MIRA INFORM
REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RIYAS
CO., LTD |
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Registered Office : |
Unit 9a, 9th Floor, Gems Tower Building, 1249/87 Charoenkrung Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.09.1999 |
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Com. Reg. No.: |
0105542072002 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading
company of gems and
jewelry |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
RIYAS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
9A, 9th FLOOR,
BANGRAK,
TELEPHONE : [66] 2233-4950
FAX :
-
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542072002
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PORAS ANGARA,
MYANMESE
MANAGING DIRECTOR
NO.
OF STAFF : -
LINES
OF BUSINESS : GEMS
AND JEWELRY
TRADING COMPANY
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 21,
1999 as a
private limited company under
the name style
RIYAS CO., LTD.,
by Thai and
Myanmese groups, in order
to engage in
gems and jewelry
trading business.
The
subject’s registered address
is 1249/87 Gems
Tower Building, Charoenkrung
Rd., Suriyaowngse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Poras Angara |
|
Myanmese |
39 |
|
Mr. Anil Bundare |
|
Myanmese |
47 |
|
Mr. Rahul Babubhai Angara |
|
Myanmese |
34 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Poras Angara is
the Managing Director.
He is Indian
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject
is engaged in
trading business of
gems and jewelry products.
NOTE
The subject refused
to provide any
information.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
REMARK
CREDIT
OF US$ 125,000
SHOULD BE ON
SECURED BASIS.
COMMENT
Subject’s
business is fair but, any
credit provided to subject should be on
secured basis.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into 40,000 shares of
Bht. 100 each with
fully paid.
On
August 11, 2004,
the apital was
increased to Bht.
6,000,000 divided into
60,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
19, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Poras Angara Nationality: Myanmese Address :
Bangrak, |
18,000 |
30.00 |
|
Ms. Seeda Lamlert Nationality: Thai Address : 78/2
Moo 10, Sawai,
Muang, Surin |
8,000 |
13.33 |
|
Ms. Buakham Jinpala Nationality: Thai Address :
Bangrak, |
8,000 |
13.33 |
|
Mrs. Yupin Chunark Nationality: Thai Address : 154
Moo 6, Samrongnua,
Muang,
Samutprakarn |
8,000 |
13.34 |
|
Mr. Thongthip Thipthai Nationality: Thai Address : 194/3
Moo 6,
Bangpoon, Muang, Pathumthani |
6,600 |
11.00 |
|
Mr. Rahul Babubhai Angara Nationality: Myanmese Address :
Bangrak, |
6,000 |
10.00 |
|
Mr. Anil Bundare Nationality: Myanmese Address :
Bangrak, |
5,400 |
9.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sirirat Adam No.
8820
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalents |
13,631.99 |
54,877.46 |
|
Trade Accts. Receivable |
1,274,973.48 |
3,023,397.26 |
|
Inventories |
10,584,702.71 |
6,692,037.60 |
|
Other Current Assets
|
24,675.63 |
59,555.59 |
|
Total Current Assets
|
11,897,983.81 |
9,829,867.91 |
|
Office Equipment |
14,163.72 |
5,799.15 |
|
Other Assets |
36,000.00 |
- |
|
Total Assets |
11,948,147.53 |
9,835,667.06 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
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Trade Accts. Payable |
5,756,466.50 |
3,447,129.66 |
|
Other Payable-Related Company
and Person |
2,580,000.00 |
2,500,000.00 |
|
Other Current Liabilities |
72,221.04 |
62,429.52 |
|
Total Current Liabilities |
8,408,687.54 |
6,009,559.18 |
|
Total Liabilities |
8,408,687.54 |
6,009,559.18 |
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
[2,460,540.01] |
[2,173,892.12] |
|
Total Shareholders' Equity |
3,539,459.99 |
3,826,107.88 |
|
Total Liabilities & Shareholders' Equity |
11,948,147.53 |
9,835,667.06 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
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Sales |
15,837,129.05 |
12,036,862.20 |
|
Other Income |
31,968.35 |
67,361.42 |
|
Total Sales |
15,869,097.40 |
12,104,223.62 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
13,982,533.89 |
10,574,739.72 |
|
Selling Expenses |
15,161.61 |
- |
|
Administrative Expenses |
2,033,228.68 |
1,582,096.31 |
|
Total Expenses |
16,030,924.18 |
12,156,836.03 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[161,826.78] |
[52,612.41] |
|
Interest Expenses |
[51,618.07] |
[300.02] |
|
Profit / [Loss] Before Income
Tax |
[213,444.85] |
[52,912.43] |
|
Income Tax |
[73,203.04] |
[64,669.52] |
|
Net Profit / [Loss] |
[286,647.89] |
[117,581.95] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
1.41 |
1.64 |
|
QUICK RATIO |
TIMES |
0.15 |
0.51 |
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ACTIVITY RATIO |
|
|
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FIXED ASSETS TURNOVER |
TIMES |
1,118.15 |
2,075.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.33 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
276.30 |
230.98 |
|
INVENTORY TURNOVER |
TIMES |
1.32 |
1.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.38 |
91.68 |
|
RECEIVABLES TURNOVER |
TIMES |
12.42 |
3.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
150.27 |
118.98 |
|
CASH CONVERSION CYCLE |
DAYS |
155.42 |
203.68 |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.29 |
87.85 |
|
SELLING & ADMINISTRATION |
% |
12.93 |
13.14 |
|
INTEREST |
% |
0.33 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
11.91 |
12.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.02) |
(0.44) |
|
NET PROFIT MARGIN |
% |
(1.81) |
(0.98) |
|
RETURN ON EQUITY |
% |
(8.10) |
(3.07) |
|
RETURN ON ASSET |
% |
(2.40) |
(1.20) |
|
EARNING PER SHARE |
BAHT |
(4.78) |
(1.96) |
|
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LEVERAGE RATIO |
|
|
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DEBT RATIO |
TIMES |
0.70 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.38 |
1.57 |
|
TIME INTEREST EARNED |
TIMES |
(3.14) |
(175.36) |
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ANNUAL GROWTH |
|
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|
SALES GROWTH |
% |
31.57 |
|
|
OPERATING PROFIT |
% |
207.58 |
|
|
NET PROFIT |
% |
(143.79) |
|
|
FIXED ASSETS |
% |
144.24 |
|
|
TOTAL ASSETS |
% |
21.48 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.91 |
Impressive |
Industrial Average |
10.62 |
|
Net Profit Margin |
(1.81) |
Deteriorated |
Industrial Average |
(0.91) |
|
Return on Assets |
(2.40) |
Deteriorated |
Industrial Average |
(1.16) |
|
Return on Equity |
(8.10) |
Deteriorated |
Industrial Average |
(2.99) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from Sales 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 11.91%. When compared with the
industry average, the ratio of the company was higher, indicated that company
was more profitable than the same industry.
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 -1.81%.
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, its was lower, the company's figure is -2.4%.
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, its was lower, the company's figure is -8.1%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.41 |
Satisfactory |
Industrial Average |
1.85 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
155.42 |
|
|
|
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 1.41 times in 2009, decrease from 1.64 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 0.15 times in 2009,
decrease from 0.51 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 156 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
2.38 |
Risky |
Industrial Average |
1.52 |
|
Times Interest Earned |
(3.14) |
Risky |
Industrial Average |
(0.13) |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -3.14 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.7 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,118.15 |
Impressive |
Industrial Average |
7.78 |
|
Total Assets Turnover |
1.33 |
Impressive |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
276.30 |
|
|
|
|
Inventory Turnover |
1.32 |
Acceptable |
Industrial Average |
1.91 |
|
Receivables Conversion Period |
29.38 |
|
|
|
|
Receivables Turnover |
12.42 |
Impressive |
Industrial Average |
2.78 |
|
Payables Conversion Period |
150.27 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
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 |
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.