MIRA INFORM REPORT
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Report No. : |
331487 |
|
Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
JP SUCCESS LOGISTIC CO., LTD. |
|
|
|
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Registered Office : |
289/154 Moo 6,
T. Tungsukla, A. Sriracha,
Chonburi 20230 |
|
|
|
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
28.05.2014 |
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Com. Reg. No.: |
0205557018474 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in
importing and distributing
various kinds of fruits and vegetables
such as oranges and shallots. |
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No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. The Thai government in
2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed new tax reforms designed to lower rates on middle-income earners. The
Thai baht has remained stable.
|
Source
: CIA |
Company
Name
JP SUCCESS LOGISTIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 289/154 MOO 6, T.
TUNGSUKLA, A. SRIRACHA,
CHONBURI 20230,
THAILAND
TELEPHONE : [66] 38
117-536, 083 084-7273
FAX : [66] 38
177-536
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2014
REGISTRATION NO. : 0205557018474
TAX ID NO. : 3036485902
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 : MS.
PRAPHAI ORTAN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 5
LINES OF BUSINESS : FRUITS AND
VEGETABLES
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 May
28, 2014 as
a private limited
company under the
registered name JP SUCCESS
LOGISTIC CO., LTD., by Thai
group, with the business
objective to import
and distribute various kinds
of fruits and vegetables
to domestic market. It currently
employs 5 staff.
The subject’s registered address
is 289/154 Moo 6, T. Tungsukla, A. Sriracha,
Chonburi 20230, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Praphai Ortan |
|
Thai |
33 |
|
Mr. Wanlop Khupkunkan |
|
Thai |
35 |
|
Ms. Pronpimon Jantet |
|
Thai |
23 |
AUTHORIZED PERSON
Anyone of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Praphai Ortan is
the Managing Director.
She is Thai
nationality with the
age of 33 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing various
kinds of fruits
and vegetables such as
oranges and shallots.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, in Republic
of China, Taiwan
and India.
SALES
100% of the products
is sold locally
by wholesale to
traders 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
according to 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
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 5 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
The subject was
established in May 2014. The
subject reported active
business in its first
year operation, while
its business growth in
the first six month of
2015 was flat.
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 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Praphai Ortan Nationality: Thai Address : 289/154 Moo
6, T. Tungsukla, A. Sriracha, Chonburi |
6,000 |
60.00 |
|
Mr. Wanlop Khupkunkan Nationality: Thai Address : 289/154 Moo
6, T. Tungsukla, A. Sriracha,
Chonburi |
2,000 |
20.00 |
|
Ms. Pronpimon Jantet Nationality: Thai Address : 29/90
Moo 5, T. Tungsukla, A. Sriracha, Chonburi |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Pornpaka Paisittanakorn No. 7571
BALANCE SHEET
[BAHT]
The latest financial
figures published for December 31,
2014 was :
ASSETS
|
Current Assets |
2014 |
|
|
|
|
Cash and Cash Equivalents
|
925,220.27 |
|
Other Current Assets
|
22,500.00 |
|
|
|
|
Total Current Assets
|
947,720.27 |
|
|
|
|
Long-term Loans |
1,700,000.00 |
|
Fixed Assets |
2,409.95 |
|
Total Assets |
2,650,130.22 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
|
|
|
|
Other Payable |
394,271.55 |
|
|
|
|
Total Current Liabilities |
394,271.55 |
|
Total Liabilities |
394,271.55 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
|
|
|
|
Capital Paid |
1,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
1,255,858.67 |
|
Total Shareholders' Equity |
2,255,858.67 |
|
Total Liabilities &
Shareholders' Equity |
2,650,130.22 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
May 28,
2014 - Dec. 31,
2014 |
|
|
|
|
Sales Income |
134,800,811.75 |
|
Other Income |
22,801.38 |
|
Total Revenues |
134,823,613.13 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
133,116,508.50 |
|
Selling Expenses |
121,617.15 |
|
Total Expenses |
133,238,125.65 |
|
|
|
|
Profit / [Loss] before Income Tax
|
1,585,487.48 |
|
Income Tax |
[329,628.81] |
|
Net Profit / [Loss] |
1,255,858.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
2.40 |
|
QUICK RATIO |
TIMES |
2.35 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
55,935.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
50.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
COST OF GOODS SOLD |
% |
98.75 |
|
SELLING & ADMINISTRATION |
% |
0.09 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
1.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.18 |
|
NET PROFIT MARGIN |
% |
0.93 |
|
RETURN ON EQUITY |
% |
55.67 |
|
RETURN ON ASSET |
% |
47.39 |
|
EARNING PER SHARE |
BAHT |
125.59 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.15 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.17 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.27 |
Deteriorated |
Industrial Average |
26.02 |
|
Net Profit Margin |
0.93 |
Impressive |
Industrial Average |
(0.54) |
|
Return on Assets |
47.39 |
Impressive |
Industrial Average |
1.12 |
|
Return on Equity |
55.67 |
Impressive |
Industrial Average |
2.92 |
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 1.27%. 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 0.93%,
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 Return on
Assets ratio is 47.39%, 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 55.67%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.40 |
Impressive |
Industrial Average |
2.18 |
|
Quick Ratio |
2.35 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 2.4 times in 2014, 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 2.35 times in 2014,
although excluding inventory so the company still have good short-term
financial strength.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.17 |
Impressive |
Industrial Average |
1.28 |
|
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 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 0.15 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
55,935.11 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
50.87 |
Impressive |
Industrial Average |
4.08 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
8.28 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
7.67 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 50.87 times in 2014.
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.