MIRA
INFORM REPORT
|
Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SURETEX
LIMITED |
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Registered Office : |
71 Sap Road,
Siphaya, Bangrak,
Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
11.08.1988 |
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Com. Reg. No.: |
0105531061276 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor
of Condoms, Gloves and
Latex |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SURETEX
LIMITED
SUMMARY
ADDRESS : 71
SAP ROAD, SIPHAYA,
BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [662] 233-6513-4, 234-0016-7, 637-0211-2
FAX : [662] 237-2656,
237-2607
E-MAIL ADDRESS : nthongmak@ap.ansell.com.
naavin@apansell.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531061276 [Former : 6128/2531]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT. 600,000,000
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
DAMIAN DINANTRA BANDARA
ILANKAN,
SRI LANKA
MANAGING DIRECTOR
NO. OF STAFF :
1,000
LINES OF BUSINESS : CONDOMS, GLOVES AND LATEX
MANUFACTURER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD W ITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject
was established on August 11, 1988 as a private limited company under the
name style SURETEX
LIMITED in order
to produce condom.
It was initially a subsidiary
of Globex Corporation, a member of
G. Premjee Group.
In 2007, subject
became a wholly
owned subsidiary of
Ansell Limited, by
being held through
P.D. International Pty,
Ltd., the Australian
company. Subject currently
is one of the largest
OEM/private label and
tender business supplier
in the world. It currently
employs approximately 1,000
staff.
The
subject’s registered address
is 71 Sap Road, Siphya,
Bangrak, Bangkok 10500, and
this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Konchady Praveen Shenoy |
Indian |
42 |
|
Mr. Chao
Maneeratanapruk |
Thai |
56 |
|
Mr. Damian Dinantra Bandara Ilankan |
Sri Lanka |
39 |
AUTHORIZED PERSON
One of the above directors
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Damian Dinantra Bandara
Ilankan is the
Managing Director.
He
is Sri Lanka nationality with
the age of
39 years old.
Mr. Thomas Mgknatt
is the Factory Manager.
He is American nationality.
Mr. Naavin Chancharoenkul is
the International Marketing
Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer and contractor
various types of
condoms both for
its owns brands
and more than 80
OEM brands. Subject
also produces rubber
gloves and latex
products.
MAJOR BRANDS
“PLEASURE”, “ROYALE”, “VEGA” ,
“ANSELL” - Export Brands
“SILKE” - Local
Brand
PRODUCTION CAPACITY
1.6 billion pieces
per year
PURCHASE
100% of raw
material is purchased
from local suppliers.
SALES [LOCAL]
10% of its products is
sold locally to Thai
Governments and wholesalers
EXPORT [COUNTRIES]
90% of the products is exported
to Turkey, U.S.A.,
Argentina, South Africa,
Russia, Pakistan, Bangladesh, Italy, Germany, France
and Australia.
MAJOR CUSTOMERS
|
Company |
Country |
|
PSI |
: USA. |
|
Eczalibasi |
: Turkey |
|
Dispomed |
: Argentina |
|
W.H.O. |
: United Nations |
|
Polish |
: France |
|
Pardale |
: USA |
|
K I A - Ora |
: Australia |
PARENT COMPANY
P.D. International Pty. Ltd.
Address: 101 Collins
Rd., Melbourne, Victoria,
Australia
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 on
the credit term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Exports are by
against L/C at
sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 1,000 staff.
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address on
a 4 storey building in
commercial area.
Factory & warehouse
are located at
33/1 Moo 4,
T. Khao Hua
Kwai,
A. Phunpin, Suratthani
Province 84130 Tel:
[077] 277-400, Fax: [077]
277-400.
REMARK
CREDIT OF US$ 500,000 AGAINST
D/A TERMS SHOULD
BE IN ORDER.
COMMENT
The company is
one of the largest OEM/private
label and tender
business supplier in
the world with total
manufacturing capacity of
1.6 billion pieces
per year. The factories
are spread across
Thailand and India.
At present Thailand
is being the
largest manufacture in
the region.
Despite the economic
slowdown affecting all
over the world market in particular, the
subject is buoyant
on the increasing global demand
for its products
and would aggressively develop new markets
for same specialty
products use in
both domestic and
international markets.
Its business performance
remains upbeat.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1 million, divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased and decreased
later as followings:
Bht. 221,000,000 on July 28,
1995
Bht. 417,238,200 on July 30,
1997
Bht. 1,500,000,000 on
February 12, 1999
Bht. 960,000,000 on March 15,
2004 [Decreased]
Bht. 600,000,000 on May 4,
2007 [Decreased]
The latest registered
capital was decreased
to Bht. 600 million, divided into 15,000,000 shares of Bht.
40 each with
fully paid.
MAIN SHAREHOLDERS
[as of October 29, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
P.
D. International Pty.
Ltd. Nationality: Australian Address
: 101 Collins Rd.,
Melbourne, Victoria, Australia |
14,999,994 |
99.99 |
|
Pacific Dunlop
Hong Kong Ltd. Nationality: Hong Kong Address : Konton Rd.,
Kao Loon, Hong
Kong |
1 |
|
|
Mr.
Harry Boon Nationality: Australian Address : 200 Schulz
Rd., New Jersey,
U.S.A. |
1 |
|
|
Mr.
Martin Terner Nationality: Australian Address : 200 Schulz
Rd., New Jersey,
U.S.A. |
1 |
|
|
Mr.
Konchady Praveen Shenoy Nationality: Indian Address : 71 Sap
Rd., Siphya, Bangrak,
Bangkok |
1 |
=0.01 |
|
Mr. Chao
Maneewatanapruk Nationality: Thai Address : 31/1 Moo
4, Khaohuakwai, Punpin,
Suratthani |
1 |
|
|
Mr.
Brasanna De Silva Nationality: Sri Lanka Address : 31/1 Moo
4, Khaohuakwai, Punpin,
Suratthani |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Veerachai
Ratanacharaskul No. 4323
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
71,166,920 |
295,796,997 |
|
Trade Accts. Receivable |
217,552,648 |
247,869,570 |
|
Short Term Loan
to Related Company |
39,013,754 |
46,000,000 |
|
Receivable-Related Company |
30,260,997 |
29,725,247 |
|
Inventories |
114,316,585 |
146,355,222 |
|
Deferred Value Added
Tax |
4,791,556 |
4,428,931 |
|
Other Current Assets
|
6,941,208 |
15,669,630 |
|
Total Current
Assets |
484,043,668 |
785,845,597 |
|
Investment in Subsidiaries Company |
111,837,990 |
111,837,990 |
|
Fixed Assets |
443,860,957 |
465,583,651 |
|
Intangible Assets |
665,326 |
2,698,927 |
|
Deferred Income Tax |
2,283,236 |
1,684,074 |
|
Other Assets |
788,838 |
965,138 |
|
Total Assets |
1,043,480,015 |
1,368,615,377 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
112,580,691 |
75,728,968 |
|
Short Term Loan
from Related Company |
- |
36,728,134 |
|
Payable-Related Company |
10,865,324 |
13,435,627 |
|
Accrued Bonus |
13,496,140 |
9,294,447 |
|
Accrued Expenses |
40,023,393 |
33,215,530 |
|
Accrued Income Tax |
9,456,009 |
9,696,191 |
|
Other Current Liabilities |
7,938,152 |
5,265,343 |
|
Total Current
Liabilities |
194,359,709 |
183,364,240 |
|
Provident Fund |
18,778,726 |
17,887,783 |
|
Total Liabilities |
213,138,435 |
201,252,023 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 40 value authorized, issued
and fully paid share
capital 15,000,000 shares |
600,000,000 |
600,000,000 |
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Premium on Share
Capital |
24,900,000 |
24,900,000 |
|
Surplus on Assets
Appraisal |
9,976,067 |
11,285,591 |
|
Statutory Reserve |
14,000,000 |
7,500,000 |
|
Retained Earning -
Unappropriated |
181,465,513 |
163,677,763 |
|
Total
Shareholders' Equity |
830,341,580 |
1,167,363,354 |
|
Total
Liabilities & Shareholders' Equity |
1,043,480,015 |
1,368,615,377 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income |
1,168,228,687 |
1,161,380,117 |
|
Other Income |
18,633,392 |
20,210,036 |
|
Total Revenues
|
1,186,862,079 |
1,181,590,153 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
924,037,139 |
898,106,556 |
|
Selling & Administrative Expenses |
105,321,352 |
109,792,614 |
|
Total Expenses |
1,029,358,491 |
1,007,899,170 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
157,503,588 |
173,690,983 |
|
Interest Expenses |
- |
[25,601] |
|
Income Tax |
[13,215,838] |
[16,518,133] |
|
Net Profit / [Loss] |
144,287,750 |
157,147,249 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
0.59 |
|
|
Operating Profit |
[9.85] |
|
|
Net Profit |
[8.18] |
|
|
Fixed Assets |
[4.67] |
|
|
Total Assets |
[23.76] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
79.10 |
77.33 |
|
Operating Profit Margin |
13.48 |
14.96 |
|
S & A
Expenses |
9.02 |
9.45 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
1.60 |
1.74 |
|
Net Profit Margin |
12.35 |
13.53 |
|
Earning Per Shares |
9.62 |
10.48 |
|
No. of Shares |
15,000,000 |
15,000,000 |
Net Sales was
increased by 0.59%,
Operating Profit was
decreased by 9.85%,
Net Profit was
decreased by 8.18%,
Fixed Assets was
decreased by 4.67%,
Total Assets was
decreased by 23.76%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 77.33%
to 79.10%, Operating
Profit Margin was
decreased from 14.96%
to 13.48%, S
& A Expenses
was decreased from
9.45% to 9.02%,
Interest Paid was decreased
from 0.00% to
0.00%, Other Revenues
was decreased from
1.74% to 1.60%,
Net Profit Margin
was decreased from
13.53% to 12.35%.
Earning Per Shares
was decreased from
10.48 baht per
share to 9.62
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.49 |
4.29 |
|
Quick-Assets Ratio |
1.84 |
3.38 |
Current Ratio was
decreased from 4.29
to 2.49, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
3.38 to 1.84,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.26 |
0.17 |
|
Times Interest Earned |
0.00 |
6,784.54 |
D/E Ratio was
increased from 0.17
to 0.26, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
6,784.54 to 0.00,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
2.63 |
2.49 |
|
Total Assets Turnover |
1.12 |
0.85 |
|
Return on Assets |
13.83 |
11.48 |
|
Return on Equity |
17.38 |
13.46 |
|
Day's Payable |
34.69 |
23.47 |
|
Day’s Inventories |
35.23 |
45.37 |
|
Day’s Receivables |
67.04 |
76.83 |
Fixed Assets Turnover
was increased from
2.49 times to
2.63 times, Total
Assets Turnover was
increased from 0.85
times to 1.12
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
11.48 to 13.83,
Return on Equity
was increased from
13.46 to 17.38,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 24
days to 35
days, while Day’s
Inventories was decreased
from 46 days
to 36 days, and Day’s
Receivables was decreased
from 77 days
to 68 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%)