MIRA
INFORM REPORT
|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI ASAHI KASEI SPANDEX CO., LTD. |
|
|
|
|
Registered Office : |
919 Moo 11, Sriracha Saha Group Industrial Park, T. Nongkham, A. Sriracha, Chonburi 20230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
0205546014171 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
line of business
: |
Manufacturer, Distributor and Exporter of Spandex Yarn |
|
|
|
|
No. of Employees : |
175 |
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 |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
THAI ASAHI KASEI
SPANDEX CO., LTD.
SUMMARY
BUSINESS ADDRESS : 919 MOO 11,
SRIRACHA SAHA GROUP
INDUSTRIAL
PARK, T. NONGKHAM,
A. SRIRACHA,
CHONBURI 20230,
THAILAND
TELEPHONE : [66] 38
483-005-8
FAX : [66] 38
482-969, 38 482-979
E-MAIL ADDRESS : marketing@taspandex.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0205546014171
TAX ID NO. : -
CAPITAL REGISTERED : BHT.
1,350,000,000
CAPITAL PAID-UP : BHT.
1,350,000,000
SHAREHOLDER’S PROPORTION : THAI
: 21%
JAPANESE : 79%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SHINICHIRO HAGA,
JAPANESE
MANAGING DIRECTOR
NO. OF STAFF : 175
LINES OF BUSINESS : SPANDEX YARN
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 October
15, 2003 as
a private limited
company under the name
style THAI ASAHI KASEI
SPANDEX CO., LTD,
by Thai and
Japanese groups, with the
business objective to manufacture spandex yarn for textile industry. It currently
employs approximate 175
staff.
Subject is a
joint investment among Asahi
Kasei Fibers Corporation, Wacoal Corporation
of Japan and
The Saha Pattanapibul
group of companies,
Thailand, with holding
around 60%, 19% and
21% of the
subject’s shares respectively.
The subject’s registered
address is 919
Moo 11, Sriracha Saha
Group Industrial Park,
T. Nongkham, A. Sriracha, Chonburi
20230, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchai Narongkananukul |
|
Thai |
66 |
|
Mr. Akihisa Nakano |
|
Japanese |
53 |
|
Mr. Koshiro Kudou |
|
Japanese |
52 |
|
Mr. Shinichiro Haga |
[x] |
Japanese |
46 |
|
Mr. Yoshiaki Kojima |
[x] |
Japanese |
50 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shinichiro Haga is
the Managing Director.
He is Japanese
nationality with the
age of 46
years old.
Mr. Yoshiaki Kojima is
the General Manager.
He is Japanese
nationality with the age
of 50 years
old.
Mr. Gotaro Tobishima is
the Sales &
Marketing Manager.
He is Japanese
nationality.
Mr. Ekarat Ngamkrachang is
the Production Plan
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and supplying of
spandex yarn for
textile industry.
BRAND NAME
“ROICA”
PRODUCTION CAPACITY
2,500 tons per
annum
PURCHASE
Raw materials such as
plastic resin [PU] and chemical
are purchased from
both local and
overseas suppliers in
Japan, Germany, India,
Taiwan and Republic
of China.
SALES
60% of the
products is exported
to Japan, Turkey,
Indonesia, Malaysia, India,
Hong Kong, Singapore,
U.S.A., and European
countries, the remaining
40% is
sold locally.
MAJOR CUSTOMERS
Wacoal Corporation : Japan
Thai Wacoal Public
Company Limited :
Thailand
Triumph International
[Thailand] Ltd. : Thailand
Thanulux Public Company
Limited : Thailand
Textile Prestige Public
Company Limited :
Thailand
I.C.C International Public
Company Limited :
Thailand
Asahi Kasei Spandex
America Inc. : U.S.A.
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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 175 office
staff and factory
workers.
LOCATION DETAILS
The premise is owned for
administrative office, factory and warehouse at the heading
address. Premise is
located in provincial/industrial area.
Bangkok Office is located at 23rd Floor, Chamnan Bhenjati
Business Center, 65/194
Rama 9 Rd.,
Huaykwang, Bangkok 10320.
COMMENT
Subject is a
manufacturer, distributor and
exporter of spandex yarn.
The products are
in strong demand from textile
industry. Spandex fabric has currently been used in variety
of products such as swimming
suit, legging, stocking, sock, underwear, sporting suit, undergarment, apparels
and etc.
Subject has solid
business, and future prospect is
outstanding.
FINANCIAL INFORMATION
The capital was
registered at Bht.
520,000,000 divided into
520,000 shares of
Bht. 1,000 each
with fully paid.
The capital was
increased later as
follows:
Bht.
700,000,000 on August
7, 2006
Bht.
850,000,000 on October
2, 2007
Bht.
1,350,000,000 on August
29, 2008
The latest registered
capital was increased
to Bht. 1,350 million, divided
into 1,350,000 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at
March 20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asahi Kasei Fibers
Corporation Nationality: Japanese Address : 2-6
Kojimahama 1-chome Kita-ku,
Osaka, Japan |
810,000 |
60.00 |
|
Wacoal Corporation Nationality: Japanese Address : 29
Nakashima-sho, Kissho-in, Minami-ku,
Kyoto, Japan |
256,500 |
19.00 |
|
Saha Pattana Inter-Holding Public Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang, Bangkok |
81,000 |
6.00 |
|
Textile Prestige Public
Company Limited Nationality: Thai Address : 704/1-9
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
67,500 |
5.00 |
|
I.C.C International Public
Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang, Bangkok |
54,000 |
4.00 |
|
Thanulux Public Company
Limited Nationality: Thai Address : 129/1
Chongnonsee Rd., Chongnonsi,
Yannawa, Bangkok |
54,000 |
4.00 |
|
Thai Wacoal Public
Company Limited Nationality: Thai Address : 930/1
Sathupradit Rd., Bangklo,
Bangkorlaem, Bangkok |
27,000 |
2.00 |
Total Shareholders : 7
Share Structure
[as at March
20, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
283,500 |
21.00 |
|
Foreign - Japanese |
2 |
1,066,500 |
79.00 |
|
Total |
7 |
1,350,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Sudwin Panyaqwongkhanti No.
3534
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
96,736,166 |
89,659,279 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
59,626,513 |
64,712,064 |
|
- Other company |
149,550,729 |
171,891,599 |
|
Related Company Receivable |
176,340 |
- |
|
Inventories |
270,861,526 |
170,572,657 |
|
Value Added Tax |
2,449,717 |
463,026 |
|
Other Current Assets
|
2,188,076 |
1,836,540 |
|
Total Current Assets
|
581,589,067 |
499,135,165 |
|
|
|
|
|
Fixed Assets |
1,964,504,365 |
2,149,307,530 |
|
Intangible Assets |
727,593 |
399,525 |
|
Deposit |
324,150 |
312,950 |
|
Total Assets |
2,547,145,175 |
2,649,155,170 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from
Financial Institution |
492,400,000 |
407,400,000 |
|
Trade Accounts Payable |
|
|
|
- Related company |
182,711,651 |
166,636,097 |
|
- Other company |
44,737,965 |
35,882,541 |
|
Payable - Purchase of Fixed
Assets |
489,777 |
1,365,076 |
|
Related Company Payable |
86,463,836 |
89,717,191 |
|
Current Portion of Long-term Loans from Financial Institutions |
101,245,000 |
101,245,000 |
|
Other Payable |
14,716,614 |
11,437,383 |
|
Accrued Expenses |
10,343,512 |
10,576,330 |
|
Guarantee Payable |
2,810,000 |
840,000 |
|
Other Current Liabilities |
934,522 |
2,229,274 |
|
Total Current Liabilities |
936,852,877 |
827,328,892 |
|
Estimated Liabilities from Employee Benefits |
1,340,772 |
- |
|
Long-term Loan from Financial
Institutions |
202,490,000 |
303,735,000 |
|
Total Liabilities |
1,140,683,649 |
1,131,063,892 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value Authorized &
and fully paid
share capital
1,350,000 shares |
1,350,000,000 |
1,350,000,000 |
|
Capital Paid |
1,350,000,000 |
1,350,000,000 |
|
Statutory Reserve |
22,426,784 |
15,003,904 |
|
Retained Earning - Unappropriated |
34,034,742 |
153,087,374 |
|
Total Shareholders' Equity |
1,406,461,526 |
1,518,091,278 |
|
Total Liabilities & Shareholders' Equity |
2,547,145,175 |
2,649,155,170 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
1,446,545,771 |
1,533,069,585 |
|
Other Income |
16,154,354 |
9,194,337 |
|
Total Revenues |
1,462,700,125 |
1,542,263,922 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,279,302,956 |
1,232,129,520 |
|
Selling Expenses |
108,583,768 |
119,145,965 |
|
Administrative Expenses |
20,431,309 |
4,920,488 |
|
Other Expense - Loss on Sales
of Equipment |
230,722 |
517 |
|
Total Expenses |
1,408,548,755 |
1,356,196,490 |
|
Profit/[Loss] before Finance
Cost & Income Tax |
54,151,370 |
186,067,432 |
|
Finance Cost |
[23,235,937] |
[17,388,505] |
|
Profit/[Loss] before Income Tax |
30,915,433 |
168,678,927 |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
30,915,433 |
168,678,927 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.62 |
0.60 |
|
QUICK RATIO |
TIMES |
0.33 |
0.39 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.74 |
0.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.57 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
77.28 |
50.53 |
|
INVENTORY TURNOVER |
TIMES |
4.72 |
7.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.74 |
40.92 |
|
RECEIVABLES TURNOVER |
TIMES |
9.67 |
8.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
12.76 |
10.63 |
|
CASH CONVERSION CYCLE |
DAYS |
102.25 |
80.82 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.44 |
80.37 |
|
SELLING & ADMINISTRATION |
% |
8.92 |
8.09 |
|
INTEREST |
% |
1.61 |
1.13 |
|
GROSS PROFIT MARGIN |
% |
12.68 |
20.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.74 |
12.14 |
|
NET PROFIT MARGIN |
% |
2.14 |
11.00 |
|
RETURN ON EQUITY |
% |
2.20 |
11.11 |
|
RETURN ON ASSET |
% |
1.21 |
6.37 |
|
EARNING PER SHARE |
BAHT |
22.90 |
124.95 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.45 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.81 |
0.75 |
|
TIME INTEREST EARNED |
TIMES |
2.33 |
10.70 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(5.64) |
|
|
OPERATING PROFIT |
% |
(70.90) |
|
|
NET PROFIT |
% |
(81.67) |
|
|
FIXED ASSETS |
% |
(8.60) |
|
|
TOTAL ASSETS |
% |
(3.85) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.68 |
Impressive |
Industrial Average |
8.04 |
|
Net Profit Margin |
2.14 |
Satisfactory |
Industrial Average |
2.21 |
|
Return on Assets |
1.21 |
Deteriorated |
Industrial Average |
2.63 |
|
Return on Equity |
2.20 |
Deteriorated |
Industrial Average |
6.19 |
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 12.68%. 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 2.14%.
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 1.21%.
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 2.2%.
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 |
1.18 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
102.25 |
|
|
|
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 0.33 times in 2011,
decreased from 0.39 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 103 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.45 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
0.81 |
Impressive |
Industrial Average |
1.28 |
|
Times Interest Earned |
2.33 |
Satisfactory |
Industrial Average |
2.97 |
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 2.34 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 0.45 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.74 |
Deteriorated |
Industrial Average |
1.67 |
|
Total Assets Turnover |
0.57 |
Acceptable |
Industrial Average |
1.11 |
|
Inventory Conversion Period |
77.28 |
|
|
|
|
Inventory Turnover |
4.72 |
Acceptable |
Industrial Average |
6.34 |
|
Receivables Conversion Period |
37.74 |
|
|
|
|
Receivables Turnover |
9.67 |
Impressive |
Industrial Average |
6.00 |
|
Payables Conversion Period |
12.76 |
|
|
|
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.55.52 |
|
UK Pound |
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.