MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROLAX SYNTHESIS
CO., LTD. |
|
|
|
|
Registered Office : |
1097,
1st Floor, Srinakarin
Road, Suanluang, Bangkok
10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.03.1993 |
|
|
|
|
Com. Reg. No.: |
0105536031014 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Dyed 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 : |
Unknown |
|
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
ROLAX
SYNTHESIS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1097,
1st FLOOR, SRINAKARIN
ROAD,
SUANLUANG, BANGKOK
10250, THAILAND
TELEPHONE : [66] 2322-4175,
2721-2618
FAX :
[66] 2721-2637
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536031014
CAPITAL REGISTERED : BHT.
21,200,000
CAPITAL PAID-UP : BHT.
21,200,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LIN CHUN
HSIUNG, TAIWANESE
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : DYED
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on March 16,
1993 as a
private limited company by
joint Thai and
Taiwanese investors, under the
registered name ROLAX
SYNTHESIS CO., LTD.,
with the business objective
to manufacture and
supply dyed products
for textile and
leather industry to
domestic and export markets. It
currently employs approximate
30 staff.
The
subject’s registered address
is 1097, 1st Floor,
Srinakarin Rd., Suanluang,
Bangkok 10250, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lin Chun Hsiung |
|
Taiwanese |
51 |
|
Mr. Lin Wei Ching |
|
Taiwanese |
24 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Lin Chun Hsiung
is the Managing
Director.
He is Taiwanese
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting various kinds of
dyestuff for textiles
printed and dyed,
genuine and synthetic
leather production industries.
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining is imported
from Taiwan.
SALES
90% of the
products is sold
locally by wholesale
to traders and
manufacturers, the remaining
10% is exported
to Taiwam &
Republic of China.
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.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
95/1 Moo 1, Pattananikom-Muaklek Rd.,
T. Delang, A. Pattananikom, Lopburi
15220.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT 100,000.
COMMENT
Subject
has good business
performance during the
past several years.
However, consumption slowdown
from economic uncertainties
had decreased demand
of such products
in 2009. Nevertheless,
in line with the
economic recovery in 2010, domestic
industrial sector has
witnessed an uptrend.
Increased consumption of
dyed chemicals has
contributed significantly to the
improvement of financial result
for the year.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 6,000,000 divided into 6,000
shares of Bht. 1,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 15,200,000
on November 29,
1994
Bht. 18,200,000
on September 1,
2008
Bht. 21,200,000
on May 4,
2011
The
latest registered capital
was increased to
Bht. 21,200,000 divided into
21,200 shares of
Bht. 1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 27,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Lin Chun Hsiung Nationality: Taiwanese Address : 2
Soi 3/2 Xing
Xun Rd., Taipei,
Taiwan |
5,940 |
28.02 |
|
Mr. Somjit Phutiya Nationality: Thai Address : 129
Moo 5, Bankham,
Nampong, Khon Kaen |
3,060 |
14.43 |
|
Mr. Lin Wei Ching Nationality: Taiwanese Address : 1097
Srinakarin Rd., Suanluang,
Bangkok |
3,000 |
14.15 |
|
Mrs. Rampei Padnoi Nationality: Thai Address : 67
Moo 3, Phaholyothin Rd.,
Srapradoo,
Vichienburi, Petchabun |
2,300 |
10.85 |
|
Mrs. Somporn Langkapin Nationality: Thai Address : 306
Moo 1, Maedao,
Maesod, Tak |
2,000 |
9.43 |
|
Ms. Amornphan Khamharn Nationality: Thai Address : 71/16
Moo 2, Samwa
Rd., Bangchan,
Klongsamwa, Bangkok |
2,000 |
9.43 |
|
Mr. Suttha Supjeerasakul Nationality: Thai Address : 71/16
Moo 2, Samwa
Rd., Bangchan,
Klongsamwa, Bangkok |
1,500 |
7.08 |
|
Mr. Wang Liang Kung Nationality: Taiwanese Address : 14
Soi 58 Klatao
Rd., Taipei, Taiwan |
1,400 |
6.61 |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Teera Thamlakhana No.
8321
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
107,371.34 |
85,511.87 |
|
Trade Accounts Receivable |
- |
12,198.00 |
|
Inventories |
3,363,003.41 |
3,458,160.41 |
|
|
|
|
|
Total Current Assets
|
3,470,374.75 |
3,555,870.28 |
|
|
|
|
|
Fixed Assets |
3,526,317.30 |
3,826,113.86 |
|
Other Assets |
342,623.14 |
318,652.81 |
|
Total Assets |
7,339,315.19 |
7,700,636.95 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts & Notes
Payable |
556,584.27 |
1,374,453.46 |
|
Other Current Liabilities |
879,992.36 |
246,562.71 |
|
|
|
|
|
Total Current Liabilities |
1,436,576.63 |
1,621,016.17 |
|
|
|
|
|
Long-term Loan from Related Person |
5,650,000.00 |
5,350,000.00 |
|
Total Liabilities |
7,086,576.63 |
6,971,016.17 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 182,000 shares |
18,200,000.00 |
18,200,000.00 |
|
|
|
|
|
Capital Paid |
18,200,000.00 |
18,200,000.00 |
|
Retained Earning- Unappropriated |
[17,947,261.44] |
[17,470,379.22] |
|
Total Shareholders' Equity |
252,738.56 |
729,620.78 |
|
Total Liabilities & Shareholders' Equity |
7,339,315.19 |
7,700,636.95 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales - Local Income |
7,684,787.50 |
6,479,726.00 |
|
Sales - Overseas Income |
- |
1,438,998.92 |
|
Gain on Exchange
Rate |
104,677.64 |
150,387.12 |
|
Other Income |
47.65 |
86.50 |
|
Total Revenues |
7,789,512.79 |
8,069,198.54 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,221,946.81 |
7,490,167.04 |
|
Selling Expenses |
92,350.00 |
127,466.95 |
|
Administrative Expenses |
859,984.75 |
763,758.09 |
|
Total Expenses |
8,174,281.56 |
8,381,392.08 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[384,768.77] |
[312,193.54] |
|
Financial Cost |
[92,113.45] |
[146,351.49] |
|
|
|
|
|
Net Profit / [Loss] |
[476,882.22] |
[458,545.03] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.42 |
2.19 |
|
QUICK RATIO |
TIMES |
0.07 |
0.06 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.18 |
2.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.05 |
1.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
169.97 |
168.52 |
|
INVENTORY TURNOVER |
TIMES |
2.15 |
2.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
0.56 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
649.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
28.13 |
66.98 |
|
CASH CONVERSION CYCLE |
DAYS |
141.84 |
102.10 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.98 |
94.59 |
|
SELLING & ADMINISTRATION |
% |
12.39 |
11.25 |
|
INTEREST |
% |
1.20 |
1.85 |
|
GROSS PROFIT MARGIN |
% |
7.39 |
7.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.01) |
(3.94) |
|
NET PROFIT MARGIN |
% |
(6.21) |
(5.79) |
|
RETURN ON EQUITY |
% |
(188.69) |
(62.85) |
|
RETURN ON ASSET |
% |
(6.50) |
(5.95) |
|
EARNING PER SHARE |
BAHT |
(2.62) |
(2.52) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.97 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
28.04 |
9.55 |
|
TIME INTEREST EARNED |
TIMES |
(4.18) |
(2.13) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.95) |
|
|
OPERATING PROFIT |
% |
23.25 |
|
|
NET PROFIT |
% |
(4.00) |
|
|
FIXED ASSETS |
% |
(7.84) |
|
|
TOTAL ASSETS |
% |
(4.69) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.39 |
Acceptable |
Industrial
Average |
13.00 |
|
Net Profit Margin |
(6.21) |
Deteriorated |
Industrial
Average |
(6.11) |
|
Return on Assets |
(6.50) |
Deteriorated |
Industrial
Average |
(0.35) |
|
Return on Equity |
(188.69) |
Deteriorated |
Industrial
Average |
1.94 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 7.39%. 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. The company's figure is -6.21%.
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 -6.5%.
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 -188.69%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.42 |
Deteriorated |
Industrial
Average |
7.47 |
|
Quick Ratio |
0.07 |
|
|
|
|
Cash Conversion Cycle |
141.84 |
|
|
|
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 2.42 times in 2010, increase from 2.19 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 0.07 times in 2010,
increase from 0.06 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 142 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.97 |
Risky |
Industrial
Average |
0.71 |
|
Debt to Equity Ratio |
28.04 |
Risky |
Industrial
Average |
2.58 |
|
Times Interest Earned |
(4.18) |
Risky |
Industrial
Average |
36.91 |
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 -4.18 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 0.97 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.18 |
Deteriorated |
Industrial
Average |
940.54 |
|
Total Assets Turnover |
1.05 |
Satisfactory |
Industrial
Average |
1.29 |
|
Inventory Conversion Period |
169.97 |
|
|
|
|
Inventory Turnover |
2.15 |
Acceptable |
Industrial
Average |
4.19 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
11.20 |
|
Payables Conversion Period |
28.13 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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.