MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAGOTA [ |
|
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Registered Office : |
Suite 1406-7, 14th Floor, 42 Tower, 65 Sukhumvit 42 Road, Prakanong, Klongtoey, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.08.1999 |
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Com. Reg. No.: |
0105542060152 |
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|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Importer And
Distributor of Food Products |
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No. of Employees : |
20 |
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 |
|
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 (31.03.2012) |
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
JAGOTA
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
1401-2, 14th FLOOR,
42 TOWER,
65
SUKHUMVIT 42 ROAD,
PRAKANONG, KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2712-3266-75
FAX :
[66] 2712-3276-7
E-MAIL
ADDRESS : contact_bangkok@jagota.com
REGISTRATION
ADDRESS : SUITE
1406-7, 14th FLOOR,
42 TOWER,
65
SUKHUMVIT 42 ROAD,
PRAKANONG,
KLONGTOEY,
BANGKOK 10110
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542060152 [Former
: 959/2542]
TAX
ID NO. : 3021044305
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANAND JAGOTA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : FOOD
PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on August 17, 1999
as a private
limited company under the
name style JAGOTA
[THAILAND] CO., LTD.
by Thai groups. Its
business objective is
to import and
distribute wide range
of food products
to domestic market.
It currently employs
approximate 20 staff.
The subject’s registered address is Suite
1406-7, 14th Flr., 42
Tower, 65 Sukhumvit 42 Rd.,
Prakanong, Klongtoey, Bangkok 10110,
while the subject’s
current operation address
is at Suite
1401-2, 14th Flr., 42
Tower, 65 Sukhumvit 42 Rd., Prakanong,
Klongtoey, Bangkok 10110.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anand Jagota |
|
Thai |
40 |
|
Mr. Gopal Jagota |
|
Thai |
36 |
|
Mr. Asoke Jagota |
|
Thai |
64 |
AUTHORIZED PERSON
Only Mr. Anand Jagota
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Anand Jagota
is the Managing
Director.
He is Thai
nationality with the
age of 40
years old.
Mr. Gopal Jagota
is the Business
Development Manager.
He is Thai
nationality with the
age of 36
years old.
Ms. Natnicha Pluamthanom is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing and distributing wide
range of food
products including fresh foods,
dry foods and frozen
seafood with over 700
product items as
the followings:
Products Brands
Premium Seafood : “Clear
Water”, “Lee Fish”,
“Clean Seas”, “Fish
Monger”
- Fresh fishes,
fresh shell fish,
frozen seafood & Salmon
Premium Meats
- Beef : “Cobdabri”
- Veal &
Lamb : “Rose”
- Pork : “Kurobuta”,
“Sunny Day”
Mediteranean Products
- Pasta,
olive, balsamic and
vinegar, cured meats
Bakeries &
Pastries : “Felchlin”,
“Callebaut”, “CSM”, “Hiestan”
-
Chocolate, nuts, whipping
cream, bakery ingredients,
frozen bakery, fruit pie
fillings
and glazes
Snack Products
- Potato products / poultry products
Dairy Products : “Fromi”,
“Unilac”, “Xavier David”
- Premium Cheese
Vegetable &
Fruits : “Dirafrost”
Japanese Foods
- Crab stick & Oden, Sushi
PURCHASE
60% of
the products is
imported from Italy, Japan,
Switzerland, Korea, Germany, United
States of America,
Spain, France, Australia,
Republic of China and
Indonesia, the remaining
40% is purchased
from local suppliers.
MAJOR
SUPPLIERS
Jagota
Brother Trading Co.,
Ltd. : Thailand
Max
Felchlin AG. : Switzerland
Hilltop
Ranch Inc. : United
States of America
Bakemark : Germany
Kibun
Co., Ltd. : Japan
SALES
100% of the products
is sold locally
by wholesale to
traders and end-users,
mainly supply to
hotel, Italian &
Japanese restaurant, food & beverage, bakery & catering business,
hypermarket, supermarket and
mini-mart, such as
Tops Supermarket, Makro, Villa
Market, Aeon Mall,
The Mall Department Store, Siam
Paragon Department Store,
The Emporium Department Store
and etc.
RELATED AND AFFILIATED
COMPANIES
Jagota Brother Trading
Co., Ltd.
Business Type :
Importer and distributor
of food products.
Jagota Samui Co.,
Ltd.
Business Type :
Warehouse service.
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 L/C
at sight or
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
Subject
is an importer and
distributor of various kinds
of food products.
They are mainly
served to consumer markets
such as
end-users, hotel and
restaurant. Sales were improved
gradually from growing
domestic demand.
Its
sales performance was good in
the previous year, as well
as current business has
grown viable.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Anand Jagota Nationality: Thai Address : 156
Yaowaraj Rd., Chakrawad,
Samphantawong, Bangkok |
2,800 |
14.00 |
|
Mr. Wisanu Jagota Nationality: Thai Address : 156
Yaowaraj Rd., Chakrawad,
Samphantawong, Bangkok |
2,800 |
14.00 |
|
Mr. Gopal Jagota Nationality: Thai Address : 206
Moo 1, T. Wiangpangkham, A. Maesai, Chiangrai |
2,800 |
14.00 |
|
Mr. Sunil Jagota Nationality: Thai Address : 206
Moo 1, T. Wiangpangkham, A. Maesai, Chiangrai |
2,800 |
14.00 |
|
Mr. Pumin Jagota Nationality: Thai Address : 22
Moo 7, T. Maesai,
A. Maesai, Chiangrai |
2,800 |
14.00 |
|
Mr. Arun Jagota Nationality: Thai Address : 22
Moo 7, T. Maesai,
A. Maesai, Chiangrai |
2,000 |
10.00 |
|
|
|
|
|
Mr. Rapin Jagota Nationality: Thai Address : 22
Moo 7, T. Maesai,
A. Maesai, Chiangrai |
2,000 |
10.00 |
|
Mr. Asoke Jagota Nationality: Thai Address : 206
Moo 1, T. Wiangpangkham, A. Maesai, Chiangrai |
2,000 |
10.00 |
Total Shareholders : 8
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pradermsak Jaipetch No.
5496
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents
|
9,428,331.05 |
2,262,638.68 |
|
Trade Account & Other
Receivable |
21,883,737.60 |
3,414,931.42 |
|
Short-term Lending from Related
Company |
- |
510,500.00 |
|
Other Current Assets
|
9,727,787.45 |
- |
|
Total Current Assets
|
41,039,856.10 |
6,188,070.10 |
|
|
|
|
|
Fixed Assets |
475,247.70 |
62,142.42 |
|
Other Non-current Assets |
84,000.00 |
- |
|
Total Assets |
41,599,103.80 |
6,250,212.52 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Account & Other
Payable |
32,645,115.97 |
2,907,225.09 |
|
Accrued Expenses |
1,437,045.05 |
- |
|
Total Current Liabilities |
34,082,161.02 |
2,907,225.09 |
|
Total Liabilities |
34,082,161.02 |
2,907,225.09 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
5,516,942.78 |
1,342,987.43 |
|
Total Shareholders' Equity |
7,516,942.78 |
3,342,987.43 |
|
Total Liabilities &
Shareholders' Equity |
41,599,103.80 |
6,250,212.52 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
74,345,408.55 |
15,624,163.70 |
|
Other Income |
6,182,278.95 |
10,484,967.74 |
|
Total Revenues |
80,527,687.50 |
26,109,131.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
58,055,395.78 |
12,490,661.09 |
|
Selling Expenses |
5,896,319.19 |
1,017,744.64 |
|
Administrative Expenses |
10,964,176.63 |
10,755,112.41 |
|
Total Expenses |
74,915,891.60 |
24,263,518.14 |
|
Profit / [Loss] before Income Tax |
5,611,795.90 |
1,845,613.30 |
|
Income Tax |
[1,437,840.55] |
[340,419.74] |
|
Net Profit / [Loss] |
4,173,955.35 |
1,505,193.56 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
2.13 |
|
QUICK RATIO |
TIMES |
0.92 |
#VALUE! |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
156.44 |
251.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
2.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
107.44 |
79.78 |
|
RECEIVABLES TURNOVER |
TIMES |
3.40 |
4.58 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
205.24 |
84.95 |
|
CASH CONVERSION CYCLE |
DAYS |
(97.80) |
(5.18) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.09 |
79.94 |
|
SELLING & ADMINISTRATION |
% |
22.68 |
75.35 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
30.23 |
87.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.55 |
11.81 |
|
NET PROFIT MARGIN |
% |
5.61 |
9.63 |
|
RETURN ON EQUITY |
% |
55.53 |
45.03 |
|
RETURN ON ASSET |
% |
10.03 |
24.08 |
|
EARNING PER SHARE |
BAHT |
208.70 |
75.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.53 |
0.87 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
375.84 |
|
|
OPERATING PROFIT |
% |
204.06 |
|
|
NET PROFIT |
% |
177.30 |
|
|
FIXED ASSETS |
% |
664.77 |
|
|
TOTAL ASSETS |
% |
565.56 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.23 |
Impressive |
Industrial
Average |
7.91 |
|
Net Profit Margin |
5.61 |
Impressive |
Industrial
Average |
0.91 |
|
Return on Assets |
10.03 |
Impressive |
Industrial
Average |
4.02 |
|
Return on Equity |
55.53 |
Impressive |
Industrial
Average |
12.10 |
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 30.23%. 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 5.61%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator 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. Return on Assets ratio is
10.03%, 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.
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 55.53%, 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 |
1.20 |
Satisfactory |
Industrial
Average |
1.42 |
|
Quick Ratio |
0.92 |
|
|
|
|
Cash Conversion Cycle |
(97.80) |
|
|
|
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 1.2 times in 2011, decreased from 2.13 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 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 -98 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
4.53 |
Risky |
Industrial
Average |
1.76 |
|
Times Interest Earned |
- |
|
Industrial
Average |
2.38 |
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 0.82 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 |
156.44 |
Impressive |
Industrial
Average |
16.27 |
|
Total Assets Turnover |
1.79 |
Deteriorated |
Industrial
Average |
4.50 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
12.02 |
|
Receivables Conversion Period |
107.44 |
|
|
|
|
Receivables Turnover |
3.40 |
Deteriorated |
Industrial
Average |
6.99 |
|
Payables Conversion Period |
205.24 |
|
|
|
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.54.34 |
|
|
1 |
Rs.86.96 |
|
Euro |
1 |
Rs.69.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.