MIRA INFORM REPORT
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Report No. : |
329438 |
|
Report Date : |
06.07.2015 |
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 : |
138/95 Moo 10, Soi Wat Boonsamphan, T. Nongprue, A. Banglamung, Chonburi 20150, |
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|
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Country : |
Thailand |
|
|
|
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.01.1995 |
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Com. Reg. No.: |
0205538000093 |
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|
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Importer and Distributor of Wines and
Spirits. |
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|
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No. of Employees : |
3 |
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 |
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|
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
company
Name and address
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, THAILAND
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 : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
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 55
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
according 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
The
subject’s operating performance
in 2013 was
moderate due to
domestic consumption
remained strong.
However, during these
two years, 2014-2015, the subject’s performance
has slowly grown
caused by shrinking
consumers spending. Its
business outlook is
growing at slow
pace.
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 2014 financial statements
has not yet been submitted
to the Commercial Registration Department,
Ministry of Commerce.
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013 & 2012 were:
ASSETS
|
Current Assets |
2013 |
2012 |
|
|
|
|
|
Cash and Cash Equivalents |
241,268.78 |
200,485.01 |
|
Trade Accounts Receivable
|
2,427,186.78 |
3,501,002.91 |
|
Inventories |
350,729.18 |
546,493.05 |
|
Other Current Assets
|
67,872.88 |
67,872.88 |
|
|
|
|
|
Total Current Assets
|
3,087,057.62 |
4,315,853.85 |
|
|
|
|
|
Long-term Loans to Directors
|
9,500,000.00 |
7,300,000.00 |
|
Fixed Assets |
3,780,104.30 |
3,519,081.11 |
|
Total Assets |
16,367,161.92 |
15,134,934.96 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
|
|
|
|
|
Trade Accounts & Other
Payable |
217,780.08 |
236,897.08 |
|
Current Portion of
Hire-purchase Payable |
210,730.68 |
- |
|
Accrued Income Tax |
350,844.83 |
355,848.81 |
|
|
|
|
|
Total Current Liabilities |
779,355.59 |
592,745.89 |
|
Hire-purchase Payable |
504,834.00 |
486,965.05 |
|
Payable Loan from Financial |
5,156,213.97 |
5,442,141.93 |
|
Total Liabilities |
6,440,403.56 |
6,521,852.87 |
|
|
|
|
|
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 |
5,926,758.36 |
4,613,082.09 |
|
Total Shareholders' Equity |
9,926,758.36 |
8,613,082.09 |
|
Total Liabilities &
Shareholders' Equity |
16,367,161.92 |
15,134,934.96 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
|
|
|
|
|
Sales Income |
45,109,500.11 |
44,747,264.96 |
|
Total Revenues |
45,109,500.11 |
44,747,264.96 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
37,492,849.84 |
37,946,608.67 |
|
Selling Expenses |
2,137,496.43 |
2,359,070.21 |
|
Administrative Expenses |
3,655,161.94 |
2,485,644.72 |
|
Total Expenses |
43,285,508.21 |
42,791,323.60 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
1,823,991.90 |
1,955,941.36 |
|
Interest Expenses |
[159,470.80] |
[545,027.31] |
|
Profit / [Loss] before Income
Tax |
1,664,521.10 |
1,410,914.05 |
|
Income Tax |
[350,844.83] |
[355,848.81] |
|
|
|
|
|
Net Profit / [Loss] |
1,313,676.27 |
1,055,065.24 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.96 |
7.28 |
|
QUICK RATIO |
TIMES |
3.42 |
6.24 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.93 |
12.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.76 |
2.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.41 |
5.26 |
|
INVENTORY TURNOVER |
TIMES |
106.90 |
69.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
19.64 |
28.56 |
|
RECEIVABLES TURNOVER |
TIMES |
18.59 |
12.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.12 |
2.28 |
|
CASH CONVERSION CYCLE |
DAYS |
20.93 |
31.54 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.12 |
84.80 |
|
SELLING & ADMINISTRATION |
% |
12.84 |
10.83 |
|
INTEREST |
% |
0.35 |
1.22 |
|
GROSS PROFIT MARGIN |
% |
16.88 |
15.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.04 |
4.37 |
|
NET PROFIT MARGIN |
% |
2.91 |
2.36 |
|
RETURN ON EQUITY |
% |
13.23 |
12.25 |
|
RETURN ON ASSET |
% |
8.03 |
6.97 |
|
EARNING PER SHARE |
BAHT |
32.84 |
26.38 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.39 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.65 |
0.76 |
|
TIME INTEREST EARNED |
TIMES |
11.44 |
3.59 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.81 |
- |
|
OPERATING PROFIT |
% |
(6.75) |
- |
|
NET PROFIT |
% |
24.51 |
- |
|
FIXED ASSETS |
% |
7.42 |
- |
|
TOTAL ASSETS |
% |
8.14 |
- |
PROFITABILITY:
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.88 |
Impressive |
Industrial
Average |
2.64 |
|
Net Profit Margin |
2.91 |
Impressive |
Industrial
Average |
1.15 |
|
Return on Assets |
8.03 |
Impressive |
Industrial
Average |
1.45 |
|
Return on Equity |
13.23 |
Impressive |
Industrial
Average |
3.00 |
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 16.88%. 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. The company’s figure is 2.91%,
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. Return on Assets ratio is
8.03%, 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.
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 13.23%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.96 |
Impressive |
Industrial Average |
1.67 |
|
Quick Ratio |
3.42 |
|
|
|
|
Cash Conversion Cycle |
20.93 |
|
|
|
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 3.96 times in 2013, decreased from 7.28 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 3.42 times in 2013,
decreased from 6.24 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 21 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.39 |
Impressive |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
0.65 |
Impressive |
Industrial
Average |
0.96 |
|
Times Interest Earned |
11.44 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 11.44 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 0.39 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.93 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.76 |
Impressive |
Industrial
Average |
1.26 |
|
Inventory Conversion Period |
3.41 |
|
|
|
|
Inventory Turnover |
106.90 |
Impressive |
Industrial
Average |
10.01 |
|
Receivables Conversion Period |
19.64 |
|
|
|
|
Receivables Turnover |
18.59 |
Impressive |
Industrial
Average |
3.31 |
|
Payables Conversion Period |
2.12 |
|
|
|
The company's Account Receivable Ratio is calculated as 18.59 and 12.78
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
increased from 2012. 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 decreased from 5 days at the end
of 2012 to 3 days at the end of 2013. This represents a positive trend. And
Inventory turnover has increased from 69.44 times in year 2012 to 106.9 times
in year 2013.
The company's Total Asset Turnover is calculated as 2.76 times and 2.96
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.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.