MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JACQUARD TEXTILE [ |
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Registered Office : |
50 Moo 2, T. Huaythachang,
A. Khaoyoi, Petchburi 76140 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
12.07.1999 |
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Com. Reg. No.: |
0105542049612 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Subject is engaged
in manufacturing and
servicing wide range
of damask woven,
knitted ticking [jacquard
textile] and mattress
tape |
|
|
|
|
No of Employees : |
220 |
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 : |
No Complaints |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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
JACQUARD TEXTILE
[
SUMMARY
BUSINESS
ADDRESS : 50
MOO 2, T. HUAYTHACHANG,
A.
KHAOYOI,
TELEPHONE : [66] 32
446-864-5
FAX :
[66] 32
446-866
E-MAIL
ADDRESS : sales@jacquard-textile.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542049612 [Former
: [1] 456/2542]
TAX
ID NO. : 3021028145
CAPITAL REGISTERED : BHT. 27,000,000
CAPITAL PAID-UP : BHT.
27,000,000
SHAREHOLDER’S PROPORTION : THAI :
1.00%
FOREIGN :
99.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
STEFAN HEINKE, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 220
LINES
OF BUSINESS : JACQUARD AND
KNITTED FABRICS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
CORPORATE
PROFILE |
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
12, 1999 as
a private limited
company under the
name style JACQUARD
TEXTILE [ASIA] LIMITED,
by and Thai
and foreign groups,
in order to
manufacture wide range
of damask woven and
knitted fabrics [jacquard textile]
by combining unique
fabric qualities with
the latest exciting,
vibrant Italian designs for
both domestic and international
markets. It currently employs
approximately 220 staff.
The subject received
the promotion privilege
from the Board
of Investment for
manufacturing jacquard and
polypropylene yarn.
The subject’s registered address
is 50 Moo
2, T. Huaythachang,
A. Khaoyoi, Petchburi 76140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Stefan Heinke
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Stefan Heinke
is the Managing
Director.
He is German
nationality with the
age of 50
years old.
Mr. J. Vijaya Kumar is
the Factory Manager.
He is Indian
nationality.
Mr. Axel Sommerfeld
is the Sales & Marketing Manager.
He is American
nationality.
Mr. Carl Peedell
is the Sales
Manager.
He is American
nationality.
Ms. Nittaya Punlaong
is the Domestic
Sales Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing wide
range of damask
woven, knitted ticking
[jacquard textile] and
mattress tape, with
a capacity to
produce 600,000 linear
meters of finished
knitted goods and
1,000,000 linear meters
of finished woven
goods per month,
under its own
brand JACQUARD. The
products are as
follows:
- Knitted
Ticking
- Woven
Ticking
- Mattress
Tape
- Polypropylene
Yarn
PURCHASE
80% of raw
materials such as
polyester yarn, cotton
yarn, silk and
chemical are purchased
from local suppliers
and agents, the
remaining 20% is
imported from France,
Italy, Germany, India,
Republic of China,
Taiwan and Japan.
MAJOR SUPPLIERS
Indorama Ventures Public
Company Limited :
Indorama Polyester Industry
Public Company Limited. :
Jong Stit Co.,
Ltd. :
Stellini Textile Group
S.r.L. :
DISTRIBUTION
70% of the
products is exported to Japan, Taiwan, Singapore, Vietnam,
Hong Kong, India, Malaysia,
Indonesia, Australia, U.S.A.
and many countries
in Europe, Africa
and Middle East
region, the remaining
30% is sold locally.
MAJOR CUSTOMERS
Jaspal & Sons Co., Ltd. :
Fairview Mattress Co.,
Ltd. :
Darling Mattress Co.,
Ltd. :
Darling Mattress Khorn
Kaen Co., Ltd. :
Diamond Mattress Company :
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 to 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
L/C at sight
or T/T.
BUSINESS TRANSACTION
The products are
sold to customers
mainly by credit, with
the maximum credit given at
30-60 days. The subject
is found to have late
payment by some
customers, but they
can negotiate.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office :
[Khaowang Branch :
EMPLOYMENT
The subject employs
approximately 220 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office,
factory and warehouse
on 24,000 square
meters plot of
land at the
heading address. Premise
is located in
provincial, in the Southern
region.
COMMENT
The
subject is a
manufacturer of Jacquard and
knitted fabrics. The
machinery used in
its productions is from world
leading manufacturers of textile
machinery. Its plant
is operating at
high efficiency, and quality
of products is
comparable to top
class plants in
world markets. This
has enabled the
subject a commitment
to the concept
of absolute consistency
in quality.
The
subject’s business remains
healthy.
FINANCIAL INFORMATION
The capital was initially
registered at Bht. 24,000,000 divided
into 240,000 shares of
Bht. 100 each.
On June 22,
2000, the capital
was increased to
Bht. 27,000,000 divided
into 270,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at August
21, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Invest-Tech Limited Nationality: Address : |
134,998 |
50.00 |
|
Mr. Stefan Heinke Nationality: German Address : 50
Moo 2, T. Huaythachang, A. Khaoyoi, Petchburi |
121,500 |
45.00 |
|
Mr. Andreas Heinke Nationality: German Address : |
10,800 |
4.00 |
|
Ms. Lamduan Chookam Nationality: Thai Address : 26
Moo 1, T. Hadchaosamran, A. Muang,
Petchburi |
2,700 |
1.00 |
|
Mr. Paolo Stellini Nationality: Italian Address : |
1 |
- |
|
Mr. Valentino Stellini Nationality: Italian Address : |
1 |
- |
Total Shareholders : 6
Share Structure [as
at August 21,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
2,700 |
1.00 |
|
Foreign |
5 |
267,300 |
99.00 |
|
Total |
6 |
270,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Taweechai Awanon No.
3738
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 |
91,484,889.33 |
37,591,109.35 |
16,774,666.99 |
|
Short-term Investment |
56,678,863.96 |
74,377,202.42 |
198,630.47 |
|
Trade Accounts Receivable |
184,341,355.55 |
193,925,246.72 |
232,867,894.06 |
|
Inventories |
99,256,903.81 |
123,525,008.47 |
103,183,918.32 |
|
Other Current Assets
|
15,664,798.72 |
8,488,317.32 |
20,659,905.90 |
|
|
|
|
|
|
Total Current Assets
|
447,426,811.37 |
437,906,884.28 |
373,685,015.74 |
|
Fixed Assets |
401,928,693.70 |
407,072,928.21 |
443,844,170.05 |
|
Other Non-current Assets |
7,539,442.24 |
8,724,736.88 |
7,138,647.88 |
|
Total Assets |
856,894,947.31 |
853,704,549.37 |
824,667,833.67 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable |
27,820,657.01 |
38,212,593.41 |
34,360,239.12 |
|
Advance Income |
5,167,129.37 |
2,024,939.34 |
1,015,455.29 |
|
Accrued Expenses |
8,318,622.52 |
6,449,278.61 |
34,794,740.95 |
|
|
|
|
|
|
Total Current Liabilities |
41,306,408.90 |
46,686,811.36 |
70,170,435.36 |
|
|
|
|
|
|
Long-term Loan |
632,485,306.01 |
652,059,126.55 |
316,753,660.70 |
|
Other Non-current Liabilities |
647,877.83 |
436,312.50 |
252,457.08 |
|
Total Liabilities |
674,439,592.74 |
699,182,250.41 |
387,176,553.14 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share capital 270,000
shares |
27,000,000.00 |
27,000,000.00 |
27,000,000.00 |
|
|
|
|
|
|
Capital Paid |
27,000,000.00 |
27,000,000.00 |
27,000,000.00 |
|
Statutory Reserve |
2,700,000.00 |
2,700,000.00 |
2,700,000.00 |
|
Retained Earning - Unappropriated |
152,755,354.57 |
124,822,298.96 |
407,791,280.53 |
|
Total Shareholders' Equity |
182,455,354.57 |
154,522,298.96 |
437,491,280.53 |
|
Total Liabilities &
Shareholders' Equity |
856,894,947.31 |
853,704,549.37 |
824,667,833.67 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
631,230,512.65 |
680,653,903.48 |
747,223,061.64 |
|
Other Income |
19,907,510.23 |
8,562,485.04 |
10,087,289.70 |
|
Total Revenues |
651,138,022.88 |
689,216,388.52 |
757,310,351.34 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
417,158,165.09 |
444,539,257.95 |
514,464,691.94 |
|
Selling Expenses |
51,284,055.45 |
58,173,983.72 |
67,207,777.95 |
|
Administrative Expenses |
58,722,456.36 |
58,948,102.47 |
58,889,071.83 |
|
Other Expenses |
4,067,964.17 |
4,149,014.40 |
9,429,239.79 |
|
Total Expenses |
531,232,641.07 |
565,810,358.54 |
649,990,781.51 |
|
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
119,905,381.81 |
123,406,029.98 |
107,319,569.83 |
|
Financial Cost |
[23,499,655.02] |
[20,912,572.21] |
[20,119,355.60] |
|
Profit before Income Tax |
96,405,726.79 |
102,493,457.77 |
87,200,214.17 |
|
Income Tax |
[9,593,879.37] |
[3,462,439.34] |
[1,195,455.29] |
|
|
|
|
|
|
Net Profit / [Loss] |
86,811,847.42 |
99,031,018.43 |
86,004,758.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
10.83 |
9.38 |
5.33 |
|
QUICK RATIO |
TIMES |
8.05 |
6.55 |
3.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.57 |
1.67 |
1.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.74 |
0.80 |
0.91 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
86.85 |
101.42 |
73.21 |
|
INVENTORY TURNOVER |
TIMES |
4.20 |
3.60 |
4.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
106.59 |
103.99 |
113.75 |
|
RECEIVABLES TURNOVER |
TIMES |
3.42 |
3.51 |
3.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.34 |
31.38 |
24.38 |
|
CASH CONVERSION CYCLE |
DAYS |
169.10 |
174.04 |
162.58 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
66.09 |
65.31 |
68.85 |
|
SELLING & ADMINISTRATION |
% |
17.43 |
17.21 |
16.88 |
|
INTEREST |
% |
3.72 |
3.07 |
2.69 |
|
GROSS PROFIT MARGIN |
% |
37.07 |
35.95 |
32.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
19.00 |
18.13 |
14.36 |
|
NET PROFIT MARGIN |
% |
13.75 |
14.55 |
11.51 |
|
RETURN ON EQUITY |
% |
47.58 |
64.09 |
19.66 |
|
RETURN ON ASSET |
% |
10.13 |
11.60 |
10.43 |
|
EARNING PER SHARE |
BAHT |
321.53 |
366.78 |
318.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.82 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.70 |
4.52 |
0.88 |
|
TIME INTEREST EARNED |
TIMES |
5.10 |
5.90 |
5.33 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(7.26) |
(8.91) |
|
|
OPERATING PROFIT |
% |
(2.84) |
14.99 |
|
|
NET PROFIT |
% |
(12.34) |
15.15 |
|
|
FIXED ASSETS |
% |
(1.26) |
(8.28) |
|
|
TOTAL ASSETS |
% |
0.37 |
3.52 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -7.26%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
37.07 |
Impressive |
Industrial
Average |
18.99 |
|
Net Profit Margin |
13.75 |
Impressive |
Industrial
Average |
(1.15) |
|
Return on Assets |
10.13 |
Impressive |
Industrial
Average |
(0.95) |
|
Return on Equity |
47.58 |
Impressive |
Industrial
Average |
(2.35) |
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 37.07%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
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 13.75%, 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
10.13%, 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 47.58%,
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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
10.83 |
Impressive |
Industrial
Average |
1.23 |
|
Quick Ratio |
8.05 |
|
|
|
|
Cash Conversion Cycle |
169.10 |
|
|
|
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 10.83 times in 2013, increased from 9.38 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 8.05 times in 2013,
increased from 6.55 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 170 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Acceptable |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
3.70 |
Risky |
Industrial
Average |
2.02 |
|
Times Interest Earned |
5.10 |
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 5.11 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 0.79 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.57 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.74 |
Satisfactory |
Industrial
Average |
0.83 |
|
Inventory Conversion Period |
86.85 |
|
|
|
|
Inventory Turnover |
4.20 |
Impressive |
Industrial
Average |
2.22 |
|
Receivables Conversion Period |
106.59 |
|
|
|
|
Receivables Turnover |
3.42 |
Satisfactory |
Industrial
Average |
3.67 |
|
Payables Conversion Period |
24.34 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.42 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 decreased from 101 days at the
end of 2012 to 87 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.6 times in year 2012 to 4.2 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.74 times and 0.8
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 Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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.