MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
NUTRITION LIMITED PARTNERSHIP |
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Registered Office : |
47/2
Moo 6, Budhamonthon Sai
4 Road, T. Krathumlom, A. Sampran, Nakornpathom 73220 |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
11.08.1981 |
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Com. Reg. No.: |
0103524014614 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Industrial Chemicals |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
NUTRITION LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 47/2
MOO 6, BUDHAMONTHON
SAI 4 ROAD,
T.
KRATHUMLOM, A. SAMPRAN,
NAKORNPATHOM 73220
TELEPHONE : [662] 2840-4315-6,
2840-4311
FAX : [662] 2840-4300
E-MAIL ADDRESS : mail@nutrition.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1981
REGISTRATION NO.
: 0103524014614 [Former
: 1460/2524]
CAPITAL REGISTERED
: BHT. 12,000,000
CAPITAL PAID-UP
: BHT.
12,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR.
SURADEJ EKPANYASAKUL, THAI
MANAGING PARTNER
NO. OF
STAFF : 18
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was formed
on August 11, 1981
as a limited partnership,
under the registered
name NUTRITION LIMITED
PARTNERSHIP, by Mr. Suradej Ekpanyasakul
who bears the full
financial responsibility by law.
Its business objective
is to import
and distribute wide
range of chemical for
foods and feed
industries in Nakornpathom province.
It currently employs
18 staff.
In 2002, subject
was achieved the
ISO9001:2000 certificate for
the business development
by UKAS from
U.K.
The subject’s registered
address was initially
located at 96-100
Yotha Rd., Taladnoi,
Samphantawong, Bangkok 10100.
On April 3,
2007, subject’s registered
address was relocated
to 47/2 Moo 6,
Budhamonthon Sai 4 Rd., Krathumlom,
Sampran, Nakornpathom 73220, and this
is the subject’s
current operation address.
MANAGEMENT
Mr. Suradej Ekpanyasakul is
the Managing Partner.
He is Thai
nationality with the
age of 58
years old.
He has been
in Food Additives
and Pharmaceutical Necessities
business since 1970.
Ms. Vilailak Chongboonprasert is
the Account & Finance Manager.
She is Thai
nationality.
Mr. Viroj Lertaswaviwat is
the Sales Manager.
He is Thai
nationality.
Mr. Amnart A-ninhong
is the Marketing
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is an importer
and distributor wide
range of industrial
chemicals specialized in
human foods, animal
feed additives, ingredient
and pharmaceutical industries.
The products are
applied for the
following:
·
Food
Applications;
bakery, beverage, canned
food, confectionery, dairy
products, dietary foods,
fat & oil, fish sauce & savories, flavor
house, frozen desserts,
frozen food, ice
cream, meat products,
noodle & pasta,
preserved foods, salad
dressing, seasoning snack
and etc.
·
Feed
Application; animal feed & premixes for
pet food, piglet,
grower and finisher,
broiler and laying
hen, aqua lives
[fish & shrimp], dairy cattle
and etc.
·
Pharmaceuticals;
modern medicines and
traditional drugs
MASTER NAMES
“HAEO” -
“ITPSA”, “RIBER &
SON” -
IMPORT
100% of its
product is imported
from United Kingdom, Switzerland,
Australia, Germany, Norway,
Taiwan, Republic of
China and Spain.
MAJOR SUPPLIERS
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Name |
Country |
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Haeo, Swiss SA. |
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G.F. Ltd. |
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Laboratories Pancosma |
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Leiner Davis Gelatin
[ |
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ITPSA Ltd. |
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SALES [LOCAL]
100% of its
products is sold
locally to wholesalers,
manufacturers, retailers and
Thai Government.
MAJOR CUSTOMERS
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Name |
Country |
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Charoen Pokphand Group |
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Adams [ |
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Government Pharmaceutical Organization |
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SUBSIDIARIES &
AFFILIATED COMPANIES
Nutrin Co., Ltd.
Business Type: Importer &
distributor of industrial
chemicals
Adinop Co., Ltd.
Business Type: Distributor of
cosmetic products
INSURANCE
Inventories are carried
by New Hampshire
Insurance Co., Ltd.
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
The subject sells
for cash or
on the credits
term of 30-60-90
days.
Imports are by
L/C at sight.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[ Talad Noi Branch,
Kasikornbank Public Co.,
Ltd.
[ Rama 9
Branch, Rama 9
Rd., Huaykwang,
Bank of Ayudhya
Public Co., Ltd.
[ Samyaek Branch,
Bangkok Bank Public
Co., Ltd.
[ Talad Noi
Branch,
EMPLOYMENT
The subject employs
18 staff. [office
& sales staff]
LOCATION DETAILS
The premise is
owned for operating
office and warehouse
at the heading
address. Premised is located
in provincial.
REMARK
CREDIT OF US$
500,000 AT D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The
subject was formed
in 1981 as
an importer and distributor of
industrial chemicals for
foods, animal feed,
pharmaceutical industries and
etc. The products
are mainly served
to industrial sector.
Since its business
has related with
industrial sector, which
seem to be slowing down.
However, subject’s performance
has grown slowly
from decline consumption. Its
business outlook is
sluggish.
FINANCIAL INFORMATION
The capital was
registered at Bht.
12 million, which
was carried by 2 persons
as follows:
Mr. Suradej Ekpanyasakul Bht. 6,010,000
[Unlimited Partner]
Mrs. Chutinan Sanansiang Bht. 5,990,000
On August 18,
1999, the capital
was held by
2 persons as
followed.
Name Age Amount
Mr. Suradej Ekpanyasakul [58] Bht.
11,100,000 [Unlimited Partner]
Mr. Ek Ekpanyasakul [29] Bht.
900,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Dr. Chanyaporn
Taechamontrikul No. 6720
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
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Cash in Hand
& at Bank |
28,114,651.30 |
8,402,053.50 |
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Trade Accts. & Notes
Receivable |
57,677,843.66 |
64,073,738.59 |
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Inventories |
12,717,438.30 |
37,392,181.66 |
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Other Current Assets
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2,553,522.58 |
9,474,087.52 |
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Total Current Assets
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101,063,455.84 |
119,342,061.27 |
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Long-term Investment |
- |
773,960.67 |
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Fixed Assets |
71,238,414.77 |
78,462,402.02 |
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Intangible Assets |
471,259.70 |
539,710.75 |
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Other Assets |
66,632.67 |
67,232.67 |
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Total Assets |
172,839,762.98 |
199,185,367.38 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2007 |
2006 |
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Bank Overdraft &
Short-term Loan from Bank |
844,023.23 |
2,563,579.69 |
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Trade Accts. &
Notes Payable |
14,241,091.70 |
30,450,016.96 |
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Other Current Liabilities |
1,310,690.67 |
13,959,674.55 |
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Total Current Liabilities |
16,395,805.60 |
46,973,271.20 |
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Total Liabilities |
16,395,805.60 |
46,973,271.20 |
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Shareholders' Equity |
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Capital Paid |
12,000,000.00 |
12,000,000.00 |
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Retained Earning -
Unappropriated |
144,443,957.38 |
140,212,096.18 |
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Total Shareholders' Equity |
156,443,957.38 |
152,212,096.18 |
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Total Liabilities & Shareholders' Equity |
172,839,762.98 |
199,185,367.38 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2007 |
2006 |
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Sales |
165,142,646.90 |
278,830,001.44 |
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Other Income |
2,785,075.70 |
4,416,106.21 |
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Total Revenues |
167,927,722.60 |
283,246,107.65 |
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Expenses |
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Cost of Goods
Sold |
138,773,231.91 |
205,300,134.25 |
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Selling & Administrative Expenses |
22,998,235.01 |
44,949,825.02 |
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Total Expenses |
161,771,466.92 |
250,249,959.27 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
6,156,255.68 |
32,996,148.38 |
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Interest Expenses |
[226,988.75] |
[980,976.41] |
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Income Tax |
[1,697,405.73] |
[9,384,913.14] |
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Net Profit / [Loss] |
4,231,861.20 |
22,630,258.83 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
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Annual Growth |
2007 |
2006 |
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Net Sales |
[40.77] |
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Operating Profit |
[68.50] |
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Net Profit |
[81.30] |
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Fixed Assets |
[9.21] |
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Total Assets |
[13.23] |
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Profitability |
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Cost of Good
Sold |
84.03 |
73.63 |
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Operating Profit Margin |
3.73 |
11.83 |
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S & A
Expenses |
13.93 |
16.12 |
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Interest Paid |
0.14 |
0.35 |
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Other Revenues |
1.69 |
1.58 |
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Net Profit Margin |
2.56 |
8.12 |
Net Sales was
decreased by 40.77%,
Operating Profit was
decreased by 68.50%,
Net Profit was
decreased by 81.30%,
Fixed Assets was
decreased by 9.21%,
Total Assets was
decreased by 13.23%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 73.63%
to 84.03%, Operating
Profit Margin was
decreased from 11.83%
to 3.73%, S
& A Expenses
was decreased from
16.12% to 13.93%,
Interest Paid was decreased
from 0.35% to
0.14%, Other Revenues
was increased from
1.58% to 1.69%,
Net Profit Margin
was decreased from
8.12% to 2.56%.
Liquidity
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Liquidity |
2007 |
2006 |
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Current Ratio |
6.16 |
2.54 |
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Quick-Assets Ratio |
5.23 |
1.54 |
Current Ratio was
increased from 2.54
to 6.16, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.54 to 5.23,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
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Leverage |
2007 |
2006 |
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D/E Ratio |
0.10 |
0.31 |
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Times Interest Earned |
27.12 |
33.64 |
D/E Ratio was decreased
from 0.31 to
0.10, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company
is low, Times Interest
Earned was decreased
from 33.64 to
27.12, capacity to
pay interest paid
was good.
Efficiency
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Efficiency |
2007 |
2006 |
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Fixed Assets Turnover |
2.32 |
3.55 |
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Total Assets Turnover |
0.96 |
1.40 |
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Return on Assets |
2.45 |
11.36 |
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Return on Equity |
2.71 |
14.87 |
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Day's Payable |
31.04 |
39.31 |
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Day’s Inventories |
27.72 |
48.28 |
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Day’s Receivables |
125.73 |
82.73 |
Fixed Assets Turnover
was decreased from
3.55 times to
2.32 times, Total
Assets Turnover was
decreased from 1.40 times to
0.96 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 11.36
to 2.45, Return
on Equity was
decreased from 14.87
to 2.71, capacity
to use Assets
to make profit
was good.
Day's Payable was
decreased from 40
days to 32
days, and Day’s
Inventories was decreased
from 49 days
to 28 days,
while Day’s Receivables
was increased from
83 days to
126 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
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. |
Small |
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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%)