MIRA
INFORM REPORT
|
Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI TORAY SYNTHETICS CO., LTD. |
|
|
|
|
Registered Office : |
4th, 6th
Floor, Bubhajit Building, 20 North Sathorn
Road, Silom, Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1991 |
|
|
|
|
Com. Reg. No.: |
0105534035411 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing wide range of
synthetic fibers and related
products. The products are nylon, polyester, plastic
resin and plastic
films. |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name
THAI TORAY SYNTHETICS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 4th, 6th FLOOR, BUBHAJIT BUILDING,
20 NORTH SATHORN
ROAD, SILOM,
BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2266-6596
FAX : [66] 2236-1700
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534035411
CAPITAL
REGISTERED : BHT.
3,078,141,300
CAPITAL
PAID-UP : BHT.
3,078,141,300
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. TOMOYUKI AOKI,
JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 780
LINES OF
BUSINESS : SYNTHETIC FIBER AND RELATED
PRODUCTS
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 April 17,
1991 as a
private limited company,
under the originally
registered name “Toray
Fibers [Thailand] Limited”, by a joint
venture between Thai
and Japanese groups.
On October 1,
2003, subject was
changed its name
to be THAI TORAY SYNTHETICS
CO., LTD. Its
business objective is
a manufacture and
distributor of synthetic fibers
and related products
for various industries. It also achieved
promotional privilege from
Board of Investment
[BOI], Thailand. The
subject currently employs
approximately 780 staff.
The
major shareholders are
Toray Industries, Inc.,
Japan, Luckytex [Thai]
Public Co., Ltd. and
Mitsiam International Co.,
Ltd., Thailand, which
are holding around
70.77%, 18.75% and
8.35% of the subject’s
total shares respectively.
The
subject’s registered address
is 20 North Sathorn Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tomoyuki Aoki |
[x] |
Japanese |
62 |
|
Mr. Norio Kurobe |
[x] |
Japanese |
43 |
|
Mr. Kazuhiro Tohge |
[x] |
Japanese |
47 |
|
Mr. Hiroshi Fukazawa |
[x] |
Japanese |
50 |
|
Mr. Kazuhiko Miyaishi |
[x] |
Japanese |
50 |
|
Mr. Prateep Thavara |
|
Thai |
59 |
|
Mr. Yasuo Yamashita |
|
Japanese |
62 |
|
Mr. Tetsuro Fujita |
[x] |
Japanese |
59 |
|
Mr. Akio Yamamoto |
|
Japanese |
55 |
|
Mr. Vithaya Mekanont |
|
Thai |
68 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tomoyuki Aoki
is the Managing Director.
He is Japanese nationality with
the age of
62 years old.
Mr. Kazuhiro Tohge
is the Sales Manager [Fibers].
He is Japanese nationality with
the age of
47 years old.
Mr. Hiroshi Fukazawa
is the Sales Manager [Plastic].
He is Japanese nationality with
the age of
50 years old.
Mr. Kazuhiko Miyaishi
is the Factory Manager.
He is Japanese nationality with
the age of
50 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing wide range of
synthetic fibers and related
products. The products are nylon, polyester, plastic
resin and plastic
films.
PURCHASE
Raw materials are
purchased from local
suppliers both domestic
and overseas, such
as Japan, Germany,
Republic of China,
Taiwan, Singapore and
India.
MAJOR SUPPLIER
Toray Industries Inc. : Japan
SALES
60% of the products is
sold locally by
wholesale to manufacturers and end-users, the remaining 40%
is exported to
the countries in Europe,
Asia and U.S.A.
SUBSIDIARY AND
AFFILIATED COMPANIES
B. M. Transportation & Trading Co.,
Ltd.
Business Type :
Transportation service.
Vietnam TNT
Fibers Co., Ltd.
Business Type :
Manufacturer and distributor
of synthetic fibers.
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
Mitsuho Bank Corporate
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 780 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
prime commercial area.
Factories
are located at:
Factory
I : 112 Ramindra Rd.,
Bangkhen, Bangkok 10220.
Factory
II : 99 Moo 1,
Hi-Tech Industrial Estate,
Bangpa-in, Ayuthaya 13160.
Factory
III : 33/3 Moo
3, Sukhapibal Rd.,
Nakornchaisri, Nakornpathom 73120.
COMMENT
The subject
is the leading manufacturer of synthetic fiber
products in the
country. Its products
have been used
as raw material by various
industries both domestic
and export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100
each.
The
capital was increased
and decreased later
as following:
Bht. 2,000,000,000 on June 1,
1998
Bht. 2,700,000,000 on July 21,
2003
Bht. 1,461,791,300 on November 7,
2003 [Decreased]
Bht. 2,378,141,300 on November 10,
2003
Bht. 3,078,141,300 on July 1,
2005
The
latest registered capital
was increased to
Bht. 3,078,141,300 divided
into 30,781,413 shares
of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS : [as
at April 26,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toray Industries, Inc. Nationality: Japanese Address : Toray
Bldg., 2-1 Nihonbashi-Muromashi 2 Chome, Shuo-ku,
Tokyo, Japan |
21,783,650 |
70.77 |
|
Luckytex [Thai]
Public Co., Ltd. Nationality: Thai Address : 20
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
5,771,838 |
18.75 |
|
Mitsiam International Co., Ltd. Nationality: Thai Address : 175
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
2,571,520 |
8.35 |
|
Educational and
Social Welfare Foundation Nationality: Thai Address : 14
Surasak Rd., Bangrak,
Bangkok |
210,778 |
0.68 |
|
Thai Toray
Textile Mills Public
Co., Ltd. Nationality: Thai Address : 20
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
95,561 |
0.31 |
|
C R Holding
Co., Ltd. Nationality: Thai Address : 61
Sukhumvit 19 Rd.,
Prakanong, Bangkok |
81,847 |
0.27 |
|
Others |
266,219 |
0.87 |
Total Shareholders
54
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Kalyarat Chaivorapongsa No. 3460
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
195,459,991 |
109,199,599 |
|
Short-term Investment |
3,012,681 |
3,007,491 |
|
Trade Accts. Receivable |
1,348,907,065 |
1,501,195,355 |
|
Inventories |
1,573,523,171 |
1,518,341,696 |
|
Other Current Assets
|
248,258,244 |
271,663,305 |
|
|
|
|
|
Total Current
Assets |
3,369,161,152 |
3,403,407,446 |
|
Investment accounted for
under Equity Method |
14,917,939 |
21,991,571 |
|
Other Long-term Investment |
49,661,820 |
59,013,900 |
|
Fixed Assets |
3,890,135,236 |
4,171,091,151 |
|
Intangible Asses |
178,880,586 |
158,022,337 |
|
Other Assets |
27,695,330 |
30,586,551 |
|
Total Assets |
7,530,452,063 |
7,844,112,956 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from
Bank |
3,185,000,000 |
3,395,000,000 |
|
Trade Accts. Payable |
657,730,545 |
763,324,058 |
|
Other Payable |
151,578,395 |
172,307,618 |
|
Other Current Liabilities |
57,955,692 |
65,653,506 |
|
|
|
|
|
Total Current
Liabilities |
4,052,264,632 |
4,396,285,182 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 30,781,413 shares |
3,078,141,300 |
3,078,141,300 |
|
|
|
|
|
Capital Paid |
3,078,141,300 |
3,078,141,300 |
|
Reserve for Conversion of Financial
Transaction |
[3,097,568] |
[49,732] |
|
Change in
Fair Value |
[18,953,280] |
[9,601,200] |
|
Retained Earning Appropriated for
Statutory Reserve
|
13,718,619 |
- |
|
Unappropriated |
408,378,360 |
379,337,406 |
|
Total
Shareholders' Equity |
3,478,187,431 |
3,447,827,774 |
|
Total
Liabilities & Shareholders' Equity |
7,530,452,063 |
7,844,112,956 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
7,794,001,438 |
7,472,730,739 |
|
Export Compensation &
Refundable Import Duty |
90,460,903 |
96,687,218 |
|
Other Income |
57,449,156 |
98,975,893 |
|
Share of Profit
from Investment accounted
for under Equity
Method |
- |
395,575 |
|
Total Revenues
|
7,941,911,497 |
7,668,789,425 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,321,721,360 |
6,898,883,908 |
|
Selling & Administrative Expenses |
362,991,220 |
370,452,042 |
|
Cost of New
Products Experiment |
21,265,093 |
8,736,714 |
|
Share of Loss
from Investment accounted for under Equity
Method |
4,025,796 |
488,690 |
|
Total Expenses |
7,710,003,469 |
7,278,561,354 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
231,908,028 |
390,228,071 |
|
Interest Expenses |
[158,367,042] |
[115,855,688] |
|
|
|
|
|
Net Profit / [Loss] |
73,540,986 |
274,372,383 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
4.30 |
|
|
Operating Profit |
[38.27] |
|
|
Net Profit |
[73.20] |
|
|
Fixed Assets |
[6.74] |
|
|
Total Assets |
[4.00] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.94 |
92.32 |
|
Operating Profit Margin |
3.30 |
5.35 |
|
S & A
Expenses |
4.66 |
4.96 |
|
Interest Paid |
2.03 |
1.55 |
|
Other Revenues |
1.90 |
2.62 |
|
Net Profit Margin |
0.94 |
3.67 |
|
Earning Per Shares |
2.39 |
8.91 |
|
No. of Shares |
30,781,413 |
30,781,413 |
Net Sales was
increased by 4.30%,
Operating Profit was
decreased by 38.27%,
Net Profit was
decreased by 73.20%,
Fixed Assets was
decreased by 6.74%,
Total Assets was
decreased by 4.00%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.32%
to 93.94%, Operating
Profit Margin was
decreased from 5.35%
to 3.30%, S
& A Expenses
was decreased from
4.96% to 4.66%,
Interest Paid was increased
from 1.55% to
2.03%, Other Revenues
was decreased from
2.62% to 1.90%,
Net Profit Margin
was decreased from
3.67% to 0.94%.
Earning Per Shares
was decreased from
8.91 baht per
share to 2.39
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.83 |
0.77 |
|
Quick-Assets Ratio |
0.38 |
0.37 |
Current Ratio was
increased from 0.77
to 0.83, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.37 to 0.38,
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 |
1.17 |
1.28 |
|
Times Interest Earned |
1.62 |
3.45 |
D/E Ratio was
decreased from 1.28
to 1.17, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
3.45 to 1.62,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.00 |
1.79 |
|
Total Assets Turnover |
1.03 |
0.95 |
|
Return on Assets |
0.98 |
3.50 |
|
Return on Equity |
2.11 |
7.96 |
|
Day's Payable |
30.38 |
36.77 |
|
Day’s Inventories |
72.68 |
73.15 |
|
and Day’s Receivables |
62.31 |
72.32 |
Fixed Assets Turnover
was increased from
1.79 times to
2.00 times, Total
Assets Turnover was
increased from 0.95
times to 1.03
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
3.50 to 0.98,
Return on Equity
was decreased from
7.96 to 2.11,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 37
days to 31
days, Day’s Inventories
was decreased from
74 days to
73 days, and
Day’s Receivables was
decreased from 73
days to 63
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%)