MIRA
INFORM REPORT
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Report Date : |
25th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
JACK [THAILAND] COMPANY LIMITED |
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Registered Office : |
77/674 Moo 5, Rama Ii Road, Samaedam,
Bangkhunthien, Bangkok 10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
04.08.1992 |
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Com. Reg. No.: |
0105535110883 [FORMER : 10884/2535] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
engaged in
distributing various kinds
of sanitary and
construction materials, including sanitary wares, shower,
bathtub, sink, faucet,
mirror, toilet, key,
pad lock, coded
key, door bolts,
hinges, door-knob, window,
flush bolts and
other accessories. |
RATING & COMMENTS
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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 : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
JACK [THAILAND]
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 77/674 MOO 5, RAMA
II ROAD, SAMAEDAM,
BANGKHUNTHIEN, BANGKOK 10150
TELEPHONE : [66] 2895-8989
FAX : [66] 2451-4506
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO.
: 0105535110883 [FORMER : 10884/2535]
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP
: BHT. 50,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE :
MR. SILA VINAIWATTANAWONG, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 20
LINES OF
BUSINESS : SANITARY AND
CONSTRUCTION MATERIALS
IMPORTER
AND DISTRIBUTOR
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 August 4,
1992 as a
private limited company under the name style
JACK [THAILAND] COMPANY
LIMITED, by Thai
groups, with the business
objective to distribute
various kinds of
sanitary and construction materials to domestic
market. It currently
employs approximately 20
staff.
The
subject’s registered address
is 77/674 Moo
5, Rama II
Rd., Samaedam, Bangkhunthien, Bangkok 10150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Sila Vinaiwattanawong
AUTHORIZED PERSON
The above
director can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sila
Vinaiwattanawong is the Managing Director.
He is
Thai nationality with
the age of
52 years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of sanitary and
construction materials, including
sanitary wares, shower,
bathtub, sink, faucet,
mirror, toilet, key,
pad lock, coded
key, door bolts,
hinges, door-knob, window,
flush bolts and
other accessories.
PURCHASE
The products
are purchased from
suppliers both local
and overseas, mainly
in Taiwan, Republic
of China, Malaysia,
Germany and U.S.A.
SALES
The products
are sold locally
by wholesale to
dealers and end-users.
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
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.
BANKING
Kasikornbank Public
Co., Ltd.
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 20 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Slow growth of
the construction industry
has been seen
since the beginning
of 2005 especially
from the private
sector. There are
factors that lead to
declining like higher fuel
price, increase utility, strong
inflation, higher labor cost
as well as higher
cost of construction materials.
Subject’s
sales slowdown would
be seen this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 15,000,000
on December 28,
2000
Bht. 50,000,000
on July 4,
2003
On
July 4, 2003,
the capital was
increased to Bht. 50,000,000 divided into 500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 29,
2006]
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NAME |
HOLDING |
% |
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Mr. Sila
Vinaiwattanawong Nationality: Thai Address :
77/674 Moo 5,
Rama II Rd.,
Samaedam, Bangkhunthien, Bangkok |
397,500 |
79.50 |
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Ms. Thippa Hataivichien Nationality: Thai Address :
82/7-8 Ladya Rd.,
Klongsan, Bangkok |
102,000 |
20.40 |
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Mr. Nikorn Vinaiwattanawong Nationality: Thai Address :
58/75 Moo 10,
Bangkae, Bangkhunthien, Bangkok |
100 |
0.02 |
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Ms. Jarin
Thapcharoen Nationality: Thai Address :
58/75 Moo 10,
Bangkae, Bangkhunthien, Bangkok |
100 |
0.02 |
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Mr. Sunthorn Saelee Nationality: Thai Address :
52/22 Charoenkrung Rd.,
Siphaya, Bangrak, Bangkok |
100 |
0.02 |
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Mrs. Ratchakorn Vinaiwattanawong Nationality: Thai Address :
52/22 Charoenkrung Rd.,
Siphaya, Bangrak, Bangkok |
100 |
0.02 |
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Ms. Saowaros Vinaiwattanawong Nationality: Thai Address :
512/520 Ratchada Rd.,
Klongsan, Bangkok |
100 |
0.02 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms.
Suwanna Kongsathitaporn No. 3696
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2005 & 2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank [note 1] |
717,692.48 |
2,931,347.22 |
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Trade Accts.
& Notes Receivable |
1,551,354.71 |
1,795,897.73 |
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Inventories |
41,407,139.24 |
39,479,186.69 |
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Other Current
Assets |
7,976.15 |
- |
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Total
Current Assets |
43,684,162.58 |
44,206,431.64 |
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Fixed
Assets [note 2] |
1,768,604.47 |
1,088,934.96 |
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Total
Assets |
45,452,767.05 |
45,295,366.60 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts.
& Notes Payable |
1,215,213.71 |
- |
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Other Current
Liabilities |
763,282.90 |
933,089.12 |
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Total Current Liabilities |
1,978,496.61 |
933,089.12 |
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Loan from
Related Person |
7,930,000.00 |
9,022,000.00 |
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Total
Liabilities |
9,908,496.61 |
9,955,089.12 |
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Shareholders' Equity |
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Share
capital : Baht 1,000 par
value authorized, issued and fully
paid
share capital 500,000
shares |
50,000,000.00 |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
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Retained Earning - Unappropriated |
[14,455,729.56] |
[14,659,722.52] |
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Total Shareholders' Equity |
35,544,270.44 |
35,340,277.48 |
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Total Liabilities &
Shareholders' Equity |
45,452,767.05 |
45,295,366.60 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
37,052,644.71 |
36,562,540.48 |
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Other Income |
- |
5,006.65 |
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Total
Revenues |
37,052,644.71 |
36,567,547.13 |
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Expenses |
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Cost of
Goods Sold |
27,849,223.25 |
29,901,746.36 |
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Selling &
Administrative Expenses |
8,873,254.50 |
6,723,097.82 |
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Total Expenses
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36,722,477.75 |
36,624,844.18 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
330,166.96 |
[57,297.05] |
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Interest Expenses |
[552.10] |
- |
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Income Tax |
[125,621.90] |
[115,935.82] |
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Net
Profit / [Loss] |
203,992.96 |
[173,232.87] |
FINANCIAL NOTE
NOTE
1 Cash in Hand & at Bank
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2005 |
2004 |
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Cash in
hand |
4,978.20 |
5,537.72 |
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Cash at
bank |
712,714.28 |
2,925,809.50 |
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Total |
717,692.48 |
2,931,347.22 |
NOTE
2 Fixed Assets
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2005 |
2004 |
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Office Equipment |
61,241.12 |
61,241.12 |
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Office Automation |
1,477,794.04 |
1,357,592.74 |
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Vehicle |
2,428,756.16 |
1,622,681.39 |
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Total |
3,967,792.32 |
3,041,515.25 |
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Less:
Depreciation |
[2,199,186.85] |
[1952,580.29] |
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Total |
1,768,604.47 |
1,088,934.96 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
1.34 |
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Operating |
[668.62] |
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Net Profit |
217.76 |
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Fixed Assets |
62.42 |
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Total Assets |
0.35 |
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Profitability |
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Cost of
Goods Sold |
75.16 |
81.78 |
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Operating Profit
Margin |
0.89 |
[0.16] |
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S&A expenses |
23.95 |
18.39 |
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Interest |
0.00 |
0.00 |
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Other Revenues |
0.00 |
0.01 |
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Net Profit
Margin |
0.55 |
[0.47] |
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Earning Per
Shares |
0.41 |
[0.35] |
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No. of
Shares |
500,000 |
500,000 |
Net Sales was
increased by 1.34%,
Operating Profit was
decreased by 668.62%,
Net Profit was
increased by 217.76%,
Fixed Assets was
increased by 62.42%,
Total Assets was
increased by 0.35%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
81.78% to 75.16%,
Operating Profit Margin
was increased from
-0.16% to 0.89%,
S & A
Expenses were increased
from 18.39% to
23.95%, Interest Paid
was stable at
0.00%, Other Revenues
was decreased from
0.01% to 0.00%,
Net Profit Margin
was increased from
-0.47% to 0.55%.
Earning Per
Shares was increased
from -0.35 baht
per share to
0.41 baht per
share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
22.08 |
47.38 |
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Quick
- assets ratio |
1.15 |
5.07 |
Current Ratio
was decreased from
47.38 to 22.08,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
5.07 to 1.15,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
0.28 |
0.28 |
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Times Interest
Earned |
598.02 |
- |
D/E Ratio was
stable at 0.28,
show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low and Times
Interest Earned was
598.02, capacity to
pay interest paid
was good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
20.95 |
33.58 |
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Total Assets
Turnover |
0.82 |
0.81 |
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Return on
Assets |
0.45 |
[0.38] |
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Return on
Equity |
0.57 |
[0.49] |
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Day’s Payable |
11.81 |
0.00 |
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Day’s Inventories |
402.31 |
388.72 |
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Days’ Receivables |
15.07 |
17.68 |
Fixed Assets Turnover
was decreased from
33.58 times to
20.95 times, Total
Assets Turnover was
increased from 0.81
times to 0.82
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from -0.38 to
0.45, Return on
Equity was increased
from -0.49 to
0.57, capacity to
use Assets to
make profit was
good.
Day’s Payable
was increased from
0 days to 12 days,
and Day’s Inventories
was increased from
389 days to
403 days, while
Day’s Receivables was
decreased from 18
days to 16
days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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