MIRA INFORM REPORT
|
Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALPHA
SPINNING CO., LTD. |
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Registered Office : |
70 Moo 9, Soi Sinfah, Suksawad Road, Bangkru, Phrapradaeng, Samutkrakarn 10130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.04.1988 |
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Com. Reg. No.: |
0115531001061 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, distributor and exporter of yarn spinning service |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ALPHA SPINNING
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 329/1
MOO 1, SOI
BANCHA, SUKSAWAD ROAD,
NAIKLONGBANGPLAKOD,
PHRASAMUTJAEDEE, SAMUTPRAKARN 10130,
THAILAND
TELEPHONE : [66] 2425-0396-9
FAX : [66]
2425-0450
E-MAIL
ADDRESS : raman@alphacompanies.com
info@alphacompanies.com
REGISTRATION ADDRESS : 70
MOO 9, SOI
SINFAH, SUKSAWAD ROAD,
BANGKRU, PHRAPRADAENG,
SAMUTKRAKARN 10130
ESTABLISHED : 1988
REGISTRATION NO. : 0115531001061 [Former
: SOR. POR.
1140]
CAPITAL
REGISTERED : BHT. 150,000,000
CAPITAL
PAID-UP : BHT. 150,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUTHEP KITTIKULSINGH, THAI
PRESIDENT
NO. OF
STAFF : 600
LINES OF
BUSINESS : YARN
SPINNING SERVICE
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
WEAK PERFORMANCE
HISTORY
The subject was
established on April
4, 1988 as
a private limited
company under the
name style ALPHA SPINNING CO., LTD. by Thai-Indian groups,
to provide yarn
spinning service for
both local and
overseas markets. It
currently employs approximate
600 staff.
At present, the subject
is ISO 9002
certified and according
to Uster [the
Swiss makers of
yarn testing instruments
and publishers of
international yarn quality
norms], its yarn quality
ranks among the
top 5 of world
spinners for most
yarn types produces.
The subject’s registered
address is 70 Moo 9, Soi Sinfah,
Suksawad Rd., Bangkru,
Phrapradaeng, Samutkrakarn 10130,
while the current
operation address is
located at 329/1
Moo 1, Soi
Bancha, Suksawad Rd.,
Naiklongbangplakod,
Phrasamutjaedee,
Samutprakarn 10130.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suthep Kittikulsingh |
[x] |
Thai |
64 |
|
Mrs. Rano Kittikulsingh |
[x] |
Thai |
62 |
|
Mr. Ramal Kittikulsingh |
|
Thai |
41 |
|
Mr. Komane Chatrirat |
[x] |
Thai |
57 |
AUTHORIZED PERSON
One of the
mentioned directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suthep
Kittikulsingh is the
President.
He is Thai
nationality with the
age of 64
years old.
Mr. Komane
Chatrirat is the
Vice President.
He is Thai
nationality with the
age of 57
years old.
Mr. Ramal
Kitikulsingh is the
Vice President.
He is Thai
nationality with the
age of 41
years old.
Mr. Menesh
Shah is the
General Manager.
He is Indian
nationality.
Mr. Ramesh
Iyer is the
Sales & Marketing Manager.
He is Indian
nationality.
Mrs. Pornthip
Hatthakitkosol is the
Chief of Finance.
She is Thai
nationality.
Mr. Kwanchai Sukyen
is the Factory
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing yarn
spinning service, spun
yarns in various
fibers including polyester,
viscose, cotton, linen,
polynosic, modal and
its blends in
both regular and
fancy slub variations.
The subject is
also manufacturing and
distributing of polyester
yarn and cotton yarn
under its own
brand “ALPHACEL”.
The subject is
outfitted with equipment
from the leading
machinery manufacturers such
as SHLAFOST, REITER, MURATA,
LAKSHMI REITER, VOLKMANN,
INGLOSTADT and BARMAG.
PURCHASE
90% of the raw materials
is purchased from
local suppliers and
agents, the remaining 10%
mainly natural yarn,
cotton yarn, as
well as machinery
& parts are
imported from India,
Taiwan, Germany, Japan,
Australia and Republic
of China.
SALES
70% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
30% is exported
to Germany, Israel,
Hong Kong, Republic of
China, Singapore, Korea,
Vietnam, India, United
States of America,
Saudi Arabia, Australia,
New Zealand, Taiwan
and etc.
MAJOR CUSTOMERS
- Saha Union Public
Co., Ltd. : Thailand
- Tuntex Textile [Thailand] Co.,
Ltd. : Thailand
- Thai Rayon Public
Co., Ltd. : Thailand
- Teijin Polyester [Thailand]
Co., Ltd. : Thailand
- Alphatex Industries Public
Co., Ltd. : Thailand
RELATED COMPANIES
Alphatex Industries Public
Co., Ltd.
Business Type : Manufacture
of textiles
Alfino International Co.,
Ltd.
Business Type : Distributor
of garment products
Alpha Processing Co.,
Ltd.
Business Type : Textile
dyeing & finishing
service
Alpha Apparel Co.,
Ltd.
Business Type : Manufacturer
of garment products
LITIGATION
Bankruptcy and
Receivership
On May 31, 2000,
The Central Bankruptcy
Court has received
the petition for
company’s rehabilitation from
Alpha Spinning Co., Ltd.,
black case no.
413/2543.
On June 26,
2000, the Central
Bankruptcy Court has
ordered the Company
to enter into
business rehabilitation and
appointed Alpha Planner
Co., Ltd. to
be the Planner
according to red
case no. 467/2543.
As a result
of such Court
order, the power
and duties in
managing the business
and asset of the company’s
directors, including all
legal rights of
the company’s shareholders
shall be vested
in the Planner according to
Article 90/25 of
Bankruptcy Act B.E.
2483.
On February
23, 2001, the Court
approved the rehabilitation plan
and assigned Alpha
Planner Co., Ltd.
to be the
Plan Administrator. As a
result of such
Court order, the
power and duties
of the Planner
shall be vested
in the Plan Administrator
according to Article
90/59 of Bankruptcy
Act B.E. 2483.
On July
11, 2001, Alpha
Spinning Co., Ltd. has
agreed to operate
under the rehabilitation plan
& debt restructuring
by transferring its
assets such as
land, building &
machinery for some
debt repayment to
the creditors. However,
the company has
received a right
to lease such
assets for its
normal business operation.
Moreover, it has
a right to
buy back such
assets within 7
years in which
the company has
to make prepayment
by installments until
the amount has been
fully settled as
mentioned in the
agreement.
CREDIT
Sales & services
are by cash
or on the
credits term of
30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C at sight
or on the
credits term of
30-60 days &
T/T on negotiation.
Exports are against
T/T.
BANKING
Citibank N.A.
[Bangkok Branch
: 82 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10330]
Bangkok Bank
Public Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10100]
EMPLOYMENT
The subject employs
approximately 600 office
staff and factory
workers.
LOCATION DETAILS
The premise is rented for
administrative office, factory
and warehouse on
44,800 square meters
of area at
the heading address.
Premise is located
in an industrial
area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 200,000.
COMMENT
The subject, as the leading spinning’s facilities, is designed to handle
a complete spectrum of fibers from the coarsest of linens to the finest of
synthetics. The products
are for industrial
users, such as
garment, decoration and
household items industries, as
well as retail
market for general
consumer. Subject reported
a slowdown in
sales sale in
2009, but has gradually
improved since the beginning of
2010.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht.
100,000,000 on March
22, 1989
Bht.
150,000,000 on October
25, 1995
The latest registered
capital was increased
to Bht. 150,000,000
divided into 1,500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Komane
Chatrirat Nationality: Thai Address : 91/31
Moo 5, Thakham, Bangkhunthien, Bangkok |
415,472 |
27.70 |
|
Mr. Ramal
Kittikulsingh Nationality: Thai Address : 24
Sukhumvit Rd., Klongtoeynua, Watana,
Bangkok |
279,000 |
18.60 |
|
Mrs. Rano
Kittikulsingh Nationality: Thai Address : 24
Sukhumvit Rd., Klongtoeynua, Watana,
Bangkok |
208,000 |
13.86 |
|
Mr. Zures
Kulati Nationality: Thai Address : 24
Sukhumvit Rd., Klongtoeynua, Watana,
Bangkok |
208,000 |
13.86 |
|
Mr. Suthep
Kittikulsingh Nationality: Thai Address : 70
Moo 9, T. Bangkru,
A. Phrapradaeng,
Samutprakarn |
109,528 |
7.30 |
|
Mrs. Paveena
Chatrirat Nationality: Thai Address : 91/31
Moo 5, Thakham, Bangkhunthien, Bangkok |
70,000 |
4.67 |
|
Ms. Sunnam
Kittikulsingh Nationality: Thai Address : 24
Sukhumvit Rd., Klongtoeynua, Watana,
Bangkok |
70,000 |
4.67 |
|
Mr. Matabsingh
Kambir Nationality: Thai Address : 427
Chakrapetch Rd., Wangburapa,
Phranakorn, Bangkok 10200 |
70,000 |
4.67 |
|
Mr. Asoke
Kumar Jawala Nationality: Thai Address : 40/1
Soi Charoenchai, Klongtoey,
Phrakanong, Bangkok |
70,000 |
4.67 |
Total Shareholders
: 9
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Payao Navarat
No. 987
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
20,393,316.99 |
20,578,037.60 |
|
Trade Accounts Receivable |
83,238,242.44 |
66,624,899.99 |
|
Short-term Loan to
Related Company |
112,206,000.00 |
116,106,000.00 |
|
Inventories |
133,025,845.13 |
139,254,404.71 |
|
Other Current Assets
|
82,121,264.10 |
71,845,244.25 |
|
|
|
|
|
Total Current Assets
|
430,984,668.66 |
414,408,586.55 |
|
Long-term Investment |
1,200,000.00 |
1,200,000.00 |
|
Fixed Assets |
22,898,587.43 |
27,573,359.58 |
|
Cash at Bank
under Restriction |
7,000,000.00 |
7,000,000.00 |
|
Other Assets |
76,196,604.22 |
81,762,847.28 |
|
Total Assets |
538,279,860.31 |
531,944,793.41 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
174,792,425.87 |
151,666,792.26 |
|
Short-term Loan from
Related Company |
37,000,000.00 |
58,500,000.00 |
|
Other Current Liabilities |
34,843,864.67 |
27,734,955.96 |
|
|
|
|
|
Total Current Liabilities |
246,636,290.54 |
237,901,748.22 |
|
ebt Restructuring Payable |
321,597,391.41 |
326,213,975.41 |
|
Total Liabilities |
568,233,681.95 |
564,115,723.63 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid share
capital 1,500,000 shares |
150,000,000.00 |
150,000,000.00 |
|
|
|
|
|
Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Retained Earning -
Unappropriated |
[179,953,821.64] |
[182,170,930.22] |
|
Total Shareholders' Equity |
[29,953,821.64] |
[32,170,930.22] |
|
Total Liabilities & Shareholders' Equity |
538,279,860.31 |
531,944,793.41 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Service
Income |
767,640,274.41 |
571,393,902.08 |
|
Profit from Restructuring |
343,156.33 |
- |
|
Other Income |
18,732,756.08 |
11,927,988.95 |
|
Total Sales |
786,716,186.82 |
583,321,891.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
666,175,095.06 |
478,250,185.80 |
|
Selling Expenses |
32,077,540.62 |
21,884,547.98 |
|
Administrative Expenses |
83,408,865.35 |
78,357,387.13 |
|
Total Expenses |
781,661,501.03 |
578,492,120.91 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
5,054,685.79 |
4,829,770.12 |
|
Interest Expenses |
[3,961,737.46] |
[4,526,698.73] |
|
|
|
|
|
Net Profit / [Loss] |
1,092,948.33 |
303,071.39 |
|
Retained Earning, beginning
of year |
[182,170,930.22] |
[179,068,439.26] |
|
Less: Adjustment |
1,124,160.25 |
[3,405,562.35] |
|
Retained Earning, end
of year |
[179,953,821.64] |
[182,170,930.22] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.75 |
1.74 |
|
QUICK RATIO |
TIMES |
0.88 |
0.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
33.52 |
20.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.43 |
1.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
72.89 |
106.28 |
|
INVENTORY TURNOVER |
TIMES |
5.01 |
3.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.58 |
42.56 |
|
RECEIVABLES TURNOVER |
TIMES |
9.22 |
8.58 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
95.77 |
115.75 |
|
CASH CONVERSION CYCLE |
DAYS |
16.69 |
33.09 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.78 |
83.70 |
|
SELLING & ADMINISTRATION |
% |
15.04 |
17.54 |
|
INTEREST |
% |
0.52 |
0.79 |
|
GROSS PROFIT MARGIN |
% |
15.70 |
18.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.66 |
0.85 |
|
NET PROFIT MARGIN |
% |
0.14 |
0.05 |
|
RETURN ON EQUITY |
% |
(3.65) |
(0.94) |
|
RETURN ON ASSET |
% |
0.20 |
0.06 |
|
EARNING PER SHARE |
BAHT |
0.73 |
0.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.06 |
1.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
(18.97) |
(17.53) |
|
TIME INTEREST EARNED |
TIMES |
1.28 |
1.07 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
34.35 |
|
|
OPERATING PROFIT |
% |
4.66 |
|
|
NET PROFIT |
% |
260.62 |
|
|
FIXED ASSETS |
% |
(16.95) |
|
|
TOTAL ASSETS |
% |
1.19 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
15.70 |
Impressive |
Industrial
Average |
14.53 |
|
Net Profit Margin |
0.14 |
Impressive |
Industrial
Average |
(0.96) |
|
Return on Assets |
0.20 |
Impressive |
Industrial
Average |
(1.59) |
|
Return on Equity |
(3.65) |
Deteriorated |
Industrial
Average |
(2.89) |
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 15.7%. 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. The company’s figure is 0.14%,
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
0.2%, 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. When compared with the
industry average, it was lower, the company's figure is -3.65%.
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 |
1.75 |
Deteriorated |
Industrial
Average |
15.51 |
|
Quick Ratio |
0.88 |
|
|
|
|
Cash Conversion Cycle |
16.69 |
|
|
|
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 1.75 times in 2010, increase from 1.74 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 0.88 times in 2010,
increase from 0.85 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.06 |
Acceptable |
Industrial
Average |
12.44 |
|
Debt to Equity Ratio |
(18.97) |
Risky |
Industrial
Average |
1.29 |
|
Times Interest Earned |
1.28 |
Impressive |
Industrial
Average |
(52.11) |
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 1.28 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 1.06 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
33.52 |
Impressive |
Industrial Average |
19.13 |
|
Total Assets Turnover |
1.43 |
Impressive |
Industrial Average |
1.20 |
|
Inventory Conversion Period |
72.89 |
|
|
|
|
Inventory Turnover |
5.01 |
Acceptable |
Industrial Average |
7.32 |
|
Receivables Conversion Period |
39.58 |
|
|
|
|
Receivables Turnover |
9.22 |
Acceptable |
Industrial Average |
14.48 |
|
Payables Conversion Period |
95.77 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.47 |
|
UK Pound |
1 |
Rs.74.96 |
|
Euro |
1 |
Rs.65.79 |
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.