MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOBLETEX DYEING CO. LTD. |
|
|
|
|
Registered Office : |
234 Moo 14, Petchkasem Road,
T. Raiking, A. Sampran, Nakornpathom 73210 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
09.10.2001 |
|
|
|
|
Com. Reg. No.: |
0735544001638 [Former :
NOR. THOR. 2927] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer & Distributor
of Textile Dyeing Service
|
|
|
|
|
No. of Employees : |
177 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
NOBLETEX DYEING
CO. LTD.
SUMMARY
BUSINESS ADDRESS : 234 MOO 14, PETCHKASEM
ROAD, T. RAIKING,
A.
SAMPRAN, NAKORNPATHOM 73210
TELEPHONE : [66] 2420-5778-82
FAX : [66] 2420-4773
E-MAIL ADDRESS : nobletex@truemail.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0735544001638 [Former : NOR. THOR.
2927]
TAX ID NO. : 3030409058
CAPITAL REGISTERED : BHT.
40,000,000
CAPITAL PAID-UP : BHT. 40,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HUSSAPONG CHAIPANITHIPHAN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 177
LINES OF BUSINESS : TEXTILE DYEING
SERVICE
MANUFACTURER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on October
9, 2001 as
a private limited
company under the
name style NOBLETEX
DYEING CO., LTD. by
Thai groups, to
provide dyeing service
for local textile
industry. It currently employs 177
staff.
The registered address
was initially located at
54/33 Moo 14, Petchkasem
Rd., T. Raiking, A. Sampran,
Nakornpathom 73210.
On September 10,
2003, the subject’s
registered address was
relocated to 186
Moo 14, Petchkasem Rd.,
T. Raiking, A. Sampran, Nakornpathom
73210.
In 2011, its
registered address number
has been changed
from “186” to “234”
by the Sampran
District office, which
actually are the
same location, and
it is also
the current business
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chaiwat Chaipanithiphan |
|
Thai |
47 |
|
Mr. Hussapong Chaipanithiphan |
|
Thai |
39 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hussapong
Chaipanithiphan is the
Managing Director.
He is Thai
nationality with the
age of 39
years old.
Mr. Chaiwat Chaipanithiphan is
the President and
Marketing Manager.
He is Thai
nationality with the
age of 47 years
old.
BUSINESS OPERATIONS
The subject is engaged
in dyeing service for
textile industry, under
customers’ requirement.
PRODUCTION CAPACITY
Approximately 2 million
yards per month
PURCHASE
100% of the
raw material is
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
Nakornpathom Printing Co., Ltd. : Thailand
SALES/SERVICES
80% of the
products is sold
and serviced locally
to traders at
Sampeng wholesale market,
and the remaining
20% to textile
and garment manufacturers.
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 IRICO’S
DATABASE for the
past two years.
RELATED COMPANY
Nakornpathom Printing Co.,
Ltd.
Business Type: Printing &
dyeing service for
textile
CREDIT
Sales and service
are on the
credits term of
30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Krung Thai Bank Public
Co., Ltd.
[Bangkae Branch : Petchkasem Rd.,
Bangkae, Bangkok 10160]
Bangkok Bank Public
Co., Ltd.
[Sampran Branch : Petchkasem Rd.,
Sampran, Nakornpathom]
EMPLOYMENT
The subject employs
177 staff. [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 an industrial
area.
COMMENT
Despite the subject’s
moderate business performance
in the year
2012, it still
has a little financial security
due to high
accumulated losses for several
years. Any credit provided should
be on secured basis
only.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 35,000,000 on April 11,
2003
Bht. 40,000,000 on June 19,
2012
The latest registered
capital was increased
to Bht. 40,000,000
divided into 400,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
June 15, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chaiwat Chaipanithiphan Nationality: Thai Address : 234 Moo
14, T. Raiking, A. Sampran, Nakornpathom |
200,000 |
50.00 |
|
Mr. Hussapong Chaipanithiphan Nationality: Thai Address : 234/8 Moo
14, T. Raiking, A. Sampran,
Nakornpathom |
72,000 |
18.00 |
|
Ms. Amara Thaninvorachote Nationality: Thai Address : 12/2 Moo 8,
T. Omyai, A. Sampran,
Nakornpathom |
40,000 |
10.00 |
|
Mrs. Sutthimarn Saikwan Nationality: Thai Address : 29/526 Moo
9, T. Bangpood, A. Pakkred, Nonthaburi |
40,000 |
10.00 |
|
Mr. Niyom Vimolsong Nationality: Thai Address : 276 Moo
12, Salathammasop, Taveewatana, Bangkok |
16,000 |
4.00 |
|
|
|
|
|
Mrs. Sasiporn Konkhamyai Nationality: Thai Address : 2/110 Moo
8, T. Krathumlom, A.
Sampran,
Nakornpathom |
16,000 |
4.00 |
|
Ms. Sasima Wongsaeng-aroonsri Nationality: Thai Address : 12/2 Moo 8,
Omyai, Sampran,
Nakornpathom |
16,000 |
4.00 |
Total Shareholders : 7
Share Structure
[as at
June 15, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
400,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Pridee Tankayoon
No. 3166
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
352,248.43 |
650,622.88 |
|
Trade Accounts Receivable
|
7,450,846.05 |
11,707,608.90 |
|
Inventories |
2,428,650.00 |
2,540,934.00 |
|
Other Current Assets
|
3,014,262.77 |
3,441,426.14 |
|
|
|
|
|
Total Current Assets
|
13,246,007.25 |
18,340,591.92 |
|
|
|
|
|
Fixed Assets |
90,529,062.97 |
96,129,730.59 |
|
Other Assets -
Electricity Guarantee
|
2,400,000.00 |
2,400,000.00 |
|
Total Assets |
106,175,070.22 |
116,870,322.51 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
7,428,409.46 |
6,261,528.08 |
|
Trade Accounts Payable |
16,252,304.75 |
14,867,950.90 |
|
Other Current Liabilities |
5,209,571.76 |
8,038,425.44 |
|
|
|
|
|
Total Current Liabilities |
28,890,285.97 |
29,167,904.42 |
|
Long-term Loan from Person or Related Company |
47,706,300.58 |
58,771,448.25 |
|
Loan from Bank |
33,577,209.82 |
33,063,408.81 |
|
Total Liabilities |
110,173,796.37 |
121,002,761.48 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid
share capital 350,000
shares |
35,000,000.00 |
35,000,000.00 |
|
|
|
|
|
Capital Paid |
35,000,000.00 |
35,000,000.00 |
|
Retained Earning - Unappropriated |
[38,998,726.15] |
[39,132,438.97] |
|
Total Shareholders' Equity |
[3,998,726.15] |
[4,132,438.97] |
|
Total Liabilities & Shareholders' Equity |
106,175,070.22 |
116,870,322.51 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Services Income |
79,550,948.25 |
99,533,469.35 |
|
Total Revenues |
79,550,948.25 |
99,533,469.35 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
64,373,097.37 |
79,541,709.57 |
|
Administrative Expenses |
10,182,966.92 |
9,513,936.30 |
|
Total Expenses |
74,556,064.29 |
89,055,645.87 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
4,994,883.96 |
10,477,823.48 |
|
Financial Cost |
[2,305,014.28] |
[8,724,634.13] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
2,689,883.68 |
1,753,189.35 |
|
Income Tax |
[2,556,156.86] |
[3,473,036.20] |
|
|
|
|
|
Net Profit / [Loss] |
133,712.82 |
[1,719,846.85] |
|
Retained Earning, Beginning
of Year |
[39,132,438.97] |
[37,412,592.12] |
|
Retained Earning, End
of Year |
[38,998,726.15] |
[39,132,438.97] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.46 |
0.63 |
|
QUICK RATIO |
TIMES |
0.27 |
0.42 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.88 |
1.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.75 |
0.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
13.77 |
11.66 |
|
INVENTORY TURNOVER |
TIMES |
26.51 |
31.30 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.19 |
42.93 |
|
RECEIVABLES TURNOVER |
TIMES |
10.68 |
8.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
92.15 |
68.23 |
|
CASH CONVERSION CYCLE |
DAYS |
(44.19) |
(13.63) |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.92 |
79.91 |
|
SELLING & ADMINISTRATION |
% |
12.80 |
9.56 |
|
INTEREST |
% |
2.90 |
8.77 |
|
GROSS PROFIT MARGIN |
% |
19.08 |
20.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.28 |
10.53 |
|
NET PROFIT MARGIN |
% |
0.17 |
(1.73) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
0.13 |
(1.47) |
|
EARNING PER SHARE |
BAHT |
0.38 |
(4.91) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.04 |
1.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
(27.55) |
(29.28) |
|
TIME INTEREST EARNED |
TIMES |
2.17 |
1.20 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(20.08) |
|
|
OPERATING PROFIT |
% |
(52.33) |
|
|
NET PROFIT |
% |
107.77 |
|
|
FIXED ASSETS |
% |
(5.83) |
|
|
TOTAL ASSETS |
% |
(9.15) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
19.08 |
Satisfactory |
Industrial Average |
19.81 |
|
Net Profit Margin |
0.17 |
Impressive |
Industrial Average |
(0.45) |
|
Return on Assets |
0.13 |
Impressive |
Industrial Average |
(0.51) |
|
Return on Equity |
- |
|
Industrial Average |
(2.33) |
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 19.08%. 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. Net Profit Margin ratio is 0.17%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
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. Return on Assets ratio is
0.13%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
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 |
0.46 |
Risky |
Industrial Average |
0.93 |
|
Quick Ratio |
0.27 |
|
|
|
|
Cash Conversion Cycle |
(44.19) |
|
|
|
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 0.46 times in 2011, decrease from 0.63 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 0.27 times in 2011,
decrease from 0.42 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 -45 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
1.04 |
Risky |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
(27.55) |
Risky |
Industrial Average |
1.94 |
|
Times Interest Earned |
2.17 |
Impressive |
Industrial Average |
1.03 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.17 higher than 1, so the company can pay interest
expenses on outstanding 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 |
0.88 |
Satisfactory |
Industrial Average |
0.95 |
|
Total Assets Turnover |
0.75 |
Satisfactory |
Industrial Average |
0.80 |
|
Inventory Conversion Period |
13.77 |
|
|
|
|
Inventory Turnover |
26.51 |
Impressive |
Industrial Average |
6.85 |
|
Receivables Conversion Period |
34.19 |
|
|
|
|
Receivables Turnover |
10.68 |
Impressive |
Industrial Average |
3.27 |
|
Payables Conversion Period |
92.15 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
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.