MIRA INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIRIKUL
ENGINEERING LIMITED PARTNERSHIP |
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Registered Office : |
55/11 Moo 3, Suksawad 70 Road, Soi 13, Bangkru, Phrapradang, Samutprakarn 10130 |
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Country : |
Thailand |
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Financials (as on) : |
31.05.2011 |
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Date of Incorporation : |
01.06.1987 |
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Com. Reg. No.: |
0103530014868 |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
Importer
and Distributor of
Engineering 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 : |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
SIRIKUL ENGINEERING
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 55/11
MOO 3, SUKSAWAD
70 ROAD, SOI
13,
BANGKRU, PHRAPRADANG,
SAMUTPRAKARN 10130
TELEPHONE : [66] 2462-6787,
2462-6789, 2462-6791, 2462-6796
FAX :
[66] 2464-2939
E-MAIL
ADDRESS : sale@sirikul.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0103530014868
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
FISCAL YEAR CLOSING DATE : MAY
31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MRS. ORAWAN KITTIPANANGKUL, THAI
MANAGING PARTNER
NO.
OF STAFF : 10
LINES
OF BUSINESS : ENGINEERING PRODUCTS
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 June 1,
1987 as a
limited partnership under the
name style SIRIKUL ENGINEERING LIMITED PARTNERSHIP by Thai partners, Kittipanangkul family, with the business objective to
import and distribute
engineering products to
domestic market. It
currently employs approximately
10 staff.
The
subject’s registered address
is 55/11 Moo
3, Suksawad 70
Rd., Soi 13,
Bangkru, Phrapradang, Samutprakarn
10130, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mrs. Orawan Kittipanangkul can
sign on behalf
of the subject
with seal affixed.
She also bears
full financial responsibility by
law.
MANAGEMENT
Mrs. Orawan Kittipanangkul is
the Managing Partner.
She is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
engineering products such
as carbon steel
shot, carbon steel
grit, carbon steel
cut wire, rounded
cut wire, carbon
steel ball, stainless
steel ball, stainless steel
shot, stainless steel
grit, stainless cut
wire, aluminum cut
wire, zinc shot,
aluminum oxide, copper
shot, silicon carbide,
glass bead and
etc.
MAJOR BRANDS
“FROHN”, “TOYO SEIKO”,
“SINTO”, “TOSA” and
“VULKAN”
PURCHASE / IMPORT
The
products are purchased
from local suppliers,
as well as
imported from Japan,
Taiwan and Republic
of China.
MAJOR
SUPPLIERS
Toyo
Seiko Co., Ltd. : Japan
Sintokogio
Ltd. : Japan
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.
Imports are by
L/C at sight or
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
on the outskirts of
Bangkok.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERM
SHOULD BE IN
ORDER.
COMMENT
The
subject is SME
operator engaged in
importing and distributing
wide range of
engineering products for
industrial uses. Though
the subject has
obtained an increase
in sales sale
as of May
31, 2011, but it
obtained net loss
at the end of
financial year. The
subject declares to
have an impact
from current severe
flood in Thailand
at the moment
which results in
a decrease in
number of orders.
However, the subject
is still operating
normally.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 which
was carried by
4 persons as
followed:
Name Age Amount
Mrs. Orawan Kittipanangkul 54 Bht. 800,000 [Unlimited Partner]
Mr. Achawuth Kittipanangkul 57 Bht. 800,000
Ms. Kantita Kittipanangkul 27 Bht.
200,000
Ms. Kanvajee Kittipanangkul 23 Bht. 200,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Thipawan Amphonpan
No. 7529
BALANCE SHEET [BAHT]
The
latest financial figures
published for May 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
4,801,815.78 |
2,400,430.45 |
|
Trade Accounts Receivable |
13,712,281.62 |
13,932,962.20 |
|
Inventories |
10,916,786.29 |
9,461,145.23 |
|
Other Current Assets |
716,123.60 |
392,873.46 |
|
|
|
|
|
Total Current Assets
|
30,147,007.29 |
26,187,411.34 |
|
|
|
|
|
Fixed Assets |
2,304,035.41 |
2,854,877.53 |
|
Other Assets |
71,400.00 |
70,600.00 |
|
Total Assets |
32,522,442.70 |
29,112,888.87 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from
Financial Institution |
25,893.61 |
- |
|
Trade Accounts Payable |
21,780,866.68 |
17,201,556.65 |
|
Current Portion of Long-term Loans |
- |
307,650.00 |
|
Other Current Liabilities |
265,421.69 |
509,169.36 |
|
|
|
|
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Total Current Liabilities |
22,072,181.98 |
18,018,376.01 |
|
Total Liabilities |
22,072,181.98 |
18,018,376.01 |
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|
|
|
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Shareholders’ Equity |
|
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning-
Unappropriated |
8,450,260.72 |
9,094,512.86 |
|
Total Shareholders' Equity |
10,450,260.72 |
11,094,512.86 |
|
Total Liabilities & Shareholders' Equity |
32,522,442.70 |
29,112,888.87 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
74,039,176.87 |
67,557,975.60 |
|
Other Income |
31,750.39 |
884,109.85 |
|
Total Sales |
74,070,927.26 |
68,442,085.45 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
64,622,078.19 |
58,401,781.31 |
|
Selling Expenses |
6,055,020.40 |
5,668,745.96 |
|
Administrative Expenses |
3,383,095.10 |
2,744,795.87 |
|
Doubtful Account |
654,880.00 |
- |
|
Total Expenses |
74,715,073.69 |
66,815,323.14 |
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|
|
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Profit before Financial Cost & Income
Tax |
[644,146.43] |
1,626,762.31 |
|
Financial Cost |
[105.71] |
[39.93] |
|
Profit / [Loss] before Income
Tax |
[644,252.14] |
1,626,722.38 |
|
Income Tax |
- |
[312,997.81] |
|
|
|
|
|
Net Profit / [Loss] |
[644,252.14] |
1,313,724.57 |
|
Retained Earning,
Beginning of Year |
9,094,512.86 |
8,280,788.29 |
|
Dividend |
- |
[500,000.00] |
|
Retained Earning, End of
Year |
8,450,260.72 |
9,094,512.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
1.45 |
|
QUICK RATIO |
TIMES |
0.84 |
0.91 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
32.13 |
23.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.28 |
2.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.66 |
59.13 |
|
INVENTORY TURNOVER |
TIMES |
5.92 |
6.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.60 |
75.28 |
|
RECEIVABLES TURNOVER |
TIMES |
5.40 |
4.85 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
123.02 |
107.51 |
|
CASH CONVERSION CYCLE |
DAYS |
6.24 |
26.90 |
|
|
|
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PROFITABILITY
RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
87.28 |
86.45 |
|
SELLING & ADMINISTRATION |
% |
12.75 |
12.45 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
12.76 |
14.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.87) |
2.41 |
|
NET PROFIT MARGIN |
% |
(0.87) |
1.94 |
|
RETURN ON EQUITY |
% |
(6.16) |
11.84 |
|
RETURN ON ASSET |
% |
(1.98) |
4.51 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.11 |
1.62 |
|
TIME INTEREST EARNED |
TIMES |
(6,093.52) |
40,740.35 |
|
|
|
|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.59 |
|
|
OPERATING PROFIT |
% |
(139.60) |
|
|
NET PROFIT |
% |
(149.04) |
|
|
FIXED ASSETS |
% |
(19.29) |
|
|
TOTAL ASSETS |
% |
11.71 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
12.76 |
Acceptable |
Industrial Average |
17.18 |
|
Net Profit Margin |
(0.87) |
Deteriorated |
Industrial Average |
1.43 |
|
Return on Assets |
(1.98) |
Deteriorated |
Industrial Average |
2.37 |
|
Return on Equity |
(6.16) |
Deteriorated |
Industrial Average |
3.97 |
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 12.76%. 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 -0.87%.
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 -1.98%.
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 -6.16%.
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 |
1.37 |
Acceptable |
Industrial Average |
2.08 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
6.24 |
|
|
|
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 1.37 times in 2011, decrease from 1.45 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 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 2011,
decrease from 0.91 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 from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.49 |
|
Debt to Equity Ratio |
2.11 |
Risky |
Industrial Average |
0.96 |
|
Times Interest Earned |
(6,093.52) |
Risky |
Industrial Average |
1.72 |
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 -6093.53 lower than 1, so the company is not generating
cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.68 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 |
32.13 |
Impressive |
Industrial Average |
9.45 |
|
Total Assets Turnover |
2.28 |
Impressive |
Industrial Average |
1.66 |
|
Inventory Conversion Period |
61.66 |
|
|
|
|
Inventory Turnover |
5.92 |
Impressive |
Industrial Average |
2.72 |
|
Receivables Conversion Period |
67.60 |
|
|
|
|
Receivables Turnover |
5.40 |
Impressive |
Industrial Average |
4.59 |
|
Payables Conversion Period |
123.02 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
UK Pound |
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.52 |
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.