MIRA INFORM REPORT
|
Report No. : |
328405 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RASUKA CO., LTD. |
|
|
|
|
Registered Office : |
190 Soi Amorn Ratana Dilok, Naresh Road, Siphaya, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
11.09.1989 |
|
|
|
|
Com. Reg. No.: |
0105532085276 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
SUBJECT IS
ENGAGED IN IMPORTING
AND DISTRIBUTING OF EMERALDS
FOR JEWELRY PRODUCTION. |
|
|
|
|
No. of Employee : |
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 : |
Small company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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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 |
A1 |
A2 |
|
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 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
RASUKA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 190
SOI AMORN RATANA
DILOK , NARESH ROAD,
SIPHAYA, BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2234-0902,
2267-1573, 081 621-7849
FAX :
[66] 2238-3161
E-MAIL
ADDRESS : asukaco@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532085276
TAX
ID NO. : 3101778441
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ASHOK CHHAJED,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : EMERALD
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 11, 1989 as
a private limited
company under the registered name
RASUKA CO., LTD., by Thai
and Indian groups,
with the business objective
to import and distribute emerald.
It currently employs
3 staff.
The subject’s registered
address is 190 Soi
Amorn Ratana Dilok, Naresh Road,
Siphaya, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ashok Chhajed |
|
Indian |
56 |
|
Mr. Chitra Chhajed |
|
Indian |
50 |
|
Mr. Anuj Chhhajed |
|
Indian |
58 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ashok Chhajed is
the Managing Director.
He is Indian
nationality with the
age of 56
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing of emeralds
for jewelry production.
PURCHASE
100% of the
products is imported
from India.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and
end-users.
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
according to 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
The subject
was not disclosed
its banker’s name.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in a prime
commercial area.
COMMENT
The
subject is an
importer and distributor
of Emerald for
jewelry production. Its
business has been
slowing down in
the past few
years. Shrinking domestic
consumption
and
low purchasing power
have affected jewelry
industry as a
whole including the subject.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares of Bht. 100
each with fully
paid.
On
February 13, 1996, 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 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ashok Chhajed Nationality: Indian Address : Jaipur,
India |
50,000 |
45.45 |
|
Ms. Chalor Yoddamnern Nationality: Thai Address : 26/50
Moo 1, Samaedam,
Bangkhunthien, Bangkok |
14,025 |
12.75 |
|
Mr. Krue Laikhunthod Nationality: Thai Address : 26/50
Moo 1, Samaedam,
Bangkhunthien, Bangkok |
14,025 |
12.75 |
|
Mr. Manas Jaikong Nationality: Thai Address : 287
Moo 1, Thungkru,
Rajburana,
Bangkok |
14,025 |
12.75 |
|
Ms. Mukda Sitthipitak Nationality: Thai Address : 287
Moo 1, Thungkru,
Rajburana,
Bangkok |
14,025 |
12.75 |
|
Mrs. Chitra Chhajed Nationality: Indian Address : Jaipur,
India |
3,000 |
2.73 |
|
Mr. Amit Kumar
Jain Nationality: Indian Address : 62/12
Surawong Road, Suriyawongse,
Bangrak, Bangkok |
900 |
0.82 |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
56,100 |
51.00 |
|
Foreign-Indian |
3 |
53,900 |
49.00 |
|
Total |
7 |
110,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suchart Srimanchantha No.
3549
Note
The 2014 financial
statement has not
yet available during
investigation.
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 |
553,719.80 |
227,703.56 |
80,363.56 |
|
Trade Accounts Receivable
|
2,729,952.43 |
2,375,732.05 |
2,212,423.01 |
|
Inventories |
9,726,591.07 |
9,341,679.59 |
8,963,873.74 |
|
Other Current Assets
|
722,964.35 |
668,388.64 |
608,276.80 |
|
|
|
|
|
|
Total Current Assets
|
13,733,227.65 |
12,613,503.84 |
11,864,937.11 |
|
|
|
|
|
|
Fixed Assets |
17,968.43 |
23,575.90 |
29.55 |
|
Total Assets |
13,751,196.08 |
12,637,079.74 |
11,864,966.66 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable
|
2,000,000.00 |
699,889.00 |
- |
|
Accrued Income Tax |
9,900.60 |
4,366.01 |
30,033.68 |
|
Accrued Expenses |
100,979.42 |
32,275.00 |
32,430.00 |
|
|
|
|
|
|
Total Current Liabilities |
2,110,880.02 |
736,530.01 |
62,463.68 |
|
Total Liabilities |
2,110,880.02 |
736,530.01 |
62,463.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
11,000,000.00 |
|
|
|
|
|
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning Unappropriated |
640,316.06 |
900,549.73 |
802,502.98 |
|
Total Shareholders' Equity |
11,640,316.06 |
11,900,549.73 |
11,802,502.98 |
|
Total Liabilities &
Shareholders' Equity |
13,751,196.08 |
12,637,079.74 |
11,864,966.66 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
4,150,099.80 |
4,266,994.47 |
6,152,741.20 |
|
Other Income |
34,285.03 |
- |
95,691.92 |
|
Total Revenues |
4,184,384.83 |
4,266,994.47 |
6,248,433.12 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,196,483.80 |
2,838,017.59 |
5,005,640.70 |
|
Selling Expenses |
202,759.37 |
285,724.02 |
220,468.37 |
|
Administrative Expenses |
1,011,074.73 |
1,013,890.10 |
848,536.46 |
|
Total Expenses |
4,410,317.90 |
4,137,631.71 |
6,074,645.53 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[225,933.07] |
129,362.76 |
173,787.59 |
|
Financial Cost |
[9,400.00] |
[1,350.00] |
[3,550.09] |
|
Profit / [Loss] before Income
Tax |
[235,333.07] |
128,012.76 |
170,237.50 |
|
Income Tax |
[24,900.60] |
[29,966.01] |
[51,183.68] |
|
|
|
|
|
|
Net Profit / [Loss] |
[260,233.67] |
98,046.75 |
119,053.82 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
6.51 |
17.13 |
189.95 |
|
QUICK RATIO |
TIMES |
1.56 |
3.53 |
36.71 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
230.97 |
180.99 |
208,214.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.30 |
0.34 |
0.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1,110.66 |
1,201.44 |
653.63 |
|
INVENTORY TURNOVER |
TIMES |
0.33 |
0.30 |
0.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
240.10 |
203.22 |
131.25 |
|
RECEIVABLES TURNOVER |
TIMES |
1.52 |
1.80 |
2.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
228.38 |
90.01 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
1,122.38 |
1,314.65 |
784.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.02 |
66.51 |
81.36 |
|
SELLING & ADMINISTRATION |
% |
29.25 |
30.46 |
17.37 |
|
INTEREST |
% |
0.23 |
0.03 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
23.80 |
33.49 |
20.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.44) |
3.03 |
2.82 |
|
NET PROFIT MARGIN |
% |
(6.27) |
2.30 |
1.93 |
|
RETURN ON EQUITY |
% |
(2.24) |
0.82 |
1.01 |
|
RETURN ON ASSET |
% |
(1.89) |
0.78 |
1.00 |
|
EARNING PER SHARE |
BAHT |
(2.37) |
0.89 |
1.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.15 |
0.06 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.06 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
(24.04) |
95.82 |
48.95 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.74) |
(30.65) |
|
|
OPERATING PROFIT |
% |
(274.65) |
(25.56) |
|
|
NET PROFIT |
% |
(365.42) |
(17.65) |
|
|
FIXED ASSETS |
% |
(23.78) |
79,683.08 |
|
|
TOTAL ASSETS |
% |
8.82 |
6.51 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -2.74%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.80 |
Impressive |
Industrial
Average |
7.19 |
|
Net Profit Margin |
(6.27) |
Deteriorated |
Industrial
Average |
0.65 |
|
Return on Assets |
(1.89) |
Deteriorated |
Industrial
Average |
3.61 |
|
Return on Equity |
(2.24) |
Deteriorated |
Industrial
Average |
8.28 |
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 23.8%. 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 -6.27%.
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 -1.89%.
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 -2.24%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
6.51 |
Impressive |
Industrial
Average |
2.20 |
|
Quick Ratio |
1.56 |
|
|
|
|
Cash Conversion Cycle |
1,122.38 |
|
|
|
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 6.51 times in 2013, decreased from 17.13 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 1.56 times in 2013,
decreased from 3.53 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 1123 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.18 |
Impressive |
Industrial
Average |
1.20 |
|
Times Interest Earned |
(24.04) |
Risky |
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 -24.04 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.15 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
230.97 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.30 |
Deteriorated |
Industrial
Average |
5.58 |
|
Inventory Conversion Period |
1,110.66 |
|
|
|
|
Inventory Turnover |
0.33 |
Deteriorated |
Industrial
Average |
9.74 |
|
Receivables Conversion Period |
240.10 |
|
|
|
|
Receivables Turnover |
1.52 |
Deteriorated |
Industrial
Average |
15.08 |
|
Payables Conversion Period |
228.38 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.52 and
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 1201 days at the
end of 2012 to 1111 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 0.3 times in year 2012 to 0.33 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.3 times and 0.34
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.