MIRA INFORM REPORT
|
Report No. : |
335783 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BULLIONTEX CO.,
LTD. |
|
|
|
|
Registered Office : |
65/1 Moo
8, T. Thasao, A. Krathumbaen, Samutsakorn 74110, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
13.08.1998 |
|
|
|
|
Com. Reg. No.: |
0745541001084 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Exporter of Textiles. |
|
|
|
|
No. of Employees : |
200 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
and generally pro-investment policies Thailand has historically had a strong
economy due in part to competitive industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. The economy experienced slow growth and declining exports in 2014, in
part due to domestic political turmoil and sluggish global demand. With full
employment, Thailand attracts an estimated 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d’tat, tourism decreased 6-7% but is beginning to recover. The household debt
to GDP ratio is over 80%. 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 baht has remained
stable.
|
Source
: CIA |
Company
Name
BULLIONTEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 65/1
MOO 8, T. THASAO,
A. KRATHUMBAEN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 34
447-088, 081 907-0330
FAX :
[66] 34
447-087
E-MAIL
ADDRESS : dev@bulliontex.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0745541001084
TAX
ID NO. : 3751022642
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THAVEECHAI SIRIKULTHADA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : TEXTILES
MANUFACTURER, IMPORTER, DISTRIBUTOR
AND
EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established
on August 13,
1998 as a
private limited company
under the registered name BULLIONTEX CO., LTD., by
Thai groups, with the
objective to engage
in textile business. It currently employs
approximately 200 staff.
The subject’s registered address is 65/1 Moo 8, T. Thasao, A. Krathumbaen, Samutsakorn
74110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kovitthad Sirikulthada |
|
Thai |
43 |
|
Mr. Thaveechai Sirikulthada |
|
Thai |
41 |
AUTHORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thaveechai Sirikulthada is
the Managing Director.
He is Thai
nationality with the
age of 41 years
old.
Mr. Kovitthad Sirikulthada is
the Executive Director/Factory Manager.
He is Thai
nationality with the
age of 43 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
textile business to
manufacture, distribute and
export various kinds
of fabrics and
yarns, such as
polyester fabric, polyester/nylon yarn,
cotton fabric, spandex
fabric, denim fabric,
lace and etc.,
under its own
brand “BULLIONTEX”, as
well as importing
and distributing various
kinds of textiles.
PRODUCTION CAPACITY
7,000,000 yards/month
PURCHASE
Most
of raw materials
are purchased from
local suppliers.
IMPORT
Some
textile products and
raw materials for
the production are
imported from India,
U.S.A., Republic of
China and the
countries in Europe.
SALES
The products are
sold to traders,
manufacturers and end-users
both local and
overseas, mainly in U.S.A.,
India, Japan, Singapore,
Malaysia, and the
countries in Europe, Middle
East and Africa.
MAJOR CISTOMER
Kofab Ent Company : U.S.A.
RELATED
AND AFFILIATED COMPANY
S.M.S. Weaving Co.,
Ltd.
Business Type :
Manufacturer of textiles
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 T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office and factory
at the heading
address.
Premise
is located in
provincial.
Branch and showroom are
located at 437/21-22
Tha Din Daeng Road, Somdejchaopraya, Klongsan,
Bangkok 10600. Tel. : [66] 2863-1260, Fax. : [66] 2863-1277.
COMMENT
The subject is
engaged in manufacturing, importing,
distributing and exporting various
kinds of fabrics.
The subject posted
its strong sales
for the year
end December 31, 2014
compared to the
previous year. However,
sales in 2015
has seen flat
growth due to
unfavorable conditions of some
related industries with
the economy remaining
on its downward
trend.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
On February 19, 1999, the
registered capital was
increased to Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[As at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kovitthad Sirikulthada Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
9,000 |
45.00 |
|
Mr. Thaveechai Sirikulthada Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
9,000 |
45.00 |
|
Mrs. Harfrit Kor Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
1,000 |
5.00 |
|
Mrs. Umpika Sirikulthada Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
1,000 |
5.00 |
Total Shareholders : 4
Share
Structure [as at
April 30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
20,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Thanhathai Supakasem No.
5394
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
276,379.79 |
147,059.89 |
193,490.82 |
|
Trade Accounts & Other Receivable |
31,921,399.57 |
23,020,798.99 |
20,368,654.65 |
|
Inventories |
15,251,729.00 |
10,375,683.15 |
9,418,750.75 |
|
Other Current Assets
|
1,231,554.04 |
493,102.57 |
183,601.54 |
|
|
|
|
|
|
Total Current Assets
|
48,681,062.40 |
34,036,644.60 |
30,164,497.76 |
|
|
|
|
|
|
Fixed Assets |
30,783,175.92 |
32,563,447.52 |
27,337,445.64 |
|
Other Non-current Assets |
- |
- |
2,688,969.90 |
|
Total Assets |
79,464,238.32 |
66,600,092.12 |
60,190,913.30 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
1,671,021.53 |
3,559,024.13 |
2,952,546.35 |
|
Trade Accounts & Other Payable
|
39,583,615.36 |
24,829,828.68 |
30,677,727.05 |
|
Current Portion of
Long-term Loans |
3,830,704.00 |
2,750,170.95 |
3,761,520.00 |
|
Accrued Income Tax |
545,480.27 |
389,117.92 |
410,187.65 |
|
Other Current Liabilities |
526,211.46 |
349,959.54 |
276,009.81 |
|
|
|
|
|
|
Total Current Liabilities |
46,157,032.62 |
31,878,101.22 |
38,077,990.86 |
|
|
|
|
|
|
Long-term Loan |
9,007,613.02 |
13,023,461.96 |
2,662,135.68 |
|
Total Liabilities |
55,164,645.64 |
44,901,563.18 |
40,740,126.54 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
22,299,592.68 |
19,698,528.94 |
17,450,786.76 |
|
Total Shareholders' Equity |
24,299,592.68 |
21,698,528.94 |
19,450,786.76 |
|
Total Liabilities & Shareholders' Equity |
79,464,238.32 |
66,600,092.12 |
60,190,913.30 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
208,107,055.49 |
193,288,650.62 |
195,748,842.09 |
|
Other Income |
8,131.97 |
60,501.82 |
710,416.84 |
|
Total Revenues |
208,115,187.46 |
193,349,152.44 |
196,459,258.93 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
185,836,604.31 |
175,250,776.02 |
178,825,205.66 |
|
Selling and Administrative Expenses |
18,130,342.93 |
14,532,965.51 |
14,763,495.53 |
|
Total Expenses |
203,966,947.24 |
189,783,741.53 |
193,588,701.19 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income
Tax |
4,148,240.22 |
3,565,410.91 |
2,870,557.74 |
|
Financial Cost |
[602,696.21] |
[547,116.69] |
[662,475.04] |
|
Profit / [Loss] before Income Tax |
3,545,544.01 |
3,018,294.22 |
2,208,082.70 |
|
Income Tax |
[944,480.27] |
[770,552.04] |
[796,194.89] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,601,063.74 |
2,247,742.18 |
1,411,887.81 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.05 |
1.07 |
0.79 |
|
QUICK RATIO |
TIMES |
0.70 |
0.73 |
0.54 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.76 |
5.94 |
7.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.62 |
2.90 |
3.25 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
29.96 |
21.61 |
19.22 |
|
INVENTORY TURNOVER |
TIMES |
12.18 |
16.89 |
18.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
55.99 |
43.47 |
37.98 |
|
RECEIVABLES TURNOVER |
TIMES |
6.52 |
8.40 |
9.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
77.75 |
51.71 |
62.62 |
|
CASH CONVERSION CYCLE |
DAYS |
8.20 |
13.37 |
(5.41) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.30 |
90.67 |
91.35 |
|
SELLING & ADMINISTRATION |
% |
8.71 |
7.52 |
7.54 |
|
INTEREST |
% |
0.29 |
0.28 |
0.34 |
|
GROSS PROFIT MARGIN |
% |
10.71 |
9.36 |
9.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.99 |
1.84 |
1.47 |
|
NET PROFIT MARGIN |
% |
1.25 |
1.16 |
0.72 |
|
RETURN ON EQUITY |
% |
10.70 |
10.36 |
7.26 |
|
RETURN ON ASSET |
% |
3.27 |
3.37 |
2.35 |
|
EARNING PER SHARE |
BAHT |
130.05 |
112.39 |
70.59 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.67 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.27 |
2.07 |
2.09 |
|
TIME INTEREST EARNED |
TIMES |
6.88 |
6.52 |
4.33 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.67 |
(1.26) |
|
|
OPERATING PROFIT |
% |
16.35 |
24.21 |
|
|
NET PROFIT |
% |
15.72 |
59.20 |
|
|
FIXED ASSETS |
% |
(5.47) |
19.12 |
|
|
TOTAL ASSETS |
% |
19.32 |
10.65 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 7.67%. Turnover has increased from THB
193,288,650.62 in 2013 to THB 208,107,055.49 in 2014. While net profit has
increased from THB 2,247,742.18 in 2013 to THB 2,601,063.74 in 2014. And total
assets has increased from THB 66,600,092.12 in 2013 to THB 79,464,238.32 in
2014.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.71 |
Impressive |
Industrial Average |
3.64 |
|
Net Profit Margin |
1.25 |
Impressive |
Industrial Average |
(0.41) |
|
Return on Assets |
3.27 |
Impressive |
Industrial Average |
(0.12) |
|
Return on Equity |
10.70 |
Impressive |
Industrial Average |
(0.25) |
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. Gross Profit Margin is 10.71%. 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. Net Profit Margin ratio is 1.25%,
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
3.27%, 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 10.7%, 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 |
1.05 |
Satisfactory |
Industrial Average |
1.17 |
|
Quick Ratio |
0.70 |
|
|
|
|
Cash Conversion Cycle |
8.20 |
|
|
|
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 1.05 times in 2014, decrease from 1.07 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 0.7 times in 2014,
decrease from 0.73 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 9 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
2.27 |
Acceptable |
Industrial Average |
2.50 |
|
Times Interest Earned |
6.88 |
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 6.89 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 0.69 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.76 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.62 |
Impressive |
Industrial Average |
1.02 |
|
Inventory Conversion Period |
29.96 |
|
|
|
|
Inventory Turnover |
12.18 |
Impressive |
Industrial Average |
2.16 |
|
Receivables Conversion Period |
55.99 |
|
|
|
|
Receivables Turnover |
6.52 |
Impressive |
Industrial Average |
2.80 |
|
Payables Conversion Period |
77.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.52 and 8.40 in
2014 and 2013 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 2014
decreased from 2013. 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 increased from 22 days at the
end of 2013 to 30 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 16.89 times in year 2013 to 12.18
times in year 2014.
The company's Total Asset Turnover is calculated as 2.62 times and 2.9
times in 2014 and 2013 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.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.