MIRA
INFORM REPORT
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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SEHLI
BROTHERS LIMITED PARTNERSHIP |
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Registered Office : |
43, 43/1, 43/5, 43/6, 43/7
Trok Krai, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.01.1960 |
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Com. Reg. No.: |
0103503000258 |
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Legal Form : |
Limited Partnership
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Line of Business : |
Importer and Distributor of
Fabrics |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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) |
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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
SEHLI BROTHERS
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 43, 43/1, 43/5, 43/6, 43/7 TROK
KRAI,
RAJAWONGSE
ROAD, CHAKRAWAD, SAMPHANTAWONG, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2226-3830-2,
2226-0032
FAX :
[66] 2225-7698
E-MAIL
ADDRESS :
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1960
REGISTRATION
NO. : 0103503000258
TAX
ID NO. : 3102133805
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. SUPHOL PRACHASERI, THAI
MANAGING PARTNER
NO.
OF STAFF : 4
LINES
OF BUSINESS : FABRICS
IMPORTER AND
DISTRIBUTOR
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 January 15,
1960 as a
limited partnership under
the name style SEHLI
BROTHERS LIMITED PARTNERSHIP
by Thai-Indian partners,
with the business
objective to import
and distribute various
kinds of fabrics
to domestic market.
It currently employs
4 staff.
The
subject’s registered address
is 43, 43/1, 43/5, 43/6, 43/7 Trok Krai,
Rajawongse Rd., Chakrawad,
Samphantawong, Bangkok
10100, and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Suphol Prachaseri can
sign on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Suphol Prachaseri is
the Managing Partner.
He is Thai
nationality with the
age of 61 years
old.
Mr. Shiraj Prachaseri is the
Assistant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of fabrics
such as suiting
fabric, cotton, polyester,
silk and etc.
PURCHASE
90%
of the products
is imported from
India, Republic of
China, France and
Italy, the remaining 10%
is purchased from
local suppliers.
SALES
80% of
the products is sold
locally by wholesale
to traders and
garment manufacturers, the
remaining 20% is
sold to Sehli
Brothers [Thailand] Co.,
Ltd., the related
company.
RELATED AND AFFILIATED
COMPANY
Sehli Brothers [Thailand]
Co., Ltd.
Business Type : Importer and
distributor of fabric
products.
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject has been
firmly established for
over five decades
as an importer
and distributor various
kinds of fabrics.
The subject reported
its operating performance
in 2011 similarly to the
year 2010. In
the first quarter
of 2012, there
was an increase
in number of
orders from its
regular and new
customers in which
the subject is optimistic
for a better
sales performance throughout
the year 2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 which was carried by 2 persons
as followed:
Name Age Amount
Mr. Suphol Prachaseri 61 Bht. 2,500,000
[Unlimited Partner]
Mr. Hansaraj Lachmandas 99 Bht. 2,500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Monthon Vichitcharanrung No. 5727
Note:
The 2011 financial
statement has not
been 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 |
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Cash and Cash Equivalents |
240,956.25 |
305,714.03 |
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Trade Accounts Receivable
|
2,732,475.69 |
2,602,657.16 |
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Inventories |
5,951,022.18 |
3,410,681.91 |
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Total Current Assets
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8,924,454.12 |
6,319,053.10 |
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Fixed Assets |
4,000,795.84 |
4,196,730.42 |
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Total Assets |
12,925,249.96 |
10,515,783.52 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
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Bank Overdraft |
2,610,557.41 |
141,885.30 |
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Trade Accounts Payable |
781,326.42 |
1,536,915.83 |
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Other Current Liabilities |
66,751.66 |
156,675.83 |
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Total Current Liabilities |
3,458,635.49 |
1,835,476.96 |
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Total Liabilities |
3,458,635.49 |
1,835,476.96 |
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Shareholders' Equity |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
4,466,614.47 |
3,680,306.56 |
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Total Shareholders' Equity |
9,466,614.47 |
8,680,306.56 |
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Total Liabilities &
Shareholders' Equity |
12,925,249.96 |
10,515,783.52 |
PROFIT & LOSS
ACCOUNT
|
Sale |
2010 |
2009 |
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Sales |
9,951,445.26 |
12,539,911.74 |
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Gain on Exchange Rate |
97,091.46 |
288,906.87 |
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Total Sales |
10,048,536.72 |
12,828,818.61 |
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Expenses |
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Cost of Goods
Sold |
8,102,303.56 |
10,582,411.99 |
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Selling Expenses |
545,300.00 |
560,131.00 |
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Administrative Expenses |
391,980.79 |
325,529.71 |
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Total Expenses |
9,039,584.35 |
11,468,072.70 |
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Profit / Loss] before Finance
Expenses & Income Tax |
1,008,952.37 |
1,360,745.91 |
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Finance Expenses |
[79,690.39] |
[71,194.23] |
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Profit / [Loss] before Income Tax |
929,261.98 |
1,289,551.68 |
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Income Tax |
[142,954.07] |
[202,272.37] |
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Net Profit / [Loss] |
786,307.91 |
1,087,279.31 |
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Retained Earning, Beginning of Year |
3,680,306.56 |
2,593,027.25 |
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Retained Earning, End of Year |
4,466,614.47 |
3,680,306.56 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
2.58 |
3.44 |
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QUICK RATIO |
TIMES |
0.86 |
1.58 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
2.49 |
2.99 |
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TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
1.19 |
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INVENTORY CONVERSION PERIOD |
DAYS |
268.09 |
117.64 |
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INVENTORY TURNOVER |
TIMES |
1.36 |
3.10 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
100.22 |
75.76 |
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RECEIVABLES TURNOVER |
TIMES |
3.64 |
4.82 |
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PAYABLES CONVERSION PERIOD |
DAYS |
35.20 |
53.01 |
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CASH CONVERSION CYCLE |
DAYS |
333.11 |
140.38 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
81.42 |
84.39 |
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SELLING & ADMINISTRATION |
% |
9.42 |
7.06 |
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INTEREST |
% |
0.80 |
0.57 |
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GROSS PROFIT MARGIN |
% |
19.56 |
17.91 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.14 |
10.85 |
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NET PROFIT MARGIN |
% |
7.90 |
8.67 |
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RETURN ON EQUITY |
% |
8.31 |
12.53 |
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RETURN ON ASSET |
% |
6.08 |
10.34 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.27 |
0.17 |
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DEBT TO EQUITY RATIO |
TIMES |
0.37 |
0.21 |
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TIME INTEREST EARNED |
TIMES |
12.66 |
19.11 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(20.64) |
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OPERATING PROFIT |
% |
(25.85) |
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NET PROFIT |
% |
(27.68) |
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FIXED ASSETS |
% |
(4.67) |
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TOTAL ASSETS |
% |
22.91 |
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PROFITABILITY
RATIO
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Gross Profit Margin |
19.56 |
Impressive |
Industrial
Average |
10.83 |
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Net Profit Margin |
7.90 |
Impressive |
Industrial
Average |
1.23 |
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Return on Assets |
6.08 |
Impressive |
Industrial
Average |
2.16 |
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Return on Equity |
8.31 |
Impressive |
Industrial
Average |
5.99 |
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. Gross Profit Margin is 19.56%. 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 7.9%,
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
6.08%, 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 8.31%,
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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.58 |
Impressive |
Industrial
Average |
1.64 |
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Quick Ratio |
0.86 |
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Cash Conversion Cycle |
333.11 |
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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 2.58 times in 2010, decrease from 3.44 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 0.86 times in 2010,
decrease from 1.58 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 334 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.37 |
Impressive |
Industrial
Average |
1.81 |
|
Times Interest Earned |
12.66 |
Impressive |
Industrial
Average |
1.67 |
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 12.67 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 0.27 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 |
2.49 |
Deteriorated |
Industrial
Average |
9.60 |
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Total Assets Turnover |
0.77 |
Deteriorated |
Industrial
Average |
1.76 |
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Inventory Conversion Period |
268.09 |
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Inventory Turnover |
1.36 |
Deteriorated |
Industrial
Average |
4.74 |
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Receivables Conversion Period |
100.22 |
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Receivables Turnover |
3.64 |
Impressive |
Industrial
Average |
3.03 |
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Payables Conversion Period |
35.20 |
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Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
|
UK Pound |
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
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.