MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
T.U.W. TEXTILE CO., LTD. |
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Registered Office : |
113
Moo 4, T. Sampatuan,
A. Nakornchaisri, Nakornpathom
73210 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
0735531000671 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and
servicing various kinds of underwear and
knitwear for men,
women, children and
kid, such as T-shirt,
undershirt, boxer short,
jockey short, briefs, slip, panties and etc. |
RATING & COMMENTS
|
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
T.U.W. TEXTILE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 113
MOO 4, T. SAMPATUAN,
A. NAKORNCHAISRI,
TELEPHONE : [66] 34
239-290
FAX : [66] 34
389-124
E-MAIL ADDRESS : dandyboy @ tuw.co.th.
mshima@tuw.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0735531000671 [Former : NOR. THOR.
338]
CAPITAL
REGISTERED : BHT.
330,000,000
CAPITAL
PAID-UP : BHT.
330,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MICHIHARU MIZUMOTO, JAPANESE
PRESIDENT
NO. OF
STAFF : 2,500
LINES OF
BUSINESS : UNDERWEAR AND
KNITWEAR
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on
November 16, 1988
as a private
limited company under
the registered name T.C.C.
Dyeing Co., Ltd., to
manufacture and export
textile goods, with
the promotion privileges
by the Board
of Investment [BOI].
In January
1997 the subject
has been merged between
Thai Underwear Co., Ltd.,
a sewing enterprise,
and T.C.C. Dyeing
Co., Ltd., a knitting
& dyeing business,
and was changed its
name to be T.U.W.
Textile Co., Ltd., on
January 2, 1997.
On May 25,
2001 subject was
achieved its ISO
9002 certification from
Japan Quality Assurance
organization [JQA], for
the product quality
system.
At present, the
major shareholders are
Parfun Co., Ltd.
and Riki Corporation
of Japan, with
held around 40%
and 38%, of
the company’s total shares respectively. It
currently employs 2,500
staff.
The subject’s registered
address is 113 Moo 4, Sampatuan,
Nakornchaisri, Nakornpathom 73180,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mazashi Mita |
[x] : Chairman |
Japanese |
63 |
|
Mr. Michiharu Mizumoto |
[x] |
Japanese |
67 |
|
Mr. Masayuki Shimakura |
[x] |
Japanese |
57 |
|
Mr. Taizo Ikeda |
[x] |
Japanese |
66 |
|
Mr. Kiyoshi Omori |
|
Japanese |
- |
AUTHORIZED PERSON
Two of the
above directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Michiharu
Mizumoto is the
President.
He is Japanese
nationality with the
age of 67
years old.
Mr. Kiyoshi
Omori is
the Sales &
Marketing Director.
He is Japanese
nationality.
Mr. Omori
Kiyoshi is the
Factory Manager.
He is Japanese
nationality.
Mr. Masayuki
Shimakura is the
Finance & Account
Manager.
He is Japanese
nationality with the
age of 57
years old.
Mr. Sutthipong
Supapanichwong is the
Executive Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing and
servicing various kinds
of underwear and
knitwear for men,
women, children and
kid, such as T-shirt,
undershirt, boxer short,
jockey short, briefs, slip,
panties and etc.
The production are
produced under customers’ specifications and international
standards, such as J I
S, EU
and U.S.A. standardization.
IMPORT
50%
of the raw
material mainly thread
is imported from
Korea, Japan & India,
and other accessories
are from France.
MAJOR SUPPLIERS
Company
Country Products
- Siam Textile Chemical
Co., Ltd. :
- Jastec [
- Kao Industrial [Thailand
Co., Ltd. :
- Bara Chemical Co., Ltd. :
- Thai Tentac Co., Ltd. :
- Thai Takeda Lace
Co., Ltd. :
- Thai Nakamura Label
Co., Ltd. :
- Yamato Sewing Machine Mfg.
Co., Ltd. :
- Parfun Co., Ltd. :
EXPORT
85% of its
products is exported
mainly to Japan
[50%] and the
remaining [50%] to France,
Germany, Switzerland, United
States of America,
Canada, United Kingdom,
Spain & Australia,
as well as the
remaining 15% is sold
locally.
MAJOR CUSTOMERS
- Jockey International Inc. :
- Next Retail Ltd. :
- Schiesser International Ltd. :
- Thai Onono Public
Co., Ltd. :
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.
RELATED COMPANY
Thai J.P.R.
Co., Ltd.
Business Type: Textile business
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
30-60-90 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are by
L/C at sight.
BANKING
Bank of
Ayudhya Public Co., Ltd.
[Head Office : 1222 Rama
3 Rd., Bangpongpang,
Yannawa,
Bank of
Tokyo-Mitsubishi Limited
[
Bangkok Bank
Public Co., Ltd.
[Nakornchaisiri Branch:
Nakornchaisri, Nakornpathom]
EMPLOYMENT
The subject employs
approximately 2,500 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
owned for administrative office
and factory I at the
heading address in
provincial.
Factory II is
located at 64
Moo 11, Budhamonthol Sai 5 Rd.,
T. Raikhing, A. Sampran,
Nakornpathom 73120, Tel:
[66] 2420-0787-8, 2420-4346,
Fax: [66] 2811-9653.
20th Floor,
Tel: [66] 2231-6278-80, Fax: [66]
2231-6278.
COMMENT
The subject is one of
The subject still maintains its
quality standard, enabling
it to consistently
meet the needs of
international markets.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
20,000 shares of Bht.
100 each.
The capital was
increased later as
follows:
Bht.
30,000,000 on February
27, 1989
Bht. 50,000,000
on April 22,
1991
Bht. 100,000,000 on
July 29, 1994
Bht. 200,000,000 on
June 30, 1997
Bht. 300,000,000 on
July 4, 2000
Bht. 330,000,000 on
January 10, 2001
The latest registered
capital was increased
to Bht. 330,000,000
divided into 3,300,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Parfun Co., Ltd. Nationality: Japanese Address : 1-9-25 Zemba-Higachi, Mino-City, |
1,307,800 |
39.63 |
|
Riki Corporation Nationality: Japanese Address : 2-3-50 Zemba-Higachi, Mino-City,
|
1,245,000 |
37.73 |
|
Thai J.P.R.
Co., Ltd. Nationality: Thai Address : 64 Moo 11,
Puthamonthon Sai 5 Rd.,
Raikhing, Sampran, Nakornpathom |
509,996 |
15.45 |
|
Riki Kyoei-Kai Nationality: Japanese Address : 2-3-50 Zemba-Higachi, Mino-City,
|
39,800 |
1.21 |
|
Mr. Keizo
Mizumoto Nationality: Japanese Address : 2-12 Kurozaki-Cho, |
10,000 |
0.30 |
|
Mr. Michiharu
Mizumoto Nationality: Japanese Address : 3-37-2 Yamate-Cho,
Zuita-City |
10,000 |
0.30 |
|
Mr. Umihiro
Mabuchi Nationality: Japanese Address : 1-11 Yamazaki-sho, Kita-gu
city, |
8,000 |
0.24 |
|
Mr.
Shideaki Mabuchi Nationality: Japanese Address : 43-2 Yamate-sho, Zuita city,
|
8,000 |
0.24 |
|
Others |
161,404 |
4.90 |
Total Shareholders
58
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Pichai Dutchanapirom
No. 2421
BALANCE SHEET
[BAHT]
The latest
financial figures published
for December 31,
2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank |
13,898,983.36 |
23,258,500.15 |
|
Trade Accts. & Notes
Receivable - Related Company |
102,916,594.42 |
104,511,225.63 |
|
- Other Company |
108,244,656.08 |
70,556,935.09 |
|
Inventories |
230,240,558.31 |
306,610,920.82 |
|
Receivable-Revenue Department |
2,629,666.65 |
4,116,900.40 |
|
Deferred Income |
19,373,253.69 |
1,963,819.99 |
|
Other Current Assets
|
5,166,253.07 |
2,302,281.80 |
|
Total Current
Assets |
482,469,965.58 |
513,320,583.88 |
|
|
|
|
|
Fixed Assets |
621,464,685.11 |
628,386,340.13 |
|
Cash at Bank
under Commitment |
1,046,793.75 |
1,012,473.71 |
|
Other Assets |
319,307.35 |
2,278,617.35 |
|
Total Assets
|
1,105,300,751.79 |
1,144,998,015.07 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loans |
39,000,000.00 |
24,000,000.00 |
|
Trade Accts. & Notes
Payable - Related Company |
5,531,939.95 |
11,897,413.31 |
|
- Other Company |
136,581,389.24 |
177,127,529.81 |
|
Current Portion of Long
Term Loans |
- |
15,000,000.00 |
|
Current Portion of
Hire Purchase Payable |
3,291,872.48 |
3,516,071.28 |
|
Current Portion of Financial
Institute Contract Liabilities |
3,834,188.64 |
- |
|
Accrued Income Tax |
1,259,834.68 |
20,801,151.12 |
|
Accrued Expenses |
24,583,039.47 |
17,496,952.65 |
|
Other Current Liabilities |
8,161,802.80 |
8,093,363.22 |
|
Total Current
Liabilities |
222,244,067.26 |
277,932,481.39 |
|
|
|
|
|
Hire - Purchase Payable |
1,311,284.93 |
4,659,467.06 |
|
Financial Institute Contract
Liabilities Net of Current Portion |
16,148,561.77 |
- |
|
Total Liabilities |
239,703,913.96 |
282,591,948.45 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value
authorized, issued
and fully paid share
capital 3,300,000 shares |
330,000,000.00 |
330,000,000.00 |
|
Capital Paid |
330,000,000.00 |
330,000,000.00 |
|
Statutory Reserve |
33,000,000.00 |
33,000,000.00 |
|
Retained Earning -
Unappropriated |
502,596,837.83 |
499,406,066.62 |
|
Total
Shareholders' Equity |
865,596,837.83 |
862,406,066.62 |
|
Total
Liabilities & Shareholders' Equity |
1,105,300,751.79 |
1,144,998,015.07 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,939,759,786.88 |
1,812,709,120.50 |
|
Gain on Sales
of Investment |
- |
3,145,800.00 |
|
Gain on Exchange
Rate |
- |
19,257,519.46 |
|
Other Income |
7,937,551.87 |
6,306,080.08 |
|
Total Revenues
|
1,947,697,338.75 |
1,841,418,520.04 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,603,630,403.59 |
1,466,456,777.28 |
|
Selling & Administrative Expenses |
227,317,983.64 |
226,727,704.15 |
|
Loss on Exchange
Rate |
38,391,464.72 |
- |
|
Total Expenses |
1,869,339,851.95 |
1,693,184,481.43 |
|
Profit / [Loss] from Operation |
78,357,486.80 |
148,234,038.61 |
|
Interest Expenses |
[2,995,020.66] |
[4,203,620.81] |
|
Income Tax |
[22,671,694.93] |
[43,838,416.28] |
|
Net Profit / [Loss] |
52,690,771.21 |
100,192,001.52 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
7.01 |
|
|
Operating Profit |
[26.40] |
|
|
Net Profit |
[47.41] |
|
|
Fixed Assets |
[1.10] |
|
|
Total Assets |
[3.47] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
82.67 |
80.90 |
|
Operating Profit Margin |
6.02 |
8.18 |
|
S & A
Expenses |
11.72 |
12.51 |
|
Interest Paid |
0.15 |
0.23 |
|
Other Revenues |
0.41 |
1.58 |
|
Net Profit Margin |
2.72 |
5.53 |
|
Earning Per Shares |
15.97 |
30.36 |
|
No. of Shares |
3,300,000 |
3,300,000 |
Net Sales was
increased by 7.01%,
Operating Profit was
decreased by 26.40%,
Net Profit was
decreased by 47.41%,
Fixed Assets was
decreased by 1.10%,
Total Assets was
decreased by 3.47%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 80.90%
to 82.67%, Operating
Profit Margin was
decreased from 8.18%
to 6.02%, S
& A Expenses
was decreased from
12.51% to 11.72%,
Interest Paid was decreased
from 0.23% to
0.15%, Other Revenues
was decreased from
1.58% to 0.41%,
Net Profit Margin
was decreased from
5.53% to 2.72%.
Earning Per Shares
was decreased from
30.36 baht per
share to 15.97
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.17 |
1.85 |
|
Quick-Assets Ratio |
1.01 |
0.71 |
Current Ratio was
increased from 1.85
to 2.17, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.71 to 1.01,
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 |
0.28 |
0.33 |
|
Times Interest Earned |
38.98 |
35.26 |
D/E Ratio was
decreased from 0.33
to 0.28, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
35.26 to 38.98,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.12 |
2.88 |
|
Total Assets Turnover |
1.75 |
1.58 |
|
Return on Assets |
4.77 |
8.75 |
|
Return on Equity |
6.09 |
11.62 |
|
Day's Payable |
25.35 |
35.18 |
|
Day’s Inventories |
42.73 |
60.89 |
|
Day’s Receivables |
20.09 |
14.01 |
Fixed Assets Turnover
was increased from
2.88 times to
3.12 times, Total
Assets Turnover was
increased from 1.58
times to 1.75
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
8.75 to 4.77,
Return on Equity
was decreased from
11.62 to 6.09,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 36
days to 26
days, and Day’s
Inventories was decreased
from 61 days
to 43 days, while
Day’s Receivables was
increased from 15
days to 21 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 |
|
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%)