MIRA
INFORM REPORT
|
Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINPAT INTERNATIONAL CO.,
LTD. |
|
|
|
|
Registered Office : |
32/361 Moo
1, Soi Chaengwattana 43, Pakkred,
Nonthaburi 11120 |
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Country : |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
2007 |
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Com. Reg. No.: |
0125550001291 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and
Distributor of Industrial Chemicals. |
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No. of Employees : |
6 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally
pro-investment policies, and strong export industries, Thailand enjoyed solid
growth from 2000 to 2007 - averaging more than 4% per year - as it recovered
from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and
electronic components, agricultural commodities, and jewelry - continue to
drive the economy, accounting for more than half of GDP. The global financial
crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source
: CIA |
Company name
SINPAT
INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 32/361 MOO
1, SOI CHAENGWATTANA
43,
CHAENGWATTANA ROAD,
KLONGKLUE,
PAKKRED, NONTHABURI
11120
TELEPHONE : [66] 2574-2856
FAX :
[66] 2574-2857
E-MAIL
ADDRESS : sinpat@sinpat.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0125550001291
TAX
ID NO. : 3032531153
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KRIT THANOMKUL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
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 February 5, 2007
as a private
limited company under the
registered name SINPAT INTERNATIONAL
CO., LTD., by Thai groups, with
the business objective
to distribute wide
range of industrial
chemicals to domestic
market. It currently
employs 6 staff.
The
subject’s registered address
is 32/361 Moo 1, Soi Chaengwattana 43, Chaengwattana
Road, Klongklue, Pakkred, Nonthaburi
11120, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
Mr. Krit Thanomkul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Krit Thanomkul is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of specialty and
fine chemicals for
foods and other
industries.
PURCHASE
Most
of the products
are imported from
India, Republic of
China and Germany,
the remaining is
purchased from local
suppliers and agents.
SALES
100% of the products is
sold locally to
wholesalers, manufacturers and
end-users.
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
according 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 currently employs
6 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in residential area.
COMMENT
The subject’s business was reported
at slow level, while
market of industrial chemicals
is promising. Industrial chemicals
especially for food
industry remains strong.
However, potential growth is
expected in line
with positive market
outlook.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each with fully
paid.
On
August 23, 2007,
the capital was
increased to Bht.
3,000,000 divided into
30,000 shares of Bht.
100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
August 29, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Krit Thanomkul Nationality: Thai Address : 120
Moo 1, Chaengwattana Rd.,
Klongklue, Pakkred,
Nonthaburi |
25,000 |
83.33 |
|
Mrs. Sineenart Chuasakulwanich Nationality: Thai Address : 347
Vajee Rd., Lomsak,
Petchabun |
4,990 |
16.63 |
|
Mrs. Chanchay Chuasakulwanich Nationality: Thai Address : 18
Tesaban 3 Rd.,
Lomsak, Petchabun |
5 |
|
|
Mr. Surachai Thitinoraseth Nationality: Thai Address : 123/273
Moo 3, Theparak
Rd., Bangpla,
Bangplee, Samutprakarn |
2 |
|
|
Mr. Danudej Chuasakulwanich Nationality: Thai Address : 4/1
Moo 4, Nongkwai,
Lomsak, Petchabun |
1 |
=0.04 |
|
Ms. Veena Lertchaivorakul Nationality: Thai Address : 16/1
Samaggichai Rd., Lomsak,
Petchabun |
1 |
|
|
Mr. Nikom Wattanasap Nationality: Thai Address : 7
Samaggichai Rd., Lomsak,
Petchabun |
1 |
|
Total Shareholders : 7
Share Structure [as
at August 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Senee Sopitlarptana No.
4043
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
3,165,035.01 |
2,370,650.64 |
|
Trade Accounts & Other Receivable |
3,149,708.91 |
2,556,919.84 |
|
Inventories |
228,939.26 |
2,595,012.40 |
|
Other Current Assets
|
10,298.81 |
41,208.22 |
|
|
|
|
|
Total Current Assets
|
6,553,981.99 |
7,563,791.10 |
|
|
|
|
|
Fixed Assets |
254,653.41 |
368,607.15 |
|
Guarantee and Deposit |
135,000.00 |
135,000.00 |
|
Total Assets |
6,943,635.40 |
8,067,398.25 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
- |
912,967.34 |
|
Trade Accounts & Other
Payable |
1,273,904.76 |
30,410.00 |
|
Short-term Loans |
500,000.00 |
2,400,000.00 |
|
Accrued Income Tax |
40,336.87 |
27,893.13 |
|
Revenue Department Payable |
- |
5,285.26 |
|
Accrued Withholding Income
Tax |
15,674.39 |
40,604.26 |
|
|
|
|
|
Total Current Liabilities |
1,829,916.02 |
3,417,159.99 |
|
Total Liabilities |
1,829,916.02 |
3,417,159.99 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning - Unappropriated |
2,113,719.38 |
1,650,238.26 |
|
Total Shareholders' Equity |
5,113,719.38 |
4,650,238.26 |
|
Total Liabilities & Shareholders' Equity |
6,943,635.40 |
8,067,398.25 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
15,140,776.48 |
14,135,302.00 |
|
Other Income |
10,095.14 |
43,211.24 |
|
Total Revenues |
15,150,871.62 |
14,178,513.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
9,195,580.77 |
8,182,087.06 |
|
Selling Expenses |
2,218,718.00 |
2,266,945.00 |
|
Administrative Expenses |
3,216,254.86 |
3,270,969.20 |
|
Total Expenses |
14,630,553.63 |
13,720,001.26 |
|
|
|
|
|
Profit/[Loss] before Financial Costs & Income Tax |
520,317.99 |
458,511.98 |
|
Financial Costs |
[1,500.00] |
[7,557.76] |
|
|
|
|
|
Profit/[Loss] before Income Tax |
518,817.99 |
450,954.22 |
|
Income Tax |
[55,336.87] |
[45,143.13] |
|
Net Profit /[Loss] |
463,481.12 |
405,811.09 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.58 |
2.21 |
|
QUICK RATIO |
TIMES |
3.45 |
1.44 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
59.46 |
38.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.18 |
1.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.09 |
115.76 |
|
INVENTORY TURNOVER |
TIMES |
40.17 |
3.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.93 |
66.02 |
|
RECEIVABLES TURNOVER |
TIMES |
4.81 |
5.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.57 |
1.36 |
|
CASH CONVERSION CYCLE |
DAYS |
34.45 |
180.43 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
60.73 |
57.88 |
|
SELLING & ADMINISTRATION |
% |
35.90 |
39.18 |
|
INTEREST |
% |
0.01 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
39.33 |
42.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.44 |
3.24 |
|
NET PROFIT MARGIN |
% |
3.06 |
2.87 |
|
RETURN ON EQUITY |
% |
9.06 |
8.73 |
|
RETURN ON ASSET |
% |
6.67 |
5.03 |
|
EARNING PER SHARE |
BAHT |
15.45 |
13.53 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.26 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.36 |
0.73 |
|
TIME INTEREST EARNED |
TIMES |
346.88 |
60.67 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.11 |
|
|
OPERATING PROFIT |
% |
13.48 |
|
|
NET PROFIT |
% |
14.21 |
|
|
FIXED ASSETS |
% |
(30.91) |
|
|
TOTAL ASSETS |
% |
(13.93) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
39.33 |
Impressive |
Industrial
Average |
7.91 |
|
Net Profit Margin |
3.06 |
Impressive |
Industrial
Average |
0.91 |
|
Return on Assets |
6.67 |
Impressive |
Industrial
Average |
4.02 |
|
Return on Equity |
9.06 |
Acceptable |
Industrial
Average |
12.10 |
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 39.33%. 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 3.06%,
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
6.67%, 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 9.06%.
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 |
3.58 |
Impressive |
Industrial
Average |
1.42 |
|
Quick Ratio |
3.45 |
|
|
|
|
Cash Conversion Cycle |
34.45 |
|
|
|
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 3.58 times in 2011, increased from 2.21 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 3.45 times in 2011,
increased from 1.44 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 35 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.26 |
Impressive |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
0.36 |
Impressive |
Industrial
Average |
1.76 |
|
Times Interest Earned |
346.88 |
Impressive |
Industrial
Average |
2.38 |
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 346.88 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 0.26 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 |
59.46 |
Impressive |
Industrial
Average |
16.27 |
|
Total Assets Turnover |
2.18 |
Deteriorated |
Industrial
Average |
4.50 |
|
Inventory Conversion Period |
9.09 |
|
|
|
|
Inventory Turnover |
40.17 |
Impressive |
Industrial
Average |
12.02 |
|
Receivables Conversion Period |
75.93 |
|
|
|
|
Receivables Turnover |
4.81 |
Acceptable |
Industrial
Average |
6.99 |
|
Payables Conversion Period |
50.57 |
|
|
|
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.53.57 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.