MIRA INFORM REPORT
|
Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
R. J.
COLOUR & CHEMICALS
CO., LTD. |
|
|
|
|
Registered Office : |
1111/40 Soi Ladprao 94 [Panjamit], Ladprao Road, Plabpla, Wangthonglang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.10.2000 |
|
|
|
|
Com. Reg. No.: |
0105543100409 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemicals |
|
|
|
|
No. of Employees : |
07 employees |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
R. J. COLOUR & CHEMICALS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1111/40 SOI
LADPRAO 94 [PANJAMIT],
LADPRAO ROAD,
PLABPLA, WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2530-9729-30
1FAX :
[66] 2530-9728
E-MAIL
ADDRESS : info@rjcolour.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543100409
TAX
ID NO. : 3030200495
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 : MRS.
RENU NARULA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 7
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
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 26,
2000 as a private limited
company under the
name style R. J. COLOUR & CHEMICALS CO.,
LTD., by Thai-Indian
groups, with the
business objective to import
and distribute industrial
chemicals to local market.
It currently employs
7 staff.
The
subject’s registered address
was initially located
at 353/16 Soi
Ramkhamhaeng 43/1, Ramkhamhaeng Rd., Wangthonglang, Bangkok
10310.
On
May 27, 2010
the subject’s registered
address was relocated
to 573/140 Soi
Thepleela 1, Ramkhamhaeng Rd.,
Plabpla, Wangthonglang,
Bangkok 10310.
On
December 9, 2011,
it was relocated
to 1111/40 Soi
Ladprao 94 [Panjamit], Ladprao
Rd., Plabpla, Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Renu Narula |
|
Thai |
48 |
|
Mr. Sureskumal Narula |
|
Thai |
53 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject with
company’s affixed.
MANAGEMENT
Mrs. Renu Narula
is the Managing
Director.
She is Thai
nationality with the
age of 48 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of industrial
chemicals for various
industries such as
plastic, rubber, paint,
coating, agricultural, printing
inks, textiles, pulps & papers, cosmetics,
detergents, consumer products
and etc.
PURCHASE
90% of the
products is imported from
India, Republic of
China and Germany,
the remaining 10%
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is not
found to have
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 7
staff. [office and
sales staff]
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The
company was formed in
2000 as an
importer and distributor
of industrial chemicals. It
supplies chemicals in
response to industrial
users. The products
have been used
as raw materials
for various industries. Positive
market outlook of domestic
industries has reflected to strong demand
of chemicals in
the past year.
The subject is
optimistic an upward
sales in the
year 2012 as well.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each
with fully paid.
On
December 9, 2010, the
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
December 1, 2010]
|
NAME |
HOLDING
|
% |
|
|
|
|
|
Mrs. Renu Narula Nationality: Thai Address : 582/57
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
20,000 |
40.00 |
|
Mr. Sureskumal Narula Nationality: Thai Address : 582/57
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
18,200 |
36.40 |
|
Ms. Yothee Kampee Nationality: Thai Address : 151/30
Soi Charansanitwong 5,
Charansanitwong Rd.,
Thapra, Bangkokyai, Bangkok |
5,000 |
10.00 |
|
Mrs. Yankee Kampee Nationality: Thai Address :
151/30 Soi Charansanitwong 5,
Charansanitwong Rd.,
Thapra, Bangkokyai, Bangkok |
5,000 |
10.00 |
|
Mr. Suchit Narula Nationality: Thai Address : 322/126
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
600 |
1.20 |
|
Mr. Suchil Narula Nationality: Thai Address : 582/57
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
600 |
1.20 |
|
|
|
|
|
Mrs. Meena Kwatra
Nationality: Thai Address : 43
Charoennakorn 4 Rd., Thonsrai,
Klongsan,
Bangkok |
600 |
1.20 |
Total Shareholders : 7
Share Structure [ as
at December 1,
2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Reithirong Kranyavirund
No. 3834
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were :
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
1,446,413.38 |
681,411.41 |
|
Trade Accounts & Other
Receivable |
23,141,591.16 |
20,867,581.55 |
|
Inventories |
9,650,237.61 |
7,387,352.30 |
|
Total Current Assets
|
34,238,242.15 |
28,936,345.26 |
|
|
|
|
|
Fixed Assets |
10,865,115.73 |
289,224.89 |
|
Other Current-non Assets |
63,500.00 |
120,500.00 |
|
Total Assets |
45,166,857.88 |
29,346,070.15 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
3,216,454.95 |
4,285,221.99 |
|
Trade Accounts & Other
Payable |
26,047,225.74 |
16,611,843.80 |
|
Short-term Loan from Person or Related Company |
1,712,500.00 |
2,012,500.00 |
|
Current Portion of Long-term
Loans |
1,253,801.88 |
- |
|
Accrued Income Tax |
47,760.95 |
453,379.26 |
|
Total Current Liabilities |
32,277,743.52 |
23,362,945.05 |
|
|
|
|
|
Other Long-term Loans |
6,330,773.60 |
- |
|
Total Liabilities |
38,608,517.12 |
23,362,945.05 |
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
119,533.71 |
- |
|
Unappropriated |
1,438,807.05 |
983,125.10 |
|
Total Shareholders' Equity |
6,558,340.76 |
5,983,125.10 |
|
Total Liabilities &
Shareholders' Equity |
45,166,857.88 |
29,346,070.15 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
69,442,680.00 |
45,533,801.50 |
|
Other Income |
431,546.94 |
1,055,899.68 |
|
Total Sales |
69,874,226.94 |
46,589,701.18 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
58,859,181.39 |
38,320,001.20 |
|
Selling Expenses |
424,386.19 |
345,978.03 |
|
Administrative Expenses |
6,039,496.15 |
4,194,928.91 |
|
Other Expenses |
1,656,542.09 |
- |
|
Total Expenses |
66,979,605.82 |
42,860,908.14 |
|
Profit / [Loss] before Financial
Costs & Income Tax |
2,894,921.12 |
3,728,793.04 |
|
Financial Costs |
[1,581,644.51] |
[826,262.84] |
|
Profit / [Loss] before Income
Tax |
1,312,976.61 |
2,902,530.20 |
|
Income Tax |
[237,760.95] |
[511,856.03] |
|
Net Profit / [Loss] |
1,075,215.66 |
2,390,674.17 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.24 |
|
QUICK RATIO |
TIMES |
0.76 |
0.92 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.39 |
157.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.54 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.84 |
70.36 |
|
INVENTORY TURNOVER |
TIMES |
6.10 |
5.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
121.64 |
167.28 |
|
RECEIVABLES TURNOVER |
TIMES |
3.00 |
2.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
161.53 |
158.23 |
|
CASH CONVERSION CYCLE |
DAYS |
19.95 |
79.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.76 |
84.16 |
|
SELLING & ADMINISTRATION |
% |
9.31 |
9.97 |
|
INTEREST |
% |
2.28 |
1.81 |
|
GROSS PROFIT MARGIN |
% |
15.86 |
18.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.17 |
8.19 |
|
NET PROFIT MARGIN |
% |
1.55 |
5.25 |
|
RETURN ON EQUITY |
% |
16.39 |
39.96 |
|
RETURN ON ASSET |
% |
2.38 |
8.15 |
|
EARNING PER SHARE |
BAHT |
21.50 |
47.81 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.89 |
3.90 |
|
TIME INTEREST EARNED |
TIMES |
1.83 |
4.51 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
52.51 |
|
|
OPERATING PROFIT |
% |
(22.37) |
|
|
NET PROFIT |
% |
(55.02) |
|
|
FIXED ASSETS |
% |
3,656.63 |
|
|
TOTAL ASSETS |
% |
53.91 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.86 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
1.55 |
Satisfactory |
Industrial
Average |
1.82 |
|
Return on Assets |
2.38 |
Acceptable |
Industrial
Average |
4.28 |
|
Return on Equity |
16.39 |
Impressive |
Industrial
Average |
11.66 |
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 15.86%. 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 1.55%.
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 2.38%.
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 16.39%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.06 |
Acceptable |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.76 |
|
|
|
|
Cash Conversion Cycle |
19.95 |
|
|
|
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 1.06 times in 2011, decreased from 1.24 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 2011,
decreased from 0.92 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 20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
5.89 |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
1.83 |
Acceptable |
Industrial
Average |
3.36 |
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 1.84 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.85 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.39 |
Acceptable |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
1.54 |
Acceptable |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
59.84 |
|
|
|
|
Inventory Turnover |
6.10 |
Satisfactory |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
121.64 |
|
|
|
|
Receivables Turnover |
3.00 |
Acceptable |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
161.53 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
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.