MIRA INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
JPI
ASIA CO., LTD. |
|
|
|
|
Registered Office : |
147
Chalongkrung Road, Lamplatiew, Ladkrabang, Bangkok
10520 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
03.04.1992 |
|
|
|
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Com. Reg. No.: |
0105535059225 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and
Exporter of Rice |
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 |
|
|
|
|
Payment
Behaviour : |
No Complaints |
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|
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
JPI ASIA
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 147
CHALONGKRUNG ROAD, LAMPLATIEW,
LADKRABANG, BANGKOK
10520, THAILAND
TELEPHONE : [66] 2737-2371-5
FAX :
[66] 2737-2376,
2327-8213
E-MAIL
ADDRESS : kl@jpiasia.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535059225
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KITTI LERTVIWATKUL,
THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 30
LINES
OF BUSINESS : RICE
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 April 3,
1992 as a
private limited company under the originally registered
name “International Super Products
Co., Ltd.” by Thai
groups. On January 27,
1998, its registered
name was changed
to “PH Pets
Co., Ltd.” and
changed to “21
Petco Co., Ltd.”
on August 28,
2001. Finally on February
6, 2007 its
name was changed
to JPI ASIA
CO., LTD. Its
business objective is to distribute
various kinds of rice to
both domestic and
international markets.
Subject currently employs approximate
30 staff.
The
subject’s registered address
is 147 Chalongkrung
Rd., Lamplatiew, Ladkrabang,
Bangkok 10520, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kitti Lertviwatkul |
[x] |
Thai |
39 |
|
Mrs. Varachaya Lertviwatkul |
|
Thai |
- |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kitti Lertviwatkul is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting various kinds
of rice, such
as jasmine rice,
white rice, fragrant
rice and organic
rice, under its
own brands “LISA RICE”, “MINGMONGKOL RICE”, and
“JASMINY”, as well
as customer’s brands.
PURCHASE
100%
of the products
is purchased from
Thai farmers and
rice mill operators.
SALES
60% of the products is exported to Nigeria, the remaining 40% is
sold locally by
wholesale to supermarket,
hospital, hotel and
restaurant.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
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 credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The premise is rented for administrative office, packing factory
and warehouse at the heading
address. Premise is
located in industrial
area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 500,000.
COMMENT
Demand of rice
remains upbeat to meet with
strong domestic and
world consumption.
However, the subject’s
operating performance has
outstanding increased during
these two years
with strong exports
growth especially the
countries in Africa.
Business outlook is
positive.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 500,000 divided into 50,000
shares of Bht.
10 each with
fully paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on January 27,
1998
Bht. 5,000,000
on February 25,
2008
Bht. 10,000,000
on July 4,
2008
Bht. 15,000,000
on March 11,
2011
The
latest registered capital
was increased to Bht. 15,000,000 divided into 1,500,000 shares
of Bht. 10 each
with the current
capital paid-up at
Bht. 10,000,000.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011] at
Bht. 10 million of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kitti Lertviwatkul Nationality: Thai Address : 105
Moo 7, Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok
|
849,800 |
84.98 |
|
Mrs. Varanya Lertviwatkul Nationality: Thai Address : 105
Moo 7, Chalongkrung Rd.,
Lamplatiew, Ladkrabang,
Bangkok |
150,000 |
15.00 |
|
Mr. Vatcharapong Ingsrisawad Nationality: Thai Address : 642/1
Moo 1, Bangkaew,
Bangplee,
Samutprakarn |
40 |
|
|
Mrs. Atiporn Lertviwatkul Nationality: Thai Address : 433-436
Sutthisarn Rd., Dindaeng,
Bangkok |
40 |
=0.02 |
|
Mr. Hiran Lertviwatkul Nationality: Thai Address : 105
Moo 7, Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok
|
40 |
|
|
Mr. Lek Sinkong Nationality: Thai Address : 37
Moo 7, Thasao,
Thamaka,
Kanchanaburi |
40 |
|
|
Ms. Patcharakorn Kaewcharan Nationality: Thai Address : 24
Moo 6, Chalongkrung Rd.,
Lamplatiew, Ladkrabang,
Bangkok |
40 |
|
Total Shareholders : 7
Share Structure [as at
April 30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Aim-orn Satthawong No.
5943
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
1,600,150.58 |
411,041.57 |
|
Trade Accounts Receivable |
2,914,749.58 |
3,136,891.53 |
|
Inventories |
32,006,324.12 |
27,166,024.87 |
|
Loan to Person or Related Company |
7,878,544.50 |
4,500,000.00 |
|
Prepaid Expenses-Goods |
1,274,099.00 |
- |
|
Other Current Assets |
341,770.17 |
626,780.99 |
|
|
|
|
|
Total Current Assets
|
46,015,637.95 |
35,840,738.96 |
|
Long-term Investment |
8,500,000.00 |
7,000,000.00 |
|
Fixed Assets |
10,282,490.65 |
8,529,883.72 |
|
Intangible Assets |
24,242.72 |
27,238.72 |
|
Other Assets |
3,977,745.97 |
30,085.97 |
|
Total Assets |
68,800,117.29 |
51,427,947.37 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
52,208,804.82 |
16,832,262.62 |
|
Trade Accounts & Notes Payable |
861,355.92 |
12,560,081.52 |
|
Current Portion of Long-term Loan from Financial Institutions |
932,690.73 |
876,330.67 |
|
Current Portion of Hire-purchase Payable |
1,466,265.31 |
899,956.51 |
|
Other Current Liabilities |
922,644.74 |
454,629.62 |
|
|
|
|
|
Total Current Liabilities |
56,391,761.52 |
31,623,260.95 |
|
Long-term Loan from Financial
Institutions |
1,440,286.56 |
2,371,014.91 |
|
Long-term Loan from Related Person |
- |
7,250,000.00 |
|
Hire-purchase Payable |
1,893,976.93 |
1,592,773.70 |
|
Total Liabilities |
59,726,025.01 |
42,837,049.56 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning-
Unappropriated |
[925,907.72] |
[1,409,102.19] |
|
Total Shareholders' Equity |
9,074,092.28 |
8,590,897.81 |
|
Total Liabilities & Shareholders' Equity |
68,800,117.29 |
51,427,947.37 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
620,567,171.81 |
180,809,165.69 |
|
Gain on Exchange
Rate |
2,412,535.84 |
- |
|
Interest Income |
184,772.74 |
3,341.20 |
|
Other Income |
94,378.07 |
- |
|
Total Sales |
623,258,858.46 |
180,812,506.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
508,072,609.93 |
162,577,095.77 |
|
Selling Expenses |
95,563,846.06 |
4,360,629.83 |
|
Administrative Expenses |
14,605,160.77 |
11,083,975.48 |
|
Total Expenses |
618,241,616.76 |
178,021,701.08 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
5,017,241.70 |
2,790,805.81 |
|
Financial Cost |
[3,694,618.19] |
[544,861.24] |
|
Profit / [Loss] before Income
Tax |
1,322,623.51 |
2,245,944.57 |
|
Income Tax |
[839,429.05] |
[442,427.19] |
|
|
|
|
|
Net Profit / [Loss] |
483,194.46 |
1,806,517.38 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.82 |
1.13 |
|
QUICK RATIO |
TIMES |
0.08 |
0.11 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
60.35 |
21.20 |
|
TOTAL ASSETS TURNOVER |
TIMES |
9.02 |
3.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
22.99 |
60.99 |
|
INVENTORY TURNOVER |
TIMES |
15.87 |
5.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.71 |
6.33 |
|
RECEIVABLES TURNOVER |
TIMES |
212.91 |
57.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.62 |
28.20 |
|
CASH CONVERSION CYCLE |
DAYS |
24.09 |
39.12 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.87 |
89.92 |
|
SELLING & ADMINISTRATION |
% |
17.75 |
8.54 |
|
INTEREST |
% |
0.60 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
18.56 |
10.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.81 |
1.54 |
|
NET PROFIT MARGIN |
% |
0.08 |
1.00 |
|
RETURN ON EQUITY |
% |
5.32 |
21.03 |
|
RETURN ON ASSET |
% |
0.70 |
3.51 |
|
EARNING PER SHARE |
BAHT |
0.48 |
1.81 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.87 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.58 |
4.99 |
|
TIME INTEREST EARNED |
TIMES |
1.36 |
5.12 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
243.22 |
|
|
OPERATING PROFIT |
% |
79.78 |
|
|
NET PROFIT |
% |
(73.25) |
|
|
FIXED ASSETS |
% |
20.55 |
|
|
TOTAL ASSETS |
% |
33.78 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.56 |
Impressive |
Industrial
Average |
6.34 |
|
Net Profit Margin |
0.08 |
Deteriorated |
Industrial
Average |
0.38 |
|
Return on Assets |
0.70 |
Acceptable |
Industrial
Average |
1.25 |
|
Return on Equity |
5.32 |
Impressive |
Industrial
Average |
4.13 |
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. Gross Profit Margin is 18.56%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
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. Net Profit Margin is 0.08%. 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, it was lower, the company's figure is 0.7%.
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. Return on Equity ratio
is 5.32%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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 |
0.82 |
Risky |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.08 |
|
|
|
|
Cash Conversion Cycle |
24.09 |
|
|
|
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 0.82 times in 2010, decrease from 1.13 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
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 0.08 times in 2010,
decrease from 0.11 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 25 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial Average |
0.71 |
|
Debt to Equity Ratio |
6.58 |
Risky |
Industrial Average |
2.39 |
|
Times Interest Earned |
1.36 |
Impressive |
Industrial Average |
0.56 |
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 1.36 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 0.87 greater than 0.5, most of the
company's assets are financed through debt.
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 |
60.35 |
Impressive |
Industrial Average |
6.89 |
|
Total Assets Turnover |
9.02 |
Impressive |
Industrial Average |
3.46 |
|
Inventory Conversion Period |
22.99 |
|
|
|
|
Inventory Turnover |
15.87 |
Impressive |
Industrial Average |
6.89 |
|
Receivables Conversion Period |
1.71 |
|
|
|
|
Receivables Turnover |
212.91 |
Impressive |
Industrial Average |
7.50 |
|
Payables Conversion Period |
0.62 |
|
|
|
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.50.28 |
|
UK Pound |
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.45 |
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.