MIRA
INFORM REPORT
|
Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
V.T.C.
GROUP COMPANY LIMITED |
|
|
|
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Registered Office : |
41/95-96 Trok Soonthornpimol, Jarumuang Road, Rongmuang, Pathumwan, Bangkok 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.06.2008 |
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Com. Reg. No.: |
0105551067148 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
distributor and exporter of frozen seafoods |
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No. of Employees : |
17 employees |
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 |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
V.T.C. GROUP COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 41/95-96 TROK
SOONTHORNPIMOL,
JARUMUANG ROAD,
RONGMUANG, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2611-6240
FAX :
[66] 2215-4460,
2214-3069
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551067148
TAX
ID NO. : 3033159004
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NAKORN SUTTHIYUTH,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 17
LINES
OF BUSINESS : FROZEN SEAFOODS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 June 25,
2008 as a
private limited company
under the name
style V.T.C. GROUP
COMPANY LIMITED by
Thai groups. Its
objective is to
engage in international
trading for frozen
seafoods.
Subject currently employs
17 staff.
The subject’s registered
address is 41/95-96
Trok Soonthornpimol, Jarumuang Rd., Rongmuang, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nakorn
Sutthiyuth |
|
Thai |
36 |
|
Mr. Narin
Sutthiyuth |
|
Thai |
33 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nakorn
Sutthiyuth
is the Managing
Director.
He is Thai
nationality with the
age of 36
years old.
Mr. Narin
Sutthiyuth
is the Assistant
Managing Director.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject
is engaged in
international trading various
kinds of frozen
seafood as follows:
Importing and
distributing of tuna
fish, salmon, mackerel,
crabby squid and etc.
Exporting of
fish, shrimp, shells,
squid and etc.
PURCHASE
The
products are purchased
from suppliers in
both domestic and
overseas, such as
Indonesia, Myanmar, Japan,
Malaysia and India.
SALES
The products are
sold locally to
wholesalers, manufacturers and
end-users, mainly restaurant.
EXPORT
The products are
exported to South
Korea, Japan, Singapore,
Hong Kong, Taiwan,
Republic of China
and European countries.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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 credit term
of 30 days.
Imports are by
D/A or T/T on
negotiated terms.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 17
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branch/warehouse are
located at 82 Moo 5, Ekachai Rd., T. Kokkam, A. Muang, Samutsakorn 74000.
COMMENT
Subject
is engaged in
importing, distributing and exporting
of seafood products.
Domestic consumption of seafood
remains brisk. Subject
reported good business
in
2011,
while current market demand
is relatively strong
compared to the same
period
of last
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nakorn
Sutthiyuth Nationality: Thai Address : 41/132-133
Jarumuang
Rd., Rongmuang, Pathumwan, Bangkok
|
400 |
40.00 |
|
Mr. Narin
Sutthiyuth Nationality: Thai Address : 41/132-133
Jarumuang
Rd., Rongmuang, Pathumwan, Bangkok
|
100 |
10.00 |
|
Mr. Noppol
Sutthiyuth Nationality: Thai Address : 41/132-133
Jarumuang
Rd., Rongmuang, Pathumwan,
Bangkok |
100 |
10.00 |
|
Mrs. Im
Saechueng Nationality: Thai Address : 41/132-133
Jarumuang
Rd., Rongmuang, Pathumwan,
Bangkok |
100 |
10.00 |
|
Mr. Udom
Charoonrungtawee Nationality: Thai Address : 41/62-63
Jarumuang
Rd., Rongmuang, Pathumwan, Bangkok |
100 |
10.00 |
|
Mr. Sayan
Choorat Nationality: Thai Address : 477/4
Rama
4 Rd., Rongmuang, Pathumwan, Bangkok
|
100 |
10.00 |
|
Ms. Sirinan
Thipcharoen Nationality: Thai Address : 41/132-133
Jarumuang
Rd., Rongmuang, Pathumwan,
Bangkok |
100 |
10.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Maj. Gen. Nakorn Thongmee No.
0402
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
531,408.31 |
648,966.60 |
|
Deferred Interest |
8,493.15 |
- |
|
Inventories |
2,927,645.00 |
6,651,949.83 |
|
|
|
|
|
Total Current Assets
|
3,467,546.46 |
7,300,916.43 |
|
|
|
|
|
Short-term Loan to Person
or Related Company |
5,000,000.00 |
- |
|
Total Assets |
8,467,546.46 |
7,300,916.43 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Loan Payable to Director |
- |
4,000,000.00 |
|
Other Current Liabilities |
279,306.72 |
229,257.28 |
|
|
|
|
|
Total Current Liabilities |
279,306.72 |
4,229,257.28 |
|
Total Liabilities |
279,306.72 |
4,229,257.28 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 5,000 & 1,000
shares in 2011
& 2010 respectively |
5,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
3,188,239.74 |
2,071,659.15 |
|
Total Shareholders' Equity |
8,188,239.74 |
3,071,659.15 |
|
Total Liabilities & Shareholders' Equity |
8,467,546.46 |
7,300,916.43 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
353,389,189.81 |
359,481,593.55 |
|
Interest Income |
8,493.15 |
- |
|
Total Sales |
353,397,682.96 |
359,481,593.55 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
342,451,017.38 |
351,420,343.70 |
|
Administrative Expenses |
9,481,606.23 |
6,532,166.41 |
|
Total Expenses |
351,932,623.61 |
357,952,510.11 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,465,059.35 |
1,529,083.44 |
|
Income Tax |
[348,478.76] |
[331,022.28] |
|
Net Profit / [Loss] |
1,116,580.59 |
1,198,061.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
12.41 |
1.73 |
|
QUICK RATIO |
TIMES |
1.93 |
0.15 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
41.73 |
49.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.12 |
6.91 |
|
INVENTORY TURNOVER |
TIMES |
116.97 |
52.83 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
3.12 |
6.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.90 |
97.76 |
|
SELLING & ADMINISTRATION |
% |
2.68 |
1.82 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
3.10 |
2.24 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.41 |
0.43 |
|
NET PROFIT MARGIN |
% |
0.32 |
0.33 |
|
RETURN ON EQUITY |
% |
13.64 |
39.00 |
|
RETURN ON ASSET |
% |
13.19 |
16.41 |
|
EARNING PER SHARE |
BAHT |
223.32 |
1,198.06 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.03 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.03 |
1.38 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.69) |
|
|
OPERATING PROFIT |
% |
(4.19) |
|
|
NET PROFIT |
% |
(6.80) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
15.98 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.10 |
Deteriorated |
Industrial Average |
18.28 |
|
Net Profit Margin |
0.32 |
Impressive |
Industrial Average |
0.23 |
|
Return on Assets |
13.19 |
Impressive |
Industrial Average |
1.16 |
|
Return on Equity |
13.64 |
Impressive |
Industrial Average |
2.91 |
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 3.1%. When
compared with the industry average, the ratio of the company was lower. This indicated that company was originated
from the problems with control over its costs.
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. Net Profit Margin ratio is 0.32%,
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 13.19%, 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 13.64%, 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 |
12.41 |
Impressive |
Industrial Average |
1.87 |
|
Quick Ratio |
1.93 |
|
|
|
|
Cash Conversion Cycle |
3.12 |
|
|
|
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 12.41 times in 2011, increase from 1.73 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.93 times in 2011,
increase from 0.15 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 4 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.03 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.03 |
Impressive |
Industrial Average |
1.45 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.66 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.03 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
6.92 |
|
Total Assets Turnover |
41.73 |
Impressive |
Industrial Average |
4.22 |
|
Inventory Conversion Period |
3.12 |
|
|
|
|
Inventory Turnover |
116.97 |
Impressive |
Industrial Average |
13.18 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
7.53 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.19 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.