MIRA
INFORM REPORT
|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KANZEN INTERNATIONAL LTD. |
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Registered Office : |
302/52 Soi Ladprao
71, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.10.1999 |
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Com. Reg. No.: |
0105542081966 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter & Distributor of Pharmaceutical Chemical |
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No. of Employees : |
6 |
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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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
KANZEN
INTERNATIONAL LTD.
SUMMARY
BUSINESS
ADDRESS : 302/52 SOI
LADPRAO 71,
KLONGCHAOKUNSINGH, WANGTHONGLANG,
TELEPHONE : [66] 2931-3755-7,
2931-3758
FAX :
[66] 2931-3756,
2931-3759
E-MAIL
ADDRESS : kadiyam@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542081966 [Former :
[3] 1509/2542]
TAX
ID NO. : 3021057510
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
INDIAN
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RAMA KRISHNA KADIYAM,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : PHARMACEUTICAL CHEMICAL
IMPORTER, EXPORTER
& 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
October 22, 1999
as a private
limited company under the
name style KANZEN
INTERNATIONAL LTD., by
Indian and Thai
partners, in order to distribute
gemstone and jewelry
products for local
market.
In
2003, the subject
converted its business
to import and
distribute pharmaceutical chemical.
It currently employs 6
staff
The
subject’s registered address
was initially located at
80/31 Moo 8,
Nongkaem, Bangkok 10160.
On
July 3, 2000,
the registered address
was relocated to 5th Floor,
T.D. Building, 14-16
Mahesak Rd., Suriyawongse,
Bangrak, Bangkok 10500.
On October 4,
2001, the registered
address was relocated
to 404 Soi Siripoj, Sukhumvit
81 Rd., Suanluang,
Bangkok 10250, and
was moved to
302/52 Ladprao 71
Rd., Kwaeng Wangthonglang, Khet Wangthonglang, Bangkok
10310 on December
8, 2006.
On July 28,
2010, its registered
address has been
changed to 302/52
Ladprao 71 Rd.,
Kwaeng Klongchaokunsingh, Khet Wangthonglang, Bangkok 10310, by the
Wangthonglang District Office, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Rama Krishna
Kadiyam
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rama Krishna
Kadiyam is the
Managing Director.
He is Indian
nationality with the
age of 50
years old.
He has been
the Managing Director
since the subject’s
inception in 1999.
Ms. Sawitree Lakornpol is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 32
years old.
BUSINESS OPERATIONS
The
subject is engaged
in importing, distributing
and exporting chemicals
and solutions for
pharmaceutical products.
PURCHASE
90% of the products is imported from India, United Kingdom, Republic of China,
Singapore and Spain, the
remaining 10% is purchased
from local suppliers.
MAJOR SUPPLIER
United Alacrity Pte.
Ltd. : Singapore
SALES
90% of the
products is sold
locally to pharmaceutical manufacturers, wholesalers,
and Thai Government, the
remaining 10% is
exported to Vietnam
and South Korea.
MAJOR CUSTOMERS
The Thai Government
Pharmaceutical Organization
Siam Pharmaceutical Co.,
Ltd.
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.
RELATED AND AFFILIATED
COMPANIES
U A L [Thailand] Co.,
Ltd.
Business Type : Importer
and distributor of
industrial chemicals.
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 L/C
at sight and
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Ekamai Branch: Sukhumvit 63
Rd., Wattana, Bangkok
10110]
EMPLOYMENT
The subject employs
6 staff. [office
and sales staff]
LOCATION DETAILS
The premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Chemicals for pharmaceutical industry were the key element for
production processes. The country’s pharmaceutical industry is poised for
growth benefiting players such as manufacturers, exporter
and chemical suppliers.
Subject reported active sales in 2010, while current business’s conditions is growing steadily. Its
business has a bright
prospect.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 3,000,000
on July 3,
2000
Bht. 15,000,000 on
October 29, 2001
Bht. 20,000,000 on
November 30, 2001
The latest registered
capital was increased
to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at December 6,
2011]
|
NAME |
HONDING |
% |
|
|
|
|
|
Mr. Decha Yaemprasong Nationality: Thai Address : 21/64
Moo 2, T. Bangmuang, A. Muang,
Samutprakarn |
102,000 |
51.00 |
|
Mr. Rama Krishna Kadiyam Nationality: Indian Address : 1-8-197
Ziekadpalli Hyderabud, India |
50,000 |
25.00 |
|
Mrs. Paratee Rama Krishna Nationality: Indian Address : 1-8-197
Ziekadpalli Hyderabud, India |
48,000 |
24.00 |
Total Shareholders : 3
Share Structure [as
at December 6,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
102,000 |
51.00 |
|
Indian |
2 |
98,000 |
49.00 |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sirirat Adam No.
8820
Note : The
2011 financial statement
has yet 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 |
|
|
|
|
|
Cash and Cash Equivalents |
749,109.67 |
3,346,608.14 |
|
Trade Accounts Receivable |
19,970,244.60 |
12,343,307.19 |
|
Inventories |
5,328,024.49 |
2,022,920.50 |
|
Other Current Assets
|
5,302,960.04 |
7,069,368.56 |
|
Total Current Assets
|
31,350,338.80 |
24,782,204.39 |
|
Office Equipment |
2,622,245.20 |
1,382,384.20 |
|
Other Receivable-Related & Related Person |
5,638,000.00 |
4,100,000.00 |
|
Total Assets |
39,610,584.00 |
30,264,588.59 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
21,828,796.02 |
14,931,566.82 |
|
Other Receivable-Related & Related Person |
311,160.00 |
131,700.00 |
|
Other Current Liabilities |
243,647.57 |
279,217.57 |
|
Total Current Liabilities |
22,383,603.59 |
15,342,484.39 |
|
Long-term Loan from
Financial Institute |
723,025.00 |
406,075.00 |
|
Total Liabilities |
23,106,628.59 |
15,748,559.39 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
[3,496,044.59] |
[5,483,970.80] |
|
Total Shareholders' Equity |
16,503,955.41 |
14,516,029.20 |
|
Total Liabilities & Shareholders' Equity |
39,610,584.00 |
30,264,588.59 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
78,463,267.35 |
56,666,963.93 |
|
Other Income |
1,743,295.84 |
1,050,615.50 |
|
Total Revenues |
80,206,563.19 |
57,717,579.43 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
69,296,825.58 |
50,693,734.92 |
|
Selling Expenses |
5,528,473.33 |
3,232,727.28 |
|
Administrative Expenses |
3,246,055.69 |
2,476,953.57 |
|
Total Expenses |
78,071,354.60 |
56,406,415.77 |
|
Profit / [Loss] Before Financial Cost |
2,135,208.59 |
1,314,163.66 |
|
Financial Cost |
[147,282.38] |
[62,615.25] |
|
Net Profit / [Loss] |
1,987,926.21 |
1,251,548.41 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.40 |
1.62 |
|
QUICK RATIO |
TIMES |
0.93 |
1.02 |
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
29.92 |
40.99 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.98 |
1.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
28.06 |
14.57 |
|
INVENTORY TURNOVER |
TIMES |
13.01 |
25.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
92.90 |
79.51 |
|
RECEIVABLES TURNOVER |
TIMES |
3.93 |
4.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
114.98 |
107.51 |
|
CASH CONVERSION CYCLE |
DAYS |
5.99 |
(13.44) |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.32 |
89.46 |
|
SELLING & ADMINISTRATION |
% |
11.18 |
10.08 |
|
INTEREST |
% |
0.19 |
0.11 |
|
GROSS PROFIT MARGIN |
% |
13.90 |
12.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.72 |
2.31 |
|
NET PROFIT MARGIN |
% |
2.53 |
2.21 |
|
RETURN ON EQUITY |
% |
12.05 |
8.62 |
|
RETURN ON ASSET |
% |
5.02 |
4.14 |
|
EARNING PER SHARE |
BAHT |
9.94 |
6.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.40 |
1.08 |
|
TIME INTEREST EARNED |
TIMES |
14.50 |
20.94 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
38.46 |
|
|
OPERATING PROFIT |
% |
62.85 |
|
|
NET PROFIT |
% |
58.84 |
|
|
FIXED ASSETS |
% |
89.69 |
|
|
TOTAL ASSETS |
% |
30.88 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.90 |
Impressive |
Industrial
Average |
9.15 |
|
Net Profit Margin |
2.53 |
Impressive |
Industrial
Average |
0.09 |
|
Return on Assets |
5.02 |
Impressive |
Industrial
Average |
0.15 |
|
Return on Equity |
12.05 |
Impressive |
Industrial
Average |
0.40 |
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 13.9%. 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 2.53% 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
5.02%, 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 12.05%, 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 |
1.40 |
Satisfactory |
Industrial
Average |
1.80 |
|
Quick Ratio |
0.93 |
|
|
|
|
Cash Conversion Cycle |
5.99 |
|
|
|
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 1.4 times in 2010, decreased from 1.62 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 0.93 times in 2010,
decreased from 1.02 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 6 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
1.40 |
Acceptable |
Industrial
Average |
1.54 |
|
Times Interest Earned |
14.50 |
Impressive |
Industrial
Average |
0.87 |
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 14.5 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 0.58 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 |
29.92 |
Impressive |
Industrial
Average |
10.60 |
|
Total Assets Turnover |
1.98 |
Impressive |
Industrial
Average |
1.57 |
|
Inventory Conversion Period |
28.06 |
|
|
|
|
Inventory Turnover |
13.01 |
Impressive |
Industrial
Average |
2.35 |
|
Receivables Conversion Period |
92.90 |
|
|
|
|
Receivables Turnover |
3.93 |
Impressive |
Industrial
Average |
3.50 |
|
Payables Conversion Period |
114.98 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.