MIRA
INFORM REPORT
|
Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
R J LABORATORIES CO., LTD. |
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Registered Office : |
2-4 Soi 20 Mithuna 11, Part 15, Suthisarnvinijchai Road, Samsennok, Huaykwang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
25.07.1989 |
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Com. Reg. No.: |
0105532067731 [Former :
6773/2532] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing service of nutrition foods, as well as
importing, re-packing and distributing of nutrition foods. |
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 : |
Regular |
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Litigation : |
Clear |
Company Name
R J
LABORATORIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2-4
SOI 20 MITHUNA 11, PART
15,
SUTHISARNVINIJCHAI ROAD,
SAMSENNOK,
HUAYKWANG, BANGKOK
10310
TELEPHONE : [66] 2276-3283
FAX : [66] 2274-8802
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532067731 [Former : 6773/2532]
CAPITAL
REGISTERED : BHT. 500,000
CAPITAL
PAID-UP : BHT. 500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. RATCHANEE MEKMANEE,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 20
LINES OF
BUSINESS : NUTRITION FOODS
MANUFACTURER, IMPORTER
AND DISTRIBUTOR
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 July 25,
1989 as a
private limited company under the name style R J
LABORATORIES CO., LTD., by
Thai groups, in order
to manufacture, import
and distribute various
kinds of nutrition
foods to domestic
market. It currently
employs 20 staff.
The
subject’s registered address
is 2-4 Soi 20 Mithuna 11, Part
15, Suthisarnvinijchai Rd., Samsennok,
Huaykwang, Bangkok 10310,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Kriengkrai Mekmanee |
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Thai |
66 |
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Mrs. Ratchanee Mekmanee |
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Thai |
62 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs.
Ratchanee Mekmanee is
the Managing Director.
She is Thai nationality with
the age of
62 years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in manufacturing service
of nutrition foods,
as well as
importing, re-packing and
distributing of nutrition
foods.
PURCHASE
Raw materials such
as herbs, nutrition
chemical and etc.
are purchased from
local suppliers.
IMPORT
Nutrition
foods are imported
from Singapore, France,
Italy and Malaysia.
SALES
100% of the
products is sold
and serviced locally
by wholesale to
traders and end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 20 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
REMARK
CREDIT
OF US$ 150,000 AGAINST D/A
TERMS SHOULD BE
ON SECURED TERM.
COMMENT
There
are many nutrition
and supplement products
in local market.
Sales and marketing
are also intensify
from retail sale
to direct sale, however
lacking of advertising
or good marketing,
the products would
not be successful in high competitive
market.
The
subject is doing
fine business but
not as good as it
should be.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
divided into 5,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mrs.
Ratchanee Mekmanee Nationality: Thai Address : 91/1
Suthisarnvinijchai Rd., Huaykwang, Bangkok |
2,550 |
51.00 |
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Mr.
Kriengkrai Mekmanee Nationality: Thai Address : 91/1
Suthisarnvinijchai Rd., Huaykwang, Bangkok |
2,400 |
48.00 |
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Mr. Chan Mingmongkol Nationality: Thai Address : 116/9
Larnluang Rd., Klongmahanark,
Pomprab, Bangkok |
10 |
0.20 |
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Mrs.
Varaporn Mingmongkol Nationality: Thai Address : 116/9
Larnluang Rd., Klongmahanark,
Pomprab, Bangkok |
10 |
0.20 |
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Mr.
Wuthichai Ananviriyaphan Nationality: Thai Address : 190
Chakrapadipong Rd., Somanus,
Pomprab, Bangkok |
10 |
0.20 |
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Mr. Yuthana Mingmongkol Nationality: Thai Address : 116/9
Larnluang Rd., Klongmahanark,
Pomprab, Bangkok |
10 |
0.20 |
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Ms.
Yukolthorn Mingmongkol Nationality: Thai Address : 116/9
Larnluang Rd., Klongmahanark,
Pomprab, Bangkok |
10 |
0.20 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Kamolsak Phantusane No.
5654
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in hand |
30,660.42 |
26,721.11 |
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Raw Material &
Packaging |
1,178,878.67 |
1,415,181.41 |
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Other Current Assets
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Prepaid Goods |
349,775.00 |
376,637.50 |
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Refundable Value
Added Tax |
69,792.52 |
60,676.77 |
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Income Tax |
35,345.90 |
46,345.90 |
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Withholding Income
Tax |
- |
1,028.93 |
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Total Current
Assets |
1,664,452.51 |
1,926,591.62 |
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Fixed Assets |
259,964.61 |
338,689.40 |
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Other Assets |
14,000.00 |
14,000.00 |
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Total Assets |
1,938,417.12 |
2,279,281.02 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Payable & Loan
from Directors & Share |
1,128,000.00 |
1,578,000.00 |
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Other Current Liabilities |
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Accrued Income
Tax |
29,682.87 |
33,971.23 |
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Accrued Value
Added Tax |
23,619.69 |
17,681.03 |
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Accrued Withholding Income Tax |
15.00 |
- |
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Accrued Expenses |
26,815.80 |
63,000.00 |
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Total Current
Liabilities |
1,208,133.36 |
1,692,652.26 |
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Total Liabilities |
1,208,133.36 |
1,692,652.26 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value authorized, issued
and fully paid share
capital 5,000 shares |
500,000.00 |
500,000.00 |
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Capital Paid |
500,000.00 |
500,000.00 |
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Retained Earning -
Unappropriated |
230,283.76 |
86,628.76 |
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Total
Shareholders' Equity |
730,283.76 |
586,628.76 |
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Total
Liabilities & Shareholders' Equity |
1,938,417.12 |
2,279,281.02 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
2,598,684.75 |
2,714,409.00 |
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Gain on Exchange
Rate |
2,025.52 |
34,297.76 |
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Total Revenues
|
2,600,710.27 |
2,748,706.76 |
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Expenses |
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Cost of Goods
Sold |
2,045,315.08 |
1,799,336.26 |
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Selling & Administrative Expenses |
382,057.32 |
727,787.46 |
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Loss on Exchange
Rate |
- |
3,279.09 |
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Total Expenses |
2,427,372.40 |
2,530,402.81 |
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Profit / [Loss] Before Income
Tax |
173,337.87 |
218,303.95 |
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Income Tax |
[29,682.87] |
[33,971.23] |
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Net Profit / [Loss] |
143,655.00 |
184,332.72 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual Growth |
2005 |
2004 |
|
Sales |
[4.26] |
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Operating |
[18.29] |
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Net Profit |
[22.07] |
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Fixed Assets |
[23.24] |
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Total Assets |
[14.95] |
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Profitability |
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Cost of Goods
Sold |
78.71 |
66.29 |
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Operating Profit Margin |
6.67 |
8.16 |
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S&A expenses |
14.70 |
26.81 |
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Other Revenues |
0.08 |
1.26 |
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Net Profit Margin |
5.53 |
6.79 |
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Earning Per Shares |
28.73 |
36.87 |
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No. of Shares |
5,000 |
5,000 |
Net Sales was
decreased by 4.26%,
Operating Profit was
decreased by 18.29%,
Net Profit was
decreased by 22.07%,
Fixed Assets was
decreased by 23.24%,
Total Assets was
decreased by 14.95%.
Compare each cost with sales, Cost of Goods Sold was increased from 66.29% to 78.71%, Operating Profit Margin was decreased from 8.16% to 6.67%, S & A Expenses were decreased from 26.81% to 14.70%, Other Revenues was decreased from 1.26% to 0.08%, Net Profit Margin was decreased from 6.79% to 5.53%.
Earning Per Shares was decreased from 36.87 baht per share to 28.73 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.38 |
1.14 |
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Quick - assets ratio |
0.03 |
0.02 |
Current Ratio was
increased from 1.14
to 1.38, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, and Quick-assets Ratio was increased
from 0.02 to
0.03, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
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D/E Ratio |
1.65 |
2.89 |
D/E Ratio was
decreased from 2.89
to 1.65, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
10.00 |
8.01 |
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Total Assets Turnover |
1.34 |
1.19 |
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Return on Assets |
7.41 |
8.09 |
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Return on Equity |
19.67 |
31.42 |
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Day’s Inventories |
163.31 |
187.69 |
Fixed Assets Turnover
was increased from
8.01 times to
10.00 times, Total
Assets Turnover was
increased from 1.19
times to 1.34
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 8.09 to
7.41, Return on
Equity was decreased
from 31.42 to
19.67, capacity to
use Assets to
make profit was
not good.
Day’s Inventories was
decreased from 188
days to 164
days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)