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MIRA
INFORM REPORT
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Report No. : |
495108 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
JASMINE MANUFACTURING CO., LTD. |
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Registered Office : |
99/9 Moo 4, T. Khajoong, A. Uthumphornphisai, Sisaket 33120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
25.07.1997 |
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Com. Reg. No.: |
0335540000045 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject
is engaged in
manufacturing, distributing and
exporting laces for
textiles and garment
industry. |
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No. of Employees : |
200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source : CIA |
Company name
JASMINE
MANUFACTURING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99/9
MOO 4, T. KHAJOONG, A. UTHUMPHORNPHISAI,
SISAKET 33120,
THAILAND
TELEPHONE : [66] 081
487-0633
FAX :
-
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0335540000045
TAX
ID NO. : 3341001224
CAPITAL REGISTERED : BHT.
12,000,000
CAPITAL PAID-UP : BHT. 12,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DECHA SAKJIRAPONG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : LACES
MANUFACTURER, 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 July 25,
1997 as a
private limited company
under the registered
name JASMINE MANUFACTURING
CO., LTD., by
Thai groups, with the
business objective to manufacture
laces to both
domestic and overseas markets.
It currently employs
approximately 200 staff.
The
subject’s registered address
is 99/9 Moo
4, T. Khajoong,
A. Uthumphornphisai,
Sisaket
33120, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rajpalsingh Saknarula |
|
Thai |
73 |
|
Mr. Thepparit Saknarula |
|
Thai |
46 |
|
Mr. Decha Sakjirapong |
[x] |
Thai |
62 |
|
Mr. Chaiyut Sakjirapong |
[x] |
Thai |
37 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Decha Sakjirapong is
the Managing Director.
He is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting laces for
textiles and garment
industry.
PURCHASE
100% of raw
materials is purchased
from local suppliers.
SALES
The products are
sold to traders,
manufacturers and end-users
of both local
and overseas mainly
in Middle East
countries.
MAJOR CUSTOMER
Dao Siam Textiles
Limited Partnership
RELATED AND AFFILIATED
COMPANY
Orchid Lace Co.,
Ltd.
Business Type :
Manufacturer and distributor of
laces
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.
Exports are against
T/T.
BANKING
N/A
EMPLOYMENT
The
subject currently employs
approximately 200 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
factory at the
heading address.
Premise
is located in
provincial, in the
Northeastern region.
COMMENT
The
subject’s operating performance in 2016
was satisfactory with
an increase in both sales or
service income and
net profit comparing
to the previous
year mainly due
to high demand
of the products
particularly from Middle
East countries. Generally,
its business remains strong
and growing steadily.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each
with fully paid.
The
capital was increased
later as follows:
Bht. 6,000,000
on January 16,
1998
Bht. 12,000,000
on September 20,
2000
The
latest registered capital
was increased to
Bht. 12,000,000 divided
into 120,000
shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thepparit Saknarula Nationality: Thai Address : 246
Soi Charansanitwong 1,
Wad Thaphra,
Bangkokyai, Bangkok |
57,000 |
47.50 |
|
Mr. Decha Sakjirapong Nationality: Thai Address : 189/3
Soi Charansanitwong 13, Wad Thaphra,
Bangkokyai, Bangkok |
30,000 |
25.00 |
|
Mr. Rajpalsingh Saknarula Nationality: Thai Address : 246
Soi Charansanitwong 1,
Wad Thaphra,
Bangkokyai, Bangkok |
17,000 |
14.17 |
|
Mr. Chaiyut Sakjirapong Nationality: Thai Address : 189/3
Soi Charansanitwong 13, Wad Thaphra,
Bangkokyai, Bangkok |
7,000 |
5.83 |
|
Mrs. Pranee Saknarula Nationality: Thai Address : 246
Soi Charansanitwong 1,
Wad Thaphra,
Bangkokyai, Bangkok |
3,000 |
2.50 |
|
Mrs. Suthisa Saknarula Nationality: Thai Address : 246
Soi Charansanitwong 1,
Wad Thaphra,
Bangkokyai, Bangkok |
3,000 |
2.50 |
|
Mrs. Supaporn Sakjirapong Nationality: Thai Address : 189/3
Soi Charansanitwong 13, Wad Thaphra,
Bangkokyai, Bangkok |
3,000 |
2.50 |
Total Shareholders : 7
SHARE STRUCTURE [AS
AT APRIL 30,
2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
120,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
120,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Montri Saithong No.
1443
Financials
JASMINE MANUFACTURING CO.,
LTD.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,284,567.24 |
5,947,815.78 |
2,524,517.46 |
|
Short-term Investment |
3,495,346.86 |
3,459,176.68 |
3,415,222.78 |
|
Trade Accounts and
Other Receivable |
38,025,849.85 |
16,731,477.25 |
21,322,550.80 |
|
Inventories |
23,115,596.57 |
29,523,263.11 |
29,349,392.30 |
|
Other Current Assets
|
3,402,408.74 |
876,824.05 |
847,458.95 |
|
Total Current Assets
|
70,323,769.26 |
56,538,556.87 |
57,459,142.29 |
|
|
|
|
|
|
Property, Plant and Equipment
|
31,689,055.36 |
34,407,554.11 |
24,137,583.12 |
|
Other Non-current Assets |
259,981.00 |
259,981.00 |
203,000.00 |
|
Total Assets |
102,272,805.62 |
91,206,091.98 |
81,799,725.41 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other Payable |
8,222,720.83 |
6,898,341.35 |
7,646,812.50 |
|
Short-term Loans |
15,600,000.00 |
23,500,000.00 |
20,200,000.00 |
|
Accrued Income Tax |
2,019,884.00 |
1,107,342.00 |
979,624.00 |
|
Other Current Liabilities |
48,072.01 |
94,611.00 |
76,267.93 |
|
Total Current Liabilities |
25,890,676.84 |
31,600,294.35 |
28,902,704.43 |
|
Total Liabilities |
25,890,676.84 |
31,600,294.35 |
28,902,704.43 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, and
issued share capital
120,000 shares |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Retained Earnings: [Deficit] Appropriated for Statutory
reserve |
1,200,000.00 |
1,200,000.00 |
1,200,000.00 |
|
Unappropriated |
63,182,128.78 |
46,405,797.63 |
39,697,020.98 |
|
Total Shareholders’ Equity |
76,382,128.78 |
59,605,797.63 |
52,897,020.98 |
|
Total Liabilities and
Shareholders’ Equity |
102,272,805.62 |
91,206,091.98 |
81,799,725.41 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
116,432,482.56 |
82,679,814.31 |
95,858,440.72 |
|
Other Income |
661,703.68 |
900,419.12 |
131,533.76 |
|
Total Revenues |
117,094,186.24 |
83,580,233.43 |
95,989,974.48 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
86,609,346.84 |
64,075,560.02 |
76,656,939.78 |
|
Selling Expenses |
- |
312,122.16 |
- |
|
Administrative Expenses |
10,582,871.96 |
10,458,377.00 |
11,738,554.64 |
|
Total Expenses |
97,192,218.80 |
74,846,059.18 |
88,395,494.42 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost & Income Tax |
19,901,967.44 |
8,734,174.25 |
7,594,480.06 |
|
Financial Cost |
[195,386.93] |
[217,611.62] |
[373,124.00] |
|
|
|
|
|
|
Profit /[Loss] before Income Tax |
19,706,580.51 |
8,516,562.63 |
7,221,356.06 |
|
Income Tax expenses |
[2,930,249.36] |
[1,807,785.98] |
[1,400,099.27] |
|
Net Profit / [Loss] |
16,776,331.15 |
6,708,776.65 |
5,821,256.79 |
JASMINE MANUFACTURING
CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.72 |
1.79 |
1.99 |
|
QUICK RATIO |
TIMES |
1.69 |
0.83 |
0.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.67 |
2.40 |
3.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.14 |
0.91 |
1.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.42 |
168.18 |
139.75 |
|
INVENTORY TURNOVER |
TIMES |
3.75 |
2.17 |
2.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
119.21 |
73.86 |
81.19 |
|
RECEIVABLES TURNOVER |
TIMES |
3.06 |
4.94 |
4.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.65 |
39.30 |
36.41 |
|
CASH CONVERSION CYCLE |
DAYS |
181.97 |
202.74 |
184.53 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.39 |
77.50 |
79.97 |
|
SELLING & ADMINISTRATION |
% |
9.09 |
13.03 |
12.25 |
|
INTEREST |
% |
0.17 |
0.26 |
0.39 |
|
GROSS PROFIT MARGIN |
% |
26.18 |
23.59 |
20.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.09 |
10.56 |
7.92 |
|
NET PROFIT MARGIN |
% |
14.41 |
8.11 |
6.07 |
|
RETURN ON EQUITY |
% |
21.96 |
11.26 |
11.00 |
|
RETURN ON ASSET |
% |
16.40 |
7.36 |
7.12 |
|
EARNING PER SHARE |
BAHT |
139.80 |
55.91 |
48.51 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.35 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.34 |
0.53 |
0.55 |
|
TIME INTEREST EARNED |
TIMES |
101.86 |
40.14 |
20.35 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
40.82 |
(13.75) |
|
|
OPERATING PROFIT |
% |
127.86 |
15.01 |
|
|
NET PROFIT |
% |
150.07 |
15.25 |
|
|
FIXED ASSETS |
% |
(7.90) |
42.55 |
|
|
TOTAL ASSETS |
% |
12.13 |
11.50 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 40.82%. Turnover has increased from THB
82,679,814.31 in 2015 to THB 116,432,482.56 in 2016. While net profit has
increased from THB 6,708,776.65 in 2015 to THB 16,776,331.15 in 2016. And total
assets has increased from THB 91,206,091.98 in 2015 to THB 102,272,805.62 in
2016.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.18 |
Impressive |
Industrial Average |
6.12 |
|
Net Profit Margin |
14.41 |
Impressive |
Industrial Average |
0.29 |
|
Return on Assets |
16.40 |
Impressive |
Industrial Average |
0.41 |
|
Return on Equity |
21.96 |
Impressive |
Industrial Average |
5.11 |
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 26.18%. 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. Net Profit Margin ratio is 14.41%,
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
16.4%, 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 21.96%, 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 |
2.72 |
Impressive |
Industrial Average |
0.94 |
|
Quick Ratio |
1.69 |
|
|
|
|
Cash Conversion Cycle |
181.97 |
|
|
|
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 2.72 times in 2016, increase from 1.79 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 1.69 times in 2016,
increase from 0.83 times, although excluding inventory so the company still
have good short-term financial strength.
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 182 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial Average |
1.34 |
|
Debt to Equity Ratio |
0.34 |
Impressive |
Industrial Average |
(3.90) |
|
Times Interest Earned |
101.86 |
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 101.86 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 0.25 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.67 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.14 |
Satisfactory |
Industrial Average |
1.45 |
|
Inventory Conversion Period |
97.42 |
|
|
|
|
Inventory Turnover |
3.75 |
Satisfactory |
Industrial Average |
3.81 |
|
Receivables Conversion Period |
119.21 |
|
|
|
|
Receivables Turnover |
3.06 |
Satisfactory |
Industrial Average |
4.84 |
|
Payables Conversion Period |
34.65 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.06 and 4.94 in
2016 and 2015 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 2016
decreased from 2015. 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 decreased from 168 days at the
end of 2015 to 97 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 2.17 times in year 2015 to 3.75 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.14 times and 0.91
times in 2016 and 2015 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 |
INR 64.99 |
|
|
1 |
INR 89.91 |
|
Euro |
1 |
INR 80.21 |
|
Thai baht |
1 |
INR 2.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.