MIRA INFORM REPORT
|
Report Date : |
04.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
WORLD
WIDE RESOURCES CO.,
LTD. |
|
|
|
|
Registered Office : |
478
Soi Onnuch 70/1,
Sukhumvit 77 Road, Praves, Bangkok
10250 |
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|
|
|
Country : |
Thailand |
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|
|
Financials (as on) : |
30.11.2010 |
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|
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Date of Incorporation : |
25.12.2006 |
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Com. Reg. No.: |
0105549147342 |
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|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor &
Service Provider of Frozen Foods |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
WORLD WIDE RESOURCES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 478
SOI ONNUCH 70/1,
SUKHUMVIT 77 ROAD,
PRAVES, BANGKOK
10250
TELEPHONE : [66] -
FAX :
[66] 2322-0787
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549147342
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : -
NO.
OF STAFF : 4
LINES
OF BUSINESS : FROZEN FOODS
IMPORTER, DISTRIBUTOR
& SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on December
25, 2006 as
a private limited
company under the registered
name style WORLD
WIDE RESOURCES CO.,
LTD. by Thai groups.
The subject’s objective,
which declared to the
Registration Department, Ministry
of Commerce is to
be engaged in
international trading business
of frozen food
products. It currently
employs 4 staff.
The
subject’s registered address
was initially located at
20/9 Soi Onnuch
70/1 Rd., Sukhumvit
77 Rd., Praves,
Praves, Bangkok 10250.
Later,
its registered address
has been changed
from “20/9” to “478”,
by the Praves
District Office, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Visanu Withayapanich |
|
Thai |
47 |
|
Ms. Suree Suthasirikul |
|
Thai |
34 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Note.
Please
be informed that
we were unable to
contact anyone at the
subject’s address due
to there was
no telephone number
available. We also visited
the premise but
found nobody in
the office. However,
we were informed
by its neighbor
that the company
employs around 4
staff, but they
were usually out
of the office
during the day.
REMARK
CREDIT
OF US$ 125,000 AGAINST
D/A TERMS SHOULD
BE IN ORDER.
COMMENT
Subject
reported moderate sales in
2010 from strong
consumption in domestic market.
As an importer and
distributor of frozen
foods, subject seems to
have good business
due to domestic
consumption remains positive.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at March
31, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Visanu Withayapanich Nationality: Thai Address : 147/16
Moo 5, Tharaeng,
Bangkhen,
Bangkok |
4,998 |
49.98 |
|
Ms. Suree Suthasirikul Nationality: Thai Address : 478
Soi Onnuch 70/1,
Sukhumvit 77 Rd.,
Praves, Bangkok |
4,997 |
49.97 |
|
Mr. Chutham Thamrattakul Nationality: Thai Address : 644/22
Thadindaeng 16 Rd.,
Klongsan,
Klongsan, Bangkok |
1 |
0.01 |
|
Mrs. Nisa Thamrattakul Nationality: Thai Address : 1529
Petchkasem 4 Rd., Thaphra, Bangkokyai, Bangkok |
1 |
0.01 |
|
Mr. Veerat Withayapanich Nationality: Thai Address : 147/16
Moo 5, Tharaeng,
Bangkhen,
Bangkok |
1 |
0.01 |
|
Mrs. Pornphen Sangthong Nationality: Thai Address : 147/16
Moo 5, Tharaeng,
Bangkhen,
Bangkok |
1 |
0.01 |
|
Mr. Sophon Jongsanguanpradab Nationality: Thai Address : 715
Soi Therdthai 21,
Bangyeerua,
Thonburi, Bangkok |
1 |
0.01 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sophon Jongsanguanpradab No.
7100
BALANCE SHEET
[BAHT]
The
latest financial figures
published for November
30, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
3,097,070.30 |
1,139,208.14 |
|
Trade Accounts Receivable |
1,146,700.00 |
- |
|
Loan to Person Related |
- |
1,430,000.00 |
|
Other Current Assets |
193,057.80 |
- |
|
|
|
|
|
Total Current Assets
|
4,436,828.10 |
2,569,208.14 |
|
|
|
|
|
Fixed Assets |
1,792,539.33 |
525,686.34 |
|
Total Assets |
6,229,367.43 |
3,094,894.48 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Current Portion of Hire-purchase Payable |
195,444.00 |
- |
|
Loan from Person
Related |
1,055,000.00 |
- |
|
Accrued Income Tax |
33,425.66 |
87,951.49 |
|
Other Current Liabilities |
1,944,851.73 |
1,184,652.77 |
|
|
|
|
|
Total Current Liabilities |
3,228,721.39 |
1,272,604.26 |
|
|
|
|
|
Hire-purchase Payable, net of Current Portion |
521,184.00 |
- |
|
Total Liabilities |
3,749,905.39 |
1,272,604.26 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning-
Unappropriated |
1,479,462.04 |
822,290.22 |
|
Total Shareholders' Equity |
2,479,462.04 |
1,822,290.22 |
|
Total Liabilities & Shareholders' Equity |
6,229,367.43 |
3,094,894.48 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
17,205,705.61 |
4,582,300.00 |
|
Services Income |
6,074,797.98 |
4,906,851.51 |
|
Interest Income |
1,411.27 |
- |
|
Total Sales |
23,281,914.86 |
9,489,151.51 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,960,692.41 |
4,490,000.00 |
|
Selling Expenses |
1,519,025.79 |
1,217,066.00 |
|
Administrative Expenses |
3,923,526.26 |
2,802,285.11 |
|
Total Expenses |
22,403,244.46 |
8,509,351.11 |
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
878,670.40 |
979,800.40 |
|
Financial Cost |
[5,814.68] |
- |
|
Profit / [Loss] before Income
Tax |
872,855.72 |
979,800.40 |
|
Income Tax |
[215,683.90] |
[235,157.03] |
|
|
|
|
|
Net Profit / [Loss] |
657,171.82 |
744,643.37 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
2.02 |
|
QUICK RATIO |
TIMES |
1.31 |
2.02 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.99 |
18.05 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.74 |
3.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
17.98 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
20.30 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
17.98 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
72.85 |
47.32 |
|
SELLING & ADMINISTRATION |
% |
23.38 |
42.36 |
|
INTEREST |
% |
0.02 |
- |
|
GROSS PROFIT MARGIN |
% |
27.15 |
52.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.77 |
10.33 |
|
NET PROFIT MARGIN |
% |
2.82 |
7.85 |
|
RETURN ON EQUITY |
% |
26.50 |
40.86 |
|
RETURN ON ASSET |
% |
10.55 |
24.06 |
|
EARNING PER SHARE |
BAHT |
65.72 |
74.46 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.51 |
0.70 |
|
TIME INTEREST EARNED |
TIMES |
151.11 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
145.34 |
|
|
OPERATING PROFIT |
% |
(10.32) |
|
|
NET PROFIT |
% |
(11.75) |
|
|
FIXED ASSETS |
% |
240.99 |
|
|
TOTAL ASSETS |
% |
101.28 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.15 |
Impressive |
Industrial Average |
6.63 |
|
Net Profit Margin |
2.82 |
Impressive |
Industrial Average |
0.81 |
|
Return on Assets |
10.55 |
Impressive |
Industrial Average |
4.13 |
|
Return on Equity |
26.50 |
Impressive |
Industrial Average |
12.50 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 27.15%. When
compared with the industry average, the ratio of the company was higher, this
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 2.82%,
higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
10.55%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 26.5%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.37 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
1.31 |
|
|
|
|
Cash Conversion Cycle |
17.98 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.37 times in 2010, decrease from 2.02 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.31 times in 2010,
decrease from 2.02 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 18 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
1.51 |
Acceptable |
Industrial Average |
1.63 |
|
Times Interest Earned |
151.11 |
Impressive |
Industrial Average |
1.85 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 151.12 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.6 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.99 |
Acceptable |
Industrial Average |
17.78 |
|
Total Assets Turnover |
3.74 |
Acceptable |
Industrial Average |
5.20 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
12.35 |
|
Receivables Conversion Period |
17.98 |
|
|
|
|
Receivables Turnover |
20.30 |
Impressive |
Industrial Average |
8.17 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.90 |
|
UK Pound |
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.