MIRA INFORM REPORT

Report Date :

17.01.2013

IDENTIFICATION DETAILS

Name :	LUCKY SPINNING CO., LTD.
Registered Office :	21^st Floor, Ocean Tower 2, 75/38-39 Soi Wattana, Sukhumvit 19 Road, Klongtoeynua, Wattana, Bangkok 10110
Country :	Thailand
Financials (as on) :	31.12.2011
Date of Incorporation :	17.07.2001
Com. Reg. No.:	0105544066603
Legal Form :	Private Limited Company
Line of Business :	Manufacturer, Exporter and Distributor of Yarn Spinning
No. of Employees :	1,000

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 :	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 30^th, 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

LUCKY SPINNING CO., LTD.

SUMMARY

BUSINESS ADDRESS : 21^st FLOOR, OCEAN TOWER 2,

75/38-39 SOI WATTANA, SUKHUMVIT 19 ROAD,

KLONGTOEYNUA, WATTANA, BANGKOK 10110

TELEPHONE : [66] 2646-7700

FAX : [66] 2646-7711

E-MAIL ADDRESS : mktg-spg@luckyspinning.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 2001

REGISTRATION NO. : 0105544066603

VAT NO. : 3030312884

CAPITAL REGISTERED : BHT. 2,000,000,000

CAPITAL PAID-UP : BHT. 2,000,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. KAMOL PHICHITSINGH, THAI

CHIEF EXECUTIVE OFFICER AND

MANAGING DIRECTOR

NO. OF STAFF : 1,000

LINES OF BUSINESS : YARN SPINNING

MANUFACTURER, EXPORTER AND DISTRIBUTOR

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : GOOD WITH NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH LOW PERFORMANCE

HISTORY

The subject was established on July 17, 2001 as a private limited company under the name style LUCKY SPINNING CO., LTD., by Thai-Indian groups, with the business objective to operate yarn spinning factory for fabric and yarn industries, with the promotional privilege granted by the Board of Investment [BOI]. It currently employs approximately 1,000 staff.

The subject is a member of Lucky Impex Group of Companies, a large multinational conglomerate commenced operations back in 1940. With textiles as its core expertise, the group has diversified into several other business areas, including plastics, real estate, construction and property management. The group comprises seven companies as the followings:

- Lucky Impex Limited Partnership

- Lucky Impex Textile Co., Ltd.

- Lucky Spinning Co., Ltd.

- L.I. Textile, Melbourne, Australia

- Lucky Plastics and Chemicals Co., Ltd.

- Hawaii Tower Co., Ltd.

- H.B. Villa Co., Ltd.

The subject’s registered address is 21^st Flr., Ocean Tower 2, 75/38-39 Soi Wattana, Sukhumvit 19 Rd., Klongtoeynua, Wattana, Bangkok 10110, and this is the subject’s current operation address.

THE BOARD OF DIRECTORS

Name		Nationality	Age
Mr. Kamol Phichitsingh	[x]	Thai	61
Mrs. Balyitgor Phichitsingh		Thai	54
Ms. Sukmitr Phichitsingh	[x]	Thai	29
Mr. Santhit Phichitsingh	[x]	Thai	27

AUTHORIZED PERSON

Any of the mentioned directors [x] can sign on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Kamol Phichitsingh is the Chief Executive Officer & Managing Director.

He is Thai nationality with the age of 61 years old.

Mr. Santhit Phichitsingh is the Assistant Managing Director.

He is Thai nationality with the age of 27 years old.

Mr. Soma Sundaram is the Chief Finance Officer.

He is Indian nationality.

Mr. A.R. Balasundharam is the General Manager [Production].

He is Indian nationality.

Mr. Ravi Taparia is the General Manager [Export].

He is Indian nationality.

Ms. Haruethai Sangphu is the Human Resources & Accounting Manager.

She is Thai nationality.

BUSINESS OPERATIONS

The subject is engaged in manufacturing wide range of yarn products as follows:

• Ring Yarns: 100% rayon, 100% cotton, and blended yarns [cotton/polyester/rayon]
• Open End Yarns: rayon yarns and cotton yarns
• Vortex Yarns: 100% rayon and blended yarns [cotton/polyester/rayon]
• Specialty Yarns: denim yarns, core spandex yarns, core filament yarns, fancy yarns [including Slubs & MCMTs] and TFO doubled yarns

MAJOR BRANDS

“LOPIL”, “KRISPUN”, “CAYON”

PRODUCTION CAPACITY

3,200 tons per month

FACILITIES

The subject has used its renowned machinery and equipment for the production, including Trutzschler, Lakshmi, Rieter, Schlafhorst, Savio, Volkman, LTG, Uster and Premier.

PURCHASE

Most of raw materials, such as cotton yarn, synthetic yarn, and equipment are purchased from local suppliers and agents, the remaining, as well as machinery and equipment are imported from Germany, Japan, Italy, India, Republic of China and Taiwan.

MAJOR SUPPLIER

Murata Machinery Co., Ltd. : Japan

Lakshmi Machine Works Ltd. : India

SALES

90% of the products is exported to over 40 countries worldwide such as Korea, Taiwan, Hong Kong, India, Singapore, Malaysia, New Zealand, Belgium, Spain, Turkey, France, Indonesia, Bangladesh, Republic of China, U.S.A. Australia and Middle East countries, the remaining 10% is sold and serviced locally to wholesalers and manufacturers.

MAJOR CUSTOMER

L.I. Textile [Australia] Pty Ltd. : Australia

RELATED AND AFFILIATED COMPANIES

Lucky Impex Textile Co., Ltd.

Business Type : Distributor of textile products.

Lucky Global Corporation Co., Ltd.

Business Type : Importer and distributor of industrial chemicals and plastic products.

H. B. Villa Co., Ltd.

Business Type : Land development business.

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.

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 1,000 office staff and factory workers.

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 88 Moo 2, T. Bangnamchiew, A. Phromburi, Singburi 16120.

Tel. : [66] 36 598-130-1, Fax. : [66] 36 598-888

Warehouse is located at 47 Moo 2, Asia Highway, T. Banmo, A. Phromburi, Singburi 16120.

COMMENT

Since its establishment, the subject has continuously developed and improved its operations. In response to increasingly demand of international textile markets, the subject is always in the process of launching and planning new products for the markets.

The subject’s operating performance in the first half of 2011 was considerably good until September - November, 2011, in which the subject was badly hit from the flood crisis in Thailand. Moreover, the subject had higher financial expenses which resulted in the net loss at the end of year.

Nevertheless, the company’s operating performance in 2012 was improving with an expansion of customers in both local and overseas. Subject continues to maintain its status as one of Thailand’s leading manufacturers of spun textiles.

FINANCIAL INFORMATION

The capital was registered at Bht. 40,000,000 divided into 4,000,000 shares of Bht. 10 each.

The capital was increased later as following:

Bht. 260,000,000 on November 25, 2003

Bht. 600,000,000 on October 20, 2005

Bht. 750,000,000 on December 28, 2006

Bht. 1,350,000,000 on November 30, 2007

Bht 1,600,000,000 on December 3, 2008

Bht. 2,000,000,000 on July 5, 2010

The latest registered capital was increased to Bht. 2,000 million, divided into 200 million shares of Bht. 10 each with fully paid.

THE SHAREHOLDERS LISTED WERE

[as at April 30, 2012]

NAME	HOLDING	%
Mr. Kamol Phichitsingh Nationality: Thai Address : 80 Sukhumvit 23 Rd., Klongtoeynua, Wattana, Bangkok	110,000,000	55.00
Ms. Sukmitr Phichitsingh Nationality: Thai Address : 80 Sukhumvit 23 Rd., Klongtoeynua, Wattana, Bangkok	20,000,000	10.00
Mr. Santhit Phichitsingh Nationality: Thai Address : 80 Sukhumvit 23 Rd., Klongtoeynua, Wattana, Bangkok	20,000,000	10.00
Mr. Amorn Phichitsingh Nationality: Thai Address : 80 Sukhumvit 23 Rd., Klongtoeynua, Wattana, Bangkok	20,000,000	10.00
Mrs. Kiran Hora Nationality: Thai Address : 20/4 Sukhumvit 24 Rd., Klongtoey, Bangkok	16,000,000	8.00
Mrs. Balyitgor Phichitsingh Nationality: Thai Address : 80 Sukhumvit 23 Rd., Klongtoeynua, Wattana, Bangkok	10,000,000	5.00
Mr. Zurayit Singh Hora Nationality: Thai Address : 20/4 Sukhumvit 24 Rd., Klongtoey, Bangkok	4,000,000	2.00

Total Shareholders : 7

Share Structure

[as at April 30, 2012]

Nationality	Shareholders	No. of Share	% Shares
Thai	7	200,000,000	100.00
Foreign	-	-	-
Total	7	200,000,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.

Lt. Chumsri Taweekiat No. 1626

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2011, 2010 & 2009 were:

ASSETS

Current Assets	2011	2010	2009
Cash in Hand & at Bank	73,409,818.48	58,109,476.14	212,031,244.62
Short-term Investment	500,002,031.18	400,000,000.00	200,000,000.00
Trade Accounts and Other Receivable	1,868,668,126.31	1,011,818,202.13	328,579,472.77
Other Receivable	-	-	3,596,302.28
Short-term Loan	360,198,387.78	168,659,580.77	20,082,435.28
Inventories	1,831,071,526.67	2,081,257,748.92	1,948,106,359.53
Other Current Assets	51,653,740.55	67,034,161.05	145,179,342.26
Total Current Assets	4,685,003,630.97	3,786,879,169.01	2,857,575,156.74
Other Long-term Investment	5,157,425.74	6,838,712.87	6,759,009.90
Fixed Assets	2,626,017,984.70	2,941,947,034.73	3,222,007,249.59
Other Non-current Assets	139,925,966.09	161,026,297.04	152,857,500.56
Total Assets	7,456,105,007.50	6,896,691,213.65	6,239,198,916.79

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2011	2010	2009
Bank Overdraft & Short-term Loan from Financial Institution	3,189,936,836.82	2,671,523,414.13	2,116,976,299.31
Trade Accounts and Other Payable	725,044,005.68	612,407,250.51	385,302,234.37
Current Portion of Long-term Loan	240,786,023.75	347,347,277.80	157,979,241.80
Advance Income for Capital Increase	-	-	140,000,000.00
Other Current Liabilities	-	-	80,129,559.02
Total Current Liabilities	4,155,766,866.25	3,631,277,942.44	2,880,387,334.50
Long-term Loan	1,706,995,005.78	1,947,628,068.74	148,900,000.00
Long-term Loan from Person or Other Company	-	-	2,104,436,301.93
Other Liabilities	2,283,375.15	5,202,988.61	7,663,418.45
Total Liabilities	5,865,045,247.18	5,584,108,999.79	5,141,387,054.88
Shareholders' Equity
Share capital : Baht 10 par value Authorized & issued share capital 200,000,000 shares in 2011 & 2010; 160,000,000 shares in 2009 respectively	2,000,000,000.00	2,000,000,000.00	1,600,000,000.00
Capital Paid	2,000,000,000.00	1,600,000,000.00	1,412,500,000.00
Retained Earning - Unappropriated	[408,940,239.68]	[287,417,786.14]	[314,688,138.09]
Total Shareholders' Equity	1,591,059,760.32	1,312,582,213.86	1,097,811,861.91
Total Liabilities & Shareholders' Equity	7,456,105,007.50	6,896,691,213.65	6,239,198,916.79

PROFIT & LOSS ACCOUNT

Revenue	2011	2010	2009
Sales & Service Income	5,201,781,658.09	4,880,099,694.45	2,782,400,667.21
Other Income	62,570,770.12	224,769,112.99	69,249,356.16
Total Revenues	5,264,352,428.21	5,104,868,807.44	2,851,650,023.37
Expenses
Cost of Sales & Service	4,880,947,302.01	4,606,504,925.81	2,489,347,419.91
Selling Expenses	122,192,401.93	185,396,388.43	108,538,375.74
Administrative Expenses	74,972,991.02	63,733,701.38	60,179,698.02
Total Expenses	5,078,112,694.96	4,855,635,015.62	2,658,065,493.67
Profit / [Loss] before Financial Cost	186,239,733.25	249,233,791.82	193,584,529.70
Financial Cost	[299,159,992.48]	[222,206,817.60]	[167,473,668.81]
Net Profit / [Loss]	[112,920,259.23]	27,026,974.22	26,110,860.89

FINANCIAL ANALYSIS

ITEM	UNIT	2011	2010	2009
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.13	1.04	0.99
QUICK RATIO	TIMES	0.67	0.45	0.27
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	1.98	1.66	0.86
TOTAL ASSETS TURNOVER	TIMES	0.70	0.71	0.45
INVENTORY CONVERSION PERIOD	DAYS	136.93	164.91	285.64
INVENTORY TURNOVER	TIMES	2.67	2.21	1.28
RECEIVABLES CONVERSION PERIOD	DAYS	131.12	75.68	43.10
RECEIVABLES TURNOVER	TIMES	2.78	4.82	8.47
PAYABLES CONVERSION PERIOD	DAYS	54.22	48.52	56.49
CASH CONVERSION CYCLE	DAYS	213.83	192.06	272.25
PROFITABILITY RATIO
COST OF GOODS SOLD	%	93.83	94.39	89.47
SELLING & ADMINISTRATION	%	3.79	5.11	6.06
INTEREST	%	5.75	4.55	6.02
GROSS PROFIT MARGIN	%	7.37	10.21	13.02
NET PROFIT MARGIN BEFORE EX. ITEM	%	3.58	5.11	102.49
NET PROFIT MARGIN	%	(2.17)	0.55	0.94
RETURN ON EQUITY	%	(7.10)	2.06	2.38
RETURN ON ASSET	%	(1.51)	0.39	0.42
EARNING PER SHARE	BAHT	(0.56)	0.17	0.18
LEVERAGE RATIO
DEBT RATIO	TIMES	0.79	0.81	0.82
DEBT TO EQUITY RATIO	TIMES	3.69	4.25	4.68
TIME INTEREST EARNED	TIMES	0.62	1.12	17.03
ANNUAL GROWTH
SALES GROWTH	%	6.59	75.39
OPERATING PROFIT	%	(25.28)	(91.26)
NET PROFIT	%	(517.81)	3.51
FIXED ASSETS	%	(10.74)	(8.69)
TOTAL ASSETS	%	8.11	10.54

ANNUAL GROWTH : ACCEPTABLE

An annual sales growth is 6.59%. Turnover has increased from THB 4,880,099,694.45 in 2010 to THB 5,201,781,658.09 in 2011. While net profit has decreased from THB 27,026,974.22 in 2010 to THB -112,920,259.23 in 2011. And total assets has increased from THB 6,896,691,213.65 in 2010 to THB 7,456,105,007.50 in 2011.

PROFITABILITY : RISKY

PROFITABILITY RATIO

Gross Profit Margin	7.37	Acceptable	Industrial Average	11.62
Net Profit Margin	(2.17)	Deteriorated	Industrial Average	1.23
Return on Assets	(1.51)	Deteriorated	Industrial Average	2.12
Return on Equity	(7.10)	Deteriorated	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 7.37%. When compared with the industry average, the ratio of the company was lower. This indicated that company may have 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 -2.17%. 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 -1.51%.

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 -7.1%.

Trend of the average competitors in the same industry for last 5 years

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : RISKY

LIQUIDITY RATIO

Current Ratio	1.13	Acceptable	Industrial Average	1.61
Quick Ratio	0.67
Cash Conversion Cycle	213.83

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 1.13 times in 2011, increase from 1.04 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 0.67 times in 2011, increase from 0.45 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 214 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Downtrend

LEVERAGE : RISKY

LEVERAGE RATIO

Debt Ratio	0.79	Acceptable	Industrial Average	0.63
Debt to Equity Ratio	3.69	Risky	Industrial Average	1.74
Times Interest Earned	0.62	Risky	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 0.63 lower than 1, so the company is not generating enough cash from EBIT to meet its interest obligations.

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.79 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 : ACCEPTABLE

ACTIVITY RATIO

Fixed Assets Turnover	1.98	Deteriorated	Industrial Average	9.48
Total Assets Turnover	0.70	Deteriorated	Industrial Average	1.68
Inventory Conversion Period	136.93
Inventory Turnover	2.67	Acceptable	Industrial Average	4.77
Receivables Conversion Period	131.12
Receivables Turnover	2.78	Satisfactory	Industrial Average	2.93
Payables Conversion Period	54.22

The company's Account Receivable Ratio is calculated as 2.78 and 4.82 in 2011 and 2010 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2011 decreased from 2010. This would suggest the company had deteriorated in the management of its debt collections.

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has decreased from 165 days at the end of 2010 to 137 days at the end of 2011. This represents a positive trend. And Inventory turnover has increased from 2.21 times in year 2010 to 2.67 times in year 2011.

The company's Total Asset Turnover is calculated as 0.7 times and 0.71 times in 2011 and 2010 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

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.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

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%)

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