MIRA
INFORM REPORT
|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAILON
TECHNO FIBER LIMITED |
|
|
|
|
Formerly Known As : |
THAILON
SIX SIX LIMITED |
|
|
|
|
Registered Office : |
219 Moo 3, Laemchabang Industrial Estate, T. Thungsukla, A. Sriracha, Chonburi 20230 |
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Country : |
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|
|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.08.1993 |
|
|
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Com. Reg. No.: |
0105536098488 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor &
Exporter of Yarns |
|
|
|
|
No. of Employees : |
230 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
THAILON TECHNO
FIBER LIMITED
[FORMER :
THAILON SIX SIX
LIMITED]
SUMMARY
BUSINESS
ADDRESS : 219
MOO 3, LAEMCHABANG
INDUSTRIAL ESTATE,
T. THUNGSUKLA,
A. SRIRACHA, CHONBURI
20230
TELEPHONE : [66] 38494-945-9
FAX :
[66] 38 494-940
E-MAIL
ADRESS : sales@thailon.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536098488
[Former : 6842/2536]
TAX
ID NO. : 3011324068
CAPITAL REGISTERED : BHT. 640,000,000
CAPITAL PAID-UP : BHT.
420,006,250
SHAREHOLDER’S PROPORTION : THAI : 99.22%
AMERICAN :
0.78%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR. SANGA
SANGASERMSAP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 230
LINES
OF BUSINESS : YARNS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on August 27, 1993
as a private
limited company under
the registered name
THAILON SIX SIX LIMITED
by a joint
venture among Asean
Interests Limited of
the Tolaram Corporation,
Hong Kong, Solutia Inc. [Formerly Monsanto
Inc.] and American
Fibres Industries Inc,
U.S.A. Its business
objective is to
produce a variety
of yarns, including
nylon pre-oriented yarn,
fully drawn yarn and
textured yarn with
BOI promotion.
These yarns
with unique properties
can be found
in products ranging
from ladies’ hosiery
and men’s socks
to computer topes
and tire cord
fabrics.
In
September 1999 the subject received
ISO 9002 certificate
from BVQI, and
also holder of
OKO Tex certificate
[Switzerland] for products
totally free of
any hazardous chemicals
in January 1999.
On December
29, 2003, the
subject has been
taken over by
Thais and alliance
groups, and its
name was changed
to THAILON TECHNO
FIBER LIMITED. It
currently employs approximate
230 staff.
The
subject’s registered address is
219 Moo 3, Laemchabang
Industrial Estate, T. Thungsukla, A. Sriracha,
Chonburi 20230, and
this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Sanga Sangasermsap |
Thai |
58 |
|
Mrs. Urairat Saengwatanaroj |
Thai |
58 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sanga Sangasermsap is
the Managing Director.
He is Thai
nationality with the
age of 58
years old.
He has been
in this position
since October 2003.
Mrs. Urairat Saengwatanaroj is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 58
years old.
Mr. Theerien Lai
is the General
Manager [Marketing &
Factory].
He is Thai
nationality.
Ms. Sumal Katavatitawong is
the Account Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer a
variety of synthetic
nylon 6 and
6.6 yarn including
Air Textured Yarn [ATY],
Draw Textured Yarn [DTY],
Nylon 6 and 6.6
Fully Drawn Yarn [FDY],
and Nylon 6 and 6.6
Partially Oriented Yarn [POY].
Its products are
supported to textile
market of hosiery,
active wears, apparel
and fine woven
fabrics.
PRODUCTION
FDY : 150
MT per month
POY : 450
MT per month
DTY : 450
MT per month
ATY : 100
MT per month
IMPORT [COUNTRIES]
50% of raw materials,
equipments and instruments
are imported from
Republic of China, Germany, United
Kingdom, Taiwan, India,
Hong Kong, Australia,
Japan and Switzerland.
MAJOR SUPPLIERS
Asia Fiber Public
Company Limited :
Thailand
SALES
The products are
sold directly to manufacturers
both domestic and
overseas customers. 80% of its
products is exported to Republic of China, Taiwan, Singapore, Malaysia, Indonesia, United
States of America, United Kingdom,
India, Germany, Korea,
Denmark, Spain, Switzerland,
Philippines, Vietnam, Hong
Kong, Middle East
and others with
over 50 countries,
the remaining 20%
is sold locally.
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.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary or
affiliated company here
in Thailand.
CREDIT
Sales are by
cash on the
credits term of
30-60 days.
Local bills are
paid by cash
on the credits
term of 30-60 days.
Imports are by
L/C at sight
& T/T.
Exports are against
L/C at sight
& T/T.
BANKING
Bank of
America NT & SA
[Bangkok
Branch : 2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
Bangkok Bank
Public Co., Ltd.
[Sriracha
Branch: 98 Sukhumvit
Rd., Nongkharm, Sriracha,
Cholburi 20230]
EMPLOYMENT
The subject employs
approximately 230 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office,
factory and warehouse
at the heading
address on 76,800
square meters of
area. Premise is located
in industrial area.
COMMENT
The subject’s business
performance in 2011
was moderate in
line with demand
of the products from both local and overseas markets. However, sales were
likely slowdown caused
by economic sluggish.
Its
business performance has gradually
improved since the first quarter of 2012
and current business
outlook is positive.
FINANCIAL INFORMATION
The capital was
registered at Bht.
250,000,000 divided into 100,000 shares
of Bht. 2,500
each.
On March 25,
2004 the registered capital was
increased to Bht. 640,000,000
divided into 256,000
shares of Bht.
2,500 each.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012] at Bht.
420,006,250 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sanga Sangasermsap Nationality: Thai Address : 1821/45 Charoenkrung Rd.,
Bangpongpang,
Yannawa, Bangkok |
73,525 |
28.72 |
|
Mrs. Urairat Saengwatanaroj Nationality: Thai Address : 817
Sudprasert Rd., Bangklo,
Bangkorlaem, Bangkok |
40,000 |
15.63 |
|
Mr. Theerien Lai Nationality: Thai Address : 76/3
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, Bangkok |
34,330 |
13.41 |
|
P.S.D. Knitting Co.,
Ltd. Nationality: Thai Address : 817
Sudprasert Rd., Bangklo,
Bangkorlaem,
Bangkok |
32,145 |
12.56 |
|
Bangkok Autosales And
Service Co., Ltd. Nationality: Thai Address : 76/3
Sukhumvit 39 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
30,000 |
11.72 |
|
D. Techno Tex Co.,
Ltd. Nationality: Thai Address : 2/2
Moo 4, Bangbuathong-Suphanburi Rd.,
T.
Rajniyom, A. Sainoi, Nonthaburi |
24,000 |
9.37 |
|
D. Interior Solution
Co., Ltd. Nationality: Thai Address : 1821/45
Charoenkrung Rd., Bangpongpang,
Yannawa, Bangkok |
20,000 |
7.81 |
|
Mr. Kian Minh
Lai Nationality: American Address : - |
2,000 |
0.78 |
Total Shareholders :
8
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
254,000 |
99.22 |
|
Foreign - American |
1 |
2,000 |
0.78 |
|
Total |
8 |
256,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Chayapol Supasethanon No.
3972
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
6,672,287 |
7,935,652 |
|
Trade Accounts & Other
Receivable |
144,530,047 |
152,249,377 |
|
Short-term Loan to Directors |
- |
14,064,650 |
|
Inventories |
259,695,123 |
238,395,623 |
|
Other Current Assets
|
10,024,910 |
8,596,943 |
|
|
|
|
|
Total Current Assets
|
420,922,367 |
421,242,245 |
|
Fixed Account pledged
as a Collateral |
4,220,766 |
4,184,181 |
|
Fixed Assets |
455,717,241 |
486,390,087 |
|
Intangible Assets |
18,149,105 |
19,154,779 |
|
Deposit |
294,608 |
316,969 |
|
Total Assets |
899,304,087 |
931,288,261 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
534,308,850 |
442,870,750 |
|
Trade Account & Other Payable |
115,161,316 |
172,196,376 |
|
Current Portion of
Finance Lease Contract Liabilities |
1,680,778 |
142,667 |
|
Current Portion of Long-term
Loan |
58,440,000 |
76,440,000 |
|
Short-term Loan from
Related Company |
945,077 |
36,020,076 |
|
Other Current Liabilities |
6,595,197 |
8,943,166 |
|
|
|
|
|
Total Current Liabilities |
717,131,218 |
736,613,035 |
|
Finance Lease Contract Liabilities - Net
of Current Portion |
2,192,195 |
130,778 |
|
Long-term Loan - Net
of Current Portion |
490,469,698 |
527,838,203 |
|
Reserve for Employee Benefit |
1,919,506 |
- |
|
Total Liabilities |
1,211,712,617 |
1,264,582,016 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 2,500
par value authorized, issued
and fully paid share
capital 256,000 shares |
640,000,000 |
640,000,000 |
|
|
|
|
|
Capital Paid |
420,006,250 |
389,931,250 |
|
Retained Earning -
Unappropriated [Deficit] |
[732,414,780] |
[723,225,005] |
|
Total Shareholders' Equity
[Deficit] |
[312,408,530] |
[333,293,755] |
|
Total Liabilities &
Shareholders' Equity |
899,304,087 |
931,288,261 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
908,380,707 |
907,237,376 |
|
Other Income |
37,679,074 |
49,529,045 |
|
Total Revenues |
946,059,781 |
956,766,421 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
852,201,539 |
843,940,315 |
|
Selling Expenses |
29,980,425 |
42,181,407 |
|
Administrative Expenses |
24,282,682 |
14,836,697 |
|
Total Expenses |
906,464,646 |
900,958,419 |
|
|
|
|
|
Profit / [Loss] before Finance Expenses |
39,595,135 |
55,808,002 |
|
Finance Expenses |
[48,784,910] |
[62,731,538] |
|
Net Profit / [Loss] |
[9,189,775] |
[6,923,536] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.59 |
0.57 |
|
QUICK RATIO |
TIMES |
0.21 |
0.24 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.99 |
1.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.01 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.23 |
103.10 |
|
INVENTORY TURNOVER |
TIMES |
3.28 |
3.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.07 |
61.25 |
|
RECEIVABLES TURNOVER |
TIMES |
6.29 |
5.96 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
49.32 |
74.47 |
|
CASH CONVERSION CYCLE |
DAYS |
119.98 |
89.88 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.82 |
93.02 |
|
SELLING & ADMINISTRATION |
% |
5.97 |
6.28 |
|
INTEREST |
% |
5.37 |
6.91 |
|
GROSS PROFIT MARGIN |
% |
10.33 |
12.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.36 |
6.15 |
|
NET PROFIT MARGIN |
% |
(1.01) |
(0.76) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
(1.02) |
(0.74) |
|
EARNING PER SHARE |
BAHT |
(54.70) |
(44.39) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.35 |
1.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
(3.88) |
(3.79) |
|
TIME INTEREST EARNED |
TIMES |
0.81 |
0.89 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.13 |
|
|
OPERATING PROFIT |
% |
(29.05) |
|
|
NET PROFIT |
% |
(32.73) |
|
|
FIXED ASSETS |
% |
(6.31) |
|
|
TOTAL ASSETS |
% |
(3.43) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.33 |
Impressive |
Industrial Average |
8.04 |
|
Net Profit Margin |
(1.01) |
Deteriorated |
Industrial Average |
2.21 |
|
Return on Assets |
(1.02) |
Deteriorated |
Industrial Average |
2.63 |
|
Return on Equity |
- |
|
Industrial Average |
6.19 |
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. Gross Profit Margin is 10.33%. 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 -1.01%.
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 -1.02%.
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 |
0.59 |
Risky |
Industrial Average |
1.18 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
119.98 |
|
|
|
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 0.59 times in 2011, increase from 0.57 times, then the company may not be
efficiently using its current assets. 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 0.21 times in 2011,
decrease from 0.24 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 120 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
- |
Risky |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
(3.88) |
Risky |
Industrial Average |
1.28 |
|
Times Interest Earned |
0.81 |
Risky |
Industrial Average |
2.97 |
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 0.82 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Trend of the
average competitors in the same industry for last 5 years
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.99 |
Impressive |
Industrial Average |
1.67 |
|
Total Assets Turnover |
1.01 |
Satisfactory |
Industrial Average |
1.11 |
|
Inventory Conversion Period |
111.23 |
|
|
|
|
Inventory Turnover |
3.28 |
Acceptable |
Industrial Average |
6.34 |
|
Receivables Conversion Period |
58.07 |
|
|
|
|
Receivables Turnover |
6.29 |
Impressive |
Industrial Average |
6.00 |
|
Payables Conversion Period |
49.32 |
|
|
|
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.54.55 |
|
UK Pound |
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.