MIRA
INFORM REPORT
|
Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HORIZON TEXTILES CO., LTD. |
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Formerly Known As : |
FORTUNE
LAND CO., LTD. |
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Registered Office : |
662 Moo 4,
T. Praeksa, A. Muang, Samutprakarn 10270 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.12.1991 |
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Com. Reg. No.: |
0105534115032 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter of Fabric |
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
HORIZON TEXTILES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 662
MOO 4, T. PRAEKSA, A. MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66]
2709-6690-1, 2437-8414
FAX : [66] 2709-6692
E-MAIL ADDRESS : bfortune@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534115032
CAPITAL REGISTERED
: BHT.
18,000,000
CAPITAL PAID-UP
: BHT.
18,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PORAWIN KANEEYAO,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : FABRIC
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on December 4, 1991
as a private limited company under the originally registered
name “Fortune Land
Co., Ltd.,” by
Thai groups. On
June 27, 2000,
subject was changed
its name to
be HORIZON TEXTILES
CO., LTD. Its
business objective to
provide variety of
fabrics to international markets. It currently
employs approximately 10
staff.
The
subject’s registered address
is 662 Moo
4, T. Praeksa, A. Muang,
Samutprakarn 10270, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Porawin Kaneeyao
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Porawin Kaneeyao is
the Managing Director.
He is Thai nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
variety of fabrics,
such as cotton,
silk, linen, voile
and etc.
PURCHASE
The products are
purchased from local
textile manufacturers.
EXPORT
100% of
the products are
exported to France,
U.K., Germany, Italy,
Switzerland and Hong
Kong.
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
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
industrial area.
REMARK
CREDIT
OF US$ 500,000 ON D/A
TERM SHOULD BE
ON SECURED BASIS.
COMMENT
The subject was
formed in 1991
for exporting of
fabrics to international markets. Its sales
has gradually improved in
the last three
to four years,
however dropped in
sales revenue has
shown in 2006 from
strong competitive market
like China and Vietnam.
Moreover, current
slow consumption not
only in domestic market
but also in
exported markets would
result to subject’s
negative income this year.
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. 4,000,000 on June 27,
2000
Bht. 13,000,000 on December 21,
2001
Bht. 18,000,000 on September 29,
2003
The
latest registered capital
was increased to
Bht. 18 million, divided into
18,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Porawin Kaneeyao Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya,
Klongsan, Bangkok |
15,399 |
85.55 |
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Mr. Charoen Kaneeyao Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya,
Klongsan, Bangkok |
1,000 |
5.56 |
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Mr. Jaswinder Palsingh Kaneeyao Nationality: Thai Address : 701/10
Mahachak Rd., Chakrawad,
Samphantawong, Bangkok |
400 |
2.22 |
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Mrs. Sukraj Kaneeyao Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya,
Klongsan, Bangkok |
400 |
2.22 |
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Master Prajatep Kaneeyao Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya, Klongsan, Bangkok |
400 |
2.22 |
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Mrs. Jaspalgor Kaneeyao Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya,
Klongsan, Bangkok |
400 |
2.22 |
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Mrs. Narindergor Narula Nationality: Thai Address : 11
Somdejchaophraya Rd., Klongsan,
Bangkok |
1 |
0.01 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Lt. Chumsri Taweekiat No. 1626
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
|
559,058.00 |
338,278.33 |
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Trade Accts. Receivable |
19,262,597.92 |
22,994,134.02 |
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Inventories |
2,572,646.81 |
6,382,549.48 |
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Other Current Assets
|
500,122.19 |
137,454.67 |
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Total Current Assets
|
22,894,424.92 |
29,852,416.50 |
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Fixed Assets |
13,104,458.24 |
13,481,505.06 |
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Total Assets |
35,998,883.16 |
43,333,921.56 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
- |
4,020,208.74 |
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Trade Accts. Payable |
4,617,934.30 |
8,678,212.38 |
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Other Current Liabilities |
526,015.57 |
985,256.17 |
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Total Current Liabilities |
5,143,949.87 |
13,682,677.29 |
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Long Term Loan
from Person or Related Company |
10,196,400.00 |
10,046,400.00 |
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Total Liabilities |
15,340,349.87 |
23,729,077.29 |
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Shareholders' Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 18,000 shares |
18,000,000.00 |
18,000,000.00 |
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Capital Paid |
18,000,000.00 |
18,000,000.00 |
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Retained Earning -
Unappropriated |
2,658,533.29 |
1,604,844.27 |
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Total Shareholders' Equity |
20,658,533.29 |
19,604,844.27 |
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Total Liabilities & Shareholders' Equity |
35,998,883.16 |
43,333,921.56 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
29,780,355.81 |
52,666,956.45 |
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Other Income |
3,981,191.40 |
1,034,083.94 |
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Total Revenues |
33,761,547.21 |
53,701,040.39 |
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Expenses |
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Cost of Goods
Sold |
29,087,746.16 |
48,748,718.42 |
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Selling & Administrative Expenses |
2,487,646.45 |
3,027,492.16 |
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Total Expenses |
31,575,392.61 |
51,776,210.58 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
2,186,154.60 |
1,924,829.81 |
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Interest Expenses |
[680,296.63] |
[397,346.11] |
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Income Tax |
[452,168.95] |
[557,256.72] |
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Net Profit / [Loss] |
1,053,689.02 |
970,226.98 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[43.46] |
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Operating Profit |
100.86 |
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Net Profit |
8.60 |
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Fixed Assets |
[2.80] |
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Total Assets |
[16.93] |
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Profitability |
|
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Cost of Good
Sold |
97.67 |
92.56 |
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Operating Profit Margin |
7.34 |
3.65 |
|
S & A
Expenses |
8.35 |
5.75 |
|
Interest Paid |
2.28 |
0.75 |
|
Other Revenues |
13.37 |
1.96 |
|
Net Profit Margin |
3.54 |
1.84 |
|
Earning Per Shares |
58.54 |
53.90 |
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No. of Shares |
18,000 |
18,000 |
Net Sales was
decreased by 43.46%,
Operating Profit was
increased by 100.86%,
Net Profit was
increased by 8.60%,
Fixed Assets was
decreased by 2.80%,
Total Assets was
decreased by 16.93%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.56%
to 97.67%, Operating
Profit Margin was
increased from 3.65% to 7.34%, S
& A Expenses
was increased from
5.75% to 8.35%,
Interest Paid was increased
from 0.75% to
2.28%, Other Revenues
was increased from
1.96% to 13.37%,
Net Profit Margin
was increased from
1.84% to 3.54%.
Earning Per Shares
was increased from
53.90 baht per
share to 58.54
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.45 |
2.18 |
|
Quick-Assets Ratio |
3.85 |
1.71 |
Current Ratio was increased from 2.18
to 4.45, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.71 to 3.85,
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 |
0.74 |
1.21 |
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Times Interest Earned |
3.21 |
4.84 |
D/E Ratio was
decreased from 1.21
to 0.74, 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
4.84 to 3.21,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
2.27 |
3.91 |
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Total Assets Turnover |
0.83 |
1.22 |
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Return on Assets |
2.93 |
2.24 |
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Return on Equity |
5.10 |
4.95 |
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Day's Payable |
55.82 |
59.32 |
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Day’s Inventories |
31.10 |
43.63 |
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Day’s Receivables |
232.86 |
157.17 |
Fixed Assets Turnover
was decreased from
3.91 times to
2.27 times, Total
Assets Turnover was
decreased from 1.22
times to 0.83
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 2.24 to
2.93, Return on
Equity was increased
from 4.95 to
5.10, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 60
days to 56
days, and Day’s
Inventories was decreased
from 44 days
to 32 days, while Day’s
Receivables was increased
from 158 days
to 233 days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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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%)