MIRA
INFORM REPORT
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Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEIJIN
CORPORATION [ |
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Registered Office : |
1/1 Moo 3, |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
30.09.2013 |
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Com. Reg. No.: |
0135556019087 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing, distributing and
exporting of aramid fibers and
high performance polyester
fibers for auto
seats, tires and
other industries under
the trademark “TEIJIN”.
Its production has
been started in
2014. |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Slow |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated
|
Source
: CIA |
Company name
TEIJIN
CORPORATION [THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 1/1
MOO 3, PHAHOLYOTHIN
ROAD, K.M. 35,
T.
KLONGNUENG, A. KLONGLUANG,
PATHUMTHANI 12120,
THAILAND
TELEPHONE : [66] 2516-2111,
2516-9063-4
FAX :
[66] 2516-2718-20
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2013
REGISTRATION
NO. : 0135556019087
TAX
ID NO. : 3036117933
CAPITAL REGISTERED : BHT. 730,000,000.0
CAPITAL PAID-UP : BHT.
668,960,261.6
SHAREHOLDER’S PROPORTION : JAPANESE
: 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MANABU YAMAMOTO, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 350
LINES
OF BUSINESS : ARAMID FIBERS
AND POLYESTER FIBERS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on September 30, 2013
as a private
limited company under
the registered name
TEIJIN CORPORATION [THAILAND]
LIMITED., by Japanese investors,
with the business objective to
manufacture and distribute aramid fibers
and polyester fibers to
both domestic and international
markets. It currently
employs approximately 350
staff.
The
subject is a
wholly owned subsidiary
of Teijin Limited,
in Japan.
The
subject’s registered address
is 1/1 Moo
3, Phaholyothin Road,
K.M. 35,
T. Klongnueng, A. Klongluang, Pathumthani
12120, and this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tadashi Sakata |
[x] |
Japanese |
51 |
|
Mr. Manabu Yamamoto |
[x] |
Japanese |
50 |
|
Mr. Shiro Fujiwara |
|
Japanese |
49 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Manabu Yamamoto is
the Managing Director.
He is Japanese
nationality with the
age of 50 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of aramid fibers
and high performance
polyester fibers for
auto seats, tires
and other industries
under the trademark
“TEIJIN”. Its production
has been started
in 2014.
PURCHASE
Raw materials and
machinery are purchased
from suppliers both
domestic and overseas
in Japan and
Republic of China.
MAJOR
SUPPLIER
Teijin
Limited : Japan
SALES
The products are
sold to customers
both local and
overseas, mainly in
Japan. .
RELATED AND AFFILIATED
COMPANIES
Teijin Thailand Limited
Business Type: Manufacturer
and distributor of
polyester fiber and
filament yarns
Teijin Polyester [Thailand]
Co., Ltd.
Business Type: Manufacturer
and distributor of
polyester fibers
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 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
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 350 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and
factory at the
heading address.
Premise
is located in
provincial/industrial area.
Branch:
-
549 Moo 2,
Bangpa-in Industrial Estate,
T. Klongjik, A. Bangpa-in,
Ayutthaya 13160. Tel. : [66] 35 258-278-9,
Fax. : [66] 35 281-391.
Bangkok
office :
-
11th
Floor, Srijulsup Building,
44 Rama 1 Road,
Rongmuang, Pathumwan,
Bangkok 10330.
Tel. : [66] 2214-6510, Fax. :
[66] 2214-6515.
COMMENT
The
subject was established in September
2013, while its
production has been
started in 2014.
As of March
21, 2014 the subject
reported no income
from sales. However,
it is estimated
its first year
production would end
at satisfactory level.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 700,000,000
divided into 700,000 shares of
Bht. 1,000 each
with fully paid.
The
capital was increased
later as follows:
Bht. 715,000,000
on March 10,
2014
Bht. 730,000,000
on June 17,
2014
The
latest registered capital
was increased to
Bht. 730,000,000 divided
into 730,000 shares
of Bht. 100 each,
with the current
capital paid-up at
Bht. 668,960,216.60 or
699,997 shares of
Bht. 912.8 each
and 30,003 shares
of Bht. 1,000
each.
THE SHAREHOLDERS
LISTED WERE
[as at June 13,
2014] at Bht.
668,960,261.60 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
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Teijin Limited Nationality: Japanese Address : Teijin Building,
1-6-7 Minami-honmachi, Chuo-ku, Osaka City, 541-8540 Japan |
729,998 |
99.9997 |
|
Mr. Tadashi Sakata Nationality: Japanese Address : 1/1
Moo 3, T. Klongnueng, A. Klongluang,
Pathumthani |
1 |
= 0.0003 |
|
Mr. Manabu Yamamoto Nationality: Japanese Address : The
Address Sukhumvit 28,
Sukhumvit 28 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
|
Total Shareholders : 3
Share Structure [as
at June 13,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-Japanese |
3 |
730,000 |
100.00 |
|
Total |
3 |
730,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Boonyarit Thanomcharoen No.
7900
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2014 was:
ASSETS
|
Current Assets |
2014 |
|
|
|
|
Cash in Hand
& at Bank |
168,928,250 |
|
Value Added Tax
Receivable |
11,187,383 |
|
Other Current Assets
|
270,844 |
|
|
|
|
Total Current Assets
|
180,386,477 |
|
Fixed Assets |
573,897,814 |
|
Other Assets |
843,080 |
|
Total Assets |
755,127,371 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
|
|
|
|
Land, Building & Equipment Payable |
185,734,493 |
|
Other Payable |
22,239,166 |
|
Other Current Liabilities |
3,899,314 |
|
|
|
|
Total Current Liabilities |
211,872,973 |
|
Total Liabilities |
211,872,973 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 1,000 par
value Authorized & issued share
capital 715,000 shares |
715,000,000 |
|
|
|
|
Capital Paid |
594,003,000 |
|
Retained Earning - Unappropriated |
[50,748,602] |
|
Total Shareholders' Equity |
543,254,398 |
|
Total Liabilities & Shareholders'
Equity |
755,127,371 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Sept. 30,
2013 - March
31, 2014 |
|
|
|
|
Gain on Exchange
Rate |
717,529 |
|
Other Income |
28,338 |
|
Total Revenues |
745,867 |
|
Expenses |
|
|
|
|
|
Administrative Expenses |
51,483,279 |
|
Total Expenses |
51,483,279 |
|
|
|
|
Profit / [Loss] before Financial
Cost |
[50,737,412] |
|
Financial Cost |
[11,190] |
|
|
|
|
Net Profit / [Loss] |
[50,748,602] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
0.85 |
|
QUICK RATIO |
TIMES |
0.85 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
(9.34) |
|
RETURN ON ASSET |
% |
(6.72) |
|
EARNING PER SHARE |
BAHT |
(85.43) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
(4,534.17) |
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
5.54 |
|
Net Profit Margin |
- |
|
Industrial
Average |
5.38 |
|
Return on Assets |
(6.72) |
Deteriorated |
Industrial
Average |
6.09 |
|
Return on Equity |
(9.34) |
Deteriorated |
Industrial
Average |
11.06 |
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 -6.72%.
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 -9.34%.
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 |
0.85 |
Risky |
Industrial
Average |
2.03 |
|
Quick Ratio |
0.85 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0.85 times in 2014, 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 0.85 times in 2014,
by excluding inventory, the company may have problems meeting current
liabilities.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
0.39 |
Impressive |
Industrial
Average |
1.33 |
|
Times Interest Earned |
(4,534.17) |
Risky |
Industrial
Average |
- |
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 -4534.18 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 0.28 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
- |
|
Total Assets Turnover |
- |
|
Industrial
Average |
1.76 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
9.48 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
3.91 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
Note:
Please be informed
that the credit
rating is not
provided due to
the company’s financial
statement is only 6
months from September
30, 2013 -
March 31, 2014, as
well as there
are many missing
variables for calculation
of the rating.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
PDT |
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.