MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TAC SIAM CORP. LTD |
|
|
|
|
Registered Office : |
170/1 Moo 17, Theparak Road, Bangsaothong, King A. Bangsaothong, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
2006 |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
Com. Reg. No.: |
0105521009131 [Former
: 915/2521] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing
of Chains and
Sprockets for Motorcycle |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
US$
15,000,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
TAC SIAM CORP. LTD.
SUMMARY
BUSINESS ADDRESS : 170/1 MOO 17, THEPARAK ROAD, BANGSAOTHONG,
KING A. BANGSAOTHONG, SAMUTPRAKARN 10540
TELEPHONE : [66] 2705-3500
FAX : [66] 2315-1136, 2315-1022
E-MAIL ADDRESS : export@osaki.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1978
REGISTRATION NO. : 0105521009131 [Former : 915/2521]
CAPITAL REGISTERED : BHT. 44,000,000
CAPITAL PAID-UP : BHT. 44,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SARAWUTH LIMPANACHAIPORNKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 240
LINES OF BUSINESS : MOTORCYCLE PARTS
MANUFACTURER, DISTRIBUTOR AND 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 June 7, 1978 as a limited company under the registered name “S and C Industry Co., Ltd.” by Thai groups. On August 19, 2005, subject has changed its name to be TAC SIAM CORP. LTD. Its business objective is a manufacturer and distributor of motorcycle parts to both domestic and international markets. It currently employs approximately 240 staff.
The subject’s registered address is 170/1 Moo 17, Theparak Rd., Bangsaothong, Samutprakarn 10540, and this is the subject’s current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sarawuth Limpanachaipornkul |
|
Thai |
37 |
|
Mr. Pichai Pirachvisuth |
|
Thai |
34 |
AUTHORIZED PERSON
Both of the above directors can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Sarawuth Limpanachaipornkul is the Managing Director.
He is Thai nationality with the age of 37 years old.
Mr. Charan Suwanmanee is the Factory Manager.
He is Thai nationality.
Mr. Kamphon Khayaikijjakarn is the Sales Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing of chains and sprockets for motorcycle.
BRAND NAME
“OSAKI”
PURCHASE
Raw materials and components are purchased from suppliers both domestic and overseas, mainly in Japan, Republic of China, France, Germany and Australia.
SALES
80% of the products is sold locally by wholesale to dealers, manufacturers and end-users, the remaining 20% is exported to Japan, Taiwan, Korea, India, Germany and France.
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 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.
Bankthai Public Co., Ltd.
EMPLOYMENT
The subject employs approximately 240 staff.
LOCATION DETAILS
The premise is owned for administrative office and factory at the heading address. Premise is located in industrial area.
REMARK
CREDIT OF US$ 15,000,000 SHOULD BE ON SECURED BASIS ONLY.
COMMENT
Domestic demand of motorcycle parts remains strong especially chain and sprockets. Not only motorcycle assembling but repairing segment also spurred demand of the company’s products.
The subject’s business performance is good and trend is expanding steadily.
FINANCIAL INFORMATION
The capital was registered at Bht. 2,200,000 divided into 22,000 shares of Bht. 100 each.
The capital was increased later as following:
Bht. 4,400,000 on November 15, 1988
Bht. 44,000,000 on September 13, 2005
The latest registered capital was increased to Bht. 44,000,000 divided into 440,000 shares of Bht. 100 each with fully paid.
MAIN SHAREHOLDERS : [as at October
1,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
LSC Intertrade Co., Ltd. Nationality: Thai Address : 46 Bangyeekhan, Bangplad, Bangkok |
106,692 |
24.25 |
|
Mr. Pichai Pirachvisuth Nationality: Thai Address : 63 Ladprao 64 Rd., Wangthonglang, Bangkok |
54,000 |
12.27 |
|
Ms. Chuleeporn Pirachvisuth Nationality: Thai Address : 63 Ladprao 64 Rd., Wangthonglang, Bangkok |
53,000 |
12.04 |
|
Mrs. Pojanee Pirachvisuth Nationality: Thai Address : 63 Ladprao 64 Rd., Wangthonglang, Bangkok |
53,000 |
12.04 |
|
Mr. Cherdsak Pirachvisuth Nationality: Thai Address : 347/2 Phaholyothin Rd., Samsennai, Phyathai, Bangkok |
24,775 |
5.63 |
|
Mr. Phensri Pirachvisuth Nationality: Thai Address : 63 Ladprao 64 Rd., Wangthonglang, Bangkok |
23,000 |
5.23 |
|
Mr. Methee Limpanachaipornkul Nationality: Thai Address : 458 Charansanitwong Rd., Bangyikhan, Bangkoknoi, Bangkok |
21,667 |
4.92 |
|
Master Waisith Limpanachaipornkul Nationality: Thai Address : 36/72 Charansanitwong Rd., Bangyikhan, Bangkoknoi, Bangkok |
21,666 |
4.92 |
|
Master Veerayos Limpanachaipornkul Nationality: Thai Address : 36/72 Charansanitwong Rd., Bangyikhan, Bangkoknoi, Bangkok |
21,666 |
4.92 |
|
Others |
60,534 |
13.78 |
Total Shareholders : 21
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Prayuth Vibulsirichai
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand & at Bank |
1,606,923.92 |
1,161,383.12 |
|
Short Term Investment |
2,785,741.66 |
2,020,238.93 |
|
Trade Accts. Receivable |
27,620,637.10 |
55,075,549.92 |
|
Short Term Loan to Related Person |
10,000,000.00 |
10,000,000.00 |
|
Inventories |
49,941,988.95 |
41,833,295.70 |
|
Other Current Assets |
1,043,773.75 |
2,443,898.45 |
|
Total Current Assets |
92,999,065.38 |
112,534,366.12 |
|
Other Long Term Investment |
140,600.00 |
1,140,600.00 |
|
Fixed Assets |
38,483,565.74 |
45,410,556.17 |
|
Total Assets |
131,623,231.12 |
159,085,522.29 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short Term Loan from Financial Institute |
51,868,564.66 |
67,249,369.99 |
|
Trade Accts. Payable |
36,311,909.52 |
38,606,101.80 |
|
Current Portion of Long Term Loans |
1,980,000.00 |
197,465.22 |
|
Current Portion of Hire-purchase Payable |
987,712.20 |
539,214.96 |
|
Other Current Liabilities |
4,294,737.06 |
7,048,360.94 |
|
Total Current Liabilities |
95,442,923.44 |
113,640,512.91 |
|
Long Term Loan |
4,137,232.67 |
11,040,686.59 |
|
Hire-purchase Payable Net of Current Portion |
1,111,327.06 |
627,282.38 |
|
Total Liabilities |
100,691,483.17 |
125,308,481.88 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value authorized, issued and fully paid share capital 440,000 shares |
44,000,000.00 |
44,000,000.00 |
|
Capital Paid |
44,000,000.00 |
44,000,000.00 |
|
Retained Earning - Unappropriated |
[13,068,252.05] |
[10,222,959.59] |
|
Total Shareholders' Equity |
30,931,747.95 |
33,777,040.41 |
|
Total Liabilities & Shareholders' Equity |
131,623,231.12 |
159,085,522.29 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
239,207,741.57 |
137,415,422.73 |
|
Other Income |
3,894,818.61 |
1,679,204.72 |
|
Total Revenues |
243,102,560.18 |
139,094,627.45 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
210,184,564.79 |
124,530,170.54 |
|
Selling & Administrative Expenses |
28,482,755.40 |
10,3958,524.45 |
|
Total Expenses |
238,667,320.19 |
134,925,694.99 |
|
Profit / [Loss] Before Interest Expenses & Income Tax |
4,435,239.99 |
4,168,932.46 |
|
Interest Expenses |
[6,645,919.63] |
[4,002,205.77] |
|
Income Tax |
[634,612.82] |
[337,990.00] |
|
Net Profit / [Loss] |
[2,845,292.46] |
[171,263.31] |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
74.08 |
|
|
Operating Profit |
[102.85] |
|
|
Net Profit |
[1,561.36] |
|
|
Fixed Assets |
[15.25] |
|
|
Total Assets |
[17.26] |
|
|
Profitability |
|
|
|
Cost of Good Sold |
87.87 |
90.62 |
|
Operating Profit Margin |
1.85 |
[65.05] |
|
S & A Expenses |
11.91 |
75.65 |
|
Interest Paid |
2.78 |
2.91 |
|
Other Revenues |
1.63 |
1.22 |
|
Net Profit Margin |
[1.19] |
[0.12] |
|
Earning Per Shares |
[6.47] |
[0.39] |
|
No. of Shares |
440,000 |
440,000 |
Net Sales was increased by 74.08%, Operating Profit was decreased by 102.85%, Net Profit was decreased by 1,561.36%, Fixed Assets was decreased by 15.25%, Total Assets was decreased by 17.26%.
Compare each cost with sales, Cost of Good Sold was decreased from 90.62% to 87.87%, Operating Profit Margin was increased from -65.05% to 1.85%, S & A Expenses was decreased from 75.65% to 11.91%, Interest Paid was decreased from 2.91% to 2.78%, Other Revenues was increased from 1.22% to 1.63%, Net Profit Margin was decreased from -0.12% to -1.19%.
Earning Per Shares was decreased from -0.39 baht per share to -6.47 baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.97 |
0.99 |
|
Quick-Assets Ratio |
0.44 |
0.60 |
Current Ratio was decreased from 0.99 to 0.97, show Current Assets can not cover Current Liabilities, Liquidity Ratio of the company was not good, Quick-Assets Ratio was decreased from 0.60 to 0.44, capacity to pay Short Term Loan was not good too, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
3.26 |
3.71 |
|
Times Interest Earned |
0.67 |
[22.34] |
D/E Ratio was decreased from 3.71 to 3.26, show the company had fund from Loan more than fund from Equity, investment risked of the company is high, Times Interest Earned was increased from -22.34 to 0.67, capacity to pay interest paid was not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
6.22 |
3.03 |
|
Total Assets Turnover |
1.82 |
0.86 |
|
Return on Assets |
[2.16] |
[0.11] |
|
Return on Equity |
[9.20] |
[0.51] |
|
Day's Payable |
54.65 |
101.14 |
|
Day’s Inventories |
75.16 |
109.59 |
|
Day’s Receivables |
41.57 |
144.29 |
Fixed Assets Turnover was increased from 3.03 times to 6.22 times, Total Assets Turnover was increased from 0.86 times to 1.82 times, show the company could use Assets so efficiently, Return on Assets was decreased from -0.11 to -2.16, Return on Equity was decreased from -0.51 to -9.20, capacity to use Assets to make profit was not good.
Day's Payable was decreased from 102 days to 55 days, Day’s Inventories was decreased from 110 days to 76 days, and Day’s Receivables was decreased from 145 days to 42 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. |
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%)