MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
NOVA FABRICS CO., LTD. |
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Registered Office : |
22
Soi Nananua, Sukhumvit
3 Road, Klongtoeynua, Wattana, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
0105535123471 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing, servicing
of printed fabrics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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Litigation : |
Clear |
name
NOVA FABRICS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 22
SOI NANANUA, SUKHUMVIT
3 ROAD,
KLONGTOEYNUA,
WATTANA,
TELEPHONE : [66] 2255-4320-5,
2253-5290
FAX : [66] 2651-0280
E-MAIL ADDRESS : info@novafabrics.com, sales@novafabrics.com,
export@novafabrics.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535123471 [Former : 11965/2535]
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SATAYAPANSINGH KANEEYAO,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 40
LINES OF
BUSINESS : GARMENTS AND
PRINTED FABRICS
MANUFACTURER AND
CONTRACTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 3,
1992 as a
private limited company under
the name style
NOVA FABRICS CO.,
LTD., by Thai-Indian groups, with
the business objective
to provide printing
service for garment
and fabric to
both domestic and overseas
markets. It currently
employs approximately 40
staff.
The
subject’s registered address
is 22 Sukhumvit
3 Rd., Klongtoeynua,
Wattana, Bangkok 10110,
and this is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Satayapansingh Kaneeyao |
|
Thai |
46 |
|
Mr. Veera Sajjasiri |
|
Thai |
49 |
|
Mrs. Kiranyitgor Kaneeyao |
|
Thai |
45 |
|
Mr. Geethupartha Sarathy |
|
Indian |
46 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr.
Satayapansingh Kaneeyao is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
Mr. Veera Sajjasiri
is the Sales & Marketing Manager.
He is Thai
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, servicing
of printed fabrics,
such as Rayon
Challis, Fujiette, Chiffon,
Georgette, and Cotton
Sheeting, Poplin and
Lawn, under customer’s
requirement. The subject
also provides manufacturing
service of ready
made garment, mainly
shirts, dresses, and
beach wear. The
productions have been
produced by subject
and manufacturing contractors.
PRODUCTION
Fabrics : 1,000,000 yards
per month
PURCHASE
80% of raw
material is purchased
from local suppliers,
and the remaining
20%, mainly dyestuff
and chemical are
imported from Republic
of China.
SALES
The products are
sold and serviced
to customers both
local and overseas,
mainly in United
States of America, Europe
and Japan.
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.
Exports are against
T/T.
BANKING
TMB Bank Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
40 staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading
address. Premise is located in
commercial area.
COMMENT
The
subject has been enjoying
an outstanding performance
in previous year.
Its products and
services have been
served to both
local and overseas
customers.
Its
business is good
and growing steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 2,000
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 3,000,000
on March 16,
2003
Bht. 5,000,000
on September 19,
1995
Bht. 10,000,000
on September 29,
2005
The
latest registered capital
was increased to
Bht. 10,000,000 divided into
10,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
September 24,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr.
Satayapansingh Kaneeyao Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, |
6,000 |
60.00 |
|
Mrs. Kiranyitgor Kaneeyao Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, |
2,700 |
27.00 |
|
Mr.
Amandeepsingh Kaneeyao Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, |
500 |
5.00 |
|
Ms.
Ananthita Kaneeyao Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, |
500 |
5.00 |
|
Mr. Prem Setthi Nationality: Thai Address : 38 Charoennakorn 24
Rd., Banglampulang,
Klongsan, |
100 |
1.00 |
|
Mr. Veera Sajjasiri Nationality: Thai Address : |
100 |
1.00 |
|
Mr. Awatarn Jawla Nationality: Thai Address : |
100 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Yajai Jinnikorn No.
1167
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank |
933,866.25 |
275,768.03 |
|
Short-term Investment |
100,993.76 |
99,837.12 |
|
Trade Accts. Receivable |
16,175,695.69 |
12,636,589.66 |
|
Inventories |
89,450,197.91 |
51,779,155.87 |
|
Goods in Transit |
- |
21,938,451.16 |
|
Revenue Department Receivable |
4,838,396.01 |
2,233,635.46 |
|
Other Current Assets
|
568,273.01 |
335,644.13 |
|
Total Current
Assets |
112,067,422.63 |
89,299,081.43 |
|
Long-term Loan to
Related Person |
- |
1,100,000.00 |
|
Fixed Assets |
4,717,358.30 |
2,621,223.62 |
|
Other Assets |
294,866.34 |
42,803.74 |
|
Total Assets
|
117,079,647.27 |
93,063,108.79 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Short-term Loan from Financial Institute |
53,639,613.52 |
49,649,506.45 |
|
Trade Accts. Payable |
16,772,024.34 |
19,160,344.60 |
|
Short-term Loan |
2,880,316.89 |
- |
|
Pre-receipt Goods |
17,974,584.57 |
17,598,543.35 |
|
Accrued Expenses |
1,158,536.81 |
1,070,562.30 |
|
Other Current Liabilities |
1,635,557.64 |
1,189,872.60 |
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Total Current
Liabilities |
94,060,633.77 |
88,668,829.30 |
|
Long Term Loan
from Related Person |
20,700,000.00 |
- |
|
Total Liabilities |
114,760,633.77 |
88,668,829.30 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 10,000 &
5,000 shares in 2005 & 2004 |
10,000,000.00 |
5,000,000.00 |
|
Capital Paid |
10,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
[7,680,986.50] |
[605,720.51] |
|
Total
Shareholders' Equity |
2,319,013.50 |
4,394,279.49 |
|
Total
Liabilities & Shareholders' Equity |
117,079,647.27 |
93,063,108.79 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
100,681,165.72 |
39,228,939.10 |
|
Renting Building |
308,000.00 |
348,000.00 |
|
Services Income |
3,324,579.70 |
5,876,580.39 |
|
Gain on Exchange
Rate |
- |
1,135,214.41 |
|
Other Income |
89,042.29 |
268,440.46 |
|
Total Revenues
|
104,402,787.71 |
46,857,174.36 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
92,110,485.07 |
31,640,100.38 |
|
Selling & Administrative Expenses |
14,654,801.57 |
10,803,944.89 |
|
Total Expenses |
106,765,286.64 |
42,444,045.27 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[2,362,498.93] |
4,413,129.09 |
|
Interest Expenses |
[4,712,767.06] |
[1,972,636.53] |
|
Income Tax |
- |
[45,750.16] |
|
Net Profit / [Loss] |
[7,075,265.99] |
2,394,742.40 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
156.65 |
|
|
Operating Profit |
[120.86] |
|
|
Net Profit |
[395.45] |
|
|
Fixed Assets |
79.97 |
|
|
Total Assets |
25.81 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.49 |
80.65 |
|
Operating Profit Margin |
[2.35] |
11.25 |
|
S & A
Expenses |
14.56 |
27.54 |
|
Interest Paid |
4.68 |
5.03 |
|
Other Revenues |
3.70 |
19.45 |
|
Net Profit Margin |
[7.03] |
6.10 |
|
Earning Per Shares |
[707.53] |
478.95 |
|
No. of Shares |
10,000 |
5,000 |
Net Sales was
increased by 156.65%,
Operating Profit was
decreased by 120.86%,
Net Profit was
decreased by 395.45%,
Fixed Assets was
increased by 79.97%,
Total Assets was
increased by 25.81%.
Compare each cost
with sales, Cost of
Good Sold was increased from
80.66% to 91.49%,
Operating Profit Margin
was decreased from
11.25% to -2.35%,
S & A
Expenses was decreased
from 27.54% to
14.56%, Interest Paid was
decreased from 5.03%
to 4.68%, Other
Revenues was decreased
from 19.45% to
3.70%, Net Profit
Margin was decreased
from 6.10% to
-7.03%.
Earning Per Shares
was decreased from
478.95 baht per
share to-707.53 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.19 |
1.01 |
|
Quick-Assets Ratio |
0.18 |
0.15 |
Current Ratio was
increased from 1.01
to 1.19, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.15 to 0.18,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
49.49 |
20.18 |
|
Times Interest Earned |
[0.50] |
2.24 |
D/E Ratio was
increased from 20.18
to 49.49, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times Interest Earned
was decreased from
2.24 to -0.50,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
21.34 |
14.97 |
|
Total Assets Turnover |
0.86 |
0.42 |
|
Return on Assets |
[6.04] |
2.57 |
|
Return on Equity |
[305.10] |
54.50 |
|
Day's Payable |
59.97 |
175.83 |
|
Day’s Inventories |
319.84 |
475.17 |
|
Day’s Receivables |
57.84 |
115.96 |
Fixed Assets Turnover
was increased from
14.97 times to
21.34 times, Total
Assets Turnover was
increased from 0.42
times to 0.86
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
2.57 to -6.04,
Return on Equity
was decreased from
54.50 to -305.10,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 176
days to 60
days, Day’s Inventories
was decreased from
476 days to
320 days, and Day’s Receivables
was decreased from
116 days to
58 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%)