MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
VET SUPERIOR CONSULTANT CO., LTD. |
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Registered Office : |
267/20-21 Soi Thaweewatana, Sathupradit 15
Road, Chongnonsee, Yannawa,
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534039930 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor
of animal health,
hatchery and farm
products |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
VET SUPERIOR CONSULTANT CO., LTD.
SUMMARY
BUSINESS ADDRESS : 267/20-21 SOI
THAWEEWATANA,
SATHUPRADIT 15
ROAD, CHONGNONSEE,
YANNAWA,
TELEPHONE : [66] 2285-5506,
2286-8671, 2678-3693-4
FAX : [66] 2678-9039,
2285-5475, 2678-5500
E-MAIL ADDRESS : vscoltd@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534039930 [Former : 3993/2534]
CAPITAL
REGISTERED : BHT.
1,000,000
CAPITAL
PAID-UP : BHT.
1,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR.
WINAI CHOTTIENCHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 18
LINES OF
BUSINESS : ANIMAL HEALTH
PRODUCTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on April
30, 1991 as
a private limited
company under the name style VET
SUPERIOR CONSULTANT CO., LTD. by Dr.
Vinai Chottienchai and
Thai partners in order to
distribute animal health
products for livestock
industry. It currently
employs 18 staff.
Its products has
been received the
international standard ISO 9002
and GMP certification.
The subject’s registered
address was initially
located at 2092/10
Chan Rd., Chongnonsee,
Yannawa, Bangkok 10120.
On April 2,
1997, the registered
address was relocated
to 267/20-21 Sathupradit
15 Rd., Chongnonsee,
Yannawa, Bangkok 10120
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Dr. Winai Chottienchai
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Dr. Winai
Chottienchai is the
Managing Director.
He is Thai
nationality with the
age of 47
years old. He
is also a
Veterinarian.
BUSINESS OPERATIONS
The subject activities
are importer and distributor of
animal health, hatchery
and farm products
for livestock including
biological products, animal
feed, feed additive,
premixes, supplements, enzymes,
superior organic mineral
complexes, herbs and
AI products. It is
also a leading supplier
of antibiotics, disinfectants, liquid
vitamins & etc.
from a GMP
and ISO certified
pharmaceutical company. Subject
also provide consulting
service for animal
production and health.
PURCHASE
Its products are purchased
from suppliers both
domestic and overseas
countries in United States of America, Germany, United Kingdom, France,
Taiwan, India and
Singapore.
SALES [LOCAL]
Its products are
sold locally to
end-users and dealers.
RELATED COMPANY
Vet Superior
Aquaculture Co., Ltd.
Business Type : Manufacturer &
distributor of aquaculture
products
Address : 267/20-21 Sathupradit
15 Rd., Chongnonsee,
Yannawa,
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
and T/T on
negotiated term.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit
with given at
30-60 days. There
is no problem
on its account
receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
18 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located
in commercial/residential area.
REMARK
CREDIT OF US$
15,000,000 AGAINST D/A
TERMS IS NOT
RECOMMENDED.
COMMENT
The subject operates a potential business which has steadily grown driven
by demand of
such products derived
from expansion of country’s
agricultural industry.
The subject retains
its good business,
which providing new
farming technology to
farmers in order
to get higher
efficient production and capability for
global competition.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Dr. Winai
Chottienchai Nationality: Thai Address : 198 Chula
Soi 5, Rama
4 Rd., Wangmai, Pathumwan, |
9,400 |
94.00 |
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Mr. Taweesak
Charoenwongsak Nationality: Thai Address : 6 Soi
Inthamara 39, Dindaeng,
Huaykwang, |
100 |
1.00 |
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Mrs. Supranee Charoenwongsak Nationality: Thai Address : 6 Soi
Inthamara 39, Dindaeng, Huaykwang,
|
100 |
1.00 |
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Mr. Eiam Charoenwongsak Nationality: Thai Address : |
100 |
1.00 |
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Mrs. Punnee Charoenwongsak Nationality: Thai Address : |
100 |
1.00 |
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Mr. Torsak Charoenwongsak Nationality: Thai Address : |
100 |
1.00 |
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Mrs. Siriporn
Chottienchai Nationality: Thai Address : |
100 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Supawadee Saeng-aroon
No. 6220
BALANCE SHEET
[BAHT]
The
latest financial figures published
for December 31,
2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
117,052.83 |
166,417.90 |
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Trade Accts. Receivable |
6,445,323.20 |
7,562,296.35 |
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Short Term Loan
to Related Company |
- |
160,000.00 |
|
Inventories |
29,517,003.26 |
22,901,161.29 |
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Other Current Assets
|
- |
275,665.00 |
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Total Current
Assets |
36,079,379.29 |
31,065,540.54 |
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Fixed Assets |
62,287,540.36 |
25,659,952.05 |
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Total Assets
|
98,366,919.65 |
56,725,492.59 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft from
Financial Institute |
796,422.08 |
2,143.58 |
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Trade Accts. & Notes
Payable |
17,912,664.94 |
5,168,914.09 |
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Other Current Liabilities |
4,343,138.72 |
475,403.02 |
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Total Current
Liabilities |
23,052,225.74 |
5,646,460.69 |
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Long Term Loan
from Related Person |
72,200,000.00 |
51,190,000.00 |
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Long Term Loan
from Financial Institute |
7,300,000.00 |
- |
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Total Liabilities |
102,552,225.74 |
56,836,460.69 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
[5,185,306.09] |
[1,110,968.10] |
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Total
Shareholders' Equity |
[4,185,306.09] |
[110,968.10] |
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Total Liabilities &
Shareholders' Equity |
98,366,919.65 |
56,725,492.59 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
54,031,534.27 |
32,000,528.49 |
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Other Income |
298,650.14 |
38,747.67 |
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Total Revenues
|
54,330,184.41 |
32,039,276.16 |
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Expenses |
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Cost of Goods
Sold |
49,238,206.43 |
27,869,001.90 |
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Selling & Administrative Expenses |
6,113,586.40 |
4,964,815.60 |
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Total Expenses |
55,351,792.83 |
32,833,817.50 |
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Profit / [Loss] Before Interest
Expenses |
[1,021,608.42] |
[794,541.34] |
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Interest Expenses |
[3,052,729.57] |
[1,785.69] |
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Net Profit / [Loss] |
[4,074,337.99] |
[796,327.03] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
68.85 |
|
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Operating Profit |
[23.85] |
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Net Profit |
[411.64] |
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Fixed Assets |
142.74 |
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Total Assets |
73.41 |
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Profitability |
|
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Cost of Good
Sold |
91.13 |
87.09 |
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Operating Profit Margin |
[1.89] |
[2.48] |
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S & A
Expenses |
11.31 |
15.51 |
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Interest Paid |
5.65 |
0.01 |
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Other Revenues |
0.55 |
0.12 |
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Net Profit Margin |
[7.54] |
[2.49] |
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Earning Per Shares |
[407.43] |
[79.63] |
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No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 68.85%,
Operating Profit was
decreased by 23.85%,
Net Profit was
decreased by 411.64%,
Fixed Assets was
increased by 142.74%,
Total Assets was
increased by 73.41%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.09%
to 91.13%, Operating
Profit Margin was
increased from -2.48%
to -1.89%, S
& A Expenses
was decreased from
15.51% to 11.31%,
Interest Paid was increased
from 0.01% to
5.65%, Other Revenues
was increased from
0.12% to 0.55%,
Net Profit Margin
was decreased from
-2.49% to -7.54%,
Earning Per Shares
was decreased from
-79.63 baht per
share to-407.43 baht
per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.57 |
5.50 |
|
Quick-Assets Ratio |
0.28 |
1.40 |
Current Ratio was
decreased from 5.50
to 1.57, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.40 to 0.28,
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 |
[24.50] |
[512.19] |
|
Times Interest Earned |
[0.33] |
[444.95] |
D/E Ratio was
increased from -512.19
to -24.50, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
-444.95 to -0.33, capacity
to pay interest
paid was not
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.87 |
1.25 |
|
Total Assets Turnover |
0.55 |
0.56 |
|
Return on Assets |
[4.14] |
[1.40] |
|
Return on Equity |
[97.35] |
[717.62] |
|
Day's Payable |
119.35 |
58.15 |
|
Day’s Inventories |
196.67 |
257.63 |
|
Day’s Receivables |
42.94 |
85.07 |
Fixed Assets Turnover
was decreased from 1.25 times
to 0.87 times,
Total Assets Turnover
was decreased from
0.56 times to
0.55 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from -1.40
to -4.14, Return
on Equity was
increased from -717.62
to -97.35, capacity
to use Assets
to make profit
was not good.
Day's Payable was
increased from 59
days to 120
days, while Day’s
Inventories was decreased
from 258 days
to 197 days,
and Day’s Receivables
was decreased from
86 days to
43 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 |
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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. |
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 |
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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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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%)