MIRA INFORM REPORT
|
Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEW LINE FABRICS CO., LTD. |
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Registered Office : |
210 Trok Watkanmatuyaram [Soi
Charoenkrung 14], |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.03.2006 |
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Com. Reg. No.: |
0105549040670 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is
engaged in distributing various
kinds of fabrics
such as printed
fabric, polyester, cotton, embroidered, knitted,
silk, jacquard, curtain
fabric and etc.,
as well as importing and
exporting dried fruits. |
|
|
|
|
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 |
|
Payment Behaviour : |
Slow but correct |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
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
NEW LINE
FABRICS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 210
TROK WATKANMATUYARAM
[SOI CHAROENKRUNG
14],
SAMPHANTHAWONG,
TELEPHONE : [66] 2623-0943-6,
083 197-6900
FAX :
[66] 2623-0145
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549040670
TAX
ID NO. : 3032128179
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
AMAN PAL SINGH
KALRA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FABRICS AND
DRIED FRUITS
DISTRIBUTOR, IMPORTER
AND EXPORTER
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 March 27,
2006 as a
private limited company under
the name style NEW LINE
FABRICS CO., LTD., by Thai groups. Its business objective
is to distribute fabrics,
as well as
import and export
dried fruits for
both local and
overseas markets. It
currently employs 10 staff.
The
subject’s registered address
is 210 Trok
Watkanmatuyaram [Soi Charoenkrung
14], Charoenkrung Road,
Samphanthawong, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Aman Pal Singh Kalra |
[x] |
Thai |
55 |
|
Mrs. Krishna Kalra |
[x] |
Thai |
55 |
|
Mr. Nivit Kalra |
|
Thai |
30 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Aman Pal
Singh Kalra is the
Managing Director.
He is Thai
nationality with the
age of 55
years old.
Mrs. Krishna Kalra
is the Assistant
Managing Director.
She is Thai
nationality with the
age of 55 years
old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
fabrics such as
printed fabric, polyester, cotton,
embroidered, knitted, silk,
jacquard, curtain fabric
and etc., as
well as importing
and exporting dried
fruits.
PURCHASE
90% of fabrics
is purchased from
local suppliers, the
remaining 10% is
imported from India, U.S.A., Italy, France,
Japan and Republic of China,
while dried fruits
is purchased from
suppliers both domestic
and overseas mainly
in India and
Republic of China.
MAJOR
SUPPLIER
Hangzhou Antex
Co., Ltd. :
Republic of China
SALES [LOCAL]
The products are
sold locally to wholesalers,
retailers, manufacturers and
end-users.
EXPORT [COUNTRIES]
Dried fruits are
exported to India,
Russia, Malaysia, Republic
of China and
Hong Kong.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
and shop at
the heading address.
Premise is located
in commercial/residential area.
Branch:
748/54-55 Soi
Petchkasem 3, Yaek
3, Petchkasem Rd.,
Watthaphra, Bangkokyai, Bangkok
10600.
COMMENT
The
subject was formed
in 2006 as
an importer, distributor
and exporter of
fabrics and dried
fruits. Subject reported
moderate business in the
year 2013. However, continuous
shrinking domestic consumption
and declined purchasing
power may cause
to a negative
business outcome this
year.
FINANCIAL INFORMATION
The
capital was registered at Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each with
fully paid-up.
THE
SHAREHOLDERS LISTED WERE: [as of
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Aman Pal
Singh Kalra Nationality: Thai Address : 1/69
Soi Patanaves 10,
Phrakanong Nua,
Wattana, Bangkok |
16,996 |
33.99 |
|
Mrs. Krishna Kalra Nationality: Thai Address : 1/71
Soi Patanaves 10,
Phrakanong Nua,
Wattana, Bangkok |
16,500 |
33.00 |
|
Mr. Nivit Kalra Nationality: Thai Address : 1/69
Soi Patanaves 10,
Phrakanong Nua,
Wattana, Bangkok |
16,500 |
33.00 |
|
Ms. Nathanan Kamlert Nationality: Thai Address : 22
Kor. Moo 9,
Charansanitwong Rd.,
Bangwaek, Pasicharoen, Bangkok |
1 |
|
|
|
|
|
|
Ms. Priyakorn Deerojanadech Nationality: Thai Address :
685 Charansanitwong, Bangyeekan,
Bangplad, Bangkok |
1 |
= 0.01 |
|
Mr. Damrong Wauthad Nationality: Thai Address : 2
Moo 1, T.
Wanghin, A. Bangrai,
Uthaithani |
1 |
|
|
Ms. Wimol Wannatavee Nationality: Thai Address : 43
Moo 8, T.
Chan, A. Kantrarom,
Srisakes |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Vanee Maneenak No.
2329
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
439,200.01 |
1,678,725.52 |
337,728.33 |
|
Trade Accounts & Other
Receivable |
30,554,060.75 |
20,771,549.51 |
14,313,443.60 |
|
Inventories |
37,794,334.77 |
39,957,078.08 |
40,394,107.99 |
|
Deferred Input Tax
Privilege |
- |
- |
1,566,167.00 |
|
Prepaid Deposit for Goods |
- |
- |
507,159.86 |
|
Other Current Assets
|
- |
- |
35,788.78 |
|
|
|
|
|
|
Total Current
Assets |
68,787,595.53 |
62,407,353.11 |
57,154,395.56 |
|
Equipment - Net |
187,601.76 |
282,712.53 |
307,862.30 |
|
Total Assets
|
68,975,197.29 |
62,690,065.64 |
57,462,257.86 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
8,311,672.02 |
1,991,925.37 |
- |
|
Trade Accounts & Other Payable |
431,891.15 |
11,769,604.28 |
21,526,611.14 |
|
Accrued Expenses |
- |
- |
926,500.00 |
|
Accrued Income Tax |
141,409.27 |
250,874.60 |
126,617.27 |
|
Other Current Liabilities |
- |
- |
13,068.53 |
|
|
|
|
|
|
Total Current
Liabilities |
8,884,972.44 |
14,012,404.25 |
22,592,796.94 |
|
Long-term Loan from Person or Related Company |
49,012,000.00 |
38,630,000.00 |
26,470,000.00 |
|
Total Liabilities |
57,896,972.44 |
52,642,404.25 |
49,062,796.94 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
6,078,224.85 |
5,047,661.39 |
3,399,460.92 |
|
Total Shareholders' Equity |
11,078,224.85 |
10,047,661.39 |
8,399,460.92 |
|
Total Liabilities
& Shareholders' Equity |
68,975,197.29 |
62,690,065.64 |
57,462,257.86 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
107,753,229.44 |
145,149,672.91 |
113,790,584.14 |
|
Other Income |
7,095.97 |
250,629.10 |
1,974.60 |
|
Gain on Exchange Rate |
539,157.41 |
1,198,207.91 |
- |
|
Total Revenues
|
108,299,482.82 |
146,598,509.92 |
113,792,558.74 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
101,586,072.92 |
139,431,496.16 |
107,616,027.18 |
|
Selling Expenses |
331,500.91 |
944,118.52 |
924,590.76 |
|
Administrative Expenses |
3,872,110.06 |
3,012,680.03 |
3,482,359.27 |
|
Total Expenses |
105,789,683.89 |
143,388,294.71 |
112,022,977.21 |
|
|
|
|
|
|
Profit / [Loss] before Finance Costs & Income Tax |
2,509,798.93 |
3,210,215.21 |
1,769,581.53 |
|
Finance Costs |
[1,181,412.01] |
[1,068,201.61] |
[168,694.90] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,328,386.92 |
2,142,013.60 |
1,600,886.63 |
|
Income Tax |
[297,823.46] |
[493,813.13] |
[315,105.47] |
|
Net Profit / [Loss] |
1,030,563.46 |
1,648,200.47 |
1,285,781.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
7.74 |
4.45 |
2.53 |
|
QUICK RATIO |
TIMES |
3.49 |
1.60 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
574.37 |
513.42 |
369.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.56 |
2.32 |
1.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
135.80 |
104.60 |
137.00 |
|
INVENTORY TURNOVER |
TIMES |
2.69 |
3.49 |
2.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
103.50 |
52.23 |
45.91 |
|
RECEIVABLES TURNOVER |
TIMES |
3.53 |
6.99 |
7.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.55 |
30.81 |
73.01 |
|
CASH CONVERSION CYCLE |
DAYS |
237.74 |
126.02 |
109.91 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.28 |
96.06 |
94.57 |
|
SELLING & ADMINISTRATION |
% |
3.90 |
2.73 |
3.87 |
|
INTEREST |
% |
1.10 |
0.74 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
6.23 |
4.94 |
5.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.33 |
2.21 |
1.56 |
|
NET PROFIT MARGIN |
% |
0.96 |
1.14 |
1.13 |
|
RETURN ON EQUITY |
% |
9.30 |
16.40 |
15.31 |
|
RETURN ON ASSET |
% |
1.49 |
2.63 |
2.24 |
|
EARNING PER SHARE |
BAHT |
20.61 |
32.96 |
25.72 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.84 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.23 |
5.24 |
5.84 |
|
TIME INTEREST EARNED |
TIMES |
2.12 |
3.01 |
10.49 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(25.76) |
27.56 |
|
|
OPERATING PROFIT |
% |
(21.82) |
81.41 |
|
|
NET PROFIT |
% |
(37.47) |
28.19 |
|
|
FIXED ASSETS |
% |
(33.64) |
(8.17) |
|
|
TOTAL ASSETS |
% |
10.03 |
9.10 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -25.76%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.23 |
Acceptable |
Industrial
Average |
10.93 |
|
Net Profit Margin |
0.96 |
Acceptable |
Industrial
Average |
1.45 |
|
Return on Assets |
1.49 |
Acceptable |
Industrial
Average |
2.05 |
|
Return on Equity |
9.30 |
Impressive |
Industrial
Average |
6.65 |
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 6.23%. 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 0.96%.
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 1.49%.
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 9.3%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
7.74 |
Impressive |
Industrial
Average |
1.31 |
|
Quick Ratio |
3.49 |
|
|
|
|
Cash Conversion Cycle |
237.74 |
|
|
|
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 7.74 times in 2013, increased from 4.45 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 3.49 times in 2013,
increased from 1.6 times, although excluding inventory so the company still
have good short-term financial strength.
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 238 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
5.23 |
Risky |
Industrial
Average |
2.06 |
|
Times Interest Earned |
2.12 |
Impressive |
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 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 2.13 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 0.84 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
574.37 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.56 |
Impressive |
Industrial
Average |
1.41 |
|
Inventory Conversion Period |
135.80 |
|
|
|
|
Inventory Turnover |
2.69 |
Acceptable |
Industrial
Average |
4.18 |
|
Receivables Conversion Period |
103.50 |
|
|
|
|
Receivables Turnover |
3.53 |
Impressive |
Industrial
Average |
2.43 |
|
Payables Conversion Period |
1.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.53 and
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 increased from 105 days at the
end of 2012 to 136 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 3.49 times in year 2012 to 2.69 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.56 times and 2.32
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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 |
-- |
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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.