MIRA INFORM
REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANANT
CHEMICAL [2008] COMPANY
LIMITED |
|
|
|
|
Registered Office : |
7th Floor, Praew House Building, Soi Pramote, Mahaesak Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.12.2008 |
|
|
|
|
Com. Reg. No.: |
0105551135887 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor
of raw materials and
chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ANANT
CHEMICAL [2008] COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 7th FLOOR,
PRAEW HOUSE BUILDING,
38
SOI
PRAMOTE, MAHAESAK ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2635-7705
FAX :
[66] 2635-7706
E-MAIL
ADDRESS : anantchem@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551135887
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THIRACHAI CHANTHAVEESAP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : RAW
MATERIALS AND CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on December 23, 2008
as a private
limited company under the registered
name ANANT CHEMICAL [2008] COMPANY
LIMITED. by Thai and Indian groups. Its
business objective is
to import and
distribute raw materials
and chemicals for
pharmaceutical industry. It
currently employs 5
staff.
The
subject’s registered address
is 7th Floor, 38
Praew House Building,
Soi Pramote, Mahaesak
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thirachai Chanthaveesap |
|
Thai |
48 |
|
Mr. Anil Kumar Jothari |
|
Indian |
50 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thirachai Chanthaveesap is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and distributing of various
raw materials and
chemicals for pharmaceutical industry.
PURCHASE
90%
of the products
is imported from
India and Republic of
China, the remaining 10% is
purchased from local
supplier.
SALES
100% of the
products is sold
locally to wholesalers,
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Warehouse
: 111/3 Peeraphan
5 Bldg., Room 3,
Charansanitwong 92 Rd.,
Bang-or, Bangplad, Bangkok
10700.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
50,000.
COMMENT
The
subject provides raw materials
and chemicals to pharmaceutical industry.
Its business is
relatively low with
slow expansion of
its sales, as well
as operating performance
is fluctuate.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 20,000 shares of Bht. 100 each
with fully paid.
On
February 23, 2011,
the capital was
increased to Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thirachai Chanthaveesap Nationality: Thai Address : 60/197 Sukhumvit
21 Rd., Klongtoeynua,
Wattana, Bangkok |
27,500 |
55.00 |
|
Mr. Anil Kumar Kothari Nationality: Indian Address : 11/29-30
Kalapapruk Rd., Bangkhunthien,
Jomthong, Bangkok |
17,500 |
35.00 |
|
Mr. Ankit Patwa Nationality: Indian Address : 431/6
Krungthonburi Rd., Klongtonsai,
Klongsan, Bangkok |
5,000 |
10.00 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Vanida Panichpakdee No.
8610
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
717,243.71 |
290,123.05 |
|
Trade Accounts Receivable |
2,317,737.70 |
9,041,495.40 |
|
Inventories |
3,316,369.39 |
866,102.40 |
|
Other Current Assets |
1,297,368.43 |
210,265.95 |
|
|
|
|
|
Total Current Assets
|
7,648,719.23 |
10,407,986.80 |
|
|
|
|
|
Fixed Assets |
66,552.98 |
37,393.68 |
|
Other Assets |
44,900.00 |
4,900.00 |
|
Total Assets |
7,760,172.21 |
10,450,280.48 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
202,227.80 |
224,963.70 |
|
Short-term Loan from Person
Related |
8,900,000.00 |
9,800,000.00 |
|
Other Current Liabilities |
32,835.19 |
26,672.10 |
|
|
|
|
|
Total Current Liabilities |
9,135,062.99 |
10,051,635.80 |
|
Total Liabilities |
9,135,062.99 |
10,051,635.80 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning- Unappropriated |
[3,374,890.78] |
[1,601,355.32] |
|
Total Shareholders' Equity |
[1,374,890.78] |
398,644.68 |
|
Total Liabilities & Shareholders' Equity |
7,760,172.21 |
10,450,280.48 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
8,007,398.00 |
12,280,888.61 |
|
Gain on Exchange
Rate |
21,931.45 |
- |
|
Other Income |
12.05 |
266.78 |
|
Total Sale s |
8,029,341.50 |
12,281,155.39 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,425,587.16 |
12,846,022.22 |
|
Selling Expenses |
1,803,611.97 |
587,193.10 |
|
Administrative Expenses |
573,677.83 |
393,797.34 |
|
Loss on Exchange Rate |
- |
32,976.41 |
|
Total Expenses |
9,802,876.96 |
13,859,989.07 |
|
|
|
|
|
Net Profit / [Loss] |
[1,773,535.46] |
[1,578,833.68] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.84 |
1.04 |
|
QUICK RATIO |
TIMES |
0.33 |
0.93 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
120.32 |
328.42 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
163.01 |
24.61 |
|
INVENTORY TURNOVER |
TIMES |
2.24 |
14.83 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
105.65 |
268.72 |
|
RECEIVABLES TURNOVER |
TIMES |
3.45 |
1.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.94 |
6.39 |
|
CASH CONVERSION CYCLE |
DAYS |
258.72 |
286.94 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.73 |
104.60 |
|
SELLING & ADMINISTRATION |
% |
29.69 |
7.99 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
7.54 |
(4.60) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(22.15) |
(12.86) |
|
NET PROFIT MARGIN |
% |
(22.15) |
(12.86) |
|
RETURN ON EQUITY |
% |
128.99 |
(396.05) |
|
RETURN ON ASSET |
% |
(22.85) |
(15.11) |
|
EARNING PER SHARE |
BAHT |
(88.68) |
(78.94) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.18 |
0.96 |
|
DEBT TO EQUITY RATIO |
TIMES |
(6.64) |
25.21 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(34.80) |
|
|
OPERATING PROFIT |
% |
12.33 |
|
|
NET PROFIT |
% |
(12.33) |
|
|
FIXED ASSETS |
% |
77.98 |
|
|
TOTAL ASSETS |
% |
(25.74) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
7.54 |
Deteriorated |
Industrial Average |
23.74 |
|
Net Profit Margin |
(22.15) |
Deteriorated |
Industrial Average |
3.73 |
|
Return on Assets |
(22.85) |
Deteriorated |
Industrial Average |
7.97 |
|
Return on Equity |
128.99 |
Impressive |
Industrial Average |
20.34 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s 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 7.54%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
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 -22.15%.
When compared with the industry average, the ratio of the company was lower.
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, it was lower, the company's figure is -22.85%.
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 128.99%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.84 |
Risky |
Industrial Average |
1.74 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
258.72 |
|
|
|
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 0.84 times in 2010, decrease from 1.04 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 0.33 times in 2010,
decrease from 0.93 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 259 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.18 |
Risky |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
(6.64) |
Risky |
Industrial Average |
1.16 |
|
Times Interest Earned |
- |
|
Industrial Average |
6.80 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 1.18 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
120.32 |
Impressive |
Industrial Average |
9.69 |
|
Total Assets Turnover |
1.03 |
Deteriorated |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
163.01 |
|
|
|
|
Inventory Turnover |
2.24 |
Acceptable |
Industrial Average |
4.32 |
|
Receivables Conversion Period |
105.65 |
|
|
|
|
Receivables Turnover |
3.45 |
Impressive |
Industrial Average |
2.89 |
|
Payables Conversion Period |
9.94 |
|
|
|
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.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
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.