MIRA INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
GIOVANI CO LTD |
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Registered Office : |
204
Soi Luanrit, Chakrawad
Road, Chakrawad, Samphantawong, Bangkok
10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.03.1992 |
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Com. Reg. No.: |
0105535041393 |
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Legal Form : |
Private Limited Company |
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Line Of Business : |
Importer
and Distributor Fabrics |
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 |
Name
GIOVANI CO LTD.
SUMMARY
BUSINESS
ADDRESS : 204
SOI LUANRIT, CHAKRAWAD
ROAD,
CHAKRAWAD,
SAMPHANTAWONG,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2622-7570-1
FAX : [66] 2622-7571
E-MAIL
ADDRESS : contract@giovanico.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION NO. : 0105535041393
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SURAMITR SINGPATHOM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FABRICS
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 March 9,
1992 as a
private limited company
under the name
style GIOVANI CO., LTD.,
by Thai groups, with the business objective
to distribute various
kinds of fabrics
to both domestic
and international markets.
It currently employs
approximately 10 staff.
The
subject’s registered address
is 204 Soi Luanrit, Chakkrawad
Rd., Chakrawad, Samphantawong, Bangkok 10100, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Suramitr Singpathom
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suramitr Singpathom is
the Managing Director.
He is Thai nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing various
kinds of fabrics, such
as cotton, polyester,
denim, linen, lace,
silk and etc.,
as well as
exporting and re-exporting of fabrics.
PURCHASE
The products are
purchased from suppliers
in both domestic and overseas, mainly India, Hong
Kong and Republic
of China.
SALES
The products are
sold locally by
wholesale to dealers
and garment manufacturers.
EXPORT
The products
are exported and
re-exported to India,
Pakistan, Singapore, Hong
Kong, Dubai and
Bangladesh.
RELATED AND AFFILIATED COMPANY
Wooltex Co., Ltd.
Business Type
: Distributor of
fabrics.
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
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the
heading address. Premise
is located in
commercial area.
COMMENT
The
subject was formed in
1992 as an
importer, distributor and re-exporter
of fabrics. Imported
products are for
local manufacturer, dealer and
retailer, while export
products are for
agent and wholesale
in overseas countries. Subject’s
business performance in the
past several years
were strong, while
during this few
years, its business
has gradually declines
from slow consumption
causing by economic
slowdown and consumers’
spending limits.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 1,000 shares of
Bht. 1,000 each.
On
May 24, 1995,
the capital was
increased to Bht.
3,000,000 divided into
3,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2008]
|
NAME |
HOLDING |
% |
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|
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Mr. Pradit Singpathom Nationality: Thai Address : 167
Chakrawad Rd., Chakrawad,
Samphantawong, Bangkok |
500 |
16.67 |
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Mrs. Mangid Singpathom Nationality: Thai Address : 25/6
Charansanitwong Rd., Wadthaphra,
Bangkokyai, Bangkok |
500 |
16.67 |
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Mr. Suramitr Singpathom Nationality: Thai Address : 1348
Charoenkrung Rd., Bangrak,
Bangkok |
500 |
16.66 |
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Mr. Rachan Singpathom Nationality: Thai Address : 25/6 Charansanitwong
Rd., Wadthaphra,
Bangkokyai, Bangkok |
375 |
12.50 |
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Mrs. Reena Singpathom Nationality: Thai Address : 1348
Charoenkrung Rd., Bangrak,
Bangkok |
375 |
12.50 |
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Mrs. Reena Singpathom Nationality: Thai Address : 161
Vanich 1 Rd.,
Chakrawad,
Samphanatawong, Bangkok |
375 |
12.50 |
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Mr. Suthep Singpathom Nationality: Thai Address : 25/6
Charansanitwong Rd., Wadthaphra,
Bangkokyai, Bangkok |
375 |
12.50 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Paibul Waisati No. 2398
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
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Cash in Hand
& at Bank |
836,571.93 |
1,816,038.40 |
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Trade Accts. &
Notes Receivable |
884,734.06 |
- |
|
Short-term Loan to Person
or Related Company |
- |
900,000.00 |
|
Inventories |
28,571,549.73 |
13,347,303.90 |
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Other Current Assets
|
1,893,998.86 |
1,557,996.61 |
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Total Current Assets
|
32,186,854.58 |
17,621,338.91 |
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Fixed Assets |
476,285.31 |
743,973.73 |
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Total Assets |
32,663,139.89 |
18,365,312.64 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Trade Accts. Payable |
18,944,656.97 |
7,970,973.23 |
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Short-term Loan from Person or Related Company |
2,047,350.54 |
- |
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Other Current Liabilities |
224,956.48 |
164,624.14 |
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Total Current Liabilities |
21,216,963.99 |
8,135,597.37 |
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Total Liabilities |
21,216,963.99 |
8,135,597.37 |
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Shareholders' Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 3,000 shares |
3,000,000.00 |
3,000,000.00 |
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Capital Paid |
3,000,000.00 |
3,000,000.00 |
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Retained Earning -
Unappropriated |
8,446,175.90 |
7,229,715.27 |
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Total Shareholders' Equity |
11,446,175.90 |
10,229,715.27 |
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Total Liabilities & Shareholders' Equity |
32,663,139.89 |
18,365,312.64 |
PROFIT & LOSS ACCOUNT
|
Sales |
2007 |
2006 |
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Sales |
66,900,053.72 |
77,137,385.29 |
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Other Income |
690,941.08 |
1,148,659.96 |
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Total Saless |
67,590,994.80 |
78,286,045.25 |
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Expenses |
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Cost of Goods
Sold |
61,825,469.60 |
71,044,699.93 |
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Selling & Administrative Expenses |
4,268,237.18 |
5,796,804.43 |
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Total Expenses |
66,093,706.78 |
76,841,504.36 |
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Profit / [Loss] before Income
Tax |
1,497,288.02 |
1,444,540.89 |
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Income Tax |
[280,827.39] |
[300,084.19] |
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Net Profit / [Loss] |
1,216,460.63 |
1,144,456.70 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[13.27] |
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Operating Profit |
19.51 |
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Net Profit |
6.29 |
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Fixed Assets |
[35.98] |
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Total Assets |
77.85 |
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Profitability |
|
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Cost of Good
Sold |
92.41 |
92.10 |
|
Operating Profit Margin |
2.24 |
1.87 |
|
S & A
Expenses |
6.38 |
7.51 |
|
Other Saless |
1.03 |
1.49 |
|
Net Profit Margin |
1.82 |
1.48 |
|
Earning Per Shares |
405.49 |
381.49 |
|
No. of Shares |
3,000 |
3,000 |
Net Sales was
decreased by 13.27%,
Operating Profit was
increased by 19.51%,
Net Profit was
increased by 6.29%,
Fixed Assets was
decreased by 35.98%,
Total Assets was
increased by 77.85%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.10%
to 92.41%, Operating
Profit Margin was
increased from 1.87% to 2.24%, S
& A Expenses
was decreased from
7.51% to 6.38%,
Other Saless was
decreased from 1.49%
to 1.03%, Net
Profit Margin was
increased from 1.48%
to 1.82%.
Earning Per Shares
was increased from
381.49 baht per share to
405.49 baht per
share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.52 |
2.17 |
|
Quick-Assets Ratio |
0.08 |
0.33 |
Current Ratio was
decreased from 2.17
to 1.52, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.33 to 0.08,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.85 |
0.80 |
D/E Ratio was
increased from 0.80
to 1.85, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
140.46 |
103.68 |
|
Total Assets Turnover |
2.05 |
4.20 |
|
Return on Assets |
3.72 |
6.23 |
|
Return on Equity |
10.63 |
11.19 |
|
Day's Payable |
101.94 |
37.20 |
|
Day’s Inventories |
153.75 |
62.29 |
|
Day’s Receivables |
4.76 |
0.00 |
Fixed Assets Turnover
was increased from
103.68 times to
140.46 times, Total
Assets Turnover was
decreased from 4.20
times to 2.05
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 6.23 to
3.72, Return on
Equity was decreased
from 11.19 to
10.63, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 38
days to 102
days, Day’s Inventories
was increased from
63 days to
154 days, and
Day’s Receivables was
increased from 0
days to 5
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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%)