MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAI
ENTERPRISE CO., LTD. |
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Registered Office : |
209/2
Soi Rompho, Sanpawut
Road, Bangna, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08.09.2000 |
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Com. Reg. No.: |
0105543084837 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Stationery And Stainless Steel Kitchenwares Importer And Distributor |
RATING &
COMMENTS
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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 : |
No Complaints |
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Litigation : |
Clear |
name of the compANY
SAI ENTERPRISE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 209/2 SOI ROMPHO, SANPAWUT
ROAD,
BANGNA, BANGKOK
10260
TELEPHONE : [66] 2745-4445, 2745-4447-8
FAX : [66] 2745-4449
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543084837 [Former : [5]1611/2543]
CAPITAL
REGISTERED : BHT. 2,000,000
CAPITAL
PAID-UP : BHT. 2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHANDAN GOPILAL CHAWALA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : STATIONERY AND STAINLESS STEEL KITCHENWARES
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 September 8,
2000 as a private limited
company under the name
style SAI ENTERPRISE
CO., LTD., by
Thai and Indian groups,
with the business
objective to import
and distribute various
kinds of stationery
and stainless steel
kitchenwares to domestic
market. It currently employs 9
staff.
The
subject’s registered address
is 209/2 Soi
Rompho, Sanpawut Rd.,
Bangna, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Chandan Gopilal Chawala
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chandan Gopilal
Chawala is the Managing Director.
He is Indian nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of stationery
and stainless steel
kitchenware, such as
pot, kettle, double
boiler, pan, tray,
bowl, plate, cup,
ladle, spatula, fork & spoon, knife, can opener,
beater, strainer, greater,
whisk & etc.
PURCHASE
80% of the products is
imported from Republic
of China, India
and Taiwan, the
remaining 20% is
purchased from local
supplier.
SALES
100% of the
products is sold
locally by wholesale
to end-users, such
as restaurant and food
parlor.
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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
United Overseas Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject is doing
good business. Its
products have been
marketed well in
local market. Its
business has stable
growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at August 1,
2004]
|
NAME |
HOLDING |
% |
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|
|
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Mr. Chandan Gopilal
Chawala Nationality: Indian Address : 209/2
Sanpawut Rd., Bangna,
Bangkok |
4,900 |
24.50 |
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Mrs.
Bindiya Chandan Chawala Nationality: Indian Address : 209/2
Sanpawut Rd., Bangna,
Bangkok |
4,900 |
24.50 |
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Ms.
Kanuengnij Phulek Nationality: Thai Address :
17/70 Sawanvithi Rd.,
Paknampho, Muang, Nakornsawan |
2,100 |
10.50 |
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Mr. Sermsin Klaklang Nationality: Thai Address : 7
Moo 5, Lungkwao,
Nonghoonnark,
Nakornratchasima |
2,100 |
10.50 |
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Mr. Wanchai Thammasap Nationality: Thai Address : 31/1
Moo 5, Khaokling, Banna, Nakornnayok |
2,000 |
10.00 |
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Ms. Narumol Kalaphat Nationality: Thai Address : 33
Moo 5, Nongnomwua, Ladyao, Nakornsawan |
2,000 |
10.00 |
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Ms. Kritaya Khamngam Nationality: Thai Address : 59
Moo 12, Srisuk,
Kantaravichai, Mahasarakham |
2,000 |
10.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Patadej Thapanasak No. 7359
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
|
97,789.62 |
196,641.00 |
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Trade Accts. Receivable |
20,052,640.27 |
14,376,970.00 |
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Inventories |
4,529,093.00 |
1,096,578.00 |
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Other Current Assets
|
447,103.51 |
235,067.00 |
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Total Current
Assets |
25,126,626.40 |
15,905,256.00 |
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Fixed Assets |
853,927.60 |
1,166,764.00 |
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Other Assets |
75,118.00 |
75,118.00 |
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Total Assets |
26,055,672.00 |
17,147,138.00 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
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|
|
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Trade Accts. Payable |
9,168,716.53 |
- |
|
Other Current Liabilities |
65,147.66 |
83,226.00 |
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Total Current
Liabilities |
9,233,864.19 |
83,226.00 |
|
Long Term Loan
from Directors |
12,750,000.00 |
13,350,000.00 |
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Hire-purchase Payable |
788,444.04 |
839,988.00 |
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Total Liabilities |
22,772,308.23 |
14,273,214.00 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
1,283,363.77 |
873,924.00 |
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Total
Shareholders' Equity |
3,283,363.77 |
2,873,924.00 |
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Total
Liabilities & Shareholders' Equity |
26,055,672.00 |
17,147,138.00 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
51,122,937.63 |
44,119,908.00 |
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Other Income |
- |
18.00 |
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Total Revenues
|
51,122,937.63 |
44,119,926.00 |
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Expenses |
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Cost of Goods
Sold |
48,571,734.48 |
41,390,026.00 |
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Selling & Administrative Expenses |
2,069,480.72 |
2,256,562.00 |
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Total Expenses |
50,641,215.20 |
43,646,588.00 |
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Profit / [Loss] Before Income
Tax |
481,722.43 |
473,338.00 |
|
Income Tax |
[72,282.66] |
[71,001.00] |
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Net Profit / [Loss] |
409,439.77 |
402,337.00 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
15.87 |
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Operating Profit |
[12.17] |
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Net Profit |
1.77 |
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Fixed Assets |
[26.81] |
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Total Assets |
51.95 |
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Profitability |
|
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Cost of Good
Sold |
95.01 |
93.81 |
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Operating Profit Margin |
0.94 |
1.07 |
|
S & A
Expenses |
4.05 |
5.11 |
|
Other Revenues |
0.00 |
0.00 |
|
Net Profit Margin |
0.80 |
0.91 |
|
Earning Per Shares |
20.47 |
20.12 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 15.87%,
Operating Profit was
decreased by 12.17%,
Net Profit was
increased by 1.77%,
Fixed Assets was
decreased by 26.81%,
Total Assets was
increased by 51.95%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.81%
to 95.01%, Operating
Profit Margin was
decreased from 1.07%
to 0.94%, S
& A Expenses
was decreased from
5.11% to 4.05%,
Other Revenues was
decreased from 0.00%
to 0.00%, Net
Profit Margin was
decreased from 0.91%
to 0.80%.
Earning Per Shares
was increased from
20.12 baht per
share to 20.47
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.72 |
191.11 |
|
Quick-Assets Ratio |
2.18 |
175.11 |
Current Ratio was
decreased from 191.11
to 2.72, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
175.11 to 2.18,
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 |
6.94 |
4.97 |
D/E Ratio was
increased from 4.97
to 6.94, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
59.87 |
37.81 |
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Total Assets Turnover |
1.96 |
2.57 |
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Return on Assets |
1.57 |
2.35 |
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Return on Equity |
12.47 |
14.00 |
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Day's Payable |
64.56 |
0.00 |
|
Day’s Inventories |
31.89 |
8.95 |
|
Day’s Receivables |
141.21 |
117.31 |
Fixed Assets Turnover
was increased from
37.81 times to
59.87 times, Total
Assets Turnover was
decreased from 2.57
times to 1.96
times, show the
company could use
Fixed Assets so efficiently, Return
on Assets was
decreased from 2.35
to 1.57, Return
on Equity was
decreased from 14.00
to 12.47, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 0
days to 65
days, Day’s Inventories
was increased from
9 days to 32 days,
and Day’s Receivables was
increased from 118
days to 142
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 |
|
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%)