MIRA
INFORM REPORT
|
Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GCT INTERNATIONAL CO., LTD. |
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Registered Office : |
17th Floor, Taiping Tower,
B. Building, 582/2173 Sukhumvit
63 Road, Klongtonnua, Wattana, Bangkok
10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
0105543101405 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Commission agent engaging in providing variety
of apparels, leather
goods and related
products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
GCT INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 17th FLOOR,
TAIPING TOWER, B.
BUILDING,
582/2173 SUKHUMVIT
63 ROAD, KLONGTONNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2711-4785-7
FAX : [66] 2381-1950
E-MAIL
ADDRESS : sales@get-intl.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543101405 [Former : [5]1908/2543]
CAPITAL
REGISTERED : BHT. 10,000,000
CAPITAL
PAID-UP : BHT. 10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ROBERT CHIU, TAIWANESE
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : APPAREL AND LEATHER GOODS
COMMISSION AGENT
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 October 27,
2000 as a
private limited company under the name style
GCT INTERNATIONAL CO.,
LTD., by Thai
and Taiwanese groups,
with the business
objective to provide
apparel and leather
goods to international customers. It currently
employs 12 staff.
The
subject’s registered address
is 582/2173 Sukhumvit
63 Rd., Klongtonnua, Wattana, Bangkok
10110, and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Robert Chiu
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Robert Chiu
is the Managing Director.
He is Taiwanese
nationality with the
age of 59 years old.
BUSINESS OPERATIONS
The subject is
a commission agent
engaging in providing
variety of apparels,
leather goods and
related products, including
garment, leather belts,
leather bags and etc.,
according to customer’s
requirement from manufacturers in Republic of
China and India
to customers in
U.S.A., Europe and
Asia countries, such
as Germany, U.K.,
Italy, Korea, Japan and others.
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 cash
or on the credit term
of 30 days.
BANKING
Kasikornbank Public
Co., Ltd.
[International Banking
Center, Sukhumvit 33
Rd., Klongtonnua, Wattana,
Bangkok]
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
prime commercial area.
COMMENT
The
subject’s business has
been slowing down since
2006. Its business
has not gone
well due to there
are many players
in the same business not
only Thai but
also Chinese and
Indian too. Its
business growth is
likely contract.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
September 19,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Robert Chiu Nationality: Taiwanese Address : 582/2173
Sukhumvit 63 Rd.,
Klongtonnua,
Wattana, Bangkok |
48,999 |
49.00 |
|
Mr. Suthon Saeheng Nationality: Thai Address : 82/387
Suthisarn Rd., Samsennai, Phyathai, Bangkok |
15,000 |
15.00 |
|
Ms. Sukha Mahaprom Nationality: Thai Address : 21
Moo 3, Koksa-ard, Kalasin |
12,500 |
12.50 |
|
Mr. Adisak Saewang Nationality: Thai Address : 125/1
Moo 10, Muangna,
Chiangdao, Chiangmai |
12,500 |
12.50 |
|
Ms.
Thanvarat Roopleum Nationality: Thai Address : 5
Moo 4, Nikomkamsroy, Mukdaharn |
10,998 |
11.00 |
|
Ms.
Pathumkarn Homyen Nationality: Thai Address : 176
Moo 6, Phosri,
Pibulmangsaharn,
Ubonratchathani |
2 |
- |
|
Mrs. Lin Xuduan
Chiu Nationality: Taiwanese Address : 582/2173
Sukhumvit 63 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Chonthacha
Chawasirikulthon No. 5190
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
8,642,318.85 |
10,855,371.37 |
|
Trade Accts. Receivable |
1,717,818.93 |
- |
|
Other Current Assets
|
973,855.90 |
540,590.85 |
|
Total Current
Assets |
11,333,993.68 |
11,395,962.22 |
|
Receivable & Loan to Directors
|
3,771,000.00 |
1,853,468.00 |
|
Fixed Assets |
126,586.13 |
112,015.08 |
|
Other Assets |
58,371.88 |
58,371.88 |
|
Total Assets |
15,289,951.69 |
13,419,817.18 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
1,477,032.26 |
- |
|
Other Current Liabilities |
1,349,386.53 |
2,197,992.59 |
|
Total Current
Liabilities |
2,826,418.79 |
2,197,992.59 |
|
Total Liabilities |
2,826,418.79 |
2,197,992.59 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
2,463,532.90 |
1,221,824.59 |
|
Total
Shareholders' Equity |
12,463,532.90 |
11,221,824.59 |
|
Total
Liabilities & Shareholders' Equity |
15,289,951.69 |
13,419,817.18 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
60,897,077.79 |
135,429,548.25 |
|
Other Income |
1,567,748.08 |
718,624.32 |
|
Total Revenues
|
62,464,825.87 |
136,148,172.57 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
53,912,814.16 |
124,890,980.48 |
|
Selling & Administrative Expenses |
6,655,870.83 |
9,659,075.77 |
|
Total Expenses |
60,568,684.99 |
134,550,056.25 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,896,140.88 |
1,598,116.32 |
|
Interest Expenses |
[105,700.23] |
[213,368.58] |
|
Income Tax |
[548,732.34] |
[424,680.56] |
|
Net Profit / [Loss] |
1,241,708.31 |
960,067.18 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2006 |
2005 |
|
|
|
|
|
Cash in hand |
46,349.00 |
171,913.00 |
|
Cash at bank-Saving account |
3,312,094.37 |
5,474,384.84 |
|
-Current
account |
116,163.64 |
86,911.14 |
|
-Fixed deposit |
5,167,711.84 |
5,122,162.39 |
|
Total
|
8,642,318.85 |
10,855,371.37 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[55.03] |
|
|
Operating Profit |
163.86 |
|
|
Net Profit |
29.34 |
|
|
Fixed Assets |
13.01 |
|
|
Total Assets |
13.94 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.53 |
92.22 |
|
Operating Profit Margin |
3.11 |
1.18 |
|
S & A
Expenses |
10.93 |
7.13 |
|
Interest Paid |
0.17 |
0.16 |
|
Other Revenues |
2.57 |
0.53 |
|
Net Profit Margin |
2.04 |
0.71 |
|
Earning Per Shares |
12.42 |
9.60 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
decreased by 55.03%,
Operating Profit was
increased by 163.86%,
Net Profit was
increased by 29.34%,
Fixed Assets was
increased by 13.01%,
Total Assets was
increased by 13.94%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.22%
to 88.53%, Operating
Profit Margin was
increased from 1.18%
to 3.11%, S
& A Expenses
was increased from
7.13% to 10.93%,
Interest Paid was increased
from 0.16% to
0.17%, Other Revenues
was increased from
0.53% to 2.57%,
Net Profit Margin
was increased from
0.71% to 2.04%.
Earning Per Shares
was increased from
9.60 baht per
share to 12.42
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.01 |
5.18 |
|
Quick-Assets Ratio |
3.67 |
4.94 |
Current Ratio was
decreased from 5.18
to 4.01, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
4.94 to 3.67,
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 |
0.23 |
0.20 |
|
Times Interest Earned |
17.94 |
7.49 |
D/E Ratio was
increased from 0.20
to 0.23, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
7.49 to 17.94,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
481.07 |
1,209.03 |
|
Total Assets Turnover |
3.98 |
10.09 |
|
Return on Assets |
8.12 |
7.15 |
|
Return on Equity |
9.96 |
8.56 |
|
Day's Payable |
8.73 |
0.00 |
|
Day’s Receivables |
10.16 |
0.00 |
Fixed Assets Turnover
was decreased from
1,209.03 times to
481.07 times, Total
Assets Turnover was
decreased from 10.09
times to 3.98
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 7.15 to
8.12, Return on
Equity was increased
from 8.56 to
9.96, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 0
days to 9
days, and Day’s
Receivables was increased
from 0 days to 11
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. |
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%)