MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAHASITHI IMPORT & EXPORT [THAILAND] COMPANY LIMITED |
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Registered Office : |
16 Sukhumvit 56 Road, Bangchak, Prakanong, Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.10.1987 |
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Com. Reg. No.: |
0105530022404 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Food Chemicals |
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No. of Employees : |
19 |
RATING & COMMENTS
|
MIRAs 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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 and address
SAHASITHI
IMPORT & EXPORT
[THAILAND] COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 16
SUKHUMVIT 56 ROAD,
BANGCHAK,
PRAKANONG, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2331-5461-4,
2331-5453
FAX : [66] 2331-4758
E-MAIL
ADDRESS : sahasith@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530022404
CAPITAL REGISTERED : BHT. 36,000,000
CAPITAL PAID-UP : BHT.
36,000,000
SHAREHOLDERS PROPORTION : THAI
: 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
PORNSITH JENDITTHAKARN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 19
LINES
OF BUSINESS : FOOD
CHEMICALS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on October
1, 1987 as a
private limited company
under the name style
SAHASITHI IMPORT &
EXPORT [THAILAND] COMPANY
LIMITED by Thai groups,
Jenditthakarn family, in order
to distribute various
kinds of food chemicals
to domestic market.
It currently employs
19 staff.
The subjects registered address
is 16 Sukhumvit 56
Rd., Bangchak, Prakanong,
Bangkok 10260, and
this is the
subjects current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornsith Jenditthakarn |
|
Thai |
60 |
|
Mr. Pisith Jenditthakarn |
|
Thai |
58 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Pornsith Jenditthakarn is
the Managing Director.
He is Thai
nationality with the
age of 60 years old.
BUSINESS OPERATIONS
The subjects activities are
importer and distributor of food
chemicals, food additives
and ingredients. Its product are
included acid/alkali regulator, anti-oxidant, buffering agent, calcium source, coloring
natural, coloring synthetic,
clouding agent, emulsifier, enzyme, flavoring,
gel forming agent, health food,
quality improver, polishing agent, glazing agent for confection, preservative, salts of phosphoric
acid, sweetening agent,
thickener, stabilizer and etc.
IMPORT [COUNTRIES]
The products are
imported from Germany,
United Kingdom, Japan,
United States of America,
Malaysia, Argentina, Netherlands,
Spain, Switzerland, France,
Korea, India, Bangladesh,
Republic of China,
Singapore, and Austria,
as well as
purchasing from local
suppliers.
MAJOR SUPPLIERS
|
Anano Enzyme Ltd. |
: Japan |
|
Jungbunzlauer Austria AG. |
: Austria |
|
SD BNI Co.,
Ltd. |
: Republic of
China |
|
Henry Lamotte Food
GmbH. |
: Germany |
SALES [LOCAL]
90% of the
products is sold
locally to manufacturers
and wholesalers.
EXPORT [COUNTRIES]
10% of the
products is also
re-exported to Republic
of China, Hong
Kong, Indonesia, Malaysia,
Vietnam and Laos.
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 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
L/C on the
credits term of
60-90 days or
T/T.
Exports are against
T/T.
BANKING
United Overseas Bank
[Thai] Public Co.,
Ltd.
[Samyaek Branch :
New Rd., Samphantawong, Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
19 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
owned for operating
office and warehouse
in a 4
storey building of
1 row shop house
at the heading
address. It is
located in residential/commercial area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$
1,000,000.
COMMENT
The
subject is a leading
food chemicals, food
additives and ingredients distributor
in Thailand. With
more than 30
years in the industry, the subject has expanded steadily
with large customer base throughout Thailand
and Southeast Asia
region.
Subject
posted strong sales
in 2010, while
its business in
the year 2011
has grown viable.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 8,000,000
on October 3,
1989
Bht. 14,000,000
on October 4,
1991
Bht. 24,000,000
on October 4,
1993
Bht. 36,000,000
on March 20,
1996
The latest registered
capital was increased
at Bht. 36,000,000 divided
into 360,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as of
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pisith Jenditthakarn Nationality: Thai Address : 374/8
Petchburi Rd., Bangchak,
Prakanong, Bangkok |
100,000 |
27.78 |
|
Mr. Pornsith Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak, Prakanong, Bangkok |
75,014 |
20.84 |
|
Mrs. Supa Jenditthakarn Nationality: Thai Address : 374/8
Petchburi Rd., Thanon
Petchburi,
Rajthevee, Bangkok |
64,800 |
18.00 |
|
Mrs. Sirinee Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
30,186 |
8.38 |
|
Mr. Ekasith Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
18,000 |
5.00 |
|
Ms. Pornphan Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
18,000 |
5.00 |
|
Mrs. Wannipa Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
18,000 |
5.00 |
|
Ms. Pornthip Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
18,000 |
5.00 |
|
Mr. Supasith Jenditthakarn Nationality: Thai Address : 16
Sukhumvit 56 Rd.,
Bangchak,
Prakanong, Bangkok |
18,000 |
5.00 |
Total Shareholders : 9
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
360,000 |
100.00% |
|
Foreign |
- |
- |
- |
|
Total |
9 |
360,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Sermsuk Supachewa
No. 2721
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
11,017,469.79 |
11,525,238.96 |
|
Trade Accounts Receivable |
14,650,725.87 |
14,264,069.36 |
|
Inventories |
25,369,214.56 |
26,916,739.95 |
|
Other Current Assets |
311,558.45 |
643,615.07 |
|
|
|
|
|
Total Current Assets
|
51,348,968.67 |
53,349,663.34 |
|
|
|
|
|
Long-term Investment |
46,785,542.50 |
14,826,880.00 |
|
Long-term Loans to Person or Related Company |
- |
5,516,444.69 |
|
Fixed Assets |
29,635,998.64 |
30,651,489.89 |
|
Other Assets |
442,993.34 |
197,035.75 |
|
Total Assets |
128,213,503.15 |
104,541,513.67 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
15,291,508.36 |
11,582,245.59 |
|
Other Current Liabilities |
4,063,724.13 |
2,129,141.18 |
|
|
|
|
|
Total Current Liabilities |
19,355,232.49 |
13,711,386.77 |
|
Long-term Loan from Person or Related Company |
752,000.00 |
- |
|
Total Liabilities |
20,107,232.49 |
13,711,386.77 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 360,000 shares |
36,000,000.00 |
36,000,000.00 |
|
|
|
|
|
Capital Paid |
36,000,000.00 |
36,000,000.00 |
|
Unrealized Gain on Available-for-Sale Securities |
10,632,305.00 |
348,370.00 |
|
Statutory Reserve |
3,600,000.00 |
3,600,000.00 |
|
Retained Earning -
Unappropriated |
57,873,965.66 |
50,881,756.90 |
|
Total Shareholders' Equity |
108,106,270.66 |
90,830,126.90 |
|
Total Liabilities & Shareholders' Equity |
128,213,503.15 |
104,541,513.67 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
113,985,622.76 |
109,559,817.72 |
|
Other Income |
6,084,304.76 |
2,921,199.43 |
|
Total Revenues |
120,069,927.52 |
112,481,017.15 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
79,609,033.39 |
77,601,333.58 |
|
Selling Expenses |
9,452,756.03 |
9,287,572.84 |
|
Administrative Expenses |
16,015,705.61 |
16,452,428.75 |
|
Loss on Exchange Rate |
- |
965,643.40 |
|
Total Expenses |
105,077,495.03 |
104,306,978.57 |
|
|
|
|
|
Profit / [Loss] Before Income
Tax |
14,992,432.49 |
8,174,038.58 |
|
Income Tax |
[4,400,223.73] |
[2,483,203.85] |
|
Net Profit / [Loss] |
10,592,208.76 |
5,690,834.73 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.65 |
3.89 |
|
QUICK RATIO |
TIMES |
1.33 |
1.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.85 |
3.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.89 |
1.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
116.32 |
126.60 |
|
INVENTORY TURNOVER |
TIMES |
3.14 |
2.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.91 |
47.52 |
|
RECEIVABLES TURNOVER |
TIMES |
7.78 |
7.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
70.11 |
54.48 |
|
CASH CONVERSION CYCLE |
DAYS |
93.12 |
119.65 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
69.84 |
70.83 |
|
SELLING & ADMINISTRATION |
% |
22.34 |
23.49 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
35.50 |
31.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.15 |
7.46 |
|
NET PROFIT MARGIN |
% |
9.29 |
5.19 |
|
RETURN ON EQUITY |
% |
9.80 |
6.27 |
|
RETURN ON ASSET |
% |
8.26 |
5.44 |
|
EARNING PER SHARE |
BAHT |
29.42 |
15.81 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.19 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.04 |
|
|
OPERATING PROFIT |
% |
83.42 |
|
|
NET PROFIT |
% |
86.13 |
|
|
FIXED ASSETS |
% |
(3.31) |
|
|
TOTAL ASSETS |
% |
22.64 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.50 |
Impressive |
Industrial
Average |
24.15 |
|
Net Profit Margin |
9.29 |
Impressive |
Industrial
Average |
(1.13) |
|
Return on Assets |
8.26 |
Impressive |
Industrial
Average |
1.76 |
|
Return on Equity |
9.80 |
Impressive |
Industrial
Average |
8.39 |
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 35.5%. 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 is 9.29%, 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
8.26%, 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 9.8%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
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 |
2.65 |
Deteriorated |
Industrial
Average |
21.48 |
|
Quick Ratio |
1.33 |
|
|
|
|
Cash Conversion Cycle |
93.12 |
|
|
|
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 2.65 times in 2010, decrease from 3.89 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 1.33 times in 2010,
decrease from 1.88 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 94 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
0.19 |
Impressive |
Industrial
Average |
1.80 |
|
Times Interest Earned |
- |
|
Industrial
Average |
351.79 |
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 0.16 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 |
3.85 |
Deteriorated |
Industrial
Average |
6,735.25 |
|
Total Assets Turnover |
0.89 |
Deteriorated |
Industrial
Average |
2.13 |
|
Inventory Conversion Period |
116.32 |
|
|
|
|
Inventory Turnover |
3.14 |
Deteriorated |
Industrial
Average |
32.91 |
|
Receivables Conversion Period |
46.91 |
|
|
|
|
Receivables Turnover |
7.78 |
Satisfactory |
Industrial
Average |
10.18 |
|
Payables Conversion Period |
70.11 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.32 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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 SCs 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.