MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
THAI UNION PAPER PUBLIC CO., LTD. |
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Registered Office : |
131
Moo 2, Poochaosamingprai Road, T.
Samrongklang, A. Phrapradaeng, Samutprakarn 10130,
Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
19.03.1969 |
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Com. Reg. No.: |
0107537000912 [Former : BOR.MOR.JOR. 338] |
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Legal Form : |
Public Limited
Company |
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Line of Business : |
Manufacturer wide
range of paper
products; white and
color printing paper,
writing paper, card
paper, paperboard, copy
paper, art paper,
coated paper and etc. |
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 |
Company Name
THAI UNION
PAPER PUBLIC CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 131 MOO 2, POOCHAOSAMINGPRAI ROAD, T.
SAMRONGKLANG, A. PHRAPRADAENG,
SAMUTPRAKARN 10130, THAILAND
TELEPHONE : [66] 2754-2100
FAX : [66] 2754-2118
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1969
REGISTRATION NO.
: 0107537000912 [Former : BOR.MOR.JOR. 338]
CAPITAL REGISTERED : BHT. 430,000,000
CAPITAL PAID-UP
: BHT. 430,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR. PAIBOON
PONGCHAIRERK, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 420
LINES OF
BUSINESS : PAPERS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
March 19, 1969
as a private limited company
under the name style THAI UNION PAPER CO., LTD. It was initially a
subsidiary company of The
Siam Pulp and
Paper Public Co.,
Ltd. which is
a member of The Siam Cement
Group of Companies.
At present,
the major shareholders are Nawaloha Bangpakong
Co., Ltd. and
The Siam Pulp
and Paper Public
Company Limited, with
held around 75%
and 25%, respectively, which are the
member of the
Siam Cement Group.
Later, subject
was listed on
the Stock Exchange
of Thailand and
changed its status
to be public company on
March 24, 1994.
It currently employs
420 staff.
In 1998,
subject was delisted
from The Stock
Exchange of Thailand.
The subject’s
registered address is
131 Moo 2, Poochaosamingprai Rd., Samrongklang, Phrapradaeng, Samutprakarn 10310, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
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Name |
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Nationality |
Age |
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Mr.
Somchart Barameechai |
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Thai |
56 |
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Mr. Paiboon
Pongchairerk |
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Thai |
56 |
|
Mr. Damri
Tanchewawong |
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Thai |
55 |
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Mr. Chavalit
Ekabutr |
|
Thai |
49 |
|
Mr. Yanyong
Putthapipat |
|
Thai |
57 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Paiboon Pongchairerk
is the Managing Director.
He is
Thai nationality with
the age of
56 years old.
Mr.
Vitsan Jirarattanasopa
is the Account Manager.
He is
Thai nationality.
Mr.
Jesada Saeliang
is the Factory Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activity is a
manufacturer wide range
of paper products;
white and color
printing paper, writing
paper, card paper,
paperboard, copy paper,
art paper, coated
paper and etc.
PRODUCTION CAPACITY
70,000 tons/year
PURCHASE
80% of
the raw materials;
pulp and chemicals
are purchased from
local suppliers, the
remaining 20% as well as machinery and
spare parts are
imported from United States of America, Japan,
Republic of China,
Singapore, Indonesia, Germany
and etc.
MAJOR SUPPLIERS
-
Modul Systeme Engineering AG. :
Germany
-
The Siam Pulp and Paper
Public Company Limited :
Thailand
-
Siam Cellulose Co.,
Ltd. :
Thailand
SALES [LOCAL]
70% of
its products is
sold locally by
Thai Paper Co.,
Ltd, and the
remaining 30% by
the subject.
PARENT COMPANY
Nawaloha
Bangpakong Co., Ltd.
Address
: 1
Siam Cement Road,
Bangsue, Bangkok 10800
ASSOCIATED/RELATED COMPANIES
The Siam Cement
Group [Pulp &
Paper Business]
- Siam Pulp & Paper Public
Co., Ltd.
Business Type: Manufacturer of
pulps & papers
-
Siam Cellulose Co.,
Ltd.
Business Type: Manufacturer of
bleached pulp.
-
Thai Paper Co., Ltd.
Business Type: Manufacturer &
distributor of papers.
-
Siam Kraft Industry Co., Ltd.
Business Type: Manufacturer &
distributor of kraft
paper.
-
Thai Kraft Paper Industry Co.,
Ltd.
Business Type: Manufacturer &
distributor of kraft
paper
- &
Etc.
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 30-60-90 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 negotiated term.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
[Poochaosamingprai Branch : Poochaosamingprai Rd.,
Phrapradaeng, Samutprakarn]
Bangkok
Bank Public Co.,
Ltd.
[Poochaosamingprai Branch : Poochaosamingprai Rd.,
Phrapradaeng, Samutprakarn]
Bank
of Ayudhya Public Co., Ltd.
[Head Office : 1222 Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok 10120]
EMPLOYMENT
The subject
employs approximately 420 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
an industrial area.
COMMENT
It expected
that domestic demand for
printing paper and
white paper this
year would increased
from 2006 around 20-25% ,
as well as
export volume would
also significantly increased
due to strong demand in international markets.
The main
productions for this
year were specific
for white, printing
paper, high quality
paper such as
bond paper and
light weight coated
paper.
However, in
the first quarter of 2006 demand for paper had
ultimately increased from the
General Election.
The subject
still maintains its
healthy sales in
the past year.
Key
players of Thailand
Paper Industry.
1. Central
Paper Industry Co.,
Ltd.
2. Advance
Agro Public Co.,
Ltd.
3. Thai
Union Paper Co.,
Ltd.
4. Hi - Tech
Paper Co., Ltd.
5. Sri
Siam Paper Co.,
Ltd.
6. Thai
Paper Products Co.,
Ltd.
7. Thai
Union Paper Public
Co., Ltd.
8. Burapa
Industry Co., Ltd.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 430 million,
divided into 43,000,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
[as at March 14,
2006]
|
NAME |
HOLDING |
% |
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Nawaloha
Bangpakong Co., Ltd. Nationality:
Thai Address : 1 Siam Cement Rd., Bangsue,
Bangkok 10800 |
32,229,348 |
74.95 |
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The
Siam Pulp & Paper
Public Co., Ltd. Nationality:
Thai Address : 1 Siam Cement Rd.,
Bangsue, Bangkok 10800 |
10,750,000 |
25.00 |
|
Others |
20,652 |
0.05 |
Total
Shareholders : 47
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Pisith
Chewaruengroj No. 2803
BALANCE SHEET [BAHT]
The latest financial figures
published as at
December 31, 2005 & 2004 were :
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
Hand |
5,172,487 |
2,535,872 |
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Trade Accts. Receivable |
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Related Companies |
39,697,131 |
21,056,357 |
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-
Others |
182,992,066 |
229,825,679 |
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Short Term
Loan to Parent
Companies & Related
Company |
94,544,017 |
3,625,253 |
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Inventories |
392,384,329 |
284,925,306 |
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Other Current
Assets |
6,916,668 |
9,974,274 |
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Total
Current Assets |
721,706,698 |
551,942,741 |
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Investment in
Parent Company |
- |
456,289,080 |
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Fixed
Assets |
296,114,183 |
312,325,231 |
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Deferred Income
Tax |
73,182 |
- |
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Other
Assets |
6,961,008 |
55,737,699 |
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Total
Assets |
1,024,855,071 |
1,326,294,751 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
314,926 |
715,107 |
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Trade Accts.
Payable |
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-
Related Companies |
68,189,262 |
65,577,550 |
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-
Others |
112,628,731 |
129,509,925 |
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Account Payable
& Short-term Loan
from Related
Companies |
17,233,450 |
367,190,379 |
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Accrued Expenses |
1,204,439 |
16,154,238 |
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Accrued Income
Tax |
11,719,715 |
35,203,968 |
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Other Current
Liabilities |
1,818,164 |
1,774,896 |
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Total Current Liabilities |
213,108,687 |
616,126,063 |
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Shareholders' Equity |
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Share Capital
: Baht. 10
par value authorized issued and fully
paid share capital 43,000,000 shares |
430,000,000 |
430,000,000 |
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Capital Paid |
430,000,000 |
430,000,000 |
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Retained Earning
Appropriated for Statutory Reserve |
43,000,000 |
43,000,000 |
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General
Reserve |
10,000,000 |
10,000,000 |
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Unappropriated |
328,746,384 |
227,168,688 |
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Total Shareholders' Equity |
811,746,384 |
710,168,688 |
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Total Liabilities & Shareholders' Equity |
1,024,855,071 |
1,326,294,751 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
2,294,300,821 |
2,423,554,206 |
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Gain from Exchange Rate |
995,579 |
[245,512] |
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Other Income |
8,831,591 |
11,413,835 |
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Total
Revenues |
2,304,127,991 |
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Expenses |
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Cost of
Goods Sold |
2,034,172,525 |
2,100,830,062 |
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Selling
Expenses |
53,963,486 |
53,363,026 |
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Administration Expenses |
51,551,461 |
47,479,894 |
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Total Expenses
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2,139,687,472 |
2,201,672,982 |
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Profit
/ [Loss] from Operation |
164,440,519 |
233,049,547 |
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Interest Expenses |
[20,142,955] |
[28,440,890] |
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Income
Tax |
[42,719,868] |
[60,973,424] |
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Net
Profit / [Loss] |
101,577,696 |
143,635,233 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[5.33] |
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Operating |
[25.46] |
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Net Profit |
[29.28] |
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Fixed Assets |
[5.19] |
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Total Assets |
[22.73] |
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Profitability |
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Cost of
Goods Sold |
88.66 |
86.68 |
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Operating Profit
Margin |
7.17 |
9.62 |
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S&A expenses |
4.60 |
4.16 |
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Interest |
0.88 |
1.17 |
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Other Revenues |
0.43 |
0.46 |
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Net Profit
Margin |
4.43 |
5.93 |
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Earning Per
Shares |
2.36 |
3.34 |
|
No. of
Shares |
43,000,000 |
43,000,000 |
Net Sales was
decreased by 5.33%,
Operating Profit was
decreased by 25.46%,
Net Profit was
decreased by 29.28%,
Fixed Assets was
decreased by 5.19%,
Total Assets was
decreased by 22.73%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
86.68% to 88.66%,
Operating Profit Margin
was decreased from
9.62% to 7.17%,
S & A
Expenses were increased
from 4.16% to
4.60%, Interest Paid
was decreased from
1.17% to 0.88%,
Other Revenues was
decreased from 0.46%
to 0.43%, Net
Profit Margin was
decreased from 5.93%
to 4.43%.
Earning Per
Shares was decreased
from 3.34 baht
per share to
2.36 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
3.39 |
0.90 |
|
Quick
- assets ratio |
1.51 |
0.42 |
Current Ratio
was increased from
0.90 to 3.39,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.42 to 1.31,
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 |
0.26 |
0.87 |
|
Times Interest
Earned |
8.16 |
8.19 |
D/E Ratio was
decreased from 0.87
to 0.26, 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 8.19 to
8.16, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
7.75 |
7.76 |
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Total Assets
Turnover |
2.24 |
1.83 |
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Return on
Assets |
9.91 |
10.83 |
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Return on
Equity |
12.51 |
20.23 |
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Day’s Payable |
17.67 |
19.24 |
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Day’s Inventories |
61.57 |
42.32 |
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Days’ Receivables |
28.71 |
34.14 |
Fixed Assets Turnover
was decreased from
7.76 times to
7.75 times, Total
Assets Turnover was
increased from 1.83
times to 2.24
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 10.83 to
9.91, Return on
Equity was decreased
from 20.23 to
12.51, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was decreased from
20 days to
18 days, while
Day’s Inventories was
increased from 43
days to 62
days, but Day’s
Receivables was decreased
from 35 days
to 29 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 |
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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 |
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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