MIRA INFORM REPORT
|
Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
R.S.R
INTER COMPANY LIMITED |
|
|
|
|
Registered Office : |
597/29 Soi Watchannai, Rama Iii Road, Bangklo, Bangkorlaem, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
24.10.2003 |
|
|
|
|
Com. Reg. No.: |
0105546127707 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Service Provider Ice Makers and Related Products |
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 |
|
|||
|
|
|
|
|||
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
R.S.R INTER
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 597/29 SOI
WATCHANNAI, RAMA III
ROAD,
BANGKLO, BANGKORLAEM,
BANGKOK 10120
TELEPHONE : [66] 2289-0745-8
FAX : [66] 2291-8054
E-MAIL
ADDRESS : nathan_v@krvithailand.com
REGISTRATION
ADDRESS : 94
MOO 3, T. NARMAI,
A. LADLUMKAEW,
PATHUMTHANI 12140,
THAILAND
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546127707
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NATHAN VILAICHAROENTRAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : ICE
MAKERS AND RELATED
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND
SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 24,
2003 as a private
limited company under the
name style R.S.R
INTER COMPANY LIMITED,
by Thai groups, with the
business objective to
manufacture, distribute and
service for ice
makers and related
products to domestic
market. It currently
employs 10 staff.
The subject’s registered address is 94 Moo
3, T. Narmai, A. Ladlumkaew, Pathumthani
12140, while the
current operation address
is 597/29 Soi
Watchannai, Rama III
Rd., Bangklo, Bangkorlaem,
Bangkok 10120.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Thanchanok
Vilaicharoentrakul |
|
Thai |
64 |
|
Ms. Kwanpisa Vilaicharoentrakul |
[x] |
Thai |
43 |
|
Mr. Nathan Vilaicharoentrakul |
[x] |
Thai |
40 |
AUTHORIZED PERSON
One of the
mentioned directors [x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Nathan Vilaicharoentrakul is
the Managing Director.
He is Thai
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing
and distributing of ice makers
and related products,
such as tubing
ice machine, grinding
ice machine and
ice holders, under
its own brand “RSR”,
as well as
providing design, installation
and maintenance service
for industrial cooling
system, ice making
machine and etc.
PURCHASE
100%
of its raw
materials and accessories are purchased
from local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to traders, ice
making manufacturers and end-users.
RELATED
AND AFFILIATED COMPANIES
R. Siam Refrigerating Limited
Partnership
Business Type :
Design and installation
service of refrigerate
system.
K & R Refrigeration Co.,
Ltd.
Business Type :
Design and installation
service of refrigerate
system.
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.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and
warehouse are located
at 94 Moo
3, T. Narmai, A. Ladlumkaew, Pathumthani
12140.
REMARK
MAXIMUM
CREDIT SHOULD BE AT US$
30,000.
NOTE
The
subject has stopped
its operation temporarily
due to floods
impact in Pathumthani
province.
COMMENT
Decline
consumption in domestic
market has caused
to decrease subject’s
services, though, the
floods impact has
slow spending and
delay of new
investment and expansion.
This would pressure
subject’s performance this
year.
FINANCIAL INFORMATION
The capital
was registered at Bht. 20,000,000 divided
into 20,000 shares of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nathan Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai,
Bangkok |
5,000 |
25.00 |
|
Mrs. Thanchanok
Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai, Bangkok
|
5,000 |
25.00 |
|
Ms. Kwanpisa Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai, Bangkok |
2,000 |
10.00 |
|
Ms. Petchnapa
Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai, Bangkok
|
2,000 |
10.00 |
|
Ms. Pasanand Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai, Bangkok
|
2,000 |
10.00 |
|
Ms. Sureerat Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai, Bangkok
|
2,000 |
10.00 |
|
Ms. Suchanya Vilaicharoentrakul Nationality: Thai Address : 577/76
Charansanitwong 13 Rd.,
Wadthaphra, Bangkokyai, Bangkok
|
2,000 |
10.00 |
Total Shareholders : 7
Share Structure [as at
April 30, 2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Burong Faengsawad No.
4524
Note
The 2010 financial
statement was not
available during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
66,642.96 |
142,321.00 |
|
Inventories |
- |
258,914.00 |
|
Other Current Assets |
108,000.00 |
216,000.00 |
|
|
|
|
|
Total Current Assets
|
174,642.96 |
617,235.00 |
|
|
|
|
|
Fixed Assets |
66,639,632.56 |
68,046,982.77 |
|
Other Assets |
250,562.02 |
177,478.27 |
|
Total Assets |
67,064,837.54 |
68,841,696.04 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft |
2,992,231.06 |
3,000,000.00 |
|
Promissory Notes |
2,500,000.00 |
2,500,000.00 |
|
Trade Accounts Payable |
- |
1,694,186.54 |
|
Loan from Directors |
30,195,429.19 |
25,649,902.51 |
|
Other Current Liabilities |
133,576.00 |
257,846.97 |
|
|
|
|
|
Total Current Liabilities |
35,821,236.25 |
33,101,936.02 |
|
|
|
|
|
Long-term Loan |
14,648,696.63 |
17,949,485.31 |
|
Total Liabilities |
50,469,932.88 |
51,051,421.33 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par
value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning-
Unappropriated |
[3,405,095.34] |
[2,209,725.29] |
|
Total Shareholders' Equity |
16,594,904.66 |
17,790,274.71 |
|
Total Liabilities & Shareholders' Equity |
67,064,837.54 |
68,841,696.04 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Services Income |
6,815,129.00 |
4,115,942.31 |
|
Sales Income |
587,016.74 |
8,508,430.27 |
|
Rental Income |
1,296,000.00 |
1,296,000.00 |
|
Other Income |
47.75 |
126.70 |
|
Total Sales |
8,698,193.49 |
13,920,499.28 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
5,236,356.15 |
3,077,695.86 |
|
Selling Expenses |
409,828.84 |
7,424,201.20 |
|
Administrative Expenses |
2,742,665.46 |
2,988,225.26 |
|
Total Expenses |
8,388,850.45 |
13,490,122.32 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses |
309,343.04 |
430,376.96 |
|
Interest Expenses |
[1,504,713.09] |
[1,872,195.38] |
|
|
|
|
|
Net Profit / [Loss] |
[1,195,370.05] |
[1,441,818.42] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.00 |
0.02 |
|
QUICK RATIO |
TIMES |
0.00 |
0.00 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.13 |
0.20 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.13 |
0.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
30.71 |
|
INVENTORY TURNOVER |
TIMES |
- |
11.89 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
200.92 |
|
CASH CONVERSION CYCLE |
DAYS |
- |
(170.22) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
60.20 |
22.11 |
|
SELLING & ADMINISTRATION |
% |
36.24 |
74.80 |
|
INTEREST |
% |
17.30 |
13.45 |
|
GROSS PROFIT MARGIN |
% |
39.80 |
77.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.56 |
3.09 |
|
NET PROFIT MARGIN |
% |
(13.74) |
(10.36) |
|
RETURN ON EQUITY |
% |
(7.20) |
(8.10) |
|
RETURN ON ASSET |
% |
(1.78) |
(2.09) |
|
EARNING PER SHARE |
BAHT |
(59.77) |
(72.09) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.04 |
2.87 |
|
TIME INTEREST EARNED |
TIMES |
0.21 |
0.23 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(37.51) |
|
|
OPERATING PROFIT |
% |
(28.12) |
|
|
NET PROFIT |
% |
17.09 |
|
|
FIXED ASSETS |
% |
(2.07) |
|
|
TOTAL ASSETS |
% |
(2.58) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
39.80 |
Impressive |
Industrial Average |
21.12 |
|
Net Profit Margin |
(13.74) |
Deteriorated |
Industrial Average |
2.12 |
|
Return on Assets |
(1.78) |
Deteriorated |
Industrial Average |
2.12 |
|
Return on Equity |
(7.20) |
Deteriorated |
Industrial Average |
4.93 |
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 39.8%. When compared with
the industry average, the ratio of the company was higher, this 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 -13.74%.
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, it was lower, the company's figure is -1.78%.
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, it was lower, the company's figure is -7.2%.
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 |
0.00 |
Risky |
Industrial Average |
1.64 |
|
Quick Ratio |
0.00 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0 times in 2009, decrease from 0.02 times, then the company may not be
efficiently using its current assets. 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 times in 2009,
decrease from 0 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
3.04 |
Risky |
Industrial
Average |
1.13 |
|
Times Interest Earned |
0.21 |
Risky |
Industrial
Average |
2.51 |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.21 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 0.75 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.13 |
Deteriorated |
Industrial Average |
2.36 |
|
Total Assets Turnover |
0.13 |
Deteriorated |
Industrial Average |
1.00 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
2.35 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.99 |
|
Payables Conversion Period |
- |
|
|
|
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.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.