MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TECHNO-SIAM TEXTILE INDUSTRIES CO., LTD. |
|
|
|
|
Registered Office : |
28/2-3
Soi Sukhumvit 19,
Sukhumvit Road, Klongtoeynua, Wattana,
Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
31.03.1994 |
|
|
|
|
Com. Reg. No.: |
0105537038811 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of various kinds
of Fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
TECHNO-SIAM TEXTILE INDUSTRIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 28/2-3 SOI SUKHUMVIT 19,
SUKHUMVIT ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK 10110
TELEPHONE : [66]
2622-8150-3
FAX : [66] 2622-9388
E-MAIL ADDRESS : N/A
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537038811
CAPITAL REGISTERED
: BHT.
5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RAJAWANSINGH SAJJAMAHITTHINAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : FABRICS
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject
was established on
March 31, 1994
as a private limited company under the name style TECHNO-SIAM TEXTILE INDUSTRIES CO.,
LTD., by Thai
groups, in order
to engage in
trading of fabrics. It currently employs approximately 10 staff.
The
subject’s registered address
is 28/2-3 Soi
Sukhumvit 19, Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rachawee Sajjamahitthinan |
|
Thai |
30 |
|
Mr. Rachawansingh
Sajjamahitthinan |
|
Thai |
61 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Rachawansingh
Sajjamahitthinan is the
Managing Director.
He is Thai nationality with
the age of
61 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of fabrics,
such as cotton,
nylon, linen, denim,
polyester, lace and
etc., as well
as exporting of
Thai silk, polyester
and cotton fabrics,
mainly supply to
garment manufacturers and
traders.
PURCHASE
80% of the products is
imported from U.S.A.,
France, India, Republic
of China and
Japan, the remaining
20% is purchased
from local textile
manufacturers.
SALES
80%
of the products is sold
locally by wholesale
to dealers, manufacturers and end-users.
EXPORT
20% of the products is
exported to Japan,
Hong Kong, Taiwan,
India, Pakistan and
Europe country.
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 T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in commercial/residential area.
REMARK
CREDIT
OF US$ 500,000 ON D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
The
subject was formed
in 1994 as
distributor of fabrics.
Its products are
served mostly to
wholesalers, which are
garment producers. Despite
consumer market slowdown,
subject reported its
strong sales for
2007, but current
market is not
promising for local
consumption, therefore it
is estimated that
subject’s business would slow down from
the previous year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 3,000,000
on May 8, 2002
Bht. 4,000,000
on July 8,
2002
Bht. 5,000,000
on March 1,
2006
The
latest registered capital
was increased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Rachawansingh
Sajjamahitthinan Nationality: Thai Address : 1/5
Sukhumvit 47 Rd.,
Klongton,
Wattana, Bangkok |
29,700 |
59.40 |
|
Mr. Rachawee Sajjamahitthinan Nationality: Thai Address : 1/5
Sukhumvit 47 Rd.,
Klongton, Wattana, Bangkok |
19,800 |
39.60 |
|
Ms. Nipaporn Phankamol Nationality: Thai Address : 7/89
Moo 5, Sapansung, Bangkok |
100 |
0.20 |
|
Ms. Pojana Sriprasertkul Nationality: Thai Address : 52/15
Moo 7, Bangduan,
Pasicharoen, Bangkok |
100 |
0.20 |
|
Mrs. Supaporn Krailassirirat Nationality: Thai Address : 142/38
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok |
100 |
0.20 |
|
Ms. Sarangor Gur Nationality: Thai Address : 322/184
Asoke-Dindaeng Rd., Huaykwang, Bangkok |
100 |
0.20 |
|
Mrs. Pawitegor Sajjamahitthinan Nationality: Thai Address : 1/5
Sukhumvit 47 Rd.,
Klongton, Wattana, Bangkok |
100 |
0.20 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Araya Mahavanich No.
4995
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
2,119,561.83 |
960,846.56 |
|
Trade Accts. Receivable |
17,505,984.18 |
5,212,621.19 |
|
Inventories |
47,598,749.80 |
84,123,352.42 |
|
Other Current Assets
|
14,280,723.44 |
15,686,834.73 |
|
Total Current Assets
|
81,505,019.25 |
105,983,654.90 |
|
|
|
|
|
Fixed Assets |
27,987,519.53 |
29,245,338.90 |
|
Intangible Assets |
- |
2,531.51 |
|
Other Assets |
207,480.73 |
207,480.73 |
|
Total Assets |
109,700,019.51 |
135,439,006.04 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
11,814,818.99 |
12,880,218.63 |
|
Trade Accts. Payable |
74,744,138.54 |
69,332,413.63 |
|
Current Portion of Long-term Loan |
2,502,000.00 |
2,502,000.00 |
|
Current Portion of Hire-purchase Payable |
274,505.00 |
299,460.00 |
|
Other Current Liabilities |
1,955,791.87 |
32,278,705.06 |
|
Total Current Liabilities |
91,291,254.40 |
117,292,797.32 |
|
|
|
|
|
Long-term Loan, Net of Current
Portion |
10,617,500.00 |
13,119,500.00 |
|
Hire-purchase Payable, Net of
Current Portion |
- |
274,505.00 |
|
Total Liabilities |
101,908,754.40 |
130,686,802.32 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Less: Share Capital
Receivable |
- |
[1,000,000.00] |
|
Retained Earning -
Unappropriated |
2,791,265.11 |
752,203.72 |
|
Total Shareholders' Equity |
7,791,265.11 |
4,752,203.72 |
|
Total Liabilities &
Shareholders' Equity |
109,700,019.51 |
135,439,006.04 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income |
322,456,806.87 |
239,450,312.17 |
|
Profit/[Loss] from Exchange
Rate |
1,390,868.34 |
[1,885,376.37] |
|
Other Income |
120,000.00 |
235,718.41 |
|
Total Revenues |
323,967,675.21 |
237,800,654.21 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
307,619,973.92 |
221,807,572.72 |
|
Selling & Administrative Expenses |
12,108,513.86 |
11,812,761.67 |
|
Total Expenses |
319,728,487.78 |
233,620,334.39 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
4,239,187.43 |
4,180,319.82 |
|
Interest Expenses |
[1,606,341.69] |
[1,786,438.18] |
|
Income Tax |
[593,784.35] |
[558,519.27] |
|
Net Profit / [Loss] |
2,039,061.39 |
1,835,362.37 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
34.67 |
|
|
Operating Profit |
[24.70] |
|
|
Net Profit |
11.10 |
|
|
Fixed Assets |
[4.30] |
|
|
Total Assets |
[19.00] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.40 |
92.63 |
|
Operating Profit Margin |
1.31 |
1.75 |
|
S & A
Expenses |
3.76 |
4.93 |
|
Interest Paid |
0.50 |
0.75 |
|
Other Revenues |
0.47 |
[0.69] |
|
Net Profit Margin |
0.63 |
0.77 |
|
Earning Per Shares |
40.78 |
36.71 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 34.67%,
Operating Profit was decreased by 24.70%,
Net Profit was
increased by 11.10%,
Fixed Assets was
decreased by 4.30%,
Total Assets was
decreased by 19.00%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.63%
to 95.40%, Operating
Profit Margin was
decreased from 1.75%
to 1.31%, S
& A Expenses
was decreased from
4.93% to 3.76%,
Interest Paid was decreased
from 0.75% to
0.50%, Other Revenues
was increased from
-0.69% to 0.47%,
Net Profit Margin
was decreased from
0.77% to 0.63%.
Earning Per Shares
was increased from
36.71 baht per
share to 40.78
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.89 |
0.90 |
|
Quick-Assets Ratio |
0.21 |
0.05 |
Current Ratio was
decreased from 0.90
to 0.89, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.05 to 0.21,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
13.08 |
27.50 |
|
Times Interest Earned |
2.64 |
2.34 |
D/E Ratio was
decreased from 27.50
to 13.08, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was increased from
2.34 to 2.64,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
11.52 |
8.19 |
|
Total Assets Turnover |
2.94 |
1.77 |
|
Return on Assets |
1.86 |
1.36 |
|
Return on Equity |
26.17 |
38.62 |
|
Day's Payable |
83.45 |
104.24 |
|
Day’s Inventories |
53.14 |
126.47 |
|
Day’s Receivables |
19.54 |
7.84 |
Fixed Assets Turnover
was increased from
8.19 times to 11.52 times,
Total Assets Turnover
was increased from
1.77 times to
2.94 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 1.36 to
1.86, Return on
Equity was decreased
from 38.62 to
26.17, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 105
days to 84
days, and Day’s
Inventories was decreased
from 127 days
to 54 days, while Day’s
Receivables was increased
from 8 days to 20
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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%)