MIRA INFORM REPORT
|
Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
VICHAI PERCUSSION CO., LTD. |
|
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Registered Office : |
36 Soi Kalaprapruek 6, Kalaprapruek Road, Banghwa, Pasicharoen, Bangkok 10160 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.10.1989 |
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Com. Reg. No.: |
0105532098572 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter
and Distributor of Percussion Instruments |
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No. of Employees
: |
40 persons |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
VICHAI PERCUSSION
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 21/6
MOO 10, SAKAE-NGAM
ROAD,
T. SUANLUANG,
A. KRATHUMBAEN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 2813-7046,
2813-7159, 2813-7791
FAX :
[66] 2813-7684
E-MAIL
ADDRESS : pumruru@hotmail.com
REGISTRATION
ADDRESS : 36
SOI KALAPRAPRUEK 6,
KALAPRAPRUEK ROAD,
BANGHWA, PASICHAROEN,
BANGKOK 10160
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532098572
CAPITAL REGISTERED : BHT. 3,500,000
CAPITAL PAID-UP : BHT.
3,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VICHAI SIRIPANICHWATTANA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : PERCUSSION INSTRUMENTS
MANUFACTURER, EXPORTER
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 October 16, 1989
as a private
limited company under the
registered name VICHAI PERCUSSION CO., LTD. by
Thai groups, with the business
objective to manufacture
and supply various
kinds of percussion
instruments to both
domestic and overseas
markets. It currently
employs approximate 40
staff.
The
subject’s registered address
is 36 Soi
Kalaprapruek 6, Kalaprapruek
Rd., Banghwa, Pasicharoen,
Bangkok 10160, while
the current operation
address is 21/6
Moo 10, Sakae-ngam
Rd., T. Suanluang,
A. Krathumbaen, Samutsakorn
74110.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichai Siripanichwattana |
|
Thai |
56 |
|
Mrs. Pranee Siripanichwattana |
|
Thai |
54 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vichai Siripanichwattana is
the Managing Director.
He is Thai
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting and distributing various kinds of percussion
instruments, such as
bongos drum, congas drum,
timbale & cahon drum, drum
set, trio drum,
tambourine, percussion stand,
drumstick and etc.,
under its own
brand “IMPACT”.
PURCHASE
80% of its
raw materials such
as stainless steel,
fiberglass, aluminium, wood,
leather and accessories
are purchased from
local suppliers, the
remaining 20% is
imported from Republic
of China.
SALES
90% of the
products is exported
to U.S.A., Japan,
Hong Kong, Singapore,
Republic of China,
India and Europe, the
remaining 10% is
sold locally.
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
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of 30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
40 staff.
LOCATION DETAILS
The premise is owned for administrative
office, factory and warehouse at
the heading address.
Premise is located
in provincial, the
outskirts of Bangkok.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
The
subject is a manufacturer
and distributor of percussion
instruments. The products
are marketed both
domestic and exports.
Subject reported moderate
sales in 2010, while
its business in 2011
is healthy. Slow
sales have seen in
short period causing by
floods.
FINANCIAL INFORMATION
The capital
was registered at Bht. 1,000,000
divided into 1,000 shares of Bht. 1,000 each with
fully paid.
On
July 4, 2005,
the capital was
increased to Bht.
3,500,000 divided into
3,500 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sorawuth Siripanichwattana Nationality: Thai Address : 36
Soi Kalaprapruek 6,
Kalaprapruek Rd.,
Banghwa, Pasicharoen, Bangkok |
1,000 |
28.57 |
|
Mr. Vichai Siripanichwattana Nationality: Thai Address : 36
Soi Kalaprapruek 6,
Kalaprapruek Rd.,
Banghwa, Pasicharoen, Bangkok |
700 |
20.00 |
|
Mrs. Pranee Siripanichwattana Nationality: Thai Address : 36
Soi Kalaprapruek 6,
Kalaprapruek Rd.,
Banghwa, Pasicharoen, Bangkok |
700 |
20.00 |
|
Ms. Nathaporn Siripanichwattana Nationality: Thai Address : 36
Soi Kalaprapruek 6,
Kalaprapruek Rd.,
Banghwa, Pasicharoen, Bangkok |
700 |
20.00 |
|
Mr. Thanasith Siripanichwattana Nationality: Thai Address : 36
Soi Kalaprapruek 6,
Kalaprapruek Rd.,
Banghwa, Pasicharoen, Bangkok |
400 |
11.43 |
Total Shareholders : 5
Share Structure [as at April
30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
3,500 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
3,500 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Soraya Jirapornthipsakul No.
8189
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
1,876,208.42 |
11,543,365.98 |
|
Trade Accounts Receivable |
4,796,587.15 |
3,983,438.95 |
|
Sales Department Receivable |
268,195.49 |
173,873.65 |
|
Loan to Directors |
8,000,000.00 |
- |
|
Inventories |
6,300,788.40 |
4,678,659.14 |
|
Other Current Assets |
146,550.51 |
190,262.66 |
|
|
|
|
|
Total Current Assets
|
21,388,329.97 |
20,569,600.38 |
|
|
|
|
|
Fixed Assets |
22,907,975.88 |
23,797,807.56 |
|
Other Assets |
139,000.00 |
51,000.00 |
|
Total Assets |
44,435,305.85 |
44,418,407.94 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
10,879,793.27 |
11,381,772.62 |
|
Trade Accounts Payable |
5,561,947.84 |
4,228,125.59 |
|
Sales Department Payable |
- |
6,820.90 |
|
Payable Bank |
125,732.06 |
- |
|
Loan Packing Credit |
1,050,000.00 |
- |
|
Other Current Liabilities |
3,379,428.74 |
3,390,928.13 |
|
|
|
|
|
Total Current Liabilities |
20,996,901.91 |
19,007,647.24 |
|
Total Liabilities |
20,996,901.91 |
19,007,647.24 |
|
Shareholders’ Equity |
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 3,500 shares |
3,500,000.00 |
3,500,000.00 |
|
|
|
|
|
Capital Paid |
3,500,000.00 |
3,500,000.00 |
|
Retained Earning : |
|
|
|
Appropriated for Statutory Reserve |
350,000.00 |
350,000.00 |
|
Unappropriated |
19,588,403.94 |
21,560,760.70 |
|
Total Shareholders' Equity |
23,438,403.94 |
25,410,760.70 |
|
Total Liabilities & Shareholders' Equity |
44,435,305.85 |
44,418,407.94 |
PROFIT & LOSS ACCOUNT
|
Sales |
2010 |
2009 |
|
|
|
|
|
Sales Income |
40,752,595.36 |
40,183,051.72 |
|
Other Income |
354,758.41 |
433,168.28 |
|
Total Sales |
41,107,353.77 |
40,616,220.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
34,800,107.63 |
34,584,561.69 |
|
Administrative Expenses |
3,872,288.50 |
3,811,669.85 |
|
Others Expenses |
397,043.59 |
620,606.61 |
|
Total Expenses |
39,069,439.72 |
39,016,838.15 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
2,037,914.05 |
1,599,381.85 |
|
Financial Cost |
[701,488.54] |
[705,143.66] |
|
Profit / [Loss] before Income
Tax |
1,336,425.51 |
894,238.19 |
|
Income Tax |
[308,782.27] |
[263,641.73] |
|
|
|
|
|
Net Profit / [Loss] |
1,027,643.24 |
630,596.46 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.08 |
|
QUICK RATIO |
TIMES |
0.71 |
0.83 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.78 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.09 |
49.38 |
|
INVENTORY TURNOVER |
TIMES |
5.52 |
7.39 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
42.96 |
36.18 |
|
RECEIVABLES TURNOVER |
TIMES |
8.50 |
10.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.34 |
44.62 |
|
CASH CONVERSION CYCLE |
DAYS |
50.71 |
40.94 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
85.39 |
86.07 |
|
SELLING & ADMINISTRATION |
% |
9.50 |
9.49 |
|
INTEREST |
% |
1.72 |
1.75 |
|
GROSS PROFIT MARGIN |
% |
15.48 |
15.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.00 |
3.98 |
|
NET PROFIT MARGIN |
% |
2.52 |
1.57 |
|
RETURN ON EQUITY |
% |
4.38 |
2.48 |
|
RETURN ON ASSET |
% |
2.31 |
1.42 |
|
EARNING PER SHARE |
BAHT |
293.61 |
180.17 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.90 |
0.75 |
|
TIME INTEREST EARNED |
TIMES |
2.91 |
2.27 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1.42 |
|
|
OPERATING PROFIT |
% |
27.42 |
|
|
NET PROFIT |
% |
62.96 |
|
|
FIXED ASSETS |
% |
(3.74) |
|
|
TOTAL ASSETS |
% |
0.04 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
15.48 |
Satisfactory |
Industrial
Average |
17.95 |
|
Net Profit Margin |
2.52 |
Impressive |
Industrial
Average |
1.67 |
|
Return on Assets |
2.31 |
Satisfactory |
Industrial
Average |
2.44 |
|
Return on Equity |
4.38 |
Satisfactory |
Industrial
Average |
4.65 |
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 15.48%. When
compared with the industry average, the ratio of the company was lower,
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 2.52%,
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 2.31%.
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 4.38%.
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 |
1.02 |
Deteriorated |
Industrial
Average |
2.53 |
|
Quick Ratio |
0.71 |
|
|
|
|
Cash Conversion Cycle |
50.71 |
|
|
|
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 1.02 times in 2010, decrease from 1.08 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 0.71 times in 2010,
decrease from 0.83 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 51 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.90 |
Impressive |
Industrial
Average |
0.93 |
|
Times Interest Earned |
2.91 |
Acceptable |
Industrial
Average |
5.19 |
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 2.91 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 0.47 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 |
1.78 |
Deteriorated |
Industrial Average |
4.41 |
|
Total Assets Turnover |
0.92 |
Deteriorated |
Industrial
Average |
2.10 |
|
Inventory Conversion Period |
66.09 |
|
|
|
|
Inventory Turnover |
5.52 |
Acceptable |
Industrial
Average |
8.29 |
|
Receivables Conversion Period |
42.96 |
|
|
|
|
Receivables Turnover |
8.50 |
Deteriorated |
Industrial
Average |
19.37 |
|
Payables Conversion Period |
58.34 |
|
|
|
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.50.12 |
|
UK Pound |
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
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.