MIRA
INFORM REPORT
|
Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROCKY TRADING GROUP
CO LTD |
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Registered Office : |
88 Moo 2, Liabklong Taweewattana Road, Taweewattana, Bangkok 10170 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
0105535150559 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of garment, mainly woven and
knitted garments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 |
Name
ROCKY TRADING
GROUP CO LTD
SUMMARY
BUSINESS ADDRESS : 88
MOO 2, LIABKLONG
TAWEEWATTANA ROAD,
TAWEEWATTANA, BANGKOK
10170, THAILAND
TELEPHONE : [66] 2800-6888
FAX : [66] 2800-6690
E-MAIL ADDRESS : rocky@rockygroup.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO.
: 0105535150559 [Former : 14343/2535]
CAPITAL
REGISTERED : BHT. 55,000,000
CAPITAL
PAID-UP : BHT. 55,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. KRAISRI CHINTANA, THAI
PRESIDENT
NO. OF
STAFF : 51
LINES OF
BUSINESS : GARMENT
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 November
6, 1992 as
a private limited
company under the name
style ROCKY TRADING
GROUP CO., LTD., by
Thai groups, with
the business objective
to operate as
garment trading for
both domestic and
international markets. It
currently employs 51
staff.
The
subject’s registered address
is 88 Moo 2, Liabklong
Taweewattana Rd., Taweewattana, Bangkok 10170, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kraisri Chintana |
|
Thai |
39 |
|
Mrs. Phantich Chintana |
|
Thai |
46 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kraisri Chintana
[former name : Pongsak] is the
President.
He is Thai nationality with
the age of
39 years old.
Mrs. Phantich Chintana
[former name : Janya] is
the Vice President.
She is Thai nationality with
the age of
46 years old.
Note:
Both of the
persons have changed
their names on
July 17, 2005.
Mr. Suwatchai Sakeddao
is the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
supplying and exporting of garment, mainly woven and
knitted garments according to
customer’s requirement. The woven
products include jeans,
trouser, skaters, bermuda,
shorts, skirt, jacket,
shirt, denim and
etc, as well as knitted
product, such as
T-shirt, polo shirt,
sweat shirt, sweaters
and etc., for men,
women, children and
enfants, as well
as importing and
distributing various international brands of garments.
MAJOR BRANDS [Customer’s own
brands]
U.S.A. - “Weeplay
Kids”, “Baby Togs”,
“Carter’s”, “Radio Flyer”,
“Squareeze Jeans”,
“Fubu”,
“One Step Up”
Italy - “Giorgio
Amani”, “Calvin Klien”,
“Replay & Sons”, “Coca Cola”,
“Valentino”
Spain - “Ei
Corte Ingles”
etc.
PURCHASE
The exported products
have been manufactured by 88 Eighty
Eight Fashion House
Co., Ltd., the
subject’s related company.
IMPORT
The
garment products are
imported from suppliers
in U.S.A.
SALES [LOCAL]
The products are
sold locally to
wholesalers.
EXPORT
The products are
exported to U.S.A., Italy, Spain, Japan and
Hong Kong.
RELATED AND AFFILIATED COMPANY
88
Eighty Eight
Fashion House Co.,
Ltd.
Business Type :
Manufacturer of garments.
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.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 51
staff.
LOCATION DETAILS
The premise is
owned for administrative office at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject’s growth rate
was satisfactory, while
strong rival in
world market are
China and Vietnam,
moreover, current baht
stronger has direct
impact to the
company’s sales revenue
and profit margin.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 2,000,000 on April 18,
2001
Bht. 55,000,000
on March 17,
2003
The
latest registered capital
was increased to
Bht. 55,000,000 divided into
55,000 shares of
Bht. 1,000 each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kraisri
Chintana Nationality: Thai Address : 88
Moo 2, Liebklong
Taweewattana Rd., Taweewattana, Bangkok |
28,000 |
50.91 |
|
Mrs.
Phantich Chintana Nationality: Thai Address : 73/36
Moo 2, Taweewattana, Bangkok |
26,950 |
49.00 |
|
Ms.
Patthanun Chintana Nationality: Thai Address : 1752/20-21 Charansanitwong
Rd.,
Bangbamru, Bangkoknoi, Bangkok |
10 |
|
|
Mr. Somchai Chintana Nationality: Thai Address : 1752/20-21 Charansanitwong
Rd.,
Bangbamru, Bangkoknoi, Bangkok |
10 |
|
|
Mrs.
Supaporn Chintana Nationality: Thai Address : 1752/20-21 Charansanitwong
Rd.,
Bangbamru, Bangkoknoi, Bangkok |
10 |
= 0.09 |
|
Mr. Yuthana Channuch Nationality: Thai Address : 222/1
Moo 6, Thungkwaikin, Klaeng, Rayong |
10 |
|
|
Mrs.
Kanuengnij Channuch Nationality: Thai Address : 222/1
Moo 6, Thungkwaikin, Klaeng, Rayong |
10 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Pornthip Tangpongbandit No. 3707
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
186,939.63 |
60,505.62 |
|
Trade Accts. &
Notes Receivable |
26,857,664.11 |
9,734,472.69 |
|
Inventories |
6,995,480.32 |
8,566,867.21 |
|
Advance from Director |
7,813,576.95 |
8,309,444.38 |
|
Sale Department Receivable |
266,852.15 |
365,481.74 |
|
Other Current Assets
|
1,542,108.32 |
2,297,105.72 |
|
|
|
|
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Total Current
Assets |
43,662,621.48 |
29,333,877.36 |
|
Fixed Assets |
50,329,293.96 |
58,541,544.63 |
|
Other Assets |
424,920.94 |
1,666,226.23 |
|
Total Assets |
94,416,836.38 |
89,541,648.22 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
19,541,473.84 |
19,658,788.66 |
|
Trade Accts. &
Related Company Payable |
10,928,873.27 |
6,041,928.23 |
|
Current Portion of Long-term
Loan |
1,800,000.00 |
6,720,000.00 |
|
Current Portion of
Hire-purchase Payable |
770,640.00 |
1,073,820.00 |
|
Other Current Liabilities |
3,164,312.44 |
1,353,929.26 |
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|
|
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Total Current
Liabilities |
36,205,299.55 |
34,848,466.15 |
|
Long-term Loan from
Related Company |
25,942,122.25 |
18,605,327.13 |
|
Promissory Notes Payable |
5,000,000.00 |
5,000,000.00 |
|
Long-term Loan from
Bank |
11,576,000.00 |
10,156,000.00 |
|
Hire-purchase Payable |
1,724,915.28 |
2,431,335.28 |
|
Total Liabilities |
80,448,337.08 |
71,041,128.56 |
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 55,000 shares |
55,000,000.00 |
55,000,000.00 |
|
|
|
|
|
Capital Paid |
55,000,000.00 |
55,000,000.00 |
|
Retained Earning -
Unappropriated |
[41,031,500.70] |
[36,499,480.34] |
|
Total
Shareholders' Equity |
13,968,499.30 |
18,500,519.66 |
|
Total
Liabilities & Shareholders' Equity |
94,416,836.38 |
89,541,648.22 |
PROFIT & LOSS ACCOUNT
|
Sale |
2006 |
2005 |
|
|
|
|
|
Sales |
30,962,920.22 |
12,744,220.41 |
|
Commission & Service
Income |
14,485,254.10 |
5,834,231.91 |
|
Other Income |
389,009.88 |
2,994.28 |
|
Total Sales
|
45,837,184.20 |
18,581,446.60 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
23,189,504.94 |
5,104,958.38 |
|
Selling & Administrative Expenses |
22,223,640.77 |
23,994,430.69 |
|
Total Expenses |
45,413,145.71 |
29,099,389.07 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
424,038.49 |
[10,517,942.47] |
|
Interest Expenses |
[4,956,058.85] |
[4,466,301.73] |
|
|
|
|
|
Net Profit / [Loss] |
[4,532,020.36] |
[14,984,244.20] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
144.63 |
|
|
Operating Profit |
[101.65] |
|
|
Net Profit |
69.75 |
|
|
Fixed Assets |
[14.03] |
|
|
Total Assets |
5.44 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
51.02 |
27.48 |
|
Operating Profit Margin |
0.93 |
[56.61] |
|
S & A
Expenses |
48.90 |
129.15 |
|
Interest Paid |
10.90 |
24.04 |
|
Other Sales |
0.86 |
0.02 |
|
Net Profit Margin |
[9.97] |
[80.65] |
|
Earning Per Shares |
[82.40] |
[272.44] |
|
No. of Shares |
55,000 |
55,000 |
Net Sales was
increased by 144.63%,
Operating Profit was
decreased by 101.65%,
Net Profit was
increased by 69.75%,
Fixed Assets was
decreased by 14.03%,
Total Assets was
increased by 5.44%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 27.48%
to 51.02%, Operating
Profit Margin was
increased from -56.61% to
0.93%, S &
A Expenses was
decreased from 129.15%
to 48.90%, Interest Paid was decreased from
24.04% to 10.90%,
Other Sales was
increased from 0.02%
to 0.86%, Net
Profit Margin was
increased from -80.65%
to -9.97%.
Earning Per Shares
was increased from
-272.44 baht per
share to -82.40
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.21 |
0.84 |
|
Quick-Assets Ratio |
0.75 |
0.28 |
Current Ratio was
increased from 0.84
to 1.21, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.28 to 0.75,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
5.76 |
3.84 |
|
Times Interest Earned |
0.09 |
[2.35] |
D/E Ratio was
increased from 3.84
to 5.76, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
-2.35 to 0.09,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.90 |
0.32 |
|
Total Assets Turnover |
0.48 |
0.21 |
|
Return on Assets |
[4.80] |
[16.73] |
|
Return on Equity |
[32.44] |
[80.99] |
|
Day’s Inventories |
55.41 |
166.00 |
|
Day’s Receivables |
212.74 |
188.63 |
Fixed Assets Turnover
was increased from
0.32 times to
0.90 times, Total
Assets Turnover was
increased from 0.21
times to 0.48
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-16.73 to -4.80,
Return on Equity
was increased from
-80.99 to -32.44,
capacity to use
Assets to make
profit was not
good.
Day’s Inventories was
decreased from 167
days to 56
days, while Day’s
Receivables was increased
from 189 days
to 213 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)