MIRA INFORM REPORT
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Report No. : |
355395 |
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Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JFE SHOJI TRADE [THAILAND] LTD.
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Formerly Known As : |
KAWASHO CORPORATION [THAILAND] LTD. |
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Registered Office : |
18th Floor, Ramaland
Building, 952 Rama 4
Road, Suriyawongse, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
09.01.1975 |
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Com. Reg. No.: |
0105518000234 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in
importing, distributing and
exporting, as well as
commissioning agency wide
range of industrial
products such as
metal products, heavy
machinery, industrial tools,
instrument & vessels
equipment’s, industrial chemical,
materials, foodstuff, consumer
goods. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but correct |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
JFE SHOJI TRADE [THAILAND] LTD.
[FORMER: KAWASHO CORPORATION
[THAILAND] LTD.]
SUMMARY
BUSINESS ADDRESS : 18th
FLOOR, RAMALAND BUILDING,
952 RAMA
4 ROAD, SURIYAWONGSE,
BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2632-9200
FAX : [66] 2632-9720-2
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1975
REGISTRATION NO. : 0105518000234
TAX ID NO. : 3101047172
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
JAPANESE :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. YOSHITSUGU KOBAYASHI,
JAPANESE
MANAGING DIRECTOR
NO. OF STAFF : 40
LINES OF
BUSINESS : INTERNATIONAL TRADING
COMPANY AND COMMISSION
AGENCY IMPORTER, DISTRIBUTOR
AND EXPORTER
|
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 January 9,
1975 as a private limited
company under the
originally registered name “Rio
International [Thailand] Co., Ltd.”, by
Thai and Japanese groups.
On February 18, 1999, its registered
name was changed to “Kawasho Corporation [Thailand] Ltd.”, and was finally changed to JFE SHOJI TRADE
[THAILAND] LTD., on September 30,
2004. Its objective
is to be engaged in
international trading and commission agency for wide
range of industrial
products. It currently employs
approximately 40 staff.
The major shareholders
are JFE Shoji
Trade Corporation, Japan
and Kawasho Foods
[Thailand] Ltd., Thailand,
with holding around
49% and 25.49% of
the subject’s shares
respectively.
The subject’s registered
address is 18th Floor,
Ramaland Building, 952
Rama 4 Road,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
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Mr. Yoshitsugu Kobayashi |
[x] |
Japanese |
57 |
|
Mr. Sumio Kanazawa |
|
Japanese |
62 |
|
Mr. Ken Kageura |
[x] |
Japanese |
48 |
|
Mr. Yukio Okamoto |
[x] |
Japanese |
46 |
AUTHORIZED PERSON
Anyone of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yoshitsugu Kobayashi
is the Managing
Director.
He is Japanese
nationality with the
age of 57 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing, distributing and
exporting, as well as
commissioning agency wide
range of industrial
products such as
metal products, heavy
machinery, industrial tools,
instrument & vessels
equipments, industrial chemical,
materials, foodstuff, consumer
goods.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas in Japan,
Australia, Republic of
China, India and
Germany.
MAJOR SUPPLIERS
JFE Shoji Trade
Corporation : Japan
Central Metals [Thailand]
Ltd. : Thailand
SALES
The products are sold
and serviced by
wholesale to traders,
manufacturers and end-users
of both local
and overseas in Myanmar, Vietnam,
Laos and Malaysia.
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
according to the
past two years.
CREDIT
Sales and services
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
The Bank of
Tokyo Mitsubishi UFJ
Ltd.
EMPLOYMENT
The subject employs
approximately 40 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area
Branch office is
located at 6th Floor,
Room 6B05, Harbor
Office Building, 4/222
Moo 10, Sukhumvit
Road, T. Thungsuhla, A. Sriracha,
Chonburi 20230.
Tel. No. [66] 38 400-509,
Fax. No. [66] 38 400-448.
There is also
an overseas branch
in Yangon, Myanmar.
COMMENT
The company is
one of the
leading suppliers of
industrial products ranging
from heavy machinery to
consumer goods. Its
performance in the
past year was
played an important
role in Thailand
industry. The subject’s
business had strongly
grown in the
previous year.
The subject’s business is
solid.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
2,000 shares of
Bht. 1,000
each with fully
paid.
The capital was
increased later as
follows:
Bht. 4,000,000
on August 13,
1991
Bht. 14,000,000
on March 20,
2003
Bht. 20,000,000
on September 1,
2004
The latest registered
capital was increased
to Bht. 20,000,000
divided into 20,000
shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
JFE Shoji Trade
Corporation Nationality: Japanese Address : 6-20, Dojima 1, Kita-ku, Osaka, Japan |
9,800 |
49.00 |
|
Kawasho Foods [Thailand]
Ltd. Nationality: Thai Address : 952
Rama 4 Road, Suriyawongse, Bangrak, Bangkok
|
5,098 |
25.49 |
|
Central Metals [Thailand]
Ltd. Nationality: Thai Address : 639, 644
Moo 4, Soi
5, Sukhumvit Road,
Praeksa, Muang, Samutprakarn |
3,062 |
15.31 |
|
JFE Shoji Electronics
[Thailand] Ltd. Nationality: Thai Address : 65/173-174
Rama 9 Road, Huaykwang, Bangkok |
2,000 |
10.00 |
|
Mr. Udom Siripipat Nationality: Thai Address : 94/1177 Moo
4, Bangkaenua, Bangkae, Bangkok |
40 |
0.20 |
Total Shareholders : 5
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,200 |
51.00 |
|
Foreign - Japanese |
1 |
9,800 |
49.00 |
|
Total |
5 |
20,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Sumalee Reevarabundit No.
3970
BALANCE SHEET (BAHT)
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
35,017,193 |
104,956,711 |
11,337,593 |
|
Trade Accounts &
Other Receivable |
3,996,717.00 |
681,402,558 |
354,376,759 |
|
Short-term Loan to Related Company |
- |
50,000,000 |
- |
|
Inventories |
887,240,117 |
257,965,621 |
121,624,838 |
|
Other Current Assets
|
26,752,610 |
749,056,310 |
276,843,265 |
|
|
|
|
|
|
Total Current Assets
|
4,945,726,920 |
1,843,381,200 |
764,182,455 |
|
|
|
|
|
|
Investment in Subsidiaries |
172,148,469 |
172,148,469 |
172,148,469 |
|
Investment in Associated
Company |
100,834,000 |
100,834,000 |
100,834,000 |
|
Long-term Investment
|
21,995,000 |
21,995,000 |
21,995,000 |
|
Fixed Assets |
6,208,889 |
2,028,926 |
1,449,365 |
|
Intangible Assets |
6,225,740 |
3,260,717 |
3,502,671 |
|
Other Non-current Assets |
3,514,614 |
3,468,996 |
2,660,483 |
|
Total Assets |
5,256,653,632 |
2,147,117,308 |
1,066,772,443 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
1,881,367,857 |
451,500,000 |
95,000,000 |
|
Trade Accounts & Other
Payable |
2,554,036,695 |
208,286,175 |
104,373,452 |
|
Short-term Loan from Related Company |
55,000,000 |
55,000,000 |
- |
|
Accrued Income Tax |
19,824,250 |
4,272,648 |
9,416,344 |
|
Other Current Liabilities |
10,414,640 |
839,080,398 |
282,864,829 |
|
|
|
|
|
|
Total Current Liabilities |
4,520,643,442 |
1,558,139,221 |
491,654,625 |
|
|
|
|
|
|
Employee Benefits Obligation |
2,279,941 |
1,738,456 |
1,593,978 |
|
Total Liabilities |
4,522,923,383 |
1,559,877,677 |
493,248,603 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized and
issued share
capital 20,000 shares |
20,000,000 |
20,000,000 |
20,000,000 |
|
|
|
|
|
|
Capital Paid |
20,000,000 |
20,000,000 |
20,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
2,000,000 |
2,000,000 |
2,000,000 |
|
Unappropriated |
711,730,249 |
565,239,631 |
551,523,840 |
|
Total Shareholders' Equity |
733,730,249 |
587,239,631 |
573,523,840 |
|
Total Liabilities &
Shareholders' Equity |
5,256,653,632 |
2,147,117,308 |
1,066,772,443 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
15,065,267,251 |
2,922,228,764 |
2,327,093,928 |
|
Service Income |
28,552,420 |
23,080,768 |
3,006,476 |
|
Other Income |
60,549,470 |
69,313,720 |
85,640,945 |
|
Total Revenues |
15,154,369,141 |
3,014,623,252 |
2,415,741,349 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
14,749,067,014 |
2,831,021,751 |
2,235,907,398 |
|
Selling Expenses |
27,121,624 |
21,693,384 |
274,136 |
|
Administrative Expenses |
23,617,978 |
5,177,792 |
5,599,987 |
|
Other Expenses |
135,093,912 |
104,695,031 |
95,529,694 |
|
Total Expenses |
14,934,900,528 |
2,962,587,958 |
2,337,311,215 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
219,468,613 |
52,035,294 |
78,430,134 |
|
Financial Cost |
[38,887,173] |
[6,481,640] |
[4,221,010] |
|
Profit / [Loss] before Income
Tax |
180,581,440 |
45,553,654 |
74,209,124 |
|
Income Tax |
[34,090,822] |
[8,786,863] |
[16,581,966] |
|
|
|
|
|
|
Net Profit / [Loss] |
146,490,618 |
36,766,791 |
57,627,158 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.09 |
1.18 |
1.55 |
|
QUICK RATIO |
TIMES |
0.89 |
0.54 |
0.74 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,431.00 |
1,451.66 |
1,607.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.87 |
1.37 |
2.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
21.96 |
33.26 |
19.85 |
|
INVENTORY TURNOVER |
TIMES |
16.62 |
10.97 |
18.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.10 |
84.44 |
55.51 |
|
RECEIVABLES TURNOVER |
TIMES |
3,776.55 |
4.32 |
6.58 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
63.21 |
26.85 |
17.04 |
|
CASH CONVERSION CYCLE |
DAYS |
(41.15) |
90.85 |
58.33 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.72 |
96.12 |
95.96 |
|
SELLING & ADMINISTRATION |
% |
0.34 |
0.91 |
0.25 |
|
INTEREST |
% |
0.26 |
0.22 |
0.18 |
|
GROSS PROFIT MARGIN |
% |
2.69 |
6.23 |
7.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.45 |
1.77 |
3.37 |
|
NET PROFIT MARGIN |
% |
0.97 |
1.25 |
2.47 |
|
RETURN ON EQUITY |
% |
19.97 |
6.26 |
10.05 |
|
RETURN ON ASSET |
% |
2.79 |
1.71 |
5.40 |
|
EARNING PER SHARE |
BAHT |
7,324.53 |
1,838.34 |
2,881.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.73 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.16 |
2.66 |
0.86 |
|
TIME INTEREST EARNED |
TIMES |
5.64 |
8.03 |
18.58 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
412.47 |
26.40 |
|
|
OPERATING PROFIT |
% |
321.77 |
(33.65) |
|
|
NET PROFIT |
% |
298.43 |
(36.20) |
|
|
FIXED ASSETS |
% |
206.02 |
39.99 |
|
|
TOTAL ASSETS |
% |
144.82 |
101.27 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 412.47%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.69 |
Deteriorated |
Industrial Average |
14.51 |
|
Net Profit Margin |
0.97 |
Deteriorated |
Industrial Average |
2.15 |
|
Return on Assets |
2.79 |
Deteriorated |
Industrial Average |
11.90 |
|
Return on Equity |
19.97 |
Acceptable |
Industrial Average |
36.37 |
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 2.69%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 0.97%.
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 2.79%.
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 19.97%.
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 |
1.09 |
Satisfactory |
Industrial Average |
1.35 |
|
Quick Ratio |
0.89 |
|
|
|
|
Cash Conversion Cycle |
(41.15) |
|
|
|
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 1.09 times in 2014, decreased from 1.18 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 0.89 times in 2014,
increased from 0.54 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 -42 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
6.16 |
Risky |
Industrial Average |
1.96 |
|
Times Interest Earned |
5.64 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 5.65 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 0.86 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,431.00 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.87 |
Acceptable |
Industrial Average |
5.54 |
|
Inventory Conversion Period |
21.96 |
|
|
|
|
Inventory Turnover |
16.62 |
Satisfactory |
Industrial Average |
17.86 |
|
Receivables Conversion Period |
0.10 |
|
|
|
|
Receivables Turnover |
3,776.55 |
Impressive |
Industrial Average |
9.39 |
|
Payables Conversion Period |
63.21 |
|
|
|
The company's Account Receivable Ratio is calculated as 3,776.55 and
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 decreased from 33 days at the
end of 2013 to 22 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 10.97 times in year 2013 to 16.62
times in year 2014.
The company's Total Asset Turnover is calculated as 2.87 times and 1.37
times in 2014 and 2013 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.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
Thai Baht |
1 |
Rs.1.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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.