MIRA INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JONG STIT CO
LTD |
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Registered Office : |
34 Moo 1, Bangkhunthien-Chaithalay Road, Samaedam, Bangkhunthien, Bangkok 10150 |
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.01.1980 |
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Com. Reg. No.: |
0105523000336 [Former : 33/2523] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturer of Textile |
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 : |
Usually Correct |
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Litigation : |
Clear |
Name
JONG
STIT CO., LTD.
SUMMARY
ADDRESS : 34 MOO 1,
BANGKHUNTHIEN-CHAITHALAY ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE NO : [66] 2416-0112-8, 02416-1111
TELEFAX : [66] 2416-6320-3
E-MAIL ADDRESS : webmaster@jongstit.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0105523000336 [Former
: 33/2523]
CAPITAL REGISTERED : BHT.
1,150,000,000
CAPITAL PAID-UP :
BHT. 1,150,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SONGKRAM
CHEEVAPRAWATDAMRONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3,500
LINES
OF BUSINESS : TEXTILE
MANUFACTURER
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 January 8, 1980 as a private limited company under the
registered name JONG
STIT CO., LTD., by
Thai Group, Cheevaprawatdamrong family,
with the business objective
to manufacture textile.
It currently employs
3,500 staff.
The
subject is one
of the top - five leading synthetic
textile & fabric
manufacturers in Thailand
with experience over
60 years. From
its origin in
1940, the subject
has been an
innovator in textile
field and conducted
its business with
the purpose of
growing into a
notable organization.
The subject’s registered
address is 34
Moo 1,
Bangkhunthien-Chaithalay Rd.,
Samaedam, Bangkhunthien, Bangkok
10150, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Songkram
Cheevaprawatdamrong
: Chairman |
Thai |
63 |
|
Mrs. Patcharaporn
Cheevaprawatdamrong |
Thai |
59 |
|
Mrs. Oraphan Sathienkijampai |
Thai |
54 |
AUTHORIZED PERSON
One
of the above directors can
sign on behalf of the subject with company’s
affixed.
MANAGEMENT
Mr. Songkram Cheevaprawatdamrong
is the Managing Director.
He
is Thai nationality
with the age
of 63 years old.
Mrs.
Patcharaporn Cheevaprawatdamrong is
the Deputy Managing
Director.
She
is Thai nationality
with the age
of 59 years old.
Mrs.
Oraphan Sathienkijampai is the Deputy
Managing Director [Finance
& Account].
She
is Thai nationality
with the age
of 54 years old.
Mrs. Naratip Likhitnant is the
Deputy Managing Director
[Marketing].
She
is Thai nationality.
Mr. Rungsan
Charoenkijmongkol is the
Assistant Managing Director
[Production].
He
is Thai nationality.
Mr.
Prasit Theienprapa is
the Special Project
Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The
subject is engaged
in textile business comprising:
-
Manufacturing of polyester
yarn, acrylic yarn,
and knitting fabric.
- Servicing of
fabric dyeing and
printing.
The
products are as
the followings:
|
Products |
Production capacity |
|
Yarn
Spinning |
|
|
Polyester |
|
|
-
Spun Yarn |
1,800 Tons / Month |
|
-
Polyester Textured Yarn |
9,000 Tons / Month |
|
-
Polyester Twisted Yarn |
900 Tons / Month |
|
Acrylic
Yarn |
|
|
-
Acrylic Yarn |
1,200 Tons / Month |
|
Knitting |
|
|
-
Knitted Fabric |
1,500 Tons / Month |
|
-
Tricot Fabric |
1,500 Tons / Month |
|
-
Fleece Fabric |
1,800 Tons / Month |
|
-
Pile Fabric |
1,000 Tons / Month [2 Million Yards / Month] |
|
Dyeing |
|
|
-
Yarn Dyeing |
4,000 Tons / Month |
|
-
Fabric Dyeing |
8,000 Tons / Month |
|
-
Woven Fabric Dyeing |
700 Tons / Month |
|
Printing |
|
|
-
Flat Screen |
1.3 Million Yards / Month [200 Tons / Month] |
|
-
Transfer Printing |
200,000 yards / Month [45 Tons / Month] |
|
Home
Textile |
|
|
-
Polyester Blanket |
1,500,000 Pieces / Month |
Fashinno
-
Apparels |
600,000 Pieces / Month |
IMPORT [COUNTRIES]
20% of
machines, power looms,
polyester and acrylic
fiber are imported from Taiwan,
Germany, Japan, Singapore and
United Kingdom.
MAJOR SUPPLIERS
Formosa Plastic Ltd., Taiwan
Business Type: Polyester & Acrylic
Fiber
SALES [LOCAL]
60%
of its products is sold
locally to manufacturers and wholesalers.
EXPORT [COUNTRIES]
40% of
its products is
exported to United States of America, Australia,
New Zealand, Hong Kong,
Taiwan, Indonesia, Sri Lanka,
Bangladesh, South America
and Europe.
MAJOR CUSTOMERS
Textile Mart Co., Ltd. :
Thailand
Jong Patana Co., Ltd. :
Thailand
SUBSIDIARIES &
AFFILIATED COMPANY
Textile Mart Co.,
Ltd.
Business Type : Manufacturer of textiles
Country : Thailand
ASSOCIATION
The subject is
a member of
Federation of Thai
Industries.
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
& T/T.
Exports
are against L/C
at sight &
T/T
BANKING
Kasikornbank Public Co., Ltd
[Head
Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok]
[Phrapradaeng Branch :
Poochaosamingprai Rd., Phrapradaeng, Samutprakarn]
EMPLOYMENT
The
subject employs approximately 3,500 staff. [office
staff and factory
workers]
LOCATION DETAILS
The
premise is owned
for operating administrative office, factory and
warehouse at the
heading address. It
is located in
residential area.
Factories/Branches are located at
the followings:
-
33 Moo 1, Bangkhunthien-Chaithalay Rd.,
Samaedam, Bangkhunthien, Bangkok
-
70/79 Moo 7, Bangkhunthien-Chaithalay Rd.,
Samaedam, Bangkhunthien, Bangkok
-
136/1 Moo 1,
Ekachai Rd., Kaeray,
Krathumban, Samutsakorn
-
136/2 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
-
888 Moo 1, Chachoengsao-Sattaheep Rd., Nongpaikaew, Banbueng, Chonburi
-
136 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
-
97 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
-
99 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
-
136/3 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
COMMENT
The
company is one
of the top-five leading synthetic
textile and fabric
manufacturers in Thailand
with specialized experience
over 60 years.
It
has been an
innovator in textile
field and conduct
its business with
continuous dedication in
improving and developing
a wide ranges of products
including Yarns, Polyester
fabrics, Pile fabrics
[Toys and Garments]
and Blankets.
Amidst
highly fierce and
competitive textile markets,
the company is
striving to maintain
its customers base both
local and international markets with a
pledge of providing
great satisfaction. However,
its sales revenue
for 2007 has
dropped around 18%
from the previous
year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
20 million, divided
into 200,000 shares
of Bht. 100
each.
The
capital was increased
later as followings:
Bht. 120
million on June 17, 1991
Bht. 180 million on
June 22, 1992
Bht. 250 million on October
4, 1993
Bht. 300
million on February 10,
1997
Bht. 800
million on December
23, 1998
Bht. 1,000
million on August
10, 2000
Bht. 1,150 million
on March 30,
2004
The
latest registered capital
was increased to
Bht. 1,150 million, divided
into 11,500,000 shares
of Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as of March 25,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Patcharaporn
Laolikitnant Nationality: Thai Address : 33
Moo 1, Bangkhunthien-Chaithalay, Samaedam, Bangkhunthien,
Bangkok |
4,994,257 |
43.43 |
|
Mr. Torpong
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam,
Bangkhunthien, Bangkok |
3,834,350 |
33.34 |
|
Mr. Songkram
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam,
Bangkhunthien, Bangkok |
1,150,000 |
10.00 |
|
Jong Stit Plush
Co., Ltd. Nationality: Thai Address : 34
Moo 1, Bangkhunthien-Chaithalay, Samaedam,
Bangkhunthien, Bangkok |
682,586 |
5.94 |
|
Big Mart Knitting
Co., Ltd. Nationality: Thai Address : 99
Moo 1, Ekachai Rd., Kaerai, Krathumban, Samutsakorn |
443,156 |
3.85 |
|
New Warp Co., Ltd. Nationality: Thai Address : 34
Moo 1, Bangkhunthien-Chaithalay, Samaedam,
Bangkhunthien, Bangkok |
334,251 |
2.91 |
|
Ms. Tuenjit
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam,
Bangkhunthien, Bangkok |
30,100 |
0.26 |
|
Mr. Termsak
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam, Bangkhunthien, Bangkok |
30,100 |
0.26 |
|
Others |
1,200 |
0.01 |
Total
Shareholders : 13
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Cholthicha Leelapanang No. 1815
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
168,743,964.67 |
98,862,030.23 |
|
Notes Receivable |
100,612,252.05 |
157,682,265.89 |
|
Trade Accts. Receivable |
687,101,956.09 |
1,160,845,594.24 |
|
Inventories |
601,589,769.76 |
1,062,860,765.16 |
|
Account Receivable -
Revenue Department |
26,199,119.65 |
42,150,582.20 |
|
Account Receivable -
Person & Related
Company |
285,546,051.22 |
471,194,016.13 |
|
Short-term Loan to
Related Company |
383,311,106.15 |
732,695,061.03 |
|
Custom Tax Compensation |
42,897,397.23 |
36,436,655.49 |
|
Other Current Assets
|
7,608,409.41 |
12,589,256.60 |
|
|
|
|
|
Total Current Assets
|
2,303,610,026.23 |
3,775,316,226.97 |
|
Long-term Loan to
Related Company |
172,000,000.00 |
60,000,000.00 |
|
Fixed Assets |
2,088,046,040.82 |
2,259,849,822.64 |
|
Revaluation Surplus on some
Fixed Assets |
1,113,622,386.00 |
1,538,602,651.32 |
|
Intangible Assets |
529,525.31 |
656,543.06 |
|
Fixed Assets |
4,000.00 |
- |
|
Total Assets |
5,677,811,978.36 |
7,634,425,243.99 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
1,311,392,249.35 |
1,984,246,108.28 |
|
Notes Payable |
33,833,637.29 |
299,734,405.84 |
|
Trust Receipt Payable |
7,945,287.91 |
34,529,485.75 |
|
Promissory Notes |
410,000,000.00 |
650,000,000.00 |
|
Accrued Income Tax |
3,899,141.98 |
4,085,387.66 |
|
Current Portion of
Long-term Liabilities |
254,596,576.77 |
476,423,537.11 |
|
Other Current Liabilities |
95,235,696.32 |
109,181,688.87 |
|
|
|
|
|
Total Current Liabilities |
2,116,902,589.62 |
3,558,200,613.51 |
|
Long-tem Loan from
Bank |
430,916,505.99 |
540,166,738.25 |
|
Total Liabilities |
2,547,819,095.61 |
4,098,367,351.76 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 11,500,000 shares |
1,150,000,000.00 |
1,150,000,000.00 |
|
|
|
|
|
Capital Paid |
1,150,000,000.00 |
1,150,000,000.00 |
|
Surplus on Share
Capital |
300,000,000.00 |
300,000,000.00 |
|
Unappropriated |
566,370,496.75 |
547,455,240.91 |
|
Surplus on Revaluation of Assets |
1,113,622,386.00 |
1,538,602,651.32 |
|
Total Shareholders' Equity |
3,129,992,882.75 |
3,536,057,892.23 |
|
Total Liabilities &
Shareholders' Equity |
5,677,811,978.36 |
7,634,425,243.99 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales & Services
- Domestic |
5,617,270,222.56 |
7,453,427,892.39 |
|
Sales - Overseas |
2,716,201,784.23 |
2,626,060,267.23 |
|
Custom Duty Compensation |
40,728,213.29 |
38,148,699.16 |
|
Interest Income |
37,802,516.29 |
50,384,148.58 |
|
Other Income |
22,012,330.62 |
6,545,892.09 |
|
Gain on Investment |
- |
17,296,000.00 |
|
Dividend Income |
- |
170,257,500.00 |
|
Gain on Disposal
of Assets |
1,351,108.14 |
825,804.32 |
|
Gain / [Loss] on Exchange
Rate |
5,353,112.13 |
[54,711,686.50] |
|
Total Revenues |
8,440,719,287.26 |
10,308,234,517.27 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
7,875,821,757.50 |
9,558,928,989.29 |
|
Selling & Administrative Expenses |
455,807,976.48 |
599,613,476.34 |
|
Total Expenses |
8,331,629,733.98 |
10,158,542,465.63 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
109,089,553.28 |
149,692,051.64 |
|
Interest Expenses |
[78,659,619.49] |
[123,031,672.38] |
|
Income Tax |
[11,514,677.95] |
[9,229,428.22] |
|
|
|
|
|
Net Profit / [Loss] |
18,915,255.84 |
17,430,951.04 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[17.32] |
|
|
Operating Profit |
[11.86] |
|
|
Net Profit |
8.52 |
|
|
Fixed Assets |
[7.60] |
|
|
Total Assets |
[25.63] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
94.51 |
94.84 |
|
Operating Profit Margin |
1.31 |
1.49 |
|
S & A
Expenses |
5.47 |
5.95 |
|
Interest Paid |
0.94 |
1.22 |
|
Other Revenues |
1.29 |
2.27 |
|
Net Profit Margin |
0.23 |
0.17 |
|
Earning Per Shares |
1.64 |
1.52 |
|
No. of Shares |
11,500,000 |
11,500,000 |
Net Sales was
decreased by 17.32%,
Operating Profit was
decreased by 11.86%,
Net Profit was
increased by 8.52%,
Fixed Assets was
decreased by 7.60%,
Total Assets was
decreased by 25.63%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.84%
to 94.51%, Operating
Profit Margin was
decreased from 1.49%
to 1.31%, S
& A Expenses
was decreased from
5.95% to 5.47%,
Interest Paid was decreased
from 1.22% to
0.94%, Other Revenues
was decreased from
2.27% to 1.29%,
Net Profit Margin
was increased from
0.17% to 0.23%.
Earning Per Shares
was increased from
1.52 baht per
share to 1.64
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.09 |
1.06 |
|
Quick-Assets Ratio |
0.45 |
0.40 |
Current Ratio was
increased from 1.06
to 1.09, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was increased
from 0.40 to
0.45, 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 |
0.81 |
1.16 |
|
Times Interest Earned |
1.39 |
1.22 |
D/E Ratio was
decreased from 1.16
to 0.81, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
increased from 1.22
to 1.39, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.99 |
4.46 |
|
Total Assets Turnover |
1.47 |
1.32 |
|
Return on Assets |
0.33 |
0.23 |
|
Return on Equity |
0.60 |
0.49 |
|
Day's Payable |
56.65 |
70.87 |
|
Day’s Inventories |
25.99 |
37.96 |
|
Day’s Receivables |
29.68 |
41.46 |
Fixed Assets Turnover
was decreased from
4.46 times to
3.99 times, Total
Assets Turnover was
increased from 1.32
times to 1.47
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.23 to 0.33,
Return on Equity
was increased from
0.49 to 0.60,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 71
days to 57
days, Day’s Inventories
was decreased from
38 days to
26 days, and
Day’s Receivables was
decreased from 42
days to 30
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
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%)