MIRA INFORM REPORT
|
Report No. : |
350758 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
JATURAPAN SALES AND SERVICE CO., LTD. |
|
|
|
|
Registered Office : |
1148, 1150 Soi Rama 2 Soi 43, Bangmod, Jomthong, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.10.2014 |
|
|
|
|
Date of Incorporation : |
10.11.1999 |
|
|
|
|
Com. Reg. No.: |
0125542007111 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Subject is engaged in importing and distributing various kinds of construction equipment, sanitary
and hardware equipment
including adhesives, silicone,
cutting tools, bathroom
accessories, welding equipment
and others, as
well as exporting
of the local
products. |
|
|
|
|
No. of Employee : |
10 |
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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|
|
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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 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
JATURAPAN SALES
AND SERVICE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1148, 1150 SOI
RAMA 2 SOI
43, BANGMOD,
JOMTHONG, BANGKOK
10150, THAILAND
TELEPHONE : [66] 098
257-0107-8
FAX :
[66] 2921-9510
E-MAIL
ADDRESS : info@jssthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0125542007111
TAX
ID NO. : 3030551191
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. POLNGAM JIRAJATURAPAK, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : CONSTRUCTION, SANITARY
AND
HARDWARE EQUIPMENT
IMPORTER, 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 November 10,
1999 as a
private limited company
under the registered
name JATURAPAN SALES
AND SERVICE CO.,
LTD., by Thai group, with
the business objective
to import and
distribute various kinds
of construction, sanitary
and hardware equipment for
domestic market. It
currently employs approximately
10 staff.
The
subject’s registered address is 1148, 1150 Soi Rama 2 Soi
43, Bangmod, Jomthong,
Bangkok 10150, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Polngam Jirajaturapak |
|
Thai |
45 |
|
Mr. Teerawat Jirajaturapak |
|
Thai |
68 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Polngam Jirajaturapak is
the Managing Director.
He is Thai nationality with
the age of 45 years
old.
BUSINESS
OPERATIONS
The subject is
engaged in importing and distributing
various kinds of construction
equipment, sanitary and
hardware equipment including
adhesives, silicone, cutting
tools, bathroom accessories,
welding equipment and
others, as well
as exporting of
the local products.
MAJOR
BRANDS
“DYNATEX”, “LOCTITE”,
“DEVCON”, “EPOXY 2 TON”
PURCHASE
The products are
purchased from both
local and overseas
suppliers in Republic
of China, Taiwan,
Japan, U.S.A. and
Germany.
MAJOR
SUPPLIER
ITW
Polymers and Adhesives
Inc. : U.S.A.
SALES
Most of the
products are sold
locally to wholesalers,
contractors and end-users,
the
remaining is exported
to Cambodia and
Myanmar.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Rama
2 Branch, 84/1-6 Mu 6, Rama 2 Road, Bang
Khunthien, Bangkok 10150]
Kasikornbank Public
Co., Ltd.
[Rama
2 Branch, 84/96/100 Rama 2 Road, Bangbon, Bangkok 10150]
EMPLOYMENT
The subject
employs approximately 10
staff.
LOCATION
DETAILS
The premise
is owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
Refer to
your given name “JATURPRAN SALES
SERVICE CO.”, please
be informed that
the correct name
is “JATURAPAN SALES
AND SERVICE CO.,
LTD.”.
COMMENT
The
subject operates as
an importer and
distributor of various kinds
of construction equipment,
sanitary and hardware
equipment as well
as exporter of
local products. Its
operating performance in 2014
was satisfactory with an
increase in both
sales revenue and
net profit comparing
to the previous
year. Generally, its
sales revenue has
been increased on
yearly basis. Despite of
economic slowdown, the
subject’s business is
growing steadily in
relation to the
high demand of the
products from construction
industry of both
local and overseas
markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on February 26,
2007
Bht. 3,000,000
on May 15,
2007
Bht. 5,000,000
on November 5,
2012
Bht. 10,000,000
on June 17,
2013
The
latest registered 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 February 28,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Polngam Jirajaturapak Nationality: Thai Address : 1799
Soi Kanchanapisek 008,
Bangkae, Bangkok |
94,800 |
94.80 |
|
Mr. Teerawat Jirajaturapak Nationality: Thai Address : 70/41
Moo 10, Bangmod,
Jomthong,
Bangkok |
4,600 |
4.60 |
|
Mrs. Thitima Saechia Nationality: Thai Address : 210/450
Ramkhamhaeng Road, Huamark,
Bangkapi, Bangkok |
200 |
0.20 |
|
Ms. Kwanruan Saechia Nationality: Thai Address : 70/42
Moo 10, Bangmod,
Jomthong,
Bangkok |
100 |
0.10 |
|
Ms. Passorn Saechia Nationality: Thai Address : 70/41
Moo 10, Bangmod,
Jomthong, Bangkok |
100 |
0.10 |
|
Mr. Somchai Laptaweepanya Nationality: Thai Address : 196
Moo 8, Rajburana,
Bangkok |
100 |
0.10 |
|
Mrs. Thitiya Lapkulapat Nationality: Thai Address : 22/18-19
Moo 10, T. Bangmaenang, A. Bangyai, Nonthaburi |
100 |
0.10 |
Total Shareholders : 7
Share Structure [as
at February 28,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Suratana Sangthong No.
5965
BALANCE SHEET [BAHT]
The latest financial figures published
as at October 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
277,392.46 |
35,170.96 |
99,509.37 |
|
Trade Accounts Receivable
|
29,295,020.25 |
10,410,980.83 |
3,107,458.84 |
|
Inventories |
27,076,529.35 |
16,339,162.54 |
14,570,435.29 |
|
Other Current Assets
|
294,579.05 |
48,795.77 |
107,946.47 |
|
|
|
|
|
|
Total Current Assets
|
56,943,521.11 |
26,834,110.10 |
17,885,349.97 |
|
|
|
|
|
|
Equipments |
2,918,525.92 |
504,800.41 |
715,601.34 |
|
Total Assets |
59,862,047.03 |
27,338,910.51 |
18,600,951.31 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
2,587,992.66 |
2,893,167.46 |
3,003,152.80 |
|
Trade Accounts Payable
|
27,893,591.47 |
11,093,322.01 |
6,504,608.69 |
|
Short-term Loan from Person or Related Company |
13,500,000.00 |
1,000,000.00 |
210,528.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
515,337.90 |
105,264.00 |
3,155,539.97 |
|
Accrued Income Tax |
143,487.94 |
63,622.15 |
120,051.76 |
|
Other Current Liabilities |
1,066,996.41 |
45,118.68 |
498,292.79 |
|
|
|
|
|
|
Total Current Liabilities |
45,707,406.38 |
15,200,494.30 |
13,492,174.01 |
|
Financial Lease Contract Liabilities, Net |
1,808,574.00 |
210,528.00 |
315,792.00 |
|
Total Liabilities |
47,515,980.38 |
15,411,022.30 |
13,807,966.01 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital 100,000 shares in 2014 &
2013; 30,000 shares in 2012 |
10,000,000.00 |
10,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
2,346,066.65 |
1,927,888.21 |
1,792,985.30 |
|
Total Shareholders' Equity |
12,346,066.65 |
11,927,888.21 |
4,792,985.30 |
|
Total Liabilities & Shareholders' Equity |
59,862,047.03 |
27,338,910.51 |
18,600,951.31 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
90,166,028.54 |
75,611,446.30 |
57,502,093.54 |
|
Other Income |
275,069.55 |
- |
- |
|
Total Revenues |
90,441,098.09 |
75,611,446.30 |
57,502,093.54 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
76,100,295.41 |
69,576,656.79 |
50,757,479.57 |
|
Selling Expenses |
8,927,331.81 |
4,637,293.00 |
5,056,672.55 |
|
Administrative Expenses |
4,712,046.95 |
1,121,751.16 |
1,129,281.40 |
|
Total Expenses |
89,739,674.17 |
75,335,700.95 |
56,943,433.52 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
701,423.92 |
275,745.35 |
558,660.02 |
|
Financial Cost |
[138,865.36] |
[77,220.29] |
[94,148.23] |
|
Profit / [Loss] before Income
Tax |
562,558.56 |
198,525.06 |
464,511.79 |
|
Income Tax |
[144,380.12] |
[63,622.15] |
[120,051.76] |
|
|
|
|
|
|
Net Profit / [Loss] |
418,178.44 |
134,902.91 |
344,460.03 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.77 |
1.33 |
|
QUICK RATIO |
TIMES |
0.65 |
0.69 |
0.24 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
30.89 |
149.78 |
80.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.51 |
2.77 |
3.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
129.87 |
85.72 |
104.78 |
|
INVENTORY TURNOVER |
TIMES |
2.81 |
4.26 |
3.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
118.59 |
50.26 |
19.72 |
|
RECEIVABLES TURNOVER |
TIMES |
3.08 |
7.26 |
18.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
133.79 |
58.20 |
46.78 |
|
CASH CONVERSION CYCLE |
DAYS |
114.67 |
77.78 |
77.73 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.40 |
92.02 |
88.27 |
|
SELLING & ADMINISTRATION |
% |
15.13 |
7.62 |
10.76 |
|
INTEREST |
% |
0.15 |
0.10 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
15.90 |
7.98 |
11.73 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.78 |
0.36 |
0.97 |
|
NET PROFIT MARGIN |
% |
0.46 |
0.18 |
0.60 |
|
RETURN ON EQUITY |
% |
3.39 |
1.13 |
7.19 |
|
RETURN ON ASSET |
% |
0.70 |
0.49 |
1.85 |
|
EARNING PER SHARE |
BAHT |
4.18 |
1.35 |
11.48 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.56 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.85 |
1.29 |
2.88 |
|
TIME INTEREST EARNED |
TIMES |
5.05 |
3.57 |
5.93 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
19.25 |
31.49 |
|
|
OPERATING PROFIT |
% |
154.37 |
(50.64) |
|
|
NET PROFIT |
% |
209.98 |
(60.84) |
|
|
FIXED ASSETS |
% |
478.15 |
(29.46) |
|
|
TOTAL ASSETS |
% |
118.96 |
46.98 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 19.25%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.90 |
Impressive |
Industrial
Average |
11.12 |
|
Net Profit Margin |
0.46 |
Deteriorated |
Industrial
Average |
1.79 |
|
Return on Assets |
0.70 |
Deteriorated |
Industrial
Average |
2.71 |
|
Return on Equity |
3.39 |
Acceptable |
Industrial
Average |
6.43 |
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. Gross Profit Margin is 15.9%. 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 0.46%.
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 0.7%.
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 3.39%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.25 |
Satisfactory |
Industrial
Average |
1.28 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
114.67 |
|
|
|
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 1.25 times in 2014, decrease from 1.77 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 0.65 times in 2014,
decrease from 0.69 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 115 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Acceptable |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
3.85 |
Risky |
Industrial
Average |
0.99 |
|
Times Interest Earned |
5.05 |
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 5.06 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 0.79 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
30.89 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.51 |
Satisfactory |
Industrial
Average |
1.51 |
|
Inventory Conversion Period |
129.87 |
|
|
|
|
Inventory Turnover |
2.81 |
Acceptable |
Industrial
Average |
4.10 |
|
Receivables Conversion Period |
118.59 |
|
|
|
|
Receivables Turnover |
3.08 |
Acceptable |
Industrial
Average |
5.25 |
|
Payables Conversion Period |
133.79 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.08 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 increased from 86 days at the
end of 2013 to 130 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 4.26 times in year 2013 to 2.81 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.51 times and 2.77
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.