MIRA
INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAHAWORAKIT CO., LTD. |
|
|
|
|
Registered Office : |
61 Moo 7,
T. Borplub, A. Muang, Nakornpathom 73000, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.08.1992 |
|
|
|
|
Com. Reg. No.: |
0735535001833 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing service of textile chemicals,
specialized in textile
auxiliary, as well
as cleaning chemical
for consumer products,
such as dish
washing liquid, bathroom
cleaning liquid, fabric
softener, detergents, fabric
liquid washing, cleaning powder for
medical instrument |
|
|
|
|
No. of Employees |
200 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated
|
Source
: CIA |
Company name
SAHAWORAKIT CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 61
MOO 7, T. BORPLUB,
A. MUANG,
NAKORNPATHOM 73000,
THAILAND
TELEPHONE : [66] 34
973-345, 34 973-205-6
FAX :
[66] 34
973-345
E-MAIL
ADDRESS : sahaworakit@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0735535001833
TAX
ID NO. : 3701011160
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : SUB-LT. NIBHON PADERMPRACH, THAI
MANAGING DIRECTOR
AND FACTORY MANAGER
NO.
OF STAFF : 200
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
CONTRACT MANUFACTURER
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 August 31, 1992
as a private
limited company under the
registered name SAHAWORAKIT
CO., LTD., by
Thai group, the Padermprach family,
with the business
objective to provide
manufacturing service various
kinds of industrial
chemicals. It currently
employs approximately 200
staff.
The
subject’s registered address
was initially at
127 Moo 3,
T. Huayphra, A. Dontoom, Nakornpathom
73150.
On
January 17, 2001,
the subject’s registered
address was relocated
to 61 Moo
7, T. Borplub, A. Muang,
Nakornpathom 73000, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Sub-Lt. Nibhon Padermprach |
[x] |
Thai |
70 |
|
Mr. Vitoon Padermprach |
|
Thai |
59 |
|
Mr. Prasobkarn Padermprach |
|
Thai |
58 |
|
Mrs. Areewan Padermprach |
|
Thai |
63 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Sub-Lt. Nibhon Padermprach is
the Managing Director
and Factory Manager.
He is Thai
nationality with the
age of 70 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service of
textile chemicals, specialized
in textile auxiliary,
as well as
cleaning chemical for consumer products,
such as dish
washing liquid, bathroom
cleaning liquid, fabric
softener, detergents, fabric
liquid washing, cleaning powder
for medical instrument
and etc., according
to customer’s orders.
PURCHASE
Most of raw
material are purchased
from local suppliers,
the rest is
imported from Taiwan
and Republic of
China.
SALES
100% of the
products is sold
and serviced locally
by wholesale to
manufacturers and traders.
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 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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Nakornpathom Branch,
58 Taharnbok Road, T. Phrapathomjaedi, A. Muang,
Nakornpathom]
EMPLOYMENT
The
subject employs approximately
200 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in provincial.
Factory
and warehouse are
located at 607
Soi Petchkasem 69,
Petchkasem Road,
T. Laksong,
A. Bangkae, Bangkok 10160.
Tel :
[66] 2421-1524, 2421-1076
Fax : [66]
2421-1947
COMMENT
The
subject was formed in
1992 as a
contract manufacturing of industrial
chemicals and for
textile and consumer
industries. The products
are mainly supplied
to industrial and
general users.
Stumble
growth of its
business in 2014
would result by
weak private consumption
and industrial expansion.
FINANCIAL INFORMATION
The capital was registered at
Bht. 5,000,000 divided into 5,000
shares of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sub-Lt. Nibhon Padermprach Nationality: Thai Address : 465
Soi Petchkasem 69,
Laksong,
Bangkae, Bangkok |
1,500 |
30.00 |
|
Mr. Prasobkarn Padermprach Nationality: Thai Address : 26
Moo 6, T. Huayphra, A. Muang,
Nakornpathom |
1,500 |
30.00 |
|
Mr. Vitoon Padermprach Nationality: Thai Address : 607
Soi Petchkasem 69,
Laksong,
Bangkae, Bangkok |
1,500 |
30.00 |
|
Mrs. Areewan Padermprach Nationality: Thai Address : 423
Soi Petchkasem 69,
Laksong,
Bangkae, Bangkok |
500 |
10.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
5,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
5,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Anan Srisawat No. 0387
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,273,285.54 |
1,386,317.22 |
512,423.44 |
|
Trade Accounts &
Other Receivable |
35,258,341.94 |
33,847,858.08 |
31,911,984.59 |
|
Inventories |
18,753,587.05 |
20,354,695.75 |
21,560,795.72 |
|
Short-term Loans |
3,480,000.00 |
2,200,000.00 |
- |
|
Other Current Assets
|
262,309.64 |
65,704.88 |
14,619.19 |
|
|
|
|
|
|
Total Current Assets
|
60,027,524.17 |
57,854,575.93 |
53,999,822.94 |
|
|
|
|
|
|
Fixed Assets |
13,422,127.46 |
17,562,480.11 |
22,729,419.03 |
|
Other Non – current Assets |
65,522.00 |
65,522.00 |
65,522.00 |
|
Total Assets |
73,515,173.63 |
75,482,578.04 |
76,794,763.97 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loans from Financial Institutions |
- |
- |
4,015,185.30 |
|
Trade Accounts & Other
Payable |
19,771,192.83 |
24,268,294.67 |
21,925,504.65 |
|
Current Portion of
Financial Lease Liabilities |
608,767.62 |
1,061,038.76 |
621,038.32 |
|
Accrued Income Tax |
1,026,703.53 |
1,041,935.70 |
1,499,037.57 |
|
Other Current Liabilities |
286,601.07 |
158,868.66 |
225,978.06 |
|
|
|
|
|
|
Total Current Liabilities |
21,693,265.05 |
26,530,137.79 |
28,286,743.90 |
|
|
|
|
|
|
Financial Lease Liabilities |
- |
- |
1,101,603.98 |
|
Total Liabilities |
21,693,265.05 |
26,530,137.79 |
29,388,347.88 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 5,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
46,821,908.58 |
43,952,440.25 |
42,406,416.09 |
|
Total Shareholders' Equity |
51,821,908.58 |
48,952,440.25 |
47,406,416.09 |
|
Total Liabilities & Shareholders' Equity |
73,515,173.63 |
75,482,578.04 |
76,794,763.97 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
88,879,472.03 |
96,620,037.87 |
93,599,953.35 |
|
Other Income |
98,628.82 |
99,405.73 |
149,388.83 |
|
Total Revenues |
88,978,100.85 |
96,719,443.60 |
93,749,342.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
77,809,424.09 |
85,998,304.24 |
80,268,756.37 |
|
Selling Expenses |
712,068.48 |
1,268,405.53 |
1,268,405.53 |
|
Administrative Expenses |
5,537,158.82 |
5,579,229.27 |
3,693,419.52 |
|
Total Expenses |
84,058,651.39 |
92,845,939.04 |
85,230,581.42 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
4,919,449.46 |
3,873,504.56 |
8,518,760.76 |
|
Financial Costs |
[100,277.60] |
[204,544.70] |
[204,703.15] |
|
Profit / [Loss] before Income
Tax |
4,819,171.86 |
3,668,959.86 |
8,314,057.61 |
|
Income Tax |
[1,949,703.53] |
[2,122,935.70] |
[2,666,537.57] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,869,468.33 |
1,546,024.16 |
5,647,520.04 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.77 |
2.18 |
1.91 |
|
QUICK RATIO |
TIMES |
1.73 |
1.33 |
1.15 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.62 |
5.50 |
4.12 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.21 |
1.28 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
87.97 |
86.39 |
98.04 |
|
INVENTORY TURNOVER |
TIMES |
4.15 |
4.22 |
3.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
144.79 |
127.87 |
124.44 |
|
RECEIVABLES TURNOVER |
TIMES |
2.52 |
2.85 |
2.93 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
92.75 |
103.00 |
99.70 |
|
CASH CONVERSION CYCLE |
DAYS |
140.02 |
111.26 |
122.78 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.54 |
89.01 |
85.76 |
|
SELLING & ADMINISTRATION |
% |
7.03 |
7.09 |
5.30 |
|
INTEREST |
% |
0.11 |
0.21 |
0.22 |
|
GROSS PROFIT MARGIN |
% |
12.57 |
11.10 |
14.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.53 |
4.01 |
9.10 |
|
NET PROFIT MARGIN |
% |
3.23 |
1.60 |
6.03 |
|
RETURN ON EQUITY |
% |
5.54 |
3.16 |
11.91 |
|
RETURN ON ASSET |
% |
3.90 |
2.05 |
7.35 |
|
EARNING PER SHARE |
BAHT |
573.89 |
309.20 |
1,129.50 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.35 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.54 |
0.62 |
|
TIME INTEREST EARNED |
TIMES |
49.06 |
18.94 |
41.62 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.01) |
3.23 |
|
|
OPERATING PROFIT |
% |
27.00 |
(54.53) |
|
|
NET PROFIT |
% |
85.60 |
(72.62) |
|
|
FIXED ASSETS |
% |
(23.57) |
(22.73) |
|
|
TOTAL ASSETS |
% |
(2.61) |
(1.71) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -8.01%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.57 |
Deteriorated |
Industrial
Average |
52.22 |
|
Net Profit Margin |
3.23 |
Acceptable |
Industrial
Average |
4.90 |
|
Return on Assets |
3.90 |
Satisfactory |
Industrial
Average |
4.28 |
|
Return on Equity |
5.54 |
Satisfactory |
Industrial
Average |
7.28 |
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 12.57%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 3.23%.
When compared with the industry average, the ratio of the company was lower.
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 3.9%.
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 5.54%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.77 |
Impressive |
Industrial
Average |
2.12 |
|
Quick Ratio |
1.73 |
|
|
|
|
Cash Conversion Cycle |
140.02 |
|
|
|
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 2.77 times in 2013, increased from 2.18 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 1.73 times in 2013,
increased from 1.33 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 141 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
0.88 |
|
Times Interest Earned |
49.06 |
Impressive |
Industrial
Average |
- |
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 49.06 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 0.3 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.62 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.21 |
Impressive |
Industrial
Average |
1.16 |
|
Inventory Conversion Period |
87.97 |
|
|
|
|
Inventory Turnover |
4.15 |
Acceptable |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
144.79 |
|
|
|
|
Receivables Turnover |
2.52 |
Deteriorated |
Industrial
Average |
6.11 |
|
Payables Conversion Period |
92.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.52 and
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 86 days at the
end of 2012 to 88 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.22 times in year 2012 to 4.15 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.21 times and 1.28
times in 2013 and 2012 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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.