MIRA INFORM REPORT
|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NISHIKI
INTERNATIONAL CO., LTD. |
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Registered Office : |
16/8 Moo 10, T. Taladkwan, A. Muang, Nonthaburi 11000 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.01.2009 |
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Com. Reg. No.: |
0125552000039 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer and distributor
of industrial chemicals |
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No. of Employees
: |
06 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
NISHIKI INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16/8
MOO 10, T. TALADKWAN,
A. MUANG,
NONTHABURI 11000,
THAILAND
TELEPHONE : [66] 2912-4140
FAX :
[66] 2912-4140
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0125552000039
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
2,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AMORNTHEP
KANCHANAKLOD, 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 : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WIRH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 5, 2009
as a private
limited company under the
name style NISHIKI INTERNATIONAL CO., LTD., by Thai groups.
Its business objective
is to distribute industrial
chemicals to domestic
market. Subject currently
employs 6 staff.
The subject’s registered address was initially located at 43/122 Moo
8, Pibulsongkram Rd., T. Bangkhen,
A. Muang, Nonthaburi 11000.
On August 26, 2011,
its registered address was
relocated to 16/8 Moo 10,
T. Taladkwan, A. Muang, Nonthaburi
11000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Amornthep Kanchanaklod |
|
Thai |
58 |
|
Mr. Peerasuth Bantarapiwat |
|
Thai |
35 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Amornthep Kanchanaklod is the
Managing Director.
He is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
industrial chemicals, for
plastics, paints, rubbers,
textile & garments and other
industries.
PURCHASE
30%
of the products
is imported from India,
Republic of China,
Taiwan, Hong Kong and
Japan, the remaining
70% is purchased
from local suppliers
and agents.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers 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
according to IRICO’S
DATABASE 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 6
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial, on the
outskirts of Bangkok.
Warehouse
is located at
50 Soi Puangsap,
Bangsue, Bangkok 10800.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 150,000.
COMMENT
Subject
was formed in 2009 as
an importer and
distributor of industrial
chemicals. The products
are mainly served
industrial users. Industrial
improvement is a
key factor to increase
demand of industrial
chemicals. Subject posted
its moderate sales in
2010, however its
business in 2011 was
also at the same
level of the previous year
due to a business stagnancy
during the floods
crisis in the
last quarter of
2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each with
50% paid-up.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
at Bht. 2,500,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Peerasuth Bantarapiwat Nationality: Thai Address : 16/8
Moo 10, Taladkwan,
Muang, Nonthaburi |
29,999 |
60.00 |
|
Mr. Amornthep Kanchanaklod Nationality: Thai Address : 215/133
Pracharaj 1 Rd.,
Bangsue, Bangkok |
20,000 |
40.00 |
|
Mrs. Surang Pattamadis Nationality: Thai Address : 16/8
Moo 10, Taladkwan,
Muang, Nonthaburi |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Varangkana Taweeprasert No.
6351
Note
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
848,979.06 |
1,256,540.75 |
|
Trade Accounts Receivable |
1,136,703.80 |
291,617.80 |
|
Inventories |
3,390,705.83 |
1,306,384.48 |
|
Other Current Assets |
766,350.89 |
10,111.83 |
|
|
|
|
|
Total Current Assets
|
6,142,739.58 |
2,864,654.86 |
|
|
|
|
|
Fixed Assets |
38,412.58 |
45,842.97 |
|
Total Assets |
6,181,152.16 |
2,910,497.83 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
2,409,509.78 |
878,372.25 |
|
Loan from Related Person |
- |
300,000.00 |
|
Accrued Income Tax |
84,811.38 |
- |
|
Other Current Liabilities |
42,259.71 |
91,709.36 |
|
|
|
|
|
Total Current Liabilities |
2,536,580.87 |
1,270,081.61 |
|
Total Liabilities |
2,536,580.87 |
1,270,081.61 |
|
|
|
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Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
2,500,000.00 |
1,250,000.00 |
|
Retained Earning-
Unappropriated |
1,144,571.29 |
390,416.22 |
|
Total Shareholders' Equity |
3,644,571.29 |
1,640,416.22 |
|
Total Liabilities & Shareholders' Equity |
6,181,152.16 |
2,910,497.83 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
15,838,682.00 |
8,285,220.00 |
|
Gain on Exchange
Rate |
60,017.22 |
- |
|
Other Income |
4,140.86 |
7,318.00 |
|
Total Sales |
15,902,840.08 |
8,292,538.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
12,848,839.51 |
6,685,287.74 |
|
Selling Expenses |
188,775.41 |
13,847.21 |
|
Administrative Expenses |
1,944,983.84 |
1,126,391.09 |
|
Total Expenses |
14,982,598.76 |
7,825,526.04 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
920,241.32 |
467,011.96 |
|
Financial Cost |
[50,149.87] |
[28,387.85] |
|
Profit / [Loss] before Income
Tax |
870,091.45 |
438,624.11 |
|
Income Tax |
[115,936.38] |
[48,207.89] |
|
|
|
|
|
Net Profit / [Loss] |
754,155.07 |
390,416.22 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.42 |
2.26 |
|
QUICK RATIO |
TIMES |
0.78 |
1.22 |
|
|
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|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
412.33 |
180.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.56 |
2.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
96.32 |
71.33 |
|
INVENTORY TURNOVER |
TIMES |
3.79 |
5.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.20 |
12.85 |
|
RECEIVABLES TURNOVER |
TIMES |
13.93 |
28.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
68.45 |
47.96 |
|
CASH CONVERSION CYCLE |
DAYS |
54.07 |
36.22 |
|
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.12 |
80.69 |
|
SELLING & ADMINISTRATION |
% |
13.47 |
13.76 |
|
INTEREST |
% |
0.32 |
0.34 |
|
GROSS PROFIT MARGIN |
% |
19.28 |
19.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.81 |
5.64 |
|
NET PROFIT MARGIN |
% |
4.76 |
4.71 |
|
RETURN ON EQUITY |
% |
20.69 |
23.80 |
|
RETURN ON ASSET |
% |
12.20 |
13.41 |
|
EARNING PER SHARE |
BAHT |
30.17 |
31.23 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.70 |
0.77 |
|
TIME INTEREST EARNED |
TIMES |
18.35 |
16.45 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
91.17 |
|
|
OPERATING PROFIT |
% |
97.05 |
|
|
NET PROFIT |
% |
93.17 |
|
|
FIXED ASSETS |
% |
(16.21) |
|
|
TOTAL ASSETS |
% |
112.37 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
19.28 |
Impressive |
Industrial
Average |
10.07 |
|
Net Profit Margin |
4.76 |
Impressive |
Industrial
Average |
1.40 |
|
Return on Assets |
12.20 |
Impressive |
Industrial
Average |
3.65 |
|
Return on Equity |
20.69 |
Impressive |
Industrial
Average |
10.59 |
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 19.28%. 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 4.76%, 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 12.2%, 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 20.69%, 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 |
2.42 |
Impressive |
Industrial
Average |
1.43 |
|
Quick Ratio |
0.78 |
|
|
|
|
Cash Conversion Cycle |
54.07 |
|
|
|
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 2.42 times in 2010, increased from 2.26 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 0.78 times in 2010,
decreased from 1.22 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 55 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
0.70 |
Impressive |
Industrial
Average |
1.69 |
|
Times Interest Earned |
18.35 |
Impressive |
Industrial
Average |
2.08 |
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 18.35 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 0.41 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 |
412.33 |
Impressive |
Industrial
Average |
10.80 |
|
Total Assets Turnover |
2.56 |
Satisfactory |
Industrial
Average |
2.62 |
|
Inventory Conversion Period |
96.32 |
|
|
|
|
Inventory Turnover |
3.79 |
Acceptable |
Industrial
Average |
7.53 |
|
Receivables Conversion Period |
26.20 |
|
|
|
|
Receivables Turnover |
13.93 |
Impressive |
Industrial
Average |
4.81 |
|
Payables Conversion Period |
68.45 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.99 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
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.