MIRA
INFORM REPORT
|
Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROYAL CROWN
IMPORT EXPORT CO., LTD. |
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Formerly Known As : |
FORTUNE
IMPORT EXPORT CO.,
LTD |
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Registered Office : |
701/10 Mahachak Road,
Chakrawad, Samphantawong,
Bangkok 10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.10. 1995 |
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Com. Reg. No.: |
0105538126004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and
Exporter of Textile Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
ROYAL
CROWN IMPORT EXPORT
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 701/10 MAHACHAK ROAD, CHAKRAWAD,
SAMPHANTAWONG, BANGKOK
10100,
THAILAND
TELEPHONE : [66]
2437-1850, 2222-7760, 2437-18598
FAX : [66] 2861-4407,
2225-2931
E-MAIL ADDRESS : info@royalcrown.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538126004 [Former : 2580/2538]
CAPITAL REGISTERED
: BHT.
40,000,000
CAPITAL PAID-UP
: BHT.
40,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
JASWINDER P. KHANIJAO,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 15
LINES OF
BUSINESS : TEXTILE PRODUCTS
IMPORTER, DISTRIBUTOR
& 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
formed on October
20, 1995 as
a private limited
company under the registered
name “Fortune Import
Export Co., Ltd.”
by Indian Group. On
December 8, 1997
subject was changed
its name to
ROYAL CROWN IMPORT EXPORT CO.,
LTD. The subject’s objective is
engaged in international
trading business in
the field of
textile industry. It
currently employs 15 staff.
The subject’s registered
and business address
are located at
701/10 Mahachak Rd.,
Chakrawad, Samphantawong, Bangkok
10100.
THE BOARD OF DIRECTOR
Mr. Jaswinder P.
Khanijao
AUTHORIZED PERSON
The above director signs on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jaswinder P.
Khanijao is the Managing Director.
He is Indian nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject’s activity
is a distributor of sarong
fabric and garment.
Its products were
produced by sub-contracting with local printing
and bleaching factories.
The company is also
an exporter various
kinds of spun
and cotton fabric,
such as dry
lace embroidery, spun
rayon printed, cotton
printed, yarn dyed
shirting, as well
as garment products,
such as cotton
printed maxis, African
printed shirt, dry
lace embroidery dresses
and etc.
IMPORT [COUNTRIES]
Most of its raw material mainly
calico is imported from Indonesia, India, Republic of China, Hong Kong
and Singapore, the
remaining is purchased
from local supplier.
SALES
The products are
sold by wholesale
and retail to suppliers both in
domestic and overseas,
such as Myanmar,
Malaysia, Indonesia, Africa
and Middle East
countries.
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 on the credits term
of 30-60 days
or T/T.
Exports are against
L/C on the credits term
of 30-60 days
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
TMB Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
15 staff.
LOCATION DETAILS
The premise is
owned for operating
office, showroom and
warehouse at the
heading address in a commercial
area.
The other warehouse is on
Israparp Soi 5 Road,
Thonburi, Bangkok 10600,
Thailand.
Tel : [66] 2861-4406-7.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The subject was
formed in 1995
as a trader of textile
products. Its business
performance is strong
with a steady growth on
a yearly basis.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 20,000,000
on October 29,
2002
Bht. 40,000,000
on December 6,
2006
The latest registered
capital was increased
to Bht. 40,000,000 divided
into 40,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
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Mrs. Sukharaj Khanijao Nationality: Thai Address : 143/27
Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok |
35,000 |
87.50 |
Master Prachthep Kanijao
Nationality: Thai Address : 143/27
Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok |
1,748 |
4.37 |
Master Manus Kanijao
Nationality: Thai Address : 143/27
Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok |
1,748 |
4.37 |
Mr. Jaswinder P. Khanijao
Nationality: Thai Address : 710/10
Mahachak Rd., Chakrawad,
Samphantawong, Bangkok |
1,500 |
3.75 |
|
Mr. Porawin Khanijao
Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya, Klongsan,
Bangkok |
1 |
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Mr. Uljalsingh Narula Nationality: Indian Address : 1189/9
Isaraphap Rd., Hiranrujee,
Thonburi, Bangkok |
1 |
= 0.01 |
Mrs. Jaspal Gor
Khanijao
Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya,
Klongsan, Bangkok |
1 |
|
Mr. Charoen Khanijao
Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya, Klongsan, Bangkok |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Lt. Chumsri Taweekiat
No. 1626
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
2,073,499.73 |
425,454.75 |
|
Trade Accts. Receivable |
209,506,477.25 |
69,274,850.32 |
|
Inventories |
149,783,811.63 |
148,328,024.25 |
|
Other Current Assets
|
27,337,170.21 |
11,818,552.19 |
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Total Current Assets
|
388,700,958.82 |
229,846,881.51 |
|
|
|
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Fixed Assets |
12,777,569.84 |
13,205,082.56 |
|
Other Assets |
51,255.42 |
25,330.35 |
|
Total Assets |
401,529,784.08 |
243,077,294.42 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institution |
505,240.75 |
599,288.42 |
|
Trade Accts. Payable |
314,304,522.22 |
160,780,381.12 |
|
Current Portion of Long-term Loan |
458,456.88 |
258,030.70 |
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Other Current Liabilities |
5,447,561.85 |
29,940,543.57 |
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Total Current Liabilities |
320,715,781.70 |
191,578,243.81 |
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Other Long-term Loan |
727,584.26 |
571,228.00 |
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Total Liabilities |
321,443,365.96 |
192,149,471.81 |
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Shareholders' Equity |
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Share capital : Baht 1,000 value authorized, issued
and fully paid share
capital 40,000 & 20,000 shares in 2006 & 2005 |
40,000,000.00 |
20,000,000.00 |
|
Capital Paid |
40,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
40,086,418.12 |
30,927,822.61 |
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Total Shareholders' Equity |
80,086,418.12 |
50,927,822.61 |
|
Total Liabilities &
Shareholders' Equity |
401,529,784.08 |
243,077,294.42 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales Income |
902,550,780.52 |
501,223,302.93 |
|
Other Income |
2,256,078.63 |
2,274.15 |
|
Total Revenues |
904,806,859.15 |
501,225,577.08 |
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Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
861,273,673.70 |
463,169,227.38 |
|
Selling & Administrative Expenses |
20,304,570.95 |
20,710,033.14 |
|
Total Expenses |
881,578,244.65 |
483,879,260.52 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
23,228,614.50 |
17,346,316.56 |
|
Interest Expenses |
[9,230,925.56] |
[4,691,363.61] |
|
Income Tax |
[4,655,752.43] |
[4,094,808.00] |
|
Net Profit / [Loss] |
9,341,936.51 |
8,560,144.95 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
80.07 |
|
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Operating Profit |
[25.63] |
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Net Profit |
9.13 |
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Fixed Assets |
[3.24] |
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Total Assets |
65.19 |
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Profitability |
|
|
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Cost of Good
Sold |
95.43 |
92.41 |
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Operating Profit Margin |
2.57 |
3.46 |
|
S & A
Expenses |
2.25 |
4.13 |
|
Interest Paid |
1.02 |
0.94 |
|
Other Revenues |
0.25 |
0.00 |
|
Net Profit Margin |
1.04 |
1.71 |
|
Earning Per Shares |
233.55 |
428.01 |
|
No. of Shares |
40,000 |
20,000 |
Net Sales was
increased by 80.07%,
Operating Profit was
decreased by 25.63%,
Net Profit was
increased by 9.13%,
Fixed Assets was
decreased by 3.24%,
Total Assets was
increased by 65.19%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.41%
to 95.43%, Operating
Profit Margin was
decreased from 3.46%
to 2.57%, S
& A Expenses
was decreased from
4.13% to 2.25%,
Interest Paid was increased
from 0.94% to
1.02%, Other Revenues
was increased from
0.00% to 0.25%,
Net Profit Margin
was decreased from
1.71% to 1.04%.
Earning Per Shares
was decreased from
428.01 baht per
share to 233.55
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.21 |
1.20 |
|
Quick-Assets Ratio |
0.66 |
0.36 |
Current Ratio was
increased from 1.20
to 1.21, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.36 to 0.66,
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 |
4.01 |
3.77 |
|
Times Interest Earned |
2.52 |
3.70 |
D/E Ratio was
increased from 3.77
to 4.01, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
3.70 to 2.52,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
70.64 |
37.96 |
|
Total Assets Turnover |
2.25 |
2.06 |
|
Return on Assets |
2.33 |
3.52 |
|
Return on Equity |
11.66 |
16.81 |
|
Day's Payable |
125.37 |
115.48 |
|
Day’s Inventories |
59.74 |
106.54 |
|
Day’s Receivables |
83.57 |
49.76 |
Fixed Assets Turnover
was increased from
37.96 times to 70.64 times,
Total Assets Turnover
was increased from
2.06 times to
2.25 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 3.52 to
2.33, Return on
Equity was decreased
from 16.81 to
11.66, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 116
days to 126
days, while Day’s
Inventories was decreased
from 107 days
to 60 days, but Day’s
Receivables was increased
from 50 days
to 84 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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%)