MIRA
INFORM REPORT
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Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
VASKO INTERNATIONAL LIMITED PARTNERSHIP |
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Registered Office : |
66/7 Moo 12,
T. Raikhing, A. Sampran,
Nakornpathom 73210 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.05.2004 |
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Com. Reg. No.: |
0733547000690 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and Distributor of Fabric and
Yarn |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
VASKO INTERNATIONAL LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 66/7
MOO 12, T. RAIKHING, A. SAMPRAN,
NAKORNPATHOM 73210,
THAILAND
TELEPHONE : [66]
2811-9621, 2224-3103
FAX : [66] 2811-8854
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0733547000690 [Former : 0737334700693]
CAPITAL REGISTERED
: BHT. 1,000,000
CAPITAL PAID-UP
: BHT. 1,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. KEERAWAS SUDECHAWONGSAKUL, THAI
MANAGING PARTNER
NO. OF
STAFF : 4
LINES OF
BUSINESS : FABRIC AND YARN
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 May 14, 2004 as
a limited partnership under the name
style VASKO INTERNATIONAL LIMITED
PARTNERSHIP, by Thai
partners, with the
business objective to
import and distribute fabric and
yarn to domestic
market. It currently
employs 4 staff.
The
subject’s registered address
is 66/7 Moo
12, Raikhing, Sampran,
Nakornpathom 73210, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Keerawas
Sudechawongsakul can sign
on behalf of
the subject with
seal affixed.
MANAGEMENT
Mr. Keerawas Sudechawongsakul is
the Managing Partner.
He is Thai nationality with
the age of
39 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of fabrics,
yarns and laces.
PURCHASE
The products are
purchased from suppliers
and agents both
domestic and overseas,
mainly in Republic
of China.
SALES
The products are
sold locally by
wholesale to dealers,
manufacturers and end-users.
RELATED AND AFFILIATED COMPANY
Royal One Trading
Co., Ltd.
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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 4
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in provincial area.
REMARK
CREDIT
OF US$ 500,000 D/A SHOULD
BE ON SECURED BASIS.
COMMENT
Subject
was established in
2004 as an
importer and distributor
of fabric, yarn
and races. Its
products are related
to economic condition,
which is currently
slowing down. Consumers
have increasingly affected
from higher oil
price, living expenses
and others, this
would lead slow
consumption of its
products.
Subject
posted its strong
sales in 2006,
however it is
expected sales would
grow slowly than
the previous year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by 3
persons as followed:
Name Age Amount
Mr. Keerawas Sudechawongsakul [39] Bht.
500,000 [Unlimited Partner]
Mr. Sawas
Sudechawongsakul [63] Bht.
100,000
Mrs. Rawin
Sudechawongsakul [39] Bht.
400,000
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Pinnapa Ngansucharit No.
5479
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 was:
ASSETS
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Current Assets |
2006 |
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Cash in hand
& at Bank
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464,970.16 |
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Trade Accts. Receivable |
4,921,668.60 |
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Inventories |
861,756.31 |
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Other Current Assets
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654,694.04 |
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Total Current Assets
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6,903,089.11 |
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Fixed Assets |
1,149,805.62 |
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Total Assets |
8,052,894.73 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2006 |
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Trade Accts. & Notes Payable |
1,725,362.68 |
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Hire-purchase Payable |
1,160,158.16 |
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Accrued Expenses |
21,876.21 |
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Total Current Liabilities |
2,907,397.05 |
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Loan from Partner |
4,700,000.00 |
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Total Liabilities |
7,607,397.05 |
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Shareholders' Equity |
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Capital Paid |
1,000,000.00 |
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Retained Earning -
Unappropriated |
[554,502.32] |
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Total Shareholders' Equity |
445,497.68 |
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Total Liabilities & Shareholders' Equity |
8,052,894.73 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
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Sales |
64,993,892.80 |
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Other Income |
0.62 |
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Total Revenues |
64,993,893.42 |
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Expenses |
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Cost of Goods
Sold |
64,328,201.08 |
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Selling & Administrative Expenses |
1,698,332.75 |
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Total Expenses |
66,026,533.83 |
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Net Profit / [Loss] |
[1,032,640.41] |
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Retained Earning, beginning
of year |
478,138.09 |
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Retained Earning, end
of year |
[554,502.32] |
FINANCIAL ANALYSIS
Profitability
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Profitability |
2006 |
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Cost of Good
Sold |
98.98 |
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Operating Profit Margin |
[1.59] |
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S & A
Expenses |
2.61 |
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Other Revenues |
0.00 |
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Net Profit Margin |
[1.59] |
Compare each cost
with sales, Cost of
Good Sold was
98.98%, Operating Profit
Margin was -1.59%,
S & A
Expenses was 2.61%,
Other Revenues was
0.00%, Net Profit
Margin was -1.59%.
Liquidity
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Liquidity |
2006 |
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Current Ratio |
2.37 |
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Quick-Assets Ratio |
1.85 |
Current Ratio was
2.37, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was so
good, Quick-Assets Ratio
was 1.85, capacity
to pay Short Term Loan
was so good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
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Leverage |
2006 |
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D/E Ratio |
17.08 |
D/E Ratio was
17.08, show the
company had fund
from Loan more
than fund from
Equity, investment risked
of the company is high.
Efficiency
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Efficiency |
2006 |
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Fixed Assets Turnover |
56.53 |
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Total Assets Turnover |
8.07 |
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Return on Assets |
[12.82] |
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Return on Equity |
[231.79] |
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Day's Payable |
9.56 |
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Day’s Inventories |
4.77 |
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Day’s Receivables |
27.26 |
Fixed Assets Turnover
was 56.53 times,
Total Assets Turnover
was 8.07 times,
show the company
could use Assets
so efficiently, Return
on Assets was
-12.82, Return on
Equity was -231.79,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
10 days, Day’s
Inventories was 5
days, and Day’s
Receivables was 28
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%)