MIRA
INFORM REPORT
|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
J & P INTERTRADE CO., LTD. |
|
|
|
|
Registered Office : |
385, 387, 389
Moo 12, Soi
Suksawas 82, Suksawas
Road, T. Naiklongbangplakod, A.
Phrasamutjedee,
Samutprakarn 10290 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.03.1985 |
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|
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Com. Reg. No.: |
0105528008858 |
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Legal Form : |
PRIVATE LIMITED COMPANY |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter
of Leather Goods |
|
|
|
|
No. of Employees : |
350 |
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 |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries,
|
Source
: CIA |
company name
J & P INTERTRADE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 385, 387, 389
MOO 12, SOI
SUKSAWAS 82,
SUKSAWAS
ROAD, T. NAIKLONGBANGPLAKOD, A.
PHRASAMUTJEDEE, SAMUTPRAKARN 10290,
THAILAND
TELEPHONE : [66] 816-3182-5
FAX : [66] 816-3181
E-MAIL ADDRESS : gian@inet.co.th
supatat@j-pgroup.com
REGISTRATION ADDRESS : 16 SOI SOONVIJAI
14, NEW PETCHBURI
ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK
ESTABLISHED : 1985
REGISTRATION NO. : 0105528008858
TAX ID NO. : 3101353082
CAPITAL REGISTERED : BHT.
10,000,000
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. PIYA BENYASARN,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 350
LINES OF BUSINESS : LEATHER GOODS
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 March
11, 1985 as
a private limited
company under the name style J & P INTERTRADE
CO., LTD., by Thai
groups, with the business
objective to manufacture
and distribute leather
goods to both
domestic and overseas
markets. It currently
employs approximately 350
staff.
The subject’s registered
address is 16
Soi Soonvijai 14,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok,
while the current
operation address is
located at 385,
387, 389 Moo
12, Soi Suksawas
82, Suksawas Rd., T.
Naiklongbangplakod, A. Phrasamutjedee, Samutprakarn
10290.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Piya Benyasarn |
[x] |
Thai |
54 |
|
Mr. Supatat Benyasarn |
|
Thai |
- |
|
Ms. Jirarat Wongkoltoot |
|
Thai |
53 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or both of
the rest directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Piya Benyasarn
is the Managing
Director.
He is Thai
nationality with the age of
54 years old.
Mr. Supatat Benyasarn is
the Deputy Managing
Director.
He is Thai
nationality.
Ms. Jirarat Wongkoltoot
is the Sales
Manager.
She is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting leather
goods such as
handbag, wallet, purse,
travelling bag, luggage,
belt, business case
and etc., under
its own brand “GIAN
FERRENTE” and under
the license’s brand
“HELLO KITTY”.
PURCHASE
Raw materials such
as leather, fabric,
PVC sheets and
accessories are purchased
from both local
and overseas suppliers
in Italy, France, Taiwan, Republic of China
and Japan.
SALES
60% of the
products is sold
locally to wholesalers,
retailers and end-users,
and the remaining
40% is exported
to European Union,
Asia and Middle
East.
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
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co., Ltd.
EMPLOYMENT
The subject employs
350 staff. [office
staff, sales staff
and factory workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse at
the heading address.
Premise is located
in industrial area.
The subject has
several counter sales
in leading department
stores as the followings:
- Tokyu Department
Store
- Central Department
Stores
- Robinson Department
Stores
- The Mall
Department Stores
- King Power Duty Free Shop
- The Emporium
- Central City
Bangna
- The Siam
Paragon
COMMENT
The subject produces good quality
products in which
are able to compare with international
brands. Its products
have been spread over
all leading department
stores in the
country as well
as exports to
international markets.
Today Gian Ferrente
has become a
globally elegant brand.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 200,000 divided into 2,000
shares of Bht.
100 each.
On August 24,
2001, the capital
was increased to
Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Piya Benyasarn Nationality: Thai Address : 16
Soi Soonvijai 14,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
26,000 |
26.00 |
|
Ms. Jirarat Wongkoltoot Nationality: Thai Address : 395/12
Soi Banbatr, Bamrungmuang Rd.,
Bangbatr,
Pomprabsattrupai, Bangkok |
26,000 |
26.00 |
|
Mr. Supatat Benyasarn Nationality: Thai Address : 395/12
Soi Banbatr, Bamrungmuang Rd.,
Bangbatr,
Pomprabsattrupai, Bangkok |
24,000 |
24.00 |
|
Ms. Supalak Benyasarn Nationality: Thai Address : 16
Soi Soonvijai 14,
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
24,000 |
24.00 |
Total Shareholders : 4
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
100,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Decha Thippawang
No. 8483
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,885,748.66 |
1,238,161.89 |
1,251,005.58 |
|
Trade Accounts & Other Receivable |
18,804,594.98 |
12,827,763.58 |
4,187,110.54 |
|
Inventories |
14,387,069.35 |
13,098,484.00 |
11,709,436.50 |
|
Other Current Assets
|
237,350.03 |
- |
- |
|
|
|
|
|
|
Total Current Assets
|
38,314,763.02 |
27,164,409.47 |
17,147,552.62 |
|
|
|
|
|
|
Fixed Assets |
1,036,633.43 |
1,122,329.02 |
595,492.03 |
|
Other Non-current Assets |
4,015,047.88 |
4,366,763.88 |
4,663,695.84 |
|
Total Assets |
43,366,444.33 |
32,653,502.37 |
22,406,740.49 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
18,309,204.22 |
13,684,874.74 |
- |
|
Trade Accounts & Other Payable
|
348,856.92 |
2,295,135.40 |
1,844,875.05 |
|
Promissory Notes |
- |
- |
7,137,106.18 |
|
Accrued Expenses |
- |
- |
334,944.44 |
|
Other Current Liabilities |
5,859,870.29 |
1,687,849.91 |
- |
|
|
|
|
|
|
Total Current Liabilities |
24,517,931.43 |
17,667,860.05 |
9,316,925.67 |
|
Long-term Loan |
10,716,274.98 |
8,175,783.36 |
- |
|
Debenture |
- |
- |
4,259,323.66 |
|
Total Liabilities |
35,234,206.41 |
25,843,643.41 |
13,576,249.33 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
1,867,762.08 |
3,190,141.04 |
[1,169,508.84] |
|
Total Shareholders' Equity |
8,132,237.92 |
6,809,858.96 |
8,830,491.16 |
|
Total Liabilities & Shareholders' Equity |
43,366,444.33 |
32,653,502.37 |
22,406,740.49 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
81,090,098.46 |
79,401,150.80 |
72,978,099.05 |
|
Other Income |
106,351.95 |
44,489.73 |
10,840.02 |
|
Total Revenues |
81,196,750.41 |
79,445,640.53 |
72,988,939.07 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
46,352,342.26 |
45,725,923.16 |
42,788,437.00 |
|
Selling Expenses |
7,908,236.46 |
8,326,162.89 |
- |
|
Administrative Expenses |
23,122,898.61 |
24,604,391.31 |
29,127,054.26 |
|
Total Expenses |
77,383,477.33 |
78,656,477.36 |
71,915,491.26 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
3,813,273.08 |
789,163.17 |
1,073,447.81 |
|
Financial Cost |
[2,490,894.12] |
[2,809,795.37] |
[1,701,810.45] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,322,378.96 |
[2,020,632.20] |
[628,362.64] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.56 |
1.54 |
1.84 |
|
QUICK RATIO |
TIMES |
0.97 |
0.80 |
0.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
78.22 |
70.75 |
122.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.87 |
2.43 |
3.26 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
113.29 |
104.56 |
99.89 |
|
INVENTORY TURNOVER |
TIMES |
3.22 |
3.49 |
3.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
84.64 |
58.97 |
20.94 |
|
RECEIVABLES TURNOVER |
TIMES |
4.31 |
6.19 |
17.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.75 |
18.32 |
15.74 |
|
CASH CONVERSION CYCLE |
DAYS |
195.19 |
145.20 |
105.09 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
57.16 |
57.59 |
58.63 |
|
SELLING & ADMINISTRATION |
% |
38.27 |
41.47 |
39.91 |
|
INTEREST |
% |
3.07 |
3.54 |
2.33 |
|
GROSS PROFIT MARGIN |
% |
42.97 |
42.47 |
41.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.70 |
0.99 |
1.47 |
|
NET PROFIT MARGIN |
% |
1.63 |
(2.54) |
(0.86) |
|
RETURN ON EQUITY |
% |
16.26 |
(29.67) |
(7.12) |
|
RETURN ON ASSET |
% |
3.05 |
(6.19) |
(2.80) |
|
EARNING PER SHARE |
BAHT |
13.22 |
(20.21) |
(6.28) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.79 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.33 |
3.80 |
1.54 |
|
TIME INTEREST EARNED |
TIMES |
1.53 |
0.28 |
0.63 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.13 |
8.80 |
|
|
OPERATING PROFIT |
% |
383.20 |
(26.48) |
|
|
NET PROFIT |
% |
165.44 |
(221.57) |
|
|
FIXED ASSETS |
% |
(7.64) |
88.47 |
|
|
TOTAL ASSETS |
% |
32.81 |
45.73 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 2.13%. Turnover
has increased from THB 79,401,150.80 in 2011 to THB 81,090,098.46 in 2012.
While net profit has increased from THB
-2,020,632.20 in 2011 to THB 1,322,378.96 in 2012. And total assets has
increased from THB 32,653,502.37 in 2011 to THB 43,366,444.33 in 2012.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
42.97 |
Impressive |
Industrial Average |
10.50 |
|
Net Profit Margin |
1.63 |
Impressive |
Industrial Average |
0.36 |
|
Return on Assets |
3.05 |
Impressive |
Industrial Average |
0.58 |
|
Return on Equity |
16.26 |
Impressive |
Industrial Average |
2.38 |
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 42.97%. When compared with the industry average, the
ratio of the company was higher, 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 1.63%, 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
3.05%, 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 16.26%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.56 |
Impressive |
Industrial Average |
1.23 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
195.19 |
|
|
|
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 1.56 times in 2012, increased from 1.54 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 0.97 times in 2012,
increased from 0.8 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 196 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial Average |
0.74 |
|
Debt to Equity Ratio |
4.33 |
Risky |
Industrial Average |
2.74 |
|
Times Interest Earned |
1.53 |
Impressive |
Industrial Average |
- |
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 1.54 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 0.81 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 Downtrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
78.22 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.87 |
Impressive |
Industrial Average |
1.63 |
|
Inventory Conversion Period |
113.29 |
|
|
|
|
Inventory Turnover |
3.22 |
Satisfactory |
Industrial Average |
4.02 |
|
Receivables Conversion Period |
84.64 |
|
|
|
|
Receivables Turnover |
4.31 |
Impressive |
Industrial Average |
2.13 |
|
Payables Conversion Period |
2.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.31 and 6.19 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 105 days at the
end of 2011 to 113 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.49 times in year 2011 to 3.22 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.87 times and 2.43
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.