MIRA INFORM REPORT
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Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
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Name : |
BEH NGIEP SENG MUSICAL INSTRUMENT LIMITED PARTNERSHIP |
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Formerly Known as: |
BEH NGIEP SENG
LIMITED PARTNERSHIP |
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Registered Office : |
110-112 Soi Verngnakornkasem, Charoenkrung Road, Kwaeng Samphantawong, Khet Samphantawong, Bangkok 10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1966 |
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Com. Reg. No.: |
0103509001809 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Musical Instruments and Accessories |
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No. of Employees
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10 |
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 : |
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) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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
BEH NGIEP SENG
MUSICAL INSTRUMENT LIMITED
PARTNERSHIP
[Former : BEH
NGIEP SENG LIMITED
PARTNERSHIP]
SUMMARY
BUSINESS ADDRESS : 110-112 SOI
VERNGNAKORNKASEM,
CHAROENKRUNG ROAD,
KWAENG SAMPHANTAWONG,
KHET SAMPHANTAWONG,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2225-9109
FAX : [66] 2225-9108
E-MAIL ADDRESS : bns@bns.co.th
musicconcept@musicconcept.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1966
REGISTRATION NO. : 0103509001809
TAX ID NO. : 3102135830
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. CHATCHAI TAKTHAN, THAI
MANAGING PARTNER
NO. OF STAFF : 10
LINES OF BUSINESS : MUSICAL INSTRUMENTS
AND ACCESSORIES
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on February
21, 1966 as
a limited partnership,
under the originally
registered name “Beh Ngiep
Seng Limited Partnership”, by
Mr. Chatchai and
Mrs. Chantana Asawaraksawong, the
Thai Partners, in
order to import
and distribute various
kinds of musical
instruments and accessories
to domestic market. On
May 4, 1966,
its registered name
was changed to BEH NGIEP
SENG MUSICAL INSTRUMENT
LIMITED PARTNERSHIP. It
currently employs 10
staff.
On February 25,
2002, both of
the partners changed
their last name
from “Asawaraksawong” to
“Takthan”.
The subject’s registered
address is 110-112
Soi Verngnakornkasem, Charoenkrung
Rd., Kwaeng Samphantawong, Khet
Samphantawong, Bangkok 10100,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Chatchai Takthan can
sign on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Chatchai Takthan is
the Managing Partner.
He is Thai
nationality with the
age of 61
years old.
Mrs. Chantana Takthan is
the Assistant Manager.
She is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing
various kinds of musical instruments
and accessories as the followings:
Product Brand
Guitar/Bass : “FENDER”, “SQUIER”,
“MUSIC MAN”, “OLP”
“JACKSON”
Amplifiers : “FENDER”, “SWR”
Keyboard : “KORG”
Effector : “VOX”, “KORG”
Pick up : “EMC”
The subject also
provides maintenance and
repairing services.
PURCHASE
90% of the
products is imported
from U.S.A., United
Kingdom, Germany, Japan
and Switzerland, the
remaining 10% is
purchased from local
suppliers.
MAJOR SUPPLIERS
Alesis Studiosound GmbH. : Germany
Akai Professional Inc. : U.S.A.
Ernie Ball Inc. : U.S.A.
Fender Musical Instruments
Corporation : U.S.A.
Taye Inc. : U.S.A.
Jackson Guitars : U.S.A.
Korg Inc. : Japan
Paiste AG : Switzerland
Samson Technologies Corp. : U.S.A.
SALES
100% of the
products is sold
and serviced locally
by wholesale and
retail to dealers
and end-users.
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
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 10 office
and sales staff.
LOCATION DETAILS
The premise is
owned for administrative office
and showroom at
the heading address.
Premise is located
in commercial area.
COMMENT
The subject is
an importer and
distributor of musical
instruments. The subject
has been in this
business for more than
four decades. With long
time experience, its
name has been
recognized as a
leading distributor of various
musical instruments in term
of brands, quality
and services. Subject has
performed well in the
past years and
continued growing steadily.
FINANCIAL INFORMATION
The capital was registered at
Bht. 3,000,000 which
was carried by
2 persons as
followed:
Name Age Amount
Mr. Chatchai Takthan [61] Bht. 1,500,000 [Unlimited
Partner]
Mrs. Chantana Takthan [62] Bht. 1,500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Sureerat Prajayanukul No.
5345
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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|
|
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Cash and Cash Equivalents |
6,266,309 |
16,097,117 |
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Trade Accounts Receivable -
Related Company |
9,512,282 |
198,452 |
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Trade Accounts Receivable -
Other Company |
5,072,061 |
4,089,893 |
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Other Receivable |
18,919 |
19,050 |
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Inventories |
20,374,749 |
14,098,194 |
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Total Current Assets
|
41,244,320 |
34,502,706 |
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Lending to Related Company |
31,000,000 |
36,000,000 |
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Fixed Assets |
1,307,582 |
1,705,100 |
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Other Assets |
21,800 |
21,800 |
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Total Assets |
73,573,702 |
72,229,606 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
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Trade Accounts Payable - Related Company |
9,954,947 |
8,819,808 |
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Trade Accounts Payable |
8,281,218 |
- |
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Other Payable |
909,431 |
949,367 |
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Accrued Income Tax |
2,900,729 |
1,361,343 |
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Total Current Liabilities |
22,046,325 |
11,130,518 |
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Total Liabilities |
22,046,325 |
11,130,518 |
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Shareholders' Equity |
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Capital Paid |
3,000,000 |
3,000,000 |
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Retained Earning - Unappropriated |
48,527,377 |
58,099,088 |
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Total Shareholders' Equity |
51,527,377 |
61,099,088 |
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Total Liabilities & Shareholders' Equity |
73,573,702 |
72,229,606 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
202,537,785 |
102,931,842 |
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Interest Income |
1,506,575 |
1,638,493 |
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Other Income |
97,420 |
9,254 |
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Total Revenues |
204,141,780 |
104,579,589 |
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Expenses |
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Cost of Goods
Sold |
181,405,343 |
88,383,895 |
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Selling Expenses |
4,786,956 |
4,734,764 |
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Administrative Expenses |
3,385,497 |
2,925,897 |
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Total Expenses |
189,577,796 |
96,044,556 |
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Profit before Income Tax |
14,563,984 |
8,535,033 |
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Income Tax |
[4,135,695] |
[2,327,010] |
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Net Profit / [Loss] |
10,428,289 |
6,208,023 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
1.87 |
3.10 |
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QUICK RATIO |
TIMES |
0.95 |
1.83 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
154.89 |
60.37 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.75 |
1.43 |
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INVENTORY CONVERSION PERIOD |
DAYS |
41.00 |
58.22 |
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INVENTORY TURNOVER |
TIMES |
8.90 |
6.27 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
9.14 |
14.50 |
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RECEIVABLES TURNOVER |
TIMES |
39.93 |
25.17 |
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PAYABLES CONVERSION PERIOD |
DAYS |
16.66 |
- |
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CASH CONVERSION CYCLE |
DAYS |
33.47 |
72.72 |
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PROFITABILITY RATIO |
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COST OF GOODS SOLD |
% |
89.57 |
85.87 |
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SELLING & ADMINISTRATION |
% |
4.04 |
7.44 |
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INTEREST |
% |
- |
- |
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GROSS PROFIT MARGIN |
% |
11.23 |
15.73 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.19 |
8.29 |
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NET PROFIT MARGIN |
% |
5.15 |
6.03 |
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RETURN ON EQUITY |
% |
20.24 |
10.16 |
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RETURN ON ASSET |
% |
14.17 |
8.59 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.30 |
0.15 |
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DEBT TO EQUITY RATIO |
TIMES |
0.43 |
0.18 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
96.77 |
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OPERATING PROFIT |
% |
70.64 |
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NET PROFIT |
% |
67.98 |
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FIXED ASSETS |
% |
(23.31) |
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TOTAL ASSETS |
% |
1.86 |
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PROFITABILITY RATIO
|
Gross Profit Margin |
11.23 |
Acceptable |
Industrial Average |
19.20 |
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Net Profit Margin |
5.15 |
Impressive |
Industrial Average |
0.42 |
|
Return on Assets |
14.17 |
Impressive |
Industrial Average |
0.63 |
|
Return on Equity |
20.24 |
Impressive |
Industrial Average |
0.98 |
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 11.23%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problem 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 5.15%,
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
14.17%, 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 20.24%, 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 |
1.87 |
Satisfactory |
Industrial Average |
1.90 |
|
Quick Ratio |
0.95 |
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Cash Conversion Cycle |
33.47 |
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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 1.87 times in 2011, decreased from 3.1 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 0.95 times in 2011,
decreased from 1.83 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 34 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial Average |
0.52 |
|
Debt to Equity Ratio |
0.43 |
Impressive |
Industrial Average |
0.97 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.65 |
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 0.3 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 |
154.89 |
Impressive |
Industrial Average |
2.93 |
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Total Assets Turnover |
2.75 |
Impressive |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
41.00 |
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Inventory Turnover |
8.90 |
Impressive |
Industrial Average |
2.96 |
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Receivables Conversion Period |
9.14 |
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Receivables Turnover |
39.93 |
Impressive |
Industrial Average |
2.59 |
|
Payables Conversion Period |
16.66 |
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Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.