MIRA
INFORM REPORT
|
Report Date : |
27.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
JCU [THAILAND] CO., LTD. |
|
|
|
|
|
|
Formerly Known As : |
EBARA-UDYLITE [ASIA-PACIFIC] CO., LTD. |
|
|
|
|
|
|
Registered Office : |
700/179 Moo 1, Amata Nakorn Industrial Estate T. Bankao, A. Panthong, Chonburi 20160 |
|
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
16.11.2006 |
|
|
|
|
|
|
Com. Reg. No.: |
0205549029195 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Industrial Chemicals |
|
|
|
|
|
|
No. of Employees : |
150 |
|
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 -
averaging more than 4% per year - as it recovered from the Asian financial
crisis of 1997-98. Thai exports - mostly machinery and electronic components,
agricultural commodities, and jewelry - continue to drive the economy,
accounting for more than half of GDP. The global financial crisis of 2008-09
severely cut Thailand's exports, with most sectors experiencing double-digit
drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy
expanded 7.8%, its fastest pace since 1995, as exports rebounded from their
depressed 2009 level. Steady economic growth at just below 4% during the first
three quarters of 2011 was interrupted by historic flooding in October and
November in the industrial areas north of Bangkok, crippling the manufacturing
sector and leading to a revised growth rate of only 0.1% for the year. The
industrial sector is poised to recover from the second quarter of 2012 onward,
however, and the government anticipates the economy will probably grow between
5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and
5.7%.
Source : CIA
Company name
JCU [THAILAND]
CO., LTD.
[FORMER :
EBARA-UDYLITE [ASIA-PACIFIC] CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 700/179 MOO 1,
AMATA NAKORN INDUSTRIAL ESTATE,
T. BANKAO, A. PANTHONG,
CHONBURI 20160,
THAILAND
TELEPHONE : [66] 38
468-780-1
FAX :
[66] 38
468-782
E-MAIL
ADDRESS : wasana@eu-ap.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0205549029195
TAX
ID NO. : 3032432986
CAPITAL REGISTERED : BHT. 102,000,000
CAPITAL PAID-UP : BHT.
102,000,000
SHAREHOLDER’S PROPORTION : JAPANESE : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MASASHI KIMURA, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
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 November 16,
2006 as a
private limited company under
the registered name “Ebara-Udylite
[Asia-Pacific] Co., Ltd.”
by Japanese group, with
the business objective
to manufacture surfaced
treatment chemicals and
related products. On
September 7, 2012,
its registered name
was changed to JCU [THAILAND]
CO., LTD. It currently
employs approximate 150
staff.
The
subject is a
wholly owned subsidiary
of JCU Corporation,
in Japan.
The
subject’s registered address
is 700/179 Moo
1, Amata Nakorn
Industrial Estate, T. Bankao, A. Panthong, Chonburi
20160, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yoshimasa Kasuya |
|
Japanese |
72 |
|
Mr. Takanori Arata |
|
Japanese |
45 |
|
Mr. Masashi Yamamoto |
|
Japanese |
65 |
|
Mr. Masashi Kimura |
|
Japanese |
54 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Masashi Kimura is
the Managing Director.
He is Japanese
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing, distributing
and exporting of
surfaced treatment chemicals
and related products
as follows:
·
Plating chemicals
for decoration, function,
rust-proof, plating on
plastic
·
Surface treatment
chemicals for electronics-related plating
and semiconductor treatment
·
Machines and
auxiliary equipment for
surface treatment
·
etc.
PURCHASE
Raw materials and
machinery are purchased
from suppliers both
domestic and overseas,
mainly in Taiwan,
Korea and Japan.
MAJOR
SUPPLIERS
JCU
Corporation : Japan
JCU
Taiwan Corporation : Taiwan
SALES
The products are
sold to manufacturers
both locally and
overseas, mainly in
Japan, Singapore, Korea,
Vietnam, Taiwan and
U.S.A.
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.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 150 office
staff and factory
workers.
LOCATION DETAILS
The
premise is owned for
administrative office and
factory at the
heading address. Premise
is located in provincial/industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subject
was formed in 2006
as a manufacturer, distributor
and exporter of
industrial chemicals. Its
business performance is moderate, while
industrial consumption remains
strong. Economic and industrial
improvement would increase
demand of chemicals
considerably.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 100,000
shares of Bht.
1,000 each with
fully paid.
On
August 10, 2009,
the capital was
increased to Bht. 102,000,000 divided
into 102,000 shares
of Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at August 20,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
JCU Corporation Nationality: Japanese Address : 11-13
Kaminomiya, Chome, Tsurumi-ku,
Yokohama, Kanagawa, Japan |
101,997 |
100.00 |
|
Mr. Yoshimasa Kasuya Nationality: Japanese Address : 13-17
Nakamaruko, Nakahara-ku,
Kawasaki City, Japan |
1 |
- |
|
Mr. Keiji Osawa Nationality: Japanese Address : 1-9-4
Misuji, Taikoku, Tokyo,
Japan |
1 |
- |
|
Mr. Kenji Nagamura Nationality: Japanese Address : 1-47-14
Trijido, Higashikakikan, Fujisawa,
Kanagawa, Japan |
1 |
- |
Total Shareholders : 4
Share Structure [as
at August 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
4 |
102,000 |
100.00 |
|
Total |
4 |
102,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Peeradech Pongsathiensak No.
4752
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
28,210,144 |
11,326,848 |
|
Short-term Investment |
40,000,000 |
40,000,000 |
|
Trade Accounts Receivable
|
|
|
|
Parent Company |
117,495 |
- |
|
Non Related Company |
19,380,918 |
17,776,152 |
|
|
19,498,413 |
17,776,152 |
|
Unbilled Income |
- |
7,320,500 |
|
Inventories |
21,188,273 |
15,400,525 |
|
Other Current Assets
|
|
|
|
Refundable Undue
Input Tax |
220,870 |
160,779 |
|
Deferred Interest |
575,233 |
195,156 |
|
Other |
497,926 |
698,257 |
|
|
|
|
|
Total Current Assets
|
110,190,859 |
92,878,217 |
|
Other Investment |
1,798,800 |
- |
|
Fixed Assets |
5,865,794 |
6,631,677 |
|
Intangible Assets |
111,722 |
234,860 |
|
Other Non-current Assets |
1,479,000 |
1,746,600 |
|
Total Assets |
119,446,175 |
101,491,354 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Parent Company |
23,645,268 |
17,027,277 |
|
Non Related Company |
4,989,929 |
1,910,053 |
|
|
28,635,197 |
18,937,330 |
|
Pre-received Income |
1,643,200 |
- |
|
Cost of Unbilled |
- |
3,006,204 |
|
Other Current Liabilities |
|
|
|
Other payable-Parent Company |
1,667,311 |
1,752,070 |
|
Accrued Expenses |
5,018,163 |
3,301,441 |
|
Other |
2,661,821 |
767,674 |
|
|
|
|
|
Total Current Liabilities |
39,625,692 |
27,764,719 |
|
|
|
|
|
Provision for the Demolition
of Assets |
2,400,000 |
- |
|
Total Liabilities |
42,025,692 |
27,764,719 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 102,000 shares |
102,000,000 |
102,000,000 |
|
|
|
|
|
Capital Paid |
102,000,000 |
102,000,000 |
|
Retained Earning - Unappropriated |
[24,579,517] |
[28,273,365] |
|
Total Shareholders' Equity |
77,420,483 |
73,726,635 |
|
Total Liabilities & Shareholders' Equity |
119,446,175 |
101,491,354 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services
|
145,201,632 |
129,834,643 |
|
Other Income |
740,628 |
262,882 |
|
Total Revenues |
145,942,260 |
130,097,525 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
109,923,436 |
98,779,434 |
|
Selling Expenses |
5,404,882 |
2,856,837 |
|
Administrative Expenses |
26,920,094 |
25,109,739 |
|
Total Expenses |
142,248,412 |
126,746,010 |
|
Net Profit / [Loss] |
3,693,848 |
3,351,515 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.78 |
3.35 |
|
QUICK RATIO |
TIMES |
2.21 |
2.75 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.75 |
19.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.22 |
1.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
70.36 |
56.91 |
|
INVENTORY TURNOVER |
TIMES |
5.19 |
6.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.72 |
49.97 |
|
RECEIVABLES TURNOVER |
TIMES |
7.49 |
7.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.57 |
7.06 |
|
CASH CONVERSION CYCLE |
DAYS |
102.51 |
99.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.70 |
76.08 |
|
SELLING & ADMINISTRATION |
% |
22.26 |
21.54 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
24.81 |
24.12 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.54 |
2.58 |
|
NET PROFIT MARGIN |
% |
2.54 |
2.58 |
|
RETURN ON EQUITY |
% |
4.77 |
4.55 |
|
RETURN ON ASSET |
% |
3.09 |
3.30 |
|
EARNING PER SHARE |
BAHT |
36.21 |
32.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.35 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.54 |
0.38 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.84 |
|
|
OPERATING PROFIT |
% |
10.21 |
|
|
NET PROFIT |
% |
10.21 |
|
|
FIXED ASSETS |
% |
(11.55) |
|
|
TOTAL ASSETS |
% |
17.69 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.81 |
Impressive |
Industrial Average |
18.80 |
|
Net Profit Margin |
2.54 |
Acceptable |
Industrial
Average |
3.83 |
|
Return on Assets |
3.09 |
Acceptable |
Industrial
Average |
4.89 |
|
Return on Equity |
4.77 |
Deteriorated |
Industrial
Average |
11.13 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 24.81%. 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. The company's figure is 2.54%.
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 3.09%.
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, it was lower, the company's figure is 4.77%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.78 |
Impressive |
Industrial
Average |
1.58 |
|
Quick Ratio |
2.21 |
|
|
|
|
Cash Conversion Cycle |
102.51 |
|
|
|
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 2.78 times in 2011, decreased from 3.35 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 2.21 times in 2011,
decreased from 2.75 times, although excluding inventory so the company still
have good short-term financial strength.
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 103 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.35 |
Impressive |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
0.54 |
Impressive |
Industrial
Average |
1.16 |
|
Times Interest Earned |
- |
|
Industrial
Average |
6.99 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.35 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 |
24.75 |
Impressive |
Industrial Average |
4.15 |
|
Total Assets Turnover |
1.22 |
Satisfactory |
Industrial Average |
1.28 |
|
Inventory Conversion Period |
70.36 |
|
|
|
|
Inventory Turnover |
5.19 |
Impressive |
Industrial Average |
4.75 |
|
Receivables Conversion Period |
48.72 |
|
|
|
|
Receivables Turnover |
7.49 |
Impressive |
Industrial Average |
3.09 |
|
Payables Conversion Period |
16.57 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.96 |
|
|
1 |
Rs.88.68 |
|
Euro |
1 |
Rs.72.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.