MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SEVEN
ELEPHANTS TRADING CO.,
LTD. |
|
|
|
|
Formerly Known As : |
SEVEN ELEPHANTS TRADING LIMITED PARTNERSHIP |
|
|
|
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Registered Office : |
708/17-18 Soi Sakcharoen, Charansanitwong Road, Watthaphra, Bangkokyai, Bangkok 10600 |
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Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.11.1995 |
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Com. Reg. No.: |
0105555040155 |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Importer, distributor and
re-exporter of wine and whisky |
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No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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
SEVEN
ELEPHANTS TRADING CO.,
LTD.
[FORMER :
SEVEN ELEPHANTS TRADING
LIMITED PARTNERSHIP]
SUMMARY
BUSINESS
ADDRESS : 708/17-18 SOI
SAKCHAROEN,
CHARANSANITWONG ROAD,
WATTHAPHRA, BANGKOKYAI,
BANGKOK 10600
TELEPHONE : [66] 2868-1922,
2868-2917, 2467-3967
FAX :
[66] 2868-2917
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105555040155 [Former
: 0103538037867]
TAX
ID NO. : 3102997674
CAPITAL REGISTERED : BHT. 2,100,000
CAPITAL PAID-UP : BHT.
2,100,000
SHAREHOLDER’S PROPOTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. RASARIN BOONWONGSTIT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : WINE
AND WHISKY
IMPORTER, DISTRIBUTOR AND
RE-EXPORTER
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
originally established on
November 9, 1995
as a limited
partnership under the name
style SEVEN ELEPHANTS
TRADING LIMITED PARTNERSHIP
by Mr. Vithaya Saksitpitak and
Mr. Sitthiporn Tanpatamadilok, in
order to distribute various kinds of
international wine and
whisky to domestic
market.
On March 14,
2012, its status
was converted to private
limited company, namely
SEVEN ELEPHANTS TRADING CO., LTD.
It currently employs
15 staff.
The subject’s registered address
is 708/17-18 Soi Sakchaoren,
Charansanitwong Rd., Watthaphra,
Bangkokyai, Bangkok 10600, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Rasarin Boonwongstit [Former : Ms. Yaowalak
Saksitpitak] |
|
Thai |
43 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Rasarin Boonwongstit is
the Managing Director.
She is Thai
nationality with the
age of 43
years old.
[She changed her
name and last
name from Ms.
Yaowalak Saksitpitak on
April 3, 2008.]
Ms. Karnsinee Vichitpassorn is
the Assistant to
Managing Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer, distributor
and re-exporter various
kinds of wine
and whisky with
over 100 international
brands worldwide.
MAJOR BRANDS
CHATEAU MONTROSE : France
SREEMARKAB BEY : U.S.A.
YARRAGLEN CABELNESAUVIGNON : Australia
Etc.
IMPORT [COUNTRIES]
100% of its
products is imported
from United States
of America, France,
Chile, Canada, Spain,
Italy and Australia.
MAJOR SUPPLIERS
Badger’s Brook Pty
Ltd. : Australia
Phillittert Estates Winery
Inc. : Canada
SALES [LOCAL]
90% of the
products is sold
locally to wholesalers
and end-users.
EXPORT
10% of the
products is re-exported
to Laos and
Vietnam.
MAJOR CUSTOMERS
Pub, Restaurant, Hotels
& Supermarkets
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.
Imports are by
L/C on the
credit term of
60 days or
T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
[Chan Road
Branch : 1562/1 Chan Rd.,
Thungwatdon, Sathorn, Bangkok
10120]
EMPLOYMENT
The subject employs
15 staff. [office
and sales staff]
LOCATION DETAILS
The premise is owned for
administrative office in a 3
storey building of 2
row shophousees at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Local
consumption of wine and liquor
has grown viable
in parallel with economic
improvement. Subject maintains
a good business, and
growth is in
line with strong
consumption.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 800,000 which
was carried by 2
persons as follows:
Name Amount
Mr. Vithaya Saksitpitak Bht. 550,000 [Unlimited
partner]
Mr. Sitthiporn Tanpatamadilok Bht. 250,000
On September 19,
2007, the capital
was increased to
Bht. 2,000,000 which
was carried by
2 persons as
followed:
Name Amount
Mr. Vithaya Saksitpitak
Bht. 300,000
Ms. Rasarin Boonwongstit Bht. 1,700,000 [Unlimited
Partner]
On September 16,
2011, the capital
was increased to
Bht. 2,100,000 which
was carried by
3 persons as
followed:
Name Age Amount
Mr. Vithaya Saksitpitak 39
Bht. 300,000
Ms. Rasarin Boonwongstit 42 Bht. 1,700,000
[Unlimited Partner]
Mrs. Patima Anansila 43
Bht. 100,000
On March 14,
2012, the subject’s
status was converted
to a private
limited company with
the capital registered
of Bht. 2,100,000
divided into 21,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
February 29, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Rasarin Boonwongstit Nationality: Thai Address : 90/218
Moo 8, Bangkru,
Phrapradaeng,
Samutprakarn |
17,000 |
80.95 |
|
Mr. Vithaya Saksitpitak Nationality: Thai Address : 708/17-18
Charansanitwong Rd, Wad Thaphra,
Bangkokyai, Bangkok |
3,000 |
14.29 |
|
Mrs. Patima Anansila Nationality: Thai Address : 708/17-18
Charansanitwong Rd, Wad Thaphra,
Bangkokyai, Bangkok |
1,000 |
4.76 |
Total shareholders :
3
Share Structure [as
at February 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
21,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
21,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Cherdchay Tortrakul No.
0468
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
102,719.00 |
1,119,189.38 |
|
Trade Accounts Receivable |
7,215,546.89 |
2,147,601.80 |
|
Inventories |
5,040,694.00 |
7,075,490.00 |
|
Other Current Assets |
1,512,594.00 |
1,001,000.00 |
|
|
|
|
|
Total Current Assets
|
13,871,553.89 |
11,343,281.18 |
|
Long-term Lending to Director |
17,150,000.00 |
13,400,000.00 |
|
Deferred Leasehold Right |
6,063,333.34 |
6,290,000.00 |
|
Fixed Assets |
3,083,280.12 |
3,947,223.06 |
|
Total Assets |
40,186,167.35 |
34,980,504.24 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
- |
3,196,435.81 |
|
Other Current Liabilities |
5,816,653.03 |
492,230.99 |
|
|
|
|
|
Total Current Liabilities |
5,816,653.03 |
3,688,666.80 |
|
Long-term Loan |
1,789,709.29 |
2,277,431.50 |
|
Total Liabilities |
7,606,362.32 |
5,966,098.30 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
30,561,805.03 |
27,014,405.94 |
|
Total Shareholders' Equity |
32,561,805.03 |
29,014,405.94 |
|
Total Liabilities & Shareholders' Equity |
40,168,167.35 |
34,980,504.24 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
64,368,130.27 |
39,677,192.42 |
|
Export Income |
13,626,980.00 |
6,277,920.00 |
|
Service Income |
66,377.90 |
92,029.06 |
|
Rental Income |
600,000.00 |
600,000.00 |
|
Interest Income |
171,500.00 |
201,000.00 |
|
Gain on Sale
of Assets |
299,064.42 |
- |
|
Total Revenues |
79,132,052.59 |
46,848,141.48 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
55,455,230.45 |
33,150,528.54 |
|
Selling & Administrative Expenses |
18,063,751.59 |
9,930,543.60 |
|
Cost of Financial
Expenses |
592,277.79 |
464,786.11 |
|
Total Expenses |
74,111,259.83 |
43,545,858.25 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
5,020,792.76 |
3,302,283.23 |
|
Income Tax |
[1,473,393.67] |
[736,705.41] |
|
|
|
|
|
Net Profit / [Loss] |
3,547,399.09 |
2,565,577.82 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.38 |
3.08 |
|
QUICK RATIO |
TIMES |
1.26 |
0.89 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
25.49 |
11.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.96 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.18 |
77.90 |
|
INVENTORY TURNOVER |
TIMES |
11.00 |
4.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.51 |
16.84 |
|
RECEIVABLES TURNOVER |
TIMES |
10.89 |
21.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
35.19 |
|
CASH CONVERSION CYCLE |
DAYS |
66.69 |
59.55 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
70.56 |
71.21 |
|
SELLING & ADMINISTRATION |
% |
22.98 |
21.33 |
|
INTEREST |
% |
0.75 |
1.00 |
|
GROSS PROFIT MARGIN |
% |
30.13 |
29.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.39 |
7.09 |
|
NET PROFIT MARGIN |
% |
4.51 |
5.51 |
|
RETURN ON EQUITY |
% |
10.89 |
8.84 |
|
RETURN ON ASSET |
% |
8.83 |
7.33 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.17 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.21 |
|
TIME INTEREST EARNED |
TIMES |
8.48 |
7.10 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
68.82 |
|
|
OPERATING PROFIT |
% |
52.04 |
|
|
NET PROFIT |
% |
38.27 |
|
|
FIXED ASSETS |
% |
(21.89) |
|
|
TOTAL ASSETS |
% |
14.88 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.13 |
Impressive |
Industrial Average |
10.15 |
|
Net Profit Margin |
4.51 |
Impressive |
Industrial Average |
1.24 |
|
Return on Assets |
8.83 |
Impressive |
Industrial Average |
8.45 |
|
Return on Equity |
10.89 |
Deteriorated |
Industrial Average |
29.13 |
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. Gross Profit Margin is 30.13%. 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 4.51%,
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 8.83%, 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. When compared with the
industry average, it was lower, the company's figure is 10.89%.
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 |
2.38 |
Impressive |
Industrial Average |
1.30 |
|
Quick Ratio |
1.26 |
|
|
|
|
Cash Conversion Cycle |
66.69 |
|
|
|
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 2.38 times in 2011, decrease from 3.08 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 1.26 times in 2011,
increase from 0.89 times, although excluding inventory so the company still
have good short-term financial strength.
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 67 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial Average |
0.74 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial Average |
2.66 |
|
Times Interest Earned |
8.48 |
Satisfactory |
Industrial Average |
10.10 |
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 8.48 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 0.19 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
25.49 |
Acceptable |
Industrial Average |
39.30 |
|
Total Assets Turnover |
1.96 |
Deteriorated |
Industrial Average |
6.82 |
|
Inventory Conversion Period |
33.18 |
|
|
|
|
Inventory Turnover |
11.00 |
Acceptable |
Industrial Average |
21.49 |
|
Receivables Conversion Period |
33.51 |
|
|
|
|
Receivables Turnover |
10.89 |
Acceptable |
Industrial Average |
15.12 |
|
Payables Conversion Period |
- |
|
|
|
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.55.15 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
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.