MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAGOTA [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
Suite 1406-7, 14th Floor, 42 Tower, 65 Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok 10110, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.08.1999 |
|
|
|
|
Com. Reg. No.: |
0105542060152 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
importing and distributing wide
range of food
products including fresh
& dry foods and
frozen seafood |
|
|
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND ECONOMIC OVERVIEW
|
Source
: CIA |
Company
name and address
JAGOTA
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
1406-7, 14th FLOOR,
42 TOWER,
65
SUKHUMVIT
42 ROAD,
PRAKANONG,
KLONGTOEY,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2712-3266-75
FAX :
[66] 2712-3276-7
E-MAIL
ADDRESS : contact_bangkok@jagota.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
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
20 staff.
The
subject’s registered address
is Suite 1406-7,
14th Flr., 42
Tower, 65 Sukhumvit
42 Rd., Prakanong, Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anand Jagota |
|
Thai |
42 |
|
Mr. Gopal Jagota |
|
Thai |
38 |
|
Mr. Asoke Jagota |
|
Thai |
66 |
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 42
years old.
Mr. Gopal Jagota
is the Business
Development Manager.
He is Thai nationality with
the age of 38 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 & 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 and 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
Snacks
- Potato products
and 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,
Belgium, Republic of China,
Hong
Kong, India 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
Callebaut
N.V. : Belgium
Dirafrosa
Frozen Fruit Industry
N.V. : Belgium
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, Big C
SuperCenter 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. Despite current domestic
consumption is slow,
and consumers’ spending is limited
caused by economic
slowdown from political
turmoil, the subject
still maintains its
active business.
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, 2014]
|
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,
2014]
|
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, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
3,771,602.19 |
4,395,845.97 |
9,428,331.05 |
|
Trade Account & Other
Receivable |
19,653,627.93 |
13,695,202.22 |
21,883,737.60 |
|
Other Current Assets
|
11,927,939.80 |
9,680,294.16 |
9,727,787.45 |
|
Total Current Assets
|
35,353,169.92 |
27,771,342.35 |
41,039,856.10 |
|
|
|
|
|
|
Fixed Assets |
1,084,004.27 |
707,570.36 |
475,247.70 |
|
Other Non-current Assets |
90,000.00 |
148,009.51 |
84,000.00 |
|
Total Assets |
36,527,174.19 |
28,626,922.22 |
41,599,103.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Account & Other
Payable |
24,512,473.26 |
17,775,076.78 |
32,645,115.97 |
|
Accrued Income Tax |
6,733.91 |
207,930.61 |
1,437,045.05 |
|
Total Current Liabilities |
24,519,207.17 |
17,983,007.39 |
34,082,161.02 |
|
Other Non-current Liabilities |
42,000.00 |
33,000.00 |
- |
|
Total Liabilities |
24,561,207.17 |
18,016,007.39 |
34,082,161.02 |
|
|
|
|
|
|
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 |
2,000,000.00 |
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated
|
9,965,967.02 |
8,610,914.83 |
5,516,942.78 |
|
Total Shareholders' Equity |
11,965,967.02 |
10,610,914.83 |
7,516,942.78 |
|
Total Liabilities & Shareholders' Equity |
36,527,174.19 |
28,626,922.22 |
41,599,103.80 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
85,546,750.42 |
79,552,839.99 |
74,345,408.55 |
|
Other Income |
3,344,183.75 |
1,386,532.19 |
6,182,278.95 |
|
Total Revenues |
88,890,937.17 |
80,939,372.18 |
80,527,687.50 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
63,901,341.90 |
57,283,301.23 |
58,055,395.78 |
|
Selling Expenses |
19,267,366.88 |
16,859,491.96 |
5,896,319.19 |
|
Administrative Expenses |
4,028,410.15 |
2,738,151.81 |
10,964,176.63 |
|
Total Expenses |
87,197,118.93 |
76,880,945.00 |
74,915,891.60 |
|
Profit / [Loss] before Financial Cost & Income Tax |
1,693,815.24 |
4,058,427.18 |
5,611,795.90 |
|
Financial Cost |
- |
[8,783.91] |
- |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,693,815.24 |
4,049,643.27 |
5,611,795.90 |
|
Income Tax |
[338,763.05] |
[955,671.22] |
[1,437,840.55] |
|
Net Profit / [Loss] |
1,355,052.19 |
3,093,972.05 |
4,173,955.35 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.44 |
1.54 |
1.20 |
|
QUICK RATIO |
TIMES |
0.96 |
1.01 |
0.92 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
78.92 |
112.43 |
156.44 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.34 |
2.78 |
1.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.86 |
62.84 |
107.44 |
|
RECEIVABLES TURNOVER |
TIMES |
4.35 |
5.81 |
3.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
140.01 |
113.26 |
205.24 |
|
CASH CONVERSION CYCLE |
DAYS |
(56.16) |
(50.42) |
(97.80) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.70 |
72.01 |
78.09 |
|
SELLING & ADMINISTRATION |
% |
27.23 |
24.63 |
22.68 |
|
INTEREST |
% |
- |
0.01 |
- |
|
GROSS PROFIT MARGIN |
% |
29.21 |
29.74 |
30.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.98 |
5.10 |
7.55 |
|
NET PROFIT MARGIN |
% |
1.58 |
3.89 |
5.61 |
|
RETURN ON EQUITY |
% |
11.32 |
29.16 |
55.53 |
|
RETURN ON ASSET |
% |
3.71 |
10.81 |
10.03 |
|
EARNING PER SHARE |
BAHT |
67.75 |
154.70 |
208.70 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.63 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.05 |
1.70 |
4.53 |
|
TIME INTEREST EARNED |
TIMES |
- |
462.03 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.53 |
7.00 |
|
|
OPERATING PROFIT |
% |
(58.26) |
(27.68) |
|
|
NET PROFIT |
% |
(56.20) |
(25.87) |
|
|
FIXED ASSETS |
% |
53.20 |
48.88 |
|
|
TOTAL ASSETS |
% |
27.60 |
(31.18) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 7.53%. Turnover has increased from THB 79,552,839.99
in 2012 to THB 85,546,750.42 in 2013. While net profit has decreased from THB
3,093,972.05 in 2012 to THB 1,355,052.19 in 2013. And total assets has
increased from THB 28,626,922.22 in 2012 to THB 36,527,174.19 in 2013.
PROFITABILITY : SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.21 |
Impressive |
Industrial
Average |
6.78 |
|
Net Profit Margin |
1.58 |
Satisfactory |
Industrial
Average |
2.11 |
|
Return on Assets |
3.71 |
Acceptable |
Industrial
Average |
5.65 |
|
Return on Equity |
11.32 |
Acceptable |
Industrial
Average |
17.26 |
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 29.21%. 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 1.58%.
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 3.71%.
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 11.32%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.44 |
Impressive |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.96 |
|
|
|
|
Cash Conversion Cycle |
(56.16) |
|
|
|
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 1.44 times in 2013, decreased 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 0.96 times in 2013,
decreased from 1.01 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 -57 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Impressive |
Industrial
Average |
0.77 |
|
Debt to Equity Ratio |
2.05 |
Satisfactory |
Industrial
Average |
3.53 |
|
Times Interest Earned |
- |
|
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.67 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
78.92 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.34 |
Satisfactory |
Industrial
Average |
2.67 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
7.72 |
|
Receivables Conversion Period |
83.86 |
|
|
|
|
Receivables Turnover |
4.35 |
Impressive |
Industrial
Average |
4.09 |
|
Payables Conversion Period |
140.01 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.35 and 5.81 in
2013 and 2012 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 2013
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 2.34 times and 2.78
times in 2013 and 2012 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.