MIRA
INFORM REPORT
|
Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
FENATEX INTERNATIONAL CO., LTD. |
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Registered Office : |
149/122-123 Moo
13, Soi Petchkasem
95, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0735537000419 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing machinery
and equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
FENATEX INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 149/122-123 MOO
13, SOI PETCHKASEM
95,
KRATHUMBAN, SAMUTSAKORN
74130
TELEPHONE : [66] 2431-2475-6, 2811-1112-3,
2431-0419, 2431-0445
FAX : [66]
2431-0515-6
E-MAIL ADDRESS : marketing@fenatex .net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0735537000419 [Former : NOR
THOR. 1267]
CAPITAL
REGISTERED : BHT.
400,000,000
CAPITAL
PAID-UP : BHT.
400,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KRIS SRICHAWALA,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 110
LINES OF
BUSINESS : INDUSTRIAL MACHINERY
AND EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 17,
1994 as a
private limited company under
the registered name “Lasser
[Thailand] Co., Ltd.”,
by Thai-Indian group,
Srichawala family, with
the business objective
to distribute and
supply machinery and
equipment for textile
industry.
On
November 16, 2000,
subject was changed
its name to be
FENATEX INTERNATIONAL CO.,
LTD. It currently
employs approximately 110
staff.
The
subject’s registered address
is 149/122-123 Moo 13,
Petchkasem 95 Rd.,
Omnoi, Krathumban, Samutsakorn
74130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thepharit Srichawala |
|
Thai |
50 |
|
Mr. Kris Srichawala |
|
Thai |
32 |
|
Mr. Akradej Srichawala |
|
Thai |
53 |
|
Mr. Amorn Srichawala |
|
Thai |
36 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kris Srichawala
is the Managing
Director.
He is Thai nationality with
the age of 32 years
old.
Mr. Akradej Srichawala
is the
General Manager.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing machinery
and equipment for
textile industry such
as automatic embroidery
machine, sewing machine,
motors, clutch motors,
laser cutting, engraving
machines and etc.
MAJOR BRANDS
“ROICA”, “SUNSTAR”, “PROEL”,
“PFAFF”, “SWF”, “PEARL”,
“ASAHI KASEI”, “FICOFIL”,
“BRITNEY” and etc.
PURCHASE
Most of the
products are imported
from Korea, Switzerland,
Germany, India, Italy
and Japan, Italy
and the rest
is purchased locally.
MAJOR SUPPLIERS
- Lasser AG. :
- Lasser [
- Sunstar Machinery Co.,
Ltd. :
SALES
100% of the
products is sold
locally by wholesale
to dealers.
MAJOR CUSTOMERS
- Acushnet Foot - Joy [
- Brunet International [
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
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 by
L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately
110 office staff,
sales persons and
service workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in industrial
area.
Branches/ Showrooms :
-
129/616 Moo
4,
-
97 Moo
1, Nongchum, Khaoyoi,
Petchburi
-
8th
Floor,
COMMENT
Srichawala family
is very well known
and recognized as
one of the
most successful family
businesses in Thailand.
The subject imports and
distributes high quality
and durability products
to local market.
The subject
has a substantial
experience of over
a decade in
this industry. Its
business performances in
the past years were
excellent and keep
expanding steadily. The
subject enjoys a
steady growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000
divided into 20,000
shares of Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 120,000,000
on June 22,
2001
Bht. 150,000,000
on January 25,
2002
Bht. 250,000,000
on July 8,
2002
Bht. 300,000,000
on April 23,
2003
Bht. 350,000,000
on April 16,
2004
Bht. 400,000,000
on September 5,
2005
The
latest registered capital
was increased to
Bht. 400,000,000 divided into
400,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kris Srichawala Nationality: Thai Address : 361/8
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, |
100,000 |
25.00 |
|
Mr. Akradej Srichawala Nationality: Thai Address : 361/8 Sukhumvit 71
Rd., Prakanongnua, Wattana,
|
80,000 |
20.00 |
|
Mr. Amorn Srichawala Nationality: Thai Address : 361/6 Sukhumvit 71
Rd., Prakanongnua,
Wattana, |
80,000 |
20.00 |
|
Mr.
Thepharit Srichawala Nationality: Thai Address : 361/7 Sukhumvit 71
Rd., Prakanongnua, Wattana, |
80,000 |
20.00 |
|
Mrs.
Giranjaspal Srichawala Nationality: Thai Address : 361/8
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, |
20,000 |
5.00 |
|
Mrs. Panita Srichawala Nationality: Thai Address : 361/6
Sukhumvit 71 Rd.,
Prakanongnua, Wattana, |
20,000 |
5.00 |
|
Mrs.
Suchada Srichawala Nationality: Thai Address : 361/7
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, |
20,000 |
5.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Chuangchote Chtisorayuth No.
639
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in Hand & at Bank |
35,902,539.73 |
16,849,807.89 |
|
Trade Accts. & Notes
Receivable |
582,229,426.51 |
528,430,011.08 |
|
Inventories |
145,939,055.30 |
203,372,258.65 |
|
Other Current Assets |
54,299,056.76 |
34,267,657.34 |
|
Total Current
Assets |
818,370,078.30 |
782,919,734.96 |
|
Long Term Cash
at Bank |
10,834,710.65 |
10,783,323.56 |
|
Long Term Investment |
48,254,500.00 |
40,754,500.00 |
|
Long Term Loan
to Person Related
Company |
312,026,315.79 |
- |
|
Fixed Assets |
395,713,515.11 |
422,113,675.27 |
|
Other Assets |
1,004,652.18 |
1,895,888.99 |
|
Total Assets
|
1,586,203,772.03 |
1,258,467,122.78 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
7,162,801.75 |
18,613,044.66 |
|
Trade Accts. & Notes Payable |
143,150,039.44 |
119,738,422.96 |
|
Accrued Income Tax |
50,197.66 |
4,452,205.67 |
|
Current Portion of
Long Term Loan |
86,694,656.28 |
94,216,546.08 |
|
Other Current Liabilities |
137,287,657.52 |
103,965,093.39 |
|
Total Current
Liabilities |
374,345,352.65 |
340,985,312.76 |
|
Long Term Loan
from Related Company |
52,598,521.89 |
123,397,200.00 |
|
Long Term Loan
from Financial Institution |
315,999,534.74 |
349,913,178.31 |
|
Other Liabilities |
368,333,275.10 |
34,390,239.10 |
|
Total Liabilities |
1,111,276,684.38 |
848,685,930.17 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 350,000 shares |
|
350,000,000.00 |
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 4000,000 shares |
400,000,000.00 |
|
|
Capital Paid |
400,000,000.00 |
350,000,000.00 |
|
Retained Earning -
Unappropriated |
74,927,087.65 |
59,781,192.61 |
|
Total
Shareholders' Equity |
474,927,087.65 |
409,781,192.61 |
|
Total
Liabilities & Shareholders' Equity |
1,586,203,772.03 |
1,258,467,122.78 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Services |
772,123,695.02 |
677,048,132.89 |
|
Other Income |
26,732,454.95 |
13,282,186.24 |
|
Total Revenues
|
798,856,149.97 |
690,330,319.13 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
618,766,300.27 |
465,484,129.75 |
|
Selling & Administrative Expenses |
130,649,298.83 |
166,042,531.16 |
|
Total Expenses |
749,415,599.10 |
631,526,660.91 |
|
Profit / [Loss] from Operation |
49,440,550.87 |
58,803,658.22 |
|
Interest Expenses |
[27,073,298.97] |
[36,463,692.67] |
|
Income Tax |
[7,221,356.86] |
[7,014,436.42] |
|
Net Profit / [Loss] |
15,145,895.04 |
15,325,529.13 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
14.04 |
|
|
Operating Profit |
[26.28] |
|
|
Net Profit |
[1.17] |
|
|
Fixed Assets |
[6.25] |
|
|
Total Assets |
26.04 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.14 |
68.75 |
|
Operating Profit Margin |
6.40 |
8.69 |
|
S & A Expenses |
16.92 |
24.52 |
|
Interest Paid |
3.51 |
5.39 |
|
Other Revenues |
3.46 |
1.96 |
|
Net Profit Margin |
1.96 |
2.26 |
|
Earning Per Shares |
37.86 |
43.79 |
|
No. of Shares |
400,000 |
350,000 |
Net Sales was increased by 14.04%, Operating Profit was decreased by 26.28%, Net Profit was decreased by 1.17%, Fixed Assets was decreased by 6.25%, Total Assets was increased by 26.04%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 68.75%
to 80.14%, Operating
Profit Margin was
decreased from 8.69%
to 6.40%, S
& A Expenses
was decreased from
24.52% to 16.92%,
Interest Paid was decreased
from 5.39% to
3.51%, Other Revenues
was increased from
1.96% to 3.46%,
Net Profit Margin
was decreased from
2.26% to 1.96%.
Earning Per Shares
was decreased from
43.79 baht per
share to 37.86
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.19 |
2.30 |
|
Quick - assets
ratio |
1.65 |
1.60 |
Current Ratio was
decreased from 2.30
to 2.19, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
so good, Quick
- assets ratio
was increased from
1.60 to 1.65,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.34 |
2.07 |
|
Times Interest Earned |
1.83 |
1.61 |
D/E Ratio was
increased from 2.07
to 2.34, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
1.61 to 1.83,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.95 |
1.60 |
|
Total Assets Turnover |
0.49 |
0.54 |
|
Return on Assets |
0.95 |
1.22 |
|
Return on Equity |
3.19 |
3.74 |
|
Day's Payable |
67.00 |
64.00 |
|
Day’s Inventories |
69.00 |
109.00 |
|
Day’s Receivables |
272.00 |
281.00 |
Fixed Assets Turnover was increased from 1.60 times to 1.95 times, Total Assets Turnover was decreased from 0.54 times to 0.49 times, show the company could use Fixed Assets so efficiently, Return on Assets was decreased from 1.22 to 0.95, Return on Equity was decreased from 3.74 to 3.19, capacity to use Assets to make profit was not good.
Day's Payable was
increased from 64
days to 67
days, while Day’s
Inventories was decreased
from 109 days
to 69 days,
and Day’s Receivables
was decreased from
281 days to
272 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)