MIRA INFORM
REPORT
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Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GIOVANI
CO., LTD. |
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Registered Office : |
204 Soi Luanrit,
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Country : |
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Financials (as on) : |
31.12.2009 |
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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 of
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GIOVANI CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 204
SOI LUANRIT,
CHAKRAWAD, SAMPHANTAWONG,
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 : 9
LINES
OF BUSINESS : FABRICS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
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 9 staff.
The
subject’s registered address
is 204 Soi
Luanrit, Chakrawad 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 38
years old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing various kinds
of fabrics, such
as cotton, polyester,
denim, linen, lace,
silk, printed fabric
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
90% of the
products is sold
locally by wholesale
to dealers and
garment manufacturers.
EXPORT
10% of
the products is
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 9
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the
heading address. Premise
is located in
commercial area.
Warehouse
is located at
182 Soi Charansanitwong 1,
Charansanitwong Rd., Watthaphra,
Bangkokyai, Bangkok 10600.
REMARK
CREDIT
OF US$ 125,000
AGAINST DA TERMS
SHOULD BE IN
ORDER.
COMMENT
The
subject was formed in
1992 as an
importer, distributor and re-exporter
of fabrics. Strong
consumption of garments
in both domestic
and international markets
has benefit to
fabric industry. Subject has
improved sales since
the beginning of the year
2010. The marketing
channel is also
expanded for higher
business growth.
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, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Pradit Singpathom Nationality: Thai Address : Samphantawong, |
500 |
16.67 |
|
Mrs. Mangid Singpathom Nationality: Thai Address :
Bangkokyai, |
500 |
16.67 |
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Mr. Suramitr Singpathom Nationality: Thai Address : |
500 |
16.66 |
|
Mr. Rachan Singpathom Nationality: Thai Address :
Bangkokyai, |
375 |
12.50 |
|
Mrs. Reena Singpathom Nationality: Thai Address : |
375 |
12.50 |
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Mrs. Reena Singpathom Nationality: Thai Address : 161
Vanich 1 Rd.,
Chakrawad,
Samphanatawong, |
375 |
12.50 |
|
Mr. Suthep Singpathom Nationality: Thai Address :
Bangkokyai, |
375 |
12.50 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Somchai Wongpanyaporn No.
2930
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
6,298,665.44 |
6,071,392.20 |
|
Trade Accts. Receivable |
388,269.10 |
345,187.83 |
|
Short-term Loan to Related
Person |
2,380,000.00 |
6,880,000.00 |
|
Inventories |
17,407,165.48 |
19,244,392.89 |
|
Other Current Assets
|
1,935,256.10 |
1,729,251.06 |
|
|
|
|
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Total Current Assets
|
28,409,356.12 |
34,270,223.98 |
|
Fixed Assets |
32,145.94 |
227,884.47 |
|
Total Assets |
28,441,502.06 |
34,498,108.45 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
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Trade Accts. Payable |
12,778,948.01 |
20,822,291.87 |
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Other Current Liabilities |
716,347.04 |
564,532.94 |
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|
|
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Total Current Liabilities |
13,495,295.05 |
21,386,824.81 |
|
Total Liabilities |
13,495,295.05 |
21,386,824.81 |
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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 |
|
Retained Earning -
Unappropriated |
11,946,207.01 |
10,111,283.64 |
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Total Shareholders' Equity |
14,946,207.01 |
13,111,283.64 |
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Total Liabilities & Shareholders' Equity |
28,441,502.06 |
34,498,108.45 |
PROFIT & LOSS ACCOUNT
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|
2009 |
2008 |
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Sales |
68,794,607.25 |
85,177,870.95 |
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Other Income |
1,760,137.00 |
90,139.80 |
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Total Sales |
70,554,744.25 |
85,268,010.75 |
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Expenses |
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Cost of Goods
Sold |
62,831,683.80 |
76,954,425.18 |
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Selling Expenses |
1,281,245.18 |
1,612,394.25 |
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Administrative Expenses |
3,932,211.01 |
3,570,644.70 |
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Other Expenses |
- |
723,984.83 |
|
Total Expenses |
68,045,139.99 |
82,861,448.96 |
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|
|
|
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Profit / [Loss] before Financial
Cost & Income Tax |
2,509,604.26 |
2,406,561.79 |
|
Financial Cost |
[211,631.31] |
[318,007.22] |
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|
|
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Profit / [Loss] before Income
Tax |
2,297,972.95 |
2,088,554.57 |
|
Income Tax |
[463,049.58] |
[423,446.83] |
|
|
|
|
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Net Profit / [Loss] |
1,834,923.37 |
1,665,107.74 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.11 |
1.60 |
|
QUICK RATIO |
TIMES |
0.67 |
0.62 |
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ACTIVITY RATIO |
|
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FIXED ASSETS TURNOVER |
TIMES |
2,140.07 |
373.78 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.42 |
2.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
101.12 |
91.28 |
|
INVENTORY TURNOVER |
TIMES |
3.61 |
4.00 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
2.06 |
1.48 |
|
RECEIVABLES TURNOVER |
TIMES |
177.18 |
246.76 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
74.24 |
98.76 |
|
CASH CONVERSION CYCLE |
DAYS |
28.95 |
(6.00) |
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PROFITABILITY
RATIO |
|
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COST OF GOODS SOLD |
% |
91.33 |
90.35 |
|
SELLING & ADMINISTRATION |
% |
7.58 |
6.08 |
|
INTEREST |
% |
0.31 |
0.37 |
|
GROSS PROFIT MARGIN |
% |
11.23 |
9.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.65 |
2.83 |
|
NET PROFIT MARGIN |
% |
2.67 |
1.95 |
|
RETURN ON EQUITY |
% |
12.28 |
12.70 |
|
RETURN ON ASSET |
% |
6.45 |
4.83 |
|
EARNING PER SHARE |
BAHT |
611.64 |
555.04 |
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.47 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.90 |
1.63 |
|
TIME INTEREST EARNED |
TIMES |
11.86 |
7.57 |
|
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ANNUAL GROWTH |
|
|
|
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SALES GROWTH |
% |
(19.23) |
|
|
OPERATING PROFIT |
% |
4.28 |
|
|
NET PROFIT |
% |
10.20 |
|
|
FIXED ASSETS |
% |
(85.89) |
|
|
TOTAL ASSETS |
% |
(17.56) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.23 |
Satisfactory |
Industrial Average |
14.07 |
|
Net Profit Margin |
2.67 |
Deteriorated |
Industrial Average |
7.20 |
|
Return on Assets |
6.45 |
Acceptable |
Industrial Average |
9.40 |
|
Return on Equity |
12.28 |
Acceptable |
Industrial Average |
17.49 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 11.23%. When
compared with the industry average, the ratio of the company was lower.
This indicated that company may have
problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.67%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, its was lower, the company's figure is 6.45%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, its was lower, the company's figure is 12.28%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.11 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
28.95 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.11 times in 2009, increase from 1.6 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.67 times in 2009,
increase from 0.62 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
0.90 |
Impressive |
Industrial Average |
0.80 |
|
Times Interest Earned |
11.86 |
Impressive |
Industrial Average |
5.39 |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 11.86 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.47 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,140.07 |
Impressive |
Industrial Average |
2.03 |
|
Total Assets Turnover |
2.42 |
Impressive |
Industrial Average |
1.31 |
|
Inventory Conversion Period |
101.12 |
|
|
|
|
Inventory Turnover |
3.61 |
Deteriorated |
Industrial Average |
9.71 |
|
Receivables Conversion Period |
2.06 |
|
|
|
|
Receivables Turnover |
177.18 |
Impressive |
Industrial Average |
8.35 |
|
Payables Conversion Period |
74.24 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.