MIRA INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
VICKEM
PATANA CO., LTD. |
|
|
|
|
Registered Office : |
42 Sukhumvit
49 Road, Klongton
Nua, Watana, Bangkok 10110, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.08.1980 |
|
|
|
|
Com. Reg. No.: |
0105523015121 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor & Exporter Of Textile Chemical & Related Products |
|
|
|
|
No. of Employees
: |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
VICKEM PATANA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 42
SUKHUMVIT 49 ROAD,
KLONGTON NUA,
WATANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2259-0276-9
FAX :
[66] 2258-9528
E-MAIL
ADDRESS : mailbox@vickem.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION
NO. : 0105523015121 [Former
: 1514/2523]
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUPACHAI APICHAIDEJ-UDOM, THAI
PRESIDENT
NO.
OF STAFF : 45
LINES
OF BUSINESS : TEXTILE CHEMICAL
& RELATED PRODUCTS
IMPORTER, DISTRIBUTOR
& 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 August
28, 1980 as
a private limited
company under the originally registered name “Vickem Trading
Co., Ltd.”. On
March 12, 1997
its registered name was
changed to VICKEM PATANA CO.,
LTD. Its objective
is to be
engaged in trading
of textile chemicals.
Subject currently employs
45 staff.
The subject’s registered address
is 42 Sukhumvit
49 Rd., Klongton Nua, Wattana,
Bangkok 10110, and
this is the
current operating address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Supachai Apichaidej-udom |
[x] |
Thai |
69 |
|
Mrs. Sirikul Apichaidej-udom |
|
Thai |
67 |
|
Mr. Thanachai Apichaidej-udom |
|
Thai |
65 |
|
Mr. Anan Chaichanwattananukul |
[x] |
Thai |
62 |
|
Mr. Prasit Apichaidej-udom |
|
Thai |
31 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Supachai Apichaidej-udom is
the President.
He is Thai
nationality with the
age of 69
years old.
Mr. Anan Chaichanwattananukul is the
Managing Director.
He is Thai
nationality with the
age of 62
years old.
Mrs. Sirikul Apichaidej-udom is
the Financial Director.
She is Thai
nationality with the
age of 67
years old.
Mr. Thananchai Apichaidej-udom is
the Operation Director.
He is Thai
nationality with the
age of 65
years old.
BUSINESS OPERATIONS
The subject’s activity is an importer
and distributor of chemical products
for textile industry e.g.
dyestuff chemicals, auxiliary
chemical, sodium alginate for textile printing, printing gum and
etc., as well
as exporting of
dyestuff chemical, which
was supplied from
Seng Thai Industry
Co., Ltd., the subject’s related
company.
IMPORT [COUNTRIES]
90% of its products
is imported from U.S.A.,
Germany, Japan, United
Kingdom, Norway, Republic
of China and
Taiwan, and the remaining
10% is purchased
from local suppliers.
MAJOR SUPPLIERS
|
Name |
Country |
|
Seng Thai Industry Co., Ltd. |
: Thailand |
|
Jiuh Yi Chemical
Industrial Co., Ltd. |
: Taiwan |
|
Pronova Biopolymer A/S |
: Norway |
|
Mitsui BASF Dyes
Ltd. |
: Japan |
|
Kuan Chuan Chemical Industry |
: Taiwan |
|
Chem Star Corp.,
Ltd. |
: Japan |
|
Toho Chemical Industry Co., Ltd. |
: Japan |
|
Hodgson Chemical Ltd. |
: U.K. |
|
Nippon Chemical Works
Co., Ltd. |
: Japan |
|
Chemische Fabrik Grunau
GmbH. |
: Germany |
SALES [LOCAL]
Its products are
sold locally to
manufacturers and wholesalers.
EXPORT [COUNTRIES]
Some of its
products are also
exported to Indonesia,
India, Vietnam and
Malaysia.
MAJOR CUSTOMERS
|
Name |
Country |
|
Luckytex Co., Ltd. |
: Thailand |
|
Union Textile Industry
Co., Ltd. |
: Thailand |
|
Thai American Textile
Co., Ltd. |
: Thailand |
|
Thai Tricot Co., Ltd. |
: Thailand |
|
Asia Fiber Co., Ltd. |
: Thailand |
|
Indorama Group |
: Thailand |
|
etc. |
|
SUBSIDIARIES & AFFILIATED
COMPANY
Seng Thai Industry Co., Ltd.
Business Type: Manufacturer of
dyestuff chemical
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 30-60-90 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C on the
credit term of
30 days or
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public Co., Ltd. :
[Bangkapi Branch]
Kasikornbank Public Co., Ltd. : [Bangkapi
Branch]
EMPLOYMENT
The subject employs
45 office staff,
sales persons and
workers.
LOCATION DETAILS
The premise is
owned for operating
office in a
2 storey building,
of 1 row
shophouse at the
heading address. Premise is
located in a
commercial/residential area.
Warehouse is located
at 371 Moo
4, Bangpoo, Industrial
Estate, T. Praeksa, A. Muang,
Samutprakarn 10280. Tel. : [66]
2709-3721, Fax. : [66]
2324-0220.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT EUR
500,000.
COMMENT
The subject is
one of the leading companies
in importing and
distributing of textile chemicals. The
products have been
served to leading manufactures
in textile and
garment industries.
It is playing
a major role in domestic market
with numbers of customers.
This is able
to maintain its
strong sales sale.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of
Bht. 100 each with
fully paid.
Capital as increased
later as followings
:
Bht. 9,500,000
on December 24,
1985
Bht. 20,000,000
on March 12,
1997
Bht. 50,000,000
on September 20,
1999
The latest registered capital
was increased to Bht. 50,000,000 divided into
500,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 29,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Supachai Apichaidej-udom Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
125,000 |
25.00 |
|
Mrs. Sirikul Apichaidej-udom Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
100,000 |
20.00 |
|
Mr. Padungkiat Apichaidej-udom Nationality: Thai Address : 701/1405
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
75,000 |
15.00 |
|
Mr. Prasit Apichaidej-udom Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
75,000 |
15.00 |
|
Ms. Suwimol Apichaidej-udom Nationality: Thai Address : 43/25
Soi Setthabura, Klongtoey,
Klongtoey, Bangkok |
50,000 |
10.00 |
|
|
|
|
|
Mr. Anan Chaichanwattananukul Nationality: Thai Address : 27/151
Sukhumvit 71 Rd.,
Klongton,
Klongtoey, Bangkok |
50,000 |
10.00 |
|
Mr. Thanachai Apichaidej-udom Nationality: Thai Address : 27/151
Sukhumvit 71 Rd.,
Klongton,
Klongtoey, Bangkok |
25,000 |
5.00 |
|
|
500,000 |
100 |
Share Structure [as
at April 29, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
500,000 |
100.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Meechai Prasertsri
No. 2791
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
1,294,463.46 |
2,039,212.16 |
|
Trade Accounts Receivable |
66,016,202.37 |
62,640,098.03 |
|
Inventories |
88,013,318.60 |
79,732,977.28 |
|
Other Current Assets |
628,025.20 |
2,206,994.89 |
|
|
|
|
|
Total Current Assets
|
155,952,009.63 |
146,619,282.36 |
|
Investment in Other Company |
400,000.00 |
400,000.00 |
|
Fixed Assets |
17,317,488.41 |
19,003,884.89 |
|
Other Assets |
986,579.16 |
697,514.32 |
|
Total Assets |
174,656,077.20 |
166,720,681.57 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
38,323,889.58 |
37,188,064.92 |
|
Trade Accounts Payable |
41,523,277.67 |
39,623,202.50 |
|
Other Current Liabilities |
3,294,209.58 |
2,780,107.36 |
|
|
|
|
|
Total Current Liabilities |
83,141,376.83 |
79,591,374.78 |
|
|
|
|
|
Loan Payable from
Directors |
4,030,400.00 |
3,880,400.00 |
|
Total Liabilities |
87,171,776.83 |
83,471,774.78 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning Unappropriated |
37,484,300.37 |
33,248,906.79 |
|
Total Shareholders' Equity |
87,484,300.37 |
83,248,906.79 |
|
Total Liabilities & Shareholders' Equity |
174,656,077.20 |
166,720,681.57 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
246,665,818.03 |
232,352,147.01 |
|
Other Income |
2,438,216.57 |
2,584,738.60 |
|
Total Sales |
249,104,034.60 |
234,936,885.61 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
205,876,483.37 |
192,675,818.48 |
|
Selling Expenses |
9,479,861.34 |
9,654,817.98 |
|
Administrative Expenses |
25,567,897.79 |
27,191,394.73 |
|
Total Expenses |
240,924,242.50 |
229,522,031.19 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
8,179,792.10 |
5,414,854.42 |
|
Financial Cost |
[1,880,874.05] |
[1,822,735.55] |
|
Profit / [Loss] before Income
Tax |
6,298,918.05 |
3,592,118.87 |
|
Income Tax |
[2,063,524.47] |
[1,496,884.84] |
|
|
|
|
|
Net Profit / [Loss] |
4,235,393.58 |
2,095,234.03 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.88 |
1.84 |
|
QUICK RATIO |
TIMES |
0.81 |
0.81 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
14.24 |
12.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
156.04 |
151.04 |
|
INVENTORY TURNOVER |
TIMES |
2.34 |
2.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
97.69 |
98.40 |
|
RECEIVABLES TURNOVER |
TIMES |
3.74 |
3.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
73.62 |
75.06 |
|
CASH CONVERSION CYCLE |
DAYS |
180.11 |
174.38 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.46 |
82.92 |
|
SELLING & ADMINISTRATION |
% |
14.21 |
15.86 |
|
INTEREST |
% |
0.76 |
0.78 |
|
GROSS PROFIT MARGIN |
% |
17.52 |
18.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.32 |
2.33 |
|
NET PROFIT MARGIN |
% |
1.72 |
0.90 |
|
RETURN ON EQUITY |
% |
4.84 |
2.52 |
|
RETURN ON ASSET |
% |
2.42 |
1.26 |
|
EARNING PER SHARE |
BAHT |
8.47 |
4.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.00 |
1.00 |
|
TIME INTEREST EARNED |
TIMES |
4.35 |
2.97 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
6.16 |
|
|
OPERATING PROFIT |
% |
51.06 |
|
|
NET PROFIT |
% |
102.14 |
|
|
FIXED ASSETS |
% |
(8.87) |
|
|
TOTAL ASSETS |
% |
4.76 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
17.52 |
Acceptable |
Industrial
Average |
25.03 |
|
Net Profit Margin |
1.72 |
Impressive |
Industrial
Average |
(1.41) |
|
Return on Assets |
2.42 |
Impressive |
Industrial
Average |
2.25 |
|
Return on Equity |
4.84 |
Acceptable |
Industrial
Average |
7.58 |
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 17.52%. 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. The company's figure is 1.72%, 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
2.42%, 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. When compared with the
industry average, it was lower, the company's figure is 4.84%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.88 |
Deteriorated |
Industrial
Average |
18.85 |
|
Quick Ratio |
0.81 |
|
|
|
|
Cash Conversion Cycle |
180.11 |
|
|
|
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 1.88 times in 2010, increased from 1.84 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 0.81 times in 2010,
equivalent to 0.81 times by excluding
inventory, the company may have problems meeting current liabilities.
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 181 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.00 |
Impressive |
Industrial
Average |
2.03 |
|
Times Interest Earned |
4.35 |
Deteriorated |
Industrial
Average |
609.62 |
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 4.35 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 0.5, 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 |
14.24 |
Deteriorated |
Industrial
Average |
3,447.02 |
|
Total Assets Turnover |
1.41 |
Satisfactory |
Industrial
Average |
1.61 |
|
Inventory Conversion Period |
156.04 |
|
|
|
|
Inventory Turnover |
2.34 |
Deteriorated |
Industrial
Average |
18.76 |
|
Receivables Conversion Period |
97.69 |
|
|
|
|
Receivables Turnover |
3.74 |
Deteriorated |
Industrial
Average |
9.76 |
|
Payables Conversion Period |
73.62 |
|
|
|
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.50.57 |
|
UK Pound |
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
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.