MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUKHONTAWIT TEXTILE CO., LTD. |
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|
|
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Registered Office : |
109/33 Moo 1, Sukhontawit Road, T. Donkaidee, A. Krathumban, Samutsakorn 74110 |
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Country : |
Thailand |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.02.2008 |
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Com. Reg. No.: |
0745551000391 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor & Service of Textile Machinery, Spare Parts & Components |
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No. of Employees : |
10 |
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 |
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Payment Behaviour : |
Slow but correct |
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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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
SUKHONTAWIT
TEXTILE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 109/33 MOO
1, SUKHONTAWIT ROAD,
T. DONKAIDEE,
A. KRATHUMBAN,
SAMUTSAKORN 74110
TELEPHONE : [66] 34
460-353, 081 617-6765
FAX :
[66] 34
473-685
E-MAIL
ADDRESS : chanvit.textile@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0745551000391
TAX
ID NO. : 3032936620
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANVIT PHUNGJITISANT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : TEXTILE MACHINERY,
SPARE PARTS &
COMPONENTS
IMPORTER, DISTRIBUTOR & SERVICE
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 February 4,
2008 as a
private limited company under the registered
name SUKHONTAWIT TEXTILE
CO., LTD., by
Thai group, with the business
objective to import
and distribute machinery,
spare parts and
components for textile
industry. It currently employs
10 staff.
The
subject’s registered address
is 109/33 Moo
1, Sukhontawit Rd.,
T. Donkaidee,
A. Krathumban, Samutsakorn
74110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chanvit Phungjitisant |
|
Thai |
46 |
|
Mrs. Sasithorn Phungjitisant |
|
Thai |
41 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chanvit Phungjitisant is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The
subject is engaged
in importing and
distributing machinery, spare
parts and components, e.g. joints, gasket and
etc., as well
as providing after
sales services for
textile industry.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Mexico,
U.S.A., India, Taiwan,
Pakistan and Republic
of China.
MAJOR
SUPPLIER
Javier Nava Lopez
Jointly & Several Inc. :
Mexico
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
A mid increasing global competition, textile operators have
stepped up imports of new machinery in
a bid to
overhaul their production
systems to cut costs and raise
product standards. Sluggish
market during the
massive floods in
the country from
October to December 2011
has resulted to
slow consumption. However,
market improvement has
seen since the
first quarter of 2012
from repair and replacement sectors.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into
30,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
February 2, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chanvit Phungjitisant Nationality: Thai Address : 68/1
Sukhumvit 53 Rd.,
Klongtonnua,
Wattana, Bangkok |
19,950 |
66.50 |
|
Mrs. Sasithorn Phungjitisant Nationality: Thai Address : 68/1
Sukhumvit 53 Rd.,
Klongtonnua,
Wattana, Bangkok |
10,000 |
33.33 |
|
Mr. Kongsak Noknuam Nationality: Thai Address : 22/150
Moo 6, Salaya,
Putthamonthon,
Nakornpathom |
10 |
|
|
Ms. Tarnthip Petchnaree Nationality: Thai Address : 47/1
Moo 8, Thamai,
Krathumban, Samutsakorn |
10 |
|
|
Mr. Prasit Darapai Nationality: Thai Address : 22
Moo 3, Phosadej,
Muang,
Nakornsrithammarat |
10 |
= 0.17 |
|
Mr. Nopparat Chuaythaphya Nationality: Thai Address : 25
Moo 6, Banmai,
Pakpanang,
Nakornsrithammarat |
10 |
|
|
Mr. Naris Nikachit Nationality: Thai Address : 4/4
Moo 4, Kukood, Satingphra,
Songkhla |
10 |
|
Total Shareholders : 7
Share Structure [as
at February 2,
2008]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Chusri Thongsart No.
2505
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
721,111.82 |
1,565,600.82 |
|
Trade Accounts & Other Receivable |
13,196,416.77 |
17,032,614.39 |
|
Short-term Lending |
- |
3,000,000.00 |
|
Inventories |
13,641,757.37 |
- |
|
|
|
|
|
Total Current Assets
|
27,559,285.96 |
21,598,215.21 |
|
|
|
|
|
Fixed Assets |
41,554,846.51 |
4,908,679.29 |
|
Other Non-current Assets |
600.00 |
600.00 |
|
Total Assets |
69,114,732.47 |
26,507,494.50 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
11,846,031.43 |
13,933,785.29 |
|
Trade Accounts & Other Payable |
7,831,946.93 |
473,077.14 |
|
Short-term Loan |
7,500,000.00 |
- |
|
Accrued Income Tax |
231,855.37 |
263,447.64 |
|
|
|
|
|
Total Current Liabilities |
27,409,833.73 |
14,670,310.07 |
|
|
|
|
|
Other Non-current Liabilities |
37,911,119.79 |
4,842,791.58 |
|
Total Liabilities |
65,320,953.52 |
19,513,101.65 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
793,778.95 |
3,994,392.85 |
|
Total Shareholders' Equity |
3,793,778.95 |
6,994,392.85 |
|
Total Liabilities & Shareholders' Equity |
69,114,732.47 |
26,507,494.50 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
60,410,288.41 |
73,623,202.09 |
|
Other Income |
434,512.13 |
231,685.28 |
|
Total Revenues |
60,844,800.54 |
73,854,887.37 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold
|
52,914,767.66 |
63,784,910.19 |
|
Selling Expenses |
3,926,884.80 |
4,119,177.62 |
|
Administrative Expenses |
4,410,832.05 |
2,686,396.87 |
|
Total Expenses |
61,252,484.51 |
70,590,484.68 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[407,683.97] |
3,264,402.69 |
|
Financial Cost |
[2,364,884.56] |
[864,349.04] |
|
Profit / [Loss] before Income
Tax |
[2,772,568.53] |
2,400,053.65 |
|
Income Tax |
[428,045.37] |
[496,285.64] |
|
|
|
|
|
Net Profit / [Loss] |
[3,200,613.90] |
1,903,768.01 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.01 |
1.47 |
|
QUICK RATIO |
TIMES |
0.51 |
1.47 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.45 |
15.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.87 |
2.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.10 |
- |
|
INVENTORY TURNOVER |
TIMES |
3.88 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
79.73 |
84.44 |
|
RECEIVABLES TURNOVER |
TIMES |
4.58 |
4.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.02 |
2.71 |
|
CASH CONVERSION CYCLE |
DAYS |
119.81 |
81.74 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.59 |
86.64 |
|
SELLING & ADMINISTRATION |
% |
13.80 |
9.24 |
|
INTEREST |
% |
3.91 |
1.17 |
|
GROSS PROFIT MARGIN |
% |
13.13 |
13.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.67) |
4.43 |
|
NET PROFIT MARGIN |
% |
(5.30) |
2.59 |
|
RETURN ON EQUITY |
% |
(84.36) |
27.22 |
|
RETURN ON ASSET |
% |
(4.63) |
7.18 |
|
EARNING PER SHARE |
BAHT |
(106.69) |
63.46 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.95 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
17.22 |
2.79 |
|
TIME INTEREST EARNED |
TIMES |
(0.17) |
3.78 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(17.95) |
|
|
OPERATING PROFIT |
% |
(112.49) |
|
|
NET PROFIT |
% |
(268.12) |
|
|
FIXED ASSETS |
% |
746.56 |
|
|
TOTAL ASSETS |
% |
160.74 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.13 |
Satisfactory |
Industrial Average |
15.74 |
|
Net Profit Margin |
(5.30) |
Deteriorated |
Industrial Average |
1.55 |
|
Return on Assets |
(4.63) |
Deteriorated |
Industrial Average |
2.93 |
|
Return on Equity |
(84.36) |
Deteriorated |
Industrial Average |
7.57 |
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 13.13%. 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 -5.3%.
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 -4.63%.
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 -84.36%.
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 |
1.01 |
Acceptable |
Industrial Average |
1.63 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
119.81 |
|
|
|
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 1.01 times in 2011, decrease from 1.47 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 0.51 times in 2011,
decrease from 1.47 times, then the company has not enough current assets that
can be quickly converted to cash for paying
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 120 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.95 |
Acceptable |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
17.22 |
Risky |
Industrial Average |
1.59 |
|
Times Interest Earned |
(0.17) |
Risky |
Industrial Average |
2.88 |
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 -0.18 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 0.95 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 |
1.45 |
Deteriorated |
Industrial Average |
7.82 |
|
Total Assets Turnover |
0.87 |
Deteriorated |
Industrial Average |
1.89 |
|
Inventory Conversion Period |
94.10 |
|
|
|
|
Inventory Turnover |
3.88 |
Satisfactory |
Industrial Average |
4.22 |
|
Receivables Conversion Period |
79.73 |
|
|
|
|
Receivables Turnover |
4.58 |
Satisfactory |
Industrial Average |
4.85 |
|
Payables Conversion Period |
54.02 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.