MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
89 Moo 2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.09.1999 |
|
|
|
|
Com. Reg. No.: |
0105542072045 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Flannels |
|
|
|
|
No. of Employees : |
120 |
RATING & COMMENTS
|
MIRA’s 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 – 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
SUMMARY
BUSINESS
ADDRESS : 89
MOO 2,
T.
BANMAI, A. SAMPRAN, NAKORNPATHOM
73110
TELEPHONE : [66] 34
295-489-91
FAX :
[66] 34
295-492
E-MAIL
ADDRESS : lisa@textech.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542072045 [Former
: 1132/2542]
TAX
ID NO. : 3701028427
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : AMERICAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CIARAN FRANCIS LYNCH,
IRISH
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : FLANNELS
MANUFACTURER,
DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR
PERFORMANCE
HISTORY
The subject was
established on September 21, 1999 as
a private limited
company under the
name style TEX
TECH INDUSTRIES [THAILAND]
LTD. by American
groups. It is a
subsidiary of Tex
Tech Industries Inc.,
The subject is
a subsidiary of
Tex Tech Industries
Inc., in U.S.A.
The subject’s registered
address is 89 Moo 2,
Soi Wadthiendad Rd.,
T. Banmai, A. Sampran Nakornpathom
73110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ciaran Francis Lynch |
|
Irish |
56 |
|
Mr. Stephen John
Judge |
|
American |
64 |
|
Mrs. Bu-nga Bowman |
|
Thai |
47 |
|
Mr. Stephen Rogers |
|
Irish |
32 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ciaran Francis Lynch is the
Managing Director.
He is Irish
nationality with the
age of 56
years old.
Mrs. Bu-nga Bowman
is the Financial
Controller and Human
Resources Manager.
She is Thai
nationality with the
age of 47
years old.
Mr. Stephen John
Judge is the
Factory Manager.
He is American
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The
subject is engaged in
manufacturing, exporting and
distributing of flannel,
a raw material
for
tennis ball production.
PRODUCTION
CAPACITY
830,000
meters/year
PURCHASE
Most of raw
materials, mainly polyester
yarn is purchased
from local suppliers,
the remaining are
imported from United States of America, Republic of China, India,
and Germany.
MAJOR SUPPLIERS
Tex Tech Industries
Inc. :
SALES [LOCAL]
The products are sold
by wholesale to
manufacturers both domestic
and overseas, which
70% is exported
to Republic of China,
Indonesia, India, Taiwan,
U.K., Japan, Hong
Kong and United States
of America, and
the remaining 30%
is sold locally.
MAJOR CUSTOMERS
Dunlop International Ltd. :
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 or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 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 120 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in industrial
area.
Factory II : 9/2
Moo 3, T. Banmai.
A. Sampran, Nakornpathom 73110.
COMMENT
With the strong management and production processing fundamental
supported by the subject’s parent company in
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 10,000 divided into
1,000 shares of
Bht. 100 each
with fully paid.
On August 7,
2000, the capital
was increased to
Bht. 40,000,000 divided
into 4,000,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
March 24, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tex Tech Industries
Inc. Nationality: American Address : 8th Flr.,One
City Building Portland
Main, U.S.A. |
3,959,996 |
99.00 |
|
TTI Thailand Holdings
Inc. Nationality: American Address : 8th Flr.,One
City Building Portland
Main, U.S.A. |
40,000 |
1.00 |
|
Mr. John Stangiwich Nationality: American Address : 8th Flr.,One
City Building Portland
Main, U.S.A. |
1 |
- |
|
Mr. Ciaran Francis
Lynch Nationality: Irish Address : 8th Flr.,One
City Building Portland
Main, U.S.A. |
1 |
- |
|
Mrs. Bu-nga Bowman Nationality: Thai Address : 22/44 Moo
6, T. Salaya, A. Budhamonthon, Nakornpathom |
1 |
- |
|
Mr. Stephen John
Judge Nationality: American Address : 8th Flr.,One
City Building Portland
Main, U.S.A. |
1 |
- |
Total Shareholders : 6
Share Structure [as
at March 24,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign - American |
5 |
3,999,999 |
100.00 |
|
Total |
6 |
4,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nathapol Sriboonruangrith No.
5226
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank |
5,971,741.95 |
94,868.65 |
|
Trade Accounts Receivable |
|
|
|
- Related Company |
17,929,760.17 |
50,000,914.59 |
|
- Other Company |
61,574,624.38 |
67,119,614.82 |
|
Other Receivable - Related Company |
4,272,048.18 |
3,240,155.59 |
|
- Other Company |
2,927,646.34 |
1,386,437.02 |
|
Inventories |
79,236,102.81 |
62,133,284.52 |
|
Other Current Assets
|
59,318.04 |
775,139.17 |
|
Total Current Assets
|
171,971,241.87 |
184,750,414.36 |
|
|
|
|
|
Cash at Bank Pledged as
a Collateral |
11,775,086.24 |
21,698,280.60 |
|
Fixed Assets |
87,067,142.73 |
56,901,258.42 |
|
Deposit |
162,772.90 |
194,472.90 |
|
Total Assets |
270,976,243.74 |
263,544,426.28 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loans |
119,082,711.56 |
125,268,426.65 |
|
Trade Accounts Payable - Related Company |
47,647,100.90 |
51,749,239.19 |
|
- Other Company |
45,200,200.75 |
- |
|
Current Portion of
Financial Lease Contact Liabilities |
308,464.46 |
- |
|
Accrued Dividend |
- |
8,500,000.00 |
|
Accrued Income Tax |
1,289,129.70 |
6,273,370.54 |
|
Accrued Expenses |
2,256,953.13 |
3,017,163.77 |
|
Other Current Liabilities |
378,790.50 |
1,964,775.75 |
|
Total Current Liabilities |
216,163,351.00 |
196,772,975.90 |
|
Estimated Liabilities from Employee’s
Benefit |
2,272,826.72 |
- |
|
Financial Lease Contact
Liabilities, Net |
937,605.06 |
- |
|
Total Liabilities |
219,373,782.78 |
196,772,975.90 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 4,000,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Retained Earnings Appropriated for Statutory Reserve |
7,208,600.00 |
7,208,600.00 |
|
Unappropriated |
4,393,860.96 |
19,562,850.38 |
|
Total Shareholders' Equity |
51,602,460.96 |
66,771,450.38 |
|
Total Liabilities & Shareholders' Equity |
270,976,243.74 |
263,544,426.28 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
420,402,358.49 |
440,236,914.91 |
|
Other Income |
366,328.72 |
262,941.12 |
|
Total Revenues |
420,768,687.21 |
440,499,856.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
355,480,814.90 |
330,494,107.16 |
|
Selling Expenses |
8,811,687.15 |
9,581,,614.99 |
|
Administrative Expenses |
48,289,326.84 |
50,024,607.21 |
|
Total Expenses |
412,581,828.89 |
390,100,329.36 |
|
Profit / [Loss] before Finance Costs & Income Tax |
8,186,858.32 |
50,399,526.67 |
|
Finance Costs |
[7,065,903.88] |
[5,534,569.17] |
|
Profit / [Loss] before Income
Tax |
1,120,954.44 |
44,864,957.50 |
|
Income Tax |
[1,289,943.86] |
[13,704,901.85] |
|
Net Profit / [Loss] |
[168,989.42] |
31,160,055.65 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.80 |
0.94 |
|
QUICK RATIO |
TIMES |
0.43 |
0.62 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.83 |
7.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.55 |
1.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
81.36 |
68.62 |
|
INVENTORY TURNOVER |
TIMES |
4.49 |
5.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.46 |
55.65 |
|
RECEIVABLES TURNOVER |
TIMES |
6.83 |
6.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
46.41 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
88.41 |
124.27 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.56 |
75.07 |
|
SELLING & ADMINISTRATION |
% |
13.58 |
13.54 |
|
INTEREST |
% |
1.68 |
1.26 |
|
GROSS PROFIT MARGIN |
% |
15.53 |
24.99 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.95 |
11.45 |
|
NET PROFIT MARGIN |
% |
(0.04) |
7.08 |
|
RETURN ON EQUITY |
% |
(0.33) |
46.67 |
|
RETURN ON ASSET |
% |
(0.06) |
11.82 |
|
EARNING PER SHARE |
BAHT |
(0.04) |
7.79 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.25 |
2.95 |
|
TIME INTEREST EARNED |
TIMES |
1.16 |
9.11 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(4.51) |
|
|
OPERATING PROFIT |
% |
(83.76) |
|
|
NET PROFIT |
% |
(100.54) |
|
|
FIXED ASSETS |
% |
53.01 |
|
|
TOTAL ASSETS |
% |
2.82 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.53 |
Satisfactory |
Industrial
Average |
16.48 |
|
Net Profit Margin |
(0.04) |
Deteriorated |
Industrial
Average |
2.33 |
|
Return on Assets |
(0.06) |
Deteriorated |
Industrial
Average |
2.18 |
|
Return on Equity |
(0.33) |
Deteriorated |
Industrial
Average |
4.49 |
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 15.53%. 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 -0.04%.
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 -0.06%.
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 -0.33%.
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 |
0.80 |
Risky |
Industrial
Average |
1.52 |
|
Quick Ratio |
0.43 |
|
|
|
|
Cash Conversion Cycle |
88.41 |
|
|
|
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 0.8 times in 2011, decreased from 0.94 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 0.43 times in 2011,
decreased from 0.62 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 89 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
4.25 |
Risky |
Industrial
Average |
0.85 |
|
Times Interest Earned |
1.16 |
Acceptable |
Industrial
Average |
1.87 |
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 1.16 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 0.81 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 |
4.83 |
Impressive |
Industrial Average |
1.55 |
|
Total Assets Turnover |
1.55 |
Impressive |
Industrial Average |
0.89 |
|
Inventory Conversion Period |
81.36 |
|
|
|
|
Inventory Turnover |
4.49 |
Impressive |
Industrial Average |
3.38 |
|
Receivables Conversion Period |
53.46 |
|
|
|
|
Receivables Turnover |
6.83 |
Impressive |
Industrial Average |
4.53 |
|
Payables Conversion Period |
46.41 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
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.