MIRA INFORM REPORT
|
Report No. : |
355268 |
|
Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ROMYRA TRADING CO., LTD. |
|
|
|
|
Registered Office : |
65/213 Rama 9
Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.09.2011 |
|
|
|
|
Com. Reg. No.: |
0105554124681 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Feed and Feed Ingredient. |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
Slow but correct |
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
ROMYRA TRADING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 65/213 RAMA 9
ROAD, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2181-9671
FAX : -
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0105554124681
TAX ID NO. : 3034710785
CAPITAL REGISTERED : BHT.
4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
NO. OF STAFF : -
LINES OF BUSINESS : FEED
AND FEED INGREDIENT
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 September 19,
2011 as a private
limited company under
the registered name
ROMYRA TRADING CO.,
LTD., by American group,
with the business
objective declared to
the Commercial Registration
Department, in order
to import and
distribute feeds and
feed ingredients to
domestic market.
The subject’s registered
address is 65/213
Rama 9 Road,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. William A. Robinson |
|
American |
73 |
|
Mr. Edward Steve Robinson |
|
American |
45 |
|
Ms. Chopakar Sitthikornwanich |
|
Thai |
43 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in
commercial/residential area.
Note:
The subject refused
to release company’s
information.
COMMENT
Since the subject’s
establishment in 2011,
its business has
grown slowly. It
is expected that
in 2015 the
subject’s business performance
remains at slow
pace.
FINANCIAL INFORMATION
The capital was
registered at Bht. 4,000,000 divided
into 40,000 shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. William A. Robinson Nationality: American Address : 130 Cairnhill Road Singapore
229717 |
19,999 |
50.00 |
|
Mr. Edward Steve Robinson Nationality: American Address : 130 Cairnhill Road Singapore
229717 |
19,999 |
50.00 |
|
Mrs. Leticia E. Robinson Nationality: American Address : 2
Woodland Sector 1
#05-03 Woodland Spectrum,
Singapore 738068 |
2 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - American |
3 |
40,000 |
100.00 |
|
Total |
3 |
40,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Warayut Yarnthasanakij No.
10639
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
15,563 |
12,000.00 |
- |
|
Trade Accounts Receivable |
945,731 |
- |
- |
|
Short-term Loan to
Director |
4,040,000 |
4,040,000 |
4,000,000 |
|
Other Current Assets
|
127,316 |
- |
- |
|
|
|
|
|
|
Total Current Assets
|
5,128,610 |
4,052,000 |
4,000,000 |
|
Total Assets |
5,128,610 |
4,052,000 |
4,000,000 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
455,781 |
- |
- |
|
Advance to Related
Company |
889,396 |
119,000 |
- |
|
Accrued Expenses |
15,276 |
17,600 |
80,000 |
|
|
|
|
|
|
Total Current Liabilities |
1,360,453 |
136,600 |
80,000 |
|
Total Liabilities |
1,360,453 |
136,600 |
80,000 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital
40,000 shares
|
4,000,000 |
4,000,000 |
4,000,000 |
|
|
|
|
|
|
Capital Paid |
4,000,000 |
4,000,000 |
4,000,000 |
|
Retained Earning - Unappropriated
[Deficit] |
[231,843] |
[84,600] |
[80,000] |
|
|
|
|
|
|
Total Shareholders' Equity |
3,768,157 |
3,915,400 |
3,920,000 |
|
Total Liabilities & Shareholders' Equity |
5,128,610 |
4,052,000 |
4,000,000 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
7,601,839 |
- |
- |
|
Other Income |
70,120 |
40,000 |
- |
|
Total Revenues |
7,671,959 |
40,000 |
- |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,712,340 |
- |
- |
|
Selling & Administrative Expenses |
106,862 |
44,600 |
15,000 |
|
Total Expenses |
7,819,202 |
44,600 |
15,000 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[147,243] |
[4,600] |
[15,000] |
|
Income Tax |
- |
- |
- |
|
Net Profit / [Loss] |
[147,243] |
[4,600] |
[15,000] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.77 |
29.66 |
50.00 |
|
QUICK RATIO |
TIMES |
3.68 |
29.66 |
50.00 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.41 |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
8.04 |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.57 |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
23.84 |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
101.45 |
- |
- |
|
SELLING & ADMINISTRATION |
% |
1.41 |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
(0.53) |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.94) |
- |
- |
|
NET PROFIT MARGIN |
% |
(1.94) |
- |
- |
|
RETURN ON EQUITY |
% |
(3.91) |
(0.12) |
(0.38) |
|
RETURN ON ASSET |
% |
(2.87) |
(0.11) |
(0.38) |
|
EARNING PER SHARE |
BAHT |
(3.68) |
(0.12) |
(0.38) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.03 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.36 |
0.03 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
3,100.93 |
(69.33) |
|
|
NET PROFIT |
% |
(3,100.93) |
69.33 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
26.57 |
1.30 |
|
ANNUAL GROWTH :
ACCEPTABLE
Net profit has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
(0.53) |
Deteriorated |
Industrial Average |
30.33 |
|
Net Profit Margin |
(1.94) |
Deteriorated |
Industrial Average |
8.07 |
|
Return on Assets |
(2.87) |
Deteriorated |
Industrial Average |
4.59 |
|
Return on Equity |
(3.91) |
Deteriorated |
Industrial Average |
7.18 |
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 -0.53%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 -1.94%.
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 -2.87%.
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 -3.91%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.77 |
Impressive |
Industrial Average |
0.66 |
|
Quick Ratio |
3.68 |
|
|
|
|
Cash Conversion Cycle |
23.84 |
|
|
|
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 3.77 times in 2014, decreased from 29.66 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 3.68 times in 2014,
decreased from 29.66 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 24 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial Average |
0.34 |
|
Debt to Equity Ratio |
0.36 |
Impressive |
Industrial Average |
0.52 |
|
Times Interest Earned |
- |
|
Industrial Average |
- |
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 0.27 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
1.48 |
Impressive |
Industrial Average |
0.57 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
10.89 |
|
Receivables Conversion Period |
45.41 |
|
|
|
|
Receivables Turnover |
8.04 |
Satisfactory |
Industrial Average |
8.28 |
|
Payables Conversion Period |
21.57 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.04 and
The company's Total Asset Turnover is calculated as 1.48 times and 0
times in 2014 and 2013 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
Thai Baht |
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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.