MIRA
INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAHASIN EQUIPMENT LIMITED PARTNERSHIP |
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Registered Office : |
330/9 Trimit
Road, Taladnoi, Samphantawong, Bangkok
10100. |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.02.1985 |
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Com. Reg. No.: |
0103528003170 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Tractor’s Spare
Parts |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SAHASIN EQUIPMENT LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 330/9
TRIMIT ROAD, TALADNOI,
SAMPHANTAWONG, BANGKOK
10100.
TELEPHONE : [66] 2236-0985,
2236-1021
FAX :
[66] 2238-3452
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0103528003170 [Former
: 318/2528]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. SANGUAN LAOCHITPRASONG, THAI
MANAGING PARTNER
NO.
OF STAFF : 5
LINES
OF BUSINESS : TRACTOR’S SPARE
PARTS
IMPORTER AND
DISTRIBUTOR
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 February 4, 1985 as a limited
partnership under the
name style SAHASIN
EQUIPMENT LIMITED PARTNERSHIP
by Thai partners,
with the business
objective to distribute
and supply tractor’s
spare parts. It
currently employs 5
staff.
The subject’s registered
address is 330/9 Trimit Rd., Taladnoi, Samphantawong,
Bangkok 10100, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Sanguan
Laochitprasong
can sign on
behalf of the
subject with seal
affixed. He also
bears full financial
responsibility by law.
MANAGEMENT
Mr. Sanguan
Laochitprasong is
the Managing Partner.
He is Thai
nationality with the
age of 69
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
tractor spare parts.
PURCHASE
90%
of the products
is purchased from
local suppliers, the
remaining 10% is
imported from Republic
of China, Taiwan
and India.
SALES
90%
of the products
is sold locally
by retail to
end-users, the remaining
10% is to
sub-dealers.
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T on negotiated
terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and shop in
a 3 storey
building of 1 row shop
house at the
heading address. Premise
is located in
commercial area.
REMARK
CREDIT
OF EUR 10,000
SHOULD BE IN
ORDER.
COMMENT
Subject
is an importer and
distributor of spare parts
for tractor. Its
sales were slow
in the past
years, as well
as its business
outlook remains slow.
FINANCIAL INFORMATION
The
capital was registered
at Bht.
6,000,000 which was
carried by 2
persons as followed:
Name Age Amount
Mr. Sanguan
Laochitprasong 69 Bht. 3,600,000
[Unlimited Partner]
Mrs. Amporn
Laochitprasong 62 Bht. 2,400,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Yongyuth
Tangsrisanguan No. 2400
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
1,663,343.10 |
1,899,950.46 |
|
Trade Accts. Receivable |
860,390.21 |
289,344.05 |
|
Inventories |
7,173,784.00 |
7,509,493.00 |
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Other Current Assets
|
39,608.44 |
18,443.26 |
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Total Current Assets
|
9,737,125.75 |
9,717,230.77 |
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|
|
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Fixed Assets |
113,293.28 |
139,026.63 |
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Other Assets |
6,000.00 |
6,000.00 |
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Total Assets |
9,856,419.03 |
9,862,257.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
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Trade Accts. & Notes Payable |
658,154.58 |
519,145.59 |
|
Accrued Income Tax |
12,192.98 |
12,808.31 |
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Other Current Liabilities |
22,000.00 |
37,336.05 |
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Total Current Liabilities |
692,347.56 |
569,289.95 |
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Total Liabilities |
692,347.56 |
569,289.95 |
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Shareholders' Equity |
|
|
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Capital Paid |
6,000,000.00 |
6,200,000.00 |
|
Retained Earning - Unappropriated
|
3,164,071.47 |
3,092,967.45 |
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Total Shareholders' Equity |
9,164,071.47 |
9,292,967.45 |
|
Total Liabilities &
Shareholders' Equity |
9,856,419.03 |
9,862,257.40 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Jan. 1,
2010 - Dec. 31,
2010 |
Jan. 1,
2009 - Dec. 31,
2009 |
|
|
|
|
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Sales Income |
5,536,756.76 |
6,658,895.75 |
|
Gain on Exchange Rate |
50,886.31 |
6,684.66 |
|
Other Income |
- |
12,811.11 |
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Total Revenues |
5,587,643.07 |
6,678,391.52 |
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Expenses |
|
|
|
|
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Cost of Goods
Sold |
4,453,598.42 |
5,459,771.60 |
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Selling Expenses |
352,715.00 |
472,908.00 |
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Administrative Expenses |
659,446.42 |
606,660.61 |
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Total Expenses |
5,465,759.84 |
6,539,340.21 |
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Profit / [Loss] Before Financial Cost & Income Tax |
121,883.23 |
139,051.31 |
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Financial Cost |
[19,986.23] |
[20,301.83] |
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Profit / [Loss] Before Income Tax |
101,897.00 |
118,749.48 |
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Income Tax |
[30,792.98] |
[35,692.64] |
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Net Profit / [Loss] |
71,104.02 |
83,056.84 |
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Retained Earning, Beginning of
Year |
3,092,967.45 |
3,009,910.61 |
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Retained Earning, End of Year |
3,164,071.47 |
3,092,967.45 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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|
|
|
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
14.06 |
17.07 |
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QUICK RATIO |
TIMES |
3.65 |
3.85 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
48.87 |
47.90 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.56 |
0.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
587.94 |
502.03 |
|
INVENTORY TURNOVER |
TIMES |
0.62 |
0.73 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.72 |
15.86 |
|
RECEIVABLES TURNOVER |
TIMES |
6.44 |
23.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.94 |
34.71 |
|
CASH CONVERSION CYCLE |
DAYS |
590.72 |
483.18 |
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|
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PROFITABILITY
RATIO |
|
|
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COST OF GOODS SOLD |
% |
80.44 |
81.99 |
|
SELLING & ADMINISTRATION |
% |
18.28 |
16.21 |
|
INTEREST |
% |
0.36 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
20.48 |
18.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
2.09 |
|
NET PROFIT MARGIN |
% |
1.28 |
1.25 |
|
RETURN ON EQUITY |
% |
0.78 |
0.89 |
|
RETURN ON ASSET |
% |
0.72 |
0.84 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.07 |
0.06 |
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DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.06 |
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TIME INTEREST EARNED |
TIMES |
6.10 |
6.85 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(16.85) |
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OPERATING PROFIT |
% |
(12.35) |
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NET PROFIT |
% |
(14.39) |
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FIXED ASSETS |
% |
(18.51) |
|
|
TOTAL ASSETS |
% |
(0.06) |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
20.48 |
Impressive |
Industrial Average |
5.63 |
|
Net Profit Margin |
1.28 |
Impressive |
Industrial
Average |
0.28 |
|
Return on Assets |
0.72 |
Impressive |
Industrial
Average |
0.56 |
|
Return on Equity |
0.78 |
Impressive |
Industrial
Average |
(0.10) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 20.48%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 1.28% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
0.72%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 0.78%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
14.06 |
Impressive |
Industrial
Average |
1.16 |
|
Quick Ratio |
3.65 |
|
|
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Cash Conversion Cycle |
590.72 |
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The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 14.06 times in 2010, decrease from 17.07 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 3.65 times in 2010,
decrease from 3.85 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash is
tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 591 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial
Average |
0.70 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial
Average |
2.02 |
|
Times Interest Earned |
6.10 |
Impressive |
Industrial
Average |
0.88 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 6.1 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.07 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
48.87 |
Impressive |
Industrial
Average |
5.33 |
|
Total Assets Turnover |
0.56 |
Deteriorated |
Industrial
Average |
2.47 |
|
Inventory Conversion Period |
587.94 |
|
|
|
|
Inventory Turnover |
0.62 |
Deteriorated |
Industrial
Average |
8.14 |
|
Receivables Conversion Period |
56.72 |
|
|
|
|
Receivables Turnover |
6.44 |
Acceptable |
Industrial
Average |
8.61 |
|
Payables Conversion Period |
53.94 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.62.87 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.