MIRA INFORM REPORT
|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
VKS
GROUP [ASIA] CO., LTD. |
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Registered Office : |
424/28-29
H-202 Village, Kanchanapisek Road, Dokmai, Praves,
Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.09.2010 |
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Com. Reg. No.: |
0105553115352 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of
window films |
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No. of Employees
: |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
VKS GROUP [ASIA]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 424/28-29 H-202
VILLAGE, KANCHANAPISEK ROAD,
DOKMAI, PRAVES,
BANGKOK 10250, THAILAND
TELEPHONE : [66] 2181-5365-8
FAX :
[66] 2181-5369
E-MAIL
ADDRESS : info@v-koolgroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553115352
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
PIMPA CHALALAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 45
LINES
OF BUSINESS : WINDOW FILMS
IMPORTER AND
DISTRIBUTOR
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 September 20,
2010 as a
private limited company under
the registered name
VKS GROUP [ASIA]
CO., LTD., by
Thai groups, with the business
objective to import
and distribute various types
of Ultraviolet Ray
Protection films for
automobiles, architectural, safety
and security purposes.
It currently employs
45 staff.
The
subject’s registered address is 424/28-29
H-202 Village, Kanchanapisek Rd.,
Dokmai, Praves, Bangkok
10250, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Ms. Pimpa Chalalai
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Pimpa Chalalai is
the Managing Director.
She is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various types of Ultraviolet Ray Protection films for
automobiles, architectural [building/house/condominium/hotel], safety and security
purposes, under the
brand “V-KOOL”, as
well as providing
installation service for
automobile.
PURCHASE
90%
of the products
is imported from
Singapore, the remaining
10% is purchased
from local supplier.
MAJOR
SUPPLIER
V-Kool
International Pte. Ltd. : Singapore
SALES
100% of the
products is sold
locally to wholesalers
and end-users such
as car service
center, construction
contractor and others.
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
credits term of
30-60 days.
Imports are by
T/T on negotiated
terms.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
45 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The
subject was formed in
September 2010 as an
importer, distributor and
service provider of
Ultraviolet Ray Protection films. Subject
reported moderate sales of
its first few months
operation in 2010.
However, increasing demand
of protection films
from construction and
automobile industry has
spurred sales in 2011.
Protection film in local
market has growth
potential due to
the climate change
thus V Kool brand has
become well known among
local consumer followed
3M brand which is
the leading brand
in local market
for a long
time.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100
each with fully
paid.
On
September 22, 2011,
the capital was
increased to Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 16, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Pimpa Chalalai Nationality: Thai Address : 27
Soi Lasalle 63,
Bangna, Bangkok |
48,000 |
96.00 |
|
Mrs. Supanee Saiyai Nationality: Thai Address : 940
Moo 12, Wangkrajae,
Muang, Trad |
1,000 |
2.00 |
|
Mrs. Suparp Saiyai Nationality: Thai Address : 940
Moo 12, Wangkrajae,
Muang, Trad |
1,000 |
2.00 |
Total Shareholders : 3
Share Structure [as
at September 16,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Jirasak Sahasitthiwat No.
4589
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
1,499,169.47 |
|
Trade Accounts &
Notes Receivable |
11,580,814.99 |
|
Inventories |
1,716,724.72 |
|
Other Current Assets |
1,589,281.98 |
|
|
|
|
Total Current Assets
|
16,385,991.16 |
|
|
|
|
Fixed Assets |
584,387.70 |
|
Total Assets |
16,970,378.86 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Trade Accounts & Notes Payable |
8,259,049.54 |
|
Other Current Liabilities |
4,246,126.32 |
|
|
|
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Total Current Liabilities |
12,505,175.86 |
|
|
|
|
Long-term Loan from
Related Person |
3,017,000.00 |
|
Total Liabilities |
15,522,175.86 |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
|
|
|
|
Capital Paid |
1,000,000.00 |
|
Retained Earning Unappropriated |
448,203.00 |
|
Total Shareholders' Equity |
1,448,203.00 |
|
Total Liabilities & Shareholders' Equity |
16,970,378.86 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Sep. 20,
2010 – Dec. 31,
2010 |
|
Sales & Services
Income |
12,625,510.03 |
|
Other Income |
4,278.40 |
|
Total Revenues |
12,629,788.43 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold & Services |
6,390,611.48 |
|
Selling Expenses |
3,803,265.24 |
|
Administrative Expenses |
1,922,215.57 |
|
Total Expenses |
12,116,092.29 |
|
|
|
|
Profit before Finance
Cost & Income Tax |
513,696.14 |
|
Finance Cost |
[3.72] |
|
Income Tax |
[65,489.42] |
|
Net Profit / [Loss] |
448,203.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.31 |
|
QUICK RATIO |
TIMES |
1.05 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
21.60 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.74 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
98.05 |
|
INVENTORY TURNOVER |
TIMES |
3.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
334.80 |
|
RECEIVABLES TURNOVER |
TIMES |
1.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
471.72 |
|
CASH CONVERSION CYCLE |
DAYS |
(38.87) |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
50.62 |
|
SELLING & ADMINISTRATION |
% |
45.35 |
|
INTEREST |
% |
0.00 |
|
GROSS PROFIT MARGIN |
% |
49.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.07 |
|
NET PROFIT MARGIN |
% |
3.55 |
|
RETURN ON EQUITY |
% |
30.95 |
|
RETURN ON ASSET |
% |
2.64 |
|
EARNING PER SHARE |
BAHT |
44.82 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
10.72 |
|
TIME INTEREST EARNED |
TIMES |
138,090.36 |
PROFITABILITY RATIO
|
Gross Profit Margin |
49.42 |
Impressive |
Industrial
Average |
11.81 |
|
Net Profit Margin |
3.55 |
Impressive |
Industrial
Average |
1.95 |
|
Return on Assets |
2.64 |
Acceptable |
Industrial
Average |
4.50 |
|
Return on Equity |
30.95 |
Impressive |
Industrial
Average |
9.50 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 49.42%. 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 3.55%,
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. When compared with the
industry average, it was lower, the company's figure is 2.64%.
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 30.95%, 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 |
1.31 |
Acceptable |
Industrial
Average |
2.16 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion Cycle |
(38.87) |
|
|
|
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 1.31 times in 2010, increased from 0 time, 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 1.05 times in 2010,
increased from 0 time, 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 -39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.91 |
Acceptable |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
10.72 |
Risky |
Industrial
Average |
0.99 |
|
Times Interest Earned |
138,090.36 |
Impressive |
Industrial
Average |
2.83 |
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 138090.37 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 0.91 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 |
21.60 |
Impressive |
Industrial
Average |
5.84 |
|
Total Assets Turnover |
0.74 |
Deteriorated |
Industrial
Average |
2.31 |
|
Inventory Conversion Period |
98.05 |
|
|
|
|
Inventory Turnover |
3.72 |
Satisfactory |
Industrial
Average |
4.35 |
|
Receivables Conversion Period |
334.80 |
|
|
|
|
Receivables Turnover |
1.09 |
Deteriorated |
Industrial
Average |
4.22 |
|
Payables Conversion Period |
471.72 |
|
|
|
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.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.