MIRA INFORM REPORT
|
Report Date : |
17.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
VICHAI TRADING REGISTERED
ORDINARY PARTNERSHIP |
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Registered Office : |
573/2
SOI Ramkhamhaeng 39 [Thepleela], |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.07.1953 |
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Com. Reg. No.: |
0102496002555 |
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Legal Form : |
Registered Ordinary Partnership |
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Line of Business : |
Subject is engaged in importing
and distributing various
kinds of electronics
equipment and accessories
particularly for sound
and visual systems
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
VICHAI TRADING
REGISTERED ORDINARY PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 573/2
SOI RAMKHAMHAENG 39 [THEPLEELA],
TELEPHONE : [66] 2559-0956-8
FAX :
[66] 2559-0959
E-MAIL ADDRESS : rictorco@truemail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1953
REGISTRATION
NO. : 0102496002555 [Former : 2500]
TAX
ID NO. : 3103002674
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
PARTNER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : REGISTERED ORDINARY
PARTNERSHIP
EXECUTIVE : MR. SUTHICHAI SOPCHOKCHAI,
THAI
MANAGING PARTNER
NO.
OF STAFF : 20
LINES
OF BUSINESS : ELECTRONICS GOODS
DISTRIBUTOR AND
SERVICE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 31,
1953 as an
ordinary partnership under
the name style
VICHAI TRADING REGISTERED
ORDINARY PARTNERSHIP, in
order to supply product and service
various kinds of electronics equipments
to domestic market.
It currently employs
approximately 20 staff.
The
subject’s registered address
is 573/2 Soi
Ramkhamhaeng 39 [Thepleela],
Pracha-uthit Rd., Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Suthichai Sopchokchai
signs on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Suthichai Sopchokchai
is the Managing
Partner.
He is Thai
nationality with the
age of 50
years old.
He is the
second generation, who
currently runs the
business.
BUSINESS OPERATIONS
The subject’s core
business is engaged in
importing and distributing
various kinds of electronics equipment and
accessories particularly for
sound and visual
systems as follows:
Product Brand
Louspeaker “APART”
Volume Control “APART”
Microphone “APART”
Cables/Transformers “APART”
Conference System “BEYERDYNAMIC”
Music Performance “BEYERDYNAMIC”
Broadcast, Studio, Video “BEYERDYNAMIC”
Consumer Products “BEYERDYNAMIC”
Aviation Equipment “BEYERDYNAMIC”
HFO Interfacing “CANARE”
Optical Products “CANARE”
Connectors/ Cable Reels “CANARE”
Cables/Patch Bays “CANARE”
Snake System/Tools “CANARE”
Audio Processing System “LECTROSONICS”
Professional Loudspeaker System “MARTIN”
Audio/ Video/ Lighting “NEUTRIK”
Data Connector “NEUTRIK”
Audio Accessories “REAN”
Mixer Amplifiers “ROLLS”
Power Amplifiers “ROLLS”
Signal Sound “ROLLS”
Wireless System “SABINE”
Wireless Accessories “SABINE”
Subject also provides light, sound,
AV and visual
systems design and
installation, as well
as projector, MATV and
CCTV systems.
PURCHASE
Most of the products
are imported from
U.S.A., Germany, United Kingdom, Switzerland, Republic
of China, Malaysia,
Singapore, Taiwan and
Japan, the remaining
is purchased from
local suppliers.
MAJOR SUPPLIERS
Beyerdynamic
GmbH. : Germany
Canare
Corporation : U.S.A.
Neutrik
Inc. : U.S.A.
Rolls
Corporation : U.S.A.
Sabine
Inc. : U.S.A.
Lectrosonics
Inc. : U.S.A.
SALES
100% of the
products are sold
and serviced locally
to dealers, retailers
and end-users, such as
hotel, hospital and
others both private
and government sectors.
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 credits term
of 30-60 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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
company has been established in
1953 by Mr. Suthichai
Sopchokchai’s parents, whose name
were not disclosed.
Its business is engaged
in providing high-end
electronic goods to local
market. Subject posted
moderate sales in
2013.
With
its accumulated experience
for more than
60 years, the
subject has gained
creditability and recognition in local
market. Generally, its
business is growing
considerably.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 which was
carried by 2 person
as followed:
Name Age Amount
Mr. Suthichai Sopchokchai [50] Bht.
1,750,000 [Unlimited Partner]
Mrs. Nopparut Sopchokchai [50] Bht.
250,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Preecha Boonyakida No. 3890
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,978,911.55 |
78,072.77 |
57,509.40 |
|
Inventories |
13,414,016.72 |
15,187,790.00 |
21,889,758.00 |
|
Trade Accounts Receivable
|
20,302,434.24 |
20,256,823.85 |
19,036,017.76 |
|
Other Current Assets
|
1,135.67 |
45,172.77 |
70,940.45 |
|
|
|
|
|
|
Total Current Assets
|
35,696,498.18 |
35,567,859.39 |
41,054,225.61 |
|
|
|
|
|
|
Fixed Assets |
15,983,711.36 |
10,695,675.03 |
10,475,910.90 |
|
Other Non – current Assets |
|
1,160,943.34 |
782,108.58 |
|
Total Assets |
52,956,847.88 |
47,424,477.76 |
52,312,245.09 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
10,150,000.00 |
7,546,729.48 |
7,830,595.50 |
|
Trade Accounts Payable
|
13,448,324.56 |
14,984,940.27 |
21,118,990.97 |
|
Other Current Liabilities |
538,471.81 |
635,729.45 |
238,710.17 |
|
|
|
|
|
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Total Current Liabilities |
24,136,796.37 |
23,167,399.20 |
29,188,296.64 |
|
Long-term Loan from Financial Institutions |
5,974,417.29 |
2,508,720.36 |
2,981,282.19 |
|
Total Liabilities |
30,111,213.66 |
25,676,119.56 |
32,169,578.83 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated |
20,845,634.22 |
19,748,358.20 |
18,142,666.26 |
|
Total Shareholders' Equity |
22,845,634.22 |
21,748,358.20 |
20,142,666.26 |
|
Total Liabilities &
Shareholders' Equity |
52,956,847.88 |
47,424,477.76 |
52,312,245.09 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
74,017,320.57 |
71,177,297.76 |
59,531,308.17 |
|
Service Income |
1,295,321.32 |
11,249,333.54 |
1,736,866.80 |
|
Rental Income |
88,403.74 |
123,300.00 |
97,105.62 |
|
Gain on Disposal of Assets |
140,184.92 |
- |
635,513.02 |
|
Other Income |
66,291.58 |
43,815.95 |
58,989.83 |
|
Total Revenues |
75,607,522.13 |
82,593,747.25 |
62,059,783.44 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
61,090,160.86 |
67,469,612.65 |
48,682,274.05 |
|
Administrative Expenses |
9,940,508.19 |
9,831,237.85 |
9,643,741.03 |
|
Other Expenses |
2,742,099.43 |
2,571,927.79 |
1,841,956.61 |
|
Total Expenses |
73,772,768.48 |
79,872,778.29 |
60,167,971.69 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
1,834,753.65 |
2,720,968.96 |
1,891,811.75 |
|
Financial Costs |
[204,613.66] |
[331,388.54] |
[334,299.79] |
|
Profit / [Loss] before Income
Tax |
1,630,139.99 |
2,389,580.42 |
1,557,511.96 |
|
Income Tax |
[532,863.97] |
[783,888.48] |
[386,372.20] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,097,276.02 |
1,605,691.94 |
1,171,139.76 |
|
Retained Earning, Beginning of
Year |
19,748,358.20 |
18,142,666.26 |
16,971,526.50 |
|
|
|
|
|
|
Retained Earning, End
of Year |
20,845,634.22 |
19,748,358.20 |
18,142,666.26 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.48 |
1.54 |
1.41 |
|
QUICK RATIO |
TIMES |
0.92 |
0.88 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.72 |
7.72 |
5.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.74 |
1.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.15 |
82.16 |
164.12 |
|
INVENTORY TURNOVER |
TIMES |
4.55 |
4.44 |
2.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
98.28 |
89.57 |
113.23 |
|
RECEIVABLES TURNOVER |
TIMES |
3.71 |
4.08 |
3.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.35 |
81.07 |
158.34 |
|
CASH CONVERSION CYCLE |
DAYS |
98.07 |
90.66 |
119.00 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.02 |
81.73 |
79.33 |
|
SELLING & ADMINISTRATION |
% |
13.18 |
11.91 |
15.72 |
|
INTEREST |
% |
0.27 |
0.40 |
0.54 |
|
GROSS PROFIT MARGIN |
% |
19.25 |
18.32 |
21.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.43 |
3.30 |
3.08 |
|
NET PROFIT MARGIN |
% |
1.46 |
1.95 |
1.91 |
|
RETURN ON EQUITY |
% |
4.80 |
7.38 |
5.81 |
|
RETURN ON ASSET |
% |
2.07 |
3.39 |
2.24 |
|
EARNING PER SHARE |
BAHT |
54.86 |
80.28 |
58.56 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.54 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.32 |
1.18 |
1.60 |
|
TIME INTEREST EARNED |
TIMES |
8.97 |
8.21 |
5.66 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.66) |
34.52 |
|
|
OPERATING PROFIT |
% |
(32.57) |
43.83 |
|
|
NET PROFIT |
% |
(31.66) |
37.11 |
|
|
FIXED ASSETS |
% |
49.44 |
2.10 |
|
|
TOTAL ASSETS |
% |
11.67 |
(9.34) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -8.66%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.25 |
Deteriorated |
Industrial
Average |
68.44 |
|
Net Profit Margin |
1.46 |
Impressive |
Industrial
Average |
0.42 |
|
Return on Assets |
2.07 |
Impressive |
Industrial
Average |
0.63 |
|
Return on Equity |
4.80 |
Impressive |
Industrial
Average |
3.26 |
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 19.25%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 1.46%,
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
2.07%, 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 4.8%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.48 |
Satisfactory |
Industrial
Average |
1.51 |
|
Quick Ratio |
0.92 |
|
|
|
|
Cash Conversion Cycle |
98.07 |
|
|
|
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 1.48 times in 2013, decreased from 1.54 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 0.92 times in 2013,
increased from 0.88 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 99 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial
Average |
0.77 |
|
Debt to Equity Ratio |
1.32 |
Impressive |
Industrial
Average |
3.33 |
|
Times Interest Earned |
8.97 |
Impressive |
Industrial
Average |
- |
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 higher the percentage means that the company is using
less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 8.97 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 0.57 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.72 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.42 |
Satisfactory |
Industrial
Average |
1.48 |
|
Inventory Conversion Period |
80.15 |
|
|
|
|
Inventory Turnover |
4.55 |
Impressive |
Industrial
Average |
1.97 |
|
Receivables Conversion Period |
98.28 |
|
|
|
|
Receivables Turnover |
3.71 |
Impressive |
Industrial
Average |
2.86 |
|
Payables Conversion Period |
80.35 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.71 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 82 days at the
end of 2012 to 80 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 4.44 times in year 2012 to 4.55 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.42 times and 1.74
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.41 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.79.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.