MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHAPAN HARDWARE LIMITED
PARTNERSHIP |
|
|
|
|
Registered Office : |
341 Charoenmuang Road,
Wangmai, Pathumwan,
Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
2006 |
|
|
|
|
Date of Incorporation : |
02.03.1978 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Importer and Distributor of Andtool Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
SAHAPAN HARDWARE LIMITED
PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 341 CHAROENMUANG ROAD, WANGMAI,
PATHUMWAN,
BANGKOK 10330
TELEPHONE :
[66] 2214-1182, 2215-2524,
2214-3566
FAX :
[66] 2215-2578
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1978
REGISTRATION NO. :
0103521003867 [Former : 389/2521]
CAPITAL REGISTERED :
BHT. 1,000,000
CAPITAL PAID-UP :
BHT. 1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
LIMITED PARTNERSHIP
EXECUTIVE :
MR. YUTHONG THIENTHANYAKIJ, THAI
MANAGING
PARTNER
NO. OF STAFF :
6
LINES OF BUSINESS :
TOOL PRODUCTS
IMPORTER
AND 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
March 2, 1978 as a limited
partnership under the name
style SAHAPAN HARDWARE LIMITED
PARTNERSHIP, by Thai
partners, in order
to distribute tool
products to domestic market.
It currently employs
6 staff.
The subject’s registered address
is 341 Charoenmuang Rd.,
Wangmai, Pathumwan, Bangkok
10330, and this
is the subject’s current operation
address.
AUTHORIZED PERSON
Mr. Yuthong Thienthanyakij can
sign on behalf
of the subject with seal
affixed.
MANAGEMENT
Mr. Yuthong Thienthanyakij is
the Managing Partner
He is Thai nationality with
the age of
56 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of tool
products, such as
pneumatic air tools,
hand tools, cutting
tools, carbide drill,
end-mill and etc.
MAJOR BRANDS
“MAKITA”, “BOSCH”, “AEG”,
“HITACHI” and etc.
PURCHASE
The products are
purchased from suppliers
and agents both
domestic and overseas,
mainly in U.S.A.,
Japan, Taiwan and
Germany.
SALES
100% of the
products is sold
locally to wholesalers
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 or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office, 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The subject employs
6 staff.
LOCATION DETAILS
The premise is
owned for administrative office and shop
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT OF US$
25,000,000 AGAINST D/A
TERMS IS NOT
RECOMMENDED.
COMMENT
The subject provides
products and services
of industrial tools.
It has a good business,
however overall economic
slowdown has resulted
to decline consumption. Growth is expected
to slowdown in
short term prospect.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000, which was carried
by 3 persons as followed:
Name Age Amount
Mr. Yuthong Thienthanyakij
56 Bht.
500,000 [Unlimited Partner]
Mrs. Kimhia Chaveewansuta
79 Bht.
300,000
Ms. Pawinee Veerachokekerkkrai 54 Bht. 200,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Air Marshal Suwan
Faknoi No. 1397
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2006
& 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
4,745,582.91 |
375,463.41 |
|
Trade Accts. Receivable |
14,322,150.82 |
26,540,625.36 |
|
Short-term Loan to Person or
Related Company |
2,800,000.00 |
- |
|
Inventories |
15,868,882.54 |
15,891,210.22 |
|
Other Current Assets
|
112,000.00 |
- |
|
|
|
|
|
Total Current Assets
|
37,848,616.27 |
42,807,298.99 |
|
Fixed Assets |
772,972.41 |
1,179,100.10 |
|
Other Assets |
- |
123,273.90 |
|
Total Assets |
38,621,588.68 |
44,109,672.99 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
9,205,582.49 |
1,014,712.65 |
|
Trade Accts. Payable |
17,555,593.29 |
28,561,088.81 |
|
Short-term Loan from
Person or Related
Company |
- |
3,500,000.00 |
|
Other Current Liabilities |
586,460.46 |
827,764.47 |
|
|
|
|
|
Total Current Liabilities |
27,347,636.24 |
33,903,565.93 |
|
Total Liabilities |
27,347,636.24 |
33,903,565.93 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
10,273,952.44 |
9,206,107.06 |
|
Total Shareholders' Equity |
11,273,952.44 |
10,206,107.06 |
|
Total Liabilities & Shareholders' Equity |
38,621,588.68 |
44,109,672.99 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Service
Income |
136,870,963.02 |
127,479,536.82 |
|
Other Income |
2,632,615.88 |
2,338,237.85 |
|
Total Revenues |
139,503,578.90 |
129,817,774.67 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
130,122,851.00 |
121,178,973.74 |
|
Selling & Administrative Expenses |
5,860,108.16 |
5,384,983.83 |
|
Other Expenses |
4,180.85 |
376,478.65 |
|
Total Expenses |
135,987,140.01 |
126,940,436.22 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
3,516,438.89 |
2,877,338.45 |
|
Interest Expenses |
[1,638,519.49] |
[121,601.70] |
|
Income Tax |
[810,074.02] |
[661,931.88] |
|
|
|
|
|
Net Profit / [Loss] |
1,067,845.38 |
2,093,804.87 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
7.37 |
|
|
Operating Profit |
0.78 |
|
|
Net Profit |
[49.00] |
|
|
Fixed Assets |
[34.44] |
|
|
Total Assets |
[12.44] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.07 |
95.06 |
|
Operating Profit Margin |
2.57 |
2.55 |
|
S & A
Expenses |
4.28 |
4.22 |
|
Interest Paid |
1.20 |
0.10 |
|
Other Revenues |
1.92 |
1.83 |
|
Net Profit Margin |
0.78 |
1.64 |
Net Sales was
increased by 7.37%,
Operating Profit was
increased by 0.78%,
Net Profit was
decreased by 49.00%,
Fixed Assets was
decreased by 34.44%,
Total Assets was
decreased by 12.44%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 95.06%
to 95.07%, Operating
Profit Margin was
increased from 2.55%
to 2.57%, S
& A Expenses
was increased from
4.22% to 4.28%,
Interest Paid was increased
from 0.10% to
1.20%, Other Revenues
was increased from
1.83% to 1.92%,
Net Profit Margin
was decreased from
1.64% to 0.78%.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.38 |
1.26 |
|
Quick-Assets Ratio |
0.80 |
0.79 |
Current Ratio was
increased from 1.26
to 1.38, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.79 to 0.80,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.43 |
3.32 |
|
Times Interest Earned |
2.15 |
26.76 |
D/E Ratio was
decreased from 3.32
to 2.43, 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
26.76 to 2.15,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
177.07 |
108.12 |
|
Total Assets Turnover |
3.54 |
2.89 |
|
Return on Assets |
2.76 |
4.75 |
|
Return on Equity |
9.47 |
20.52 |
|
Day's Payable |
46.17 |
80.66 |
|
Day’s Inventories |
41.74 |
44.88 |
|
Day’s Receivables |
37.67 |
74.95 |
Fixed Assets Turnover
was increased from
108.12 times to
177.07 times, Total
Assets Turnover was
increased from 2.89
times to 3.54
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
4.75 to 2.76,
Return on Equity
was decreased from
20.52 to 9.47,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 81
days to 47
days, Day’s Inventories
was decreased from
45 days to
42 days, and
Day’s Receivables was
decreased from 75
days to 38
days.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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%)