MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FICO CORPORATION CO., LTD. |
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Formerly Known As : |
FENATEX INTERNATIONAL CO., LTD. |
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Registered Office : |
149/122-123 Moo
13, Soi Petchkasem
95, Krathumban, Samutsakorn
74130 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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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 for
textile industry |
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
FICO CORPORATION CO., LTD.
FORMER
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 : 200
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 “Fenatex International
Co., Ltd.”, and
changed to FICO
CORPORATION CO., LTD.,
on June 12,
2007. It currently
employs approximately 200
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 |
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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, laser cutting
and engraving machine,
sewing machine, motors,
clutch motors, laser
cutting, engraving machines,
as well as
standard yarns, fancy
yarns, back yarns
and etc.
MAJOR BRANDS
“ROICA”, “SUNSTAR”, “PROEL”,
“PFAFF”, “SWF”, “PEARL”,
“ASAHI KASEI”, “FICOFIL”, “BRITNEY”,
“INDACI”, “BRITNEY” and
etc.
PURCHASE
Most of the
products are imported
from Korea, Switzerland,
Germany, Sweden, India,
Italy and Japan,
Italy and the
rest is purchased
locally.
MAJOR SUPPLIERS
- Lasser AG. :
- Lasser [
- Sunstar Machinery Co.,
Ltd. :
- Proel
S.p.a. :
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
200 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 :
-
129/600 Moo
12,
-
8th
Floor,
-
149/196 Moo
1 3, Soi
Land, Petchkasem Rd.,
Omnoi, Krathumban, Samutsakorn.
-
33/33
Sukhumvit 11 Rd.,
Klongtoeynua, Wattana,
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’s operating performance
in 2006 was
satisfactory with an
increase in sales
revenue and net
profit comparing to the previous
year. Its business
is promising.
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
May 21,
2007]
|
NAME |
HOLDING |
% |
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|
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Mr. Kris Srichawala Nationality: Thai Address : 361/8
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, |
100,000 |
25.00 |
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Mr. Akradej Srichawala Nationality: Thai Address : 361/8 Sukhumvit 71
Rd., Prakanongnua,
Wattana, |
80,000 |
20.00 |
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Mr. Amorn Srichawala Nationality: Thai Address : 361/6 Sukhumvit 71
Rd., Prakanongnua,
Wattana, |
80,000 |
20.00 |
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Mr.
Thepharit Srichawala Nationality: Thai Address : 361/7 Sukhumvit 71
Rd., Prakanongnua, Wattana, |
80,000 |
20.00 |
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Mrs.
Giranjaspal Srichawala Nationality: Thai Address : 361/8
Sukhumvit 71 Rd.,
Prakanongnua, Wattana,
|
20,000 |
5.00 |
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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, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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Cash in Hand & at Bank |
44,883,691.21 |
35,902,539.73 |
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Trade Accts. & Notes
Receivable |
794,665,435.95 |
582,229,426.51 |
|
Inventories |
167,246,158.78 |
145,939,055.30 |
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Other Current Assets |
30,277,053.63 |
54,299,056.76 |
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Total Current
Assets |
1,037,072,339.57 |
818,370,078.30 |
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Long Term Cash
at Bank |
12,162,661.34 |
10,834,710.65 |
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Long Term Investment |
3,254,500.00 |
48,254,500.00 |
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Long Term Loan
to Person Related
Company |
331,142,874.55 |
312,026,315.79 |
|
Fixed Assets |
481,861,308.85 |
395,713,515.11 |
|
Other Assets |
8,557,041.27 |
1,004,652.18 |
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Total Assets
|
1,874,050,725.58 |
1,586,203,772.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft |
32,384,960.65 |
7,162,801.75 |
|
Trade Accts. & Notes Payable |
148,961,193.90 |
143,150,039.44 |
|
Accrued Income Tax |
2,305,678.56 |
50,197.66 |
|
Current Portion of
Long Term Loan |
232,058,407.19 |
86,694,656.28 |
|
Other Current Liabilities |
171,693,601.35 |
137,287,657.52 |
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Total Current
Liabilities |
587,403,841.66 |
374,345,352.65 |
|
Long Term Loan
from Related Company |
109,450,443.00 |
52,598,521.89 |
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Long Term Loan
from Financial Institution |
315,028,966.84 |
315,999,534.74 |
|
Other Liabilities |
355,725,646.84 |
368,333,275.10 |
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Total Liabilities |
1,367,608,898.34 |
1,111,276,684.38 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 4000,000 shares |
400,000,000.00 |
400,000,000.00 |
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Capital Paid |
400,000,000.00 |
400,000,000.00 |
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Retained Earning -
Unappropriated |
106,441,827.25 |
74,927,087.65 |
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Total
Shareholders' Equity |
506,441,827.25 |
474,927,087.65 |
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Total
Liabilities & Shareholders' Equity |
1,874,050,725.58 |
1,586,203,772.03 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales & Services |
1,114,111,783.67 |
772,123,695.02 |
|
Other Income |
70,396,022.54 |
26,732,454.95 |
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Total Revenues
|
1,184,507,806.21 |
798,856,149.97 |
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Expenses |
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Cost of Goods
Sold & Services |
915,353,798.38 |
618,766,300.27 |
|
Selling & Administrative Expenses |
186,910,478.88 |
130,649,298.83 |
|
Total Expenses |
1,102,264,277.26 |
749,415,599.10 |
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Profit / [Loss] from Operation |
82,243,528.95 |
49,440,550.87 |
|
Interest Expenses |
[36,440,171.15] |
[27,073,298.97] |
|
Income Tax |
[14,288,618.20] |
[7,221,356.86] |
|
Net Profit / [Loss] |
31,514,739.59 |
15,145,895.04 |
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
44.29 |
|
|
Operating Profit |
15.29 |
|
|
Net Profit |
108.07 |
|
|
Fixed Assets |
21.77 |
|
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Total Assets |
18.15 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
82.16 |
80.14 |
|
Operating Profit Margin |
7.38 |
6.40 |
|
S & A
Expenses |
16.78 |
16.92 |
|
Interest Paid |
3.27 |
3.51 |
|
Other Revenues |
6.32 |
3.46 |
|
Net Profit Margin |
2.83 |
1.96 |
|
Earning Per Shares |
78.79 |
37.86 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was
increased by 44.29%,
Operating Profit was
increased by 15.29%,
Net Profit was
increased by 108.07%,
Fixed Assets was
increased by 21.77%,
Total Assets was
increased by 18.15%.
Compare each cost with sales, Cost of Good Sold was increased from 80.14% to 82.16%, Operating Profit Margin was increased from 6.40% to 7.38%, S & A Expenses was decreased from 16.92% to 16.78%, Interest Paid was decreased from 3.51% to 3.27%, Other Revenues was increased from 3.46% to 6.32%, Net Profit Margin was increased from 1.96% to 2.83%.
Earning Per Shares
was increased from
37.86 baht per
share to 78.79
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.77 |
2.19 |
|
Quick-Assets Ratio |
1.43 |
1.65 |
Current Ratio was
decreased from 2.19
to 1.77, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.65 to 1.43,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.70 |
2.34 |
|
Times Interest Earned |
2.26 |
1.83 |
D/E Ratio was
increased from 2.34
to 2.70, 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
1.83 to 2.26,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.31 |
1.95 |
|
Total Assets Turnover |
0.59 |
0.49 |
|
Return on Assets |
1.68 |
0.95 |
|
Return on Equity |
6.22 |
3.19 |
|
Day's Payable |
48.13 |
66.74 |
|
Day’s Inventories |
54.04 |
68.04 |
|
Day’s Receivables |
256.78 |
271.46 |
Fixed Assets Turnover
was increased from
1.95 times to
2.31 times, Total
Assets Turnover was
increased from 0.49
times to 0.59 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.95 to
1.68, Return on
Equity was increased
from 3.19 to
6.22, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 67
days to 49
days, Day’s Inventories
was decreased from
69 days to
55 days, and
Day’s Receivables was
decreased from 272
days to 257
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. |
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 |
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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%)