MIRA
INFORM REPORT
|
Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
VICHAI
TRADING R.O.P. |
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Registered Office : |
573/2 Soi Ramkhamhaeng 39 [Thepleela], Pracha-Uthit Road,
Wangthonglang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31.07.1953 |
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Com. Reg. No.: |
0102496002555 |
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Legal Form : |
Registered Ordinary Partnership |
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Line of Business : |
Distributor and Services of
Electronics 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 of the company
VICHAI TRADING R.O.P.
SUMMARY
BUSINESS
ADDRESS : 573/2 SOI RAMKHAMHAENG 39 [THEPLEELA],
PRACHA-UTHIT ROAD,
WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2559-0956-8
FAX : [66] 2559-0959
E-MAIL
ADDRESS : rictorco@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1953
REGISTRATION NO. : 0102496002555
[Former : 2500]
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT. 2,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : REGISTERED ORDINARY PARTNERSHIP
EXECUTIVE : MR. SUTHICHAI SOPCHOKECHAI, THAI
MANAGING PARTNER
NO.
OF STAFF : 26
LINES
OF BUSINESS : ELECTRONICS PRODUCTS
DISTRIBUTOR AND
SERVICES
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on July 31,
1953 as an
ordinary partnership under
the name style
VICHAI TRADING R.O.P.,
in order to
provide electronics product and
service to domestic
market. It currently
employs 26 staff.
The
subject’s registered address
is 573/2 Soi
Ramkhamhaeng 39 [Thepleela], Pracha-uthit Rd.,
Wangthonglang, Bangkok 10310, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Sutthichai Sopchokechai can
sign on behalf
of the subject with seal
affixed.
MANAGEMENT
Mr.
Sutthichai Sopchokechai is
the Managing Partner.
He is Thai nationality with
the age of
44 years old.
He is the second generation,
who is currently run the
business.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in importing and
distributing various kinds
of electronics products,
specialized in light
and sound systems and equipment,
such as microphone,
wireless microphone, ear
monitor, plug, wire and cable, speakers
and loud speakers
and etc.
Subject also provides
light, sound and
vision systems design
and installation, as
well as MATV
and CCTV.
MAJOR BRANDS
BEYERDYNAMIC, CANARE, NEUTRIK
and etc.
PURCHASE
Most of the
products are imported
from U.S.A., Germany,
Singapore, Taiwan and
Japan, the remaining
is purchased from
local suppliers.
MAJOR SUPPLIERS
-
Beyerdynamic GmbH. :
Germany
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Canare Corporation : U.S.A.
-
Neutrik Inc. : U.S.A.
SALES
100% of the
products are sold
and serviced locally
to dealers, retailers
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.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 26
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
company has been
established in 1953
by Mr. Suthichai Sopchokechai’s parents, whose names were not
disclosed. Its business is
engaged in providing
high-end electronic products
to local market.
Subject posted its
sales revenue for
2006 lower from
the previous year
due to market downturn. Current
several negative factors,
including political uncertainty, a sluggish economy
and rising fuel
prices have increasingly affected consumers’
cost of living and low
purchasing power.
Shrinking
market has been
seen in several
months, thus subject’s
performance is estimated
to be slower than the
previous year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
which was carried
by 2 person as followed:
Name Age Amount
Mr. Sutthichai Sopchokechai [44] Bht.
1,750,000 [Unlimited Partner]
Mrs. Nopharat Sopchokechai [44] Bht.
250,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Preecha Bunyakita No.
3890
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
|
44,452.12 |
53,400.62 |
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Trade Accts. Receivable |
17,258,334.92 |
18,825,711.52 |
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Inventories |
9,355,386.88 |
5,456,890.00 |
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Other Current Assets
|
58,279.08 |
924,199.21 |
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Total Current
Assets |
26,716,453.00 |
25,260,201.35 |
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Loan to Partner |
- |
4,420,000.00 |
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Fixed Assets |
4,541,081.97 |
4,317,445.38 |
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Other Assets |
3,738.32 |
331,229.59 |
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Total Assets |
31,261,273.29 |
34,328,876.32 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft |
3,408,668.64 |
1,593,599.38 |
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Trade Accts. Payable |
14,188,706.23 |
19,396,459.72 |
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Other Current Liabilities |
219,436.44 |
103,158.10 |
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Total Current
Liabilities |
17,816,811.31 |
21,093,217.20 |
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Total Liabilities |
17,816,811.31 |
21,093,217.20 |
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Shareholders'
Equity |
|
|
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
11,444,461.98 |
11,235,659.12 |
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Total
Shareholders' Equity |
13,444,461.98 |
13,235,659.12 |
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Total
Liabilities & Shareholders' Equity |
31,261,273.29 |
34,328,876.32 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales Income |
51,740,937.01 |
60,444,135.57 |
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Services Income |
2,268,625.41 |
1,226,280.95 |
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Rent Income |
43,089.77 |
106,732.25 |
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Other Income |
13,491.59 |
53,807.66 |
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Interest Income |
110,511.99 |
- |
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Total Revenues
|
54,176,655.77 |
61,830,956.43 |
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Expenses |
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Cost of Goods
Sold |
34,972,938.18 |
43,228,286.93 |
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Selling & Administrative Expenses |
18,481,299.60 |
17,160,232.08 |
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Total Expenses |
53,454,237.78 |
60,388,519.01 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
722,417.99 |
1,442,437.42 |
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Interest Expenses |
[145,266.32] |
[56,812.99] |
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Income Tax |
[368,348.81] |
[272,589.45] |
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Net Profit / [Loss] |
208,802.86 |
1,113,034.98 |
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Retained Earning,
beginning of year |
11,235,659.12 |
10,122,624.14 |
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Retained Earning,
end of year |
11,444,461.98 |
11,235,659.12 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
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Net Sales |
[12.42] |
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Operating Profit |
[42.81] |
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Net Profit |
[81.24] |
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Fixed Assets |
5.18 |
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Total Assets |
[8.94] |
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Profitability |
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Cost of Good
Sold |
64.75 |
70.10 |
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Operating Profit Margin |
1.34 |
2.34 |
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S & A
Expenses |
34.22 |
27.83 |
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Interest Paid |
0.27 |
0.09 |
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Other Revenues |
0.31 |
0.26 |
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Net Profit Margin |
0.39 |
1.80 |
Net Sales was
decreased by 12.42%,
Operating Profit was
decreased by 42.81%,
Net Profit was
decreased by 81.24%,
Fixed Assets was
increased by 5.18%,
Total Assets was
decreased by 8.94%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 70.10%
to 64.75%, Operating
Profit Margin was
decreased from 2.34%
to 1.34%, S
& A Expenses
was increased from
27.83% to 34.22%,
Interest Paid was increased
from 0.09% to
0.27%, Other Revenues
was increased from
0.26% to 0.31%,
Net Profit Margin
was decreased from
1.80% to 0.39%.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.50 |
1.20 |
|
Quick-Assets Ratio |
0.97 |
0.90 |
Current Ratio was
increased from 1.20
to 1.50, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.90 to 0.97,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
1.33 |
1.59 |
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Times Interest Earned |
4.97 |
25.39 |
D/E Ratio was
decreased from 1.59
to 1.33, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
25.39 to 4.97,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
11.89 |
14.28 |
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Total Assets Turnover |
1.73 |
1.80 |
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Return on Assets |
0.67 |
3.24 |
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Return on Equity |
1.55 |
8.41 |
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Day's Payable |
94.57 |
113.23 |
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Day’s Inventories |
62.36 |
31.85 |
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Day’s Receivables |
115.04 |
109.89 |
Fixed Assets Turnover
was decreased from
14.28 times to
11.89 times, Total
Assets Turnover was
decreased from 1.80
times to 1.73
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 3.24 to
0.67, Return on
Equity was decreased
from 8.41 to
1.55, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 114
days to 95
days, while Day’s
Inventories was increased
from 32 days
to 63 days, and Day’s
Receivables was increased
from 110 days
to 116 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 |
|
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%)