MIRA INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Name : |
LITE
IZKEE LIMITED PARTNERSHIP |
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Registered Office : |
144 Soi Ekachai
46, Ekachai Road, angbon, Bangkok
10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.12.2001 |
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Com. Reg. No.: |
0103544036567 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Exporter of International Trading Company |
RATING & COMMENTS
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
LITE IZKEE
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 144
SOI EKACHAI 46, EKACHAI ROAD,
BANGBON, BANGKOK
10150
TELEPHONE : [66] 2898-1491,
081 839-1935
FAX :
[66] 2898-1433
E-MAIL
ADDRESS : info@liteizkee.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0103544036567
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MRS.
SAKUNTALA SAMPAT, THAI
MANAGING PARTNER
NO.
OF STAFF : 5
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
IMPORTER AND
EXPORTER
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 December 7,
2001 as a
limited partnership under the
name style LITE IZKEE
LIMITED PARTNERSHIP by
Thai and Indian partners, with
the objective to
engage in international
trading business. It
currently employs 5
staff.
The
subject’s registered address
was initially located
at 68/381 Soi
Ekachai 46, Ekachai
Rd, Bangbon, Bangkok
10150.
In 2010,
its registered address
number has been
changed from “68/381” to
“144” by
the Bangbon District
Office, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mrs. Sakuntala Sampat can
sign on behalf
of the subject
with seal affixed.
She also bears
full financial responsibility by
law.
MANAGEMENT
Mrs. Sakuntala Sampat is
the Managing Partner.
She is Thai
nationality with the
age of 52
years old.
Mr. Dhiresh Chairaj Sampat
is the Marketing
Manager.
He is Indian
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject is
engaged in international trading
business, to import,
distribute and export
wide range of
products as the
following:
1. Textiles
and textile related
products
1.1
Textiles:
all kinds of Schiffli embroidery
lace and 100%
spun rayon printed
fabric
1.2
Yarns: 100%
cotton yarns, 100%
spun polyester yarn
for weaving, knitting
and embroidery, 100%
polyester filament yarns,
100% polyester yarns
for shoes and
furniture industry
- Leather
products
- Kitchenware
products
- Consumer
products
- Etc.
PURCHASE
The
products are purchased
from local suppliers,
as well as
are imported from
India and Republic
of China.
SALES [LOCAL]
The
imported products are
sold locally by
wholesale to traders, manufacturers and
end-users.
EXPORT
The
local products are
exported to Hong
Kong and Singapore.
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
D/A or T/T
on negotiated terms.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 5
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$ 125,000
SHOULD BE IN
ORDER.
COMMENT
The
subject is an
importer, distributor and
exporter various kinds
of products ranging
from textiles, yarns, leather products,
kitchenware, consumer products
and etc. The
subject enjoyed sales
growth in 2010
comparing to the
same period of
2009. This was
mainly due to
high demand of
the products from
both local and
overseas markets. Its
business is improving
and growing considerably.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 which
was carried by 3
persons as followed:
Name Age Amount
Mrs. Sakuntala Sampat 52 Bht. 1,500,000
[Unlimited Partner]
Mr. Dhiresh Chairaj Sampat 51 Bht.
250,000
Ms. Rattanawadee Magar 54 Bht. 250,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Butarika Marksuriwong No.
8557
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
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|
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Cash and Cash Equivalent |
712,627.79 |
30,642.30 |
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Trade Accounts Receivable |
1,025,916.00 |
1,151,427.00 |
|
Short-term Loan to Person or Related
Company |
1,250,000.00 |
220,000.00 |
|
Inventories |
2,340,860.24 |
1,394,649.32 |
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Other Current Assets |
78,652.81 |
74,838.72 |
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|
|
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Total Current Assets
|
5,408,056.84 |
2,871,557.34 |
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Fixed Assets |
8,618.69 |
- |
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Total Assets |
5,416,675.53 |
2,871,557.34 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
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Trade Accounts Payable |
3,287,746.60 |
1,482,806.09 |
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Other Current Liabilities |
368,419.50 |
68,778.64 |
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Total Current Liabilities |
3,656,166.10 |
1,551,584.73 |
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Total Liabilities |
3,656,166.10 |
1,551,584.73 |
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Shareholders’ Equity |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning-
Unappropriated |
[239,490.57] |
[680,027.39] |
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Total Shareholders' Equity |
1,760,509.43 |
1,319,972.61 |
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Total Liabilities & Shareholders' Equity |
5,416,675.53 |
2,871,557.34 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
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Sales Income |
8,887,308.40 |
5,231,580.00 |
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Other Income |
1,374,648.58 |
299,977.35 |
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Total Sales |
10,261,956.98 |
5,531,557.35 |
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Expenses |
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Cost of Goods
Sold |
8,284,168.95 |
4,707,217.55 |
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Selling Expenses |
653,590.00 |
121,245.00 |
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Administrative Expenses |
832,051.71 |
381,495.38 |
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Total Expenses |
9,769,810.66 |
5,209,957.93 |
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Profit / [Loss] before Income
Tax |
492,146.32 |
321,599.42 |
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Income Tax |
[51,609.50] |
[7,878.64] |
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Net Profit / [Loss] |
440,536.82 |
313,720.78 |
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Retained Earning [deficit],
Beginning of Year |
[680,027.39] |
[993,748.17] |
|
Retained Earning [deficit],
End of Year |
[239,490.57] |
[680,027.39] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
1.48 |
1.85 |
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QUICK RATIO |
TIMES |
0.82 |
0.90 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
1,031.17 |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
1.64 |
1.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
103.14 |
108.14 |
|
INVENTORY TURNOVER |
TIMES |
3.54 |
3.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
42.13 |
80.33 |
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RECEIVABLES TURNOVER |
TIMES |
8.66 |
4.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
144.86 |
114.98 |
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CASH CONVERSION CYCLE |
DAYS |
0.41 |
73.50 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
93.21 |
89.98 |
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SELLING & ADMINISTRATION |
% |
16.72 |
9.61 |
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INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
22.25 |
15.76 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.54 |
6.15 |
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NET PROFIT MARGIN |
% |
4.96 |
6.00 |
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RETURN ON EQUITY |
% |
25.02 |
23.77 |
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RETURN ON ASSET |
% |
8.13 |
10.93 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.67 |
0.54 |
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DEBT TO EQUITY RATIO |
TIMES |
2.08 |
1.18 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
69.88 |
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OPERATING PROFIT |
% |
53.03 |
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NET PROFIT |
% |
40.42 |
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FIXED ASSETS |
% |
- |
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TOTAL ASSETS |
% |
88.63 |
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PROFITABILITY RATIO
|
Gross Profit Margin |
22.25 |
Impressive |
Industrial Average |
18.33 |
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Net Profit Margin |
4.96 |
Impressive |
Industrial Average |
(2.79) |
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Return on Assets |
8.13 |
Impressive |
Industrial Average |
1.83 |
|
Return on Equity |
25.02 |
Impressive |
Industrial Average |
7.40 |
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. Gross Profit Margin is 22.25%. 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. Net Profit Margin ratio is 4.96%
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
8.13%, 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 25.02%, 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 |
1.48 |
Deteriorated |
Industrial Average |
35.24 |
|
Quick Ratio |
0.82 |
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Cash Conversion Cycle |
0.41 |
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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 1.48 times in 2010, decrease from 1.85 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 0.82 times in 2010,
decrease from 0.9 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 1 day.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Impressive |
Industrial Average |
0.85 |
|
Debt to Equity Ratio |
2.08 |
Risky |
Industrial Average |
1.25 |
|
Times Interest Earned |
- |
|
Industrial Average |
91.63 |
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 0.67 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,031.17 |
Deteriorated |
Industrial Average |
37,881.62 |
|
Total Assets Turnover |
1.64 |
Deteriorated |
Industrial Average |
4.18 |
|
Inventory Conversion Period |
103.14 |
|
|
|
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Inventory Turnover |
3.54 |
Deteriorated |
Industrial Average |
46.95 |
|
Receivables Conversion Period |
42.13 |
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Receivables Turnover |
8.66 |
Deteriorated |
Industrial Average |
62.12 |
|
Payables Conversion Period |
144.86 |
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|
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.46.18 |
|
UK Pound |
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
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.