MIRA INFORM REPORT
|
Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
J.S.
MULTI TECH LIMITED |
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Registered Office : |
999/309 Soi Mooban Sethakit 31, Bangkaenua, Bangkae, Bangkok 10160 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.06.1994 |
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Com. Reg. No.: |
0105537069317 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer and distributor of industrial and engineering equipment |
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No. of Employees
: |
10 |
RATING & COMMENTS
|
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 – 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 |
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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
J.S. MULTI
TECH LIMITED
SUMMARY
BUSINESS
ADDRESS : 999/309 SOI
MOOBAN SETHAKIT 31,
BANGKAENUA,
BANGKAE, BANGKOK
10160, THAILAND
TELEPHONE : [66] 2808-0832,
2808-1229
FAX :
[66] 2808-0132
E-MAIL
ADDRESS : sales@jsmultitech.com
s_apinan@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537069317
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SAMART APINANTANAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : INDUSTRIAL AND
ENGINEERING EQUIPMENT
IMPORTER AND
DISTRIBUTOR
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 June
15, 1994 as
a private limited
company under the registered name
J.S. MULTI TECH
LIMITED by Thai groups, with the
business objective to
import and distribute
wide range of
industrial and engineering
equipment for various
industries. It currently
employs approximately 10
staff.
The subject’s registered address is 999/309 Soi Mooban
Sethakit 31, Bangkaenua, Bangkae,
Bangkok 10160, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Samart Apinantanakul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Samart Apinantanakul is
the Managing Director.
He is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing and distributing
wide range of industrial and
engineering equipment for
petrochemicals, oil &
gas and
food industries. Its
products are as
follows:
Products Brand
Pumps LEWIS, APT
Pipes &
fittings MONDI
Wire mesh
screen/ stainless steel
wire mesh -
Catalyst TOPSOE
Pressure leaf
filter TAPIS
Circular vibratory
separator TAPIS
Circular screens TAPIS
Basket strainers TAPIS
Engineering solution
equipment for oil & gas
Industry RHINE RUHR
PURCHASE
90% of the products
is imported from
United Kingdom, U.S.A., Denmark,
Malaysia and Australia,
the remaining 10% is purchased
from local suppliers.
MAJOR
SUPPLIER
The Weir Group
Plc. : U.K.
APT Inc. :
U.S.A.
Begg Cousland : U.K.
Haldor Topsoe A/S : Denmark
Tapis Teknik Sdn.
Bhd. : Malaysia
Rhine Ruhr Pty.
Ltd. : Australia
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
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
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The
subject reported its sales revenue
in 2011 similarly
to the year
2010. In the
first quarter of
2012, the subject’s
operating performance is
improving with an
increase in both
number of new
customers and orders.
The subject has
expanded its customer
base by importing
more new products
to satisfy the
customers’ need. In
conclusion, its business
has a good
prospect this year.
FINANCIAL INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 15, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Samart Apinantanakul Nationality: Thai Address : 999/411
Moo 6, Laksong,
Bangkae, Bangkok |
7,500 |
75.00 |
|
Mrs. Vananchana Apinantanakul Nationality: Thai Address : 999/309
Moo 6, Laksong,
Bangkae, Bangkok |
2,290 |
22.90 |
|
Ms. Kwannapa Jukmongkol Nationality: Thai Address : 241
Moo 2, T.
Nuaklong, A. Nuaklong, Krabi |
200 |
2.00 |
|
Mr. Thanakorn Chuasakulvanich Nationality: Thai Address : 152/14
Moo 1, Bangkaenua,
Bangkae, Bangkok |
10 |
0.10 |
Total Shareholders : 4
Share Structure [as
at April 15, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pusith Trakulsri No.
6874
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
6,293,142.71 |
3,427,207.91 |
|
Trade Accounts Receivable |
3,136,435.10 |
2,448,368.39 |
|
Less: Allowance for
Doubtful Account |
[188,314.39] |
[188,314.39] |
|
Trade Accounts Receivable, net |
2,948,120.71 |
2,260,054.00 |
|
Inventories |
4,450,567.39 |
4,055,244.96 |
|
Other Current Assets |
3,032,615.93 |
847,674.85 |
|
|
|
|
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Total Current Assets
|
16,724,446.74 |
10,590,181.72 |
|
|
|
|
|
Land Building & Office Equipment |
3,087,468.95 |
3,419,156.40 |
|
Guarantee |
156,139.58 |
300.00 |
|
Total Assets |
19,968,055.27 |
14,009,638.12 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
1,591,025.43 |
89,929.24 |
|
Accrued Income Tax |
27,686.31 |
156,425.86 |
|
Accrued Expenses |
3,694,624.90 |
3,916,125.90 |
|
Other Current Liabilities |
114,916.46 |
199,343.54 |
|
|
|
|
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Total Current Liabilities |
5,428,253.10 |
4,361,824.54 |
|
|
|
|
|
Loan from Director |
4,000,000.00 |
- |
|
Total Liabilities |
9,428,253.10 |
4,361,824.54 |
|
|
|
|
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Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated |
9,539,802.17 |
8,647,813.58 |
|
Total Shareholders' Equity |
10,539,802.17 |
9,647,813.58 |
|
Total Liabilities & Shareholders' Equity |
19,968,055.27 |
14,009,638.12 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
16,938,305.00 |
25,138,040.00 |
|
Other Income |
452,103.63 |
755,740.38 |
|
Total Sales |
17,390,408.63 |
25,893,780.38 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
11,767,020.93 |
18,840,171.45 |
|
Selling Expenses |
1,098,673.75 |
1,582,090.97 |
|
Administrative Expenses |
3,488,425.19 |
3,684,493.85 |
|
Total Expenses |
16,354,119.87 |
24,106,756.27 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,036,288.76 |
1,787,024.11 |
|
Financial Cost |
[11,134.52] |
[11,833.57] |
|
Income Tax |
[133,165.65] |
[322,313.86] |
|
|
|
|
|
Net Profit / [Loss] |
891,988.59 |
1,452,876.68 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.08 |
2.43 |
|
QUICK RATIO |
TIMES |
1.70 |
1.30 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.49 |
7.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
1.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
138.05 |
78.56 |
|
INVENTORY TURNOVER |
TIMES |
2.64 |
4.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
63.53 |
32.82 |
|
RECEIVABLES TURNOVER |
TIMES |
5.75 |
11.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
49.35 |
1.74 |
|
CASH CONVERSION CYCLE |
DAYS |
152.23 |
109.64 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
69.47 |
74.95 |
|
SELLING & ADMINISTRATION |
% |
27.08 |
20.95 |
|
INTEREST |
% |
0.07 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
33.20 |
28.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.12 |
7.11 |
|
NET PROFIT MARGIN |
% |
5.27 |
5.78 |
|
RETURN ON EQUITY |
% |
8.46 |
15.06 |
|
RETURN ON ASSET |
% |
4.47 |
10.37 |
|
EARNING PER SHARE |
BAHT |
89.20 |
145.29 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.89 |
0.45 |
|
TIME INTEREST EARNED |
TIMES |
93.07 |
151.01 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(32.62) |
|
|
OPERATING PROFIT |
% |
(42.01) |
|
|
NET PROFIT |
% |
(38.61) |
|
|
FIXED ASSETS |
% |
(9.70) |
|
|
TOTAL ASSETS |
% |
42.53 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
33.20 |
Impressive |
Industrial
Average |
28.76 |
|
Net Profit Margin |
5.27 |
Impressive |
Industrial
Average |
0.34 |
|
Return on Assets |
4.47 |
Satisfactory |
Industrial
Average |
5.30 |
|
Return on Equity |
8.46 |
Acceptable |
Industrial
Average |
13.64 |
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 33.2%. 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 ratio is 5.27%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operators in a dominant
position within its industry.
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 4.47%.
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 8.46%.
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 |
3.08 |
Deteriorated |
Industrial
Average |
18.58 |
|
Quick Ratio |
1.70 |
|
|
|
|
Cash Conversion Cycle |
152.23 |
|
|
|
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 3.08 times in 2010, increase from 2.43 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 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 1.7 times in 2010,
increase from 1.3 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 153 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Acceptable |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
0.89 |
Impressive |
Industrial
Average |
1.24 |
|
Times Interest Earned |
93.07 |
Deteriorated |
Industrial
Average |
397.57 |
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 93.07 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 |
5.49 |
Deteriorated |
Industrial Average |
1,871.67 |
|
Total Assets Turnover |
0.85 |
Deteriorated |
Industrial Average |
1.87 |
|
Inventory Conversion Period |
138.05 |
|
|
|
|
Inventory Turnover |
2.64 |
Deteriorated |
Industrial Average |
29.95 |
|
Receivables Conversion Period |
63.53 |
|
|
|
|
Receivables Turnover |
5.75 |
Acceptable |
Industrial Average |
10.41 |
|
Payables Conversion Period |
49.35 |
|
|
|
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.50.02 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.18 |
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.