MIRA INFORM REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTIC MILLS
[ |
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Registered Office : |
39/29-34 Moo 2, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.06.1998 |
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Com. Reg. No.: |
0105541038897 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturing
Service Wide Range
of Denim Fabrics,
Including Weaving, Dyeing
and Finishing. |
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 |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company
name
ATLANTIC
MILLS [
SUMMARY
BUSINESS
ADDRESS : 39/29-34 MOO
2,
T.
BANGKRACHAO, A. MUANG,
SAMUTSAKORN 74000
TELEPHONE : [66] 34
490-021-2
FAX :
[66] 34
490-019
E-MAIL
ADDRESS : info@atlanticmills.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541038897
CAPITAL REGISTERED : BHT. 370,000,000
CAPITAL PAID-UP : BHT.
370,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMKIAT PALAPONGPANICH , THAI
MANAGING DIRECTOR
NO.
OF STAFF : 560
LINES
OF BUSINESS : DENIM
FABRICS
MANUFACTURER AND
CONTRACTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June 24,
1998 as a
private limited company
under the originally
registered name “Thai
Overt Co., Ltd.”
by Thai groups. On February
16, 2001, its name was
changed to ATLANTIC MILLS [
The subject’s registered address is 39/29-34 Moo 2, Thonburi-Pakthor Rd., Bangkrachao, Muang, Samutsakorn 74000, and this is the subject’s current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somkiat Palapongpanich |
|
Thai |
40 |
|
Mr. Amarin Sajdev |
|
Thai |
31 |
|
Mrs. Panida Palapongpanich |
|
Thai |
64 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somkiat Palapongpanich is
the Managing Director.
He is Thai
nationality with the
age of 40
years old.
Mr. Amarin Sajdev is
the Assistant Managing
Director.
He is Thai
nationality with the
age of 31
years old.
BUSINESS
OPERATIONS
The subject
is engaged in manufacturing service wide
range of denim
fabrics, including weaving,
dyeing and finishing. The products
are supplied to
apparel and furnishing
application industries.
PRODUCTION
CAPACITY
1.6-2 million meters
per month.
PURCHASE
Raw
materials; cotton yarn
and component are
purchased from suppliers in
both domestic and overseas,
mainly Japan, Republic
of China, India,
France and Germany.
SALES
70% of the
products is serviced
locally to wholesalers,
manufacturers and end-users,
the remaining 30% is exported
to Republic of
China, Japan, Korea,
Germany, U.S.A., United Kingdom, Turkey, Malaysia,
Indonesia, Russia, Canada,
Hong Kong, Spain,
Poland and Italy.
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 tow 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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
560 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory I
at the heading
address. Premise is
located in industrial
area.
Factory
II : 34/5
Moo 2, T. Bangkachao, A. Muang,
Samutsakorn 74000.
Sales
office : 12th Floor,
C.T.I. Tower,
10110. Tel. : [66] 2661-8687-93, Fax. : [66] 2661-8694.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,500,000.
COMMENT
Apparels
especially denim has been
in strong demand
from resumed consumption
in both domestic
and international markets.
Sales have gradually
increased since the
year 2010 and
also expanding into
this year.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 189,000,000
on October 30,
2001
Bht. 370,000,000
on May 31,
2002
The
latest registered capital
was increased to
Bht. 370 million, divided into 3,700,000 shares
of Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somkiat Palapongpanich Nationality: Thai Address : 43/3
Soi Ngamduplee, Thungmahamek, Sathorn, |
1,899,995 |
51.35 |
|
Mr. Amarin Sajdev Nationality: Thai Address : 99/68
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
1,000,000 |
27.03 |
|
Mrs. Pamela Palapongpanich Nationality: Thai Address :
43/3 Soi Ngamduplee,
Thungmahamek,
Sathorn, |
800,001 |
21.62 |
|
Mr. Namathep Sajdev Nationality: Thai Address : 99/68
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
1 |
- |
|
Mrs. Panida Palapongpanich Nationality: Thai Address : 98/65
Moo 11, Raiking,
Sampran, Nakornpathom |
1 |
- |
|
Ms. Rojana Sajjariri Nationality: Thai Address : 20/27
Klongtonnua, Wattana, |
1 |
- |
|
TSAM Corporation Ltd. Nationality: Thai Address : 39/29-34
Moo 2, Muang, Samutsakorn |
1 |
- |
Total Shareholders : 7
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Mrs. Vanisa Wongsitthichoke No.
5103
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalents |
1,590,267.47 |
5,772,202.72 |
|
Trade Accts. Receivable |
183,014,395.82 |
337,961,095.39 |
|
Inventories |
261,458,388.18 |
143,436,322.99 |
|
Other Current Assets
|
238,259,099.46 |
245,201,184.41 |
|
Total Current Assets
|
684,322,150.93 |
732,370,805.51 |
|
Loan to Directors |
278,437,047.38 |
339,496,092.99 |
|
Fixed Assets |
617,796,471.54 |
706,503,868.52 |
|
Other Assets |
765,871.16 |
1,025,991.54 |
|
Total Assets |
1,581,321,541.01 |
1,779,396,758.56 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Loan from Financial Institutions |
121,136,922.88 |
179,269,303.55 |
|
Trade Accts. Payable |
104,845,895.25 |
188,864,647.01 |
|
Other Current Liabilities |
48,151,027.72 |
38,154,606.32 |
|
Total Current Liabilities |
274,133,845.85 |
406,288,556.88 |
|
|
|
|
|
Other Long-term Loan |
293,403,296.72 |
268,070,784.03 |
|
Other Liabilities |
422,500.00 |
422,500.00 |
|
Total Liabilities |
567,959,642.57 |
674,781,840.91 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,700,000 shares |
370,000,000.00 |
370,000,000.00 |
|
Capital Paid |
370,000,000.00 |
370,000,000.00 |
|
Statutory Reserve |
26,300,000.00 |
20,300,000.00 |
|
General Reserve |
125,000,000.00 |
120,000,000.00 |
|
Retained Earning -
Unappropriated |
492,061,898.44 |
594,314,917.65 |
|
Total Shareholders' Equity |
1,013,361,898.44 |
1,104,614,917.65 |
|
Total Liabilities & Shareholders' Equity |
1,581,321,541.01 |
1,779,396,758.56 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
953,267,674.53 |
1,231,292,565.88 |
|
Other Income |
17,578,314.35 |
38,288,724.81 |
|
Total Revenues |
970,845,988.88 |
1,269,581,290.69 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
777,854,193.17 |
1,034,656,087.60 |
|
Selling Expenses |
33,708,485.36 |
47,470,635.76 |
|
Administrative Expenses |
69,012,815.48 |
58,070,493.79 |
|
Total Expenses |
880,575,494.01 |
1,140,197,217.15 |
|
Profit / [Loss] Before Financial Cost |
90,270,494.87 |
129,384,073.54 |
|
Interest Expenses |
[46,347,921.25] |
[26,822,041.40] |
|
Profit / [Loss] Before Income
Tax |
43,922,573.62 |
102,562,032.14 |
|
Income Tax |
[1,975,592.83] |
[1,694,275.60] |
|
Net Profit / [Loss] |
41,946,980.79 |
100,867,756.54 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.50 |
1.80 |
|
QUICK RATIO |
TIMES |
0.67 |
0.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.54 |
1.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
122.69 |
50.60 |
|
INVENTORY TURNOVER |
TIMES |
2.98 |
7.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.08 |
100.18 |
|
RECEIVABLES TURNOVER |
TIMES |
5.21 |
3.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
49.20 |
66.63 |
|
CASH CONVERSION CYCLE |
DAYS |
143.56 |
84.16 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.60 |
84.03 |
|
SELLING & ADMINISTRATION |
% |
10.78 |
8.57 |
|
INTEREST |
% |
4.86 |
2.18 |
|
GROSS PROFIT MARGIN |
% |
20.25 |
19.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.47 |
10.51 |
|
NET PROFIT MARGIN |
% |
4.40 |
8.19 |
|
RETURN ON EQUITY |
% |
4.14 |
9.13 |
|
RETURN ON ASSET |
% |
2.65 |
5.67 |
|
EARNING PER SHARE |
BAHT |
11.34 |
27.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.56 |
0.61 |
|
TIME INTEREST EARNED |
TIMES |
1.95 |
4.82 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(22.58) |
|
|
OPERATING PROFIT |
% |
(30.23) |
|
|
NET PROFIT |
% |
(58.41) |
|
|
FIXED ASSETS |
% |
(12.56) |
|
|
TOTAL ASSETS |
% |
(11.13) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.25 |
Impressive |
Industrial Average |
17.06 |
|
Net Profit Margin |
4.40 |
Impressive |
Industrial Average |
(7.42) |
|
Return on Assets |
2.65 |
Impressive |
Industrial Average |
(2.59) |
|
Return on Equity |
4.14 |
Impressive |
Industrial Average |
1.60 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 20.25%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 4.4% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets is 2.65%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity is
4.14%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY
RATIO
|
Current Ratio |
2.50 |
Deteriorated |
Industrial Average |
28.06 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
143.56 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.5 times in 2009, increase from 1.8 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.67 times in 2009,
decrease from 0.85 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 144 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial Average |
1.05 |
|
Debt to Equity Ratio |
0.56 |
Impressive |
Industrial Average |
1.93 |
|
Times Interest Earned |
1.95 |
Deteriorated |
Industrial Average |
700.94 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using less leverage and has stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.95 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.36 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY
RATIO
|
Fixed Assets Turnover |
1.54 |
Deteriorated |
Industrial Average |
1,106.42 |
|
Total Assets Turnover |
0.60 |
Deteriorated |
Industrial Average |
1.54 |
|
Inventory Conversion Period |
122.69 |
|
|
|
|
Inventory Turnover |
2.98 |
Deteriorated |
Industrial Average |
8.17 |
|
Receivables Conversion Period |
70.08 |
|
|
|
|
Receivables Turnover |
5.21 |
Deteriorated |
Industrial Average |
18.60 |
|
Payables Conversion Period |
49.20 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.63.66 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.