MIRA
INFORM REPORT
|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI FILAMENT
TEXTILES CO., LTD. |
|
|
|
|
Registered Office : |
6th - 7th Floor, Samphantawong, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.05.1969 |
|
|
|
|
Com. Reg. No.: |
0105512002006 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Textiles |
|
|
|
|
No. of Employees : |
500 |
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 : |
Slow |
|
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
THAI
FILAMENT TEXTILES CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 6th - 7th
FLOOR, DIWANCHAND BUILDING,
219/2 RAJAWONGSE
ROAD, CHAKRAWAD,
SAMPHANTAWONG, BANGKOK
10100
TELEPHONE : [66] 2622-7410-1,
2622-7403-6, 2622-7351-4
FAX :
[66] 2622-7412,
2622-7350
E-MAIL
ADDRESS : marketing@thaifilament.co.th
info@thaifilament.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1969
REGISTRATION
NO. : 0105512002006 [FORMER
: 241/ 2512]
TAX
ID NO. : 3101085402
CAPITAL REGISTERED : BHT.
1,500,000,000
CAPITAL PAID-UP : BHT. 1,500,000,000
SHAREHOLDER’S PROPORTION : THAI : 91.27%
JAPANESE :
8.73%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUPAT SIVASRI-AMPAI, THAI
MANAGING
DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : TEXTILES
MANUFACTURER, DISTRIBUTOR
AND 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 May 14,
1969 as a
private limited company under
the name style THAI
FILAMENT TEXTILES CO., LTD.,
by a joint
venture between Diwanchand
Group, Thailand and
Teijin Group, Japan,
with the business
objective to manufacture
wide range of
textile products by
being granted the
promotional privilege from the
Board of Investment [BOI]. It
currently employs approximate
500 staff.
At
present, the major
shareholder is Rambrandt Hotel Corporation Ltd., in
Thailand, with the
holding around 40%
of the subject’s
total shares.
The
subject’s registered address is 6th
- 7th Flr., Diwanchand
Bldg., 219/2 Rajawongse Rd.,
Chakrawad, Samphantawong,
Bangkok 10100, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Supat Sivasri-ampai |
[x] |
Thai |
66 |
|
Mr. Kasem Sivasri-ampai |
[x] |
Thai |
64 |
|
Mr. Masahiro Kuwayama |
|
Japanese |
55 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Supat Sivasri-ampai is
the Managing Director.
He is Thai
nationality with the
age of 66 years old.
Mr. Kasem Sivasri-ampai is
the General Manager.
He is Thai
nationality with the
age of 64 years
old.
Mr. Rishi Sivasri-ampai is
the Marketing Manager.
He is Thai
nationality.
Mr. A.G. Lamanan is
the Export Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is engaged in
wide range textile
manufacturing, specialized in
polyester filament fabrics
including linen and
silk look fabrics
in printed and
piece dyed coordinates
with various printed
designs, such as
“FLORALS”, “GEOMETRIC”,
“MONOTONES”, “SKIN PATTERNS”,
“ABTRACT”, “METALLICS”, and
“CATIONICS - FANCY ITEMS”, for
ladies wear, men’s
suiting and home
furnishing, under its
own brand BULOOK.
The products are
twisting, texturizing, yarn
mixing, weaving, dyeing,
printing and finishing.
Subject has been
supported the technical
assistance and know-how
for the production
by Teijin group of Japan.
PURCHASE
Its raw material, mainly
polyester yarn is
purchased from suppliers and
agents both local
and overseas in
Japan, Indonesia and
India.
EXPORT
80%
of the products
is exported to
Japan, France, Italy,
India, Malaysia, Germany,
Sweden, United Kingdom, Hong Kong, Canada, Australia, New Zealand and
other European countries.
SALES
20% of the
products is sold
locally by wholesale
to dealers and
manufacturers.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is not
found to have any
subsidiary or affiliated
company here in Thailand.
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.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Siam Commercial Bank
Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok]
Indian Overseas Bank
[Bangkok Branch :
221 Rajawonge Rd.,
Samphantawong, Bangkok]
EMPLOYMENT
The
subject employs approximately
500 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory
and warehouse are
located at 597
Moo 2, Sukhumvit
Rd., Bangpoomai, Muang,
Samutprakarn 10280.
COMMENT
The
company is the
leading in Textiles Manufacturers in Thailand capable
of producing the
specially “Shin-Gosen” Fabric,
High Twist Silk-Look
and the most
popular Linen-Look Fabric. These
specialty products require
top quality raw
materials and sophisticated
technological Know-how that
is supplied exclusively
by Teijin Ltd.,
the Japanese partner.
These fabrics have
the added advantage
of ease of
maintenance requiring little or no ironing.
TFT
is also a global leader in the production of
high quality polyester
fabrics suitable for ladies
and gentlemen apparel. TFT specializes in
linen-look and silk-look
fabrics in printed and piece
dyed coordinates.
Its fabric
qualities are extensive
and continually experimented
with various yarns, production processes
and designs to
keep pace with
customer demands and the changing trends within
the fashion industry.
FINANCIAL INFORMATION
The capital was registered
at Bht. 20,000,000
divided into 20,000
shares of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 300,000,000
on June 19,
1996
Bht. 500,000,000
on June 21,
1999
Bht. 900,000,000
on November 11,
1999
Bht. 970,000,000
on December 16,
2002
Bht.
1,500,000,000 on July
25, 2011
The
latest registered capital
was increased to
Bht. 1,500,000,000 divided into
1,500,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 23, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Rambrandt Hotel Corporation
Ltd. Nationality: Thai Address : 19
Sukhumvit 18 Rd.,
Klongtoey,
Klongtoey, Bangkok |
600,000 |
40.00 |
|
Mr. Pracha Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey,
Prakanong, Bangkok |
122,850 |
8.19 |
|
Mr. Charoen Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey,
Prakanong, Bangkok |
122,850 |
8.19 |
|
Mr. Supat Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey,
Prakanong, Bangkok |
122,260 |
8.15 |
|
Siva Heights Co.,
Ltd. Nationality: Thai Address : 219/2
Rajawongse Rd., Samphantawong, Bangkok |
121,000 |
8.07 |
|
Mr. Kasem Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey, Prakanong, Bangkok |
113,100 |
7.54 |
|
|
|
|
|
Teijin Fiber Co.,
Ltd. Nationality: Japanese Address : Osaka,
Japan |
98,000 |
6.53 |
|
Mr. Suveen Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey,
Prakanong, Bangkok |
50,000 |
3.33 |
|
Mr. Rishi Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey,
Prakanong, Bangkok |
40,000 |
2.67 |
|
Mr. Ramon Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey,
Prakanong, Bangkok |
40,000 |
2.67 |
|
N. I. Teijin Shoji
Co., Ltd. Nationality: Japanese Address : Osaka,
Japan |
33,000 |
2.20 |
|
Diwanchan Gundanlal ROP. Nationality: Thai Address : 219
Rajawongse Rd., Samphantawong, Bangkok |
27,000 |
1.80 |
|
Mr. Rashet Sivasri-ampai Nationality: Thai Address : 109
Sukhumvit 12 Rd.,
Klongtoey, Prakanong,
Bangkok |
9,940 |
0.66 |
Total Shareholders : 13
Share Structure [as
at July 23, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
1,369,000 |
91.27 |
|
Foreign - Japanese |
2 |
131,000 |
8.73 |
|
Total |
13 |
1,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Nongnuch Ouitrakul No.
2241
BALANCE SHEET [BAHT]
The 2011 financial statement has
not been submitted
to the Commercial
Registration Department.
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
718,431.02 |
2,908,282.70 |
|
Trade Accounts Receivable
|
82,458,264.79 |
100,980,481.52 |
|
Inventories |
202,271,853.97 |
187,384,643.25 |
|
Other Current Assets
|
10,744,514.99 |
5,831,370.06 |
|
|
|
|
|
Total Current Assets
|
296,193,064.77 |
297,104,777.53 |
|
Long-term Investment |
625,000.00 |
625,000.00 |
|
Fixed Assets |
1,395,656,360.24 |
1,533,494,313.78 |
|
Intangible Assets |
2,245,217.89 |
2,696,735.53 |
|
Other Assets |
19,310,861.45 |
36,905,169.50 |
|
Total Assets |
1,714,030,504.35 |
1,870,825,996.34 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
237,969,853.13 |
224,664,216.86 |
|
Trade Accounts Payable |
40,061,369.73 |
59,135,448.81 |
|
Current Portion of
Hire-purchase Payable |
239,784.00 |
- |
|
Other Current Liabilities |
32,764,220.40 |
18,841,478.58 |
|
|
|
|
|
Total Current Liabilities |
311,035,227.26 |
302,641,144.25 |
|
Long-term Loan from Person & Related Company |
1,537,753,543.61 |
1,528,448,693.94 |
|
Hire-purchase Payable, Net of Current Portion |
674,165.99 |
- |
|
Other Long-term Loan |
144,736,000.98 |
160,417,972.83 |
|
Other Non-current Liabilities |
296,421.27 |
296,421.27 |
|
|
|
|
|
Total Liabilities |
1,994,495,359.11 |
1,991,804,232.29 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 970,000 shares |
970,000,000.00 |
970,000,000.00 |
|
|
|
|
|
Capital Paid |
970,000,000.00 |
970,000,000.00 |
|
Surplus on Revaluation
of Assets |
220,015,688.91 |
251,446,501.62 |
|
Retained Earning |
|
|
|
Appropriated for - Statutory
Reserve |
10,000,000.00 |
10,000,000.00 |
|
-
General Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
[1,485,480,543.67] |
[1,357,424,737.57] |
|
Total Shareholders' Equity |
[280,464,854.76] |
[120,978,235.95] |
|
Total Liabilities & Shareholders'
Equity |
1,714,030,504.35 |
1,870,825,996.34 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
374,285,643.44 |
476,375,669.70 |
|
Other Income |
5,470,167.51 |
12,207,887.80 |
|
Total Revenues |
379,755,810.95 |
488,583,557.50 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
439,113,114.64 |
537,818,330.99 |
|
Selling Expenses |
20,039,032.32 |
25,977,564.62 |
|
Administrative Expenses |
31,164,609.13 |
26,308,438.91 |
|
Loss on Exchange Rate |
3,643,650.10 |
32,215,809.06 |
|
Total Expenses |
493,960,406.19 |
622,320,143.58 |
|
|
|
|
|
Profit / [Loss] before
Financial Costs |
[114,204,595.24] |
[133,736,586.08] |
|
Financial Costs |
[13,851,210.86] |
[13,683,751.48] |
|
Net Profit / [Loss] |
[128,055,806.10] |
[147,420,337.56] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
0.98 |
|
QUICK RATIO |
TIMES |
0.27 |
0.34 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.27 |
0.31 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.22 |
0.25 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
168.13 |
127.17 |
|
INVENTORY TURNOVER |
TIMES |
2.17 |
2.87 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.41 |
77.37 |
|
RECEIVABLES TURNOVER |
TIMES |
4.54 |
4.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
33.30 |
40.13 |
|
CASH CONVERSION CYCLE |
DAYS |
215.25 |
164.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
117.32 |
112.90 |
|
SELLING & ADMINISTRATION |
% |
13.68 |
10.98 |
|
INTEREST |
% |
3.70 |
2.87 |
|
GROSS PROFIT MARGIN |
% |
(15.86) |
(10.34) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(30.51) |
(28.07) |
|
NET PROFIT MARGIN |
% |
(34.21) |
(30.95) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
(7.47) |
(7.88) |
|
EARNING PER SHARE |
BAHT |
(132.02) |
(151.98) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.16 |
1.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
(7.11) |
(16.46) |
|
TIME INTEREST EARNED |
TIMES |
(8.25) |
(9.77) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(21.43) |
|
|
OPERATING PROFIT |
% |
(14.60) |
|
|
NET PROFIT |
% |
13.14 |
|
|
FIXED ASSETS |
% |
(8.99) |
|
|
TOTAL ASSETS |
% |
(8.38) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
(15.86) |
Deteriorated |
Industrial
Average |
9.86 |
|
Net Profit Margin |
(34.21) |
Deteriorated |
Industrial
Average |
0.90 |
|
Return on Assets |
(7.47) |
Deteriorated |
Industrial
Average |
0.93 |
|
Return on Equity |
- |
|
Industrial
Average |
2.60 |
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 -15.86%. 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 -34.21%.
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 -7.47%.
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 |
0.95 |
Risky |
Industrial
Average |
1.35 |
|
Quick Ratio |
0.27 |
|
|
|
|
Cash Conversion Cycle |
215.25 |
|
|
|
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 0.95 times in 2010, decreased from 0.98 times, then the company may
have problems meeting its short-term obligations. 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 0.27 times in 2010,
decreased from 0.34 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 216 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.16 |
Risky |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
(7.11) |
Risky |
Industrial
Average |
1.67 |
|
Times Interest Earned |
(8.25) |
Risky |
Industrial
Average |
1.27 |
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 -8.25 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
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.27 |
Deteriorated |
Industrial Average |
2.07 |
|
Total Assets Turnover |
0.22 |
Deteriorated |
Industrial Average |
1.04 |
|
Inventory Conversion Period |
168.13 |
|
|
|
|
Inventory Turnover |
2.17 |
Acceptable |
Industrial Average |
3.05 |
|
Receivables Conversion Period |
80.41 |
|
|
|
|
Receivables Turnover |
4.54 |
Impressive |
Industrial Average |
3.97 |
|
Payables Conversion Period |
33.30 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
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.