MIRA
INFORM REPORT
|
Report Date : |
07.08.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FIRE VICTOR LTD. |
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Registered Office : |
19/20-22
Rama 9 Road,
Bangkapi, Huaykwang, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544042844 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing of
fire protection system
and equipment particularly for fire extinguishers and related products. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
FIRE VICTOR LTD.
SUMMARY
BUSINESS ADDRESS : 19/20-22 RAMA 9 ROAD,
BANGKAPI,
HUAYKWANG,
TELEPHONE : [66] 2203-0357-60
FAX : [66] 2203-0245
E-MAIL ADDRESS : market@harn.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544042844 [Former : [2]646/2544]
CAPITAL
REGISTERED : BHT. 4,000,000
CAPITAL
PAID-UP : BHT. 4,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VIRATH SUKACHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 35
LINES OF
BUSINESS : FIRE
EXTINGUISHERS AND RELATED
EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on May 9,
2001 as a
private limited company under the name style
FIRE VICTOR LTD.,
by Thai groups, with the business objective
to provide products
and service of
fire protection systems
to domestic market.
It has been approved the
standard UL/FM/BS/TIS system
certification for highrise building
and industrial factory.
It currently employs
35 staff.
The
subject’s registered address
is 19/20-22 Rama
9 Rd., Bangkapi, Huaykwang, Bangkok
10320, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Virath Sukachai |
|
Thai |
42 |
|
Mrs. Sirima Eiamsakulrat |
|
Thai |
45 |
|
Mr. Parkpoom Wongpaitoon |
|
Thai |
67 |
|
Mrs. Valeerat Chuaboonchai |
|
Thai |
53 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Virath Sukachai
is the Managing Director.
He is Thai nationality with
the age of
42 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
fire protection system
and equipment particularly for fire extinguishers and related products.
The products are
as follows:
Brand Product
“VICTAULIC” alarm check
valve, deluge trim,
pre-action trim, butterfly
valve, ball
valve, fitting, coupling,
storage, extended
coverage, dry
sprinkler, decorative, etc.
“NIBCO” butterfly valve,
iron body gate
valve, bronze gate
valve
“VALTEC” globe valve,
swing check valve,
silent check valve,
butterfly
valve lug
type
“POTTER ELECTRIC” vane type water-flow alarm
switch
“GUARDIAN” dry chemical
fire extinguisher
“MOYNE-ROBERT” fire hose
reel, fire hose
“BADGER” carbon dioxide
extinguisher, water extinguisher, wheeled fire
extinguisher
“POWHATAN” fire hose
rack, fire department
connection, angle hose
valve
“SPARK” fire hose
reel
“RP” aluminum filter
“RECTICEL” foam filter
“WEISS” pressure gauge,
industrial glass thermometer
“CONAP” threaded balancing
valve, electronic balancing
valve
“SPORLAN” expansion valve,
solenoid valve, discharge
bypass valve,
filter dryer,
sight glass, suction
filters
The subject also provides design
and installation servicing
of extinguisher, air
conditioning & purify,
and sanitary system.
IMPORT
The
products are imported
from United States of America, United Kingdom, Republic of China,
Ireland, Germany, Japan,
and Italy.
MAJOR SUPPLIERS
- Victaulic
Company :
- Nibco
Inc :
- Potter
Electric Signal Company :
- Macron
Safety System [
- Moyne
Roberts :
- Badger
Fire Protection Inc. :
- Weiss
Instruments Inc :
- Chemguard
Inc :
SALES/ SERVICES
The products is
sold and serviced locally to
end-users.
RELATED AND
AFFILIATED COMPANIES
Harn Engineering
Co., Ltd.
Business Type :
Importing & distributing
of industrial engineering
parts.
Q II S Co.,
Ltd.
Business Type :
Distributing of printing
equipment.
Chillmatch Co.,
Ltd.
Business Type : Importing &
distributing of refrigeration equipment.
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 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.
EMPLOYMENT
The
subject employs 35
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at
the heading address.
Premise is located
in commercial area.
COMMENT
While
many firms have
been warned of
lower growth and
profits from the
economic slowdown, growth
in fire protection
system and equipment
market remains on
target.
The
subject is doing
good and stable
business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 3,000,000 on February 21,
2003
Bht. 4,000,000 on July 24,
2006
The
latest registered capital
was increased to
Bht. 4,000,000 divided into
400,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Virath Sukachai Nationality: Thai Address : 194/11
Moo 3,
Klongsampraves, Ladkrabang, |
140,000 |
35.00 |
|
Mrs.
Prayoonsri Charnnarong Nationality: Thai Address : |
53,400 |
13.35 |
|
Jane and
Nijasri Charnnarong Group Nationality: Thai Address : 551
Soi Soonvajai, Bangkapi,
Huaykwang, |
53,300 |
13.32 |
|
Charnnarong Group Nationality: Thai Address : 507
Rama 9 Rd.,
Bangkapi, Bangkapi, Huaykwang, |
53,300 |
13.32 |
|
Mrs.
Nopharat Sukachai Nationality: Thai Address : 673/121
Pattanakarn 30 Rd.,
Suanluang, |
20,000 |
5.00 |
|
Mr.
Parkpoom Wongpaitoon Nationality: Thai Address : 19/1
Rama 9 Rd.,
Bangkapi, Huaykwang, |
9,400 |
2.35 |
|
Mrs.
Valeerat Chuaboonchai Nationality: Thai Address : 105
Pattanakarn 46 Rd.,
Suanluang, |
9,150 |
2.29 |
|
Other Shareholders |
61,450 |
15.37 |
Total Shareholders
60
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Kompakorn Leevorawat
No. 4092
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
128,848.64 |
789,236.72 |
|
Trade Accts. & Notes Receivable |
62,367,159.42 |
53,942,694.07 |
|
Inventories |
80,121,693.00 |
50,509,715.66 |
|
Work under Installation |
521,908.80 |
1,186,700.00 |
|
Deposit |
7,148,247.98 |
215,478.30 |
|
Other Current Assets
|
1,071,023.60 |
319,595.41 |
|
Total Current
Assets |
151,358,881.44 |
106,963,420.17 |
|
|
|
|
|
Fixed Assets |
3,108,109.62 |
1,853,957.84 |
|
Total Assets |
154,466,991.06 |
108,817,378.01 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
918,063.95 |
- |
|
Loan from Financial
Institution - Promissory Notes |
22,111,295.93 |
15,000,000.00 |
|
Trade Accts. Payable |
42,647,720.02 |
41,324,225.68 |
|
Accrued Income Tax |
6,621,541.26 |
2,189,388.96 |
|
Accrued Expenses |
7,546,129.26 |
7,746,392.17 |
|
Other Current Liabilities |
372,396.59 |
189,702.95 |
|
Total Current
Liabilities |
80,217,147.01 |
66,449,709.76 |
|
Loan from Related Company |
35,000,000.00 |
25,050,000.00 |
|
Total Liabilities |
115,217,147.01 |
91,499,709.76 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
|
3,000,000.00 |
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 400,000 shares |
4,000,000.00 |
|
|
Capital Paid |
4,000,000.00 |
3,000,000.00 |
|
Premium on Share
Capital |
5,100,000.00 |
- |
|
Statutory Reserve |
300,000.00 |
300,000.00 |
|
Retained Earning -
Unappropriated |
29,849,844.05 |
14,017,668.25 |
|
Total
Shareholders' Equity |
39,249,844.05 |
17,317,668.25 |
|
Total
Liabilities & Shareholders' Equity |
154,466,991.06 |
108,817,378.01 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services |
249,864,861.00 |
180,053,424.41 |
|
Other Income |
535,503.48 |
84,728.93 |
|
Total Revenues
|
250,400,364.48 |
180,138,153.34 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
180,447,605.02 |
137,489,310.64 |
|
Selling & Administrative Expenses |
36,883,821.76 |
27,153,845.03 |
|
Total Expenses |
217,331,426.78 |
164,643,155.67 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
33,068,937.70 |
15,494,997.67 |
|
Interest Expenses |
[3,745,350.95] |
[1,846,738.30] |
|
Income Tax |
[8,691,410.95] |
[3,922,982.23] |
|
Net Profit / [Loss] |
20,632,175.80 |
9,725,277.14 |
|
Retained Earning,
beginning of year |
14,017,668.25 |
7,481,391.11 |
|
Less: Dividend
Paid |
[4,800,000.00] |
[3,000,000.00] |
|
Statutory Reserve |
- |
[189,000.00] |
|
Retained Earning,
end of year |
29,849,844.05 |
14,017,668.25 |
FINANCIAL NOTE
NOTE 1
Trade Accts. & Notes Receivable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable |
53,471,907.07 |
47,849,946.03 |
|
Notes Receivable |
9,422,054.84 |
6,652,149.33 |
|
Less: Allowance for
Doubtful Account |
[526,802.49] |
[559,401.29] |
|
Total
|
62,367,159.42 |
53,942,694.07 |
NOTE 2
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Inventories |
73,205,539.70 |
45,872,892.73 |
|
Goods in Transit |
9,116,153.30 |
6,136,822.93 |
|
Less: Allowance for
Obsolescent Stock |
[2,200,000.00] |
[1,500,000.00] |
|
Total
|
80,121,693.00 |
50,509,715.66 |
NOTE 3
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Hand Tools |
268,376.35 |
60,979.62 |
|
Office Automation |
75,917.67 |
26,100.57 |
|
Furniture, Fitting |
1,660.00 |
1,500.00 |
|
Computer & Equipment |
724,798.82 |
450,592.90 |
|
Passenger Car |
1,153,000.00 |
1,153,000.00 |
|
Van |
460,067.29 |
- |
|
Assets for Renting |
755,572.42 |
289,514.84 |
|
Assets for Test |
585,040.74 |
318,215.22 |
|
Computer in Transit |
59,200.00 |
- |
|
Total |
4,083,633.29 |
2,299,903.15 |
|
Less: Depreciation |
[975,523.67] |
[445,945.31] |
|
Total
|
3,108,523.67 |
1,853,957.84 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
38.77 |
|
|
Operating Profit |
53.79 |
|
|
Net Profit |
112.15 |
|
|
Fixed Assets |
67.65 |
|
|
Total Assets |
41.95 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
72.22 |
76.36 |
|
Operating Profit Margin |
13.23 |
8.61 |
|
S & A
Expenses |
14.76 |
15.08 |
|
Interest Paid |
1.50 |
1.03 |
|
Other Revenues |
0.21 |
0.05 |
|
Net Profit Margin |
8.26 |
5.40 |
|
Earning Per Shares |
51.58 |
324.18 |
|
No. of Shares |
400,000 |
30,000 |
Net Sales was increased by 38.77%, Operating Profit was increased by 53.79%, Net Profit was increased by 112.15%, Fixed Assets was increased by 67.65%, Total Assets was increased by 41.95%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 76.36%
to 72.22%, Operating
Profit Margin was
increased from 8.61%
to 13.23%, S
& A Expenses
was decreased from
15.08% to 14.76%,
Interest Paid was increased
from 1.03% to
1.50%, Other Revenues
was increased from
0.05% to 0.21%,
Net Profit Margin
was increased from
5.40% to 8.26%.
Earning Per Shares
was decreased from
324.18 baht per
share to 51.58
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.89 |
1.61 |
|
Quick-Assets Ratio |
0.78 |
0.82 |
Current Ratio was
increased from 1.61
to 1.89, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.82 to 0.78,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.94 |
5.28 |
|
Times Interest Earned |
8.83 |
8.39 |
D/E Ratio was
decreased from 5.28
to 2.94, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
8.39 to 8.83,
capacity to pay
interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
80.39 |
97.12 |
|
Total Assets Turnover |
1.62 |
1.65 |
|
Return on Assets |
13.36 |
8.94 |
|
Return on Equity |
52.57 |
56.16 |
|
Day's Payable |
61.45 |
82.62 |
|
Day’s Inventories |
115.44 |
100.99 |
|
Day’s Receivables |
89.86 |
107.85 |
Fixed Assets Turnover
was decreased from
97.12 times to
80.39 times, Total
Assets Turnover was
decreased from 1.65
times to 1.62
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 8.94 to
13.36, Return on
Equity was decreased
from 56.16 to
52.57, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 83
days to 62
days, while Day’s
Inventories was increased
from 101 days
to 116 days, but Day’s
Receivables was decreased
from 108 days
to 90 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)