MIRA INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
T.C.H.
SUMINOE CO., LTD. |
|
|
|
|
Registered Office : |
157
Moo 16, Bangpa-In
Industrial Estate, T.
Bangkrasan, A. Bangpa-In,
Ayutthaya 13160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.12.1994 |
|
|
|
|
Com. Reg. No.: |
0105537150262 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of carpets and
fabrics |
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 |
|
|
|
|
Payment
Behaviour : |
Unknown |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
T.C.H. SUMINOE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 157
MOO 16, BANGPA-IN
INDUSTRIAL ESTATE,
T.
BANGKRASAN, A. BANGPA-IN,
AYUTTHAYA
13160
TELEPHONE : [66] 35
221-333-7
FAX :
[66] 35
221-338
E-MAIL
ADDRESS : marketing@tsuminoe.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537150262
CAPITAL REGISTERED : BHT.
250,000,000
CAPITAL PAID-UP : BHT.
250,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : -
NO.
OF STAFF : -
LINES
OF BUSINESS : CARPETS AND
FABRICS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 December 22,
1994 as a
private limited company
under the registered
name style T.C.H.
SUMINOE CO., LTD. by
Thai and Japanese groups.
Its business objective
is to manufacture
carpets for automotive and fabric
for furniture including
interior decoration to both domestic
and international customers.
It has been
achieved international
standard ISO 9002, ISO/TS
16949 and ISO 14001
certifications.
The subject’s registered address is 157 Moo
16, Bangpa-in Industrial Estate,
T. Bangkrasan, A. Bangpa-in, Ayutthaya
13160, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chalermbhan Srivikorn |
[x] : Chairman |
Thai |
75 |
|
Lady Sasima Srivikorn |
[x] |
Thai |
73 |
|
Mr. Chaiyut Srivikorn |
[x] |
Thai |
45 |
|
M.L. Walleewan Vorawan |
[x] |
Thai |
54 |
|
Mr. Chanchai Tipmanee |
|
Thai |
48 |
|
Mr. Tor Kulchornchan |
|
Thai |
49 |
|
Mr. Makoto Odajima |
[-] |
Japanese |
64 |
|
Mr. Hiroaki Usuki |
|
Japanese |
48 |
|
Mr. Shozo Kawabata |
[-] |
Japanese |
58 |
|
Mr. Yasuaki Kitano |
|
Japanese |
60 |
|
Mr. Ryu Takayama |
[-] |
Japanese |
50 |
|
Mr. Ichizo Yoshikawa |
[-] |
Japanese |
65 |
AUTHORIZED PERSON
Any of the
mentioned directors [x] can
jointly sign with
anyone of the
mentioned directors [-]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chalermbhan Srivikorn is
the Chairman of
the Board.
He is Thai
nationality with the
age of 75
years old.
Mr. Ryu Takayama is
the Marketing Manager.
He is Japanese
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing of automotive carpets
and fabric for
furniture and interior
decorations. Its product
includes dobby flat
woven, jacquard flat
woven, jacquard woven
velour, plain woven
velour and dobby
woven velour.
Note
The subject
currently closed its
factory temporarily due to disaster
from flooding in
Ayutthaya and the
nearby provinces.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000 ON SECURED BASIS ONLY.
COMMENT
The
subject is a manufacture of carpet
serving to automobile industry and
fabric for furniture and
interior decoration. Unfortunately, its
factory is in
danger of being flooded
due to it is
located in Bangpa-in Industrial Estate. Further
information has not
yet been disclosed at
a time being.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000 divided
into 5,000,000 shares of
Bht. 10 each with
fully paid.
The
capital was increased
later as follows:
Bht. 100,000,000
on May 25,
1995
Bht. 200,000,000
on June 12,
1998
Bht. 250,000,000
on March 7,
2000
The
latest registered capital
was increased to Bht. 250,000,000 divided
into 25,000,000 shares
of Bht. 10 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 20, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Suminoe Textile Co.,
Ltd. Nationality: Japanese Address : 11-20-3
Chome Minami-Chenba, Shoku, Osaka,
Japan |
12,525,000 |
50.10 |
|
Mr. Chalermbhand Srivikorn Nationality: Thai Address : 4
Sukhumvit Rd., Klongtoey,
Klongtoey, Bangkok |
7,650,000 |
30.60 |
|
C. H. Holding Co.,
Ltd. Nationality: Thai Address : 973
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
3,825,000 |
15.30 |
|
Lady Sasima Srivikorn Nationality: Thai Address : 4
Sukhumvit Rd., Klongtoey,
Klongtoey, Bangkok |
200,000 |
0.80 |
|
Mr. Pimol Srivikorn Nationality: Thai Address : 132/4
Sukhumvit 63 Rd.,
Prakanongnua, Wattana, Bangkok |
200,000 |
0.80 |
|
Mr. Chaiyut Srivikorn Nationality: Thai Address : 93/87
Moo 3, Bangna-Trad
Rd.,
Bangchalong, Bangplee, Samutprakarn |
200,000 |
0.80 |
|
Mr. Vikorn Srivikorn Nationality: Thai Address : 4
Sukhumvit Rd., Klongtoey,
Klongtoey, Bangkok |
200,000 |
0.80 |
|
Mrs. Thaya Teepasuwan Nationality: Thai Address : 4/1
Sukhumvit Rd., Klongtoey,
Klongtoey, Bangkok |
200,000 |
0.80 |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichart Lokestkravee No.
4451
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
24,649,337 |
15,566,680 |
|
Trade Accounts Receivable |
|
|
|
Related Company |
12,071,848 |
45,790,974 |
|
Non Related Company |
172,812,615 |
155,317,399 |
|
|
|
|
|
Trade Accounts Receivable,
net |
184,884,463 |
201,108,373 |
|
Inventories |
113,729,618 |
129,009,571 |
|
Other Current Assets |
|
|
|
Withholding Tax |
84,432 |
28,757 |
|
Value Added Tax |
27,048,221 |
18,919,641 |
|
Other Receivable-Related
Company |
488,833 |
- |
|
Other Receivable |
1,345,827 |
- |
|
Compensation Goods |
4,402,108 |
- |
|
Others |
3,125,387 |
455,514 |
|
Total Other
Current Assets |
36,494,808 |
19,403,912 |
|
|
|
|
|
Total Current Assets
|
359,758,226 |
365,088,536 |
|
|
|
|
|
Fixed Assets |
372,316,443 |
398,340,845 |
|
Intangible Assets |
9,433,013 |
10,395,570 |
|
Other Assets |
1,005,280 |
886,070 |
|
Total Assets |
742,512,962 |
774,711,021 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution &
Trust Receipt Payable |
171,647,807 |
140,500,000 |
|
Trade Accounts Payable |
|
|
|
Related Company |
1,372,417 |
11,863,650 |
|
Non Related Company |
135,947,046 |
140,038,251 |
|
|
|
|
|
Total Trade Accounts
Payable |
137,319,463 |
151,901,901 |
|
Current Portion of Long-term Loans |
33,600,000 |
33,600,000 |
|
Short-term Loan from Related
Person |
38,000,000 |
53,000,000 |
|
Current Portion of Long-term Loan from Related Company |
37,421,800 |
- |
|
Current Portion of Financial Lease Contract Liabilities |
4,246,251 |
4,177,341 |
|
Other Payable-Related Company |
4,514,400 |
8,764,615 |
|
Accrued Expenses |
11,608,049 |
11,820,989 |
|
Other Current Liabilities |
962,394 |
4,424,701 |
|
|
|
|
|
Total Current Liabilities |
439,320,164 |
408,189,547 |
|
Long-term Loan from Bank, net
of Current Portion |
25,236,807 |
58,836,807 |
|
Long-term Loan from Related
Company, net of Current Portion |
- |
36,560,900 |
|
Financial Lease Contract
Liabilities, net of Current Portion |
845,927 |
5,092,181 |
|
Total Liabilities |
465,402,898 |
508,679,435 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 25,000,000 shares |
250,000,000 |
250,000,000 |
|
|
|
|
|
Capital Paid |
250,000,000 |
250,000,000 |
|
Statutory Reserve |
6,392,327 |
6,392,327 |
|
Retained Earning- Unappropriated |
20,717,737 |
9,639,259 |
|
Total Shareholders' Equity |
277,110,064 |
266,031,586 |
|
Total Liabilities & Shareholders' Equity |
742,512,962 |
774,711,021 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
1,018,125,574 |
752,905,802 |
|
Gain on Disposal of Assets |
514,097 |
- |
|
Other Income |
5,822,438 |
3,445,340 |
|
Total Sales |
1,024,462,109 |
756,351,142 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
881,887,418 |
646,913,219 |
|
Selling Expenses |
28,469,978 |
26,491,878 |
|
Administrative Expenses |
55,194,279 |
45,798,225 |
|
Other Expenses |
32,187,456 |
11,146,626 |
|
Total Expenses |
997,739,131 |
730,349,948 |
|
|
|
|
|
Profit before Financial
Expenses |
26,722,978 |
26,001,194 |
|
Financial Expenses |
[15,644,500] |
[19,568,699] |
|
|
|
|
|
Net Profit / [Loss] |
11,078,478 |
6,432,495 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.82 |
0.89 |
|
QUICK RATIO |
TIMES |
0.48 |
0.53 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.73 |
1.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.37 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.07 |
72.79 |
|
INVENTORY TURNOVER |
TIMES |
7.75 |
5.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
61.95 |
75.30 |
|
RECEIVABLES TURNOVER |
TIMES |
5.89 |
4.85 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.27 |
79.01 |
|
CASH CONVERSION CYCLE |
DAYS |
52.76 |
69.07 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.62 |
85.92 |
|
SELLING & ADMINISTRATION |
% |
8.22 |
9.60 |
|
INTEREST |
% |
1.54 |
2.60 |
|
GROSS PROFIT MARGIN |
% |
14.00 |
14.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.62 |
3.45 |
|
NET PROFIT MARGIN |
% |
1.09 |
0.85 |
|
RETURN ON EQUITY |
% |
4.00 |
2.42 |
|
RETURN ON ASSET |
% |
1.49 |
0.83 |
|
EARNING PER SHARE |
BAHT |
0.44 |
0.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.68 |
1.91 |
|
TIME INTEREST EARNED |
TIMES |
1.71 |
1.33 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
35.23 |
|
|
OPERATING PROFIT |
% |
2.78 |
|
|
NET PROFIT |
% |
72.23 |
|
|
FIXED ASSETS |
% |
(6.53) |
|
|
TOTAL ASSETS |
% |
(4.16) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.00 |
Acceptable |
Industrial
Average |
19.14 |
|
Net Profit Margin |
1.09 |
Acceptable |
Industrial
Average |
1.48 |
|
Return on Assets |
1.49 |
Deteriorated |
Industrial
Average |
5.83 |
|
Return on Equity |
4.00 |
Deteriorated |
Industrial
Average |
11.66 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 14%. When
compared with the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its
costs.
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 1.09%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 1.49%.
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. When compared with the
industry average, it was lower, the company's figure is 4%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.82 |
Risky |
Industrial
Average |
11.23 |
|
Quick Ratio |
0.48 |
|
|
|
|
Cash Conversion Cycle |
52.76 |
|
|
|
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 0.82 times in 2010, decrease from 0.89 times, then the company may have
problems meeting its short-term obligations. 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 0.48 times in 2010,
decrease from 0.53 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 53 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
1.68 |
Risky |
Industrial
Average |
1.55 |
|
Times Interest Earned |
1.71 |
Deteriorated |
Industrial
Average |
2,756.93 |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.71 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 0.63 greater than 0.5, most of the
company's assets are financed through debt.
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 |
2.73 |
Deteriorated |
Industrial Average |
18.95 |
|
Total Assets Turnover |
1.37 |
Satisfactory |
Industrial Average |
1.44 |
|
Inventory Conversion Period |
47.07 |
|
|
|
|
Inventory Turnover |
7.75 |
Acceptable |
Industrial Average |
14.48 |
|
Receivables Conversion Period |
61.95 |
|
|
|
|
Receivables Turnover |
5.89 |
Acceptable |
Industrial Average |
8.95 |
|
Payables Conversion Period |
56.27 |
|
|
|
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.49.02 |
|
UK Pound |
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
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.