MIRA
INFORM REPORT
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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
Nitas Tessile Co., Ltd. |
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Registered Office : |
136 Sukhumvit 87 Road, Bangchak, Prakanong, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534072945 [Former: 7294/2534] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Interior Decoration Products. |
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No. of Employees : |
50 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
NITAS
TESSILE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 136 SUKHUMVIT 87 ROAD, BANGCHAK,
PRAKANONG, BANGKOK
10260, THAILAND
TELEPHONE : [66] 2333-0666
FAX : [66] 2332-3433-4
E-MAIL ADDRESS : nitas@nitas-tessile.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534072945 [Former : 7294/2534]
TAX ID NO. : 3011000342
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT. 20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PANA TRANGKABANCHA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 50
LINES OF BUSINESS : INTERIOR DECORATION PRODUCTS
IMPORTER, 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 August 2, 1991 as a private limited company under the name style NITAS TESSILE CO., LTD. by Thai groups, with the business objective to distribute fabrics for interior decoration. It currently employs approximate 50 staff.
The subject’s registered address was initially located at 22 Sukhumvit 7 Rd., Klongtoeynua, Klongtoey, Bangkok 10110.
On December 14, 2011, its registered address was relocated to 136 Sukhumvit 87 Rd., Bangchak, Prakanong, Bangkok 10260, and this is the subject’s current business address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pana Trangkabancha |
[x] |
Thai |
53 |
|
Mr. Chalay Vuthanant |
|
Thai |
58 |
|
Mrs. Malinee Laohaserikul |
|
Thai |
54 |
|
Mr. Supachai Ngammongkolrat |
[x] |
Thai |
58 |
|
Mrs. Ratiya Chantarathien |
|
Thai |
55 |
|
Mrs. Vilai Pinpolchumsaeng |
|
Thai |
54 |
|
Mrs. Bang-orn Duangdee |
|
Thai |
57 |
AUTHORIZED PERSON
Both of the mentioned directors [x] can jointly sign on behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pana Trangkabancha is
the Managing Director.
He is Thai nationality with
the age of 53 years
old.
Mr. Supachai Ngammongkolrat is
the Marketing Manager.
He is Thai
nationality with the
age of 58
years old.
Ms. Supawan Suksawadsombat is
the Account &
Finance Manager.
She is Thai
nationality.
Ms. Soontree Chontaweechoke is
the Export Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a distributor
of fabric for
curtain and upholstery
production, including curtain
fitting and accessories.
The subject also exports
a locally made
curtain products to overseas
customers.
MAJOR BRANDS
“FABRIZIA”, “JULIET”, “MELODY”,
“OSCAR”, “HAMLET”, “SAMANTHA”,
“SKYLINE”, “LORENZO”, “HACIENDA”
and etc.
Subject also provides
curtain design and
installation services.
PURCHASE
70% of the
products is purchased
from local suppliers,
and the remaining
30% is imported
from Italy, United
Kingdom, Republic of
China, Taiwan, Japan, Hong
Kong and
France. The subject
currently purchases the
products from over
10 local manufactures
and 3 agents.
SALES
90% of the
products is sold
locally by wholesale
to dealers, contractors
and upholstery manufacturers, and the remaining 10% is
exported to traders
in Indonesia, India,
Taiwan, Malaysia and
Middle East countries.
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
according to 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 days.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with
the maximum credit
given at 30-60
days. It is not
found the subject
has problem on
its account receivable and account payable.
BANKING
Kasikornbank Public Co., Ltd.
[Sukhumvit 57 Branch :
1147 Sukhumvit Rd.,
Klongton, Wattana, Bangkok
10110]
EMPLOYMENT
The subject employs
approximately 50 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is rented
for administrative office in
a 3 storey building
of 2 row
shop houses at
the heading address.
Premise is located
in commercial/residential area.
Showroom is located
at 59 Sukhumvit 89 Rd.,
Bangchak, Prakanong, Bangkok
10260. Tel : [66] 2740-3877-9.
COMMENT
The country’s overall
industrial growth still
has potential as well as showing a continuous growing.
Sales of decoration
products also look on the rise.
Property market also
has a bright prospect. This
has also linked to rising
demand of house
decoration products and
services. Subject reported
its active sales
in 2011, while current
business performance is
enjoying a growing
of property business.
FINANCIAL INFORMATION
The capital was
registered at Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each.
On December 16, 1998
the capital was
increased to Bht. 20,000,000
divided into 200,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30, 2011]
|
NAME |
HOLDING |
% |
|
Mr. Pana Trangkabancha Nationality: Thai Address : 215/5
Moo 1, Pakklongbangplakod, Phrasamutjadee, Samutprakarn |
70,000 |
35.00 |
|
Mr. Chalay Vuthanant Nationality: Thai Address : 266
Moo 4, Bangmod, Rajburana,
Bangkok 10150 |
60,000 |
30.00 |
|
Mrs. Malinee Laohaserikul Nationality: Thai Address : 236- 238
Charoenmuang Rd., Wangmai,
Pathumwan, Bangkok |
20,000 |
10.00 |
|
Mr. Supachai Ngammongkolrat Nationality: Thai Address : 138/39
Samsen Rd., Vajira,
Dusit,
Bangkok 10300 |
20,000 |
10.00 |
|
Mrs. Vilai Pinpolchumsaeng Nationality: Thai Address : 236- 238
Charoenmuang Rd., Wangmai,
Pathumwan, Bangkok |
10,000 |
5.00 |
|
Mrs. Bang-orn Duangdee Nationality: Thai Address : 178
Charoenkrung Rd., Watphryakrai,
Bangkorlaem, Bangkok 10120 |
10,000 |
5.00 |
|
Mrs. Ratiya Chantarathien Nationality: Thai Address : 634
Sukhumvit 65 Rd.,
Prakanong,
Wattana, Bangkok 10110 |
10,000 |
5.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sawat Phumpakdee No.
4976
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
11,954,919.63 |
11,747,845.13 |
|
Trade Accounts Receivable |
23,709,168.93 |
30,689,590.46 |
|
Short-term Lending to Person
or Related Company |
- |
730,000.00 |
|
Inventories |
43,489,617.42 |
27,871,700.92 |
|
Other Current Assets
|
57,264,546.67 |
51,192,129.48 |
|
|
|
|
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Total Current Assets
|
136,418,252.65 |
122,231,265.99 |
|
Cash at Bank
pledged as a
Collateral |
8,000,000.00 |
8,000,000.00 |
|
Fixed Assets |
108,100,777.77 |
107,949,397.07 |
|
Other Assets |
3,245,029.59 |
3,553,242.80 |
|
Total Assets |
255,764,060.01 |
241,733,905.86 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
195,435,555.71 |
185,458,528.58 |
|
Trade Accounts &
Other Payable |
12,119,195.35 |
15,727,464.74 |
|
Other Current Liabilities |
12,308,823.16 |
3,743,264.26 |
|
|
|
|
|
Total Current Liabilities |
219,863,574.22 |
204,929,257.58 |
|
Other Liabilities |
1,342,141.87 |
3,502,648.88 |
|
Total Liabilities |
221,205,716.09 |
208,431,906.46 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
14,558,343.92 |
13,301,999.40 |
|
Total Shareholders' Equity |
34,558,343.92 |
33,301,999.40 |
|
Total Liabilities & Shareholders' Equity |
255,764,060.01 |
241,733,905.86 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
136,612,081.01 |
127,823,170.72 |
|
Other Income |
928,157.25 |
111,717.92 |
|
Total Revenues |
137,540,238.26 |
127,934,888.64 |
|
Expenses |
|
|
|
|
|
|
|
Change in Value of
Finished Goods & Work in
Process |
[15,617,916.50] |
[7,307,594.79] |
|
Payments counts as
expenses |
94,217,091.08 |
85,976,018.30 |
|
Employees Expenses |
23,392,112.30 |
25,490,259.01 |
|
Depreciation & Amortization
|
3,268,642.30 |
3,724,047.90 |
|
Other Expenses |
24,551,105.71 |
15,736,218.92 |
|
Total Expenses |
129,811,034.89 |
123,618,949.34 |
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
7,729,203.37 |
4,315,939.30 |
|
Financial Cost |
[5,718,478.88] |
[3,489,519.02] |
|
Profit before Income Tax |
2,010,724.49 |
826,420.28 |
|
Income Tax |
[754,379.97] |
[452,863.15] |
|
|
|
|
|
Net Profit / [Loss] |
1,256,344.52 |
373,557.13 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.62 |
0.60 |
|
QUICK RATIO |
TIMES |
0.16 |
0.21 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.26 |
1.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.53 |
0.53 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
168.48 |
118.33 |
|
INVENTORY TURNOVER |
TIMES |
2.17 |
3.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
63.35 |
87.63 |
|
RECEIVABLES TURNOVER |
TIMES |
5.76 |
4.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
46.95 |
66.77 |
|
CASH CONVERSION CYCLE |
DAYS |
184.88 |
139.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
68.97 |
67.26 |
|
SELLING & ADMINISTRATION |
% |
5.69 |
14.22 |
|
INTEREST |
% |
4.19 |
2.73 |
|
GROSS PROFIT MARGIN |
% |
31.71 |
32.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.66 |
3.38 |
|
NET PROFIT MARGIN |
% |
0.92 |
0.29 |
|
RETURN ON EQUITY |
% |
3.64 |
1.12 |
|
RETURN ON ASSET |
% |
0.49 |
0.15 |
|
EARNING PER SHARE |
BAHT |
6.28 |
1.87 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.40 |
6.26 |
|
TIME INTEREST EARNED |
TIMES |
1.35 |
1.24 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
6.88 |
|
|
OPERATING PROFIT |
% |
79.09 |
|
|
NET PROFIT |
% |
236.32 |
|
|
FIXED ASSETS |
% |
0.14 |
|
|
TOTAL ASSETS |
% |
5.80 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.71 |
Impressive |
Industrial
Average |
11.62 |
|
Net Profit Margin |
0.92 |
Acceptable |
Industrial
Average |
1.23 |
|
Return on Assets |
0.49 |
Deteriorated |
Industrial
Average |
2.12 |
|
Return on Equity |
3.64 |
Acceptable |
Industrial
Average |
5.83 |
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 31.71%. 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 0.92%.
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 0.49%.
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 3.64%.
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 |
0.62 |
Risky |
Industrial
Average |
1.61 |
|
Quick Ratio |
0.16 |
|
|
|
|
Cash Conversion Cycle |
184.88 |
|
|
|
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 0.62 times in 2011, increased from 0.6 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 0.16 times in 2011,
decreased from 0.21 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 185 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
6.40 |
Risky |
Industrial
Average |
1.74 |
|
Times Interest Earned |
1.35 |
Satisfactory |
Industrial
Average |
1.68 |
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 1.36 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 0.86 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 |
1.26 |
Deteriorated |
Industrial
Average |
9.48 |
|
Total Assets Turnover |
0.53 |
Deteriorated |
Industrial
Average |
1.68 |
|
Inventory Conversion Period |
168.48 |
|
|
|
|
Inventory Turnover |
2.17 |
Deteriorated |
Industrial
Average |
4.77 |
|
Receivables Conversion Period |
63.35 |
|
|
|
|
Receivables Turnover |
5.76 |
Impressive |
Industrial
Average |
2.93 |
|
Payables Conversion Period |
46.95 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.