MIRA
INFORM REPORT
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Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
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Name : |
V.T.C. IMPORT EXPORT LIMITED PARTNERSHIP |
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Registered Office : |
477/4
Rama 4 Road,
Rongmuang, Pathumwan, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0103534021851 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Engaged in exporting
of frozen seafood
products, such as
fish, squid and
other local products. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
V.T.C. IMPORT EXPORT LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 477/4
RAMA 4 ROAD,
RONGMUANG,
PATHUMWAN,
TELEPHONE : [66] 2611-6240-2,
2215-8460
FAX : [66] 2215-4410,
2215-4460
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0103534021851 [Former : 2185/2534]
CAPITAL
REGISTERED : BHT.
2,500,000
CAPITAL
PAID-UP : BHT.
2,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. NAKORN SUDHIYUTH,
THAI
MANAGING PARTNER
NO. OF
STAFF : 15
LINES OF
BUSINESS : FROZEN SEAFOODS
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 29,
1991 as a
limited partnership under
the registered name V.T.C.
IMPORT EXPORT LIMITED
PARTNERSHIP, by Mr. Nakorn
Sudhiyuth, a Thai
who bears full
financial responsibility by
law. Its business
objective is an exporter
various kinds of
frozen seafood products
to customer in
Asia-Pacific countries. It
currently employs 15
staff.
The
subject’s registered address
is 477/4 Rama
4 Rd., Rongmuang,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Nakorn Sudhiyuth can
sign on behalf
of the subject
with seal affixed.
MANAGEMENT
Mr. Nakorn Sudhiyuth
is the Managing
Partner.
He is Thai
nationality with the
age of 31
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
of frozen seafood
products, such as
fish, squid and
other local products.
PURCHASE
100% of the
products is purchased
from local suppliers
and manufacturers.
EXPORT
100% of the
products is exported
to Singapore, Japan
and Republic of
China.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
Barnch
office is located
at 1271 T. Mahachai,
Muang district, Samutsakorn
74000.
Tel. : [66]
34 425-469, Fax. : [66]
34 425-425.
REMARK
CREDIT OF
US$ 15,000,000 AGAINST
D/A TERMS IS
NOT RECOMMENDED AS
IT IS TOO
HIGH.
COMMENT
Thai
exporters of frozen seafood
products remain healthy. The
subject’s sales has
strong growth and
continued expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,500,000
which was carried
by 5 persons
as followed:
Name Age Amount
Mr. Nakorn
Sudhiyuth [31] Bht. 2,000,000
[unlimited partner]
Mr. Sayan
Choorat [41] Bht. 100,000
Ms. Sirinan
Thipcharoen [-] Bht. 100,000
Mr. Narin
Sudhiyuth [-] Bht. 100,000
Mr. Noppol
Sudhiyuth [-] Bht. 100,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Sub.-Lt. Thammarat Sritham
No. 1213
BALANCE SHEET [BAHT]
The 2006 financial
statement has not
yet available during
this current investigation.
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
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23,456.23 |
256,739.06 |
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Inventories |
3,102,692.71 |
3,196,319.88 |
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Deferred Interest |
81,103.60 |
78,853.60 |
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Revenue Department Receivable |
- |
91,681.40 |
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Total Current
Assets |
3,207,252.54 |
3,623,593.94 |
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Advance to Director |
2,100,000.00 |
1,200,000.00 |
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Fixed Assets |
50,134.42 |
84,900.78 |
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Total Assets
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5,357,386.96 |
4,908,494.72 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Other Current Liabilities |
137,537.11 |
89,040.62 |
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Total Current
Liabilities |
137,537.11 |
89,040.62 |
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Total Liabilities |
137,537.11 |
89,040.62 |
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Shareholders'
Equity |
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Capital Paid |
2,500,000.00 |
2,500,000.00 |
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Unappropriated |
2,719,849.85 |
2,319,454.10 |
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Total
Shareholders' Equity |
5,219,849.85 |
4,819,454.10 |
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Total
Liabilities & Shareholders' Equity |
5,357,386.96 |
4,908,494.72 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
84,335,156.64 |
49,230,606.00 |
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Other Income |
26,250.00 |
24,000.00 |
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Total Revenues
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84,361,406.64 |
49,254,606.00 |
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Expenses |
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Cost of Goods
Sold |
80,059,043.27 |
46,677,985.52 |
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Selling & Administrative Expenses |
3,743,837.85 |
1,912,474.91 |
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Total Expenses |
83,802,881.12 |
48,590,460.43 |
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Profit / [Loss] before
Income Tax |
558,525.52 |
664,145.57 |
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Income Tax |
[158,129.77] |
[116,946.70] |
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Net Profit / [Loss] |
400,395.75 |
547,198.87 |
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Retained Earning,
beginning of year |
2,319,454.10 |
1,772,255.23 |
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Retained
Earning, end of
year |
2,719,849.85 |
2,319,454.10 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Net Sales |
71.31 |
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Operating Profit |
[50.91] |
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Net Profit |
[26.83] |
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Fixed Assets |
[40.95] |
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Total Assets |
9.15 |
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Profitability |
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Cost of Good Sold |
94.93 |
94.81 |
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Operating Profit Margin |
0.66 |
1.35 |
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S & A
Expenses |
4.44 |
3.88 |
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Other Revenues |
0.03 |
0.05 |
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Net Profit Margin |
0.47 |
1.11 |
Net Sales was
increased by 71.31%,
Operating Profit was
decreased by 50.91%,
Net Profit was
decreased by 26.83%,
Fixed Assets was
decreased by 40.95%,
Total Assets was
increased by 9.15%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.81%
to 94.93%, Operating
Profit Margin was
decreased from 1.35%
to 0.66%, S
& A Expenses
was increased from
3.88% to 4.44%,
Other Revenues was
decreased from 0.05%
to 0.03%, Net
Profit Margin was
decreased from 1.11%
to 0.47%.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
23.32 |
40.70 |
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Quick-Assets Ratio |
0.17 |
2.88 |
Current Ratio was
decreased from 40.70
to 23.32, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
2.88 to 0.17,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
0.03 |
0.02 |
D/E Ratio was
increased from 0.02
to 0.03, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the company is
low.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
1,682.18 |
579.86 |
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Total Assets Turnover |
15.74 |
10.03 |
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Return on Assets |
7.47 |
11.15 |
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Return on Equity |
7.67 |
11.35 |
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Day’s Inventories |
13.24 |
23.37 |
Fixed Assets Turnover
was increased from
579.86 times to
1,682.18 times, Total
Assets Turnover was
increased from 10.03
times to 15.74
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
11.15 to 7.47,
Return on Equity
was decreased from
11.35 to 7.67,
capacity to use
Assets to make
profit was good.
Day’s Inventories was
decreased from 24
days to 14 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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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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%)