MIRA INFORM
REPORT
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Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNICHA
IMPORT EXPORT LIMITED
PARTNERSHIP |
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Registered Office : |
185 Moo 2, Panviti Road, T. Bangpreang, A. Bangbor, Samutprakarn 10560 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.05.2009 |
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Com. Reg. No.: |
0113552002412 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Distributor of Agricultural
Packaging Products |
RATING & COMMENTS
|
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 : |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
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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
SUNICHA IMPORT
EXPORT LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 185
MOO 2, PANVITI
ROAD, T. BANGPREANG,
A. BANGBOR,
SAMUTPRAKARN 10560
TELEPHONE : [66] 2708-3465,
081 702-2750
FAX
:
[66] 2708-3465
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0113552002412
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MRS.
SAOWALUX SAWANGJAI, THAI
MANAGING PARTNER
NO.
OF STAFF : 3
LINES
OF BUSINESS : AGRICULTURAL PACKAGING
PRODUCTS
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 May 27,
2009 as a
limited partnership under the
name style SUNICHA IMPORT EXPORT LIMITED PARTNERSHIP by Thai partners, with the business objective to
distribute agricultural packaging products to
domestic market. It
currently employs 3
staff.
The
subject’s registered address
is 185 Moo
2, Panviti Road,
T. Bangpreang, A.
Bangbor, Samutprakarn 10560,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mrs. Saowalux Sawangjai
Mrs. Supa Nopcharoenwong
Any of the
above partners can
sign on behalf
of the subject
with seal affixed.
Both partners bear
full financial responsibility by
law.
MANAGEMENT
Mrs. Saowalux Sawangjai
is the Managing
Partner.
She is Thai
nationality with the
age of 30
years old.
BUSINESS OPERATIONS
The subject’s activity
is a distributor of agricultural
packaging products such
as jute bags,
plastic sacks, jumbo
bags, PP woven
bags and etc.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100%
of the products
is sold locally
to wholesalers and
end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located on the outskirts
of Bangkok.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Subject’s
business performance remains
moderate as its
products have been
widely used in
the industries. Domestic
sales also maintain
at good level. Its
business trend is
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 which
was carried by
3 persons as
followed:
Name Age Amount
Mrs. Supa Nopcharoenwong 43 Bht. 4,000,000
[Unlimited Partner]
Mrs. Saowalux Sawangjai 30 Bht.
970,000 [Unlimited Partner]
Mrs. Bang-orn Sawangjai 59 Bht. 30,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
----
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2010 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
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Cash and Cash Equivalent |
33,211.89 |
265,987.37 |
|
Trade Accounts Receivable |
2,090,571.35 |
- |
|
Inventories |
2,985,696.92 |
4,695,459.21 |
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Sale Department Receivable |
477,617.30 |
613,508.65 |
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|
|
|
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Total Current Assets
|
5,587,097.46 |
5,574,955.23 |
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|
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Fixed Assets |
169,425.93 |
215,713.83 |
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Total Assets |
5,765,523.39 |
5,790,669.06 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
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Short-term Loan from
Related Person |
400,000.00 |
600,000.00 |
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Other Current Liabilities |
10,062.96 |
19,329.98 |
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Total Current Liabilities |
410,062.96 |
619,329.98 |
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Total Liabilities |
410,062.96 |
619,329.98 |
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Shareholders’ Equity |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning-
Unappropriated |
346,460.43 |
171,339.07 |
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Total Shareholders' Equity |
5,346,460.43 |
5,171,339.07 |
|
Total Liabilities & Shareholders' Equity |
5,756,523.39 |
5,790,669.06 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
May 29,
2009 - Dec.
31, 2009 |
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|
|
|
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Sales Income |
1,953,805.00 |
5,564,294.29 |
|
Other Income |
64.92 |
273.44 |
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Total Sales |
1,953,869.92 |
5,564,567.73 |
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Expenses |
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Cost of Goods
Sold |
1,709,762.29 |
5,236,787.67 |
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Administrative Expenses |
64,528.32 |
117,048.32 |
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Loss on Exchange
Rate |
- |
29,507.07 |
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Total Expenses |
1,774,290.61 |
5,383,343.06 |
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Profit before Income
Tax |
179,579.31 |
181,224.67 |
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Income Tax |
[4,457.96] |
[9,885.59] |
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Net Profit / [Loss] |
175,121.35 |
171,339.08 |
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Retained Earning,
Beginning of Year |
171,339.08 |
- |
|
Retained Earning, End of
Year |
346,460.43 |
171,339.08 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
13.62 |
9.00 |
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QUICK RATIO |
TIMES |
5.18 |
0.43 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
11.53 |
25.79 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.34 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
637.39 |
327.27 |
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INVENTORY TURNOVER |
TIMES |
0.57 |
1.12 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
390.55 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
0.93 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
1,027.94 |
327.27 |
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PROFITABILITY
RATIO |
|
|
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COST OF GOODS SOLD |
% |
87.51 |
94.11 |
|
SELLING & ADMINISTRATION |
% |
3.30 |
2.10 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.49 |
5.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.19 |
3.26 |
|
NET PROFIT MARGIN |
% |
8.96 |
3.08 |
|
RETURN ON EQUITY |
% |
3.28 |
3.31 |
|
RETURN ON ASSET |
% |
3.04 |
2.96 |
|
EARNING PER SHARE |
BAHT |
#DIV/0! |
#DIV/0! |
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.07 |
0.11 |
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DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.12 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(64.89) |
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OPERATING PROFIT |
% |
(0.91) |
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NET PROFIT |
% |
2.21 |
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FIXED ASSETS |
% |
(21.46) |
|
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TOTAL ASSETS |
% |
(0.59) |
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PROFITABILITY RATIO
|
Gross Profit Margin |
12.49 |
Impressive |
Industrial Average |
11.37 |
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Net Profit Margin |
8.96 |
Impressive |
Industrial Average |
1.11 |
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Return on Assets |
3.04 |
Impressive |
Industrial Average |
2.98 |
|
Return on Equity |
3.28 |
Deteriorated |
Industrial Average |
7.35 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 12.49%. 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 8.96%,
higher figure when 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
3.04%, 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. When compared with the
industry average, it was lower, the company's figure is 3.28%.
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 |
13.62 |
Impressive |
Industrial Average |
1.70 |
|
Quick Ratio |
5.18 |
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|
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Cash Conversion Cycle |
1,027.94 |
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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 13.62 times in 2010, increase from 9 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 5.18 times in 2010,
increase from 0.43 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 1028 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 |
0.55 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial Average |
1.17 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.88 |
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.
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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.53 |
Impressive |
Industrial Average |
9.17 |
|
Total Assets Turnover |
0.34 |
Deteriorated |
Industrial Average |
2.73 |
|
Inventory Conversion Period |
637.39 |
|
|
|
|
Inventory Turnover |
0.57 |
Deteriorated |
Industrial Average |
6.38 |
|
Receivables Conversion Period |
390.55 |
|
|
|
|
Receivables Turnover |
0.93 |
Deteriorated |
Industrial Average |
5.54 |
|
Payables Conversion Period |
- |
|
|
|
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.48.87 |
|
UK Pound |
1 |
Rs.78.11 |
|
Euro |
1 |
Rs.68.36 |
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.