MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
V-SERVE
CROSS BORDER LIMITED |
|
|
|
|
Formerly Known As : |
V-SERVE LIMITED |
|
|
|
|
Registered Office : |
|
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Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
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Date of Incorporation : |
17.07.1987 |
|
|
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|
Com. Reg. No.: |
0105530034682 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Engaged in
providing customs brokerage
service, including import
and export, customs
clearance |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
V-SERVE CROSS BORDER
LIMITED
[FORMER :
V-SERVE LIMITED]
SUMMARY
BUSINESS
ADDRESS : 709/57 ONNUCH
ROAD, SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2332-3940-9
FAX :
[66] 2332-0754-5
E-MAIL
ADDRESS : v-serve@v-servegroup.com
REGISTRATION
ADDRESS : 709/54-55 SOI
SIRISETTHANOND,
SUKHUMVIT 77
ROAD, SUANLUANG,
BANGKOK 10250
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530034682
TAX
ID NO. : 3101457117
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR. TANIT SORAT,
THAI
PRESIDENT
NO.
OF STAFF : 12
LINES
OF BUSINESS : CUSTOMS CLEARANCE
BROKERAGE
SERVICE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established on July
17, 1987 as a
private limited company
under the originally
registered name “V-Serve
Limited” by Thai groups.
On March 31,
2010, its registered
name was changed to V-SERVE
CROSS BORDER LIMITED. Its
business objective is to
provide customs brokerage
service. It currently
employs 12 staff.
The
subject is a
wholly owned subsidiary
of V-Serve Holding
Limited.
The
subject’s registered address
is 709/54-55 Soi
Sirisetthanond, Sukhumvit 77
Road, Suanluang, Bangkok
10250, while the
current operating address
is at 709/57
Onnuch Road, Suanluang,
Bangkok 10250.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Tanit Sorat |
[x] |
Thai |
63 |
|
Acting Sub. Lt. Thanet Sorat |
[-] |
Thai |
37 |
|
Ms. Piyarat Sorat |
|
Thai |
30 |
|
Ms. Pattama Sukbovornkul |
[-] |
Thai |
56 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or both of
the mentioned directors
[-] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Dr. Tanit Sorat is
the President.
He is Thai
nationality with the
age of 63
years old.
He is also a
Vice Chairman of the Federation of Thai Industries.
BUSINESS OPERATIONS
The subject
is engaged in providing customs
brokerage service, including
import and export,
customs clearance
PURCHASE
100%
of purchasing is
from local suppliers.
SERVICES
Most of services
are to Thai
importers, manufacturers and
exporters.
RELATED AND AFFILIATED
COMPANIES
V-Serve Group of
companies, consists of:
V-Serve Holding Limited
Business Type :
Holding company
V-Serve Logistic Limited
Business Type :
Logistics and transportation service
V-Serve Sea & Land Limited
Business Type :
Logistics and transportation service
V-Serve Logistics Park
Limited
Business Type :
Logistics and transportation service
V-Serve Transport &
Truck Terminal Limited
Business Type :
Logistics and transportation service
V-Serve Southern Limited
Business Type :
Oversea investment service
V-Serve Vietnam Limited
Business Type :
Investment service in
Vietnam
V-TT Nippon Limited
Business Type :
Investment service in
Japan
V-Serve Lao Trade & Service Limited
Business Type :
Investment service in
Laos
World Express Limited
Business Type :
Investment service in
Singapore
We-Weath Limited
Business Type :
Education and training
service
V-Serve Vientiane Limited
Business Type :
Education and training
service in Laos
V-Ventis Limited
Business Type :
Consultant and legal
service
V-Serve Modern Enterprise
Limited
Business Type :
Trading company
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.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
12 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Note.
As
of June 30,
2012-2013, the subject
has no income,
however, the company
confirmed operate normally.
COMMENT
The
subject reported no
income in the
past several years.
However, there are
many companies in
the V-Serve Group,
which are involved
in the logistic
business.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 3,000,000
on November 15, 1990
Bht. 10,000,000
on May 20,
2004
On
November 5, 2008,
the capital was
decreased to Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 28, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
V-Serve Holding Limited Nationality: Thai Address : 709/54
Onnuch Road, Suanluang,
Bangkok |
49,994 |
99.99 |
|
Acting Sub.Lt. Thanes Sorat Nationality: Thai Address : 109/4
Moo 3, Vibhavadee
Rangsit Road,
Ladyao, Jatujak, Bangkok
|
1 |
|
|
Ms. Piyarat Sorat Nationality: Thai Address : 39/77
Moo 10, Sukhapibal
1 Road,
Klongkum, Buengkum, Bangkok |
1 |
|
|
Mr. Suriya Kamsuwan Nationality: Thai Address : 2261/1
Rama 4 Road,
Klongtoey, Bangkok |
1 |
= 0.01 |
|
Mr. Thanakorn Saengpitoon Nationality: Thai Address : 18/12
Moo 4, Samwatawantok, Klongsamwa, Bangkok |
1 |
|
|
Ms. Pattama Sukbovornkul Nationality: Thai Address : 668
Onnuch 36 Road,
Suanluang, Bangkok |
1 |
|
|
Mrs. Sansanee Somkanae Nationality: Thai Address : 34/55
Moo 9, Seekan,
Donmuang, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at October 28,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Air Vice Marshal Thongchua Sangapitak
No. 4535
BALANCE SHEET [BAHT]
The latest financial figures published
as at June
30, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
418,198.06 |
377,458.06 |
380,718.06 |
|
Trade Accounts & Other Receivable |
3,074,762.32 |
5,754,590.41 |
2,679,828.09 |
|
Lending to Employees &
Affiliated |
- |
- |
29,764,788.02 |
|
Other Current Assets
|
26,135.58 |
26,135.58 |
3,100,897.90 |
|
|
|
|
|
|
Total Current Assets
|
3,519,095.96 |
6,158,184.05 |
35,926,232.07 |
|
Investments in Securities |
566,200.00 |
566,200.00 |
566,200.00 |
|
Lending to Affiliated Company |
32,360,616.11 |
29,744,788.02 |
- |
|
Other Non-current Assets |
33,053.75 |
33,053.75 |
33,053.75 |
|
Total Assets |
36,478,965.82 |
36,502,225.82 |
36,525,485.82 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable
|
20,000.00 |
20,000.00 |
20,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
20,000.00 |
20,000.00 |
20,000.00 |
|
Total Liabilities |
20,000.00 |
20,000.00 |
20,000.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
31,458,965.82 |
31,482,225.82 |
31,505,485.82 |
|
Total Shareholders' Equity |
36,458,965.82 |
36,482,225.82 |
36,505,485.82 |
|
Total Liabilities & Shareholders' Equity |
36,478,965.82 |
36,502,225.82 |
36,525,485.82 |
PROFIT
& LOSS ACCOUNT
|
Sale |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Other Income |
- |
- |
175,393.93 |
|
Total Sales |
- |
- |
175,393.93 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Administrative Expenses |
23,260.00 |
23,260.00 |
33,294.10 |
|
Total Expenses |
23,260.00 |
23,260.00 |
33,294.10 |
|
|
|
|
|
|
Net Profit / [Loss] |
[23,260.00] |
[23,260.00] |
142,099.83 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
175.95 |
307.91 |
1,796.31 |
|
QUICK RATIO |
TIMES |
174.65 |
306.60 |
153.03 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
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 |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
- |
|
RETURN ON EQUITY |
% |
(0.06) |
(0.06) |
0.39 |
|
RETURN ON ASSET |
% |
(0.06) |
(0.06) |
0.39 |
|
EARNING PER SHARE |
BAHT |
(0.47) |
(0.47) |
2.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.00 |
0.00 |
0.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.00 |
0.00 |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
- |
(116.37) |
|
|
NET PROFIT |
% |
- |
(116.37) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
(0.06) |
(0.06) |
|
ANNUAL GROWTH :
RISKY
And total assets has decreased from THB 36,502,225.82 in 2012 to THB
36,478,965.82 in 2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
65.24 |
|
Net Profit Margin |
- |
|
Industrial Average |
4.04 |
|
Return on Assets |
(0.06) |
Deteriorated |
Industrial Average |
4.49 |
|
Return on Equity |
(0.06) |
Deteriorated |
Industrial Average |
10.04 |
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 -0.06%.
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 -0.06%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
175.95 |
Impressive |
Industrial Average |
1.69 |
|
Quick Ratio |
174.65 |
|
|
|
|
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 175.95 times in 2013, decreased from 307.91 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 174.65 times in 2013,
decreased from 306.6 times, 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 : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial Average |
1.18 |
|
Times Interest Earned |
- |
|
Industrial Average |
(3.24) |
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 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 Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
(1.43) |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.24 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
5.73 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.09 |
|
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
UK Pound |
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.