MIRA INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
KONGKIAT
TEXTILE CO., LTD. |
|
|
|
|
Registered Office : |
19/9
Moo 3, Bualoy,
Nongkae, Saraburi 18230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.09.1993 |
|
|
|
|
Com. Reg. No.: |
0105536108874 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor
& exporter of yarns |
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 : |
No Complaints |
|
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 |
b2 |
b2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
KONGKIAT TEXTILE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 19/9
MOO 3, BUALOY,
NONGKAE,
SARABURI 18230,
THAILAND
TELEPHONE : [66] 36
379-498, 389-568-70
FAX :
[66] 36
379-281
E-MAIL
ADDRESS : sales@kongkiat.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536108874 [Former : [3]
568/2536]
CAPITAL REGISTERED : BHT. 450,000,000
CAPITAL PAID-UP : BHT.
404,700,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DAMRONG KONGKIATKRAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 450
LINES
OF BUSINESS : YARNS
MANUFACTURER, DISTRIBUTOR
& 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 September 22, 1993
as a private
limited company under
the name style
KONGKIAT TEXTILE CO., LTD.,
by Thai group,
Kongkiatkrai family, in
order to manufacture top dyed mélange yarn. It
is one of the largest
spinning factories in Thailand.
It currently employs
approximate 450 staff. The subject has
been awarded the
ISO 9002 certification by SGS
[Thailand], Certificate Number : Q 18142.
The
subject’s registered address
is 19/9 Moo 3,
Bualoy, Nongkae, Saraburi
18230, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Damrong Kongkiatkrai |
|
Thai |
56 |
|
Mr. Adul Kongkiatkrai |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Damrong Kongkiatkrai is
the Managing Director.
He is Thai
nationality with the
age of 56 years
old.
Mr. Adul Kongkiatkrai is
the Sales Director.
He is Thai
nationality with the
age of 59
years old.
Mr. Samrej Khawpuerk
is the Factory
Manager.
He is Thai
nationality.
Mr. Rungroj Ratwongviroon is
the International Sales
Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and dyeing service
of top dyed,
fancy melange yarn,
PFD yarn [prepare for dyed
yarn], raw white
effect yarn [RWRW], NEP
yarn, novelty mélange effect
yarn, space dyed yarn, stripy
effect yarn, fancy
effect yarn, luminous effect yarn, elegance
& luxury yarn, eco
& natural yarn, cotton
dyed yarn and
etc., under customer requirement.
MAJOR BRAND
“KONGKIAT”
PRODUCTION CAPACITY
4,800,000 tons/year
PURCHASE
80%
of raw materials
is purchased from
local suppliers, and
the remaining 20%
such as cotton
and laboratory equipment
are imported from Germany,
Republic of China,
France, Japan, Malaysia,
Indonesia and Switzerland.
MAJOR
SUPPLIER
BASF
[Thai] Ltd. : Thailand
Louis
T. Leonowens [Thailand] Ltd. : Thailand
SALES
[LOCAL]
Its
products are supplied
and serviced to variety of
knitting and weaving
products as follows:
Knitting :
Sportswear, T-shirts, Dresses,
Gloves, Underwear, Under
garments
&
Socks.
Weaving :
Suit, Shirts, Blouses,
Denim, Curtain and
Flat knitting for
Sweater.
DISTRIBUTION
60% of the
products is sold
to local market
for re-export, 20% to local
market for local
used and 20%
by direct export
to Vietnam, Republic
of China, India,
Malaysia, Taiwan, Sri
Lanka, Hong Kong, Bangladesh,
Pakistan, U.S.A., Egypt,
Korea and etc.
MAJOR CUSTOMER
Sisic Imp Corp : Egypt
Sun Kook Trading
Co., Ltd. : Korea
Yagi & Co [H.K.] Ltd. : Hong
Kong
Bolan Trading Company
LLC : U.S.A.
World Knitting Textile
Co., Ltd. : Thailand
Thai Interknit Factory
Co., Ltd. : Thailand
Lee Viwat Textile
Industry Co., Ltd. : Thailand
Freetex Elastic Fabric
Factory Co., Ltd.:
Thailand
Raja Uchino Co.,
Ltd. : Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
Kasikornbank Public Co.,
Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
Bank of
Ayudhya Public Co., Ltd.
[Head Office : 1222
Rama 3 Rd., Bangpongpang, Yannawa,
Bangkok 10120]
[Hinkong Branch
: Hinkong, Nongkae,
Saraburi 18230]
EMPLOYMENT
The
subject employs approximately
450 staff [office
staff and factory
workers].
LOCATION
DETAILS
The premise is owned for administrative office, factory and warehouse at
the heading address.
Premise is in
provincial.
Bangkok Office: 23
Soi Ratburana 44, Ratburana Rd., Ratburana, Bangkok 10140.
Tel : [66]
2463-0020-1, 2816-6960, Fax :
[66] 2463-1914, 2464-1527
REMARK
MAXIMUM
CREDIT OF US$ 500,000
SHOULD BE IN
ORDER.
COMMENT
The
subject was formed in 1993 engaged in manufacturing, distributing and
exporting of yarn
dyed. Subject’s sales were
steadily grown and
had a good business
in the past
year. The
prospect remains positive
in parallel with the improvement of industry.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 210,000,000
on October 20,
1997
Bht. 299,000,000
on September 9,
1999
Bht. 450,000,000
on February 21,
2002
The
latest registered capital
was increased to Bht. 450,000,000 divided into 4,500,000 shares
of Bht. 100
each with the
current capital paid-up
at Bht. 404,700,000.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011] at Bht.
404,700,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Damrong Kongkiatkrai Nationality: Thai Address : 133 Moo 6, Suksawad 35
Rd., Ratburana,
Bangkok 10140 |
1,069,955 |
23.78 |
|
Mr. Adul Kongkiatkrai Nationality: Thai Address : 133 Moo 6, Suksawad 35
Rd., Ratburana, Bangkok 10140 |
1,068,955 |
23.75 |
|
Mr. Boonchuay Kongkiatkrai Nationality: Thai Address : 208/79 Moo 8,
Rajburana, Bangkok 10140 |
1,068,955 |
23.75 |
|
Mrs. Ladda Kongkiatkrai Nationality: Thai Address : 22/146 Moo 16,
Bangkaew, Bangplee,
Samutprakarn 10540 |
781,835 |
17.38 |
|
Mrs. Yupa Kongkiatkrai Nationality: Thai Address : 133 Moo 6, Suksawad 35
Rd., Ratburana, Bangkok 10140 |
508,300 |
11.30 |
|
Mrs. Manee Kongkiatkrai Nationality: Thai Address : 133 Moo 6, Suksawad 35
Rd., Ratburana, Bangkok 10140 |
1,000 |
0.02 |
|
Mrs. Angkana Kongkiatkrai Nationality: Thai Address : 208/79 Moo 8,
Rajburana, Bangkok 10140 |
1,000 |
0.02 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
4,500,000 |
100.00% |
|
Foreign |
- |
- |
- |
|
Total |
7 |
4,500,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sitthichai Chantornsiripas No.
5953
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
23,460,705.13 |
12,374,462.45 |
|
Short-term Investment |
70,953,602.35 |
39,998,091.63 |
|
Trade Accounts Receivable |
62,238,768.61 |
68,145,322.29 |
|
Inventories |
116,203,935.48 |
95,442,902.14 |
|
Other Current Assets |
1,754,986.57 |
2,440,262.14 |
|
|
|
|
|
Total Current Assets
|
274,611,998.14 |
218,401,040.65 |
|
Fixed Assets |
140,072,049.17 |
155,424,560.98 |
|
Other Assets |
87,600.86 |
86,666.28 |
|
Total Assets |
414,771,648.17 |
373,912,267.91 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from
Financial Institution |
22,938,562.10 |
5,522,579.89 |
|
Trade Accounts Payable |
9,884,097.27 |
3,643,132.81 |
|
Current Portion of Finance
Lease Contract Liabilities |
- |
133,932.00 |
|
Other Current Liabilities
|
18,721,414.03 |
7,792,944.14 |
|
|
|
|
|
Total Current Liabilities |
51,544,073.40 |
17,092,588.84 |
|
Finance Lease Contract
Liabilities - Net |
- |
100,449.00 |
|
Other Liabilities |
278,935.00 |
248,985.00 |
|
|
|
|
|
Total Liabilities |
51,823,008.40 |
17,442,022.84 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued share
capital 4,500,000 shares |
450,000,000.00 |
450,000,000.00 |
|
|
|
|
|
Capital Paid |
404,700,000.00 |
404,700,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
[41,751,360.23] |
[48,229,754.93] |
|
Total Shareholders' Equity |
362,948,639.77 |
356,470,245.07 |
|
Total Liabilities &
Shareholders' Equity |
414,771,648.17 |
373,912,267.91 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
445,587,128.50 |
340,631,942.10 |
|
Other Income |
2,535,287.06 |
3,381,823.48 |
|
Total Sales |
448,122,415.56 |
344,013,765.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Sales
& Services |
395,596,482.03 |
314,517,896.52 |
|
Selling Expenses |
10,205,177.65 |
8,972,892.52 |
|
Administrative Expenses |
35,560,139.90 |
33,757,227.85 |
|
Total Expenses |
441,361,799.58 |
357,248,016.89 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
6,760,615.98 |
[13,234,251.31] |
|
Financial Cost |
[282,221.28] |
[270,529.31] |
|
Income Tax |
- |
- |
|
|
|
|
|
Net Profit / [Loss] |
6,478,394.70 |
[13,504,780.62] |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.33 |
12.78 |
|
QUICK RATIO |
TIMES |
3.04 |
7.05 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.18 |
2.19 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
0.91 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
107.22 |
110.76 |
|
INVENTORY TURNOVER |
TIMES |
3.40 |
3.30 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.98 |
73.02 |
|
RECEIVABLES TURNOVER |
TIMES |
7.16 |
5.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.12 |
4.23 |
|
CASH CONVERSION CYCLE |
DAYS |
149.08 |
179.55 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.78 |
92.33 |
|
SELLING & ADMINISTRATION |
% |
10.27 |
12.54 |
|
INTEREST |
% |
0.06 |
0.08 |
|
GROSS PROFIT MARGIN |
% |
11.79 |
8.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.52 |
(3.89) |
|
NET PROFIT MARGIN |
% |
1.45 |
(3.96) |
|
RETURN ON EQUITY |
% |
1.78 |
(3.79) |
|
RETURN ON ASSET |
% |
1.56 |
(3.61) |
|
EARNING PER SHARE |
BAHT |
1.60 |
(3.34) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.12 |
0.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.14 |
0.05 |
|
TIME INTEREST EARNED |
TIMES |
23.96 |
(48.92) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
30.81 |
|
|
OPERATING PROFIT |
% |
(151.08) |
|
|
NET PROFIT |
% |
147.97 |
|
|
FIXED ASSETS |
% |
(9.88) |
|
|
TOTAL ASSETS |
% |
10.93 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.79 |
Impressive |
Industrial
Average |
8.56 |
|
Net Profit Margin |
1.45 |
Impressive |
Industrial
Average |
(0.64) |
|
Return on Assets |
1.56 |
Impressive |
Industrial
Average |
(0.63) |
|
Return on Equity |
1.78 |
Impressive |
Industrial
Average |
(1.77) |
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. Gross Profit Margin is 11.79%. When
compared with the industry average, the ratio of the company was higher, This
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. Net Profit Margin ratio is 1.45%,
higher figure when
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 ratio is
1.56%, 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 ratio
is 1.78%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 |
5.33 |
Impressive |
Industrial
Average |
1.36 |
|
Quick Ratio |
3.04 |
|
|
|
|
Cash Conversion Cycle |
149.08 |
|
|
|
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 5.33 times in 2010, decrease from 12.78 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 3.04 times in 2010,
decrease from 7.05 times, although excluding inventory so the company still
have good short-term financial strength.
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 150 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.14 |
Impressive |
Industrial Average |
1.39 |
|
Times Interest Earned |
23.96 |
Impressive |
Industrial Average |
0.50 |
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 23.96 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 0.12 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.18 |
Impressive |
Industrial Average |
1.79 |
|
Total Assets Turnover |
1.07 |
Impressive |
Industrial Average |
0.92 |
|
Inventory Conversion Period |
107.22 |
|
|
|
|
Inventory Turnover |
3.40 |
Impressive |
Industrial Average |
2.97 |
|
Receivables Conversion Period |
50.98 |
|
|
|
|
Receivables Turnover |
7.16 |
Impressive |
Industrial Average |
3.77 |
|
Payables Conversion Period |
9.12 |
|
|
|
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.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
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.