MIRA INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND
INTERNATIONAL CO., LTD. |
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Registered Office : |
437/13 Thadindaeng Road, Somdejchaopraya, Klongsan, Bangkok 10600 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.07.2010 |
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Com. Reg. No.: |
0105553082713 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer,
distributor and exporter of textiles and
fabric products |
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No. of Employees : |
6 |
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 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
RAYMOND
INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 437/13 THADINDAENG
ROAD, SOMDEJCHAOPRAYA,
KLONGSAN, BANGKOK
10600, THAILAND
TELEPHONE : [66] 2863-1134-5
FAX :
[66] 2863-1136
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553082713
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANMOL MALHOTRA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : TEXTILES AND
FABRIC PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 July 8,
2010 as a
private limited company
under the name
style RAYMOND INTERNATIONAL CO., LTD.,
by Thai-Indian groups,
with the objective
to engage in
textiles trading business.
It currently employs
6 staff.
The subject’s registered
address is 437/13
Thadindaeng Rd., Somdejchaopraya, Klongsan,
Bangkok 10600, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nirint Sajdev |
|
Thai |
72 |
|
Mr. Prateep Sajjatrakul |
|
Thai |
72 |
|
Mr. Anmol Malhotra |
|
Indian |
49 |
AUTHORIZED PERSON
Any two of the
above directors can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Anmol Malhotra is
the Managing Director.
He is Indian
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject
is engaged in international
trading business, comprising importing and distributing various
kinds of textiles, e.g.
cotton, nylon, polyester
and etc., as
well as exporting
of the products
according to customer’s
order.
PURCHASE
The
products are purchased from suppliers in
both domestic and
overseas, mainly India, U.S.A. and
European countries.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
EXPORT
The local products
are exported to
Hong Kong and
the countries in
Europe.
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
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs 6
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 1,000,000
AGAINST D/A TERM
IS NOT RECOMMENDED.
COMMENT
Subject
was formed in
July 2010. Its
business is an importer
and exporter specially fabric
products. Its first
year operation was reported
at moderate level,
as well as
its current business outlook is promising.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
On
August 27, 2010,
the capital was
increased to Bht.
3,000,000 divided into
30,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 3,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nirint Sajdev Nationality: Thai Address : 40
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok |
10,500 |
35.00 |
|
Mr. Prateep Sajjatrakul Nationality: Thai Address : 40
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok |
10,500 |
35.00 |
|
Mr. Anmol Malhotra Nationality: Indian Address : 40
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok |
9,000 |
30.00 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanapop Archanai No.
8982
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 was:
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
2,848,727.52 |
|
Trade Accounts Receivable |
5,938,770.32 |
|
Inventories |
5,387,731.10 |
|
Other Current Assets |
649,092.45 |
|
|
|
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Total Current Assets
|
14,824,321.39 |
|
|
|
|
Fixed Assets |
293,989.87 |
|
Other Assets |
66,600.00 |
|
Total Assets |
15,184,911.26 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Trade Accounts Payable |
10,033,742.31 |
|
Short-term Loan from Person
Related |
653,900.00 |
|
Other Current Liabilities |
298,109.41 |
|
|
|
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Total Current Liabilities |
10,985,751.72 |
|
Total Liabilities |
10,985,751.72 |
|
|
|
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Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
|
|
|
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Capital Paid |
3,000,000.00 |
|
Retained Earning-
Unappropriated |
1,199,159.54 |
|
Total Shareholders' Equity |
4,199,159.54 |
|
Total Liabilities & Shareholders' Equity |
15,184,911.26 |
PROFIT & LOSS ACCOUNT
|
Sale |
July 8, 2010 – Dec. 31,
2010 |
|
|
|
|
Sales Income |
19,530,510.31 |
|
Other Income |
259,980.86 |
|
Total Sales |
19,790,491.17 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
17,601,124.38 |
|
Selling Expenses |
284,718.68 |
|
Administrative Expenses |
469,069.85 |
|
Total Expenses |
18,354,912.91 |
|
Profit / [Loss] before Income
Tax |
1,435,578.26 |
|
Income Tax |
[236,418.72] |
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|
|
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Net Profit / [Loss] |
1,199,159.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.35 |
|
QUICK RATIO |
TIMES |
0.80 |
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|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
66.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.73 |
|
INVENTORY TURNOVER |
TIMES |
3.27 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
110.99 |
|
RECEIVABLES TURNOVER |
TIMES |
3.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
208.07 |
|
CASH CONVERSION CYCLE |
DAYS |
14.64 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
90.12 |
|
SELLING & ADMINISTRATION |
% |
3.86 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
11.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.35 |
|
NET PROFIT MARGIN |
% |
6.14 |
|
RETURN ON EQUITY |
% |
28.56 |
|
RETURN ON ASSET |
% |
7.90 |
|
EARNING PER SHARE |
BAHT |
39.97 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.62 |
|
TIME INTEREST EARNED |
TIMES |
- |
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
SALES GROWTH |
% |
- |
|
OPERATING PROFIT |
% |
- |
|
NET PROFIT |
% |
- |
|
FIXED ASSETS |
% |
- |
|
TOTAL ASSETS |
% |
- |
PROFITABILITY RATIO
|
Gross Profit Margin |
11.21 |
Impressive |
Industrial
Average |
8.04 |
|
Net Profit Margin |
6.14 |
Impressive |
Industrial
Average |
0.69 |
|
Return on Assets |
7.90 |
Impressive |
Industrial
Average |
1.67 |
|
Return on Equity |
28.56 |
Impressive |
Industrial
Average |
4.46 |
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 11.21%. 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 6.14% 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
7.9%, 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 28.56%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.35 |
Satisfactory |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.80 |
|
|
|
|
Cash Conversion Cycle |
14.64 |
|
|
|
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 1.35 times in 2010, increase from 0 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 0.8 times in 2010,
increase from 0 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 15 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
2.62 |
Risky |
Industrial
Average |
1.69 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.99 |
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 0.72 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 |
66.43 |
Impressive |
Industrial
Average |
10.57 |
|
Total Assets Turnover |
1.29 |
Acceptable |
Industrial
Average |
2.38 |
|
Inventory Conversion Period |
111.73 |
|
|
|
|
Inventory Turnover |
3.27 |
Acceptable |
Industrial
Average |
5.58 |
|
Receivables Conversion Period |
110.99 |
|
|
|
|
Receivables Turnover |
3.29 |
Satisfactory |
Industrial
Average |
4.14 |
|
Payables Conversion Period |
208.07 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.65.32 |
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.