MIRA
INFORM REPORT
|
Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOJITZ
[THAILAND] CO., LTD. |
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|
|
|
Registered Office : |
19th Floor, Q-House Lumpini
Building, 1 South Sathorn Road,
Thungmahamek, Sathorn, Bangkok
10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08.10.1974 |
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Com. Reg. No.: |
0105517011364 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
International Trading Company
Importer, Distributor and
Exporter |
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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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
SOJITZ [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 19th FLOOR,
Q-HOUSE LUMPINI BUILDING,
1 SOUTH
SATHORN ROAD, THUNGMAHAMEK,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2227-9200
FAX : [66] 2227-9210
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION NO. : 0105517011364
[Former : 1148/2517]
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT. 500,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. TOSHIKI NAKAMURA, JAPANESE
PRESIDENT
NO.
OF STAFF : 125
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
IMPORTER, 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 October 8,
1974 as a
private limited company under the originally registered
name “Thai Tawan Co.,
Ltd.” by Japanese
groups. On September 23,
1984, subject was
changed its name
to “Nichimen [Thailand] Co.,
Ltd.”, and was
changed to SOJITZ
[THAILAND] CO., LTD.,
on March 17,
2004. The subject’s
objective is engaged
in international trading
business. It currently
employs approximately 125
staff.
Subject
is a wholly owned subsidiary
of Sojitz Asia
Pte. Ltd., Singapore.
The
subject’s registered address
was initially located
at 62 Thaniya Building, Silom
Rd., Suriyawongse, Bangrak,
Bangkok 10500.
On
February 1, 2007,
it was relocated to Q-House
Lumpini Bldg., 1
South Sathorn Rd., Thungmahamek, Sathorn, Bangkok
10120, and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kiat Chinno |
[x] |
Thai |
79 |
|
Ms. Suchinda Sapwongvinij |
|
Thai |
51 |
|
Mr. Toshiki Nakamura |
[x] |
Japanese |
58 |
|
Mr. Kiyoshi Yamaguchi |
|
Japanese |
45 |
|
Mr. Ekachai Larpsiriwat |
|
Thai |
50 |
|
Ms. Suchada Pongphan |
|
Thai |
50 |
|
Mr. Hajime Miyazaki |
|
Japanese |
46 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Toshiki Nakamura
is the President.
He is Japanese nationality with
the age of
58 years old.
Mr. Kiyoshi
Yamaguchi is the Finance Controller & Administration Manager.
He is Japanese nationality with
the age of
45 years old.
Mr. Yasuo
Kasama is the
Marketing Director.
He is Japanese nationality.
Mr. Permkiat Eakvanich is the
Sales Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in international trading business by
importing and distributing wide range of
products such as
wood, steel, machinery,
construction materials, household
goods, as well
as exporting wide
range of Thai
products such as
foods, canned foods,
textile and pharmaceuticals.
PURCHASE
The products are
purchased from local
suppliers.
IMPORT
The
products are also
imported from Japan,
Taiwan, Republic of
China, Malaysia, India
and Singapore.
MAJOR SUPPLIERS
Sojitz
Corporation : Japan
Sojitz
Asia Pte. Ltd. : Singapore
SALES [LOCAL]
The products are
sold locally to
wholesalers and end-users.
EXPORT
The Thai products
are exported to
Japan, Dubai, Singapore,
Hong Kong, Taiwan,
Germany and United States of America and
countries in The
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 days.
Imports are by
L/C at sight or on
the credit term
of 180 days or T/T.
Exports are against
L/C at sight or
on the credit term of
30-60-90-120 days or T/T.
BANKING
Sumitomo Mitsui Banking Corporation
[Bangkok Branch :
138 Silom Rd.,
Suriyawongse, Bangrak, Bangkok]
Bank of Tokyo-Mitsubishi Corporation
[Bangkok Branch :
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
Bangkok Bank
Public Co., Ltd.
[Surawong Branch :
Surawong Rd., Suriyawongse, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately 125 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 has strong
operating performance. Its
sales have drastically
increased from both
imported and exported
products.
The
subject maintains its
good business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 1,000
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht.
10,000,000 on November
27, 1989
Bht.
20,000,000 on December
8, 1990
Bht.
300,000,000 on December
3, 1993
Bht.
500,000,000 on August
22, 2006
The
latest registered capital
was increased to
Bht. 500,000,000 divided
into 500,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sojitz Asia
Pte. Ltd. Nationality: Singaporean Address : 77
Robinson Rd., Singapore |
499,994 |
99.99 |
|
Mr. Takeshi Kimura Nationality: Japanese Address : 5-2-908
Shinagawa-ku, Tokyo, Japan |
1 |
|
|
Mr. Masao Goto Nationality: Japanese Address : 23-1
Takarashuka-ku, Tokyo, Japan |
1 |
|
|
Mr. Takashi Okajima Nationality: Japanese Address : 44-1-208
Kitiminoze Ota-ku, Tokyo,
Japan |
1 |
|
|
Mr. Kazuo Matsushita Nationality: Japanese Address : 8-86
Toyosho-naga 6, Chome higashinata-ku, Kobe Kyuko,
Japan |
1 |
= 0.01 |
|
Mr. Yoichi Hirao Nationality: Japanese Address : 4-9-206
Miyamaetaira 3, Chome,
Kanagawa, Japan |
1 |
|
|
Mr.
Tomoyuki Kawashima Nationality: Japanese Address : 32-10-405
Yokohama, Japan |
1 |
|
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Vipawee Boonyaprasit No.
3096
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
701,037,303 |
728,692,846 |
|
Short Term Investment |
50,000,000 |
- |
|
Trade Accts. Receivable [note 1] |
4,664,828,755 |
3,102,277,485 |
|
Short Term Loan to
Related Company |
- |
12,000,000 |
|
Inventories |
277,056,832 |
262,795,175 |
|
Other Current Assets |
251,994,522 |
272,117,631 |
|
Total Current
Assets |
5,944,917,412 |
4,377,883,137 |
|
Investment in Associated Company |
9,413,169 |
9,152,451 |
|
Other Long Term
Investment |
17,041,648 |
16,996,648 |
|
Fixed Assets |
28,823,890 |
36,643,910 |
|
Computer Programme [note 2] |
1,758,267 |
2,275,316 |
|
Other Assets |
12,130,643 |
8,554,740 |
|
Total Assets |
6,014,085,029 |
4,451,506,202 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan from Financial Institute |
3,104,977,153 |
2,304,977,153 |
|
Trade Accts. Payable |
1,943,800,447 |
1,397,995,873 |
|
Short Term Loan
from Related Company |
2,500,000 |
2,500,000 |
|
Current Portion of Contract
Liabilities |
2,035,829 |
1,748,097 |
|
Accrued Interest |
22,430,292 |
13,202,770 |
|
Accrued Expenses |
100,464,411 |
84,361,875 |
|
Other Current Liabilities |
19,621,543 |
45,461,461 |
|
Total Current
Liabilities |
5,195,829,675 |
3,850,247,229 |
|
Provident Fund |
18,597,248 |
16,858,643 |
|
Contract Liabilities Net of Current Portion |
1,950,487 |
1,295,272 |
|
Total Liabilities |
5,216,377,410 |
3,868,401,144 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 500,000 &
300,000 shares in 2006 & 2005 |
500,000,000 |
300,000,000 |
|
Capital Paid |
500,000,000 |
300,000,000 |
|
Unrealized Profit on
Decline Value of Investment |
175,000 |
130,000 |
|
Statutory Reserve |
13,087,391 |
6,736,842 |
|
Reserve Other |
3,000,000 |
3,000,000 |
|
Retained Earning -
Unappropriated |
281,445,228 |
273,238,216 |
|
Total
Shareholders' Equity |
797,707,619 |
583,105,058 |
|
Total
Liabilities & Shareholders' Equity |
6,014,085,029 |
4,451,506,202 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
17,618,292,276 |
15,467,467,073 |
|
Commission |
130,191,211 |
173,506,669 |
|
Other Income |
20,652,020 |
8,740,446 |
|
Gain on Exchange
Rate |
- |
6,345,874 |
|
Unrealized Loss on
Decline Value of Investment |
995,718 |
3,831,501 |
|
Total Revenues
|
17,770,131,225 |
15,659,891,563 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,132,156,933 |
15,023,886,103 |
|
Selling & Administrative Expenses |
343,854,864 |
337,186,577 |
|
Loss on Exchange
Rate |
1,452,040 |
- |
|
Total Expenses |
17,477,463,837 |
15,361,072,680 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
292,667,388 |
298,818,883 |
|
Interest Expenses |
[186,898,048] |
[115,961,862] |
|
Income Tax |
[41,111,779] |
[55,846,024] |
|
Net Profit / [Loss] |
64,657,561 |
127,010,997 |
FINANCIAL NOTE
NOTE 1 Trade
Accts. Receivable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable-Related
company |
381,807,903 |
267,405,317 |
|
Trade Accts. Receivable-Other
company |
4,305,420,852 |
2,834,872,168 |
|
|
4,687,228,755 |
3,102,277,485 |
|
Less: Allowance for
Doubtful Account |
[22,400,000] |
- |
|
Total
|
4,664,828,755 |
3,102,277,485 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Leased Building Improvement |
6,889,706 |
6,889,706 |
|
Machine |
34,580,819 |
34,580,819 |
|
Office Furniture &
Equipment |
15,976,599 |
13,226,507 |
|
Total |
57,447,124 |
54,697,032 |
|
Less: Depreciation |
[25,859,666] |
[18,053,122] |
|
Allowance for
Obsolescent Stock |
[2,763,568] |
- |
|
Total
|
28,823,890
|
36,643,910 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
13.91 |
|
|
Operating Profit |
[13.59] |
|
|
Net Profit |
[49.09] |
|
|
Fixed Assets |
[21.34] |
|
|
Total Assets |
35.10 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
97.24 |
97.13 |
|
Operating Profit Margin |
1.67 |
1.93 |
|
S & A
Expenses |
1.95 |
2.18 |
|
Interest Paid |
1.06 |
0.75 |
|
Other Revenues |
0.86 |
1.24 |
|
Net Profit Margin |
0.37 |
0.82 |
|
Earning Per Shares |
129.32 |
423.37 |
|
No. of Shares |
500,000 |
300,000 |
Net Sales was
increased by 13.91%,
Operating Profit was
decreased by 13.59%,
Net Profit was
decreased by 49.09%,
Fixed Assets was
decreased by 21.34%,
Total Assets was
increased by 35.10%.
Compare each cost with sales, Cost of
Good Sold was
increased from 97.13%
to 97.24%, Operating
Profit Margin was
decreased from 1.93%
to 1.67%, S
& A Expenses
was decreased from
2.18% to 1.95%,
Interest Paid was increased
from 0.75% to 1.06%, Other
Revenues was decreased
from 1.24% to
0.86%, Net Profit
Margin was decreased
from 0.82% to
0.37%.
Earning Per Shares
was decreased from
423.37 baht per
share to 129.32
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.14 |
1.14 |
|
Quick-Assets Ratio |
1.04 |
1.00 |
Current Ratio was
increased from 1.14
to 1.14, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.00 to 1.04,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
6.54 |
6.63 |
|
Times Interest Earned |
1.57 |
2.58 |
D/E Ratio was
decreased from 6.63
to 6.54, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
2.58 to 1.57,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
611.24 |
422.10 |
|
Total Assets Turnover |
2.93 |
3.47 |
|
Return on Assets |
1.08 |
2.85 |
|
Return on Equity |
8.11 |
21.78 |
|
Day's Payable |
39.72 |
32.54 |
|
Day’s Inventories |
5.66 |
6.12 |
|
Day’s Receivables |
95.32 |
72.20 |
Fixed Assets Turnover
was increased from
422.10 times to
611.24 times, Total
Assets Turnover was
decreased from 3.47
times to 2.93
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 2.85 to
1.08, Return on
Equity was decreased
from 21.78 to
8.11, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 33
days to 40
days, while Day’s
Inventories was decreased
from 7 days to 6
days, but Day’s
Receivables was increased
from 73 days
to 96 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%)