MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAI PHARMA CO.,
LTD |
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Registered Office : |
402, 404 Soi Yaek
Sitipoj, |
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Country : |
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Financials (as on) : |
30.11.2008 |
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Date of Incorporation : |
14.12.2006 |
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Com. Reg. No.: |
0105549144483 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Industrial
Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Usually Correct |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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
SAI PHARMA CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 402, 404 SOI
YAEK SITIPOJ,
SUANLUANG,
TELEPHONE :
[66] 2740-3722-6, 081
726-9600
FAX :
[66] 2740-3726
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. :
0105549144483
CAPITAL REGISTERED :
BHT. 1,000,000
CAPITAL PAID-UP :
BHT 1,000,000
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL STATUS :
PRIVATE LIMITED COMPANY
EXECUTIVE :
MRS. VIMALA TIVAREE, THAI
MANAGING
DIRECTOR
NO. OF STAFF :
6
LINES OF BUSINESS :
INDUSTRIAL CHEMICALS
IMPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION :
GOOD WITH BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on December
14, 2006 as
a private limited
company under the name
style SAI PHARMA
CO., LTD., by
Thai-Indian groups, in order
to supply wide
range of industrial chemicals
to domestic market.
It currently employs
6 staff.
The subject’s registered address
is 402, 404 Soi
Yaek Siripoj, Sukhumvit
Rd., Suanluang, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Mrs. Vimala Tivaree
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Vimala Tivaree is
the Managing Director.
She is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
chemicals for pharmaceutical, cosmetics,
foods, consumer products
and etc.
PURCHASE
The products are
purchased from both domestic
and overseas suppliers
mainly from India,
Republic of China,
Taiwan, France and
Germany.
SALES
100% of the
products is sold
locally to dealers,
manufacturers 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
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Klongtoey Branch, 3388/5-6
Sirinrat Bldg., Rama
4 Rd., Klongtoey,
EMPLOYMENT
The subject employs
6 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE ON SECURED
BASIS.
COMMENT
The subject was
formed in 2006 as
an importer and
distributor of industrial
chemicals. Most of the products
are supplied to
industrial users. Its
sales in 2008
were posted moderately. Since the
products have been served
to industrial sector,
industrial expansion has increased
its sales since
2008.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
March 31, 2009]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Siva Kumar Singh Nationality: Thai Address : |
9,997 |
99.97 |
|
Mr. Apichart Singh Nationality: Thai Address : |
1 |
0.01 |
|
Mr. Dines Kumar Zahi Nationality: Thai Address : |
1 |
0.01 |
|
Mr. Rammontri Yitmisir Nationality: Thai Address : |
1 |
0.01 |
Total Shareholders : 4
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:
Mr.Thanin Wuthinankul No.
7350
BALANCE SHEET [BAHT]
The latest financial
figures published for
November 30, 2008 &
2007 were :
ASSETS
|
Current Assets |
2008 |
2007 |
|
|
|
|
|
Cash in Hand
& at Bank |
11,293,743.93 |
4,051,636.95 |
|
Trade Accts. Receivable |
10,154,263.56 |
10,021,876.80 |
|
Inventories |
1,774,040.06 |
1,530,747.72 |
|
Short-term Loan to Related Person |
3,260,000.00 |
- |
|
Other Current Assets
|
500,942.58 |
83,058.02 |
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|
|
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Total Current Assets
|
26,982,990.13 |
15,687,319.49 |
|
Equipment |
1,899,061.73 |
339,516.27 |
|
Other Assets |
3,288,175.00 |
- |
|
Total Assets |
32,170,226.86 |
16,026,835.76 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2008 |
2007 |
|
|
|
|
|
Trade Accts. &
Notes Payable |
25,792,613.28 |
14,338,627.81 |
|
Current Portion of Hire-purchase Payable |
240,800.04 |
- |
|
Other Current Liabilities |
3,232,136.29 |
279,025.44 |
|
|
|
|
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Total Current Liabilities |
29,265,549.61 |
14,617,653.25 |
|
Hire-purchase Payable, Net of
Current Portion |
541,799.93 |
- |
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Total Liabilities |
29,807,349.54 |
14,617,653.25 |
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Shareholders' Equity |
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Share capital : Baht 10,000
par value authorized, issued and
fully paid share
capital 100
shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
1,362,877.32 |
409,182.51 |
|
Total Shareholders' Equity |
2,362,877.32 |
1,409,182.51 |
|
Total Liabilities & Shareholders' Equity |
32,170,226.86 |
16,026,835.76 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Nov.
30, 2008 |
Dec.
14, 2006 - Nov.
30, 2007 |
|
|
|
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Sales & Service
Income |
65,711,218.96 |
21,385,755.45 |
|
Other Income |
145,862.23 |
188,025.66 |
|
Total Revenues |
65,857,081.19 |
21,573,781.11 |
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Expenses |
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Cost of Goods
Sold |
54,965,385.84 |
19,399,670.36 |
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Selling & Administrative Expenses |
9,038,849.54 |
1,620,261.39 |
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Total Expenses |
64,004,235.38 |
21,019,931.75 |
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Profit Before Interest
Expenses & Income Tax |
1,852,845.81 |
553,849.36 |
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Interest Expenses |
[20,597.97] |
- |
|
Income Tax |
[878,556.03] |
[144,666.85] |
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|
|
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Net Profit / [Loss] |
953,694.81 |
409,182.51 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2008 |
2007 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.92 |
1.07 |
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QUICK RATIO |
TIMES |
0.84 |
0.96 |
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ACTIVITY RATIO |
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|
FIXED ASSETS TURNOVER |
TIMES |
17.30 |
31.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.04 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
11.78 |
28.80 |
|
INVENTORY TURNOVER |
TIMES |
30.98 |
12.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.40 |
171.05 |
|
RECEIVABLES TURNOVER |
TIMES |
6.47 |
2.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
171.28 |
269.78 |
|
CASH CONVERSION CYCLE |
DAYS |
(103.09) |
(69.93) |
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PROFITABILITY RATIO |
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COST OF GOODS SOLD |
% |
83.65 |
90.71 |
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SELLING & ADMINISTRATION |
% |
13.76 |
7.58 |
|
INTEREST |
% |
0.03 |
- |
|
GROSS PROFIT MARGIN |
% |
16.58 |
10.17 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.82 |
2.59 |
|
NET PROFIT MARGIN |
% |
1.45 |
1.91 |
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RETURN ON EQUITY |
% |
40.36 |
29.04 |
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RETURN ON ASSET |
% |
2.96 |
2.55 |
|
EARNING PER SHARE |
BAHT |
9,536.95 |
4,091.83 |
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LEVERAGE RATIO |
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DEBT RATIO |
% |
92.66 |
91.21 |
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DEBT TO EQUITY RATIO |
TIMES |
12.39 |
10.37 |
|
TIME INTEREST EARNED |
TIMES |
89.95 |
- |
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ANNUAL GROWTH |
|
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SALES GROWTH |
% |
207.27 |
|
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OPERATING PROFIT |
% |
234.54 |
|
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NET PROFIT |
% |
133.07 |
|
|
FIXED ASSETS |
% |
459.34 |
|
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TOTAL ASSETS |
% |
100.73 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.58 |
Impressive |
Industrial Average |
10.36 |
|
Net Profit Margin |
1.45 |
Impressive |
Industrial Average |
1.37 |
|
Return on Assets |
2.96 |
Satisfactory |
Industrial Average |
3.41 |
|
Return on Equity |
40.36 |
Impressive |
Industrial Average |
10.49 |
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 16.58%. When compared with
the industry average, the ratio of the company was higher, 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 1.45%
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. When compared with the
industry average, its was lower, the company's figure is 2.96%.
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 is 40.36%, 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 Uptrend
Return on Equity Downtrend
LIQUIDITY
RATIO
|
Current Ratio |
0.92 |
Risky |
Industrial Average |
1.39 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
(103.09) |
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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 0.92 times in 2008, decrease from 1.07 times, then the company may
have problems meeting its short-term obligations. When compared with the
industry average, the ratio of the company was lower.
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 0.84 times in 2008,
decrease from 0.96 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 get from payment terms from its creditors. It
meant the company could survive when no cash inflow was received from sale for
-104 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
RATIO
|
Debt Ratio |
92.66 |
Risky |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
12.39 |
Risky |
Industrial Average |
2.00 |
|
Times Interest Earned |
89.95 |
Impressive |
Industrial Average |
1.84 |
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 higher the percentage means that the
company is using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 89.96 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 12.39 greater than 0.5, most of the
company's assets are financed through debt.
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 |
17.30 |
Impressive |
Industrial Average |
11.37 |
|
Total Assets Turnover |
2.04 |
Satisfactory |
Industrial Average |
2.49 |
|
Inventory Conversion Period |
11.78 |
|
|
|
|
Inventory Turnover |
30.98 |
Impressive |
Industrial Average |
7.60 |
|
Receivables Conversion Period |
56.40 |
|
|
|
|
Receivables Turnover |
6.47 |
Impressive |
Industrial Average |
4.36 |
|
Payables Conversion Period |
171.28 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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.