MIRA
INFORM REPORT
|
Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
THAI CASTOR OIL INDUSTRIES CO., LTD. |
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Registered Office : |
12th Floor,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
0105520015901 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing of
castor oil and
its derivative products
including castor meal
and castor seed. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
THAI CASTOR OIL INDUSTRIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 12th FLOOR,
PATHUMWAN,
TELEPHONE : [66] 2254-1490-7
FAX : [66] 2254-1499
E-MAIL ADDRESS : tcogroup@thaicastoroil.com, tcogroup@samart.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION NO. : 0105520015901 [Former : 1591/2520]
CAPITAL
REGISTERED : BHT.
80,000,000
CAPITAL
PAID-UP : BHT.
80,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAVORN TANTIPONGANANT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 85
LINES OF
BUSINESS : CASTOR OIL
AND DERIVATIVE PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 2,
1977 as a
private limited company under
the name style THAI
CASTER OIL INDUSTRIES
CO., LTD., by
Thai and German
groups, in order
to manufacture and
distribute castor oil and
derivative products for
domestic and international
markets. It currently
employs 85 staff.
The
subject’s registered address
is 26/42 Orakarn
Bldg., Ploenchit-Chidlom Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sukree Kaewcharoen |
|
Thai |
69 |
|
Mr. Kangwal Tantiponganant |
[x] |
Thai |
71 |
|
Mr. Herman Jenson |
|
German |
75 |
|
Mr. Padung Techasarin |
|
Thai |
67 |
|
Mr. Prasard Chirapatsakul |
[x] |
Thai |
68 |
|
Mr. Horst Bernhard Hilleken |
|
German |
72 |
|
Mr. Tavorn Tantiponganant |
[x] |
Thai |
61 |
|
Mr. Karn Sittajarnpong |
[x] |
Thai |
58 |
|
Mr. Chinawachara Tantiponganant |
[x] |
Thai |
32 |
|
Ms. Nitraporn Tantipong-anant |
[x] |
Thai |
31 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tavorn Tantiponganant is
the Managing Director.
He is Thai
nationality with the
age of 61
years old.
Mr. Prasard Chirapatsakul is
the Plant Manager.
He is Thai
nationality with the
age of 68
years old.
Mr. Karn Sittajarnpong is
the Marketing Director.
He is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of castor oil
and its derivative
products including castor
meal and castor
seed.
PRODUCTION
Castor Oil :
18,000 tons/year
Castor Meal : 20,000
tons/year
Castor Seed : 40,000
tons/year
PURCHASE
Most of raw
materials are purchased
from local suppliers
and planters, as
well as chemical is
imported from German.
SALES [LOACL]
80% of the
products is sold
locally be wholesale
to manufacturers and
end-users.
EXPORT
20% of the
products is exported
to many countries
in Europe, Asia
and Middle East.
RELATED AND
AFFILIATED COMPANY
T K Wax
Co., Ltd.
Business Type : Manufacturer of
castor wax.
T J Pac
Co., Ltd.
Business Type : Manufacturer of
special wax for
solidifying used vegetable
oil.
T S Chemical
Co., Ltd.
Business Type : Manufacturer of
castor oil.
Collodium Co.,
Ltd.
Business Type : Manufacturer of
paper sizing agent.
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 85
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
and warehouse is
located at 23/2
Moo 7,
COMMENT
The subject is
the leading of
castor oil manufacturer. Castor
oil market has
been used in
many industries, however
slowdown of industrial
sector would lead
to slow consumption
of castor oil.
The subject’s business
trend still has
potential due to the
market swinging will
lead to strong
demand of its
product in the
near future.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000 divided into
300,000 shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 40,000,000
on August 31,
1979
Bht. 55,000,000
on December 30,
1986
Bht. 70,000,000
on December 29,
1997
Bht. 80,000,000
on September 10,
2001
The
latest registered capital
was increased to
Bht. 80,000,000 divided into 800,000
shares of Bht.
100 each with
fully paid.
MAIN
SHAREHOLDERS : [as
at April 5,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Alberdingk Boley
GmbH Nationality: German Address : 4150
Krefeld-Uerding
Duesseldorfer Str. 51, |
196,000 |
24.50 |
|
Mr. Tavorn Tantiponganant Nationality: Thai Address : |
185,237 |
23.15 |
|
Mrs.
Chintana Tantiponganant Nationality: Thai Address : |
105,707 |
13.21 |
|
Mr. Visarut Tantiponganant Nationality: Thai Address : |
50,000 |
6.25 |
|
Mr. Poom Tantiponganant Nationality: Thai Address : |
50,000 |
6.25 |
|
Ms.
Nitraporn Tantiponganant Nationality: Thai Address : |
50,000 |
6.25 |
|
Widhayakom Co.,
Ltd. Nationality: Thai Address : 66
Sukhumvit 21 Rd.,
Klongtoey, |
20,000 |
2.50 |
|
Mr. Chinawachara Tantiponganant Nationality: Thai Address : |
17,625 |
2.20 |
|
Other Shareholders |
125,431 |
15.69 |
Total Shareholders
46
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Vithita Suchitranuch No.
7408
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
204,998.28 |
323,200.53 |
|
Trade Accts. & Notes Receivable [note 1] |
55,319,153.75 |
69,331,765.13 |
|
Loan to Related
Company |
132,100,000.00 |
17,500,000.00 |
|
Inventories [note 2] |
10,358,193.14 |
26,837,098.76 |
|
Spare Parts |
3,709,921.48 |
3,428,052.09 |
|
Other Current Assets
|
25,374,094.41 |
16,157,703.61 |
|
Total Current
Assets |
227,066,361.06 |
133,577,820.12 |
|
Investment in Subsidiaries & Associated Company |
202,414,312.00 |
201,415,012.00 |
|
Fixed Assets [note 3] |
96,158,807.20 |
89,954,616.27 |
|
Other Assets |
166,913.27 |
166,913.27 |
|
Total Assets
|
525,806,393.53 |
425,114,361.66 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
1,121,472.22 |
655,336.03 |
|
Payable Trust Receipt |
143,329,887.88 |
171,077,247.09 |
|
Short Term Loan |
205,000,000.00 |
55,000,000.00 |
|
Trade Accts. Payable |
1,401,229.20 |
5,627,580.11 |
|
Current Portion of Long
Term Liabilities |
16,008,000.00 |
16,008,000.00 |
|
Other Current Liabilities |
5,255,524.22 |
3,505,300.73 |
|
Total Current
Liabilities |
372,116,113.52 |
251,873,463.96 |
|
Long Term Loan
from Bank |
45,316,000.00 |
61,324,000.00 |
|
Other Liabilities |
16,000.00 |
16,000.00 |
|
Total Liabilities |
417,448,113.52 |
313,213,463.96 |
|
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 800,000 shares |
80,000,000.00 |
80,000,000.00 |
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Statutory Reserve |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
20,358,280.01 |
23,900,897.70 |
|
Total
Shareholders' Equity |
108,358,280.01 |
111,900,897.70 |
|
Total
Liabilities & Shareholders' Equity |
525,806,393.53 |
425,114,361.66 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Services |
637,727,086.43 |
737,861,519.98 |
|
Other Income |
13,436,413.47 |
5,471,705.22 |
|
Total Revenues
|
651,163,499.90 |
743,333,225.20 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
604,073,844.76 |
680,173,441.68 |
|
Selling & Administrative Expenses |
24,624,631.75 |
30,062,727.69 |
|
Total Expenses |
628,698,476.51 |
710,236,169.37 |
|
Profit / [Loss] Before Interest
Expenses |
22,465,023.39 |
33,097,055.83 |
|
Interest Expenses |
[20,407,641.08] |
[13,997,895.34] |
|
Net Profit / [Loss] |
2,057,382.31 |
19,099,160.49 |
FINANCIAL NOTE
NOTE 1
Trade Accts. & Notes
Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Notes Receivable |
679,573.05 |
1,421,869.50 |
|
Trade Accts. Receivable Local |
53,402,476.30 |
67,083,329.30 |
|
Trade Accts. Receivable Foreign |
1,627,890.35 |
1,217,352.28 |
|
Total |
55,709,939.70 |
69,722,551.08 |
|
Less: Obsolescent
Stock |
[390,785.95] |
[390,785.95] |
|
Total
|
55,319,153.75 |
69,331,765.13 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
1,083,390.24 |
938,514.21 |
|
Works in Process |
234,910.00 |
- |
|
Goods in Transit |
- |
6,385,126.91 |
|
Finished Goods |
7,646,758.28 |
17,564,640.55 |
|
Material Supplies |
1,393,134.62 |
1,948,817.09 |
|
Total
|
10,358,193.14 |
26,837,098.76 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
47,360,364.98 |
47,360,364.98 |
|
Land Improvement |
3,377,257.70 |
3,277,257.70 |
|
Building & Construction |
56,864,127.66 |
44,179,754.68 |
|
|
4,949,171.05 |
4,949,171.05 |
|
Equipment & Machine |
103,265,998.46 |
103,259,698.46 |
|
Other |
34,584,204.59 |
37,671,246.96 |
|
Assets under Construction |
- |
1,716,000.00 |
|
Total |
250,401,124.44 |
242,413,493.83 |
|
Less: Depreciation |
[154,242,317.24] |
[152,458,877.56] |
|
Total
|
96,158,807.20 |
89,954,616.27 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[13.57] |
|
|
Operating Profit |
[21.47] |
|
|
Net Profit |
[89.23] |
|
|
Fixed Assets |
6.90 |
|
|
Total Assets |
23.69 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
94.72 |
92.18 |
|
Operating Profit Margin |
3.52 |
4.49 |
|
S & A
Expenses |
3.86 |
4.07 |
|
Interest Paid |
3.20 |
1.90 |
|
Other Revenues |
2.11 |
0.74 |
|
Net Profit Margin |
0.32 |
2.59 |
|
Earning Per Shares |
2.57 |
23.87 |
|
No. of Shares |
800,000 |
800,000 |
Net Sales was decreased by 13.57%, Operating Profit was decreased by 21.47%, Net Profit was decreased by 89.23%, Fixed Assets was increased by 6.90%, Total Assets was increased by 23.69%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.18%
to 94.72%, Operating
Profit Margin was
decreased from 4.49%
to 3.52%, S
& A Expenses
was decreased from
4.07% to 3.86%,
Interest Paid was increased
from 1.90% to
3.20%, Other Revenues
was increased from
0.74% to 2.11%,
Net Profit Margin
was decreased from
2.59% to 0.32%.
Earning Per Shares
was decreased from
23.87 baht per
share to 2.57
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.61 |
0.53 |
|
Quick - assets
ratio |
0.50 |
0.35 |
Current Ratio was
increased from 0.53
to 0.61, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick - assets
ratio was increased
from 0.35 to
0.50, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
3.85 |
2.80 |
|
Times Interest Earned |
1.10 |
2.36 |
D/E Ratio was
increased from 2.80
to 3.85, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
2.36 to 1.10,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
6.63 |
8.20 |
|
Total Assets Turnover |
1.21 |
1.74 |
|
Return on Assets |
0.39 |
4.49 |
|
Return on Equity |
1.90 |
17.07 |
|
Day's Payable |
0.79 |
2.75 |
|
Day’s Inventories |
5.85 |
13.09 |
|
Day’s Receivables |
31.23 |
33.83 |
Fixed Assets Turnover
was decreased from
8.20 times to 6.63 times,
Total Assets Turnover
was decreased from
1.74 times to
1.21 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 4.49
to 0.39, Return
on Equity was
decreased from 17.07
to 1.90, capacity
to use Assets
to make profit
was not good.
Day's Payable was
decreased from 3
days to 1
days, Day’s Inventories
was decreased from
14 days to
6 days, and
Day’s Receivables was
decreased from 34
days to 32
days.
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 |
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 |
|
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%)