MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
J.V. CONTROL LIMITED |
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Registered Office : |
41/21 Rama Iii
Road, Chongnonsee, Yannawa,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.08.1974 |
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Com. Reg. No.: |
0105517009793 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Jewelry |
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 of the company
J.V. CONTROL LIMITED
SUMMARY
BUSINESS ADDRESS : 41/21 RAMA III ROAD,
CHONGNONSEE,
YANNAWA, BANGKOK
10120
TELEPHONE : [66]
2294-1822-3, 2294-1207
FAX : [66] 2294-8076
E-MAIL ADDRESS : service@lotusartsdevivre.com
: ampat@lotusartsdevivre.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION NO.
: 0105517009793 [Former: 988/2517]
CAPITAL REGISTERED
: BHT. 60,000,000
CAPITAL PAID-UP
: BHT. 60,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
ROLF E. VONBUREN,
GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : JEWELRY
MANUFACTURER, 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 August 26,
1974 as a
private limited company
under the name
style J.V. CONTROL LIMITED,
by Thai and German
groups, in order
to manufacture gold and
silver jewelry for
both local and
export markets. It currently employs 300 staff.
The subject’s registered
address was initially
located at 32/9-10
Soi Asoke, Sukhumvit
21 Rd., Klongtoey
Nua, Wattana, Bangkok
10110.
In 2006, it
was relocated to
41/21 Rama III
Rd., Chongnonsee, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Boonsom Butrhong |
Thai |
67 |
|
Mr. Rolf E. Vonburen |
German |
68 |
|
Mr. Nicholas Thanom
Vonburen |
Thai |
36 |
|
Mr. G.S. Kraisingh
Vonburen |
Thai |
40 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affiliated.
MANAGEMENT
Mr. Rolf E.
Vonburen is the Managing Director.
He is German nationality with
the age of
67 years old.
Mr. Nicholas Thanom
Vonburen is the General Manager.
He is Thai nationality with
the age of
36 years old.
Ms. Piyaporn Vuthipakdee
is the
Human Resources Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing various kinds of
fine gold and
silver jewelry, with
diamond and gem
stones. Range of
products are ring,
earring, necklace, pendant,
bracelet, locket and
etc..
IMPORT [COUNTRIES]
Raw materials such as diamonds, semi-precious stones and accessories are imported from France,
Japan, India, Nepal and Belgium, as well
as purchasing from
local suppliers.
SALES
The products are
sold to both
local and overseas
customers in Hong Kong,
Singapore, India, Malaysia, Indonesia,
Japan, Cambodia, United States
of America, Canada, Australia and
European countries.
SUBSIDIARIES AND
AFFILIATED COMPANIES
The subject is
neither found to
have subsidiaries nor
affiliated companies 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 credit term
of 30 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
L/C at sight or on
the credit term
of 30 days & T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samyod Branch :
Charoenkrung Rd., Wangburapa,
Phranakorn, Bangkok 10200]
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoey Nua, Wattana,
Bangkok 10110]
Siam City Bank Public Co.,
Ltd.
[Head Office : 1101
New Petchburi Rd.,
Makkasan, Rajthevee, Bangkok
10400]
Bank of Ayudhya
Public Co., Ltd.
[Head Office : 1222 Rama
3 Rd., Bangpongpang,
Yannawa, Bangkok]
EMPLOYMENT
The subject employs
approximately 300 staff.
[office staff, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office and factory
in a 4 storey building,
of 2 row shop houses
at the heading address. Premise
is located in
commercial area.
Branches/Showrooms
- Four Season Hotel, 155 Rajdamri
Rd., Pathumwan, Bangkok
10330
Tel: [66] 2250-0732, Fax:
[66] 2250-0732
- The Oriental Hotel, Charoenkrung Rd., Bangrak, Bangkok
10500
Tel: [66] 2234-0400
- 118/1 Soi
Sukhumvit 23, Kongtoeynua, Klongtoey, Bangkok
COMMENT
World consumption of
jewelry products and
luxuries goods has been
declined for several
months, such as
USA, which is
facing with economic
turmoil. Thai jewelry
exporters have experienced
slow market in USA
since 2007. However,
subject’s strong sales
has seen in European
market during the last
two years.
The subject’s business
performance in 2007 remains
strong, but expected
sales revenue this
year would be
slowdown from last
year’s level.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000 divided into
5,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 5,000,000
on April 23,
1992
Bht. 10,000,000
on March 25,
1994
Bht. 40,000,000
on August 5,
1996
Bht. 60,000,000
on December 16,
2005
The latest registered
capital was increased
to Bht. 60,000,000 divided into 600,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as of April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Rolf E. Vonburen
Nationality : German Address : 118/1
Soi Prasarnmitr, Sukhumvit
Rd., Klongtoey Nua, Wattana, Bangkok |
290,003 |
48.33 |
|
Mrs. Helen Beatreze Nationality : Thai Address : 118/1
Soi Prasarnmitr, Sukhumvit
Rd.,
Klongtoey Nua, Wattana,
Bangkok |
109,994 |
18.33 |
|
Mr. G.S. Kraisingh
Vonburen Nationality : Thai Address : 118/1
Soi Prasarnmitr, Sukhumvit
Rd.,
Klongtoey Nua, Wattana,
Bangkok |
100,000 |
16.67 |
|
Mr. Nicholas Thanom
Vonburen Nationality : Thai Address : 118/1
Soi Prasarnmitr, Sukhumvit
Rd.,
Klongtoey Nua, Wattana,
Bangkok |
100,000 |
16.67 |
|
Ms. Choojit Koyavatin Nationality : Thai Address : 21/510
Moo 5, Klongkum, Buengkum,
Bangkok |
1 |
- |
|
Ms. Vaewdaow Swaengsri Nationality : Thai Address : 250/49
Sampakorn Village, Soi
42,
Ramkhamhaeng 112 Rd.,
Saphansoong, Bangkok |
1 |
- |
|
Mr. Boonsom Butrhong Nationality : Thai Address : 302/16
Rama 6 Rd.,
Samsennai, Phyathai, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Somchit Vatcharakiat No. 2775
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
2,559,522.98 |
3,826,869.65 |
|
Trade Accounts Receivable |
132,599,136.70 |
125,662,696.30 |
|
Inventories |
163,811,412.36 |
154,932,771.65 |
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Other Current Assets
|
26,983,570.00 |
25,879,722.06 |
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|
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Total Current Assets
|
325,953,642.04 |
310,302,059.66 |
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Other Long-term Investment |
7,029,386.22 |
15,111,061.76 |
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Fixed Assets |
20,002,012.91 |
26,621,016.98 |
|
Other Assets |
7,547,701.04 |
9,841,296.02 |
|
Total Assets |
360,532,742.21 |
361,875,434.42 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
43,662,694.74 |
45,690,889.22 |
|
Trade Accounts Payable |
36,615,719.73 |
50,444,453.95 |
|
Revenue Department Payable |
1,416,535.33 |
1,493,714.35 |
|
Accrued Income Tax |
5,110,852.86 |
469,516.83 |
|
Current Portion of Long-term
Loan |
3,217,107.31 |
6,480,000.00 |
|
Accrued Expenses |
66,137,225.02 |
44,405,801.09 |
|
Short-term Loan from
Related Person |
109,490,877.20 |
124,731,184.22 |
|
Other Current Liabilities |
10,092,641.97 |
7,147,475.77 |
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|
|
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Total Current Liabilities |
275,743,654.16 |
280,863,035.43 |
|
Long-term Loan - Net of
Current Portion |
18,971,244.28 |
26,789,838.31 |
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Total Liabilities |
294,714,898.44 |
307,652,873.74 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 600,000 shares |
60,000,000.00 |
60,000,000.00 |
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Capital Paid |
60,000,000.00 |
60,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
5,817,843.77 |
[5,777,439.32] |
|
Total Shareholders' Equity |
65,817,843.77 |
54,222,560.68 |
|
Total Liabilities &
Shareholders' Equity |
360,532,742.21 |
361,875,434.42 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales & Services |
233,747,728.28 |
226,862,373.10 |
|
Other Income |
18,627,512.44 |
1,489,255.82 |
|
Total Revenues |
252,375,240.72 |
228,351,628.92 |
|
Expenses |
|
|
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Cost of Goods
Sold & Services |
85,343,859.94 |
99,241,421.58 |
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Selling & Administrative Expenses |
143,260,265.33 |
121,101,794.52 |
|
Interest Expenses |
6,562,971.93 |
7,261,925.40 |
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Total Expenses |
235,167,097.20 |
227,605,141.50 |
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|
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Profit / [Loss] before
Income Tax |
17,208,143.52 |
746,487.42 |
|
Income Tax |
[5,612,860.43] |
[469,516.83] |
|
Net Profit / [Loss] |
11,595,283.09 |
276,970.59 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
3.04 |
|
|
Operating Profit |
188.08 |
|
|
Net Profit |
4,086.47 |
|
|
Fixed Assets |
[24.86] |
|
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Total Assets |
[0.37] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
36.51 |
43.75 |
|
Operating Profit Margin |
10.17 |
3.53 |
|
S & A
Expenses |
61.29 |
53.38 |
|
Interest Paid |
2.81 |
3.20 |
|
Other Revenues |
7.97 |
0.66 |
|
Net Profit Margin |
4.96 |
0.12 |
|
Earning Per Shares |
19.33 |
0.46 |
|
No. of Shares |
600,000 |
600,000 |
Net Sales was
increased by 3.04%,
Operating Profit was
increased by 188.08%,
Net Profit was
increased by 4,086.47%,
Fixed Assets was
decreased by 24.86%,
Total Assets was
decreased by 0.37%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 43.75%
to 36.51%, Operating
Profit Margin was increased from 3.53%
to 10.17%, S
& A Expenses
was increased from
53.38% to 61.29%,
Interest Paid was decreased
from 3.20% to
2.81%, Other Revenues
was increased from
0.66% to 7.97%,
Net Profit Margin
was increased from 0.12% to 4.96%.
Earning Per Shares
was increased from
0.46 baht per
share to 19.33
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.18 |
1.10 |
|
Quick-Assets Ratio |
0.49 |
0.46 |
Current Ratio was
increased from 1.10
to 1.18, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.46 to 0.49,
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 |
4.48 |
5.67 |
|
Times Interest Earned |
3.62 |
1.10 |
D/E Ratio was
decreased from 5.67
to 4.48, 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
1.10 to 3.62,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
11.69 |
8.52 |
|
Total Assets Turnover |
0.65 |
0.63 |
|
Return on Assets |
3.22 |
0.08 |
|
Return on Equity |
17.62 |
0.51 |
|
Day's Payable |
56.39 |
80.05 |
|
Day’s Inventories |
252.29 |
245.86 |
|
Day’s Receivables |
204.22 |
199.41 |
Fixed Assets Turnover
was increased from
8.52 times to
11.69 times, Total
Assets Turnover was
increased from 0.63
times to 0.65
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.08 to 3.22,
Return on Equity
was increased from
0.51 to 17.62,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 81
days to 57
days, while Day’s
Inventories was increased
from 246 days
to 253 days, and Day’s
Receivables was increased
from 200 days
to 205 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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%)