MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
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Name : |
J. V. CONTROL LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
0105517009793 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing various
kinds of fine
gold and silver
jewelry. |
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 : |
Regular |
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Litigation : |
Clear |
name
J.V. CONTROL LIMITED
SUMMARY
BUSINESS
ADDRESS :
YANNAWA,
TELEPHONE : [66]
2294-1822-3, 2294-1207
FAX : [66] 2294-8076
E-MAIL ADDRESS : service@lotusartsdevivre.com
: ampat@lotusartsdevivre.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION NO. : 0105517009793 [Former: 988/2517]
CAPITAL
REGISTERED : BHT.
60,000,000
CAPITAL
PAID-UP : BHT.
60,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ROLF E. VONBUREN,
GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 382
LINES OF
BUSINESS : JEWELRY
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on August 26,
1974 as a
private limited company
under the name
style J.V. CONTROL LIMITED,
by Thai and German
groups, in order
to manufacture gold and
silver jewelry for
both local and
export markets. It currently
employs 382 staff.
The subject’s registered
address was initially
located at 32/9-10
Soi Asoke, Sukhumvit
21 Rd., Klongtoey
Nua, Wattana, Bangkok
10110.
In 2006, it
was relocated to
41/21 Rama III
Rd., Chongnonsee, Yannawa,
Bangkok 10120, and
this is the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
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Mr. Boonsom Butrhong |
Thai |
66 |
|
Mr. Rolf |
German |
67 |
|
Mr. Nicholas Thanom
Vonburen |
Thai |
35 |
|
Mr. G.S. Kraisingh
Vonburen |
Thai |
39 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affiliated.
MANAGEMENT
Mr. Rolf
E. Vonburen is
the Managing Director.
He is German
nationality with the
age of 66
years old.
Mrs. Helen
Beatreze is the
Assistant Managing Director.
She is Thai
nationality.
Mr. Nicholas
Thanom Vonburen is
the General Manager.
He is Thai
nationality with the
age of 35 years old.
Ms. Piyaporn Vuthipakdee is the Human Resources Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
various kinds of
fine gold and
silver jewelry.
IMPORT [COUNTRIES]
Raw materials
such as diamonds,
semi-precious stones and
accessories are imported
from France, Vietnam,
India, Indonesia, Nepal
and Germany, as
well as purchasing
from local suppliers.
SALES
The products are
sold to both local
and overseas suppliers in Hong Kong,
Singapore, India, Malaysia, Indonesia,
Japan, Cambodia, United States
of America, Canada,
Australia and European
countries.
SUBSIDIARIES AND
AFFILIATED COMPANIES
The subject is
neither found to
have subsidiaries nor
affiliated companies 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 credit term
of 30 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 at sight
or on the
credit term of
30 days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Samyod Branch :
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
Deutsche Bank
AG.
[
Siam City Bank Public
Co., Ltd.
[Head Office
: 1101 New
Bank of
Ayudhya Public Co.,
Ltd.
[Head Office :
1222 Rama 3
Rd., Bangpongpang, Yannawa,
EMPLOYMENT
The subject employs 382 staff.
[office staff, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
and factory in
a 4 storey
building, of 2 row shop
houses at the
heading address. Premise
is located in
commercial area.
Branches/Showrooms
- The Regent
House Hotel,
Tel: [66] 2250-0732, Fax:
[66] 2250-0732
- The Oriental
Hotel,
Tel: [66] 2234-0400
- 118/1 Soi
Sukhumvit 23, Kongtoeynua,
Klongtoey,
COMMENT
World consumption of
jewelry products and
luxuries goods remains stable.
But in some
market like USA,
Thai jewelry exporter
would face a
high tariff due
to the US
government has cut GST
privilege from Thai
exporter since July 1,
2007, therefore to
offset decline in
US market, Thai
products must look
for new markets like Middle
East or Asian
countries.
The subject’s business
performance in 2006 was
slightly slowdown from
2005, and expected
sales revenue this
year would be
on par as last year
level.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000 divided into
5,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 5,000,000
on April 23,
1992
Bht. 10,000,000
on March 25,
1994
Bht. 40,000,000
on August 5,
1996
Bht. 60,000,000
on December 16,
2005
The latest registered
capital was increased
to Bht. 60,000,000 divided into 600,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as of
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Rolf E. Vonburen Nationality : German Address : 118/1
Soi Prasarnmitr,
Klongtoey Nua, Wattana,
|
290,003 |
48.33 |
|
Mrs. Helen
Beatreze Nationality : Thai Address : 118/1
Soi Prasarnmitr,
Klongtoey Nua, Wattana,
|
109,994 |
18.33 |
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Mr. G.S.
Kraisingh Vonburen Nationality : Thai Address : 118/1
Soi Prasarnmitr, Klongtoey Nua,
Wattana, |
100,000 |
16.67 |
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Mr. Nicholas
Thanom Vonburen Nationality : Thai Address : 118/1
Soi Prasarnmitr,
Klongtoey Nua, Wattana,
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100,000 |
16.67 |
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Ms. Choojit
Koyavatin Nationality : Thai Address : 21/510
Moo 5, Klongkum, Buengkum,
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1 |
- |
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Ms. Vaewdaow
Swaengsri Nationality : Thai Address : 250/49
Ramkhamhaeng 112 Rd.,
Saphansoong, |
1 |
- |
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Mr. Boonsom
Butrhong Nationality : Thai Address : 302/16
Rama 6 Rd.,
Samsennai, Phyathai, |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Somchit Vatcharakiat
No. 2775
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
3,826,869.65 |
2,697,993.00 |
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Trade Accounts Receivable |
125,662,696.30 |
109,672,007.89 |
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Inventories |
154,932,771.65 |
142,031,775.88 |
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Other Current Assets
|
25,879,722.06 |
21,231,726.19 |
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Total Current
Assets |
310,302,059.66 |
275,633,502.96 |
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Other Long-term Investment |
15,111,061.76 |
15,111,061.76 |
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Fixed Assets |
26,621,016.98 |
27,396,603.06 |
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Other Assets |
9,841,296.02 |
13,590,980.05 |
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Total Assets
|
361,875,434.42 |
331,732,147.83 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Bank Overdraft |
45,690,889.22 |
47,929,667.91 |
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Trade Accounts Payable |
50,444,453.95 |
41,764,331.68 |
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Revenue Department Payable |
1,493,714.35 |
987,606.14 |
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Accrued Income Tax |
469,516.83 |
464,144.79 |
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Current Portion of Long-term
Loan |
6,480,000.00 |
14,266,807.57 |
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Accrued Expenses |
44,405,801.09 |
33,545,377.97 |
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Short-term Loan from
Related Person |
124,731,184.22 |
101,212,539.17 |
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Other Current Liabilities |
7,147,475.77 |
210,201.16 |
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Total
Current Liabilities |
280,863,035.43 |
240,380,676.39 |
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Long-term Loan - Net of
Current Portion |
26,789,838.31 |
37,405,881.35 |
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Total Liabilities |
307,652,873.74 |
277,786,557.74 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 600,000 shares |
60,000,000.00 |
60,000,000.00 |
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Capital Paid |
60,000,000.00 |
60,000,000.00 |
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Retained Earning -
Unappropriated [Deficit] |
[5,777,439.32] |
[6,054,409.91] |
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Total
Shareholders' Equity |
54,222,560.68 |
53,945,590.09 |
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Total
Liabilities & Shareholders' Equity |
361,875,434.42 |
331,732,147.83 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales & Services |
226,862,373.10 |
268,523,138.75 |
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Other Income |
1,489,255.82 |
2,708,204.14 |
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Total Revenues
|
228,351,628.92 |
271,231,342.89 |
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Expenses |
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Cost of Goods
Sold & Services |
99,241,421.58 |
141,507,902.25 |
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Selling & Administrative Expenses |
121,101,794.52 |
121,962,817.04 |
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Interest Expenses |
7,261,925.40 |
7,086,241.80 |
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Total Expenses |
227,605,141.50 |
270,556,961.09 |
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Profit / [Loss] before
Income Tax |
746,487.42 |
674,381.80 |
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Income Tax |
[469,516.83] |
[464,144.79] |
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Net Profit / [Loss] |
276,970.59 |
210,237.01 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[15.51] |
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Operating Profit |
22.14 |
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Net Profit |
31.74 |
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Fixed Assets |
[2.83] |
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Total Assets |
9.09 |
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Profitability |
|
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Cost of Good
Sold |
43.75 |
52.70 |
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Operating Profit Margin |
3.53 |
2.89 |
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S & A
Expenses |
53.38 |
45.42 |
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Interest Paid |
3.20 |
2.64 |
|
Other Revenues |
0.66 |
1.01 |
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Net Profit Margin |
0.12 |
0.08 |
|
Earning Per Shares |
0.46 |
0.35 |
|
No. of Shares |
600,000 |
600,000 |
Net Sales was
decreased by 15.51%,
Operating Profit was
increased by 22.14%,
Net Profit was
increased by 31.74%,
Fixed Assets was
decreased by 2.83%,
Total Assets was
increased by 9.09%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 52.70%
to 43.75%, Operating
Profit Margin was
increased from 2.89%
to 3.53%, S
& A Expenses
was increased from
45.42% to 53.38%,
Interest Paid was increased
from 2.64% to
3.20%, Other Revenues
was decreased from
1.01% to 0.66%,
Net Profit Margin
was increased from
0.08% to 0.12%.
Earning Per Shares
was increased from
0.35 baht per
share to 0.46
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.10 |
1.15 |
|
Quick-Assets Ratio |
0.46 |
0.47 |
Current Ratio was
decreased from 1.15
to 1.10, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.47 to 0.46,
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 |
5.67 |
5.15 |
|
Times Interest Earned |
1.10 |
1.10 |
D/E Ratio was
increased from 5.15
to 5.67, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times Interest
Earned was increased
from 1.10 to
1.10, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
8.52 |
9.80 |
|
Total Assets Turnover |
0.63 |
0.81 |
|
Return on Assets |
0.08 |
0.06 |
|
Return on Equity |
0.51 |
0.39 |
|
Day's Payable |
80.05 |
55.99 |
|
Day’s Inventories |
245.86 |
190.42 |
|
Day’s Receivables |
199.41 |
147.03 |
Fixed Assets Turnover
was decreased from
9.80 times to
8.52 times, Total
Assets Turnover was
decreased from 0.81
times to 0.63
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.06 to
0.08, Return on
Equity was increased
from 0.39 to
0.51, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 56
days to 81
days, Day’s Inventories
was increased from
191 days to
246 days, and
Day’s Receivables was
increased from 148
days to 200
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 |
|
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 |
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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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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%)