MIRA INFORM REPORT
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Report No. : |
354364 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SANITRONGREANG LIMITED PARTNERSHIP |
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Registered Office : |
30/3 MOO
10, T. Klongkwang, A. Sainoi, Nonthaburi 11150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
2005 |
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Com. Reg. No.: |
0123548000745 |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
The subject is
engaged in distributing various
kinds of agricultural products
such as chili,
pepper, shallots, onion,
garlic, bean and
others. |
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No. of Employee : |
5 |
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 : |
Slow but correct |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
SANITRONGREANG LIMITED
PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 30/3
MOO 10, T. KLONGKWANG, A. SAINOI,
NONTHABURI 11150,
THAILAND
TELEPHONE : [66] 2921-9698-9
FAX :
[66] 2921-9698
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0123548000745
TAX
ID NO. : 3031684065
CAPITAL REGISTERED : BHT. 500,000
CAPITAL PAID-UP : BHT.
500,000
PARTNER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR.
SANIT CHANTREE, THAI
MANAGING PARTNER
NO.
OF STAFF : 5
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
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 January 28,
2005 as a
limited partnership under the
registered name SANITRONGREANG LIMITED
PARTNERSHIP by Thai
partners, with the
business objective to
distribute various kinds
of agricultural products.
It currently employs
5 staff.
The
subject’s registered address
is 30/3 Moo
10, T. Klongkwang, A. Sainoi,
Nonthaburi 11150, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Sanit Chantree signs
on behalf of
the subject with
seal affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Sanit Chantree is
the Managing Partner.
He is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
agricultural products such
as chili, pepper,
shallots, onion, garlic,
bean and others.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100%
of the products
is sold locally
by wholesale to
end-users mainly in
processed food industry.
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 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in provincial.
COMMENT
The
subject is a
distributor of agricultural products
to domestic market.
In 2014 drought
in the country
together with cheap products
from China flooding
into local market,
these factors have
a significant impact on
Thai products and
distributors.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
which was carried by 3 persons
as followed:
Name Age Amount
Mr. Sanit Chantree 46 Bht.
300,000 [unlimited partner]
Address : 30/3 Moo
10, T. Klongkwang,
A. Sainoi,
Nonthaburi
Mrs. Chamnan Chantree 47 Bht.
100,000
Address : 30/3 Moo
10, T. Klongkwang,
A. Sainoi, Nonthaburi
Ms. Araya Chantree 26 Bht.
100,000
Address : 30/3 Moo
10, T. Klongkwang,
A. Sainoi, Nonthaburi
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suthep Trakulviriya No.
7183
Financials
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
62,338.14 |
38,539.40 |
39,511.51 |
|
Inventories |
237,162.90 |
1,691,549.37 |
4,836,407.76 |
|
Other Current Assets
|
66,171.23 |
7,889.59 |
- |
|
|
|
|
|
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Total Current Assets
|
365,672.27 |
1,737,978.36 |
4,875,919.27 |
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|
|
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Long-term Loans |
4,120,000.00 |
2,720,000.00 |
- |
|
Fixed Assets |
2.00 |
2.00 |
2.00 |
|
Other Non-current Assets
|
186,000.00 |
186,000.00 |
186,000.00 |
|
Total Assets |
4,671,674.27 |
4,643,980.36 |
5,061,921.27 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Other Current Liabilities |
81,305.46 |
71,892.50 |
106,594.27 |
|
|
|
|
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Total Current Liabilities |
81,305.46 |
71,892.50 |
106,594.27 |
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|
|
|
|
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Long-term Loans |
- |
- |
540,000.00 |
|
Total Liabilities |
81,305.46 |
71,892.50 |
646,594.27 |
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|
|
|
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Shareholders' Equity |
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|
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|
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Capital Paid |
500,000.00 |
500,000.00 |
500,000.00 |
|
Retained Earning Unappropriated |
4,090,368.81 |
4,072,087.86 |
3,915,327.00 |
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Total Shareholders' Equity |
4,590,368.81 |
4,572,087.86 |
4,415,327.00 |
|
Total Liabilities & Shareholders' Equity |
4,671,674.27 |
4,643,980.36 |
5,061,921.27 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
6,862,185.00 |
12,997,680.00 |
17,364,135.00 |
|
Other Income |
66,171.23 |
70,785.22 |
- |
|
Total Revenues |
6,928,356.23 |
13,068,465.22 |
17,364,135.00 |
|
Expenses |
|
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Cost of Goods
Sold |
5,697,031.00 |
10,717,439.82 |
14,411,554.20 |
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Selling Expenses |
186,300.00 |
300,600.00 |
336,180.00 |
|
Administrative Expenses |
989,988.82 |
1,828,942.04 |
2,217,578.81 |
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Total Expenses |
6,873,319.82 |
12,846,981.86 |
16,965,313.01 |
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Profit before Income
Tax |
55,036.41 |
221,483.36 |
398,821.99 |
|
Income Tax |
[36,755.46] |
[64,722.50] |
[93,259.27] |
|
Net Profit / [Loss] |
18,280.95 |
156,760.86 |
305,562.72 |
|
Retained Earning,
Beginning of Year |
4,072,087.86 |
3,915,327.00 |
3,609,764.28 |
|
|
|
|
|
|
Retained Earning, End of
Year |
4,090,368.81 |
4,072,087.86 |
3,915,327.00 |
SANITRONGREANG
LIMITED PARTNERSHIP
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
4.50 |
24.17 |
45.74 |
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QUICK RATIO |
TIMES |
0.77 |
0.54 |
0.37 |
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ACTIVITY RATIO |
|
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|
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FIXED ASSETS TURNOVER |
TIMES |
3,431,092.50 |
6,498,840.00 |
8,682,067.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.47 |
2.80 |
3.43 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
15.19 |
57.61 |
122.49 |
|
INVENTORY TURNOVER |
TIMES |
24.02 |
6.34 |
2.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
15.19 |
57.61 |
122.49 |
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PROFITABILITY
RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
83.02 |
82.46 |
83.00 |
|
SELLING & ADMINISTRATION |
% |
17.14 |
16.38 |
14.71 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
17.94 |
18.09 |
17.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.80 |
1.70 |
2.30 |
|
NET PROFIT MARGIN |
% |
0.27 |
1.21 |
1.76 |
|
RETURN ON EQUITY |
% |
0.40 |
3.43 |
6.92 |
|
RETURN ON ASSET |
% |
0.39 |
3.38 |
6.04 |
|
EARNING PER SHARE |
BAHT |
3.66 |
31.35 |
61.11 |
|
|
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LEVERAGE RATIO |
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|
|
|
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DEBT RATIO |
TIMES |
0.02 |
0.02 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.02 |
0.02 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
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ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(47.20) |
(25.15) |
|
|
OPERATING PROFIT |
% |
(75.15) |
(44.47) |
|
|
NET PROFIT |
% |
(88.34) |
(48.70) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
0.60 |
(8.26) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -47.2%. Turnover has decreased from THB 12,997,680.00
in 2013 to THB 6,862,185.00 in 2014. While net profit has decreased from THB
156,760.86 in 2013 to THB 18,280.95 in 2014. And total assets has increased
from THB 4,643,980.36 in 2013 to THB 4,671,674.27 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.94 |
Acceptable |
Industrial Average |
25.02 |
|
Net Profit Margin |
0.27 |
Acceptable |
Industrial Average |
0.42 |
|
Return on Assets |
0.39 |
Deteriorated |
Industrial Average |
0.89 |
|
Return on Equity |
0.40 |
Deteriorated |
Industrial Average |
3.46 |
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 17.94%. 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 0.27%.
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 0.39%.
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 0.4%.
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 |
4.50 |
Impressive |
Industrial Average |
1.17 |
|
Quick Ratio |
0.77 |
|
|
|
|
Cash Conversion Cycle |
15.19 |
|
|
|
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 4.5 times in 2014, decrease from 24.17 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 0.77 times in 2014,
increase from 0.54 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 16 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial Average |
2.35 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.02 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3,431,092.50 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.47 |
Acceptable |
Industrial Average |
2.12 |
|
Inventory Conversion Period |
15.19 |
|
|
|
|
Inventory Turnover |
24.02 |
Impressive |
Industrial Average |
4.46 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.24 |
|
Payables Conversion Period |
- |
|
|
|
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 decreased from 58 days at the end of 2013 to 15
days at the end of 2014. This represents a positive trend. And Inventory
turnover has increased from 6.34 times in year 2013 to 24.02 times in year
2014.
The company's Total Asset Turnover is calculated as 1.47 times and 2.8
times in 2014 and 2013 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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
THB |
1 |
Rs. 1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
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|
Report Prepared
by : |
ASH |
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.