MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUKHONTAWIT TEXTILE CO., LTD. |
|
|
|
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Registered Office : |
109/33 Moo 1, |
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Country : |
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|
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Financials (as on) : |
31.12.2012 |
|
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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 |
|
|
|
|
Line of Business : |
Importer, Distributor and Service of Textile Machinery, Spare Parts
and Components. |
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No. of Employees : |
10 |
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 |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
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. CHANWIT 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 groups, 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. Chanwit 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. Chanwit 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
according t o 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. Sales
had gradually increased
after floods receding
in the first
quarter of 2012 and continued
growing throughout the
year.
However,
in 2013 sales
have been slowing
down from slow
expansion and new
investment in textile
industry.
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
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chanwit 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 Nitachit Nationality: Thai Address : 4/4
Moo 4, Kukood, Satingphra,
Songkhla |
10 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
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, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
5,999,247.41 |
721,111.82 |
1,565,600.82 |
|
Trade Accounts & Other Receivable |
26,983,289.20 |
13,196,416.77 |
17,032,614.39 |
|
Short-term Lending |
- |
- |
3,000,000.00 |
|
Inventories |
14,789,546.57 |
13,641,757.37 |
- |
|
|
|
|
|
|
Total Current Assets
|
47,772,083.18 |
27,559,285.96 |
21,598,215.21 |
|
|
|
|
|
|
Fixed Assets |
40,625,854.10 |
41,554,846.51 |
4,908,679.29 |
|
Other Non-current Assets |
600.00 |
600.00 |
600.00 |
|
Total Assets |
88,398,537.28 |
69,114,732.47 |
26,507,494.50 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
2,749,065.25 |
11,846,031.43 |
13,933,785.29 |
|
Trade Accounts & Other Payable |
15,068,730.36 |
7,831,946.93 |
473,077.14 |
|
Short-term Loan |
30,500,000.00 |
7,500,000.00 |
- |
|
Accrued Income Tax |
1,600,409.91 |
231,855.37 |
263,447.64 |
|
|
|
|
|
|
Total Current Liabilities |
49,918,205.52 |
27,409,833.73 |
14,670,310.07 |
|
|
|
|
|
|
Other Non-current Liabilities |
31,906,574.64 |
37,911,119.79 |
4,842,791.58 |
|
Total Liabilities |
81,824,780.16 |
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 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
3,573,757.12 |
793,778.95 |
3,994,392.85 |
|
Total Shareholders' Equity |
6,573,757.12 |
3,793,778.95 |
6,994,392.85 |
|
Total Liabilities &
Shareholders' Equity |
88,398,537.28 |
69,114,732.47 |
26,507,494.50 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
108,691,722.85 |
60,410,288.41 |
73,623,202.09 |
|
Transit Income |
1,657,700.00 |
- |
- |
|
Other Income |
303,052.27 |
434,512.13 |
231,685.28 |
|
Total Revenues |
110,652,475.12 |
60,844,800.54 |
73,854,887.37 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
95,618,600.98 |
52,914,767.66 |
63,784,910.19 |
|
Selling Expenses |
2,469,299.77 |
3,926,884.80 |
4,119,177.62 |
|
Administrative Expenses |
4,269,705.34 |
4,410,832.05 |
2,686,396.87 |
|
Total Expenses |
102,357,606.09 |
61,252,484.51 |
70,590,484.68 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
8,294,869.03 |
[407,683.97] |
3,264,402.69 |
|
Financial Cost |
[3,600,473.94] |
[2,364,884.56] |
[864,349.04] |
|
Profit / [Loss] before Income
Tax |
4,694,395.09 |
[2,772,568.53] |
2,400,053.65 |
|
Income Tax |
[1,858,657.92] |
[428,045.37] |
[496,285.64] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,835,737.17 |
[3,200,613.90] |
1,903,768.01 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.96 |
1.01 |
1.47 |
|
QUICK RATIO |
TIMES |
0.66 |
0.51 |
1.47 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.68 |
1.45 |
15.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.23 |
0.87 |
2.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
56.46 |
94.10 |
- |
|
INVENTORY TURNOVER |
TIMES |
6.47 |
3.88 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.61 |
79.73 |
84.44 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
4.58 |
4.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.52 |
54.02 |
2.71 |
|
CASH CONVERSION CYCLE |
DAYS |
89.55 |
119.81 |
81.74 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.97 |
87.59 |
86.64 |
|
SELLING & ADMINISTRATION |
% |
6.20 |
13.80 |
9.24 |
|
INTEREST |
% |
3.31 |
3.91 |
1.17 |
|
GROSS PROFIT MARGIN |
% |
13.83 |
13.13 |
13.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.63 |
(0.67) |
4.43 |
|
NET PROFIT MARGIN |
% |
2.61 |
(5.30) |
2.59 |
|
RETURN ON EQUITY |
% |
43.14 |
(84.36) |
27.22 |
|
RETURN ON ASSET |
% |
3.21 |
(4.63) |
7.18 |
|
EARNING PER SHARE |
BAHT |
94.52 |
(106.69) |
63.46 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.95 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.45 |
17.22 |
2.79 |
|
TIME INTEREST EARNED |
TIMES |
2.30 |
(0.17) |
3.78 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
79.92 |
(17.95) |
|
|
OPERATING PROFIT |
% |
(2,134.63) |
(112.49) |
|
|
NET PROFIT |
% |
188.60 |
(268.12) |
|
|
FIXED ASSETS |
% |
(2.24) |
746.56 |
|
|
TOTAL ASSETS |
% |
27.90 |
160.74 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 79.92%. Turnover has increased from THB 60,410,288.41
in 2011 to THB 108,691,722.85 in 2012. While net profit has increased from
THB -3,200,613.90 in 2011 to THB
2,835,737.17 in 2012. And total assets has increased from THB 69,114,732.47 in
2011 to THB 88,398,537.28 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.83 |
Deteriorated |
Industrial Average |
42.74 |
|
Net Profit Margin |
2.61 |
Impressive |
Industrial Average |
1.65 |
|
Return on Assets |
3.21 |
Impressive |
Industrial Average |
3.20 |
|
Return on Equity |
43.14 |
Impressive |
Industrial Average |
8.90 |
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 13.83%. 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 2.61%, 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 3.21%, 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.
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. Return on Equity ratio
is 43.14%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.96 |
Risky |
Industrial Average |
1.48 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
89.55 |
|
|
|
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 0.96 times in 2012, decreased from 1.01 times, then the company may have
problems meeting its short-term obligations. 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 0.66 times in 2012,
increased from 0.51 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 90 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
12.45 |
Risky |
Industrial Average |
1.83 |
|
Times Interest Earned |
2.30 |
Impressive |
Industrial Average |
1.01 |
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 2.31 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 0.93 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.68 |
Impressive |
Industrial Average |
1.33 |
|
Total Assets Turnover |
1.23 |
Acceptable |
Industrial Average |
1.93 |
|
Inventory Conversion Period |
56.46 |
|
|
|
|
Inventory Turnover |
6.47 |
Impressive |
Industrial Average |
5.00 |
|
Receivables Conversion Period |
90.61 |
|
|
|
|
Receivables Turnover |
4.03 |
Impressive |
Industrial Average |
3.39 |
|
Payables Conversion Period |
57.52 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.03 and 4.58 in
2012 and 2011 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 2012
decreased from 2011. 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 94 days at the
end of 2011 to 56 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.88 times in year 2011 to 6.47 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.23 times and 0.87
times in 2012 and 2011 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
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.