MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIRIAREE LIMITED PARTNERSHIP |
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Registered Office : |
9
Moo 9, |
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Country : |
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Financials (as on) : |
31.07.2011 |
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Date of Incorporation : |
27.08.2008 |
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Com. Reg. No.: |
0513551000901 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Agricultural Products |
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SIRIAREE
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 9
MOO 9, PAZANG-LEE
ROAD, T. MAKOK,
A. PAZANG,
LAMPHUN 51120, THAILAND
TELEPHONE : [66] 81 375-7138
FAX : tonie_zhou@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0513551000901
CAPITAL REGISTERED : BHT. 75,000
CAPITAL PAID-UP : BHT.
75,000
PARTNER’S
PROPORTION : THAI : 100%
FISCALYEAR CLOSING DATE : JULY
31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE
: MR.
TEERATARP SIRINTASOMBAT, THAI
MANAGING PARTNER
NO.
OF STAFF : 4
LINES
OF BUSINESS : AGRICULTURAL
PRODUCTS
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 August 27, 2008
as a limited partnership
under the name style SIRIAREE LIMITED PARTNERSHIP by Mr. Teeratarp Sirintasombat and
other Thai partners. Its business objective is to import
and distribute agricultural products
to local
market. Subject currently
employs 4 staff.
The
subject’s registered address
is 9 Moo
9, Pazang-Lee Rd.,
T. Makok, A. Pazang, Lamphun 51120,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Teeratarp Sirintasombat can
sign on behalf of the subject
with seal affixed.
He also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Teeratarp Sirintasombat is
the Managing Partner.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject’s activities are
importer and distributor of agricultural
products such as red chili,
red onion, onion,
sesame, bean and
etc.
PURCHASE
The products are
purchased from both
local and overseas
suppliers in India,
Vietnam, Myanmar and
Republic of China.
SALES
100% of the
products is sold
locally to wholesalers.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is not
found to
have any subsidiary nor
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.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject employs
4 staff.
LOCATION DETAILS
The premise is
owned for operating administrative office at
the heading address. Premise is
located in provincial.
REMARK
CREDIT OF US$
125,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
Strong consumption of chili, onion,
bean and sesame
has enabled the
subject to expand its
activities. Domestic consumption
diversity and mixed styles
of food processing
have significantly improved
demand of agricultural products
as a main raw
materials for productions.
Subject has a good
market growth rate
from market expansion
in the past year and
continues a positive
outlook.
FINANCIAL INFORMATION
The capital
was registered at Bht. 75,000
which was carried
by 3 persons
as followed:
Name Age Amount
Mr. Vichai Poonmark 30 Bht. 25,000
Ms. Jenjira Tanpradit 24 Bht. 25,000
Mr. Teeratarp Sirintasombat 44 Bht. 25,000
[Unlimited Partner]
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:
Mrs. Sudpranee
Maneesri
No. 7586
BALANCE SHEET [BAHT]
The
latest financial figures
published for July
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
5,925.32 |
863,701.72 |
|
Trade Accounts Receivable |
6,140,823.46 |
- |
|
Inventories |
1,840,602.40 |
6,835,287.19 |
|
Other Current Assets |
455,361.36 |
455,361.36 |
|
|
|
|
|
Total Current Assets
|
8,442,712.54 |
8,154,350.27 |
|
Total Assets |
8,442,712.54 |
8,154,350.27 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
6,569,128.80 |
3,725,831.96 |
|
Short-term Loan from Person or Related Company |
537,779.55 |
- |
|
Other Current Liabilities |
390,598.38 |
3,070,765.17 |
|
|
|
|
|
Total Current Liabilities |
7,497,506.73 |
6,796,597.13 |
|
|
|
|
|
Long-term Loan from Person
or Company Related |
- |
1,350,000.00 |
|
Total Liabilities |
7,497,506.73 |
8,146,597.13 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Capital Paid |
75,000.00 |
75,000.00 |
|
Retained Earning Unappropriated |
870,205.81 |
[67,246.86] |
|
Total Shareholders' Equity |
945,205.81 |
7,753.14 |
|
Total Liabilities & Shareholders' Equity |
8,442,712.54 |
8,154,350.27 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
81,618,376.84 |
26,968,719.94 |
|
Gain on Exchange
Rate |
- |
95,933.86 |
|
Interest Income |
- |
1,253.49 |
|
Other Income |
585,525.80 |
- |
|
Total Revenues |
82,203,902.64 |
27,065,907.29 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
74,556,204.96 |
24,789,749.25 |
|
Selling and Administrative
Expenses |
6,551,202.37 |
1,891,750.82 |
|
Total Expenses |
81,107,407.33 |
26,681,500.07 |
|
Profit / [Loss] before Income
Tax |
1,096,495.31 |
384,407.22 |
|
Income Tax |
[159,042.64] |
- |
|
|
|
|
|
Net Profit / [Loss] |
937,452.67 |
384,407.22 |
|
Retained Earning [deficit], Beginning
of Year |
[67,246.86] |
[442,509.58] |
|
Plus : Non-refundable Business Tax |
- |
[9,021.05] |
|
Adjustment |
- |
[123.45] |
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|
|
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Retained Earning [deficit],
End of Year |
870,205.81 |
[67,246.86] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
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LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.20 |
|
QUICK RATIO |
TIMES |
0.82 |
0.13 |
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|
|
|
|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
9.67 |
3.31 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.01 |
100.64 |
|
INVENTORY TURNOVER |
TIMES |
40.51 |
3.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.46 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
13.29 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.16 |
54.86 |
|
CASH CONVERSION CYCLE |
DAYS |
4.31 |
45.78 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.35 |
91.92 |
|
SELLING & ADMINISTRATION |
% |
8.03 |
7.01 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
9.37 |
8.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.34 |
1.43 |
|
NET PROFIT MARGIN |
% |
1.15 |
1.43 |
|
RETURN ON EQUITY |
% |
99.18 |
4,958.08 |
|
RETURN ON ASSET |
% |
11.10 |
4.71 |
|
|
|
|
|
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LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
1.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.93 |
1,050.75 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
202.64 |
|
|
OPERATING PROFIT |
% |
185.24 |
|
|
NET PROFIT |
% |
143.87 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
3.54 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.37 |
Impressive |
Industrial
Average |
6.47 |
|
Net Profit Margin |
1.15 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
11.10 |
Impressive |
Industrial Average |
1.42 |
|
Return on Equity |
99.18 |
Impressive |
Industrial
Average |
4.61 |
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 9.37%. 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. The company’s figure is
1.15% 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
11.1%, 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 99.18%, 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 |
1.13 |
Satisfactory |
Industrial
Average |
1.25 |
|
Quick Ratio |
0.82 |
|
|
|
|
Cash Conversion Cycle |
4.31 |
|
|
|
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 1.13 times in 2011, decreased from 1.2 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 0.82 times in 2011,
increased from 0.13 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 5 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
7.93 |
Risky |
Industrial
Average |
2.08 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.74 |
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 0.89 greater than 0.5, most of the
company's assets are financed through debt.
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 |
- |
|
Industrial
Average |
7.17 |
|
Total Assets Turnover |
9.67 |
Impressive |
Industrial
Average |
3.36 |
|
Inventory Conversion Period |
9.01 |
|
|
|
|
Inventory Turnover |
40.51 |
Impressive |
Industrial
Average |
6.63 |
|
Receivables Conversion Period |
27.46 |
|
|
|
|
Receivables Turnover |
13.29 |
Impressive |
Industrial
Average |
7.41 |
|
Payables Conversion Period |
32.16 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.98 |
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.