MIRA
INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIENNA FAR EAST
[1987] CO LTD |
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Registered Office : |
2220/52 Ramkhamhaeng Road, Huamark, Bangkapi, Bangkok 10240, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
0105530042570 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Steels 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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
VIENNA
FAR EAST [1987]
CO LTD
SUMMARY
BUSINESS ADDRESS : 2220/52 RAMKHAMHAENG ROAD, HUAMARK,
BANGKAPI, BANGKOK
10240, THAILAND
TELEPHONE : [66] 2377-0756,
2732-0725-6
FAX : [66] 2375-2695
E-MAIL ADDRESS : info@viennafareast.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530042570 [Former: 4258/2530]
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. KARL REICH STETTER, AUSTRIAN
MANAGING DIRECTOR
NO. OF
STAFF : 17
LINES OF
BUSINESS : STEELS RELATED PRODUCTS
IMPORTER AND
DISTRIBUTOR
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 August 24,
1987 as a
private limited company under the name style
VIENNA FAR EAST
[1987] CO., LTD.,
by Thai and
Austrian groups, in
order to distribute
wide range of
steels related products
to domestic market. It currently employs
17 staff.
The
subject’s registered address
is 2220/52 Ramkhamhaeng Rd., Huamark, Bangkapi,
Bangkok 10240, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Karl Reich Stetter |
|
Austrian |
58 |
|
Ms. Duangdao Thepsutha |
|
Thai |
52 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Karl Reich
Stetter is the Managing Director.
He is Austrian nationality with
the age of
58 years old.
Mrs. Vimala Timpithaya
is the Marketing Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of steels
related products, including
steel belts and
conveyors, circular blade
for cutting paper,
steel tools and
machinery, as well
as maintenance service.
Its products are
supplied to various industries
such as foods,
papers, chemicals, woods,
metal works and
etc.
The subject also
imports and distributes
various kinds of
industrial chemicals, mainly
for foods, papers
and steel industry.
MAJOR BRANDS
“BERNDORF”, “MARTIN MILLER”,
“BOELER MILLER” - Austria.
“BLECHER”, “SBS” -
Germany / Italy
“BSBS” -
Korea
“BBS” -
U.S.A.
“NEC” -
Japan
“U. M. KRESKEDELMI” -
Hungary
“GERDINS” -
Sweden
etc.
IMPORT
Most
of the products are imported
from Austria, Germany,
Italy, Hungary, Sweden, United States of America,
Korea, Taiwan, Republic
of China, India,
Japan and etc.
MAJOR SUPPLIERS
- Berndoft
Bell Systems Ltd. : U.S.A./
Austria
- U. M.
Kereskedelmi : Hungary
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers and end-users.
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
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 17
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Economic uncertainty has
caused to slow
down of some
industries especially for
industrial machinery. The
subject’s sales has
slowly grown in
the past two
years since economic
slowdown in 2006.
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 August 28,
1996
Bht. 4,000,000 on October 15,
1997
The
latest registered 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, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Karl Reich
Stetter Nationality: Austrian Address : 2220/52
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
19,600 |
49.00 |
|
Ms. Pimphan Trathong Nationality: Thai Address : 72/89
Prachachuen Rd., Thasai,
Muang, Nonthaburi |
5,450 |
13.62 |
|
Mr. Suwit Wannapruek Nationality: Thai Address : 348
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok |
5,300 |
13.25 |
|
Ms. Maneerat Itthipongphan Nationality: Thai Address : 88
Chaokamrop Rd., Pomprab,
Bangkok |
3,300 |
8.25 |
|
Mrs.
Sirithorn Sukhumkanchana Nationality: Thai Address : 268
Charoenkrung Rd., Yannawa,
Bangkok |
3,300 |
8.25 |
|
Mr. Supoj Sirikhun Nationality: Thai Address : 305/138
Pichai Rd., Thanon
Nakornchaisri, Dusit, Bangkok |
1,700 |
4.25 |
|
Mr.
Kriengsak Plassin Nationality: Thai Address : 324/47
Banthadthong Rd., Wangmai,
Pathumwan, Bangkok |
1,350 |
3.38 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Jirasap Plodkrathoke No.
5106
BALANCE SHEET [BAHT
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank |
1,905,149.18 |
2,175,818.07 |
|
Trade Accts. Receivable |
6,946,080.31 |
6,388,193.19 |
|
Inventories |
8,754,707.67 |
7,375,168.46 |
|
Other Current Assets
|
1,007,911.17 |
406,105.25 |
|
Total Current
Assets |
18,613,848.33 |
16,345,284.97 |
|
|
|
|
|
Fixed Assets |
815,038.73 |
710,989.13 |
|
Other Assets |
- |
34,018.18 |
|
Total Assets |
19,428,887.06 |
17,090,292.28 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
4,010,608.28 |
2,068,288.87 |
|
Other Current Liabilities |
421,550.66 |
129,206.62 |
|
Total Current
Liabilities |
4,432,158.94 |
2,197,495.49 |
|
Long Term Loan
from Person or
Related Company |
8,100,000.00 |
8,000,000.00 |
|
Total Liabilities |
12,532,158.94 |
10,197,495.49 |
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|
|
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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 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
2,896,728.12 |
2,892,796.79 |
|
Total
Shareholders' Equity |
6,896,728.12 |
6,892,796.79 |
|
Total
Liabilities & Shareholders' Equity |
19,428,887.06 |
17,090,292.28 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services |
17,352,546.15 |
16,952,660.89 |
|
Other Income |
333,314.63 |
280,369.40 |
|
Total Revenues
|
17,685,860.78 |
17,233,030.29 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
9,702,757.36 |
10,125,506.98 |
|
Selling & Administrative Expenses |
7,861,155.91 |
6,704,121.97 |
|
Total Expenses |
17,563,913.27 |
16,829,628.95 |
|
Profit / [Loss] Before Income
Tax |
121,497.51 |
403,401.34 |
|
Income Tax |
[118,016.18] |
[65,094.47] |
|
Net Profit / [Loss] |
3,931.33 |
338,306.87 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
2.36 |
|
|
Operating Profit |
[70.47] |
|
|
Net Profit |
[98.84] |
|
|
Fixed Assets |
14.63 |
|
|
Total Assets |
13.68 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
55.92 |
59.73 |
|
Operating Profit Margin |
0.70 |
2.38 |
|
S & A
Expenses |
45.30 |
39.55 |
|
Other Revenues |
1.92 |
1.65 |
|
Net Profit Margin |
0.02 |
2.00 |
|
Earning Per Shares |
0.10 |
8.46 |
|
No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 2.36%,
Operating Profit was
decreased by 70.47%,
Net Profit was
decreased by 98.84%,
Fixed Assets was
increased by 14.63%,
Total Assets was
increased by 13.68%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 59.73%
to 55.92%, Operating
Profit Margin was
decreased from 2.38%
to 0.70%, S
& A Expenses
was increased from
39.55% to 45.30%,
Other Revenues was
increased from 1.65%
to 1.92%, Net
Profit Margin was
decreased from 2.00%
to 0.02%.
Earning Per Shares
was decreased from
8.46 baht per
share to 0.10
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.20 |
7.44 |
|
Quick-Assets Ratio |
2.00 |
3.90 |
Current Ratio was
decreased from 7.44
to 4.20, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
3.90 to 2.00,
capacity to pay
Short Term Loan
was good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.82 |
1.48 |
D/E Ratio was
increased from 1.48
to 1.82, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
21.29 |
23.84 |
|
Total Assets Turnover |
0.89 |
0.99 |
|
Return on Assets |
0.02 |
1.98 |
|
Return on Equity |
0.06 |
4.91 |
|
Day's Payable |
83.21 |
43.92 |
|
Day’s Inventories |
181.63 |
156.62 |
|
Day’s Receivables |
144.11 |
135.66 |
Fixed Assets Turnover
was decreased from
23.84 times to
21.29 times, Total
Assets Turnover was
decreased from 0.99
times to 0.89
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 1.98 to
0.02, Return on
Equity was decreased
from 4.91 to
0.06, capacity to
use Assets to
make profit was
good
Day's Payable was
increased from 44
days to 84
days, Day’s Inventories
was increased from
157 days to
182 days, and
Day’s Receivables was
increased from 136
days to 145
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.28 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
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. |
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%)