MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NCL
AGENCIES [THAILAND] CO., LTD. |
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Registered Office : |
56/9
Soi Taksin 12/1,
Taksin Road, Bukkalo, Thonburi,
Bangkok 10600 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.04.1994 |
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Com. Reg. No.: |
0105537041811 [Former : 951/2537] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged
in providing an
international sea and
air freight forwarding, shipping and logistics
services |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
NCL AGENCIES
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 56/9 SOI TAKSIN 12/1,
TAKSIN ROAD,
BUKKALO,
THONBURI, BANGKOK 10600
TELEPHONE : [66] 2890-5607-8
FAX : [66]
2890-5604
E-MAIL ADDRESS : admin@nclthailand.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537041811 [Former : 951/2537]
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. KITTI PHUATHAVORNSKUL, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 90
LINES OF
BUSINESS : FREIGHT FORWARDING,
SHIPPING AND
LOGISTICS
SERVICES
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 April 7,
1994 as a
private limited company under the registered name
style NCL AGENCIES
[THAILAND] CO., LTD.,
by Thai groups, with the business objective
to provide international freight shipping, forwarding
and logistics services.
It currently employs
approximately 90 staff.
The
subject’s registered address
is 56/9 Soi
Taksin 12/1, Taksin
Rd., Bukkalo, Thonburi,
Bangkok 10600, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Ms. Maneerat
Ritthilertsap |
[x] |
Thai |
44 |
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Mr. Kitti
Phuathavornskul |
[x] |
Thai |
38 |
|
Ms. Sarinthip
Upairusmee |
|
Thai |
38 |
|
Mr. Wanthewan
Techamorakot |
|
Thai |
38 |
AUTHORIZED PERSON
One
of the
mentioned directors [x]
can sign or
two of the rest directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kitti
Phuathavornskul is the Managing Director.
He is
Thai nationality with
the age of
38 years old.
Ms. Maneerat Ritthilertsap is the Deputy Managing
Director.
She is
Thai nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject is engaged in providing an international sea and air freight forwarding, shipping and logistics services. The services include console box, container line, break bulk, project cargo, local trucking and customs brokerage, door-to-door and inland, railroad and etc., mainly for Thai exporters and importers, as well as oversea customers in Asia and European countries.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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 for the
past two years.
CREDIT
Services are
by cash or
on the credits term of
30-60 days, as
well as T/T
for oversea customers.
Local bills
are paid by
cash or on
the credits term
of 30 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 90 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject had done
a good business during the past
1-2 years from increasing
freight forwarding and
spurring sales by
exporters. However, the
business is relatively
slowdown from last year’s
level due to
declining consumption in
world market because
of higher fuel
prices.
FINANCIAL INFORMATION
The
capital was initially registered at Bht. 2,000,000 divided into 20,000 shares
of Bht. 100
each.
On
June 19, 2001,
the capital was
increased to Bht. 4,000,000 divided into 40,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Kitti
Phuathavornskul Nationality: Thai Address :
496/12 Rama 4
Rd., Mahaprutharam, Bangrak, Bangkok |
19,998 |
49.95 |
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Ms. Maneerat Ritthilertsap Nationality: Thai Address :
56/9 Taksin Rd.,
Bukkalo, Thonburi, Bangkok |
19,997 |
49.95 |
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Ms. Pinrak Prasitthisirikul Nationality: Thai Address :
1520/6 Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
1 |
0.02 |
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Mr. Songpol Promlipanakul Nationality: Thai Address :
2007/161 Prachasongkroh Rd.,
Huaykwang, Bangkok |
1 |
0.02 |
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Mr. Rangsan Mitrphanpanich Nationality: Thai Address :
402/2 Charoenkrung Rd.,
Yannawa, Sathorn,
Bangkok |
1 |
0.02 |
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Ms. Niramol Wongrujiravanich Nationality: Thai Address :
170/4 Mahaprutharam Rd.,
Bangrak, Bangkok |
1 |
0.02 |
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Mr. Somnuek Vorasaknukul Nationality: Thai Address :
40/476 Sukhapibal 1
Rd., Klongkum, Buengkum, Bangkok |
1 |
0.02 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Chuangchote Chotesorayuth No. 0639
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in
hand & at
Bank |
15,951,963.66 |
17,262,770.87 |
|
Trade Accts.
& Notes Receivable [note
1] |
40,793,677.64 |
39,601,833.34 |
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Other Current
Assets |
4,344,753.15 |
1,943,426.43 |
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Total
Current Assets |
61,090,394.45 |
58,808,030.64 |
|
Loan to
Director |
- |
23,000,000.00 |
|
Fixed
Assets [note 2] |
12,826,068.44 |
10,743,300.62 |
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Other
Assets |
435,546.32 |
2,248,983.55 |
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Total
Assets |
74,352,009.21 |
94,800,314.81 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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|
|
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Bank Overdraft |
2,438,453.84 |
7,883,493.57 |
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Trade Accts.
& Notes Payable |
24,126,911.26 |
14,615,202.24 |
|
Current Portion of Hire-Purchase Payable |
1,854,835.45 |
1,569,430.07 |
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Other Current
Liabilities [note 3] |
9,063,073.23 |
30,118,545.56 |
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Total Current Liabilities |
37,483,273.78 |
54,186,671.44 |
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Loan from
Director |
18,300,000.00 |
9,800,000.00 |
|
Loan from
Other Person & Related Company |
- |
27,000,000.00 |
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Loan from
Financial Institute |
11,960,000.00 |
- |
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Hire-Purchase Payable
Net of Current Portion |
2,931,891.81 |
1,431,011.23 |
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Other Liabilities |
- |
92,875.00 |
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Total
Liabilities |
70,675,165.59 |
92,510,557.67 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 40,000
shares |
4,000,000.00 |
4,000,000.00 |
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Capital Paid |
4,000,000.00 |
4,000,000.00 |
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Retained Earning - Unappropriated |
[323,156.38] |
[1,710,242.86] |
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Total Shareholders' Equity |
3,676,843.62 |
2,289,757.14 |
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Total Liabilities &
Shareholders' Equity |
74,352,009.21 |
94,800,314.81 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
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Sales & Services |
450,584,574.05 |
333,163,801.86 |
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Other Income |
720,626.53 |
952,038.27 |
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Total
Revenues |
451,305,200.58 |
334,115,840.13 |
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Expenses |
|
|
|
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Cost of
Goods Sold & Services |
390,201,556.67 |
290,134,850.55 |
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Selling &
Administrative Expenses |
57,016,638.88 |
38,707,877.91 |
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Total Expenses
|
447,218,195.55 |
328,842,728.46 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
4,087,005.03 |
5,273,111.67 |
|
Interest Expenses |
[1,993,745.90] |
[1,842,514.51] |
|
Income Tax |
[1,486,886.92] |
[1,142,580.60] |
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Net
Profit / [Loss] |
606,372.21 |
2,288,016.56 |
FINANCIAL NOTE
NOTE
1 Trade Accts. & Notes Receivable
|
|
2005 |
2004 |
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Trade Accts. Receivable |
39,151,784.68 |
39,693,165.59 |
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Less:
Allowance for Doubtful
Account |
- |
[91,332.25] |
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|
39,151,784.68 |
37,356,784.88 |
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Notes Receivable |
1,637,462.05 |
2,245,048.46 |
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Other |
4,430.91 |
- |
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Total |
40,793,677.64 |
39,601,833.34 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
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Office Automation |
8,187,625.26 |
7,397,930.06 |
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Computer
& Equipment |
3,337,080.99 |
3,557,027.86 |
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Programme System |
628,500.00 |
628,500.00 |
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Office Furniture & Equipment |
432,360.59 |
416,141.77 |
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Vehicle
|
17,782,273.97 |
12,185,000.00 |
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Total |
30,367,840.81 |
24,184,599.69 |
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Less:
Depreciation |
[17,541,772.37] |
[13,441,299.07] |
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Total |
12,826,068.44 |
10,743,300.62 |
NOTE
3 Other Current
Liabilities
|
|
2005 |
2004 |
|
|
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|
Postdated Cheque |
2,029,887.59 |
21,865,122.96 |
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Accrued Interest |
- |
11,475.41 |
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Accrued Expenses |
753,299.55 |
2,844,331.52 |
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Other |
6,279,886.09 |
5,397,615.67 |
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Total |
9,063,073.23 |
30,118,545.56 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
35.24 |
|
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Operating |
[42.69] |
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Net Profit |
[73.50] |
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|
Fixed Assets |
19.39 |
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Total Assets |
[21.57] |
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Profitability |
|
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Cost of
Goods Sold |
86.60 |
87.08 |
|
Operating Profit
Margin |
0.91 |
1.58 |
|
S&A expenses |
12.65 |
11.62 |
|
Interest |
0.44 |
0.55 |
|
Other Revenues |
0.16 |
0.29 |
|
Net Profit
Margin |
0.13 |
0.69 |
|
Earning Per
Shares |
15.16 |
57.20 |
|
No. of
Shares |
40,000 |
40,000 |
Net Sales was
increased by 35.24%,
Operating Profit was
decreased by 42.69%,
Net Profit was decreased by 73.50%,
Fixed Assets was
increased by 19.39%,
Total Assets was
decreased by 21.57%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
87.08% to 86.60%,
Operating Profit Margin
was decreased from
1.58% to 0.91%,
S & A
Expenses were increased
from 11.62% to
12.65%, Interest Paid
was decreased from
0.55% to 0.44%,
Other Revenues was
decreased from 0.29%
to 0.16%, Net
Profit Margin was
decreased from 0.69%
to 0.13%.
Earning Per
Shares was decreased
from 57.20 baht
per share to
15.16 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.63 |
1.09 |
|
Quick
- assets ratio |
1.51 |
1.05 |
Current Ratio
was increased from
1.09 to 1.63,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.05 to 1.51,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
19.22 |
40.40 |
|
Times Interest
Earned |
2.05 |
2.86 |
D/E Ratio was
decreased from 40.40
to 19.22, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was decreased
from 2.86 to
2.05, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
35.13 |
31.01 |
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Total Assets
Turnover |
6.06 |
3.51 |
|
Return on
Assets |
0.82 |
2.41 |
|
Return on
Equity |
16.49 |
99.92 |
|
Day’s Payable |
19.28 |
15.79 |
|
Days’ Receivables |
32.59 |
42.79 |
Fixed Assets Turnover
was increased from
31.01 times to
35.13 times, Total
Assets Turnover was
increased from 3.51
times to 6.06
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 2.41 to
0.82, Return on
Equity was decreased
from 99.92 to
16.49, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was increased from
16 days to
20 days, while
Day’s Receivables was
decreased from 43
days to 33
days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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