MIRA INFORM REPORT
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Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
FJCC COMPANY LIMITED |
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Registered Office : |
976/2 Rimklongsamsen Road, Bangkapi, Huaykwang, Bangkok 10320 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
0105546028300 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of jewelry products |
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 : |
No Complaints |
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Litigation : |
Clear |
Name
FJCC
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 976/2 RIMKLONGSAMSEN ROAD, BANGKAPI,
HUAYKWANG, BANGKOK
10320, THAILAND
TELEPHONE : [66] 2247-5473-6
FAX : [66] 2641-5051
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546028300
CAPITAL
REGISTERED : BHT. 2,000,000
CAPITAL
PAID-UP : BHT. 2,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS. ORAWAN KAEWCHINDA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on March 5,
2003 as a
private limited company under the name style
FJCC COMPANY LIMITED,
by Thai groups in
order to manufacture wide range of jewelry products
for exports. It
currently employs approximately 100 staff.
The
subject’s registered address
is 976/2 Rimklongsamsen Rd., Bangkapi, Huaykwang,
Bangkok 10320, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mrs. Sulawan Pattanasirivisawa |
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Thai |
55 |
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Mr. Paitoon Kaewchinda |
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Thai |
68 |
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Ms. Orawan Kaewchinda |
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Thai |
36 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Orawan Kaewchinda
is the Managing Director.
She is Thai nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting wide
range of gold,
diamond and silver
jewelry products, such
as ring, earring,
necklace, bracelet, chain,
pin, cuff link
and etc., according
to customer’s requirement.
IMPORT
Diamond,
gemstone and pearl
for jewelry production
are imported from
India, Hong Kong,
Japan and South
Africa.
EXPORT
100% of the
products is exported
to France, Italy, Spain, U.S.A. and
Switzerland.
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
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 T./T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Despite
consumption slowdown, the
subject still maintains
its good business. However,
growth is quite
slower than previous
year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100 each.
On September 12,
2003, the capital
was decreased to
Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 23,
2007]
|
NAME |
HOLDING |
% |
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Mrs.
Sulawan Pattanasirivisawa Nationality: Thai Address : 210
Sukhumvit 79/1 Rd.,
Bangchak,
Prakanong, Bangkok |
4,800 |
24.00 |
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Mr. Paitoon Kaewchinda Nationality: Thai Address : 81
Moo 5, Banna,
Nakornnayok |
4,000 |
20.00 |
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Mrs.
Jaruwan Chinsakchai Nationality: Thai Address : 540
Moo 1, Kroksomboon, Srimahapho, Prachinburi |
4,000 |
20.00 |
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Mrs.
Angkana Pramool Nationality: Thai Address : 2/40
Moo 3, Pimolraj,
Bangbuathong, Nonthaburi |
4,000 |
20.00 |
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Ms. Thanita Krisaralam Nationality: Thai Address : 23/11
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
1,200 |
6.00 |
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Mrs.
Sathiya Yaowakorn Nationality: Thai Address : 32
Moo 5, Nongwaeng, Kasetvisai, Roi-ed |
1,000 |
5.00 |
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Ms. Nattha Krisaralam Nationality: Thai Address : 23/11
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
1,000 |
5.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Mr. Jirapong Kuakij No.
5149
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 |
9,990,638.55 |
3,011,329.02 |
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Trade Accts. Receivable |
57,402,590.20 |
84,350,200.08 |
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Inventories |
21,446,840.78 |
13,565,212.04 |
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Revenue Department Receivable |
2,708,895.21 |
2,721,910.68 |
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Other Current Assets
|
13,589.31 |
37,222.97 |
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Total Current
Assets |
91,562,554.05 |
103,685,874.79 |
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Fixed Assets |
4,687,856.11 |
4,465,637.02 |
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Other Assets |
386,200.00 |
570,078.50 |
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Total Assets
|
96,636,610.16 |
108,721,590.31 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Accrued Cheque |
58,200.00 |
- |
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Trade Accts. Payable |
43,945,309.46 |
57,334,049.95 |
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Loan from Director |
12,518,145.37 |
18,985,142.28 |
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Other Loans |
8,000,000.00 |
10,000,000.00 |
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Current Portion of
Hire-purchase Payable |
184,506.00 |
316,296.00 |
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Accrued Interest |
1,879,418.24 |
2,828,351.24 |
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Accrued Expenses |
8,257,611.22 |
2,916,324.16 |
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Total Current
Liabilities |
74,843,190.29 |
92,380,163.63 |
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Hire-purchase Payable |
- |
184,506.00 |
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Total Liabilities |
74,843,190.29 |
92,564,669.63 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
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Retained Earning -
Unappropriated |
19,793,419.87 |
14,156,920.68 |
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Total
Shareholders' Equity |
21,793,419.87 |
16,156,920.68 |
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Total
Liabilities & Shareholders' Equity |
96,636,610.16 |
108,721,590.31 |
PROFIT & LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
311,387,723.36 |
310,153,162.97 |
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Other Income |
433,878.67 |
506,063.52 |
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Total Revenues
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311,821,602.03 |
310,659,226.49 |
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Expenses |
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Cost of Goods
Sold |
283,209,790.07 |
279,585,119.38 |
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Selling & Administrative Expenses |
17,179,099.23 |
15,198,179.06 |
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Loss on Exchange
Rate |
2,671,799.97 |
5,287,469.29 |
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Total Expenses |
303,060,689.27 |
300,070,767.73 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
8,760,912.76 |
10,588,458.76 |
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Interest Expenses |
[943,624.28] |
[1,383,649.92] |
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Income Tax |
[2,180,789.29] |
[2,648,975.42] |
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Net Profit / [Loss] |
5,636,499.19 |
6,555,833.42 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
0.40 |
|
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Operating Profit |
[28.27] |
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Net Profit |
[14.02] |
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Fixed Assets |
4.98 |
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Total Assets |
[11.12] |
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Profitability |
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Cost of Good
Sold |
90.95 |
90.14 |
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Operating Profit Margin |
3.67 |
5.12 |
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S & A
Expenses |
5.52 |
4.90 |
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Interest Paid |
0.30 |
0.45 |
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Other Revenues |
0.14 |
0.16 |
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Net Profit Margin |
1.81 |
2.11 |
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Earning Per Shares |
281.82 |
327.79 |
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No. of Shares |
20,000 |
20,000 |
Net Sales was
increased by 0.40%,
Operating Profit was
decreased by 28.27%,
Net Profit was
decreased by 14.02%,
Fixed Assets was
increased by 4.98%,
Total Assets was
decreased by 11.12%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.14%
to 90.95%, Operating
Profit Margin was
decreased from 5.12%
to 3.67%, S
& A Expenses
was increased from
4.90% to 5.52%,
Interest Paid was decreased
from 0.45% to
0.30%, Other Revenues
was decreased from
0.16% to 0.14%,
Net Profit Margin
was decreased from
2.11% to 1.81%.
Earning Per Shares
was decreased from
327.79 baht per
share to 281.83
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.22 |
1.12 |
|
Quick-Assets Ratio |
0.90 |
0.95 |
Current Ratio was
increased from 1.12
to 1.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.95 to 0.90,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
3.43 |
5.73 |
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Times Interest Earned |
12.12 |
11.47 |
D/E Ratio was
decreased from 5.73
to 3.43, 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
11.47 to 12.12,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
66.42 |
69.45 |
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Total Assets Turnover |
3.22 |
2.85 |
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Return on Assets |
5.83 |
6.03 |
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Return on Equity |
25.86 |
40.58 |
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Day's Payable |
50.81 |
66.55 |
|
Day’s Inventories |
24.80 |
15.75 |
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Day’s Receivables |
66.36 |
97.91 |
Fixed Assets Turnover
was decreased from
69.45 times to
66.42 times, Total
Assets Turnover was
increased from 2.85
times to 3.22
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
6.03 to 5.83,
Return on Equity
was decreased from
40.58 to 25.86, capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 67
days to 51
days, while Day’s
Inventories was increased
from 16 days
to 25 days, but Day’s
Receivables was decreased
from 98 days
to 67 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 |
|
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. |
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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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%)