MIRA INFORM REPORT
|
Report Date : |
29.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BODY
FASHION [THAILAND] LTD. |
|
|
|
|
Registered Office : |
393 Moo 17,
Bangplee Industrial Estate, Bangna-Trad Road,
K.M. 24, Bangsaothong,
Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.10.1989 |
|
|
|
|
Com. Reg. No.: |
0105532098068 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter & Distributor of lingerie and
underwear |
|
|
|
|
No. of Employees
: |
2000 |
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 |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
BODY FASHION [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 393
MOO 17, BANGPLEE
INDUSTRIAL ESTATE, BANGNA-TRAD ROAD,
K.M. 24, BANGSAOTHONG,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2315-3283,
2705-8936-7
FAX : [66] 2315-3299,
2705-8101
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532098068 [Former : 9805/2532]
CAPITAL REGISTERED : BHT. 1,835,000,000
CAPITAL PAID-UP : BHT.
1,835,000,000
SHAREHOLDER’S PROPORTION : SWISS : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
DAVID LYMAN, AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 2,000
LINES
OF BUSINESS : LINGERIE AND
UNDERWEAR
MANUFACTURER,
EXPORTER & DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on October
13, 1989 as
a private limited
company under the
name style BODY FASHION
[THAILAND] LTD. by
foreign groups, with
the initial business
objective to provide
manufacturing service for
lingerie and underwear
to both domestic and
international markets. It
is a subsidiary
of Triumph Universa AG., Switzerland, a company in Triumph
International Group, where headquarter
is in Switzerland. The subject currently employs
approximate 2,000 staff.
Due to the
economic crisis, there
was a restructuring
in Triumph group by
abandoned swimming suit
production line and
laid-off 1,956 employees
in June 2009.
The subject’s registered address
is 393 Moo 17,
Bangna-Trad Rd., Bangsaothong,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. David Lyman |
|
American |
76 |
|
Mr. Oliver Michael Spiesshofer |
|
Hong Kong |
39 |
|
Mr. Jorge Gonzalez
Albert |
|
Spanish |
33 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. David Lyman
is the Managing
Director.
He is American
nationality with the
age of 76
years old.
Mr. Jorge Gonzalez Albert is the
Deputy Managing Director.
He is Spanish
nationality with the
age of 33
years old.
Mr. Pairat Chaiburin
is the Factory
Manager [Samutprakarn].
He is Thai
nationality.
Mr. Prayoon Wonglek
is the Personnel
and Administration Manager.
He is Thai
nationality.
Mr. Chatchaval Srivichitchote is
the Factory Manager [Nakornsawan].
He is Thai
nationality.
BUSINESS OPERATION
The subject is engaged in
manufacturing service of lingeries, brassiere,
brief, panty, corselet, slip
& woven shorts
for men and
women under the
name “TRIUMPH” and
other related brands, such as
“MISS TRIUMPH”, “TRIACTION”, “MAMABEL”, “VALISERE” and
“SLOGGI”.
PURCHASE
80% of the
raw materials such as fabric
and accessories are
purchased from local
suppliers, and the remaining 20% is imported
from Japan, Germany, United
Kingdom, India, Hong
Kong, Republic of China,
Switzerland and France.
MAJOR SUPPLIERS
Triumph International [Thailand]
Co., Ltd. : Thailand
SALES [LOCAL]
70% of its
products is sold
locally by wholesale
to Triumph International
[Thailand]
Co., Ltd.
EXPORT [COUNTRIES]
30% of its products is exported to Triumph International
group, in Germany, United Kingdom, United States of America, Switzerland,
Italy, Japan, Hong Kong, Singapore, Malaysia,
Australia, Africa and
Taiwan.
MAJOR CUSTOMERS
Triumph International [Hong Kong]]
Ltd. : Hong
Kong
Triumph Intertrade AG. : Switzerland
Triumph Global Group : Worldwide
RELATED AND AFFILIATED
COMPANY
Triumph International
[Thailand] Co., Ltd.
Business Type :
Distributor of “TRIUMPH”
lingerie and related
products.
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 on the
credits term of
30-60 days.
Imports are by
L/C at sight
and T/T.
Exports are against
L/C at sight
and T/T.
BUSINESS TRANSACTION
The products are
sold and serviced
by cash and
credit, with the maximum credit
given at
30-60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Hongkong &
Shanghai Banking Corp.
[Bangkok
Office : 968 Rama
4 Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 2,000 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office,
factory I and
warehouse at the
heading address. Premise
is located in
industrial area.
Factory II is
located at 194/2
Moo 5, Phaholyothin
Road, Nongkrod, Muang, Nakornsawan
60000 Tel: [66]
56 367-491-2, Fax: [66]
56 367-197.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$
500,000.
COMMENT
Since the year 2010,
marketing situation of
the garment industry
has gradually improved
with positive trend, international
market has strongly
increased consumption. Triumph
is one among popular brands in
Asian market, e.g. Hong
Kong, Malaysia and
Singapore. In domestic
market there are
strong competition with
some of well known
brands like Wacoal,
Triumph, Elle and
Sabina. Since the
brand Triumph has
improved their designs
to meet with
young age group,
sales have outstanding
improved and continued
growing steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht. 150,000,000 divided
into 1,500,000 shares
of Bht. 100
each.
The capital was
increased later as
followings :
Bht. 300,000,000
on August 13,
1993
Bht. 400,000,000
on December 8, 1994
Bht. 425,000,000
on December 20,
1995
Bht. 515,000,000
on March 19, 1998
Bht. 1,635,000,000 on
March 3, 2010
Bht. 1,835,000,000 on
January 31, 2012
The latest registered
capital was increased
to Bht. 1,835,000,000
divided into 18,350,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at January 31,
2012]
|
NAME |
HOLDING |
% |
|
Triumph Universa AG. Nationality: Swiss Address : Switzerland |
18,349,994 |
100.00 |
|
Triumph Intertrade AG.
Nationality: Swiss Address : Switzerland |
1 |
- |
|
Mr. Gunther Spiesshofer Nationality: German Address : Germany |
1 |
- |
|
Mrs. Leony Dezy
Vejjachewa Nationality: Thai Address : 29/2
Sukhumvit 33 Rd., Klongton,
Prakanong, Bangkok 10110 |
1 |
- |
|
Mr. David Lyman Nationality: American Address : 39/221
Moo 3, Bangtalad, Pakkred, Nonthaburi |
1 |
- |
|
Mr. Stephan Hablucel Nationality: German Address : Hong Kong |
1 |
- |
|
Mrs. La-ong Perera Nationality: Thai Address : 26
Sukhumvit Rd., Klongtonnua,
Klongtoey, Bangkok 10110 |
1 |
- |
Total Shareholders : 7
Share Structure [as
at January 31,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
2 |
- |
|
Foreign |
5 |
18,349,998 |
100.00 |
|
Total |
7 |
18,350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nathaporn Phun - Udom
No. 3430
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
100,645,934 |
346,062,839 |
|
Trade Accounts Receivable |
246,744,501 |
203,618,719 |
|
Inventories |
354,872,284 |
247,366,350 |
|
Other Current Assets
|
15,145,912 |
4,516,039 |
|
|
|
|
|
Total Current Assets
|
717,408,631 |
801,563,947 |
|
Fixed Assets |
330,991,665 |
365,836,640 |
|
Deferred Income Tax |
112,745,590 |
106,654,031 |
|
Other Assets |
2,299,839 |
2,954,128 |
|
Total Assets |
1,163,445,725 |
1,277,008,746 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
172,342,244 |
891,765,262 |
|
Related Company Payable |
25,081,445 |
472,085,360 |
|
Short-term Loan from Related
Company |
426,866,220 |
469,752,780 |
|
Accrued Employee’s Expenses |
25,526,752 |
22,718,902 |
|
Other Current Liabilities |
38,342,012 |
43,970,129 |
|
|
|
|
|
Total Current Liabilities |
688,158,673 |
1,900,292,433 |
|
Long-term Loan from Related Company |
650,397,978 |
694,231,708 |
|
Estimated Liabilities for
Employee’s Benefit |
82,741,683 |
72,504,896 |
|
Total Liabilities |
1,421,298,334 |
2,667,029,037 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 16,350,000 &
5,150,000 shares in
2010 & 2009
respectively |
1,635,000,000 |
515,000,000 |
|
|
|
|
|
Capital Paid |
1,635,000,000 |
515,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
7,000,000 |
7,000,000 |
|
Unappropriated |
[1,899,852,609] |
[1,912,020,291] |
|
Total Shareholders' Equity |
[257,852,609] |
[1,390,020,291] |
|
Total Liabilities & Shareholders' Equity |
1,163,445,725 |
1,277,008,746 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
1,484,792,842 |
1,657,404,482 |
|
Support from Parent
Company Income |
- |
354,190,388 |
|
Other Income |
413,493,136 |
100,046,442 |
|
Total Sales |
1,898,285,978 |
2,111,641,312 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,538,530,315 |
2,169,910,144 |
|
Selling Expenses |
105,147,096 |
130,669,093 |
|
Administrative Expenses |
215,546,463 |
297,195,988 |
|
Total Expenses |
1,859,223,874 |
2,597,775,225 |
|
|
|
|
|
Profit / [Loss] Before Finance
Cost & Income Tax |
39,062,104 |
[486,133,913] |
|
Finance Cost |
[32,985,981] |
[35,849,440] |
|
Profit / [Loss] Before Income
Tax |
6,076,123 |
[521,983,353] |
|
Income [expenses] Income
Tax |
6,091,559 |
[128,628,691] |
|
|
|
|
|
Loss Before Operation |
12,167,682 |
[650,612,044] |
|
Debt Cancellation Operation |
- |
[220,207,453] |
|
Net Profit / [Loss] |
12,167,682 |
[870,819,497] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
0.42 |
|
QUICK RATIO |
TIMES |
0.50 |
0.29 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.49 |
4.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.28 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.19 |
41.61 |
|
INVENTORY TURNOVER |
TIMES |
4.34 |
8.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
60.66 |
44.84 |
|
RECEIVABLES TURNOVER |
TIMES |
6.02 |
8.14 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.89 |
150.00 |
|
CASH CONVERSION CYCLE |
DAYS |
103.96 |
(63.55) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
103.62 |
130.92 |
|
SELLING & ADMINISTRATION |
% |
21.60 |
25.82 |
|
INTEREST |
% |
2.22 |
2.16 |
|
GROSS PROFIT MARGIN |
% |
24.23 |
(3.52) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.63 |
(29.33) |
|
NET PROFIT MARGIN |
% |
0.82 |
(52.54) |
|
RETURN ON EQUITY |
% |
(4.72) |
62.65 |
|
RETURN ON ASSET |
% |
1.05 |
(68.19) |
|
EARNING PER SHARE |
BAHT |
0.74 |
(169.09) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.22 |
2.09 |
|
DEBT TO EQUITY RATIO |
TIMES |
(5.51) |
(1.92) |
|
TIME INTEREST EARNED |
TIMES |
1.18 |
(13.56) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(10.41) |
|
|
OPERATING PROFIT |
% |
(108.04) |
|
|
NET PROFIT |
% |
101.40 |
|
|
FIXED ASSETS |
% |
(9.52) |
|
|
TOTAL ASSETS |
% |
(8.89) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
24.23 |
Satisfactory |
Industrial
Average |
28.13 |
|
Net Profit Margin |
0.82 |
Impressive |
Industrial
Average |
(8.90) |
|
Return on Assets |
1.05 |
Impressive |
Industrial
Average |
(2.57) |
|
Return on Equity |
(4.72) |
Deteriorated |
Industrial
Average |
0.58 |
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 24.23%. 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 0.82% 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
1.05%, 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 -4.72%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.04 |
Deteriorated |
Industrial
Average |
44.08 |
|
Quick Ratio |
0.50 |
|
|
|
|
Cash Conversion Cycle |
103.96 |
|
|
|
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 1.04 times in 2010, increased from 0.42 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 0.5 times in 2010,
increased from 0.29 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 104 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.22 |
Acceptable |
Industrial
Average |
1.47 |
|
Debt to Equity Ratio |
(5.51) |
Risky |
Industrial
Average |
1.59 |
|
Times Interest Earned |
1.18 |
Deteriorated |
Industrial
Average |
1,028.68 |
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 1.19 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 1.22 larger 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 |
4.49 |
Deteriorated |
Industrial
Average |
22,962.05 |
|
Total Assets Turnover |
1.28 |
Satisfactory |
Industrial
Average |
1.45 |
|
Inventory Conversion Period |
84.19 |
|
|
|
|
Inventory Turnover |
4.34 |
Deteriorated |
Industrial
Average |
12.79 |
|
Receivables Conversion Period |
60.66 |
|
|
|
|
Receivables Turnover |
6.02 |
Deteriorated |
Industrial
Average |
13.30 |
|
Payables Conversion Period |
40.89 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.77.86 |
|
Euro |
1 |
Rs.66.06 |
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.