MIRA
INFORM REPORT
|
Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNSHINE
INTERNATIONAL IMPORT &
EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
Unit 307, 3rd Floor, Boss Mansion Tower, 3241 Rama 4 Road, Klongton, Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.07.2011 |
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Com. Reg. No.: |
0105554090311 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
subject is
engaged in international trading
business to import,
distribute and export
wide range of
products, such as
foods, cosmetics, furniture,
energy saving, jute
bags, plastic bags,
plastic raw materials,
PVC, rubber products,
sanitary ware, stationery,
suitcase, wooden products. |
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|
|
|
No. of Employees : |
03 |
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 : |
Small Company |
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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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SUNSHINE INTERNATIONAL IMPORT & EXPORT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
307, 3rd FLOOR,
BOSS MANSION TOWER,
3241
RAMA 4 ROAD,
KLONGTON,
KLONGTOEY,
BANGKOK 10110
TELEPHONE : [66] 2661-3525,
2661-3718
FAX :
[66] 2661-5572
E-MAIL
ADDRESS : export@sunshineinter.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554090311
TAX
ID NO. : -
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
65.00%
INDIAN
: 35.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SANJAY BUDBWANI,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER, DISTRIBUTOR
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 July 8,
2011 as a
private limited company under
the registered name
SUNSHINE INTERNATIONAL IMPORT & EXPORT CO.,
LTD, by Thai
and Indian groups, with
the objective to be engaged
in international trading
business in domestic
and overseas markets.
It currently employs
3 staff.
The
subject’s registered address
is Unit 307, 3rd Floor,
Boss Mansion Tower,
3241 Rama 4
Rd., Klongton, Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Vimolkarn Vipolchai |
|
Thai |
38 |
|
Mr. Sanjay Budbwani |
|
Indian |
31 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sanjay Budbwani
is the Managing
Director.
He is Indian
nationality with the
age of 31
years old.
BUSINESS OPERATIONS
The subject
is engaged in
international trading business
to import, distribute
and export wide
range of products,
such as foods,
cosmetics, furniture, energy
saving, jute bags,
plastic bags, plastic
raw materials, PVC,
rubber products, sanitary
ware, stationery, suitcase,
wooden products, and
others according to
customer’s order.
PURCHASE
Its
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China, India
and Hong Kong.
SALES
The products are
sold and serviced
to customers both
local and overseas,
mainly in Canada,
and the countries in
Middle East, Africa
and Europe.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject was established
in July 2011.
Its operation is
still in an
early stage. Subject
reported slow sales for
the six months
operation in 2011.
However, sales have
gradually improved but
growth remains at
slow pace.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Vimolkarn Vipolchai Nationality: Thai Address : 205/688
Soi Pattanakarn 1,
Bangpongpang,
Yannawa, Bangkok |
7,000 |
35.00 |
|
Mr. Sanjay Budbwani Nationality: Indian Address : 3241
Boss Mansion, Rama
4 Rd.,
Klongton, Klongtoey, Bangkok |
7,000 |
35.00 |
|
Ms. Kalayarawis Yasakul Nationality: Thai Address : 785/52
Soi Kingchan, Bangklo,
Bangkorlaem, Bangkok |
2,000 |
10.00 |
|
Ms. Kalaya Semathong Nationality: Thai Address : 2
Moo 1, T. Sanmaded, A. Phan, Chiangrai |
2,000 |
10.00 |
|
Mr. Sarawuth Vipolchai Nationality: Thai Address : 531/10
Phuket Rd., Taladyai,
Muang, Phuket |
2,000 |
10.00 |
Total Shareholders : 5
Share Structure [as
at April 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
13,000 |
65.00 |
|
Foreign-Indian |
1 |
7,000 |
35.00 |
|
Total |
5 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prakob Suravijitr No.
9561
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 was :
ASSETS
|
Current Assets |
2011 |
|
|
|
|
Cash and Cash Equivalents |
1,583,217.85 |
|
Other Current Assets
|
39,532.41 |
|
|
|
|
Total Current Assets
|
1,622,750.26 |
|
Total Assets |
1,622,750.26 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
|
|
|
|
Other Current Liabilities |
15,416.16 |
|
|
|
|
Total Current Liabilities |
15,416.16 |
|
Total Liabilities |
15,416.16 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
|
|
|
|
Capital Paid |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[392,665.90] |
|
Total Shareholders' Equity |
1,607,334.10 |
|
Total Liabilities &
Shareholders' Equity |
1,622,750.26 |
PROFIT & LOSS ACCOUNT
|
Revenue |
July 8,
2011 - Dec. 31,
2011 |
|
|
|
|
Sales |
376,020.26 |
|
Other Income |
29,698.92 |
|
Total Revenues |
405,719.18 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
345,000.00 |
|
Administrative Expenses |
452,885.08 |
|
Total Expenses |
797,885.08 |
|
|
|
|
Profit / Loss] before Financial
Cost |
[392,165.90] |
|
Financial Cost |
[500.00] |
|
Net Profit / [Loss] |
[392,665.90] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
105.26 |
|
QUICK RATIO |
TIMES |
102.70 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
91.75 |
|
SELLING & ADMINISTRATION |
% |
120.44 |
|
INTEREST |
% |
0.13 |
|
GROSS PROFIT MARGIN |
% |
16.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(104.29) |
|
NET PROFIT MARGIN |
% |
(104.43) |
|
RETURN ON EQUITY |
% |
(24.43) |
|
RETURN ON ASSET |
% |
(24.20) |
|
EARNING PER SHARE |
BAHT |
(19.63) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
(784.33) |
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.15 |
Satisfactory |
Industrial
Average |
18.60 |
|
Net Profit Margin |
(104.43) |
Deteriorated |
Industrial
Average |
(0.01) |
|
Return on Assets |
(24.20) |
Deteriorated |
Industrial
Average |
(0.02) |
|
Return on Equity |
(24.43) |
Deteriorated |
Industrial
Average |
(0.13) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 16.15%. When
compared with the industry average, the ratio of the company was lower,
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 -104.43%.
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 -24.2%.
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 -24.43%.
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 |
105.26 |
Impressive |
Industrial
Average |
1.64 |
|
Quick Ratio |
102.70 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 105.26 times in 2011, increased from 0 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 102.7 times in 2011,
increased from 0 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.01 |
Impressive |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
0.01 |
Impressive |
Industrial
Average |
1.79 |
|
Times Interest Earned |
(784.33) |
Risky |
Industrial
Average |
0.62 |
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 -784.34 lower than 1, so the company is not generating
enough 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 0.01 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
5.04 |
|
Total Assets Turnover |
0.23 |
Deteriorated |
Industrial
Average |
1.78 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
3.06 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
4.43 |
|
Payables Conversion Period |
- |
|
|
|
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.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.