MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RISCHA IMPORT EXPORT CO., LTD. |
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Formerly Known As : |
ASIA STAMP CO., LTD. |
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Registered Office : |
149/376 Moo 9, Pattaya Plaza Condotel, T. Nongprue, A. Banglamung, Chonburi 20260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
06.01.1995 |
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Com. Reg. No.: |
0205538000093 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Wines and Spirits |
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No. of Employees : |
3 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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
RISCHA
IMPORT EXPORT CO.,
LTD.
[FORMER :
ASIA STAMP CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 138/95 MOO
10, SOI WAT
BOONSAMPHAN,
T.
NONGPRUE, A. BANGLAMUNG,
CHONBURI 20150,
THAILAND
TELEPHONE : [66] 38 377-620, 38
425-096
FAX :
[66] 38
411-766
E-MAIL
ADDRESS : rischa@csloxinfo.com
REGISTRATION
ADDRESS : 149/376 MOO 9,
PATTAYA PLAZA CONDOTEL,
T.
NONGPRUE, A. BANGLAMUNG,
CHONBURI
20260
ESTABLISHED
: 1995
REGISTRATION
NO. : 0205538000093 [Former
: CHOR BOR.
4125]
TAX
ID NO. : 3201047515
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. SAMNIENG POMCHIENGPIN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : WINES
AND SPIRITS
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on January 6, 1995
as a private
limited company under
the registered name “Asia Stamp Co., Ltd.”, by Thai
groups, with the business
objective initially to
distribute wide range
of souvenir and
gift items.
On
May 18, 2005,
the subject’s name was
changed to RISCHA
IMPORT EXPORT CO.,
LTD.
During
2002 - 2004, the subject
stopped its operations
temporarily. However, it
has
re-started
an operation with
the new business
lines, wines and
spirits distribution, in early 2005.
It currently employs
3 staff.
The
subject’s registered is
149/376 Moo 9,
T. Nongprue, A.
Banglamung, Chonburi 20260,
and it was
the company’s previous
operation address.
In
2011, the subject’s operation address was
relocated to 138/95
Moo 10, Soi
Wat Boonsamphan, T. Nongprue,
A. Banglamung, Chonburi 20150.
THE BOARD
OF DIRECTORS
Ms. Samnieng Pomchiengpin
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Samnieng Pomchiengpin is
the Managing Director.
She is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wines,
spirits, liquors and
beers.
PURCHASE
The products are
purchased from both
local and overseas suppliers
in Germany,
United Kingdom, Brazil,
Chile, Italy, Spain
and Switzerland.
SALES
100% of the
products is sold
locally to wholesalers
and end-users, mainly hotels, pubs, bars
and restaurants.
RELATED COMPANIES
Royal Coffee Co.,
Ltd.
Business Type : Importer
and distributor of
coffee machines and beverage
products
Royal Exquisite Food
LP.
Business Type : Importer
and distributor of
food products
Global Beverages Co.,
Ltd.
Business Type : Importer
and distributor of
beverage products
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
credit term of
30 days.
Imports are by
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 3
staff.
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in provincial.
COMMENT
Subject
refers to its
normal operation in Chonburi
province. However, subject
did not disclose its
sale income for
the past few years,
therefore any business engagement should
be on secured
basis only.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each.
On
February 7, 1997 the
capital was increased
to Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Samnieng Pomchiengpin Nationality: Thai Address : 135/6
Moo 10, T.
Nongprue, A. Banglamung, Chonburi |
39,200 |
98.00 |
|
Mrs. Thongmuan Poolperm Nationality: Thai Address : 135/6
Moo 10, T.
Nongprue, A. Banglamung, Chonburi |
200 |
0.50 |
|
Mr. Prinya Pomchiengpin Nationality: Thai Address : 135/6
Moo 10, T.
Nongprue, A. Banglamung, Chonburi |
200 |
0.50 |
|
Mr. Thongpoon Kangromklang Nationality: Thai Address : 202/18 Moo
10, T. Nakruae, A. Banglamung, Chonburi |
200 |
0.50 |
|
Mrs. Wannapa Seethaha Nationality: Thai Address : 13/3
Moo 14, T.
Muangpia, A. Kutchap, Udornthani |
200 |
0.50 |
Total Shareholders : 5
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kiat Korkiat No.
1959
NOTE
The 2010-2011-2012 financial statements were not submitted to the
Commercial Registration Department,
Ministry of Commerce.
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2009
& 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
98,422.07 |
652,203.76 |
|
Trade Accounts Receivable |
258,235.47 |
307,002.75 |
|
Inventories |
109,980.01 |
93,631.85 |
|
Other Current Assets
|
67,872.88 |
67,872.88 |
|
Total Current Assets |
534,510.43 |
1,120,711.24 |
|
|
|
|
|
Long-term Lending to Directors |
9,300,000.00 |
9,500,000.00 |
|
Fixed Assets |
2,887,337.90 |
3,096,999.63 |
|
Total Assets |
12,721,848.33 |
13,717,710.87 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Current Portion of Hire-purchase Payable -Vehicle |
49,719.60 |
87,824.28 |
|
Other Current Liabilities |
180,156.55 |
204,056.72 |
|
Total Current Liabilities |
229,876.15 |
291,881.00 |
|
Loan Payable - Financial Institution |
7,615,251.13 |
8,755,151.60 |
|
Hire-purchase Payable-Vehicle, Net |
- |
23,230.04 |
|
Total Liabilities |
7,845,127.28 |
9,070,262.64 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
876,721.05 |
647,448.23 |
|
Total Shareholders' Equity |
4,876,721.05 |
4,647,448.23 |
|
Total Liabilities &
Shareholders' Equity |
12,721,848.33 |
13,717,710.87 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales Income |
10,776,278.51 |
11,560,688.82 |
|
Other Income |
24,276.00 |
5,068.98 |
|
Total Revenues |
10,800,554.51 |
11,565,757.80 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,370,154.96 |
8,816,257.72 |
|
Selling &
Administrative Expenses |
1,607,525.67 |
2,269,260.49 |
|
Total Expenses |
9,977,680.63 |
11,085,518.21 |
|
Profit before Interest Expenses & Income Tax |
822,873.88 |
480,239.59 |
|
Interest Expenses |
[573,389.09] |
[168,388.13] |
|
Income Tax |
[20,211.97] |
[50,956.31] |
|
Net Profit / [Loss] |
229,272.82 |
260,895.15 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.33 |
3.84 |
|
QUICK RATIO |
TIMES |
1.55 |
3.29 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.73 |
3.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
0.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
4.80 |
3.88 |
|
INVENTORY TURNOVER |
TIMES |
76.11 |
94.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
8.75 |
9.69 |
|
RECEIVABLES TURNOVER |
TIMES |
41.73 |
37.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
13.54 |
13.57 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.67 |
76.26 |
|
SELLING & ADMINISTRATION |
% |
14.92 |
19.63 |
|
INTEREST |
% |
5.32 |
1.46 |
|
GROSS PROFIT MARGIN |
% |
22.55 |
23.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.64 |
4.15 |
|
NET PROFIT MARGIN |
% |
2.13 |
2.26 |
|
RETURN ON EQUITY |
% |
4.70 |
5.61 |
|
RETURN ON ASSET |
% |
1.80 |
1.90 |
|
EARNING PER SHARE |
BAHT |
5.73 |
6.52 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.61 |
1.95 |
|
TIME INTEREST EARNED |
TIMES |
1.44 |
2.85 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(6.79) |
- |
|
OPERATING PROFIT |
% |
71.35 |
- |
|
NET PROFIT |
% |
(12.12) |
- |
|
FIXED ASSETS |
% |
(6.77) |
- |
|
TOTAL ASSETS |
% |
(7.26) |
- |
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.55 |
Impressive |
Industrial Average |
8.59 |
|
Net Profit Margin |
2.13 |
Impressive |
Industrial Average |
0.87 |
|
Return on Assets |
1.80 |
Deteriorated |
Industrial Average |
5.20 |
|
Return on Equity |
4.70 |
Deteriorated |
Industrial Average |
17.35 |
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. Gross Profit Margin is 22.55%. When
compared with the industry average, the ratio of the company was higher,
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. Net Profit Margin ratio is 2.13%,
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. When compared with the
industry average, it was lower, the company's figure is 1.8%.
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 4.7%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.33 |
Impressive |
Industrial Average |
1.32 |
|
Quick Ratio |
1.55 |
|
|
|
|
Cash Conversion Cycle |
13.54 |
|
|
|
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 2.33 times in 2009, decrease from 3.84 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 1.55 times in 2009,
decrease from 3.29 times, although excluding inventory so the company still
have good short-term financial strength.
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 14 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Impressive |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
1.61 |
Satisfactory |
Industrial Average |
2.20 |
|
Times Interest Earned |
1.44 |
Deteriorated |
Industrial Average |
5.91 |
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 1.44 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 0.62 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.73 |
Deteriorated |
Industrial Average |
31.60 |
|
Total Assets Turnover |
0.85 |
Deteriorated |
Industrial Average |
6.00 |
|
Inventory Conversion Period |
4.80 |
|
|
|
|
Inventory Turnover |
76.11 |
Impressive |
Industrial Average |
19.72 |
|
Receivables Conversion Period |
8.75 |
|
|
|
|
Receivables Turnover |
41.73 |
Impressive |
Industrial Average |
14.71 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 41.73 and 37.66 in
2009 and 2008 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2009
increased from 2008. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 4 days at the end
of 2008 to 5 days at the end of 2009. This represents a negative trend. And
Inventory turnover has decreased from 94.16 times in year 2008 to 76.11 times
in year 2009.
The company's Total Asset Turnover is calculated as 0.85 times and 0.84
times in 2009 and 2008 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.