MIRA
INFORM REPORT
|
Report Date : |
31.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
FEMINA LACE INTERNATIONAL CO., LTD. |
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Registered Office : |
60/31-60/32
Moo 19, Navanakorn
Industrial Estate, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.05.2004 |
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Com. Reg. No.: |
0105547062803 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Lace Products |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
|
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 |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
Source
: CIA
Company name
FEMINA
LACE INTERNATIONAL CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 60/31-60/32 MOO
19,
NAVANAKORN
INDUSTRIAL ESTATE,
KLONGLUANG, PATHUMTHANI
12120
TELEPHONE : [66] 2529-0766-7,
2908-7254-5
FAX :
[66] 2529-0765,
2908-7202
E-MAIL
ADDRESS : info@feminalace.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547062803 [Former : 0107554709286]
TAX
ID NO. : 3031359024
CAPITAL REGISTERED : BHT. 501,750,000
CAPITAL PAID-UP : BHT.
462,609,050
SHAREHOLDER’S PROPORTION : THAI :
96.96%
INDIAN
: 3.04%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AMORN KEERATINARANG, THAI
MANAGING DIRECTOR
AND FACTORY
MANAGER
NO.
OF STAFF : 350
LINES
OF BUSINESS : LACE
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established on May 10,
2004 as a
private limited company by a merger
of 4 companies: “FEMINA LACE
INTERNATIONAL CO., LTD.”,
“SKY BUTTERFLY CO., LTD.”, “FEMINA LACE
[THAILAND] CO., LTD.”
and “TRONIC LACE
CO., LTD.” In
response to this,
the new company’s
name style is
called “FEMINA LACE
INTERNATIONAL CO., LTD.” The
subject’s business objective
is to manufacture
and market a
wide range of
lace products.
Its
lace products have
been tested and
certified by Oko-Tex
in Switzerland, which is
now recognized as
the most important
eco-label in the
world today. It
currently employs approximate
350 staff.
The
subject’s registered address
is 60/31-60/32 Moo
19, Navanakorn Industrial
Estate, Phaholyothin Rd.,
Klongnueng, Klongluang, Pathumthani
12120, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amorn Keeratinarang |
[x] |
Thai |
67 |
|
Mr. Monchai Anansongwit |
|
Thai |
64 |
|
Mrs. Surin Gor Keeratinarang |
[x] |
Thai |
62 |
|
Mr. Prateepsingh Narang |
[-] |
Thai |
38 |
|
Ms. Rojana Narang |
[-] |
Thai |
42 |
AUTHORIZED PERSON
One of the
mentioned directors [x] can
sign or both
of the directors
[-] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Amorn Keeratinarang is
the Managing Director & Factory Manager.
He is Thai
nationality with the
age of 67
years old.
Mrs. Surin Gor Keeratinarang is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 62
years old.
Ms. Rojana Narang is
the Sales & Marketing Manager.
She is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing wide
range of lace
products for apparels,
brassiere, lingerie and
panties production industries.
BRAND NAME
“FEMINA”
IMPORT
Some of
raw materials, specialized
natural and synthetic
fiber are imported
from Germany, France, Switzerland,
United Kingdom, Republic
of China and
Japan.
SALES
20% of the
products is sold
locally by wholesale
to manufacturers.
EXPORT
80% of
the products is
exported to United
Kingdom, France, Germany,
Hong Kong,
Republic of China,
Taiwan, Japan, Singapore,
United States of
America,
South Africa,
Australia, India, Italy,
Sweden, Middle East
and other countries.
RELATED COMPANY
Femina Lace Dyeworks
Co., Ltd.
Business Type : Fabric
dyeing service.
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
350 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
Branch/Bangkok office
is located at 31 Soi
Sukhumvit 26 [Aree], Klongton,
Klongtoey, Bangkok 10110.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 500,000.
NOTE
On
October 17, 2011,
its production was
stopped operation, due to massive
floods in Thailand,
as well as
its plant and
facility was damaged
from the flood
crisis. However, it
was restarted the operation in
the mid of
2012.
In
September 2012, the
subject imported new
machinery for the
production, and expected
to complete installation
and resume production
in 2013.
COMMENT
The
subject is one of the
leading manufacturers of
lace in
The
subject currently collaborates
with leading international brands
and retailers in the Asia
Pacific Region, Europe
and USA.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
411,750,000 divided into
4,117,500 shares of
Bht. 100 each.
The
capital was increased
as follows:
Bht. 431,750,000
on August 29,
2006
Bht. 501,750,000
on December 27,
2007
The
latest registered capital
was increased to
Bht. 501,750,000 divided
into 5,017,500 shares
of Bht. 100
each.
THE
SHAREHOLDERS LISTED WERE :
[as at July
31, 2012] at
Bht.
462,609,050
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Amorn Keeratinarang Nationality: Thai Address : 59/47
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, |
1,614,960 |
32.19 |
|
Mr. Monchai Anansongwit Nationality: Thai Address : 21/22
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
1,051,004 |
20.95 |
|
Mrs. Surin Gor Keeratinarang Nationality: Thai Address : 59/47
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, |
643,928 |
12.83 |
|
Ms. Rojana Narang Nationality: Thai Address : 59/47
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, |
555,614 |
11.07 |
|
Mr. Prateepsingh Narang Nationality: Thai Address : 59/47
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, |
488,747 |
9.74 |
|
Mrs. Monthicha Anansongwit Nationality: Thai Address : 21/22
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
467,678 |
9.32 |
|
Mr. Zadar Singh Property Nationality: Indian Address : 21/39
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
152,679 |
3.04 |
|
|
|
|
|
Mrs. Santana Anansongwit Nationality: Thai Address : 21/22
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
17,926 |
0.36 |
|
Mr. Sukrit Anansongwit Nationality: Thai Address : 21/22
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
17,926 |
0.36 |
|
Mr. Prakit Keeratinarang Nationality: Thai Address : 21/39
Sukhumvit 24 Rd.,
Klongton,
Klongtoey, |
7,038 |
0.14 |
Total Shareholders : 10
Share Structure [as
at July 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
4,864,821 |
96.96 |
|
Foreign-Indian |
1 |
152,679 |
3.04 |
|
Total |
10 |
5,017,500 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chantra Wongsri-udomporn No.
4998
BALANCE SHEET [BAHT]
The latest financial figures published
as at December 31,
2011 & 2010
were:
ASSETS
|
Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
8,289,363.02 |
6,365,763.12 |
|
Trade Accounts & Notes
Receivable - Related
Companies |
- |
964,894.54 |
|
- Other
Companies |
94,213,364.21 |
96,810,741.96 |
|
|
94,213,364.21 |
97,775,636.50 |
|
Insurance Receivable |
377,885,247.30 |
- |
|
Current Portion of Long-term Lending
to Related Company |
5,437,018.05 |
5,203,850.55 |
|
Inventories |
226,981,290.63 |
329,510,463.22 |
|
Other Current Assets
|
13,044,638.38 |
5,833,084.24 |
|
|
|
|
|
Total Current Assets
|
725,850,921.59 |
444,688,797.63 |
|
Long-term Lending to Related
Company |
- |
5,437,018.05 |
|
Fixed Assets |
86,768,023.10 |
453,370,444.21 |
|
Intangible Assets |
635,339.75 |
1,302,428.99 |
|
Other Non-current Assets |
694,600.00 |
668,450.00 |
|
Total Assets |
813,948,884.44 |
905,467,138.88 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
194,285,438.40 |
181,018,516.40 |
|
Trade Accounts &
Notes Payable - Related
Companies |
3,573,973.78 |
10,824,800.52 |
|
- Other
Companies |
19,868,719.51 |
18,451,518.62 |
|
|
23,442,693.29 |
29,276,319.14 |
|
Long-term Loan from
Directors |
30,280,000.00 |
33,280,000.00 |
|
Current Portion of
Long-term Loan from Financial Institution |
15,204,000.00 |
25,044,000.00 |
|
Current Portion of Hire-purchase Contract Liabilities
|
29,600.00 |
164,872.40 |
|
Purchase Payable - Fixed Assets |
43,848.60 |
33,576.60 |
|
Accrued Interest |
57,321,729.67 |
32,604,978.63 |
|
Other Current Liabilities |
6,991,585.31 |
13,758,305.19 |
|
|
|
|
|
Total Current Liabilities |
327,598,895.27 |
315,180,568.36 |
|
Long-term Loan from Financial Institution
|
442,015,464.69 |
448,219,464.69 |
|
Hire-purchase Contract
Liabilities |
- |
29,600.00 |
|
Total Liabilities |
769,614,359.96 |
763,429,633.05 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued share
capital 5,017,500 shares
|
501,750,000.00 |
501,750,000.00 |
|
|
|
|
|
Capital Paid |
462,609,050.00 |
462,609,050.00 |
|
Retained Earning - Unappropriated
[Deficit] |
[418,274,525.52] |
[320,571,544.17] |
|
Total Shareholders' Equity |
44,334,524.48 |
142,037,505.83 |
|
Total Liabilities &
Shareholders' Equity |
813,948,884.44 |
905,467,138.88 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
422,602,688.42 |
510,036,145.95 |
|
Gain on Exchange Rate |
2,687,997.91 |
2,525,807.98 |
|
Compensation from Flood Incident |
377,885,247.30 |
- |
|
Other Income |
9,755,577.95 |
7,970,469.05 |
|
Total Revenues |
812,931,511.58 |
520,532,422.98 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
371,951,269.14 |
389,010,883.66 |
|
Selling Expenses |
42,034,671.00 |
45,464,967.84 |
|
Administrative Expenses |
68,471,025.64 |
85,563,028.71 |
|
Loss on Inventories
Damage from Flood Incident
|
69,675,229.83 |
- |
|
Loss on Fixed
Assets Damaged from Flood Incident
|
312,885,247.30 |
- |
|
Total Expenses |
865,017,442.91 |
520,038,880.21 |
|
|
|
|
|
Profit / [Loss] before Financial
Expenses |
[52,085,931.33] |
493,542.77 |
|
Financial Expenses |
[45,617,050.02] |
[45,773,963.55] |
|
|
|
|
|
Net Profit / [Loss] |
[97,702,981.35] |
[45,280,420.78] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.22 |
1.41 |
|
QUICK RATIO |
TIMES |
1.48 |
0.35 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.87 |
1.12 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.52 |
0.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
222.74 |
309.17 |
|
INVENTORY TURNOVER |
TIMES |
1.64 |
1.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
81.37 |
69.28 |
|
RECEIVABLES TURNOVER |
TIMES |
4.49 |
5.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.50 |
17.31 |
|
CASH CONVERSION CYCLE |
DAYS |
284.61 |
361.14 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.01 |
76.27 |
|
SELLING & ADMINISTRATION |
% |
26.15 |
25.69 |
|
INTEREST |
% |
10.79 |
8.97 |
|
GROSS PROFIT MARGIN |
% |
104.35 |
25.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.33) |
0.10 |
|
NET PROFIT MARGIN |
% |
(23.12) |
(8.88) |
|
RETURN ON EQUITY |
% |
(220.38) |
(31.88) |
|
RETURN ON ASSET |
% |
(12.00) |
(5.00) |
|
EARNING PER SHARE |
BAHT |
(21.12) |
(9.79) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
17.36 |
5.37 |
|
TIME INTEREST EARNED |
TIMES |
(1.14) |
0.01 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(17.14) |
|
|
OPERATING PROFIT |
% |
(10,653.48) |
|
|
NET PROFIT |
% |
(115.77) |
|
|
FIXED ASSETS |
% |
(80.86) |
|
|
TOTAL ASSETS |
% |
(10.11) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
104.35 |
Impressive |
Industrial
Average |
16.48 |
|
Net Profit Margin |
(23.12) |
Deteriorated |
Industrial
Average |
2.33 |
|
Return on Assets |
(12.00) |
Deteriorated |
Industrial
Average |
2.18 |
|
Return on Equity |
(220.38) |
Deteriorated |
Industrial
Average |
4.49 |
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 104.35%.
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 -23.12%.
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 -12%.
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 -220.38%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.22 |
Impressive |
Industrial
Average |
1.52 |
|
Quick Ratio |
1.48 |
|
|
|
|
Cash Conversion Cycle |
284.61 |
|
|
|
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 2.22 times in 2011, increased from 1.41 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 1.48 times in 2011,
increased from 0.35 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 285 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.95 |
Acceptable |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
17.36 |
Risky |
Industrial
Average |
0.85 |
|
Times Interest Earned |
(1.14) |
Risky |
Industrial
Average |
1.87 |
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 -1.15 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.95 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.87 |
Impressive |
Industrial
Average |
1.55 |
|
Total Assets Turnover |
0.52 |
Acceptable |
Industrial
Average |
0.89 |
|
Inventory Conversion Period |
222.74 |
|
|
|
|
Inventory Turnover |
1.64 |
Deteriorated |
Industrial
Average |
3.38 |
|
Receivables Conversion Period |
81.37 |
|
|
|
|
Receivables Turnover |
4.49 |
Satisfactory |
Industrial
Average |
4.53 |
|
Payables Conversion Period |
19.50 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.85 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.