |
3,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
[1,910,685.44] |
[1,157,671.41] |
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Total
Shareholders' Equity |
1,089,314.56 |
842,328.59 |
|
Total
Liabilities & Shareholders' Equity |
1,156,963.14 |
849,453.59 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
2,819,449.50 |
- |
|
Other Income |
- |
39,000.00 |
|
Total Revenues
|
2,819,449.50 |
39,000.00 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
2,635,116.05 |
- |
|
Selling & Administrative Expenses |
937,347.48 |
866,501.17 |
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Total Expenses |
3,572,463.53 |
866,501.17 |
|
Net Profit / [Loss] |
[753,014.03] |
[827,501.17] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Profit |
9.00 |
|
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Fixed Assets |
[28.50] |
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Total Assets |
36.20 |
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Profitability |
|
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Cost of Good
Sold |
93.46 |
0.00 |
|
Operating Profit Margin |
[26.71] |
0.00 |
|
S & A
Expenses |
33.25 |
0.00 |
|
Net Profit Margin |
[26.71] |
0.00 |
|
Earning Per Shares |
[25.10] |
[41.38] |
|
No. of Shares |
30,000 |
20,000 |
Net Profit was
increased by 9.00%,
Fixed Assets was
decreased by 28.50%,
Total Assets was
increased by 36.20%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 0.00%
to 93.46%, Operating
Profit Margin was
decreased from 0.00%
to -26.71%, S &
A Expenses was
increased from 0.00%
to 33.25%, Net
Profit Margin was
decreased from 0.00%
to -26.71%.
Earning Per Shares
was increased from
-41.38 baht per
share to -25.10 baht
per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
17.04 |
118.39 |
|
Quick-Assets Ratio |
1.34 |
113.26 |
Current Ratio was
decreased from 118.39
to 17.04, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
113.26 to 1.34,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.06 |
0.01 |
D/E Ratio was
increased from 0.01
to 0.06, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
668.95 |
0.00 |
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Total Assets Turnover |
2.44 |
0.00 |
|
Return on Assets |
[65.09] |
[97.42] |
|
Return on Equity |
[69.13] |
[98.24] |
|
Day’s Inventories |
122.55 |
0.00 |
Fixed Assets Turnover
was increased from
0.00 times to
668.95 times, Total
Assets Turnover was
increased from 0.00
times to 2.44
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-97.42 to -65.09,
Return on Equity
was increased from
-98.24 to -69.13,
capacity to use
Assets to make
profit was not
good.
Day’s Inventories was
increased from 0
days to 123
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. |
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%)