MIRA
INFORM REPORT
|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUNGAKERAYA
ENGINEERING CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.06.2005 |
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Com. Reg. No.: |
0135548005587 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Installation and distribution of telecommunication system and solutions |
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No. of Employees : |
10 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as
it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company name
RUNGAKERAYA ENGINEERING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 89/237 BANGKHUNTHIEN
ROAD, SAMAEDAM,
BANGKHUNTHIEN, BANGKOK
10150
TELEPHONE : [66] 2496-7844-6
FAX
:
[66] 2496-7844,
2892-1443
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0135548005587
TAX
ID NO. : 3031819955
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THANAWAN BHOOKPHAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : TELECOMMUNICATION SYSTEM
AND SOLUTIONS
INSTALLATION AND
DISTRIBUTION
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 June 13,
2005 as a
private limited company
by Thai group,
under the registered
name RUNGAKERAYA ENGINEERING
CO., LTD., with the business objective to supply product
and provide installation service for
telecommunication system. It
currently employs approximate
10 staff.
The
subject’s registered address
is 89/237 Bangkhunthien
Rd., Samaedam, Bangkhunthien, Bangkok
10150, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Thanawan Bhookphan
AUTHORIZED PERSON
The above director
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thanawan Bhookphan is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject’s
main business is
engaged in installation
of telecommunication system,
as well as
importing and distributing
telecommunication equipment.
PURCHASE
Most
of the products
are imported from
Republic of China,
Taiwan, India, France
and Germany, the
remaining is purchased
from local suppliers
and agents.
SALES/SERVICES
Products and services
are served locally
to both private
company, government and
state enterprise.
MAJOR CUSTOMER
TOT Public Company
Limited
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 and services
are by agreement.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 10 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The
subject provides telecommunication system
including installation service.
Since establishment the
subject has slow
business. It seems
to have inactive
business with
no
growth signs.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares of
Bht. 100 each
with fully paid.
On
October 29, 2010,
the registered capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Supaporn Akarasathienwong Nationality: Thai Address : 77/162
Moo 8, Bangbon,
Bangkok |
20,000 |
40.00 |
|
Mr. Thanawan Bhookphan Nationality: Thai Address : 120/67
Moo 5, Bangdue,
Muang, Pathumthani |
20,000 |
40.00 |
|
Mr. Alongkorn Tungkabanharn Nationality: Thai Address : 25/2
Klongtonnua, Wattana, Bangkok |
10,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Surachai Wongpairojkul No.
8135
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
15,486.00 |
8,557.68 |
|
Deferred Interest |
107,667.50 |
59,567.50 |
|
Other Current Assets
|
2,771.47 |
2,719.71 |
|
|
|
|
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Total Current Assets
|
125,924.97 |
70,844.89 |
|
|
|
|
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Long-term Lending to
Related Person |
4,810,000.00 |
4,860,000.00 |
|
Fixed Assets |
24,755.56 |
31,303.22 |
|
Total Assets |
4,960,680.53 |
4,962,148.11 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Accrued Expenses |
17,000.00 |
22,000.00 |
|
Other Current Liabilities |
150.00 |
75.00 |
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Total Current Liabilities |
17,150.00 |
22,075.00 |
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Total Liabilities |
17,150.00 |
22,075.00 |
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Shareholders' Equity |
|
|
|
|
|
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated |
[56,469.47] |
[59,926.89] |
|
Total Shareholders' Equity |
4,943,530.53 |
4,940,073.11 |
|
Total Liabilities & Shareholders' Equity |
4,960,680.53 |
4,962,148.11 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Other Income |
53,663.96 |
30,266.67 |
|
Total Revenues |
53,663.96 |
30,266.67 |
|
Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
50,206.54 |
75,433.39 |
|
Total Expenses |
50,206.54 |
75,433.39 |
|
Net Profit / [Loss] |
3,457.42 |
[45,166.72] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
7.34 |
3.21 |
|
QUICK RATIO |
TIMES |
7.18 |
3.09 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
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|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
|
RETURN ON EQUITY |
% |
0.07 |
(0.91) |
|
RETURN ON ASSET |
% |
0.07 |
(0.91) |
|
EARNING PER SHARE |
BAHT |
0.07 |
(0.90) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.00 |
0.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.00 |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
(107.65) |
|
|
NET PROFIT |
% |
107.65 |
|
|
FIXED ASSETS |
% |
(20.92) |
|
|
TOTAL ASSETS |
% |
(0.03) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
11.44 |
|
Net Profit Margin |
- |
|
Industrial
Average |
1.92 |
|
Return on Assets |
0.07 |
Deteriorated |
Industrial
Average |
2.65 |
|
Return on Equity |
0.07 |
Deteriorated |
Industrial
Average |
4.61 |
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
0.07%.
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 0.07%.
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 |
7.34 |
Impressive |
Industrial
Average |
2.06 |
|
Quick Ratio |
7.18 |
|
|
|
|
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 7.34 times in 2011, increased from 3.21 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 operator 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 7.18 times in 2011,
increased from 3.09 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial
Average |
0.38 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial
Average |
0.61 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.22 |
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 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
2.77 |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.38 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
5.99 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.34 |
|
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.