MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI JAPAN TEXTILES REGISTERED ORDINARY
PARTNERSHIP |
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Registered Office : |
14
Phaopanich Road, Chakkrawat, Samphanthawong, Bangkok
10100 |
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Country : |
Thailand |
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Financials (as on) : |
05.10.2007 |
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Date of Incorporation : |
06.10.1970 |
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Com. Reg. No.: |
0102513000594 |
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Legal Form : |
Registered Ordinary Partnership |
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Line of Business : |
Distributor and Exporter of Textile |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI JAPAN TEXTILES REGISTERED ORDINARY
PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 13/1
SOI ISARAPHAP 5,
ISARAPHAP ROAD,
SOMDEJCHAOPTAYA, KLONGSAN,
BANGKOK 10600,
THAILAND
TELEPHONE : [66]
2861-4280
FAX :
[66] 2438-8351
E-MAIL ADDRESS : sales@thaijapangroup.com
REGISTRATION ADDRESS : 14
PHAOPANICH ROAD, CHAKKRAWAT,
SAMPHANTHAWONG, BANGKOK
10100
ESTABLISHED : 1970
REGISTRATION NO.
: 0102513000594 [Former : 63/2513]
CAPITAL REGISTERED
: BHT.
10,000,000
CAPITAL PAID-UP
: BHT.
10,000,000
FISCAL YEAR
CLOSING DATE : OCTOBER 5
LEGAL STATUS : REGISTERED ORDINARY PARTNERSHIP
EXECUTIVE : MR.
PIENDERPAL SINGH MADAN,
INDIAN
MANAGING PARTNER
NO. OF
STAFF : 95
LINES OF
BUSINESS : TEXTILE DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was established on October 6, 1970
as a registered ordinary partnership, under the registered name THAI
JAPAN TEXTILES REGISTERED ORDINARY PARTNERSHIP by Mr. Pienderpal Singh
Madan and Mr.
Kamolthip Nadan, who are
Thai-Indian nationality, and
both are Co-Managing
Partner. The subject
currently employs 95 staff.
The subject’ registered address is 14 Paopanich Road, Chakkrawat, Sampanthawonge Bangkok
10100, while the current
operation address is 13/1 Soi
Isaraphap 5, Isaraphap Road, Somdejchaopraya,
Klongsan, Bangkok 10600.
MANAGEMENT
Mr. Pienderpal Singh Madan is the Managing
Partner.
He is Indian nationality with
the age of
48 years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing and exporting of
fabrics, such as rayon,
satin, lace, coated
label, elastic, woven,
print elastic fabric,
cotton, polyester, dyed
fabric, nylon, and
TC pocketing herringbone
lining. The subject hires local
textile manufacturers to
produce the products.
PURCHASE
Most of raw
materials are purchased
from local manufacturers, and the remaining
is imported from
Republic of China,
Japan, India and
Indonesia.
DISTRIBUTION
Most of the
products are sold
to international customers
in France, U.K.,
Italy, Korea, Canada,
Hong Kong, Japan,
Spain, United States of
America, and etc.,
and the remaining
is sold locally
by wholesales to
fabric traders.
RELATED AND AFFILIATED COMPANY
KSS Perfection Industries
Co., Ltd.
Business Type
: Importer and
distributor of fabric
products.
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
T/T.
BANKING
Hong Kong and Shanghai
Banking
[Bangkok Branch: 64 Silom
Rd., Silom, Bangrak, Bangkok
10500]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 95 staff.
[including the subject’s
affiliated company]
LOCATION DETAILS
The premise is
owned for administrative office and showroom
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The subject is an experience player in fabric trading business. With over 30 years in this line business, the subject earns its
reputation and trustworthiness from world
leading brands garment producers,
and also performs
as a leading fabric
distributor in local
market.
However, current economic
slowdown has shown
slow consumption in
both domestic and
export markets.
FINANCIAL INFORMATION
The capital was
registered at Bht. 10,000,000 which was carried by 3
persons as followed:
Name Age Amount
Mr. Pienderpal Singh
Madan 48 Bht. 5,000,000 [unlimited
partner]
Mr. Kundip Singh 78 Bht. 5,000,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Yajai Jinnikorn
No. 1167
BALANCE SHEET [BAHT]
The
latest financial figures
published for October
5, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
5,215,898.50 |
11,706,358.25 |
|
Trade Accts. Receivable |
276,320,043.58 |
227,138,914.28 |
|
Short-term Loan to Related
Person |
- |
2,649,000.00 |
|
Inventories |
306,563,035.49 |
477,134,207.24 |
|
Revenue Department Receivable |
14,592,444.54 |
28,955,444.34 |
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Other Current Assets
|
2,906,049.84 |
4,168,312.02 |
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Total Current Assets
|
605,597,471.95 |
751,752,236.13 |
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|
|
|
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Fixed Assets |
6,980,520.87 |
8,706,470.72 |
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Other Assets |
135,479.03 |
135,409.00 |
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Total Assets |
612,713,471.85 |
760,594,115.85 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
94,194,985.47 |
273,837,025.86 |
|
Trade Accts. Payable |
98,588,405.25 |
110,033,107.67 |
|
Other Short-term Loan |
61,720,745.96 |
63,500,000.00 |
|
Accrued Expenses |
7,115,367.19 |
22,329,578.19 |
|
Accrued Income Tax |
2,685,796.47 |
3,067,605.46 |
|
Other Current Liabilities |
1,419,561.47 |
533,094.65 |
|
Total Current Liabilities |
265,724,861.81 |
473,300,411.83 |
|
|
|
|
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Long-term Loan from Related
Person |
68,300,000.00 |
- |
|
Other Long-term Loan |
218,000,000.00 |
235,000,000.00 |
|
Total Liabilities |
552,024,861.81 |
708,300,411.83 |
|
|
|
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Shareholders' Equity |
|
|
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
50,688,610.04 |
42,293,704.02 |
|
Total Shareholders' Equity |
60,688,610.04 |
52,293,704.02 |
|
Total Liabilities &
Shareholders' Equity |
612,713,471.85 |
760,594,115.85 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales Income |
1,182,390,463.71 |
1,236,914,236.35 |
|
Services Income |
10,028,400.00 |
- |
|
Gain on Exchange Rate |
- |
1,025,645.05 |
|
Other Income |
610,189.58 |
806,691.77 |
|
Total Revenues |
1,193,029,053.29 |
1,238,746,573.17 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
1,101,309,248.55 |
1,137,259,030.52 |
|
Selling & Administrative Expenses |
53,568,686.92 |
58,859,995.25 |
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Total Expenses |
1,154,877,935.47 |
1,196,119,025.77 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
38,151,117.82 |
42,627,547.40 |
|
Interest Expenses |
[25,120,415.33] |
[28,034,997.50] |
|
Income Tax |
[4,635,796.47] |
[5,032,660.13] |
|
Net Profit / [Loss] |
8,394,906.02 |
9,559,889.77 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[3.60] |
|
|
Operating Profit |
[7.16] |
|
|
Net Profit |
[12.19] |
|
|
Fixed Assets |
[19.82] |
|
|
Total Assets |
[19.44] |
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Profitability |
|
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Cost of Good
Sold |
92.36 |
91.94 |
|
Operating Profit Margin |
3.20 |
3.45 |
|
S & A
Expenses |
4.49 |
4.76 |
|
Interest Paid |
2.11 |
2.27 |
|
Other Revenues |
0.05 |
0.15 |
|
Net Profit Margin |
0.70 |
0.77 |
Net Sales was
decreased by 3.60%,
Operating Profit was
decreased by 7.16%,
Net Profit was
decreased by 12.19%,
Fixed Assets was
decreased by 19.82%,
Total Assets was
decreased by 19.44%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 91.94%
to 92.36%, Operating
Profit Margin was
decreased from 3.45%
to 3.20%, S
& A Expenses
was decreased from
4.76% to 4.49%,
Interest Paid was decreased
from 2.27% to
2.11%, Other Revenues
was decreased from
0.15% to 0.05%,
Net Profit Margin
was decreased from
0.77% to 0.70%.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.28 |
1.59 |
|
Quick-Assets Ratio |
1.06 |
0.51 |
Current Ratio was
increased from 1.59
to 2.28, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.51 to 1.06,
capacity to pay
Short Term Loan
was good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
9.10 |
13.54 |
|
Times Interest Earned |
1.52 |
1.52 |
D/E Ratio was
decreased from 13.54
to 9.10, 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 1.52
to 1.52, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
170.82 |
142.07 |
|
Total Assets Turnover |
1.95 |
1.63 |
|
Return on Assets |
1.37 |
1.26 |
|
Return on Equity |
13.83 |
18.28 |
|
Day's Payable |
29.76 |
32.02 |
|
Day’s Inventories |
92.55 |
138.87 |
|
Day’s Receivables |
83.42 |
66.11 |
Fixed Assets Turnover
was increased from
142.07 times to
170.82 times, Total
Assets Turnover was
increased from 1.63
times to 1.95
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.26 to 1.37,
Return on Equity
was decreased from
18.28 to 13.83,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 33
days to 30
days, and Day’s
Inventories was decreased
from 139 days
to 93 days, while Day’s
Receivables was increased
from 67 days
to 84 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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 |
|
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%)