MIRA INFORM REPORT
|
Report No. : |
304819 |
|
Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND
INTERNATIONAL CO., LTD. |
|
|
|
|
Registered Office : |
437/13 Thadindaeng Rd., Somdejchaopraya, Klongsan,
Bangkok 10600 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
11.08.2010 |
|
|
|
|
Com. Reg. No.: |
0105553082713 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
engaged in Fabric Trading
comprising Importing and Distributing various
kinds of Textiles, e.g.
Cotton, Nylon, Polyester,
Printed Fabric, Silk,
Linen as well
as exporting of the products according to
Customer’s Order. |
|
|
|
|
No of Employees : |
06 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source : CIA |
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
E-MAIL
ADDRESS : anmolm@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553082713
TAX
ID NO. : 3033998610
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
SHAREHOLDER’S PROPORTION : THAI : 70.00%
INDIAN :
30.00%
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 August 11,
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. Nirinth Sachdev |
|
Thai |
76 |
|
Mr. Pratheep Sachatrakul |
|
Thai |
76 |
|
Mr. Anmol Malhotra |
|
Indian |
53 |
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 53
years old.
BUSINESS
OPERATIONS
The subject is
engaged in fabric
trading comprising importing
and distributing various kinds of
textiles, e.g. cotton,
nylon, polyester, printed
fabric, silk, linen
as well as
exporting of the
products according to customer’s order.
PURCHASE
The
products are purchased from both
domestic and overseas
suppliers, mainly India, Republic
of China and
Europe.
SALES
The products are
sold locally to
wholesalers, manufacturers and
end-users.
EXPORT
The local products
are exported to
Hong Kong, Japan, Singapore, U.S.A., India, and
the countries in
Europe.
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 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 currently employs
6 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is located
in commercial/residential area.
COMMENT
The
subject is an
importer, distributor and exporter
various kinds of
fabrics. Through operational excellence
and customer focus, the
subject delivers quality
products that meet with customers’
demand. Sales were
moderate in the
previous years, as
well as continue
growing steadily.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 3,000,000
on August 27,
2010
Bht. 5,000,000
on August 17,
2011
Bht. 11,000,000
on April 5,
2012
The
latest registered capital
was increased to
Bht. 11,000,000 divided into
110,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 21, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nirinth Sachdev Nationality: Thai Address : 40
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok |
38,500 |
35.00 |
|
Mr. Pratheep Sachatrakul Nationality: Thai Address : 40
Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok |
38,500 |
35.00 |
|
Mr. Anmol Malhotra Nationality: Indian Address : 40
Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok |
33,000 |
30.00 |
Total Shareholders : 3
Share Structure [as
at April 21,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
77,000 |
70.00 |
|
Foreign - Indian |
1 |
33,000 |
30.00 |
|
Total |
3 |
110,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanapop Archanai No. 8982
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,273,102.36 |
911,715.49 |
781,213.26 |
|
Trade Accounts & Other Receivable |
9,045,873.17 |
7,231,419.93 |
7,248,608.48 |
|
Inventories |
19,647,722.09 |
16,496,610.59 |
19,968,487.89 |
|
|
|
|
|
|
Total Current Assets
|
31,966,697.62 |
24,639,746.01 |
27,998,309.63 |
|
|
|
|
|
|
Fixed Assets |
1,558,846.24 |
364,013.71 |
237,244.53 |
|
Other Non-current Assets |
66,600.00 |
66,600.00 |
66,600.00 |
|
Total Assets |
33,592,143.86 |
25,070,359.72 |
28,302,154.16 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
14,391,698.70 |
9,498,708.44 |
19,234,724.90 |
|
Accrued Income Tax |
130,499.02 |
177,376.00 |
150,462.29 |
|
Short-term Loan - Promissory
Notes |
3,000,000.00 |
- |
1,000,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
17,522,197.72 |
9,676,084.44 |
20,385,187.19 |
|
|
|
|
|
|
Employee Benefits Obligation |
132,915.87 |
75,154.60 |
39,092.87 |
|
Total Liabilities |
17,655,113.59 |
9,751,239.04 |
20,424,280.06 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid
share capital
110,000 shares in 2013 & 2012;
50,000 shares in
2011 |
11,000,000.00 |
11,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
4,937,030.27 |
4,319,120.68 |
2,877,874.10 |
|
Total Shareholders' Equity |
15,937,030.27 |
15,319,120.68 |
7,877,874.10 |
|
Total Liabilities & Shareholders' Equity |
33,592,143.86 |
25,070,359.72 |
28,302,154.16 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
65,628,402.13 |
72,170,406.98 |
54,724,596.06 |
|
Other Income |
291,492.71 |
635,881.45 |
874,194.51 |
|
Total Revenues |
65,919,894.84 |
72,806,288.43 |
55,598,790.57 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
59,412,277.51 |
66,705,159.38 |
49,852,169.09 |
|
Selling Expenses |
82,586.00 |
82,701.82 |
115,559.20 |
|
Administrative Expenses |
5,446,616.15 |
4,135,906.74 |
3,533,459.26 |
|
Total Expenses |
64,941,479.66 |
70,923,767.94 |
53,501,187.55 |
|
Profit / [Loss] before Income Tax |
978,415.18 |
1,882,520.49 |
2,097,603.02 |
|
Income Tax |
[360,505.59] |
[441,273.91] |
[409,269.14] |
|
|
|
|
|
|
Net Profit / [Loss] |
617,909.59 |
1,441,246.58 |
1,688,333.88 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.82 |
2.55 |
1.37 |
|
QUICK RATIO |
TIMES |
0.70 |
0.84 |
0.39 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
42.10 |
198.26 |
230.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.95 |
2.88 |
1.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
120.71 |
90.27 |
146.20 |
|
INVENTORY TURNOVER |
TIMES |
3.02 |
4.04 |
2.50 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.31 |
36.57 |
48.35 |
|
RECEIVABLES TURNOVER |
TIMES |
7.26 |
9.98 |
7.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
88.42 |
51.98 |
140.83 |
|
CASH CONVERSION CYCLE |
DAYS |
82.60 |
74.86 |
53.72 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.53 |
92.43 |
91.10 |
|
SELLING & ADMINISTRATION |
% |
8.43 |
5.85 |
6.67 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
9.92 |
8.45 |
10.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.49 |
2.61 |
3.83 |
|
NET PROFIT MARGIN |
% |
0.94 |
2.00 |
3.09 |
|
RETURN ON EQUITY |
% |
3.88 |
9.41 |
21.43 |
|
RETURN ON ASSET |
% |
1.84 |
5.75 |
5.97 |
|
EARNING PER SHARE |
BAHT |
5.62 |
13.10 |
33.77 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.39 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.11 |
0.64 |
2.59 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.06) |
31.88 |
|
|
OPERATING PROFIT |
% |
(48.03) |
(10.25) |
|
|
NET PROFIT |
% |
(57.13) |
(14.63) |
|
|
FIXED ASSETS |
% |
328.24 |
53.43 |
|
|
TOTAL ASSETS |
% |
33.99 |
(11.42) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -9.06%. Turnover has decreased from THB
72,170,406.98 in 2012 to THB 65,628,402.13 in 2013. While net profit has
decreased from THB 1,441,246.58 in 2012 to THB 617,909.59 in 2013. And total
assets has increased from THB 25,070,359.72 in 2012 to THB 33,592,143.86 in
2013.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.92 |
Satisfactory |
Industrial Average |
10.93 |
|
Net Profit Margin |
0.94 |
Acceptable |
Industrial Average |
1.45 |
|
Return on Assets |
1.84 |
Satisfactory |
Industrial Average |
2.05 |
|
Return on Equity |
3.88 |
Acceptable |
Industrial Average |
6.65 |
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 9.92%. 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 0.94%.
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 1.84%.
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 3.88%.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.82 |
Impressive |
Industrial Average |
1.31 |
|
Quick Ratio |
0.70 |
|
|
|
|
Cash Conversion Cycle |
82.60 |
|
|
|
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 1.82 times in 2013, decreased from 2.55 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 0.7 times in 2013,
decreased from 0.84 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 83 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
1.11 |
Satisfactory |
Industrial Average |
2.06 |
|
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.53 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
42.10 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.95 |
Impressive |
Industrial Average |
1.41 |
|
Inventory Conversion Period |
120.71 |
|
|
|
|
Inventory Turnover |
3.02 |
Acceptable |
Industrial Average |
4.18 |
|
Receivables Conversion Period |
50.31 |
|
|
|
|
Receivables Turnover |
7.26 |
Impressive |
Industrial Average |
2.43 |
|
Payables Conversion Period |
88.42 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.26 and 9.98 in
2013 and 2012 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 2013
decreased from 2012. This would suggest the company had deteriorated 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 90 days at the
end of 2012 to 121 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.04 times in year 2012 to 3.02 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.95 times and 2.88 times
in 2013 and 2012 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
UK Pound |
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.