MIRA
INFORM REPORT
|
Report Date : |
18.05.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
FUTURIS
AUTOMOTIVE [ |
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Registered Office : |
500/119
Moo 3, Hemaraj
Eastern Seaboard Industrial Estate,
T. Tasit, A. Puakdaeng, Rayong 21140 |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
07.05.2010 |
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Com. Reg. No.: |
0215553001844 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, distributor and exporter of auto seats and related interior products |
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No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
FUTURIS AUTOMOTIVE [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 500/119 MOO
3, HEMARAJ EASTERN
SEABOARD
INDUSTRIAL ESTATE,
T. TASIT, A. PUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 33
658-954, 33 658-900-25
FAX :
[66] 33
658-994
E-MAIL
ADDRESS : kkulabkaew@futurisautomotive.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0215553001844
TAX
ID NO. : 3033913200
CAPITAL REGISTERED : BHT. 86,125,000
CAPITAL PAID-UP : BHT.
21,531,250
SHAREHOLDER’S PROPORTION : AUSTRALIAN : 100%
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MARK GREGORY DE WIT,
AUSTRALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : AUTO
SEATS AND RELATED
INTERIOR
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 May 7, 2010
as a private
limited company under the
registered name FUTURIS
AUTOMOTIVE [THAILAND] CO.,
LTD., by Australian groups, with the
business objective to design
and manufacture automotive
interior solutions to
both domestic and
international markets. It
currently employs approximate
250 staff.
The
subject is a
wholly owned subsidiary of
Futuris Automotive Interiors
Holdings Pty. Ltd.,
in Australia.
The
subject’s registered address
is 500/119 Moo 3,
Hemaraj Eastern Seaboard
Industrial Estate, T. Tasit, A.
Pluakdaeng, Rayong 21140, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
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Mr. Mark Gregory De
Wit |
|
Australian |
44 |
|
Mr. Ronald Alick Fisher
Stamp |
|
Australian |
53 |
|
Mr. Denis Grech |
|
Australian |
43 |
|
Mr. John Michael Lindsay |
|
Australian |
58 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Mark Gregory De Wit is
the Managing Director.
He is Australian
nationality with the
age of 44
years old.
Mrs. Pafhun Trilo-kes is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
design and manufacturing
of automotive interior
solutions, mainly car
trim and seat
and related interior
products for automotive
assemblers.
BRAND NAME
“FUTURIS”
PURCHASE
Raw materials and
accessories are purchased
from suppliers both
domestic and overseas,
mainly in Australia,
Republic of China,
U.S.A. and European
country.
MAJOR
SUPPLIER
Futuris Automotive Interiors
[Australia] Pty. Ltd :
Australia
SALES
100% of the products
is sold to
by wholesale to
manufacturers and end-users
both local and
international markets, such as
Australia, Republic of
China, Japan and
U.S.A..
MAJOR CUSTOMERS
Chery Automobile Co.,
Ltd. : Republic
of China
General Motors [Thailand] Co.,
Ltd. :
Thailand
Toyota Motors [Thailand] Co.,
Ltd. : Thailand
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
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
250 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory on
16,000 square meters of
area at the
heading address. Premise
is located in
an industrial area.
COMMENT
The
company is an interior design and
manufacturer of automotive
interior solutions. Through a
growing international network
of design and
manufacturing facilities across Australia, China,
Thailand, North America
and South Africa, the
company creates interior solutions
providing quality, value
and innovation. Its
products are renowned
amongst the best
in the world.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 15,000,000 divided
into 150,000 shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 65,000,000
on October 15,
2010
Bht. 86,125,000
on August 25,
2011
The
latest registered capital
was increased to Bht.
86,125,000 divided into
861,250 shares of
Bht. 100 each with
25% paid-up.
THE
SHAREHOLDERS LISTED WERE
: [as at
January 31, 2012]
at Bht. 21,531,250
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
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Futuris Automotive Interiors
Holdings Pty. Ltd. Nationality: Australian Address : 80
Turner Street, Port
Melbourne, Victoria 3207,
Australia |
86,124,998 |
100.00 |
|
Futuris Automotive Interiors
[Australia] Pty. Ltd. Nationality: Australian Address : 80
Turner Street, Port
Melbourne,
Victoria 3207, Australia |
1 |
- |
|
Vision Group of
Companies Pty. Ltd. Nationality: Australian Address : 80
Turner Street, Port
Melbourne,
Victoria 3207, Australia |
1 |
- |
Total Shareholders : 3
Share Structure [as
at January 31, 2012 ]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Australian |
3 |
861,250 |
100.00 |
|
Total |
3 |
861,250 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Narong Tantawong No.
3315
BALANCE SHEET [BAHT]
The latest financial figures published for September 30, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
43,376,154 |
1,507,427 |
|
Trade Accounts Receivable
& Deferred Income Related Company |
24,040,221 |
427,445 |
|
Non-related Company |
62,247,131 |
159,134 |
|
|
|
|
|
Total Trade Accounts
Receivable & Deferred
Income |
86,287,352 |
586,579 |
|
Inventories |
20,562,134 |
9,902,290 |
|
Other Current Assets
Refundable Value
Added Tax |
13,247,946 |
1,266,246 |
|
Refundable Import
Duty |
4,159,785 |
- |
|
Others |
26,874,950 |
1,311,225 |
|
|
|
|
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Total Current Assets
|
194,508,321 |
14,573,767 |
|
Fixed Assets |
105,189,172 |
12,663,147 |
|
Intangible Assets |
26,779,339 |
413,292 |
|
Deferred Income Tax |
4,371,294 |
4,590,838 |
|
Deposit |
7,710,001 |
- |
|
Total Assets |
338,558,127 |
32,241,044 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
14,652,035 |
10,633,501 |
|
Advance from Related
Company |
239,424,347 |
23,927,642 |
|
Other Current Liabilities Accrued Expenses |
6,282,609 |
610,800 |
|
Other Payable |
38,113,058 |
3,915,099 |
|
Others |
31,632,255 |
115,957 |
|
|
|
|
|
Total Current Liabilities |
330,104,304 |
39,202,999 |
|
Total Liabilities |
330,104,304 |
39,202,999 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued
share capital 861,250
& 150,000 shares
in 2011 &
2010 respectively |
86,125,000 |
15,000,000 |
|
|
|
|
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Capital Paid |
21,531,250 |
3,750,000 |
|
Retained Earning -
Unappropriated |
[13,077,427] |
[10,711,955] |
|
Total Shareholders' Equity |
8,453,823 |
[6,961,955] |
|
Total Liabilities & Shareholders' Equity |
338,558,127 |
32,241,044 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
May 7,
2010 - Sept. 30,
2010 |
|
|
|
|
|
Sales |
111,593,416 |
491,805 |
|
Other Income |
19,226,571 |
235,276 |
|
Total Revenues |
130,819,987 |
727,081 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
92,834,535 |
5,067,634 |
|
Selling Expenses |
6,799,122 |
527,428 |
|
Administrative Expenses |
33,332,258 |
10,434,812 |
|
Total Expenses |
132,965,915 |
16,029,874 |
|
|
|
|
|
Profit / [Loss] before
Income Tax |
[2,145,928] |
[15,302,793] |
|
Income Tax |
[219,544] |
4,590,838 |
|
|
|
|
|
Net Profit / [Loss] |
[2,365,472] |
[10,711,955] |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.59 |
0.37 |
|
QUICK RATIO |
TIMES |
0.39 |
0.05 |
|
|
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|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.06 |
0.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.33 |
0.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.84 |
713.22 |
|
INVENTORY TURNOVER |
TIMES |
4.51 |
0.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
203.60 |
118.10 |
|
RECEIVABLES TURNOVER |
TIMES |
1.79 |
3.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.61 |
765.89 |
|
CASH CONVERSION CYCLE |
DAYS |
226.83 |
65.44 |
|
|
|
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|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.19 |
1,030.42 |
|
SELLING & ADMINISTRATION |
% |
35.96 |
2,228.98 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
34.04 |
(882.58) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.92) |
(3,111.56) |
|
NET PROFIT MARGIN |
% |
(2.12) |
(2,178.09) |
|
RETURN ON EQUITY |
% |
(27.98) |
153.86 |
|
RETURN ON ASSET |
% |
(0.70) |
(33.22) |
|
EARNING PER SHARE |
BAHT |
(10.99) |
(285.65) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.98 |
1.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
39.05 |
(5.63) |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22,590.58 |
|
|
OPERATING PROFIT |
% |
(85.98) |
|
|
NET PROFIT |
% |
77.92 |
|
|
FIXED ASSETS |
% |
730.67 |
|
|
TOTAL ASSETS |
% |
950.08 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.04 |
Impressive |
Industrial
Average |
13.85 |
|
Net Profit Margin |
(2.12) |
Deteriorated |
Industrial
Average |
6.07 |
|
Return on Assets |
(0.70) |
Deteriorated |
Industrial
Average |
8.06 |
|
Return on Equity |
(27.98) |
Deteriorated |
Industrial
Average |
12.81 |
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 34.04%. 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 -2.12%.
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 -0.7%.
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 -27.98%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.59 |
Risky |
Industrial
Average |
1.69 |
|
Quick Ratio |
0.39 |
|
|
|
|
Cash Conversion Cycle |
226.83 |
|
|
|
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, increased from 0.37 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 0.39 times in 2011,
increased from 0.05 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 227 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.98 |
Acceptable |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
39.05 |
Risky |
Industrial
Average |
0.59 |
|
Times Interest Earned |
- |
|
Industrial
Average |
17.56 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.98 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 |
1.06 |
Deteriorated |
Industrial Average |
2.89 |
|
Total Assets Turnover |
0.33 |
Deteriorated |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
80.84 |
|
|
|
|
Inventory Turnover |
4.51 |
Acceptable |
Industrial
Average |
8.17 |
|
Receivables Conversion Period |
203.60 |
|
|
|
|
Receivables Turnover |
1.79 |
Deteriorated |
Industrial
Average |
5.56 |
|
Payables Conversion Period |
57.61 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
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.