MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAHASIN
EQUIPMENT LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
330/9 Trimit Road,
Taladnoi, Samphantawong,
Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.02.1985 |
|
|
|
|
Com. Reg. No.: |
0103528003170 [Former : 318/2528] |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
subject
is engaged in
retail distributing various
kinds of spare
parts for tractor |
|
|
|
|
No. of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
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
SAHASIN EQUIPMENT LIMITED
PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 330/9
TRIMIT ROAD, TALADNOI,
SAMPHANTAWONG, BANGKOK
10100.
TELEPHONE : [66] 2236-0985,
2236-1021, 2236-1038
FAX :
[66] 2238-3452
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0103528003170 [Former
: 318/2528]
TAX
ID NO. : 3102345840
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
PARTNER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. SANGUAN LAOCHITPRASONG, THAI
MANAGING PARTNER
NO.
OF STAFF : 5
LINES
OF BUSINESS : TRACTOR’S PARTS
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
4, 1985 as a
limited partnership under
the name style
SAHASIN EQUIPMENT LIMITED
PARTNERSHIP by Thai
partners, with the
business objective to
distribute tractor’s parts.
It currently employs
5 staff.
The subject’s registered
address is 330/9 Trimit
Rd., Taladnoi, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Sanguan Laochitprasong signs
on behalf of
the subject with
seal affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Sanguan Laochitprasong is
the Managing Partner.
He is Thai
nationality with the
age of 71
years old.
BUSINESS OPERATIONS
The subject is
engaged in retail
distributing various kinds
of spare parts
for tractor.
MAJOR BRANDS
“CAT”, “KOMATSU” & etc.
PURCHASE
90%
of the products
is purchased from
local suppliers, the
remaining 10% is
imported from Republic
of China, Taiwan,
Japan and India.
SALES
90%
of the products
is sold locally
by retail to end-users,
the remaining 10%
is to sub-dealers.
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 credit term
of 30 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 5
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and shop in
a 3 storey
building of 1 row shop
house at the
heading address. Premise
is located in
commercial area.
Branch
office is located
at 14/98-99 Charasmuang
Rd., Rongmuang, Pathumwan,
Bangkok 10100.
COMMENT
The subject
is an importer
and distributor of tractor’s
parts. The products
are mainly served
to end users. Subject
reported a slow
growth in 2011,
and its business
outlook is still.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000 which
was carried by
2 persons as
followed:
Name Age Amount
Mr. Sanguan Laochitprasong 71 Bht. 3,600,000 [Unlimited
Partner]
Mrs. Amporn Laochitprasong 64 Bht. 2,400,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Yongyuth Tangsrisanguan No. 2400
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
2,243,802.95 |
1,663,343.10 |
1,899,950.46 |
|
Trade Accounts & Other Receivable |
719,411.80 |
875,452.10 |
289,344.05 |
|
Inventories |
7,230,470.00 |
7,173,784.00 |
7,509,493.00 |
|
Other Current Assets
|
26,973.16 |
24,546.55 |
18,443.26 |
|
Total Current Assets
|
10,220,657.91 |
9,737,125.75 |
9,717,230.77 |
|
|
|
|
|
|
Fixed Assets |
89,100.62 |
113,293.28 |
139,026.63 |
|
Other Non-current Assets |
6,000.00 |
6,000.00 |
6,000.00 |
|
Total Assets |
10,315,758.53 |
9,856,419.03 |
9,862,257.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Notes Payable |
1,064,598.77 |
676,154.58 |
519,145.59 |
|
Accrued Income Tax |
14,105.24 |
12,192.98 |
12,808.31 |
|
Other Current Liabilities |
4,130.00 |
4,000.00 |
37,336.05 |
|
Total Current Liabilities |
1,082,834.01 |
692,347.56 |
569,289.95 |
|
Employee Benefits Obligation |
286,287.63 |
- |
- |
|
Total Liabilities |
1,369,121.64 |
692,347.56 |
569,289.95 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,200,000.00 |
|
Retained Earning -
Unappropriated |
2,946,636.89 |
3,164,071.47 |
3,092,967.45 |
|
Total Shareholders' Equity |
8,946,636.89 |
9,164,071.47 |
9,292,967.45 |
|
Total Liabilities &
Shareholders' Equity |
10,315,758.53 |
9,856,419.03 |
9,862,257.40 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
Jan. 1,
2009 - Dec.
31, 2009 |
|
|
|
|
|
|
Sales Income |
4,712,839.00 |
5,536,756.76 |
6,658,895.75 |
|
Gain on Exchange Rate |
2,253.00 |
50,886.31 |
6,684.66 |
|
Other Income |
11,517.45 |
- |
12,811.11 |
|
Total Revenues |
4,726,609.45 |
5,587,643.07 |
6,678,391.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,588,209.74 |
4,453,598.42 |
5,459,771.60 |
|
Selling Expenses |
373,535.00 |
352,715.00 |
472,908.00 |
|
Administrative Expenses |
660,476.30 |
659,446.42 |
606,660.61 |
|
Total Expenses |
4,622,221.04 |
5,465,759.84 |
6,539,340.21 |
|
Profit / [Loss] Before Financial Cost & Income Tax |
104,388.41 |
121,883.23 |
139,051.31 |
|
Financial Cost |
[8,545.51] |
[19,986.23] |
[20,301.83] |
|
|
|
|
|
|
Profit / [Loss] Before Income Tax |
95,842.90 |
101,897.00 |
118,749.48 |
|
Income Tax |
[30,050.76] |
[30,792.98] |
[35,692.64] |
|
Net Profit / [Loss] |
65,792.14 |
71,104.02 |
83,056.84 |
|
Retained Earning, Beginning of
Year |
3,164,071.47 |
3,092,967.45 |
3,009,910.61 |
|
Adjustments |
[283,226.72] |
- |
- |
|
Retained Earning, End of Year |
2,946,636.89 |
3,164,071.47 |
3,092,967.45 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
9.44 |
14.06 |
17.07 |
|
QUICK RATIO |
TIMES |
2.74 |
3.67 |
3.85 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
52.89 |
48.87 |
47.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.46 |
0.56 |
0.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
735.50 |
587.94 |
502.03 |
|
INVENTORY TURNOVER |
TIMES |
0.50 |
0.62 |
0.73 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.72 |
57.71 |
15.86 |
|
RECEIVABLES TURNOVER |
TIMES |
6.55 |
6.32 |
23.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
108.29 |
55.42 |
34.71 |
|
CASH CONVERSION CYCLE |
DAYS |
682.92 |
590.23 |
483.18 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.14 |
80.44 |
81.99 |
|
SELLING & ADMINISTRATION |
% |
21.94 |
18.28 |
16.21 |
|
INTEREST |
% |
0.18 |
0.36 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
24.16 |
20.48 |
18.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.21 |
2.20 |
2.09 |
|
NET PROFIT MARGIN |
% |
1.40 |
1.28 |
1.25 |
|
RETURN ON EQUITY |
% |
0.74 |
0.78 |
0.89 |
|
RETURN ON ASSET |
% |
0.64 |
0.72 |
0.84 |
|
EARNING PER SHARE |
BAHT |
1.10 |
1.19 |
1.34 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.13 |
0.07 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.15 |
0.08 |
0.06 |
|
TIME INTEREST EARNED |
TIMES |
12.22 |
6.10 |
6.85 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.88) |
(16.85) |
|
|
OPERATING PROFIT |
% |
(14.35) |
(12.35) |
|
|
NET PROFIT |
% |
(7.47) |
(14.39) |
|
|
FIXED ASSETS |
% |
(21.35) |
(18.51) |
|
|
TOTAL ASSETS |
% |
4.66 |
(0.06) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -14.88%. Turnover has decreased from THB
5,536,756.76 in 2010 to THB 4,712,839.00 in 2011. While net profit has
decreased from THB 71,104.02 in 2010 to THB 65,792.14 in 2011. And total assets
has increased from THB 9,856,419.03 in 2010 to THB 10,315,758.53 in 2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.16 |
Impressive |
Industrial Average |
5.56 |
|
Net Profit Margin |
1.40 |
Impressive |
Industrial Average |
0.53 |
|
Return on Assets |
0.64 |
Deteriorated |
Industrial Average |
1.78 |
|
Return on Equity |
0.74 |
Deteriorated |
Industrial Average |
6.51 |
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 24.16%. When
compared with the industry average, the ratio of the company was higher,
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 1.4%, 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. When compared with the
industry average, it was lower, the
company's figure is 0.64%.
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 0.74%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
9.44 |
Impressive |
Industrial Average |
1.16 |
|
Quick Ratio |
2.74 |
|
|
|
|
Cash Conversion Cycle |
682.92 |
|
|
|
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 9.44 times in 2011, decreased from 14.06 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 2.74 times in 2011,
decreased from 3.67 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 683 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.13 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
0.15 |
Impressive |
Industrial Average |
2.73 |
|
Times Interest Earned |
12.22 |
Impressive |
Industrial Average |
1.31 |
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 12.22 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 0.13 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
52.89 |
Impressive |
Industrial Average |
7.21 |
|
Total Assets Turnover |
0.46 |
Deteriorated |
Industrial Average |
3.22 |
|
Inventory Conversion Period |
735.50 |
|
|
|
|
Inventory Turnover |
0.50 |
Deteriorated |
Industrial Average |
9.57 |
|
Receivables Conversion Period |
55.72 |
|
|
|
|
Receivables Turnover |
6.55 |
Acceptable |
Industrial Average |
9.59 |
|
Payables Conversion Period |
108.29 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.55 and 6.32 in
2011 and 2010 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2011
increased from 2010. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 588 days at the
end of 2010 to 735 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 0.62 times in year 2010 to 0.5 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.46 times and 0.56
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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.