MIRA
INFORM REPORT
|
Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHASITHI IMPORT &
EXPORT [THAILAND] COMPANY
LIMITED |
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Registered Office : |
16 Sukhumvit 56
Road, Bangchak,
Prakanong, Bangkok, 10250, |
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Country : |
Thailand |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
01.10.1987 |
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Com. Reg. No.: |
0105530022404 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor &
Exporter of Food Chemicals |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME & ADDRESS
SAHASITHI IMPORT &
EXPORT [THAILAND] COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 16 SUKHUMVIT
56 ROAD, BANGCHAK, PRAKANONG, BANGKOK
10250,
THAILAND
TELEPHONE :
[66] 2331-5461-4, 2331-5453
FAX : [66] 2331-4758
E-MAIL ADDRESS :
sahasith@bkk4.loxinfo.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. :
0105530022404
CAPITAL REGISTERED :
BHT. 36,000,000
CAPITAL PAID-UP :
BHT. 36,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
PRIVATE LIMITED COMPANY
EXECUTIVE :
MR. PORNSITH JENDITTHAKARN, THAI
MANAGING
DIRECTOR
NO. OF STAFF :
24
LINES OF BUSINESS :
FOOD CHEMICALS
IMPORTER,
DISTRIBUTOR & EXPORTER
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 October
1, 1987 as a
private limited company
under the name style SAHASITHI IMPORT & EXPORT [THAILAND] COMPANY
LIMITED by Jenditthakarn family, in
order to distribute various kinds of
food chemicals to
domestic market. It
currently employs 24
staff.
The subject’s registered
address is 16
Sukhumvit 56 Rd.,
Bangchak, Prakanong, Bangkok
10260, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornsith Jenditthakarn |
|
Thai |
56 |
|
Mr. Saksith Jenditthakarn |
|
Thai |
60 |
|
Mr. Pisith Jenditthakarn |
|
Thai |
54 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pornsith Jenditthakarn is the Managing
Director.
He is Thai nationality with
the age of
56 years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and distributor
of food chemicals and ingredients
such as acidity regulator, antifoaming
agents, anticaking agents,
antioxidants, bulking agents,
food coloring, color
retention agents, emulsifiers, flavors, flavor enhancers,
flour treatment agents,
humectants, preservatives, propellants, stabilizers,
sweeteners, thickeners and
etc., as well
as glazing and
polishing agents for
confectionery,
anti-sticking agent, and
food colorings.
IMPORT [COUNTRIES]
100% of the
products is imported
from Germany, United Kingdom, Japan, United
States of America,
Belgium, France, Korea,
India, Taiwan, Bangladesh,
Denmark and Austria.
MAJOR SUPPLIERS
|
Kaul GmbH |
: Germany |
|
Euro Phos |
: Belgium |
|
Belevo |
: Belgium |
|
P B Gelatine |
: France |
|
Central Soya Company,
Inc. |
: U.S.A. |
SALES [LOCAL]
95% of its products is
sold locally to
manufacturers and wholesalers.
EXPORT [COUNTRIES]
5% of its products is
re-exported to Republic
of China, Japan,
Malaysia, Vietnam and
Laos.
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 on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
L/C on the credits term
of 60-90 days
& T/T.
Exports are against
T/T.
BANKING
United Overseas Bank
[Thai] Public Co.,
Ltd.
[Samyaek Branch :
New Rd., Samphantawong, Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
24 staff. [office and
sales staff]
LOCATION DETAILS
The premise is
owned for operating
office and warehouse
in a 4 storey building
of 1 row shop house at
the heading address
in residential/commercial area.
COMMENT
The subject is
a leading food
ingredient distributor in
Thailand. With more
than 30 years
in the industry, the subject
has kept expanding
its customer base
throughout Thailand and
southeast Asia region.
The subject is
doing good business
and expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4 million, divided
into 40,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 8,000,000 on October 3,
1989
Bht. 14,000,000
on October 4,
1991
Bht. 24,000,000
on October 4,
1993
Bht. 36,000,000
on March 20,
1996
The latest registered
capital was increased
at Bht. 36,000,000 divided into 360,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as of
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pisith Jenditthakarn Nationality: Thai Address : 44/48
Prachachuen Rd., Bangsue,
Dusit, Bangkok |
100,000 |
27.78 |
|
Mr. Pornsith Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
75,014 |
20.84 |
|
Mrs. Supa Jenditthakarn Nationality: Thai Address : 374/8
Petchburi Rd., Thanon
Petchburi,
Rajthevee, Bangkok |
64,800 |
18.00 |
|
Ms. Sirinee Mulhinda Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
30,186 |
8.38 |
|
Ms. Pornphan Jenditthakarn Nationality: Thai Address : 44/48
Prachachuen Rd., Bangsue,
Dusit, Bangkok |
18,000 |
5.00 |
|
Mr. Ekasith Jenditthakarn Nationality: Thai Address : 680/4
Petchburi Rd., Thanon
Petchburi,
Rajthevee, Bangkok |
18,000 |
5.00 |
|
Mrs. Wannipa Jenditthakarn Nationality: Thai Address : 680/4
Petchburi Rd., Thanon
Petchburi,
Rajthevee, Bangkok |
18,000 |
5.00 |
|
Ms. Pornthip Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
18,000 |
5.00 |
|
Mr. Supasit Jendithakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak, Prakanong, Bangkok |
18,000 |
5.00 |
Total Shareholders : 9
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Sermsuk Supachewa
No. 2721
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
11,141,265.51 |
12,302,634.31 |
|
Trade Accts. Receivable |
15,147,951.84 |
18,911,110.14 |
|
Inventories |
31,180,985.50 |
39,391,787.33 |
|
Other Current Assets |
686,628.39 |
1,970,644.26 |
|
Total Current Assets
|
58,156,831.24 |
72,576,176.04 |
|
|
|
|
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Fixed Assets |
38,863,705.97 |
42,403,064.96 |
|
Other Assets |
1,140,175.05 |
117,059.00 |
|
Total Assets |
98,160,712.26 |
115,096,300.00 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
17,652,342.57 |
21,392,651.27 |
|
Other Current Liabilities |
4,838,497.49 |
6,600,992.12 |
|
Total Current Liabilities |
22,490,840.06 |
27,993,643.39 |
|
Long Term Loan
from Person or
Related Company |
136,499.90 |
7,100,000.00 |
|
Total Liabilities |
22,627,339.96 |
35,093,643.39 |
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value authorized, issued
and fully paid share
capital 360,000 shares |
36,000,000.00 |
36,000,000.00 |
|
Capital Paid |
36,000,000.00 |
36,000,000.00 |
|
Statutory Reserve |
3,600,000.00 |
234,875.10 |
|
Retained Earning -
Unappropriated |
35,933,372.30 |
43,767,781.51 |
|
Total Shareholders' Equity |
75,533,372.30 |
80,002,656.61 |
|
Total Liabilities & Shareholders' Equity |
98,160,712.26 |
115,096,300.00 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
117,401,484.95 |
140,119,155.27 |
|
Other Income |
2,314,479.26 |
590,120.68 |
|
Total Revenues |
119,715,964.21 |
140,709,275.95 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
86,195,385.40 |
103,121,633.28 |
|
Selling & Administrative Expenses |
29,613,635.70 |
29,588,384.62 |
|
Total Expenses |
115,809,021.10 |
132,710,017.90 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
3,906,943.11 |
7,999,258.05 |
|
Interest Expenses |
[18.83] |
- |
|
Income Tax |
[1,176,208.59] |
[2,403,065.48] |
|
Net Profit / [Loss] |
2,730,715.69 |
5,596,192.57 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[16.21] |
|
|
Operating Profit |
[41.71] |
|
|
Net Profit |
[51.20] |
|
|
Fixed Assets |
[8.35] |
|
|
Total Assets |
[14.71] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
73.42 |
73.60 |
|
Operating Profit Margin |
3.33 |
5.71 |
|
S & A
Expenses |
25.22 |
21.12 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
1.97 |
0.42 |
|
Net Profit Margin |
2.33 |
3.99 |
|
Earning Per Shares |
7.59 |
15.54 |
|
No. of Shares |
360,000 |
360,000 |
Net Sales was
decreased by 16.21%,
Operating Profit was
decreased by 41.71%,
Net Profit was
decreased by 51.20%,
Fixed Assets was
decreased by 8.35%,
Total Assets was
decreased by 14.71%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 73.60%
to 73.42%, Operating
Profit Margin was
decreased from 5.71%
to 3.33%, S
& A Expenses
was increased from
21.12% to 25.22%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was increased from
0.42% to 1.97%,
Net Profit Margin
was decreased from
3.99% to 2.33%.
Earning Per Shares
was decreased from
15.54 baht per
share to 7.59
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.59 |
2.59 |
|
Quick-Assets Ratio |
1.17 |
1.12 |
Current Ratio was
decreased from 2.59
to 2.59, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.12 to 1.17,
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 |
0.30 |
0.44 |
|
Times Interest Earned |
207,485.03 |
0.00 |
D/E Ratio was
decreased from 0.44
to 0.30, show the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
0.00 to 207,485.00,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.02 |
3.30 |
|
Total Assets Turnover |
1.20 |
1.22 |
|
Return on Assets |
2.78 |
4.86 |
|
Return on Equity |
3.62 |
7.00 |
|
Day's Payable |
54.13 |
54.96 |
|
Day’s Inventories |
95.61 |
101.21 |
|
Day’s Receivables |
46.45 |
48.59 |
Fixed Assets Turnover
was decreased from
3.30 times to
3.02 times, Total
Assets Turnover was
decreased from 1.22
times to 1.20
times, show the company could not
use Assets so
efficiently, Return on
Assets was decreased
from 4.86 to
2.78, Return on
Equity was decreased
from 7.00 to
3.62, capacity to
use Assets to
make profit was
good.
Day's Payable was
stable at 55
days, while Day’s
Inventories was decreased
from 102 days
to 96 days, and Day’s
Receivables was decreased
from 49 days
to 47 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%)