MIRA INFORM REPORT
|
Report No. : |
309217 |
|
Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
WORLD WIDE RESOURCES CO., LTD. |
|
|
|
|
Registered Office : |
478 Soi Onnuch
70/1, Sukhumvit 77
Road,Praves, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.11.2010 |
|
|
|
|
Date of Incorporation : |
0105549147342 |
|
|
|
|
Com. Reg. No.: |
25.12.2006 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing, distributing and
commissioning various kinds
of frozen seafood
and frozen foods
such as fish,
squid, shrimp, crab,
shellfish, baby octopus,
dried squid, breaded
products, cephalopod, surimi & value added
products. |
|
|
|
|
No. of Employee : |
3 |
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 |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company
name
WORLD WIDE
RESOURCES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 478 SOI ONNUCH
70/1, SUKHUMVIT 77
ROAD,
PRAVES, BANGKOK
10250, THAILAND
TELEPHONE :
[66] 2721-2836
FAX : [66] 2322-0789
E-MAIL ADDRESS : wwresources@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. : 0105549147342
TAX ID NO. : 3032470315
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VISHNU VIDYABANICH,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 3
LINES OF BUSINESS : FROZEN SEAFOOD AND
FOOD PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT STANDARD : -
HISTORY
The subject was
established on December
25, 2006 as
a private limited
company under the registered name
WORLD WIDE RESOURCES
CO., LTD., by Thai group,
with the business
objective to import
and distribute various kinds
of frozen seafood
and food products.
It currently employs
3 staff.
The subject’s registered
address is 478
Soi Onnuch 70/1,
Sukhumvit 77 Road,
Praves, Bangkok 10250,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vishnu Vidyabanich |
|
Thai |
51 |
|
Ms. Suree Suthasirikul |
|
Thai |
38 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vishnu Vidyabanich is
the Managing Director.
He is Thai nationality with
the age of 51 years
old.
Ms. Suree Suthasirikul is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 38
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
distributing and commissioning
various kinds of
frozen seafood and
frozen foods such
as fish, squid,
shrimp, crab, shellfish,
baby octopus, dried
squid, breaded products,
cephalopod, surimi & value added
products.
PURCHASE
Its products are
purchased from both
local and overseas
suppliers mainly in
Republic of China,
India, and South
America.
SALES
/ SERVICES
100% of the products
is sold and serviced
locally by wholesale
to fresh market,
processed food manufacturers
and restaurant.
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
according 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently employs
3 staff.
LOCATION
DETAILS
The premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject operates
as an importer
and distributor of frozen seafood
and food products.
Its operating performance
was profitable in the
previous years. However,
the subject has
not submitted its
financial statements for
three consecutive years,
from the year 2011
- 2013 which
makes it unpredictable for the
subject’s current business
performance. Due to
this, the maximum
credit is not
recommended.
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
March 31, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vishnu Vidyabanich Nationality: Thai Address : 147/16
Moo 5, Tharaeng,
Bangkhen, Bangkok
|
4,998 |
49.98 |
|
Ms. Suree Suthasirikul Nationality: Thai Address : 478
Soi Onnuch 70/1,
Sukhumvit 77 Road,
Praves, Bangkok |
4,997 |
49.97 |
|
Mr. Chootham Thamrattakul Nationality: Thai Address :
644/22 Soi Thadindaeng
16, Klongsan, Bangkok |
1 |
0.01 |
|
Mrs. Nisa Thamrattakul Nationality: Thai Address : 1529
Soi Petchkasem 4,
Thaphra,
Bangkokyai, Bangkok |
1 |
0.01 |
|
Mr. Virat Vidyabanich Nationality: Thai Address : 147/16
Moo 5, Tharaeng,
Bangkhen,
Bangkok |
1 |
0.01 |
|
Mrs. Pornpen Sangthong Nationality: Thai Address : 147/16
Moo 5, Tharaeng,
Bangkhen, Bangkok |
1 |
0.01 |
|
Mr. Sophon Jongsanguanpradub Nationality: Thai Address : 715
Soi Therdthai 21,
Bangyeerua,
Thonburi, Bangkok |
1 |
0.01 |
Total Shareholders : 7
Share Structure [as at
March
31, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sophon Jongsanguanpradub No. 7100
Note:
The 2011 - 2013 financial
statements were not
submitted to the
Commercial Registration Department.
BALANCE
SHEET [BAHT]
The latest financial figures published
as at November
30, 2010, 2009 & 2008 were:
ASSETS
|
Current Assets |
2010 |
2009 |
2008 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,097,070.30 |
1,139,208.14 |
1,609,258.12 |
|
Trade Accounts Receivable
|
1,146,700.00 |
- |
- |
|
Loan to Related Person |
- |
1,430,000.00 |
- |
|
Other Current Assets
|
193,057.80 |
- |
23,671.56 |
|
|
|
|
|
|
Total Current Assets
|
4,436,828.10 |
2,569,208.14 |
1,632,929.68 |
|
|
|
|
|
|
Equipments |
1,792,539.33 |
525,686.34 |
566,818.69 |
|
Total Assets |
6,229,367.43 |
3,094,894.48 |
2,199,748.37 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
2008 |
|
|
|
|
|
|
Current Portion of
Hire-purchase Payable |
195,444.00 |
- |
750,000.00 |
|
Loan from Related Person |
1,055,000.00 |
- |
- |
|
Accrued Income Tax |
33,425.66 |
87,951.49 |
- |
|
Other Current Liabilities |
1,944,851.73 |
1,184,652.77 |
372,101.52 |
|
|
|
|
|
|
Total Current Liabilities |
3,228,721.39 |
1,272,604.26 |
1,122,101.52 |
|
Hire-purchase Payable, Net of Current
Portion |
521,184.00 |
- |
- |
|
Total Liabilities |
3,749,905.39 |
1,272,604.26 |
1,122,101.52 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
1,479,462.04 |
822,290.22 |
77,646.85 |
|
Total Shareholders' Equity |
2,479,462.04 |
1,822,290.22 |
1,077,646.85 |
|
Total Liabilities & Shareholders' Equity |
6,229,367.43 |
3,094,894.48 |
2,199,748.37 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
2008 |
|
|
|
|
|
|
Sales Income |
17,205,705.61 |
4,582,300.00 |
- |
|
Service Income |
6,074,797.98 |
4,906,851.51 |
2,352,289.06 |
|
Interest Income |
1,411.27 |
- |
3.31 |
|
Total Revenues |
23,281,914.86 |
9,489,151.51 |
2,352,292.37 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
16,960,692.41 |
4,490,000.00 |
- |
|
Selling Expenses |
1,519,025.79 |
1,217,066.00 |
873,280.13 |
|
Administrative Expenses |
3,923,526.26 |
2,802,285.11 |
774,805.39 |
|
Total Expenses |
22,403,244.45 |
8,509,351.11 |
1,648,085.52 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
878,670.40 |
979,800.40 |
704,206.85 |
|
Financial Cost |
[5,814.68] |
- |
- |
|
Profit / [Loss] before Income
Tax |
872,855.72 |
979,800.40 |
704,206.85 |
|
Income Tax |
[215,683.90] |
[235,157.03] |
[62,267.21] |
|
|
|
|
|
|
Net Profit / [Loss] |
657,171.82 |
744,643.37 |
641,939.64 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
2008 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
2.02 |
1.46 |
|
QUICK RATIO |
TIMES |
1.31 |
2.02 |
1.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.99 |
18.05 |
4.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.74 |
3.07 |
1.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
17.98 |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
20.30 |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
17.98 |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.85 |
47.32 |
- |
|
SELLING & ADMINISTRATION |
% |
23.38 |
42.36 |
70.06 |
|
INTEREST |
% |
0.02 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
27.15 |
52.68 |
100.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.77 |
10.33 |
29.94 |
|
NET PROFIT MARGIN |
% |
2.82 |
7.85 |
27.29 |
|
RETURN ON EQUITY |
% |
26.50 |
40.86 |
59.57 |
|
RETURN ON ASSET |
% |
10.55 |
24.06 |
29.18 |
|
EARNING PER SHARE |
BAHT |
65.72 |
74.46 |
64.19 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.41 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.51 |
0.70 |
1.04 |
|
TIME INTEREST EARNED |
TIMES |
151.11 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
145.34 |
303.40 |
|
|
OPERATING PROFIT |
% |
(10.32) |
39.14 |
|
|
NET PROFIT |
% |
(11.75) |
16.00 |
|
|
FIXED ASSETS |
% |
240.99 |
(7.26) |
|
|
TOTAL ASSETS |
% |
101.28 |
40.69 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 145.34%. Turnover has increased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.15 |
Satisfactory |
Industrial Average |
35.24 |
|
Net Profit Margin |
2.82 |
Satisfactory |
Industrial Average |
3.32 |
|
Return on Assets |
10.55 |
Impressive |
Industrial Average |
3.08 |
|
Return on Equity |
26.50 |
Impressive |
Industrial Average |
7.23 |
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 27.15%. 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 2.82%.
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. Return on Assets ratio is
10.55%, 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 26.5%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.37 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
1.31 |
|
|
|
|
Cash Conversion Cycle |
17.98 |
|
|
|
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 1.37 times in 2010, decrease from 2.02 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 1.31 times in 2010,
decrease from 2.02 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 18 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
1.51 |
Risky |
Industrial Average |
1.40 |
|
Times Interest Earned |
151.11 |
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 151.12 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 0.6 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.99 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.74 |
Impressive |
Industrial Average |
1.09 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
(5.39) |
|
Receivables Conversion Period |
17.98 |
|
|
|
|
Receivables Turnover |
20.30 |
Impressive |
Industrial Average |
1.62 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 20.30 and
The company's Total Asset Turnover is calculated as 3.74 times and 3.07
times in 2010 and 2009 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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.05 |
|
|
1 |
Rs.96.03 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.