MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI ASAHI KASEI SPANDEX CO., LTD. |
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Registered Office : |
919 Moo 11, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.10.2003 |
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Com. Reg. No.: |
0205546014171 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporte of Spandex Yarn |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
THAI
ASAHI KASEI SPANDEX
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 919
MOO 11,
T. NONGKHAM, A. SRIRACHA,
CHONBURI 20230
TELEPHONE : [66] 38
483-005-8
FAX :
[66] 38
482-969, 38 482-979
E-MAIL
ADDRESS : jitjai@taspandex.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0205546014171
CAPITAL REGISTERED : BHT. 1,350,000,000
CAPITAL PAID-UP : BHT.
1,350,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SHINICHIRO HAGA,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 163
LINES OF
BUSINESS : SPANDEX YARN
MANUFACTURER, DISTRIBUTOR
AND 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 October 15,
2003 as a
private limited company under
the name style THAI
ASAHI KASEI SPANDEX
CO., LTD, by
Thai and Japanese
groups, with the business objective to manufacture spandex yarn for
textile industry. It currently employs
approximate 163 staff.
Subject
is a joint
venture between The
Saha Patthanapibul group
of Thailand and
Asahi Kasei Fibers
Corporation, Japan.
The
subject’s registered address
is 919 Moo 11,
T. Nongkham, A. Sriracha, Chonburi
20230, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchai Narongkananukul |
|
Thai |
65 |
|
Mr. Shinichiro Haga |
[x] |
Japanese |
45 |
|
Mr. Akihisa Nakano |
|
Japanese |
52 |
|
Mr. Koshiro Kudou |
|
Japanese |
51 |
|
Mr. Yoshiaki Kojima |
[x] |
Japanese |
49 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shinachiro Haga is
the Managing Director.
He is Japanese
nationality with the
age of 45
years old.
Mr. Yoshiaki Kojima is
the General Manager.
He is Japanese
nationality with the age
of 49 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and supplying
of spandex yarn [polyurethane elastic
yarn] for textile
industry.
BRAND NAME
“ASAHI KASEI”
PRODUCTION CAPACITY
2,500 tons
per annum
PURCHASE
Raw
materials, as well
as machinery are
purchased from suppliers
and agents in
both domestic and
overseas, such as
Japan, Germany, Taiwan
and Republic of
China.
SALES
80% of the
products is exported
to Japan, U.S.A.,
Hong Kong, Singapore
and European countries,
the remaining 20%
is sold locally.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 163
staff.
LOCATION DETAILS
The premise is owned for administrative office,
factory and warehouse at the
heading address. Premise
is located in
provincial/industrial area.
Bangkok Office is located
at 23rd Floor,
Chamnan Bhenjati Business
Center, 65/194 Rama
9 Rd., Huaykwang,
Bangkok 10320.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
Subject
is a manufacturer,
distributor and exporter of
spandex yarn. The products
are in strong demand from textile industry. Spandex
fabric has currently been used in
variety products such as swimming suit,
legging, stocking, sock, underwear, sporting suit, undergarment, apparels
and etc.
Subject
has solid business,
and future prospect is
outstanding.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 520,000,000 divided
into 520,000 shares of
Bht. 1,000 each
with fully paid.
The
capital was increased
later as follows:
Bht. 700,000,000 on
August 7, 2006
Bht. 850,000,000 on
October 2, 2007
Bht. 1,350,000,000
on August 29,
2008
The
latest registered capital
was increased to
Bht. 1,350 million, divided into
1,350,000 shares of
Bht. 1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
March 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asahi Kasei Fibers
Corporation Nationality: Japanese Address : 2-6
Kojimahama 1-chome Kita-ku,
|
810,000 |
60.00 |
|
Wacoal Corporation Nationality: Japanese Address : 29
Nakashima-sho, Kissho-in, Minami-ku,
|
256,500 |
19.00 |
|
Sahaphat Inter Holding
Public Company Limited Nationality: Thai Address : |
81,000 |
6.00 |
|
Textile Prestige Public
Company Limited Nationality: Thai Address : 704/1-9
Rama 3 Rd.,
Bangpongpang,
Yannawa, |
67,500 |
5.00 |
|
I.C.C International Public
Company Limited Nationality: Thai Address : |
54,000 |
4.00 |
|
Thanulux Public Company
Limited Nationality: Thai Address :
Yannawa, |
54,000 |
4.00 |
|
Thai Wacoal Public
Company Limited Nationality: Thai Address :
Bangkorlaem, |
27,000 |
2.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sudwin Panyaqwongkhanti No.
3534
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
89,659,279 |
35,626,820 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
64,712,064 |
42,948,054 |
|
- Other company |
171,891,599 |
173,666,345 |
|
Inventories |
170,572,657 |
142,968,305 |
|
Refundable Value Added Tax |
463,026 |
11,465,946 |
|
Other Current Assets
|
1,836,540 |
1,681,273 |
|
Total Current
Assets |
499,135,165 |
408,356,743 |
|
|
|
|
|
Fixed Assets |
2,149,307,530 |
2,368,963,193 |
|
Intangible Assets |
399,525 |
582,595 |
|
Other Assets |
312,950 |
69,190 |
|
Total Assets
|
2,649,155,170 |
2,777,971,721 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Short Term Loan
from Financial Institution |
407,400,000 |
567,400,000 |
|
Trade Accounts Payable |
|
|
|
- Related company |
166,636,097 |
123,192,809 |
|
- Other company |
35,882,541 |
41,821,497 |
|
Payable Purchase of
Fixed Assets |
1,365,076 |
23,339,643 |
|
Related company Payable |
89,717,191 |
69,340,656 |
|
Current Portion of Long-term Loans - from Financial Institutions |
101,245,000 |
103,040,200 |
|
Other Payable |
11,437,383 |
13,377,945 |
|
Accrued Expenses |
10,576,330 |
63,533,224 |
|
Payable Guarantee |
840,000 |
6,692,000 |
|
Other Current Liabilities |
2,229,274 |
4,660,596 |
|
Total Current
Liabilities |
827,328,892 |
1,016,398,570 |
|
|
|
|
|
Long-term Loan from Finance Institutions |
303,735,000 |
412,160,800 |
|
Total Liabilities |
1,131,063,892 |
1,428,559,370 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value Authorized &
and fully paid
share capital
1,350,000 shares |
1,350,000,000 |
1,350,000,000 |
|
Capital Paid |
1,350,000,000 |
1,350,000,000 |
|
Statutory Reserve |
15,003,904 |
15,003,904 |
|
Retained Earning -
Unappropriated |
153,087,374 |
[15,591,553] |
|
Total
Shareholders' Equity |
1,518,091,278 |
1,349,412,351 |
|
Total
Liabilities & Shareholders' Equity |
2,649,155,170 |
2,777,971,721 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
1,533,069,585 |
1,132,703,242 |
|
Other Income |
9,194,337 |
10,102,015 |
|
Total Revenues
|
1,542,263,922 |
1,142,805,257 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,232,129,520 |
999,390,270 |
|
Selling Expenses |
119,145,965 |
88,207,668 |
|
Administrative Expenses |
4,920,488 |
59,346,098 |
|
Other Expenses-Loss on Sales
of Equipment |
517 |
- |
|
Total Expenses |
1,356,196,490 |
1,146,944,036 |
|
Profit/[Loss] Before Finance Cost &
Income Tax |
186,067,432 |
[4,138,779] |
|
Finance Cost |
[17,388,505] |
[16,052,831] |
|
Profit/[Loss] Before Income Tax |
168,678,927 |
[20,191,610] |
|
Income Tax |
- |
[29,720] |
|
Net Profit / [Loss] |
168,678,927 |
[20,221,330] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.60 |
0.40 |
|
QUICK RATIO |
TIMES |
0.39 |
0.25 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.71 |
0.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.41 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.53 |
52.22 |
|
INVENTORY TURNOVER |
TIMES |
7.22 |
6.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.92 |
55.96 |
|
RECEIVABLES TURNOVER |
TIMES |
8.92 |
6.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.63 |
15.27 |
|
CASH CONVERSION CYCLE |
DAYS |
80.82 |
92.90 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.37 |
88.23 |
|
SELLING & ADMINISTRATION |
% |
8.09 |
13.03 |
|
INTEREST |
% |
1.13 |
1.42 |
|
GROSS PROFIT MARGIN |
% |
20.23 |
12.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.14 |
(0.37) |
|
NET PROFIT MARGIN |
% |
11.00 |
(1.79) |
|
RETURN ON EQUITY |
% |
11.11 |
(1.50) |
|
RETURN ON ASSET |
% |
6.37 |
(0.73) |
|
EARNING PER SHARE |
BAHT |
124.95 |
(14.98) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.75 |
1.06 |
|
TIME INTEREST EARNED |
TIMES |
10.70 |
(0.26) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
35.35 |
|
|
OPERATING PROFIT |
% |
(4,595.71) |
|
|
NET PROFIT |
% |
934.16 |
|
|
FIXED ASSETS |
% |
(9.27) |
|
|
TOTAL ASSETS |
% |
(4.64) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.23 |
Impressive |
Industrial Average |
4.96 |
|
Net Profit Margin |
11.00 |
Impressive |
Industrial Average |
(0.90) |
|
Return on Assets |
6.37 |
Impressive |
Industrial Average |
(1.21) |
|
Return on Equity |
11.11 |
Impressive |
Industrial Average |
(3.87) |
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 20.23%. 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 11%
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 6.37%, 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
11.11%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.60 |
Risky |
Industrial Average |
0.84 |
|
Quick Ratio |
0.39 |
|
|
|
|
Cash Conversion Cycle |
80.82 |
|
|
|
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 0.6 times in 2010, increase from 0.4 times, then the company may not
be efficiently using its current assets. 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 0.39 times in 2010,
increase from 0.25 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 81 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.75 |
Impressive |
Industrial Average |
1.65 |
|
Times Interest Earned |
10.70 |
Impressive |
Industrial Average |
0.22 |
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 10.71 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 0.43 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.71 |
Acceptable |
Industrial Average |
1.24 |
|
Total Assets Turnover |
0.58 |
Acceptable |
Industrial Average |
0.94 |
|
Inventory Conversion Period |
50.53 |
|
|
|
|
Inventory Turnover |
7.22 |
Impressive |
Industrial Average |
5.78 |
|
Receivables Conversion Period |
40.92 |
|
|
|
|
Receivables Turnover |
8.92 |
Impressive |
Industrial Average |
5.42 |
|
Payables Conversion Period |
10.63 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
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.