MIRA
INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROYI SAL CO., LTD. |
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Registered Office : |
888/34-35 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.11.2001 |
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Com. Reg. No.: |
0105544107253 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Jewelry and Accessories |
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No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – September 30, 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
ROYI
SAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 888/34-35 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2650-9212
FAX :
[66] 2650-9213
E-MAIL
ADDRESS : info@royisal.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544107253
CAPITAL REGISTERED : BHT. 4,900,000
CAPITAL PAID-UP : BHT.
4,900,000
SHAREHOLDER’S PROPORTION : THAI : 51%
ISRAELI
: 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ROYI GAL, ISRAELI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : JEWELRY AND
ACCESSORIES
MANUFACTURER, DISTRIBUTOR
AND 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 established on November
5, 2001 as
a private limited
company under the registered
name style ROYI
SAL CO., LTD.
by Israeli and Thai investors,
with the business objective to manufacture and distribute wide
range of jewelry products and
accessories to both domestic
and international markets. It
currently employs approximate
100 staff.
The
subject’s registered address
is 888/34-35 Ploenchit
Rd., Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Royi Gal
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Royi Gal is
the Managing Director.
He is Israeli
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject
is engaged in design,
manufacturing and
distributing wide range of
jewelry products and
accessories, according to customer’s
requirement.
Subject is specialized
in:
·
Gold jewelry
in 9k, 10k, 14k and
18k, using light
weight gold with
stamping method.
·
Silver jewelry,
using 925 sterling
silver material to
produce with crystal,
CZ and enamel.
·
Crystal
& fashion jewelry, using
925 sterling silver,
gold steel materials
to produce with
crystal, CZ and
enamel.
·
Body jewelry,
using 316L surgical
steel material to
produce with crystal,
CZ and enamel.
PURCHASE
Raw materials
and components are
purchased from suppliers
both domestic and
overseas, mainly in
India and South
Africa.
SALES
The products are
sold and serviced
to customers both
local and overseas,
mainly in Hong
Kong, Singapore, Japan,
U.S.A. and Europe.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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 on
negotiated terms.
Exports are against
T/T.
BANKING
The banker’s
name was not
disclosed.
EMPLOYMENT
The
subject employs approximately
100 office staff,
designers and factory
workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in prime commercial
area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
In
2010 the business
performance was moderate.
With the improvement of
jewelry industry has enabled the
subject to increase its
sales and productions
to meet with rising
demand from both local
and export markets.
Operation in
2011 disclosed a good
performance in the
first nine months of
year due to
consumption has improved
continuously. The massive floods
in the country during the months
of October to December had
no impact on
the subject’s business which
was ended the
year with the
good results.
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. 3,000,000
on February 21,
2003
Bht. 4,200,000
on July 30,
2004
Bht. 5,000,000
on June 24,
2008
On
December 9, 2009,
the registered capital
was decreased to
Bht. 4,900,000 divided
into 49,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Royi Gal Nationality: Israeli Address : 80
Soi Samsen 5,
Samsen Rd.,
Wadsampraya, Phranakorn, Bangkok |
24,010 |
49.00 |
|
Ms. Patranand Phramkaew Nationality: Thai Address : 106
Moo 3, Korhong,
Hadyai, Songkhla |
17,640 |
36.00 |
|
Mrs. Saengnapaphan Parnboonhom Nationality: Thai Address : 203/407
Moo 1, Bangsaothong,
Samutprakarn |
7,350 |
15.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
24,990 |
51.00 |
|
Foreign - Israeli |
1 |
24,010 |
49.00 |
|
Total |
3 |
49,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Kamchai Mayuraritpibal No.
7208
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
8,871,778.41 |
10,502,609.37 |
|
Trade Accounts Receivable |
280,686.26 |
- |
|
Inventories |
5,195,864.06 |
2,431,311.02 |
|
Advance for Goods |
716,711.33 |
1,508,701.68 |
|
Other Current Assets |
425,661.20 |
914,554.67 |
|
|
|
|
|
Total Current Assets
|
15,490,701.26 |
15,357,176.74 |
|
|
|
|
|
Fixed Assets |
3,740,662.21 |
2,692,672.98 |
|
Deposit |
564,009.99 |
18,000.00 |
|
Total Assets |
19,795,373.46 |
18,067,849.72 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
318,871.74 |
3,389,582.48 |
|
Accrued Expenses |
5,218,615.68 |
4,981,008.67 |
|
Accrued Income Tax |
485,293.08 |
354,488.97 |
|
Short-term Loan from Director |
5,814,424.86 |
3,565,433.55 |
|
Other Current Liabilities |
167,083.71 |
603,994.13 |
|
|
|
|
|
Total Current Liabilities |
12,004,289.07 |
12,894,507.80 |
|
Total Liabilities |
12,004,289.07 |
12,894,507.80 |
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|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 49,000 shares |
4,900,000.00 |
4,900,000.00 |
|
|
|
|
|
Capital Paid |
4,900,000.00 |
4,900,000.00 |
|
Retained Earning Unappropriated |
2,891,084.39 |
273,341.92 |
|
Total Shareholders' Equity |
7,791,084.39 |
5,173,341.92 |
|
Total Liabilities & Shareholders' Equity |
19,795,373.46 |
18,067,849.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
90,835,093.19 |
68,220,048.62 |
|
Other Income |
17,880.32 |
920,549.82 |
|
Total Revenues |
90,852,973.51 |
69,140,598.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
61,501,492.14 |
41,753,873.72 |
|
Selling Expenses |
10,501,690.48 |
12,605,436.46 |
|
Administrative Expenses |
15,479,844.16 |
12,202,772.24 |
|
Total Expenses |
87,483,026.78 |
66,562,082.42 |
|
Profit before Income Tax |
3,369,946.73 |
2,578,516.02 |
|
Income Tax |
[752,204.26] |
[644,551.28] |
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|
|
|
|
Net Profit / [Loss] |
2,617,742.47 |
1,933,964.74 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.19 |
|
QUICK RATIO |
TIMES |
0.76 |
0.81 |
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|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.28 |
25.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.59 |
3.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
30.84 |
21.25 |
|
INVENTORY TURNOVER |
TIMES |
11.84 |
17.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.13 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
323.62 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.89 |
29.63 |
|
CASH CONVERSION CYCLE |
DAYS |
30.07 |
(8.38) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
67.71 |
61.20 |
|
SELLING & ADMINISTRATION |
% |
28.60 |
36.36 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
32.31 |
40.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.71 |
3.78 |
|
NET PROFIT MARGIN |
% |
2.88 |
2.83 |
|
RETURN ON EQUITY |
% |
33.60 |
37.38 |
|
RETURN ON ASSET |
% |
13.22 |
10.70 |
|
EARNING PER SHARE |
BAHT |
53.42 |
39.47 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.54 |
2.49 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
33.15 |
|
|
OPERATING PROFIT |
% |
30.69 |
|
|
NET PROFIT |
% |
35.36 |
|
|
FIXED ASSETS |
% |
38.92 |
|
|
TOTAL ASSETS |
% |
9.56 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.31 |
Impressive |
Industrial
Average |
29.20 |
|
Net Profit Margin |
2.88 |
Impressive |
Industrial
Average |
(51.65) |
|
Return on Assets |
13.22 |
Impressive |
Industrial
Average |
(13.01) |
|
Return on Equity |
33.60 |
Impressive |
Industrial
Average |
(3.83) |
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 32.31%. 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 2.88%, higher figure when 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
13.22%, 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 33.6%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.29 |
Deteriorated |
Industrial
Average |
83.84 |
|
Quick Ratio |
0.76 |
|
|
|
|
Cash Conversion Cycle |
30.07 |
|
|
|
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 1.29 times in 2010, increased from 1.19 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 0.76 times in 2010,
decreased from 0.81 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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Impressive |
Industrial
Average |
1.91 |
|
Debt to Equity Ratio |
1.54 |
Risky |
Industrial
Average |
1.49 |
|
Times Interest Earned |
- |
|
Industrial
Average |
343.72 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.61 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 |
24.28 |
Deteriorated |
Industrial
Average |
167,038.45 |
|
Total Assets Turnover |
4.59 |
Impressive |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
30.84 |
|
|
|
|
Inventory Turnover |
11.84 |
Impressive |
Industrial
Average |
4.27 |
|
Receivables Conversion Period |
1.13 |
|
|
|
|
Receivables Turnover |
323.62 |
Impressive |
Industrial
Average |
34.28 |
|
Payables Conversion Period |
1.89 |
|
|
|
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.49.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
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.