MIRA INFORM REPORT
|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
BISCHOFF
GAMMA [ |
|
|
|
|
Registered Office : |
9/2 Moo 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.09.1994 |
|
|
|
|
Com. Reg. No.: |
0105537109408 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Embroidery |
|
|
|
|
No. of Employees
: |
400 |
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 |
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|
|
|
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 – September 30th, 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
BISCHOFF GAMMA
[THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 9/2
MOO 1, PETCHKASEM
ROAD,
T. NONGCHUMPOL, A. KHAOYOI,
PETCHBURI 76140,
THAILAND
TELEPHONE : [66] 32
562-363-4, 32 5652-578,
32 439-787
FAX :
[66] 32
562-364
E-MAIL
ADDRESS : sales@bischoff-gamma.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537109408 [Former
: 2420/2537]
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI :
50%
SWISS : 50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THEPRITH SRICHAWLA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : EMBROIDERY
MANUFACTURER,
DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was
established on September
15, 1994 as
a private limited
company under the name style BISCHOFF
GAMMA [THAILAND] LTD.
by Swiss and Thai Groups. It is
a joint
venture between Bischoff Textile
AG., Switzerland and
Gamma Textile Manufacturing Co., Ltd.,
to produce variety of embroidery
products and was also granted the
promotional privilege from
the Board of Investment promotion, Thailand. It
currently employs approximate
400 staff.
The subject’s registered address
is 9/2 Moo 1,
Petchkasem Rd., T. Nongchumpol, A.
Khaoyoi, Petchburi 76140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bernhard Christoph
Bischoff |
[x] |
Swiss |
67 |
|
Mr. Max Robert
Hungerbuhler |
[x] |
Swiss |
67 |
|
Mr. Thomas Walter Meyer |
[x] |
Swiss |
59 |
|
Mr. Theprith Srichawla |
|
Thai |
56 |
|
Mr. Amorn Srichawla
|
|
Thai |
42 |
|
Mr. Seksan Srichawla |
|
Thai |
48 |
|
Mr. Akaradej Srichawla |
|
Thai |
59 |
|
Mr. Andreas Hans Hungerbuhler |
[x] |
Swiss |
32 |
|
Mr. Markus Hungerbuhler |
[x] |
Swiss |
60 |
AUTHORIZED
PERSON
One of the
mentioned directors [x] can
jointly sign with
anyone of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Theprith Srichawla is
the Managing Director.
He is Thai
nationality with the
age of 56
years old.
Mr. Markus Hungerbuhler is
the Production Manager.
He is Swiss
nationality with the
age of 60
years old.
Mr. Ravee Srichavala
is the Human
Resources & Account Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is manufacturer of embroidery
products including embroidery
lace, embroidery allover and
trimming, motifs, jacquardtronic lace, trim
and allovers, supertronic
lace, trims and
allovers in various
forms and finished
under customer requirements
in a wide
range of applications,
such as garment,
underwear and lingerie,
home textile and home
furniture business both
domestic and international
markets.
PURCHASE
Most of raw
materials; yarn, fabric,
coloring are purchased
from local suppliers, and
the rest is imported
from Switzerland, France,
India, Republic of China and
Germany.
MAJOR SUPPLIERS
Bischoff Textile AG. : Switzerland
SALES
80% of the products is exported to U.S.A., Africa, India, Malaysia,
Japan, Republic of China, Hong Kong,
Korea, Indonesia and
Europe, the remaining
20% is sold
locally.
MAJOR CUSTOMERS
Sabina Co., Ltd.
Kyra Mode Co.,
Ltd.
Triumph International [Thailand]
Ltd.
PARENT COMPANY
Bischoff Textile AG.
Address: Bogenstrazy 9,
CH-9001 Road, Gallan,
Switzerland
RELATED AND AFFILIATED COMPANIES
- Gamma Textile Manufacturing Co., Ltd.
Business Type: Textile Factory
- Kyra Mode Co., Ltd.
Business Type:
Manufacturer and distributor
of garment and
underwear products.
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 30-60-90 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.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
The Siam Commercial
Bank Public Co., Ltd.
[Khaoyoi Branch:
Khaoyoi, Petchburi Province.]
EMPLOYMENT
The subject employs
approximately 400 staff
comprising 15 office staff
and factory workers.
LOCATION DETAILS
The premise is
owned for administrative office,
factory & warehouse on
80,000 sq.m. of land at the
heading address. Premise
is located in
rural area.
Branch office is located at 35th Floor, Interchange Building,
339 Sukhumvit Rd., Klongtoeynua,
Wattana, Bangkok 10110.
Tel. 2665-7245-9, Fax. 2665-7250.
REMARK
CREDIT OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The subject is the leading manufacturer of embroidery. It products have
been marketed worldwide. The company’s facility in Thailand is equipped with
high and innovative technology in producing the high quality embroidery
products. Consumption of embroidery products from both domestic and
international markets has steady grown.
The subject is considered an experience company in the industry.
FINANCIAL INFORMATION
The capital was
registered at Bht.
30,000,000 divided into
300,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 60,000,000
on December 6,
1994
Bht. 75,000,000
on January 24,
1996
Bht. 125,000,000
on November 16,
2000
Bht. 200,000,000
on January 17,
2006
The latest registered
capital was increased
to Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at August 31,
2011]
|
NAME |
HOLDING |
% |
|
Bischoff Textile AG. Nationality: Swiss Address : Bogenstrazy
9 CH-9001 Rd.,
Gallen, Switzerland |
999,997 |
50.00 |
|
Gamma Textile
Manufacturing Co., Ltd. Nationality: Thai Address : 89/2
Moo 8, Petchkasem Rd.,
Omyai,
Sampran, Nakornpathom |
585,600 |
29.28 |
|
Mr. Amorn Srichawla Nationality: Thai Address : 361/6
Sukhumvit 71 Rd.,
Klongton, Klongtoey, Bangkok
10110 |
88,019 |
4.40 |
|
Mr. Pornthep Srichawla
Nationality: Thai Address : 361
Sukhumvit 71 Rd.,
Klongton,
Klongtoey, Bangkok 10110 |
56,509 |
2.83 |
|
Mr. Seksan Srichawla
Nationality: Thai Address : 361/11
Sukhumvit 71 Rd.,
Klongton,
Klongtoey, Bangkok 10110 |
56,509 |
2.83 |
|
Mr. Sivathep Srichawla
Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Klongton, Klongtoey, Bangkok
10110 |
50,344 |
2.52 |
|
Mr. Theprith Srichawla
Nationality: Thai Address : 361/7
Sukhumvit 71 Rd.,
Klongton,
Klongtoey, Bangkok 10110 |
37,674 |
1.88 |
|
Mr. Akradej Srichawla
Nationality: Thai Address : 361/8
Sukhumvit 71 Rd.,
Klongton,
Klongtoey, Bangkok 10110 |
37,673 |
1.88 |
|
Mr. Withaya Srisawanchawla Nationality: Thai Address : 361/6
Sukhumvit 71 Rd.,
Klongton, Klongtoey, Bangkok
10110 |
37,672 |
1.88 |
|
Others |
50,003 |
2.50 |
Total Shareholders : 14
hare Structure [as
at August 31,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
1,000,000 |
50.00 |
|
Foreign |
4 |
1,000,000 |
50.00 |
|
Total |
14 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chatchawas Seddhi No.
5535
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
5,172,590.60 |
5,896,794.00 |
|
Short-term Investment - available-for-sale |
33,137.13 |
32,835.28 |
|
Trade Accounts Receivable |
457,628,339.54 |
459,671,763.54 |
|
Inventories |
75,624,920.63 |
72,738,227.60 |
|
Advance Payment |
174,157,016.32 |
198,633,710.02 |
|
Other Current Assets |
1,651,792.41 |
2,212,481.43 |
|
|
|
|
|
Total Current Assets
|
714,267,796.63 |
739,185,811.87 |
|
|
|
|
|
Fixed Assets |
201,399,186.73 |
241,383,925.75 |
|
Long-term Investment |
8,112,000.00 |
8,735,430.00 |
|
Other Assets |
209,868.82 |
230,798.11 |
|
Total Assets |
923,988,852.18 |
989,535,965.73 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from
Financial Institution |
132,977,311.71 |
155,541,748.44 |
|
Trade Accounts Payable |
70,946,317.52 |
96,932,622.96 |
|
Current Portion of Long-term Loan from Financial Institution |
28,330,900.68 |
44,603,994.00 |
|
Current Portion of Hire-purchase Payable |
66,083.19 |
441,802.31 |
|
Other Current Liabilities |
26,090,451.78 |
44,583,675.71 |
|
|
|
|
|
Total Current Liabilities |
258,411,064.88 |
342,103,843.42 |
|
Long-term Loan from Financial
Institution, net |
115,615,000.00 |
43,945,900.68 |
|
Long-term Loan from Person
or Related Company |
183,544,125.00 |
195,050,125.00 |
|
Hire-purchase Payable, net |
- |
66,083.19 |
|
Total Liabilities |
557,570,189.88 |
581,165,952.29 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000.00 |
200,000,000.00 |
|
|
|
|
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Retained Earnings Appropriated for
Statutory Reserve |
13,250,000.00 |
13,250,000.00 |
|
Unappropriated |
153,168,662.30 |
195,120,013.44 |
|
Total Shareholders' Equity |
366,418,662.30 |
408,370,013.44 |
|
Total Liabilities & Shareholders' Equity |
923,988,852.18 |
989,535,965.73 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income |
335,871,799.45 |
378,849,359.96 |
|
Other Income |
1,810,924.94 |
851,163.53 |
|
Total Sales |
337,682,724.39 |
379,700,523.49 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
254,336,270.72 |
270,823,571.59 |
|
Selling Expenses |
16,219,835.42 |
51,658,985.02 |
|
Administrative Expenses |
42,156,117.86 |
48,923,950.91 |
|
Loss on Exchange Rate |
47,328,254.34 |
19,993,006.34 |
|
Total Expenses |
360,040,478.34 |
391,399,513.86 |
|
|
|
|
|
Loss before Financial Cost |
[22,357,753.95] |
[11,698,990.37] |
|
Financial Cost |
[19,593,597.19] |
[28,993,500.02] |
|
|
|
|
|
Net Profit / [Loss] |
[41,951,351.14] |
[40,692,490.39] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.76 |
2.16 |
|
QUICK RATIO |
TIMES |
1.79 |
1.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.67 |
1.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.36 |
0.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
108.53 |
98.03 |
|
INVENTORY TURNOVER |
TIMES |
3.36 |
3.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
497.32 |
442.87 |
|
RECEIVABLES TURNOVER |
TIMES |
0.73 |
0.82 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
101.82 |
130.64 |
|
CASH CONVERSION CYCLE |
DAYS |
504.03 |
410.26 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.72 |
71.49 |
|
SELLING & ADMINISTRATION |
% |
17.38 |
26.55 |
|
INTEREST |
% |
5.83 |
7.65 |
|
GROSS PROFIT MARGIN |
% |
24.81 |
28.74 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(6.66) |
(3.09) |
|
NET PROFIT MARGIN |
% |
(12.49) |
(10.74) |
|
RETURN ON EQUITY |
% |
(11.45) |
(9.96) |
|
RETURN ON ASSET |
% |
(4.54) |
(4.11) |
|
EARNING PER SHARE |
BAHT |
(20.98) |
(20.35) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.52 |
1.42 |
|
TIME INTEREST EARNED |
TIMES |
(1.14) |
(0.40) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(11.34) |
|
|
OPERATING PROFIT |
% |
91.11 |
|
|
NET PROFIT |
% |
(3.09) |
|
|
FIXED ASSETS |
% |
(16.56) |
|
|
TOTAL ASSETS |
% |
(6.62) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
24.81 |
Impressive |
Industrial
Average |
9.84 |
|
Net Profit Margin |
(12.49) |
Deteriorated |
Industrial
Average |
2.95 |
|
Return on Assets |
(4.54) |
Deteriorated |
Industrial
Average |
3.83 |
|
Return on Equity |
(11.45) |
Deteriorated |
Industrial
Average |
9.90 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales 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 24.81%. 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 -12.49%.
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 -4.54%.
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 -11.45%.
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 |
2.76 |
Impressive |
Industrial
Average |
1.35 |
|
Quick Ratio |
1.79 |
|
|
|
|
Cash Conversion Cycle |
504.03 |
|
|
|
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 2.76 times in 2010, increased from 2.16 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.79 times in 2010,
increased from 1.36 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 505 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
1.52 |
Risky |
Industrial
Average |
1.43 |
|
Times Interest Earned |
(1.14) |
Risky |
Industrial
Average |
2.80 |
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 -1.15 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.6 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 |
1.67 |
Acceptable |
Industrial
Average |
3.33 |
|
Total Assets Turnover |
0.36 |
Deteriorated |
Industrial
Average |
1.30 |
|
Inventory Conversion Period |
108.53 |
|
|
|
|
Inventory Turnover |
3.36 |
Satisfactory |
Industrial
Average |
3.96 |
|
Receivables Conversion Period |
497.32 |
|
|
|
|
Receivables Turnover |
0.73 |
Deteriorated |
Industrial
Average |
3.66 |
|
Payables Conversion Period |
101.82 |
|
|
|
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.51.16 |
|
UK Pound |
1 |
Rs.81.72 |
|
Euro |
1 |
Rs.68.34 |
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.