MIRA
INFORM REPORT
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIAM
MODERNTEX CO., LTD. |
|
|
|
|
Registered Office : |
92/1-2
Moo 6, T. Nongdindaeng, A.
Muang, Nakornpathom 73000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.01.1995 |
|
|
|
|
Com. Reg. No.: |
0105538008061 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
contractor of textile |
|
|
|
|
No. of Employees : |
150 |
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 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SIAM MODERNTEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 92/1-2 MOO 6,
T. NONGDINDAENG,
A. MUANG,
NAKORNPATHOM 73000
TELEPHONE : [66] 34
200-032-3, 34 338-314-7
FAX :
[66] 34
255-052, 34 338-318
E-MAIL
ADDRESS : prasit@smtex.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538008061 [Former: [1] 201/2538]
TAX
ID NO. : 3011526545
CAPITAL REGISTERED : BHT. 121,001,000
CAPITAL PAID-UP : BHT.
121,001,000
SHAREHOLDER’S PROPORTION : THAI : 61.12%
TAIWANESE :
38.88%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BOONCHAI SAECHUANG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : TEXTILE
MANUFACTURER AND
CONTRACTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 18,
1995 as a
private limited company
under the name
style SIAM MODERNTEX
CO., LTD., by
Thai and Taiwanese
groups, in order to be engaged
in textile industry. It
currently employs approximate
150 staff.
The subject’s registered
address was 253/1
Moo 3, T. Nongdindaeng, A.
Muang, Nakornpathom 73000.
In
2008, the registered
address was changed from
“253/1 Moo 3” to
“92/1-2 Moo 6”, T. Nongdindaeng, A.
Muang, Nakornpathom 73000
by the Nongdindaeng
District Office, but
both are the
same location, and
this is also
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonchai Saechuang |
|
Thai |
67 |
|
Mr. Wu Ta Yong |
|
Taiwanese |
67 |
|
Ms. Benjamas Wang |
|
Thai |
36 |
AUTHORIZED PERSON
Any of the
above directors signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Boonchai Saechuang is
the Managing Director.
He is Thai
nationality with the
age of 67
years old.
Ms. Benjamas Wang is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 36 years
old.
Mr. Prasit Jongsiri is
the Deputy Managing
Director, Sales &
Marketing Manager.
He is Thai
nationality.
Mrs. Onchanok Chuang is
the Accounting &
Financial Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in textile
business specialized in
yarn spinning and textile
manufacturing and servicing.
The products and services are
as follows:
- Manufacturing
and distributing of
yarn spinning for
100% polyester fancy
yarn, thick &
thin, and slub
yarn for linen-look and
silk-look, multi-color yarn,
woo-like
and functional yarn
- Manufacturing
and distributing of
fabric products, such as
calico, linen, silk,
cotton, polyester for
upholstery.
- Manufacturing
service of textile
according to customer’s requirement.
PURCHASE
80%
of raw material
mainly polyester yarn
is purchased from
local suppliers, and
the remaining 20%
is imported from
Japan, Republic of
China, Singapore, India
and Indonesia.
MAJOR
SUPPLIERS
Jong Satit Co., Ltd. : Thailand
Daiichi Co., Ltd. : Japan
SALES
60% of the products is
sold and serviced
locally to manufacturers
and wholesalers.
EXPORT
40%
of the products
is exported to
Republic of China,
Taiwan, India, Hong
Kong, Japan, Middle
East countries and
Europe.
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
T/T.
BANKING
Export Import Bank
of Thailand
Bangkok Bank Public
Co., Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
150 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office and
factory on the
land area of
16,000 square meters
at the heading
address. Premise is
located in provincial.
Warehouse
is located at
71/164 Moo 4, T. Thatamnak
A. Nakornchaisri,
Nakornprathom 73120.
COMMENT
The subject is engaged
in yarn spinning
and textile manufacturing. Its
products are for
industrial users, such
as garment, decoration
and furniture industries,
as well as
retail market for
general consumers. Subject
reported an increasing
sales revenue in
2010 compared to the previous
year, as well
as continuing expansion
into the year
2011-2012.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
52,000,000 divided into
520,000 shares of
Bht. 100 each.
On September 1, 2004,
the capital was
increased to Bht. 66,000,000 divided
into 660,000 shares
of Bht. 100
each with fully
paid.
On
July 14, 2008,
the capital was
increased to Bht. 121,001,000
divided into 1,210,010
shares of Bht
100 each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonchai Saechuang Nationality: Thai Address : 71/163
Moo 4, T. Thatamnak, A.
Nakornchaisri, Nakornpathom |
400,000 |
33.05 |
|
Mr. Wu Ta Yong Nationality: Taiwanese Address : 71/164
Moo 4, T. Thatamnak, A.
Nakornchaisri, Nakornpathom |
216,137 |
17.86 |
|
Mr. Cheun Chan Chuang Nationality: Taiwanese Address : 71/164
Moo 4, T. Thatamnak, A. Nakornchaisri,
Nakornpathom |
207,646 |
17.16 |
|
Mrs. Sirichome Chuang Nationality: Thai Address : 71/163
Moo 4, T. Thatamnak, A.
Nakornchaisri, Nakornpathom |
123,823 |
10.23 |
|
Ms. Benjamas Wang Nationality: Thai Address : 1/70
Moo 9, Salathammasop,
Taweewattana, Bangkok |
50,000 |
4.13 |
|
Mr. Satien Chuang Nationality: Thai Address : 71/163
Moo 4, T. Thatamnak, A.
Nakornchaisri, Nakornpathom |
50,000 |
4.13 |
|
Mr. Wang Tueng Kuang Nationality: Taiwanese Address : 71/164
Moo 4, Thatamnak,
Nakornchaisri,
Nakornpathom |
40,000 |
3.31 |
|
Mrs. Ornchanok Chuang Nationality: Thai Address : 18/30
Moo 5, T. Nongdindaeng, A. Muang,
Nakornpathom |
40,000 |
3.31 |
|
|
|
|
|
Mr. Somwang Boonthongrungtawee Nationality: Thai Address : 10/72
Moo 7, Rama
2 Rd., Thakam,
Bangkhunthien, Bangkok |
31,764 |
2.63 |
|
Mrs. Supanuch Thirawat Nationality: Thai Address : 300/14
Ladprao 1 Rd.,
Ladyao,
Jatujak, Bangkok |
29,901 |
2.47 |
|
Mr. Prasit Jongsiri Nationality: Thai Address : 180/3
Moo 3, Sapansung,
Bangkok |
14,072 |
1.16 |
|
Mr. Zhen Nan Chuang Nationality: Taiwanese Address : 71/163 Moo 4, T. Thatamnak, A. Nakornchaisri, Nakornprathom |
6,667 |
0.56 |
Total Shareholders : 12
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
739,560 |
61.12 |
|
Foreign - Taiwanese |
4 |
470,450 |
38.88 |
|
Total |
12 |
1,210,010 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Veerak Jiraratpisal
No. 2659
Note:
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
3,472,480.85 |
10,711,448.47 |
|
Trade Accounts & Notes Receivable |
144,002,827.56 |
157,311,747.47 |
|
Inventories |
73,782,579.49 |
60,621,680.58 |
|
Other Current Assets
|
5,615,659.51 |
4,909,244.14 |
|
Total Current Assets
|
226,873,547.41 |
233,554,120.66 |
|
|
|
|
|
Fixed Assets |
133,200,218.90 |
147,147,374.08 |
|
Other Assets |
9,555,500.12 |
10,863,656.75 |
|
Total Assets |
369,629,266.43 |
391,565,151.49 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan |
68,341,902.14 |
70,820,455.35 |
|
Trade Accounts & Notes
Payable |
111,633,400.48 |
103,735,007.00 |
|
Current Portion of
Long-term Loan |
17,232,000.00 |
22,392,000.00 |
|
Other Liabilities |
11,330,001.91 |
12,380,835.59 |
|
Total Current Liabilities |
208,537,304.53 |
209,328,297.94 |
|
Long-term Loan from
Bank |
17,921,563.00 |
51,549,698.52 |
|
Total Liabilities |
226,458,867.53 |
260,877,996.46 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,210,010 shares |
121,001,000.00 |
121,001,000.00 |
|
Capital Paid |
121,001,000.00 |
121,001,000.00 |
|
Retained Earning -
Unappropriated |
22,169,398.90 |
9,686,155.03 |
|
Total Shareholders' Equity |
143,170,398.90 |
130,687,155.03 |
|
Total Liabilities & Shareholders' Equity |
369,629,266.43 |
391,565,151.49 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Yarn Sales |
421,976,507.47 |
388,185,993.41 |
|
Raw Yarn Sales |
- |
67,492.18 |
|
Calico Sales |
35,675,531.33 |
26,491,071.65 |
|
Finished Products |
54,967,334.50 |
40,621,486.81 |
|
Services Income |
10,111,093.77 |
2,253,404.70 |
|
Other Income |
11,654,454.07 |
12,059,904.99 |
|
Total Revenues |
534,384,921.14 |
469,679,353.74 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
482,826,484.32 |
416,864,747.60 |
|
Selling Expenses |
8,074,880.30 |
10,475,939.36 |
|
Administrative Expenses |
23,617,179.94 |
21,055,621.42 |
|
Total Expenses |
514,518,544.56 |
448,396,308.38 |
|
Profit / [Loss] before Financial Cost |
19,866,376.58 |
21,283,045.36 |
|
Financial Cost |
[7,383,132.71] |
[9,856,884.42] |
|
Net Profit / [Loss] |
12,483,243.87 |
11,426,160.94 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.09 |
1.12 |
|
QUICK RATIO |
TIMES |
0.71 |
0.80 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.92 |
3.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
55.78 |
53.08 |
|
INVENTORY TURNOVER |
TIMES |
6.54 |
6.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
100.55 |
125.47 |
|
RECEIVABLES TURNOVER |
TIMES |
3.63 |
2.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
84.39 |
90.83 |
|
CASH CONVERSION CYCLE |
DAYS |
71.94 |
87.72 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.37 |
91.09 |
|
SELLING & ADMINISTRATION |
% |
6.06 |
6.89 |
|
INTEREST |
% |
1.41 |
2.15 |
|
GROSS PROFIT MARGIN |
% |
9.86 |
11.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.80 |
4.65 |
|
NET PROFIT MARGIN |
% |
2.39 |
2.50 |
|
RETURN ON EQUITY |
% |
8.72 |
8.74 |
|
RETURN ON ASSET |
% |
3.38 |
2.92 |
|
EARNING PER SHARE |
BAHT |
10.32 |
9.44 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.58 |
2.00 |
|
TIME INTEREST EARNED |
TIMES |
2.69 |
2.16 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.23 |
|
|
OPERATING PROFIT |
% |
(6.66) |
|
|
NET PROFIT |
% |
9.25 |
|
|
FIXED ASSETS |
% |
(9.48) |
|
|
TOTAL ASSETS |
% |
(5.60) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.86 |
Impressive |
Industrial
Average |
8.66 |
|
Net Profit Margin |
2.39 |
Satisfactory |
Industrial Average |
2.54 |
|
Return on Assets |
3.38 |
Impressive |
Industrial
Average |
2.85 |
|
Return on Equity |
8.72 |
Impressive |
Industrial
Average |
6.60 |
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 9.86%. 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 2.39%.
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. Return on Assets ratio is
3.38%, 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. Return on Equity ratio
is 8.72%, 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.
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 |
1.09 |
Satisfactory |
Industrial
Average |
1.19 |
|
Quick Ratio |
0.71 |
|
|
|
|
Cash Conversion Cycle |
71.94 |
|
|
|
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 1.09 times in 2010, decreased from 1.12 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 0.71 times in 2010,
decreased from 0.8 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 72 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
1.58 |
Risky |
Industrial
Average |
1.15 |
|
Times Interest Earned |
2.69 |
Satisfactory |
Industrial
Average |
3.05 |
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 2.7 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 0.61 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 |
3.92 |
Impressive |
Industrial
Average |
2.22 |
|
Total Assets Turnover |
1.41 |
Impressive |
Industrial
Average |
1.12 |
|
Inventory Conversion Period |
55.78 |
|
|
|
|
Inventory Turnover |
6.54 |
Impressive |
Industrial
Average |
3.16 |
|
Receivables Conversion Period |
100.55 |
|
|
|
|
Receivables Turnover |
3.63 |
Acceptable |
Industrial
Average |
5.68 |
|
Payables Conversion Period |
84.39 |
|
|
|
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.56.05 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
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.