MIRA
INFORM REPORT
|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
VRR LOGISTICS CO., LTD. |
|
|
|
|
|
|
Registered Office : |
315 Soi Romklao 54, Klongsamprawet, Ladkrabang, Bangkok 10520 |
|
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
10.03.2011 |
|
|
|
|
|
|
Com. Reg. No.: |
0105554035212 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
Logistics Service |
|
|
|
|
|
|
No. of Employees : |
20 |
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 : |
Slow but correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 -
averaging more than 4% per year - as it recovered from the Asian financial
crisis of 1997-98. Thai exports - mostly machinery and electronic components,
agricultural commodities, and jewelry - continue to drive the economy,
accounting for more than half of GDP. The global financial crisis of 2008-09
severely cut Thailand's exports, with most sectors experiencing double-digit
drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy
expanded 7.8%, its fastest pace since 1995, as exports rebounded from their
depressed 2009 level. Steady economic growth at just below 4% during the first
three quarters of 2011 was interrupted by historic flooding in October and
November in the industrial areas north of Bangkok, crippling the manufacturing
sector and leading to a revised growth rate of only 0.1% for the year. The
industrial sector is poised to recover from the second quarter of 2012 onward,
however, and the government anticipates the economy will probably grow between
5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and
5.7%.
Source : CIA
Company name
VRR
LOGISTICS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 315
SOI ROMKLAO 54,
KLONGSAMPRAWET,
LADKRABANG, BANGKOK
10520, THAILAND
TELEPHONE : [66] 2737-5575-6
FAX :
[66] 2737-9399
E-MAIL
ADDRESS : info@vrrlogistics.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554035212
TAX
ID NO. : 3034382920
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. WANCHALERM CHARNTHANU,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : LOGISTICS SERVICE
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 March 10,
2011 as a
private limited company under
the registered name
VRR LOGISTICS CO.,
LTD., by Thai groups,
with the business
objective to provide
logistics service. It
currently employs approximate
20 staff.
The
subject’s registered address
is 315 Soi
Romklao 54, Klongsamprawet, Ladkrabang,
Bangkok 10520, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Ratchanee Charnthanu |
|
Thai |
50 |
|
Mr. Wanchalerm Charnthanu |
|
Thai |
27 |
|
Ms. Ravipatch Sartjeenpong |
|
Thai |
27 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Wanchalerm Charnthanu is
the Managing Director.
He is Thai
nationality with the
age of 27 years
old.
BUSINESS OPERATIONS
The subject
is engaged in providing
wide range of
logistics services, e.g.
international air/sea freight
forwarder, import/export, EMS
tracking and land
transportation service, via approximately 10
trucks, comprising trailer,
ten wheels truck,
six wheels truck,
and four wheels
truck. The subject
also provides consulting
service for logistic
business to importer
and exporter.
PURCHASE
100%
of purchasing is
from local suppliers.
SERVICES
Most of clients
are importers, exporters
and manufacturers.
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
Services 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 20 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
subject performed slow
in the first
year operation. The
deepening global financial
crisis continued to
sting exports, while
domestic slow consumption
also dampened by
the massive floods
in the last quarter
of 2011. However,
its business outlook
is improving and
expected a positive
outcome this year.
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
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Ratchanee Charnthanu Nationality: Thai Address : 63/1
Moo 3, T. Banlah,
A. Viharndaeng, Saraburi |
5,000 |
50.00 |
|
Mr. Wanchalerm Charnthanu Nationality: Thai Address : 315
Soi Romklao 54,
Klongsamprawet,
Ladkrabang, Bangkok |
2,500 |
25.00 |
|
Ms. Ravipatch Sartjeenpong Nationality: Thai Address : 22
Moo 5, T. Mujalin,
A. Thawoong, Lopburi |
2,500 |
25.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kritidech Jarusmanya No.
4554
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 was :
ASSETS
|
Current Assets |
2011 |
|
|
|
|
Cash and Cash
Equivalents |
92,170.96 |
|
Other Current Assets
|
20,020.09 |
|
|
|
|
Total Current Assets
|
112,191.05 |
|
Long-term Lending |
900,000.00 |
|
Fixed Assets |
12,380.52 |
|
Withholding Income Tax |
1,100.00 |
|
Total Assets |
1,025,671.57 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
|
|
|
|
Other Current Liabilities |
20,360.87 |
|
|
|
|
Total Current Liabilities |
20,360.87 |
|
Total Liabilities |
20,360.87 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
|
|
|
|
Capital Paid |
1,000,000.00 |
|
Retained Earning - Unappropriated |
5,310.70 |
|
Total Shareholders' Equity |
1,005,310.70 |
|
Total Liabilities & Shareholders' Equity |
1,025,671.57 |
PROFIT & LOSS ACCOUNT
|
Revenue |
March 10,
2011 – Dec. 31,
2011 |
|
|
|
|
Services Income |
108,466.49 |
|
Other Income |
1,500.00 |
|
Total Revenues |
109,966.49 |
|
Expenses |
|
|
|
|
|
Cost of Services
|
60,760.71 |
|
Administrative Expenses |
43,895.08 |
|
Total Expenses |
104,655.79 |
|
Net Profit / [Loss] |
5,310.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
5.51 |
|
QUICK RATIO |
TIMES |
4.53 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
56.02 |
|
SELLING & ADMINISTRATION |
% |
40.47 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
45.36 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.90 |
|
NET PROFIT MARGIN |
% |
4.90 |
|
RETURN ON EQUITY |
% |
0.53 |
|
RETURN ON ASSET |
% |
0.52 |
|
EARNING PER SHARE |
BAHT |
0.53 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
SALES GROWTH |
% |
- |
|
OPERATING PROFIT |
% |
- |
|
NET PROFIT |
% |
- |
|
FIXED ASSETS |
% |
- |
|
TOTAL ASSETS |
% |
- |
PROFITABILITY
RATIO
|
Gross Profit Margin |
45.36 |
Impressive |
Industrial
Average |
24.66 |
|
Net Profit Margin |
4.90 |
Impressive |
Industrial
Average |
2.60 |
|
Return on Assets |
0.52 |
Deteriorated |
Industrial
Average |
3.61 |
|
Return on Equity |
0.53 |
Deteriorated |
Industrial
Average |
5.90 |
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
45.36%. 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 4.9%, 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 0.52%.
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 0.53%.
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 |
5.51 |
Impressive |
Industrial
Average |
1.77 |
|
Quick Ratio |
4.53 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 5.51 times in 2011, 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 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 4.53 times in 2011,
increased from 0 time, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.02 |
Impressive |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
0.02 |
Impressive |
Industrial
Average |
0.78 |
|
Times Interest Earned |
- |
|
Industrial
Average |
6.90 |
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 0.02 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.76 |
Impressive |
Industrial Average |
4.38 |
|
Total Assets Turnover |
0.11 |
Deteriorated |
Industrial Average |
1.34 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
10.66 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.77 |
|
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.