MIRA
INFORM REPORT
|
Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
J & P INTERTRADE CO., LTD. |
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Registered Office : |
385, 387, 389 Moo 12, Soi Suksawas 82, Suksawas Road, T. Naiklongbangplakod, A. Phrasamutjedee, Samutprakarn 10290 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
0105528008858 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing, distributing and exporting
leather goods |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
J & P INTERTRADE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 385,
387, 389 MOO
12, SOI SUKSAWAS
82,
SUKSAWAS
ROAD, T. NAIKLONGBANGPLAKOD, A.
PHRASAMUTJEDEE,
SAMUTPRAKARN 10290, THAILAND
TELEPHONE : [66] 816-3182-5
FAX : [66] 816-3181
E-MAIL ADDRESS : gian@inet.co.th
REGISTRATION ADDRESS : 16
SOI SOONVIJAI 14,
NEW PETCHBURI ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK
ESTABLISHED : 1985
REGISTRATION NO.
: 0105528008858
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PIYA BENYASARN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 400
LINES OF
BUSINESS : LEATHER GOODS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on March 11,
1985 as a
private limited company under the name style
J & P INTERTRADE CO.,
LTD., by Thai
groups, with the
business objective to
manufacture and distribute
leather goods to
both domestic and
overseas markets. It
currently employs 400
staff.
The
subject’s registered address
is 16 Soi Soonvijai 14,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok,
while the current
operation address is
located at 385,
387, 389 Moo
12, Soi Suksawas
82, Suksawas Rd.,
T. Naiklongbangplakod, A.
Phrasamutjedee,
Samutprakarn 10290.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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Mr. Piya Benyasarn |
[x] |
Thai |
48 |
|
Mr. Praphan Benyasarn |
|
Thai |
74 |
|
Ms. Jirarat Wongkoltoot |
|
Thai |
47 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or both
of the rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Piya
Benyasarn is the Managing Director.
He is Thai nationality with
the age of
48 years old.
Ms. Jirarat
Wongkoltoot is the Sales Manager.
She is Thai nationality with
the age of
47 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and exporting
leather goods such
as handbag, wallet,
purse, travelling bag,
luggage, belt, business
case and etc.,
under its own
brand name “GIAN
FERRENTE” and under
the license’s brand
name “HELLO KITTY”
and “PLAYBOY”.
PURCHASE
Raw materials such
as leather, fabric,
PVC sheets and
accessories are purchased
from both local
and overseas suppliers
in Italy, France,
Taiwan, Republic of China
and Japan.
SALES
70% of the products is
sold locally to
wholesalers, retailers and
end-users.
EXPORT
30% of the products is also
exported to European
Union, Asia and
Middle East.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
L/C or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs 400
staff. [office staff,
sales staff and
factory workers]
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse at the heading address.
Premise is located
in industrial area.
The
subject has several
counter sales in
leading department stores
as the followings:
-
Tokyu Department Store
-
12 branches of
Central Department Stores
-
7 branches of
Robinson Department Stores
-
6 branches of
The Mall Department
Stores
-
King Power Duty
Free Shop
-
The Emporium
-
Central City Bangna
-
The Siam Paragon
COMMENT
The
subject produces good
quality products in
which are able
to compare with
international brands. Its
products have been
spread over all
leading department stores
in the country as well
as exports to
international markets.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 200,000 divided into 2,000 shares
of Bht. 100
each.
On
August 27, 2001,
the capital was
increased to Bht.
10,000,000 divided into
100,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING
|
% |
|
|
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Mr. Piya Benyasarn Nationality: Thai Address : 16
Soi Soonvijai 14,
New Petchburi Rd., Bangkapi, Huaykwang, Bangkok |
14,500 |
14.50 |
|
Ms. Rattana
Benyasarn Nationality: Thai Address : 16
Soi Soonvijai 14,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
14,250 |
14.25 |
|
Mr. Praphan Benyasarn Nationality: Thai Address : 6
Soi Chaiyapruek, Sukhumvit
Rd.,
Phrakanong, Bangkok |
14,250 |
14.25 |
|
Ms. Nareerat
Benyasarn Nationality: Thai Address : 16
Soi Soonvijai 14,
New Petchburi Rd., Bangkapi, Huaykwang, Bangkok |
14,250 |
14.25 |
|
Mrs. Wanna
Benyasarn Nationality: Thai Address : 16
Soi Soonvijai 14,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
14,250 |
14.25 |
|
Ms. Jirarat
Wongkoltoot Nationality: Thai Address : 395/12
Soi Banbatr, Bamrungmuang Rd.,
Bangbatr,
Pomprabsattrupai, Bangkok |
14,250 |
14.25 |
|
Mr.
Veerasak Nitipisanont Nationality: Thai Address : 5
Soi Soonvijai 3,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
14,250 |
14.25 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Decha Thippawang
No. 8483
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
443,650.25 |
259,190.45 |
|
Inventories |
4,151,225.00 |
4,574,040.00 |
|
Other Current Assets
|
15,322,869.16 |
12,369,868.77 |
|
Total Current
Assets |
19,917,744.41 |
17,203,099.22 |
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|
|
|
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Fixed Assets |
890,069.66 |
1,114,115.73 |
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Other Assets |
6,070,491.33 |
6,422,207.33 |
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Total Assets |
26,878,305.40 |
24,739,422.28 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
729,604.66 |
3,809,959.93 |
|
Promissory Notes |
4,500,000.00 |
- |
|
Current Portion of
Long Term Liabilities |
1,680,000.00 |
- |
|
Accrued Expenses |
935,859.34 |
831,071.28 |
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Total Current
Liabilities |
7,845,464.00 |
4,641,031.21 |
|
Loan |
6,227,048.00 |
- |
|
Loan Director |
- |
8,000,000.00 |
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Total Liabilities |
14,072,512.00 |
12,641,031.21 |
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|
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning - Unappropriated |
2,805,793.40 |
2,098,391.07 |
|
Total
Shareholders' Equity |
12,805,793.40 |
12,098,391.07 |
|
Total
Liabilities & Shareholders' Equity |
26,878,305.40 |
24,739,422.28 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
92,042,303.36 |
81,271,596.86 |
|
Other Income |
14,785.85 |
- |
|
Total Revenues
|
92,057,089.21 |
81,721,596.86 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
55,734,699.02 |
51,308,945.00 |
|
Selling & Administrative Expenses |
34,728,407.79 |
29,505,141.56 |
|
Total Expenses |
90,463,106.81 |
80,814,086.56 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,593,982.40 |
907,510.30 |
|
Interest Expenses |
[583,407.64] |
[82,101.40] |
|
Income Tax |
[303,172.43] |
[247,622.67] |
|
Net Profit / [Loss] |
707,402.33 |
577,786.23 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
13.25 |
|
|
Operating Profit |
55.09 |
|
|
Net Profit |
22.43 |
|
|
Fixed Assets |
[20.11] |
|
|
Total Assets |
8.65 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
60.55 |
63.13 |
|
Operating Profit Margin |
1.73 |
1.12 |
|
S & A
Expenses |
37.73 |
36.30 |
|
Interest Paid |
0.63 |
0.10 |
|
Other Revenues |
0.02 |
0.55 |
|
Net Profit Margin |
0.77 |
0.71 |
|
Earning Per Shares |
7.07 |
5.78 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 13.25%,
Operating Profit was
increased by 55.09%,
Net Profit was
increased by 22.43%,
Fixed Assets was decreased by
20.11%, Total Assets
was increased by
8.65%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 63.13%
to 60.55%, Operating
Profit Margin was
increased from 1.12%
to 1.73%, S
& A Expenses
was increased from
36.30% to 37.73%,
Interest Paid was increased
from 0.10% to
0.63%, Other Revenues
was decreased from
0.55% to 0.02%,
Net Profit Margin
was increased from
0.71% to 0.77%.
Earning Per Shares
was increased from
5.78 baht per
share to 7.07
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.54 |
3.71 |
|
Quick-Assets Ratio |
0.06 |
0.06 |
Current Ratio was
decreased from 3.71
to 2.54, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.06 to 0.06,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.10 |
1.04 |
|
Times Interest Earned |
2.73 |
11.05 |
D/E Ratio was
increased from 1.04
to 1.10, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
11.05 to 2.73,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
103.41 |
72.95 |
|
Total Assets Turnover |
3.42 |
3.29 |
|
Return on Assets |
2.63 |
2.34 |
|
Return on Equity |
5.52 |
4.78 |
|
Day's Payable |
2.85 |
16.88 |
|
Day’s Inventories |
16.24 |
20.26 |
Fixed Assets Turnover
was increased from
72.95 times to
103.41 times, Total
Assets Turnover was
increased from 3.29
times to 3.42
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
2.34 to 2.63,
Return on Equity
was increased from
4.78 to 5.52,
capacity to use
Assets to make
profit was good,
Day's Payable was
decreased from 17
days to 3
days, and Day’s
Inventories was decreased
from 21 days
to 17 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)