MIRA
INFORM REPORT
|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FENATEX
CO., LTD. |
|
|
|
|
Registered Office : |
9th Floor, Fico Place Building, 18/8 Sukhumvit 21 Road, [Asoke], Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.12.2006 |
|
|
|
|
Com. Reg. No.: |
0105549145447 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Yarns and Fabric Products. |
|
|
|
|
No. of Employees : |
200 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
FENATEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
FICO PLACE BUILDING,
18/8 SUKHUMVIT
21 ROAD, [ASOKE],
KLONGTOEYNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2654-6999
FAX :
[66] 2654-6902-3
E-MAIL
ADDRESS : inquiry@fenatex.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549145447
TAX
ID NO. : 3032467759
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AKARADEJ SRICHAWALA,
THAI
PRESIDENT
NO.
OF STAFF : 200
LINES
OF BUSINESS : YARNS
AND FABRIC PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on December 18,
2006 as a
private limited company under
the originally registered
name “Fenatex International
2006 Co., Ltd.” by
Thai groups. On May
28, 2007, the
subject’s name was
changed to FENATEX CO., LTD. Its
business objective is to manufacture
fabric and yarn
products to both
domestic and international
markets. It currently
employs approximate 200
staff.
The
subject is a
member of Fico
group of companies,
which are engaged
in textile business.
The
subject’s registered address
is 9th Flr.,
Fico Place Bldg.,
18/8 Sukhumvit 21
Rd., Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kris Srichawala |
|
Thai |
36 |
|
Mr. Theprith Srichawala |
|
Thai |
56 |
|
Mr. Akaradej Srichawala |
|
Thai |
59 |
|
Mr. Amorn Srichawala |
|
Thai |
42 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Akaradej Srichawala is
the President.
He is Thai
nationality with the
age of 59
years old.
Mr. Rajeev Mathur is
the Chief Executive
Officer.
He is Indian
nationality.
Mr. Ashwani Choudhary is
the VP Marketing & Business Department [Export].
He is Indian
nationality.
Mr. Subrata Sinha is
the Products & Marketing Manager.
He is Indian
nationality.
Mr. Navendra Chauhan is
the Factory Manager.
He is Thai
nationality.
Mr. Kriengkrai Tangsirisatien is
the Warehouse Manager.
He is Thai
nationality.
Ms. Kamala Klomwattana is
the Account & Financial Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in textile business,
to produce and
distribute wide range
of synthetic fabrics
and yarn products,
which are divided
into 3 main
products as follows:
- Embroidery
Yarn
-
Schiffi
front yarn
-
Schiffi
back yarn
-
Fancy yarn
-
Multi-colors
yarn
- Textile
yarn
-
Nylon
filament yarn
-
Polyester
yarn
-
Spandex yarn
- Fabrics
- Woven/knitted fabrics
for embroidery production
BRAND NAME
“FICOFIL”
PRODUCTION CAPACITY
100 metric tons
per month
PURCHASE
Most of raw
material are purchased
from local suppliers,
the remaining are
imported from Japan,
Germany, India, Taiwan
and Republic of
China.
MAJOR SUPPLIER
Fico
Corporation Ltd. :
Thailand
SALES
80% of the
products is sold
locally by wholesale
to traders, manufacturers
and end-users, the
remaining 20% is
exported to customers
in over 30
countries, such as
India, Republic of
China, Korea, Vietnam,
Philippines, Indonesia, Japan,
U.S.A., Brazil, Argentina, Guatemala,
Ecuador, Poland, Italy,
Egypt, Kenya, Iran, Pakistan,
Sri Lanka, Portugal,
Morocco, United Kingdom,
other Middle East
and European countries.
RELATED AND AFFILIATED COMPANIES
Fico Corporation Co.,
Ltd.
Business Type :
Importer and distributor
of embroidery machines
Setafil [Thailand] Ltd.
Business Type :
Manufacturer of embroidery
yarn
Gemini Textile Co., Ltd.
Business Type :
Manufacturer of yarn
Gamma Textile Co.,
Ltd.
Business Type :
Manufacturer of embroidery
yarn
Bischoff Gamma Co.,
Ltd.
Business Type :
Manufacturer of textiles
and garment
Eschler Thai Knit
Co., Ltd.
Business Type :
Manufacturer of garment
Gamma Knit [Thailand]
Co., Ltd.
Business Type :
Manufacturer of garment
Kyra Mod Co., Ltd.
Business Type :
Manufacturer of fashion
lingerie
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
200 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Factory
is located at
149/196 Moo 3, Petchkasem
Rd., Omnoi, Krathumban,
Samutsakorn 74130. Tel.: [66]
2431-0422-3, Fax. : [66] 2431-0445.
China
office : Room
8014 Yigao Chuangye
Building, No. 29 Huangushan
Rd.,
Hangzhou
310012, Republic of
China.
COMMENT
The
subject was formed
in 2006 as a
manufacturer, distributor and exporter
of yarn and
fabrics for industrial
sector. Its products are
mainly served to
textile industry.
Consumption of the products
is depended upon
consumer market, which
is currently improving.
The
subject reported its
outstanding sales revenue
in 2011. Domestic
sales and exports
also maintain a
good level. Its
business trend is
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
May 2, 2007,
the capital was
increased to Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kris Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua, Wattana, Bangkok
|
250,000 |
25.00 |
|
Mr. Akaradej Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
200,000 |
20.00 |
|
Mr. Amorn Srichawala Nationality: Thai Address :
361/1 Sukhumvit 71
Rd., Prakanongnua,
Wattana, Bangkok |
200,000 |
20.00 |
|
Mr. Theprith Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
200,000 |
20.00 |
|
Mrs. Giranyodpal Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
50,000 |
5.00 |
|
Mrs. Panita Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
50,000 |
5.00 |
|
Mrs. Suchada Srichawala Nationality: Thai Address : 361/1
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
50,000 |
5.00 |
Total Shareholders : 7
Share Structure [as
at October 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Mangkorn Kanchanasai No.
3467
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
104,579.09 |
450,904.09 |
|
Trade Accounts &
Other Receivable |
449,514,845.91 |
364,544,458.86 |
|
Inventories |
94,116,549.44 |
124,631,068.63 |
|
Other Current Assets |
122,863,423.85 |
73,633,169.32 |
|
|
|
|
|
Total Current Assets
|
666,599,398.29 |
563,259,600.90 |
|
Fixed Deposit |
23,000,000.00 |
10,000,000.00 |
|
Long-term Lending to Person or
Related Company |
16,858,333.33 |
15,300,000.00 |
|
Fixed Assets |
4,497,153.04 |
4,119,984.66 |
|
Other Non-current Assets |
- |
2,008,907.97 |
|
Total Assets |
710,954,884.66 |
594,688,493.53 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from
Financial Institutions |
21,710,377.94 |
283,749.49 |
|
Trade Accounts & Other Payable |
48,083,747.53 |
86,525,485.74 |
|
Short-term Loan from Financial
Institutions |
398,676,293.60 |
20,737,763.98 |
|
Accrued Income Tax |
2,277,526.60 |
1,918,599.78 |
|
Other Current Liabilities |
105,705,520.36 |
53,244,377.41 |
|
|
|
|
|
Total Current Liabilities |
576,453,466.03 |
162,709,976.40 |
|
Long-term Loan from Person or Related Company |
- |
263,142,946.83 |
|
Other Non-current Liabilities |
- |
44,165,388.66 |
|
Total Liabilities |
576,453,466.03 |
470,018,311.89 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning |
34,501,418.63 |
24,670,181.64 |
|
Total Shareholders' Equity |
134,501,418.63 |
124,670,181.64 |
|
Total Liabilities & Shareholders' Equity |
710,954,884.66 |
594,688,493.53 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
2,158,940,537.86 |
1,638,448,626.34 |
|
Other Income |
10,654,285.20 |
19,943,533.55 |
|
Total Revenues |
2,169,594,823.06 |
1,658,392,159.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,036,525,906.15 |
1,535,449,362.32 |
|
Selling and Administrative Expenses |
111,007,100.57 |
99,274,419.18 |
|
Total Expenses |
2,147,533,006.72 |
1,634,723,781.50 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
22,061,816.34 |
23,668,378.39 |
|
Financial Cost |
[7,851,777.03] |
[11,899,354.45] |
|
Profit / [Loss] before Income Tax |
14,210,039.31 |
11,769,023.94 |
|
Income Tax |
[4,378,802.32] |
[4,471,446.75] |
|
|
|
|
|
Net Profit / [Loss] |
9,831,236.99 |
7,297,577.19 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.16 |
3.46 |
|
QUICK RATIO |
TIMES |
0.78 |
2.24 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
480.07 |
397.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.04 |
2.76 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
16.87 |
29.63 |
|
INVENTORY TURNOVER |
TIMES |
21.64 |
12.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
76.00 |
81.21 |
|
RECEIVABLES TURNOVER |
TIMES |
4.80 |
4.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.62 |
20.57 |
|
CASH CONVERSION CYCLE |
DAYS |
84.25 |
90.27 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.33 |
93.71 |
|
SELLING & ADMINISTRATION |
% |
5.14 |
6.06 |
|
INTEREST |
% |
0.36 |
0.73 |
|
GROSS PROFIT MARGIN |
% |
6.16 |
7.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.02 |
1.44 |
|
NET PROFIT MARGIN |
% |
0.46 |
0.45 |
|
RETURN ON EQUITY |
% |
7.31 |
5.85 |
|
RETURN ON ASSET |
% |
1.38 |
1.23 |
|
EARNING PER SHARE |
BAHT |
9.83 |
7.30 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.29 |
3.77 |
|
TIME INTEREST EARNED |
TIMES |
2.81 |
1.99 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
31.77 |
|
|
OPERATING PROFIT |
% |
(6.79) |
|
|
NET PROFIT |
% |
34.72 |
|
|
FIXED ASSETS |
% |
9.15 |
|
|
TOTAL ASSETS |
% |
19.55 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.16 |
Satisfactory |
Industrial Average |
7.91 |
|
Net Profit Margin |
0.46 |
Deteriorated |
Industrial
Average |
0.91 |
|
Return on Assets |
1.38 |
Deteriorated |
Industrial
Average |
4.02 |
|
Return on Equity |
7.31 |
Acceptable |
Industrial
Average |
12.10 |
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 6.16%. When
compared with the industry average, the ratio of the company was lower. This
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 0.46%. 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 1.38%.
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 7.31%.
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 |
1.16 |
Satisfactory |
Industrial
Average |
1.42 |
|
Quick Ratio |
0.78 |
|
|
|
|
Cash Conversion Cycle |
84.25 |
|
|
|
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 1.16 times in 2011, decrease from 3.46 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 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 0.78 times in 2011,
decrease from 2.24 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 85 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 |
0.63 |
|
Debt to Equity Ratio |
4.29 |
Risky |
Industrial
Average |
1.76 |
|
Times Interest Earned |
2.81 |
Impressive |
Industrial
Average |
2.38 |
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 2.81 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 |
480.07 |
Impressive |
Industrial
Average |
16.27 |
|
Total Assets Turnover |
3.04 |
Acceptable |
Industrial
Average |
4.50 |
|
Inventory Conversion Period |
16.87 |
|
|
|
|
Inventory Turnover |
21.64 |
Impressive |
Industrial
Average |
12.02 |
|
Receivables Conversion Period |
76.00 |
|
|
|
|
Receivables Turnover |
4.80 |
Acceptable |
Industrial
Average |
6.99 |
|
Payables Conversion Period |
8.62 |
|
|
|
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.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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.