MIRA
INFORM REPORT
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Report Date : |
20.09.2012 |
DETAILS
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Name : |
FORECUS CO., LTD. |
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Registered Office : |
9/321 Moo 5,
Moobaan Rompoh 3, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.10.2006 |
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Com. Reg. No.: |
0115549010916 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Industrial Chemicals |
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No. of Employees : |
12 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
Source
: CIA
Company Name
FORECUS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 9/321
MOO 5, MOOBAAN
ROMPOH 3,
MUANG, SAMUTPRAKARN
10270
TELEPHONE : [66] 2386-7208,
081 751-9689
FAX :
[66] 2386-7209
E-MAIL
ADDRESS : jampoon@forecus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0115549010916
TAX
ID NO. : 3032438322
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. JAMPOON PREDEEWECH,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 26,
2006 as a
private limited company
under the name
style FORECUS CO.,
LTD., by Thai
groups, with the
business objective to import
and distribute various
kinds of industrial
chemicals to domestic
market. It currently
employs 12 staff.
The
subject’s registered address
is 9/321 Moo 5,
Moobaan Rompoh 3,
Srinakarin Rd., Samrongnua,
Muang, Samutprakarn 10270, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
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Name |
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Nationality |
Age |
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Ms. Jampoon Predeewech |
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Thai |
38 |
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Ms. Prapaphan Paibulvesayakij |
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Thai |
39 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Jampoon Predeewech is
the Managing Director.
She is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of industrial chemicals for
cosmetics, plastic, paint, construction
industries and etc.,
as well as
personal care and
food ingredients, such
as essential oil,
edible oil, hydrolat,
butter and others.
PURCHASE
The products are
purchased from both
local and overseas
suppliers in Germany, U.S.A.,
U.K., Taiwan and
Republic of China.
MAJOR SUPPLIER
S & D Aroma Ltd. :
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers
and end-users.
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
The banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of
COMMENT
Subject
was formed in
2006 as an
importer and distributor
of industrial chemicals,
as well as
essential oil, vegetable
oil, hydrolat, butter
and etc. The
subject’s operating performance
in 2011 was
satisfactory with an
increase in both
sales revenue and
net profit comparing
to the previous
year. In general,
the subject’s business
is promising in
line with the
growth and improvement
of various industries. The subject
anticipates a good business
performance from its
market expansion in
2012 as well.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
On
December 20, 2007,
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 April 30,
2012]
|
NAME |
HOLDING |
% |
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Ms. Patrawadee Royviwat Nationality: Thai Address : 243
Pattanakarn 56 Rd.,
Suanluang, |
20,000 |
40.00 |
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Mrs. Tassanee Predeewech Nationality: Thai Address : |
9,995 |
19.99 |
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Ms. Jampoon Predeewech Nationality: Thai Address : |
5,000 |
10.00 |
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Ms. Piyawan Teerawutvoravej Nationality: Thai Address : 42/341
Moo 5, Saikongdin,
Klongsamwa, |
5,000 |
10.00 |
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Mr. Chirath Srihathailert Nationality: Thai Address : |
5,000 |
10.00 |
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Ms. Prapaphan Paibulvesayakij Nationality: Thai Address : |
5,000 |
10.00 |
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Mr. Thiti Rajapaetayakom Nationality: Thai Address :
Wattana, |
5 |
0.01 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
7 |
50,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sudsawart Jennarong No.
3840
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash
Equivalents |
814,449.21 |
2,011,277.32 |
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Trade Accounts &
Other Receivable |
14,922,178.95 |
12,889,847.49 |
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Prepaid Expenses |
1,599,568.38 |
565,368.16 |
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Inventories |
17,048,411.19 |
10,474,581.68 |
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Other Current Assets
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504,690.26 |
185,488.81 |
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Total Current Assets
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34,889,297.99 |
26,126,563.46 |
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Fixed Assets |
2,195,346.04 |
1,396,353.89 |
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Other Non-current Assets |
81,400.00 |
81,400.00 |
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Total Assets |
37,166,044.03 |
27,604,317.35 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
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Current
Liabilities |
2011 |
2010 |
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Trade Accounts & Other
Payable |
6,336,943.19 |
5,241,591.53 |
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Current Portion of
Hire-purchase Payable |
563,427.00 |
282,033.60 |
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Accrued Income Tax |
564,191.09 |
210,853.54 |
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Other Current Liabilities |
158,158.24 |
81,996.38 |
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Total Current Liabilities |
7,622,719.52 |
5,816,475.05 |
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Long-term Loan |
13,940,000.00 |
9,490,000.00 |
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Hire-purchase Payable |
646,831.30 |
292,604.50 |
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Total Liabilities |
22,209,550.82 |
15,599,079.55 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
9,956,493.21 |
7,005,237.80 |
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Total Shareholders' Equity |
14,956,493.21 |
12,005,237.80 |
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Total Liabilities & Shareholders' Equity |
37,166,044.03 |
27,604,317.35 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2011 |
2010 |
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Sales |
65,559,166.35 |
57,774,994.57 |
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Other Income |
617,275.15 |
240,895.46 |
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Total Revenues |
66,176,441.50 |
58,015,890.03 |
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Expenses |
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Cost of Goods
Sold |
45,174,428.22 |
41,029,998.01 |
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Selling Expenses |
4,644,040.50 |
4,458,670.34 |
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Administrative Expenses |
12,440,026.28 |
9,726,807.16 |
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Total Expenses |
62,258,495.00 |
55,215,475.51 |
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Profit / [Loss] before Income Tax |
3,917,946.50 |
2,800,414.52 |
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Income Tax |
[966,691.09] |
[613,353.54] |
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Net Profit / [Loss] |
2,951,255.41 |
2,187,060.98 |
FINANCIAL ANALYSIS
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ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
4.58 |
4.49 |
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QUICK RATIO |
TIMES |
2.27 |
2.66 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
29.86 |
41.38 |
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TOTAL ASSETS TURNOVER |
TIMES |
1.76 |
2.09 |
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INVENTORY CONVERSION PERIOD |
DAYS |
137.75 |
93.18 |
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INVENTORY TURNOVER |
TIMES |
2.65 |
3.92 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
83.08 |
81.43 |
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RECEIVABLES TURNOVER |
TIMES |
4.39 |
4.48 |
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PAYABLES CONVERSION PERIOD |
DAYS |
51.20 |
46.63 |
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CASH CONVERSION CYCLE |
DAYS |
169.63 |
127.99 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
68.91 |
71.02 |
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SELLING & ADMINISTRATION |
% |
26.06 |
24.55 |
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INTEREST |
% |
- |
- |
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GROSS PROFIT MARGIN |
% |
32.04 |
29.40 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.98 |
4.85 |
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NET PROFIT MARGIN |
% |
4.50 |
3.79 |
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RETURN ON EQUITY |
% |
19.73 |
18.22 |
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RETURN ON ASSET |
% |
7.94 |
7.92 |
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EARNING PER SHARE |
BAHT |
59.03 |
43.74 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.60 |
0.57 |
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DEBT TO EQUITY RATIO |
TIMES |
1.48 |
1.30 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
13.47 |
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OPERATING PROFIT |
% |
39.91 |
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NET PROFIT |
% |
34.94 |
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FIXED ASSETS |
% |
57.22 |
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TOTAL ASSETS |
% |
34.64 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
32.04 |
Impressive |
Industrial
Average |
12.07 |
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Net Profit Margin |
4.50 |
Impressive |
Industrial
Average |
1.82 |
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Return on Assets |
7.94 |
Impressive |
Industrial
Average |
4.28 |
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Return on Equity |
19.73 |
Impressive |
Industrial
Average |
11.66 |
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. Gross Profit Margin is 32.04%. 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. Net Profit Margin ratio is 4.5%,
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
7.94%, 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 19.73%, 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 |
4.58 |
Impressive |
Industrial
Average |
1.50 |
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Quick Ratio |
2.27 |
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Cash Conversion Cycle |
169.63 |
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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 4.58 times in 2011, increase from 4.49 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 2.27 times in 2011,
decrease from 2.66 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 170 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial
Average |
0.58 |
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Debt to Equity Ratio |
1.48 |
Acceptable |
Industrial
Average |
1.51 |
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Times Interest Earned |
- |
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Industrial
Average |
3.36 |
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 0.6 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 |
29.86 |
Impressive |
Industrial Average |
10.00 |
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Total Assets Turnover |
1.76 |
Satisfactory |
Industrial Average |
2.32 |
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Inventory Conversion Period |
137.75 |
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Inventory Turnover |
2.65 |
Deteriorated |
Industrial Average |
6.90 |
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Receivables Conversion Period |
83.08 |
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Receivables Turnover |
4.39 |
Satisfactory |
Industrial Average |
4.46 |
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Payables Conversion Period |
51.20 |
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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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
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.