MIRA
INFORM REPORT
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Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
SIAM
PSM CO., LTD. |
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Registered Office : |
51/27
Moo 2, Poochaosamingprai Road, Bangyapraek, Phrapradaeng, Samutprakarn 10130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0115532000866 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing of
laminates and the
related products, such
as decorative laminated
sheet and board. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
SIAM PSM CO., LTD.
SUMMARY
BUSINESS ADDRESS : 51/27 MOO
2, POOCHAOSAMINGPRAI ROAD,
BANGYAPRAEK, PHRAPRADAENG,
SAMUTPRAKARN 10130,
THAILAND
TELEPHONE : [66]
2755-8525 [AUTOLINES]
FAX :
[66] 2384-7537,
2384-3722
E-MAIL ADDRESS : surfacematerials-th@siampsm.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0115532000866 [Former : 1477]
CAPITAL REGISTERED : BHT. 199,150,000
CAPITAL PAID-UP
: BHT. 199,150,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. FRED,
CHENG - LIN WANG, TAIWANESE
GENERAL MANAGER
NO. OF
STAFF : 130
LINES OF
BUSINESS : HIGH PRESSURE
DECORATIVE LAMINATES
AND
RELATED PRODUCTS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
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 15, 1989
as a private limited company
under the registered
name “Siam Perstorp Co., Ltd.” by a joint
venture between Siam
Steel International Public
Co., Ltd. and
Perstorp Surface Materials
Holding B.V. in
Netherlands, in order
to manufacture high
pressure decorative laminates
and related products
to both local
and overseas markets.
The Formica
Corporation acquired Siam
Perstorp in early
2000. Formica Corporation
grew into the
world’s largest laminate
manufacturer. It has
regional offices in
America, Europe and Asia.
On March 13,
2001 the subject
was changed its
name to be
SIAM PSM CO.,
LTD. Together, Formica
and PSM have
strengthened their product
portfolio and created new
strategies to compete
effectively and meet
the demands of
the market. The subject
currently employs 130
staff.
The subject
also attained ISO 9002
certificates.
Its registered
address is at 51/27 Moo 2,
Poochaosamingprai Rd., Bangyapraek, Phrapradaeng,
Samutprakarn 10130, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality
Age
Mr. Wanchai
Kunanantakul Thai
-
Mr. Tzu - Long
Kao [x] Taiwanese 52
Mr. Fred,
Cheng - Lin Wang [x] Taiwanese 48
Mr. Dow
Hui Wong Taiwanese 57
AUTHORIZED PERSON
One of
the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Fred, Cheng - Lin Wang
is the General Manager.
He is
Taiwanese nationality with
the age of 48
years old.
Mrs.
Songklod Limboonyaprasert
is the Account & Financial
Controller.
She is
Thai nationality.
Mr.
Kijakarn Thipawan
is the Sales Manager.
He is
Thai nationality.
Mr. Manus
Thalachai is
the Exports Manager.
He is
Thai nationality.
Mr.
Jarmo Laine is the Manufacturing Manager.
He is
Finn nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing of laminates
and the related
products, such as
decorative laminated sheet
and board. It
products are included
high pressure decorative
laminates and related products including Postformed
Components [PERFORM], Custom
Graphic laminate [IMPRESS],
Chemical Resistant Worktops
[PERCHEMICAL], Metallic Laminate
[PERMETAL], Laminate Flooring
[Formica Flooring] and Solid
Surfacing [Formica SURELL]
with more than 264 colours
and designs.
Its products
are used mainly
for kitchen furniture,
office furniture &
home furniture, as
well as interior
and exterior surfaces
within the construction business.
MAJOR BRAND
“PERSTORP”
IMPORT [COUNTRIES]
40% of
its raw materials;
craft paper, decor
paper and accessories
are imported from
Hong Kong, Taiwan,
Republic of China,
Japan, Germany, Spain
and United Kingdom.
MAJOR SUPPLIER
Perstorp Surface
Materials [Sweden] AB. : Sweden
SALES [LOCAL]
80% of
its products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRY]
20% of
its products mainly
laminate boards is
exported to Singapore,
Sri Lanka, Japan,
Malaysia, Indonesia, Taiwan
and Korea.
MAJOR CUSTOMERS
|
Saeng Charoen
Housing Product Co., Ltd. |
: Thailand |
|
Hub Mong
Heng LP. |
: Thailand |
|
Lak Charoen
LP. |
: Thailand |
|
C. Sriratana
LP. |
: Thailand |
|
Nanadee Co.,
Ltd. |
: Thailand |
|
Home Products
Center Co., Ltd. |
: Thailand |
|
Siripanichpong LP. |
: Thailand |
|
Sahadamrong Panich
LP. |
: Thailand |
|
Dec &
House Co., Ltd. |
: Thailand |
|
Rungsombat [2528]
Co., Ltd. |
: Thailand |
AFFILIATED COMPANY
There are
the group of
companies in global
network, such as
Albania, Netherlands, Austria,
Belgium, Brazil, Bulgaria,
Republic of China,
Denmark, Finland, France,
Czech Republic, Croatia,
Hungary, Germany and
etc.
PARENT COMPANY
Formica
PSM Holding BV.
Address :
Netherlands
RELATED COMPANY
PSM
Bangkok Surface Materials
Co., Ltd.
Business
Type :
Importer of raw
materials for laminate
sheets
Address :
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
on the credits term of
30-60-90 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 on the credits term
of 30-60 days.
Exports are
against L/C at
sight.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Poochaosamingprai Branch : 298
Poochaosamingprai Rd., Phrapradaeng, Samutprakarn]
EMPLOYMENT
The subject
employs approximately 130
staff. [office staff
and factory workers]
LOCATION DETAILS
The premise
is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
REMARK
MAXIMUM CREDIT
SHOULD BE GRANTED
AT EUR 300,000.
COMMENT
The
subject tried to differentiate its products in term of designs and quality in
order to compete with imported laminated products. The strengthen of production and high technology processing have
enabled the company’s products to penetrate the various industries in the large
area. Currently more than 50% of its
customers are in high-profile areas such as leading manufacture of furnitures,
decoration and construction process as well as automobile decorative parts.
Overall
market situation for construction and decoration related products are promising due to strong demand would
remain steady-going for next few years.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 100,000 divided
into 1,000 shares
of Bht. 100
each.
The capital
was increased later
as followings:
Bht. 175,000,000 on May
31, 1989
Bht. 199,150,000 on May
22, 1998
The latest
registered capital was
increased to Bht.
199,150,000 divided into
1,991,500 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE : [as at
April 28, 2006]
|
NAME |
HOLDING |
% |
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Formica
PSM Holding BV. Nationality
: Dutch Address :
Netherlands |
1,891,921 |
95.00 |
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Siam
Steel International Public
Co., Ltd. Nationality
: Thai Address :
51 Moo 2,
Poochaosamingprai Rd., Bangyapraek, Phrapradaeng, Samutprakarn |
99,574 |
5.00 |
|
Mr. Wanchai Kunanantakul Nationality
: Thai Address :
410 Sukhumvit Rd.,
Klongton, Klongtoey, Bangkok |
1 |
- |
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Mr. Surapol Kunanantakul Nationality
: Thai Address :
149 Moo 9,
Bangna-Trad Rd., Dokmai,
Praves, Bangkok |
1 |
- |
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Formica
Holding AB. Nationality
: Swedish Address :
Sweden |
1 |
- |
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Formica
PSM AB. Nationality
: Swedish Address :
Sweden |
1 |
- |
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Decorative Surfaces Holding AB. Nationality
: Swedish Address :
Sweden |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms.
Bongkoch Amsangiam No.
3684
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
31,559,750 |
81,693,648 |
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Trade Accts.
Receivable |
162,430,910 |
122,041,135 |
|
Inventories [Note 1] |
134,088,955 |
113,024,073 |
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Other Current
Assets |
5,993,864 |
10,236,179 |
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Total
Current Assets |
334,073,479 |
326,995,035 |
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Fixed
Assets [Note 2] |
145,733,433 |
160,455,942 |
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Other
Assets |
3,209,936 |
3,307,020 |
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Total
Assets |
483,016,848 |
490,757,997 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Bank Overdraft |
- |
460,465 |
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Trade Accts.
Payable |
73,234,328 |
64,590,782 |
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Other Payable-Related Company |
14,036,826 |
1,302,417 |
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Accrued Income
Tax |
10,574,195 |
6,002,508 |
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Other Current
Liabilities |
38,245,571 |
34,340,053 |
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Total Current Liabilities |
136,090,920 |
106,696,225 |
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Total
Liabilities |
136,090,920 |
106,696,225 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 1,991,500 shares |
199,150,000 |
199,150,000 |
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Capital Paid |
199,150,000 |
199,150,000 |
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Premium on
Share Capital |
25,840,500 |
25,840,500 |
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Statutory
Reserve |
14,430,314 |
10,672,533 |
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Retained Earning - Unappropriated |
107,505,114 |
148,398,739 |
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Total Shareholders' Equity |
346,925,928 |
384,061,772 |
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Total Liabilities &
Shareholders' Equity |
483,016,848 |
490,757,997 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
629,808,633 |
578,905,402 |
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Other Income |
4,089,168 |
8,599,391 |
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Total
Revenues |
633,897,801 |
587,504,793 |
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Expenses |
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Cost of
Goods Sold |
466,397,254 |
426,711,643 |
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Selling &
Administrative Expenses |
106,654,641 |
113,101,823 |
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Total Expenses
|
573,051,895 |
539,813,466 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
60,845,906 |
47,691,327 |
|
Interest Expenses |
[462,794] |
[33,535] |
|
Income Tax |
[17,858,956] |
[12,680,084] |
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Net
Profit / [Loss] |
42,524,156 |
34,977,708 |
FINANCIAL NOTE
NOTE 1 Inventories
[Thousand
Baht]
|
|
2005 |
2004 |
|
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Raw Material
& Spare Parts
|
67,181 |
59,022 |
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Work in
Progress |
10,392 |
6,248 |
|
Finished Goods |
68,223 |
45,355 |
|
Goods in
Transit |
6,123 |
20,899 |
|
Less: Allowance
for Stock Obsolescence |
[17,830] |
[18,500] |
|
Inventories - Net |
134,089 |
113,024 |
NOTE 2
Fixed Assets
[Thousand
Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Land |
12,865 |
12,865 |
|
Office
& Factory Building |
37,877 |
37,877 |
|
Office
& Factory Building Improvement |
58,303 |
57,608 |
|
Machinery &
Equipment |
300,148 |
289,671 |
|
Office Equipment & Fixtures |
28,931 |
27,071 |
|
Vehicles |
479 |
479 |
|
Machinery under
Installation |
357 |
93 |
|
Less: Depreciation |
[293,227] |
[265,208] |
|
Fixed Assets - Net |
145,733 |
160,456 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
8.79 |
|
|
Operating |
1.42 |
|
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Net Profit |
21.58 |
|
|
Fixed Assets |
[9.18] |
|
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Total Assets |
[1.58] |
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Profitability |
|
|
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Cost of
Goods Sold |
74.05 |
73.71 |
|
Operating Profit
Margin |
25.95 |
26.29 |
|
S&A expenses |
16.93 |
19.54 |
|
Interest |
0.07 |
0.01 |
|
Other Revenues |
0.65 |
1.49 |
|
Net Profit
Margin |
6.75 |
6.04 |
|
Earning Per
Shares |
21.35 |
17.56 |
|
No. of
Shares |
1,991,500 |
1,991,500 |
Net Sales was increased by 8.79%, Operating Profit was increased by 1.42%, Net Profit was increased by 21.58%, Fixed Assets was decreased by 9.18%, Total Assets was decreased by 1.58%.
Compare each cost with sales, Cost of Goods Sold was increased from 73.71% to 74.05%, Operating Profit Margin was decreased from 26.29% to 25.95%, S & A Expenses were decreased from 19.54% to 16.93%, Interest Paid was increased from 0.01% to 0.07%, Other Revenues was decreased from 1.49% to 0.65%, Net Profit Margin was increased from 6.04% to 6.75%.
Earning Per
Shares was increased
from 17.56 baht
per share to
21.35 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.45 |
3.06 |
|
Quick
- assets ratio |
1.43 |
1.91 |
Current Ratio was decreased from 3.06 to 2.45, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 1.91 to 1.43, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.39 |
0.28 |
|
Times Interest
Earned |
122.64 |
1,165.71 |
D/E Ratio was increased from 0.28 to 0.39, show the company had fund from Equity more than fund from Loan, investment risked of the company is low and Times Interest Earned was decreased from 1,165.71 to 122.64, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
4.32 |
3.61 |
|
Total Assets Turnover |
1.30 |
1.18 |
|
Return on
Assets |
8.80 |
7.13 |
|
Return on
Equity |
12.26 |
9.11 |
|
Day’s Payable |
57.31 |
55.25 |
|
Day’s Inventories |
104.94 |
96.68 |
|
Days’ Receivables |
94.14 |
76.95 |
Fixed Assets Turnover was increased from 3.61 times to 4.32 times, Total Assets Turnover was increased from 1.18 times to 1.30 times, show the company could use Assets so efficiently, and Return on Assets was increased from 7.13 to 8.80, Return on Equity was increased from 9.11 to 12.26, capacity to use Assets to make profit was good.
Day’s Payable
was increased from
56 days to
58 days, Day’s
Inventories was increased
from 97 days
to 105 days, and Day’s
Receivables was increased
from 77 days
to 95 days.
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|