MIRA
INFORM REPORT
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Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
THAI
MFC CO., LTD. |
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Registered Office : |
1
Siam Cement Road,
T. Bangsue, A. Bangsue,
Bangkok 10800 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
0105536140387 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing
of melamine moulding compound
and related products |
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 : |
Regular |
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Litigation : |
Clear |
NAME
THAI MFC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1 SIAM
CEMENT ROAD, T.
BANGSUE,
A. BANGSUE,
BANGKOK 10800
TELEPHONE : [66]
2586-5587, 2586-3892, 2586-3894-6
FAX :
[66] 2586-4878
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536140387 [Former : [1] 2743/2536]
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP
: BHT. 200,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAROENCHAI PRATUENGSUKSRI, THAI
MANAGING DIRECTOR / FACTORY MANAGER
NO. OF
STAFF : 384
LINES OF
BUSINESS : MELAMINE MOULDING
COMPOUND
MANUFACTURER,
DISTRIBUTOR & 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 December 16, 1993
as a private limited company under the name style
THAI MFC CO., LTD.,
by Thai and
Japanese groups, in
order to manufacture
and distribute melamine
moulding compound, the
main raw material
in the production of melamine
ware. It currently
employs 384 staff.
The
major shareholders are
Sri Thai Superware
Public Co., Ltd., Cementhai
Chemicals Co., Ltd., Nippon
Carbide Industries Co.,
Inc, and Nomura
Trading Co., Ltd., with
held around 45%,
45%, 7% and
3% of the subject’s shares respectively.
At
present, the subject
is the Thailand’s largest manufacturer of melamine compound ,
and also achieved
the certificate ISO
9002 quality management
and ISO 14001
environmental management standards.
The
subject’s registered address
is 1 Siam Cement Rd.,
Bangsue, Bangsue, Bangkok
10800, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Adisorn Ploysangwal |
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Thai |
49 |
|
Mr.
Cholanath Yarnaranop |
|
Thai |
46 |
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Mr.
Charoenchai Pratuengsuksri |
|
Thai |
45 |
|
Mr.
Prin Pholnivas |
|
Thai |
50 |
|
Mr.
Sanan Ang-ubonkul |
|
Thai |
60 |
|
Mr.
Manit Adivanichayapong |
|
Thai |
61 |
|
Mr.
Yoshihito Hara |
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Japanese |
50 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Charoenchai Pratueangsuksri is the Managing Director
and Factory Manager.
He is
Thai nationality with
the age of
45 years old.
Mr. Yoshihito Hara is
the Deputy Managing
Director.
He is
Japanese nationality with
the age of
50 years old.
Mr. Amnaj
Laosirithavorn is the Factory Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing of melamine moulding
compound and related
products such as glazing
powder, white coating,
foil powder and etc. The advanced
machinery and production
technology are supplied from
Nippon Carbide Inc,
Japan.
MAJOR BRAND
“THAI MFC”
PRODUCTION
Apprx. 10,000
Tonnes per Annum
PURCHASE
Most of
its raw material
are purchased from
local suppliers.
IMPORT
Machinery
and spare parts
are imported from
Japan and Germany.
MAJOR SUPPLIERS
- Nippon
Carbide Industries Co., Inc. : Japan
- Nomura
Trading Co., Ltd. : Japan
SALES
60% of
the products is
sold locally by
wholesale to end-users.
EXPORT
40% of
the products is
exported to Taiwan,
Singapore, Malaysia, Indonesia,
Vietnam, and Japan.
MAJOR CUSTOMER
Sri Thai
Superware Public Co., Ltd. : Thailand
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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
IRICO’S DATABASE for
the past two
years.
CREDIT
Sales are
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.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head Office
: 333 Silom Rd., Silom,
Bangrak, Bangkok]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office
: 9 Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok]
EMPLOYMENT
The
subject employs approximately 384 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse are
located at 5/2,
I-1 Rd., Maptaphud
Industrial Estate, Muang,
Rayong 21150. Tel
[66] 38 683-054, 684-241.
Fax. [66] 38 684-250.
REMARK
CREDIT
OF US$ 1,500,000 SHOULD BE
ON SECURED BASIS.
COMMENT
The
subject is the leading in manufacturing of melamine injection products
mainly household items,
kitchenware, premiums products,
microwave used, coolers, industrial
containers, insulated jugs
& pitchers, and
OEM products.
The
subject’s operation was on track to achieve its whole year target of 15% sales
growth this year from the expansion of export melamine products. However, net profit would slightly below due
to higher raw material cost from
increasing of fuel prices.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht. 100
each with fully
paid..
THE SHAREHOLDERS LISTED WERE
: [as at April 28,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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Sri
Thai Superware Public
Co., Ltd. Nationality: Thai Address :
355 Moo 4, Suksawad
Rd., Bangpakok, Rajburana, Bangkok |
900,000 |
45.00 |
|
Cementhai
Chemical Co., Ltd. Nationality: Thai Address :
1 Siam Cement
Rd., Bangsue, Bangkok
|
899,993 |
45.00 |
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Nippon
Carbide Industries Co., Inc. Nationality: Japanese Address :
Tokyo, Japan |
140,000 |
7.00 |
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Nomura
Trading Co., Ltd. Nationality: Japanese Address :
Tokyo, Japan |
60,000 |
3.00 |
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Mr. Cholanath Yarnaranop Nationality: Thai Address :
69/31 Moo 1,
Taladkwan, Muang, Nonthaburi |
5 |
- |
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Mr. Charoenchai Pratuengsuksri Nationality: Thai Address :
62/166 Moo 8, Bangkasor, Muang, Nonthaburi |
1 |
- |
|
Mr. Paitoon Naiyachit Nationality: Thai Address :
176/238 Moo 1, Sikan,
Donmuang, Bangkok |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr.
Boonlert Kaewphanpruk
No. 4165
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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|
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Cash in
Hand & at Bank |
18,369,741 |
12,301,685 |
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Trade
Accts. Receivable - Related company |
96,702,977 |
112,714,203 |
|
-
Other company |
19,500,185 |
11,328,195 |
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Receivable
& Short Term Loan
to Related Company |
12,126,658 |
235,174 |
|
Inventories [Note 1] |
129,525,893 |
124,827,890 |
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Other Current
Assets |
4,681,145 |
5,711,196 |
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Total
Current Assets |
280,906,599 |
267,118,343 |
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Investment Recorded
by the Equity Method |
14,985,791 |
14,887,967 |
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Fixed Assets [Note 2] |
188,191,732 |
203,737,776 |
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Deferred Income
Tax |
33,280,761 |
33,951,962 |
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Other Assets |
665,015 |
418,484 |
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Total
Assets |
518,029,898 |
520,114,532 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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Short
Term Loans from Financial Institution |
60,000,000 |
75,000,000 |
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Trade Accts. Payable - Related company |
9,186,991 |
9,083,798 |
|
-
Other company |
101,739,183 |
55,057,147 |
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Payable Related
Company |
18,627,067 |
11,878,574 |
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Other Current
Liabilities |
1,039,177 |
835,279 |
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Total Current Liabilities |
190,592,418 |
151,854,798 |
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Payable-Related Company |
11,642,735 |
23,043,611 |
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Total
Liabilities |
202,235,153 |
174,898,409 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 2,000,000 shares |
200,000,000 |
200,000,000 |
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Capital Paid |
200,000,000 |
200,000,000 |
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Statutory Reserve |
20,000,000 |
20,000,000 |
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Retained Earning - Unappropriated |
95,794,745 |
125,216,123 |
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Total Shareholders' Equity |
315,794,745 |
345,216,123 |
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Total Liabilities &
Shareholders' Equity |
518,029,898 |
520,114,532 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
506,273,118 |
570,568,925 |
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Other Income |
1,125,024 |
2,467,741 |
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Total
Revenues |
507,398,142 |
573,036,666 |
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Expenses |
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Cost of
Goods Sold |
436,224,140 |
446,872,996 |
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Selling &
Administrative Expenses |
46,600,416 |
47,929,616 |
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Total Expenses
|
482,824,556 |
494,802,612 |
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Profit
/ [Loss] from Operation |
24,573,586 |
78,234,054 |
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Profit/[Loss] from
Investment by the Equity
Method |
97,824 |
[1,122,033] |
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Interest Expenses |
[3,421,587] |
[2,483,778] |
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Income Tax |
[671,201] |
[7,324,092] |
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Net
Profit / [Loss] |
20,578,622 |
67,314,151 |
FINANCIAL NOTE
NOTE
1 Inventories
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|
2005 |
2004 |
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Raw Material |
67,669,014 |
64,264,340 |
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Work in
Progress |
6,744,591 |
6,711,796 |
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Finished Goods |
29,446,724 |
35,273,620 |
|
Spare Parts
& Material Supplies |
5,193,928 |
7,181,667 |
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Goods in
Transit |
20,471,636 |
11,396,467 |
|
Total |
129,525,893 |
124,827,890 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
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|
Building
|
84,014,993 |
83,789,646 |
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Machine
& Equipment |
372,395,179 |
369,469,742 |
|
Hand Tools |
14,053,462 |
13,656,065 |
|
Office Automation, Furniture &
Hand Tool |
16,024,385 |
5,388,280 |
|
Less:
Depreciation |
[298,296,287] |
[268,565,957] |
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Total |
188,191,732 |
203,737,776 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[11.27] |
|
|
Operating |
[8.86] |
|
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Net Profit |
[69.43] |
|
|
Fixed Assets |
[7.63] |
|
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Total Assets |
[0.40] |
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Profitability |
|
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Cost of
Goods Sold |
86.16 |
78.32 |
|
Operating Profit
Margin |
13.84 |
21.68 |
|
S&A expenses |
9.20 |
8.40 |
|
Interest |
0.68 |
0.44 |
|
Other Revenues |
0.22 |
0.43 |
|
Net Profit
Margin |
4.06 |
11.80 |
|
Earning Per
Shares |
10.29 |
33.66 |
|
No. of
Shares |
2,000,000 |
2,000,000 |
Net Sales was decreased by 11.27%, Operating Profit was decreased by 8.86%, Net Profit was decreased by 69.43%, Fixed Assets was decreased by 7.63%, Total Assets was decreased by 0.40%.
Compare each cost with sales, Cost of Goods Sold was increased from 78.32% to 86.16%, Operating Profit Margin was decreased from 21.68% to 13.84%, S & A Expenses were increased from 8.40% to 9.20%, Interest Paid was increased from 0.44% to 0.68%, Other Revenues was decreased from 0.43% to 0.22%, Net Profit Margin was decreased from 11.80% to 4.06%.
Earning Per
Shares was decreased
from 33.66 baht
per share to
10.29 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.47 |
1.76 |
|
Quick
- assets ratio |
0.77 |
0.90 |
Current Ratio was decreased from 1.76 to 1.47, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 0.90 to 0.77, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.64 |
0.51 |
|
Times Interest
Earned |
6.85 |
30.50 |
D/E Ratio was increased from 0.51 to 0.64, 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 30.50 to 6.85, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
2.69 |
2.80 |
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Total Assets
Turnover |
0.98 |
1.10 |
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Return on
Assets |
3.97 |
12.94 |
|
Return on
Equity |
6.52 |
19.50 |
|
Day’s Payable |
85.13 |
44.97 |
|
Day’s Inventories |
108.38 |
101.96 |
|
Days’ Receivables |
14.06 |
7.25 |
Fixed Assets Turnover was decreased from 2.80 times to 2.69 times, Total Assets Turnover was decreased from 1.10 times to 0.98 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 12.94 to 3.97, Return on Equity was decreased from 19.50 to 6.52, capacity to use Assets to make profit was not good.
Day’s Payable
was increased from
45 days to
86 days, Day’s
Inventories was increased
from 102 days
to 109 days, and Day’s
Receivables was increased
from 8 days to 15
days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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<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 |
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