MIRA
INFORM REPORT
|
Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
FENATEX CO., LTD. |
|
|
|
|
Registered Office : |
9th Floor, Fico Place Building, 18/8 Sukhumvit 21 Road, [Asoke], Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.12.2006 |
|
|
|
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Com. Reg. No.: |
0105549145447 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of Yarns and
Fabric Products |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 30, 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
FENATEX CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
FICO PLACE BUILDING,
18/8 SUKHUMVIT
21 ROAD, [ASOKE],
KLONGTOEYNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2654-6999
FAX :
[66] 2654-6902-3
E-MAIL
ADDRESS : inquiry@fenatex.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549145447
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AKARADEJ SRICHAWALA,
THAI
PRESIDENT
NO.
OF STAFF : 200
LINES
OF BUSINESS : YARNS
AND FABRIC PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on December 18,
2006 as a
private limited company under
the originally registered
name Fenatex International
2006 Co., Ltd.
by Thai groups.
On May 28,
2007, the subjects
name was changed
to FENATEX CO.,
LTD. Its business
objective is to manufacture
fabric and yarn products
to both domestic and
international markets. It
currently employs approximately
200 staff.
The
subject is a
member of Fico
group of companies,
which are engaged
in textile business.
The
subjects registered address
is 9th Flr.,
Fico Place Bldg.,
18/8 Sukhumvit 21
Rd., Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subjects current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kris Srichawala |
|
Thai |
36 |
|
Mr. Theprith Srichawala |
|
Thai |
56 |
|
Mr. Akaradej Srichawala |
|
Thai |
59 |
|
Mr. Amorn Srichawala |
|
Thai |
42 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Akaradej Srichawala is
the President.
He is Thai
nationality with the
age of 59
years old.
Mr. Rajeev Mathur is
the Chief Executive
Officer.
He is Indian
nationality.
Mr. Ashwani Choudhary is
the VP Marketing & Business Department [Export].
He is Indian
nationality.
Mr. Subrata Sinha is
the Products & Marketing Manager.
He is Indian
nationality.
Mr. Navendra Chauhan is
the Factory Manager.
He is Thai
nationality.
Mr. Kriengkrai Tangsirisatien is
the Warehouse Manager.
He is Thai
nationality.
Ms. Kamala Klomwattana is
the Account & Financial Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in textile business,
to produce and
distribute wide range
of synthetic fabrics
and yarn products, including chip & filament yarns,
spun yarns, specialty
yarns and fabrics,
under the name
FENATEX brand, with
the production capacity
of 100 metric
tons per month.
PURCHASE
Most of raw
material are purchased
from local suppliers,
the remaining are
imported from Japan,
Germany, India, Taiwan
and Republic of
China.
MAJOR SUPPLIER
Fico
Corporation Ltd. :
Thailand
SALES
80% of the
products is sold
locally by wholesale
to traders, manufacturers
and end-users, the
remaining 20% is
exported to India,
Republic of China,
Korea, Vietnam, Philippines,
Indonesia, Japan, Singapore,
U.S.A., Middle East and
European countries.
RELATED AND AFFILIATED
COMPANY
Fico Corporation Co.,
Ltd.
Business Type :
Importer an d distributor of
embroidery machines.
Setafil [Thailand] Ltd.
Business Type :
Manufacturer of embroidery
yarn.
Gemini Textile Co., Ltd.
Business Type :
Manufacturer of yarn.
Gamma Textile Co.,
Ltd.
Business Type :
Manufacturer of embroidery
yarn.
Bischoff Gamma Co.,
Ltd.
Business Type :
Manufacturer of textiles
and garment.
Eschler Thai Knit
Co., Ltd.
Business Type :
Manufacturer of garment.
Gamma Knit [Thailand]
Co., Ltd.
Business Type :
Manufacturer of garment
yarn.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at the
heading address. Premise
is located in a
prime commercial area.
Factory
is located at
149/196 Moo 3, Petchkasem
Rd., Omnoi, Krathumban,
Samutsakorn 74130.
China
office : Room
8014 Yigao Chuangye
Building, No. 29 Huangushan
Rd.,
Hangzhou
310012, Republic of
China.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
The
subject was formed
in 2006 as a
manufacturer and distributor
of yarn and
fabrics for industrial
sector. Its products are
mainly served to
textile industry.
Consumption of the products
depend upon consumer
market, which is
currently improving.
The
subject reported its
strong sales revenue
in 2010 comparing to
the same period of
the previous year. However,
the financial cost
has risen drastically
which resulted in
a small net
profit at the
end of year.
Nevertheless, the subject
is optimistic that
its business would continue
growing steadily in
2012 from regular
demand of the
products and effective
market expansion of
its customer base
in the past year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
May 2, 2007, the
capital was increased
to Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 29,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kris Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
250,000 |
25.00 |
|
Mr. Akaradej Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
200,000 |
20.00 |
|
Mr. Amorn Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua, Wattana,
Bangkok |
200,000 |
20.00 |
|
Mr. Theprith Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
200,000 |
20.00 |
|
Mrs. Giranyodpal Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
50,000 |
5.00 |
|
Mrs. Panita Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
50,000 |
5.00 |
|
Mrs. Suchada Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
50,000 |
5.00 |
Total Shareholders : 7
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Mangkorn Kanchanasai No.
3467
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
450,904.09 |
2,968,166.19 |
|
Trade Accounts &
Notes Receivable |
364,544,458.86 |
212,373,915.58 |
|
Inventories |
124,631,068.63 |
107,455,363.53 |
|
Other Current Assets |
73,633,169.32 |
44,808,036.25 |
|
|
|
|
|
Total Current Assets
|
563,259,600.90 |
367,605,481.55 |
|
Other Investment |
10,000,000.00 |
- |
|
Fixed Assets |
15,300,000.00 |
- |
|
Intangible Assets |
4,119,984.66 |
2,105,458.53 |
|
Other Assets |
2,008,907.97 |
576,474.36 |
|
Total Assets |
594,688,493.53 |
370,287,414.44 |
LIABILITIES &
SHAREHOLDERS EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
283,749.49 |
- |
|
Trade Accounts & Notes Payable |
86,525,485.74 |
36,412,309.96 |
|
Other Current Liabilities |
55,162,977.19 |
67,521,535.78 |
|
|
|
|
|
Total Current Liabilities |
141,972,212.42 |
103,933,845.74 |
|
Long-term Loan from Related
Person |
263,142,946.83 |
- |
|
Long-term Loan from Financial
Institution |
20,737,763.98 |
148,980,964.25 |
|
Hire-purchase Payable, Net
of Current Portion |
44,165,388.66 |
- |
|
Total Liabilities |
470,018,311.89 |
252,914,809.99 |
|
|
|
|
|
Shareholders Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning |
24,670,181.64 |
17,372,604.45 |
|
Total Shareholders' Equity |
124,670,181.64 |
117,372,604.45 |
|
Total Liabilities & Shareholders' Equity |
594,688,493.53 |
370,287,414.44 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
1,638,448,626.34 |
1,119,570,153.25 |
|
Other Income |
19,943,533.55 |
10,009,004.78 |
|
Total Revenues |
1,658,392,159.89 |
1,129,579,158.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,535,449,362.32 |
1,027,615,032.33 |
|
Selling and Administrative Expenses |
99,274,419.18 |
83,246,649.15 |
|
Total Expenses |
1,634,723,781.50 |
1,110,861,681.48 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
23,668,378.39 |
18,717,476.55 |
|
Financial Cost |
[11,899,354.45] |
[5,130,974.04] |
|
Income Tax |
[4,471,446.75] |
[4,208,195.88] |
|
|
|
|
|
Net Profit / [Loss] |
7,297,577.19 |
9,378,306.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.97 |
3.54 |
|
QUICK RATIO |
TIMES |
2.57 |
2.07 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
107.09 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.76 |
3.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
29.63 |
38.17 |
|
INVENTORY TURNOVER |
TIMES |
12.32 |
9.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
81.21 |
69.24 |
|
RECEIVABLES TURNOVER |
TIMES |
4.49 |
5.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
20.57 |
12.93 |
|
CASH CONVERSION CYCLE |
DAYS |
90.27 |
94.47 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.71 |
91.79 |
|
SELLING & ADMINISTRATION |
% |
6.06 |
7.44 |
|
INTEREST |
% |
0.73 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
7.50 |
9.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.44 |
1.67 |
|
NET PROFIT MARGIN |
% |
0.45 |
0.84 |
|
RETURN ON EQUITY |
% |
5.85 |
7.99 |
|
RETURN ON ASSET |
% |
1.23 |
2.53 |
|
EARNING PER SHARE |
BAHT |
7.30 |
9.38 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.77 |
2.15 |
|
TIME INTEREST EARNED |
TIMES |
1.99 |
3.65 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
46.35 |
|
|
OPERATING PROFIT |
% |
26.45 |
|
|
NET PROFIT |
% |
(22.19) |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
60.60 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.50 |
Deteriorated |
Industrial
Average |
17.68 |
|
Net Profit Margin |
0.45 |
Impressive |
Industrial
Average |
(4.08) |
|
Return on Assets |
1.23 |
Impressive |
Industrial
Average |
0.16 |
|
Return on Equity |
5.85 |
Satisfactory |
Industrial
Average |
5.87 |
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 7.5%. When compared with
the industry average, the ratio of the company was lower. This 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. Net Profit Margin ratio is 0.45%,
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
1.23%, 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 5.85%.
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 |
3.97 |
Deteriorated |
Industrial
Average |
28.53 |
|
Quick Ratio |
2.57 |
|
|
|
|
Cash Conversion Cycle |
90.27 |
|
|
|
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 3.97 times in 2010, increase from 3.54 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 2.57 times in 2010,
increase from 2.07 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 91 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Acceptable |
Industrial
Average |
0.71 |
|
Debt to Equity Ratio |
3.77 |
Risky |
Industrial
Average |
1.65 |
|
Times Interest Earned |
1.99 |
Deteriorated |
Industrial
Average |
1,321.48 |
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 1.99 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 0.79 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 |
107.09 |
Deteriorated |
Industrial
Average |
155,570.18 |
|
Total Assets Turnover |
2.76 |
Impressive |
Industrial
Average |
2.07 |
|
Inventory Conversion Period |
29.63 |
|
|
|
|
Inventory Turnover |
12.32 |
Satisfactory |
Industrial
Average |
15.62 |
|
Receivables Conversion Period |
81.21 |
|
|
|
|
Receivables Turnover |
4.49 |
Deteriorated |
Industrial
Average |
16.58 |
|
Payables Conversion Period |
20.57 |
|
|
|
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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 SCs 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.