MIRA
INFORM REPORT
|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
22nd Floor,
Ocean Tower 1
Building, 170/69
Ratchadapisek Road, Klongtoey, Bangkok 10110,
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.04.2004 |
|
|
|
|
Com. Reg. No.: |
0215547001307 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing
and distributing refractory
products, such as
specialty ceramics, refractory
mortars and related
components |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30, 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 crisis 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
VESUVIUS
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
OCEAN TOWER 1
BUILDING,
170/69 RATCHADAPISEK
ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2661-9156-7,
2661-8120-1
FAX :
[66] 2661-9507
E-MAIL
ADDRESS : vesuvius-thailand@typlive.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0215547001307
TAX
ID NO. : 3011034286
CAPITAL REGISTERED : BHT. 85,000,000
CAPITAL PAID-UP : BHT.
85,000,000
SHAREHOLDER’S PROPORTION : BRITISH
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JOHN UNDERWOOD,
BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : REFRACTORY PRODUCTS
IMPORTER, DISTRIBUTOR
AND SERVICE
PROVIDER
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 April 27, 2004
as a private
limited company under the
registered name VESUVIUS
[THAILAND] CO., LTD.,
by British group,
with the business
objective to supply
variety products such
as ceramic and mortar
including refractory product.
It currently employs
approximately 20 staff.
The
subject is a
wholly owned subsidiary
of Cookson Overseas
Limited, in England.
The subject’s registered address is 22nd Floor, Ocean Tower 1 Building, 170/69
Ratchadapisek Road, Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wisthichat [Sirichai] Norasethikul |
|
Thai |
41 |
|
Mr. William John Cousineau |
|
Canadian |
47 |
|
Mr. John Underwood |
|
British |
66 |
Note.
Mr. Sirichai Norasethikul changed
his name to Mr.
Wisthichat Norasethikul on
April 24, 2012.
AUTHORIZED PERSON
- Any
two of the
above directors can
jointly sign on
behalf of the
subject with
company’s affixed.
- In
case of contact
to government enterprise, one
of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. John Underwood is
the Managing Director.
He is British
nationality with the
age of 66
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
refractory products, such
as specialty ceramics,
refractory mortars and
related components, as
well as providing
of design and
installation services for
refractory and control
systems for glass
production and steel
works industry.
BRAND NAME
“VESUVIUS”
IMPORT
100% of the
products is imported
from France, United
Kingdom, Republic of
China, India, Malaysia
and U.S.A.
MAJOR
SUPPLIERS
Vesuvius UK Ltd. : U.K.
Vesuvius India Pvt.
Ltd. : India
SALES
100% of the
products is sold
locally by wholesale
to 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 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
The
banker’s name was
not disclosed.
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 a prime
commercial area.
COMMENT
The
subject is an
importer, distributor and
services of refractory
products. Sales were
slow in the
year 2012, as
well as growing
at slow pace
in the year
2013. Despite economy slowdown
subject is confident
that this year’s
sales will exceed
last year’s level
due to a shift to
higher-margin parts operations
and improved demand
from overseas markets.
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. 5,000,000
on November 25,
2008
Bht. 85,000,000
on September 10,
2009
The latest
registered capital was
increased to Bht. 85,000,000 divided
into 850,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 22, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Cookson Overseas Limited Nationality: British Address : 165 Fleet
Street, EC4A 2AE,
England |
844,898 |
99.40 |
|
Vesuvius Group Limited Nationality: British Address : 165
Fleet Street, EC4A
2AE, England |
5,100 |
0.60 |
|
Cookson Overseas Investments
Limited Nationality: British Address : 165
Fleet Street, EC4A
2AE, England |
1 |
- |
|
Cookson Investments Limited Nationality: British Address : 165 Fleet
Street, EC4A 2AE,
England |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 22,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-British |
4 |
850,000 |
100.00 |
|
Total |
4 |
850,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Siriphen Sukcharoenyingyong No.
3636
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
25,204,024 |
48,638,994 |
15,690,885 |
|
Trade Accounts & Other Receivable |
53,529,549 |
81,503,065 |
71,588,887 |
|
Inventories |
37,419,421 |
46,000,271 |
42,282,424 |
|
Deferred Income |
11,932,227 |
4,802,483 |
- |
|
Other Current Assets
|
1,796,109 |
2,625,124 |
4,266,178 |
|
|
|
|
|
|
Total Current Assets
|
129,881,330 |
183,569,937 |
133,828,374 |
|
|
|
|
|
|
Fixed Assets |
9,586,032 |
4,863,352 |
5,391,947 |
|
Other Non-current Assets |
282,200 |
728,837 |
48,988 |
|
Total Assets |
139,749,562 |
189,162,126 |
139,269,309 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
- |
- |
1,325,000 |
|
Trade Accounts & Other Payable
|
29,358,401 |
64,512,193 |
40,371,908 |
|
Accrued Income Tax |
895,219 |
7,342,599 |
4,734,912 |
|
Accrued Expenses |
2,778,672 |
5,913,098 |
- |
|
Other Current Liabilities |
3,416,185 |
832,244 |
7,234,020 |
|
|
|
|
|
|
Total Current Liabilities |
36,448,477 |
78,600,134 |
53,665,840 |
|
|
|
|
|
|
Employee Benefits Obligation |
1,561,357 |
795,850 |
- |
|
Total Liabilities |
38,009,834 |
79,395,984 |
53,665,840 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 850,000 shares |
85,000,000 |
85,000,000 |
85,000,000 |
|
|
|
|
|
|
Capital Paid |
85,000,000 |
85,000,000 |
85,000,000 |
|
Retained Earning Unappropriated [Deficit] |
16,739,728 |
24,766,142 |
603,469 |
|
Total Shareholders' Equity |
101,739,728 |
109,766,142 |
85,603,469 |
|
Total Liabilities & Shareholders' Equity |
139,749,562 |
189,162,126 |
139,269,309 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
353,319,882 |
388,171,936 |
254,000,668 |
|
Other Income |
1,115,825 |
609,859 |
3,963,421 |
|
Total Revenues |
354,435,707 |
388,781,795 |
257,964,089 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
277,007,525 |
302,391,451 |
204,844,139 |
|
Selling Expenses |
69,484,408 |
40,372,655 |
26,075,516 |
|
Administrative Expenses |
9,732,587 |
8,217,979 |
9,529,672 |
|
Total Expenses |
356,224,520 |
350,982,085 |
240,449,327 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[1,788,813] |
37,799,710 |
17,514,762 |
|
Financial Cost |
- |
[27,088] |
[84,100] |
|
Profit / [Loss] before Income Tax |
[1,788,813] |
37,772,622 |
17,430,662 |
|
Income Tax |
[6,237,601] |
[13,609,949] |
[9,667,248] |
|
|
|
|
|
|
Net Profit / [Loss] |
[8,026,414] |
24,162,673 |
7,763,414 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.56 |
2.34 |
2.49 |
|
QUICK RATIO |
TIMES |
2.16 |
1.66 |
1.63 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
36.86 |
79.82 |
47.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.53 |
2.05 |
1.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.31 |
55.52 |
75.34 |
|
INVENTORY TURNOVER |
TIMES |
7.40 |
6.57 |
4.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.30 |
76.64 |
102.87 |
|
RECEIVABLES TURNOVER |
TIMES |
6.60 |
4.76 |
3.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.68 |
77.87 |
71.94 |
|
CASH CONVERSION CYCLE |
DAYS |
65.92 |
54.29 |
106.28 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.40 |
77.90 |
80.65 |
|
SELLING & ADMINISTRATION |
% |
22.42 |
12.52 |
14.02 |
|
INTEREST |
% |
- |
0.01 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
21.91 |
22.26 |
20.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.51) |
9.74 |
6.90 |
|
NET PROFIT MARGIN |
% |
(2.27) |
6.22 |
3.06 |
|
RETURN ON EQUITY |
% |
(7.89) |
22.01 |
9.07 |
|
RETURN ON ASSET |
% |
(5.74) |
12.77 |
5.57 |
|
EARNING PER SHARE |
BAHT |
(9.44) |
28.43 |
9.13 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.42 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.37 |
0.72 |
0.63 |
|
TIME INTEREST EARNED |
TIMES |
- |
1,395.44 |
208.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.98) |
52.82 |
|
|
OPERATING PROFIT |
% |
(104.73) |
115.82 |
|
|
NET PROFIT |
% |
(133.22) |
211.24 |
|
|
FIXED ASSETS |
% |
97.11 |
(9.80) |
|
|
TOTAL ASSETS |
% |
(26.12) |
35.82 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -8.98%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.91 |
Acceptable |
Industrial
Average |
34.84 |
|
Net Profit Margin |
(2.27) |
Deteriorated |
Industrial
Average |
4.70 |
|
Return on Assets |
(5.74) |
Deteriorated |
Industrial
Average |
8.14 |
|
Return on Equity |
(7.89) |
Deteriorated |
Industrial
Average |
18.35 |
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 21.91%. 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 -2.27%.
When compared with the industry average, the ratio of the company was lower.
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 -5.74%.
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 -7.89%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
3.56 |
Impressive |
Industrial
Average |
1.68 |
|
Quick Ratio |
2.16 |
|
|
|
|
Cash Conversion Cycle |
65.92 |
|
|
|
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 3.56 times in 2012, increased from 2.34 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 2.16 times in 2012,
increased from 1.66 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 66 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.37 |
Impressive |
Industrial
Average |
1.23 |
|
Times Interest Earned |
- |
|
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 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 0.27 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
36.86 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.53 |
Impressive |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
49.31 |
|
|
|
|
Inventory Turnover |
7.40 |
Impressive |
Industrial
Average |
3.68 |
|
Receivables Conversion Period |
55.30 |
|
|
|
|
Receivables Turnover |
6.60 |
Impressive |
Industrial
Average |
4.13 |
|
Payables Conversion Period |
38.68 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.60 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 56 days at the
end of 2011 to 49 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 6.57 times in year 2011 to 7.4 times
in year 2012.
The company's Total Asset Turnover is calculated as 2.53 times and 2.05
times in 2012 and 2011 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
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.