MIRA INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROYAL
ONE TRADING CO.,
LTD. |
|
|
|
|
Registered Office : |
36 Anuwong Road,
Chakrawad, Samphantawong,
Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.09.1992 |
|
|
|
|
Com. Reg. No.: |
0105535128499 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Distributor & exporter of fabrics and yarns |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company
name
ROYAL ONE
TRADING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 36
ANUWONG ROAD, CHAKRAWAD,
SAMPHANTAWONG, BANGKOK
10100
TELEPHONE : [66] 2226-5848,
2224-8643
FAX :
[66] 2226-5847
E-MAIL
ADDRESS ; royalone@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535128499
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KEERAWAS SUDECHAWONGSAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : FABRICS AND
YARNS
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 September 15,
1992 as a
private limited company under
the registered name
style ROYAL ONE
TRADING CO., LTD.,
by Thai groups, with the
business objective to
distribute various kinds
of fabrics and
yarns to both domestic
and international markets
It currently employs
8 staff.
The
subject’s registered address
is 36 Anuwong
Rd., Chakrawad, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Sawas Sudechawongsakul |
Thai |
66 |
|
Mr. Keerawas
Sudechawongsakul [Former :
Prateep] |
Thai |
42 |
Note
Mr.
Keerawas Sudechawongsakul changed
his name from
Mr. Prateep on September
12, 2007.
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Keerawas Sudechawongsakul is
the Managing Director.
He is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting and distributing
cotton & rayon
fabrics such as
yarn dyed, grey
fabric, printed fabric,
embroidery and lace.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
20% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
EXPORT
80% of the products is exported to India and Middle East.
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 credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 8
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
Subject is an exporter
and distributor of fabrics
products. The products are supplied
to both local and
overseas markets. The
products are mainly
for wholesale and
garment manufactures. Subject’s
sale has
been slowing down in
2010 due to
decreasing demand from
garment industry. However,
the subject anticipates a
better business performance
in 2011 from an
expansion of the markets
with more new
and existing customers.
Its business is s till
promising.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into 10,000 shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on October 24,
1994
Bht. 15,000,000
on June 23,
2000
The
latest registered capital
was increased to
Bht. 15 million, divided into
150,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sawas Sudechawongsakul Nationality: Thai Address : 242-244
Charansanitwong Rd., Wadthaphra, Bangkokyai,
Bangkok |
50,000 |
33.34 |
|
Mr. Keerawas Sudechawongsakul Nationality: Thai Address : 238
Charansanitwong Rd., Wadthaphra,
Bangkokyai, Bangkok |
40,000 |
26.67 |
|
Mrs. Chintana Sudechawongsakul Nationality: Thai Address : 242-244
Charansanitwong Rd.,
Wadthaphra, Bangkokyai, Bangkok |
20,000 |
13.33 |
|
Mrs. Rawin Sudechawongsakul Nationality: Thai Address : 238
Charansanitwong Rd.,
Wadthaphra, Bangkokyai, Bangkok |
20,000 |
13.33 |
|
Ms. Thitima Sudechawongsakul Nationality: Thai Address : 238
Charansanitwong Rd.,
Wadthaphra, Bangkokyai, Bangkok |
10,000 |
6.67 |
|
Ms. Rattika Sudechawongsakul Nationality: Thai Address : 238 Charansanitwong Rd.,
Wadthaphra, Bangkokyai, Bangkok |
5,000 |
3.33 |
|
Ms. Premmika Sudechawongsakul Nationality: Thai Address : 238
Charansanitwong Rd.,
Wadthaphra, Bangkokyai, Bangkok
|
5,000 |
3.33 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Montree Saythong No.
1443
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
2,722,681.14 |
532,659.73 |
|
Trade Accounts &
Notes Receivable |
25,317,509.21 |
22,567,189.17 |
|
Short-term Loan from Person Related |
3,400,000.00 |
- |
|
Inventories |
3,913,513.66 |
11,958,493.54 |
|
Other Current Assets |
2,136,274.89 |
1,944,756.07 |
|
|
|
|
|
Total Current Assets
|
37,489,978.90 |
37,003,098.51 |
|
|
|
|
|
Fixed Assets |
821,527.34 |
1,134,054.77 |
|
Intangible Assets |
13,392.24 |
16,934.30 |
|
Other Assets |
8,209.09 |
8,209.09 |
|
Total Assets |
38,333,107.57 |
38,162,296.67 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts & Notes Payable |
3,425,859.26 |
3,668,395.57 |
|
Current Portion of Hire-purchase Payable |
83,283.00 |
333,132.00 |
|
Other Current Liabilities |
2,885,908.31 |
2,685,277.15 |
|
|
|
|
|
Total Current Liabilities |
6,395,050.57 |
6,686,804.72 |
|
|
|
|
|
Hire-purchase Payable, net of Current Portion |
- |
83,283.00 |
|
Total Liabilities |
6,395,050.57 |
6,770,087.72 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Statutory Reserve |
1,500,000.00 |
1,500,000.00 |
|
Retained Earning-
Unappropriated |
15,438,057.00 |
14,892,208.95 |
|
Total Shareholders' Equity |
31,938,057.00 |
31,392,208.95 |
|
Total Liabilities & Shareholders' Equity |
38,333,107.57 |
38,162,296.67 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
74,581,915.42 |
81,912,990.13 |
|
Other Income |
745,565.49 |
104,246.63 |
|
Total Sales |
75,327,480.91 |
82,017,236.76 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
68,734,643.63 |
74,703,578.41 |
|
Administrative Expenses |
5,314,226.90 |
7,324,614.83 |
|
Total Expenses |
74,048,870.53 |
82,028,193.24 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,278,610.38 |
[10,956.48] |
|
Financial Cost |
[416,498.33] |
[1,002,980.88] |
|
Income Tax |
[316,264.00] |
[322,544.00] |
|
|
|
|
|
Net Profit / [Loss] |
545,848.05 |
[1,336,481.36] |
|
Retained Earning, Beginning of Year |
14,892,208.95 |
16,228,690.31 |
|
Retained Earning, End of Year |
15,438,057.00 |
14,892,208.95 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.86 |
5.53 |
|
QUICK RATIO |
TIMES |
4.92 |
3.45 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
90.78 |
72.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.95 |
2.15 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.78 |
58.43 |
|
INVENTORY TURNOVER |
TIMES |
17.56 |
6.25 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
123.90 |
100.56 |
|
RECEIVABLES TURNOVER |
TIMES |
2.95 |
3.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.19 |
17.92 |
|
CASH CONVERSION CYCLE |
DAYS |
126.49 |
141.06 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.16 |
91.20 |
|
SELLING & ADMINISTRATION |
% |
7.13 |
8.94 |
|
INTEREST |
% |
0.56 |
1.22 |
|
GROSS PROFIT MARGIN |
% |
8.84 |
8.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.71 |
(0.01) |
|
NET PROFIT MARGIN |
% |
0.73 |
(1.63) |
|
RETURN ON EQUITY |
% |
1.71 |
(4.26) |
|
RETURN ON ASSET |
% |
1.42 |
(3.50) |
|
EARNING PER SHARE |
BAHT |
3.64 |
(8.91) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.17 |
0.18 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.20 |
0.22 |
|
TIME INTEREST EARNED |
TIMES |
3.07 |
(0.01) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(8.95) |
|
|
OPERATING PROFIT |
% |
(11,769.90) |
|
|
NET PROFIT |
% |
140.84 |
|
|
FIXED ASSETS |
% |
(27.56) |
|
|
TOTAL ASSETS |
% |
0.45 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.84 |
Acceptable |
Industrial Average |
12.48 |
|
Net Profit Margin |
0.73 |
Impressive |
Industrial Average |
0.15 |
|
Return on Assets |
1.42 |
Impressive |
Industrial Average |
0.29 |
|
Return on Equity |
1.71 |
Impressive |
Industrial Average |
0.87 |
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 8.84%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the 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. Net Profit Margin ratio is 0.73%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator in a dominant position within its
industry.
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
1.42%, 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 1.71%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
5.86 |
Impressive |
Industrial Average |
1.54 |
|
Quick Ratio |
4.92 |
|
|
|
|
Cash Conversion Cycle |
126.49 |
|
|
|
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 5.86 times in 2010, increase from 5.53 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 higher, indicated that company
was an efficient operators in a dominant position within its industry.
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 4.92 times in 2010,
increase from 3.45 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 127 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.17 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
0.20 |
Impressive |
Industrial Average |
2.08 |
|
Times Interest Earned |
3.07 |
Impressive |
Industrial Average |
0.52 |
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 3.07 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 0.17 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
90.78 |
Impressive |
Industrial Average |
5.14 |
|
Total Assets Turnover |
1.95 |
Impressive |
Industrial Average |
1.82 |
|
Inventory Conversion Period |
20.78 |
|
|
|
|
Inventory Turnover |
17.56 |
Impressive |
Industrial Average |
3.47 |
|
Receivables Conversion Period |
123.90 |
|
|
|
|
Receivables Turnover |
2.95 |
Impressive |
Industrial Average |
2.89 |
|
Payables Conversion Period |
18.19 |
|
|
|
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.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.