MIRA
INFORM REPORT
|
Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
HIANG
SENG FIBRECONTAINERCO., LTD. |
|
|
|
|
Registered Office : |
389 Rimthangrodfai -Chongnonsee Road,
Klongtoey, Prakanong, Bangkok
10110, Thailand |
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2005 |
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|
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Date of Incorporation : |
31.05.1968 |
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Com. Reg. No.: |
0105511002819 [Former : 341/2511] |
|
|
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Legal Form : |
Private
Limited Company |
|
|
|
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Line of Business : |
Manufacturer
of a wide range of paper and paper
container products. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
HIANG
SENG FIBRE CONTAINER CO., LTD.
SUMMARY
ADDRESS : 389 RIMTHANGRODFAI - CHONGNONSEE
ROAD,
KLONGTOEY,
PRAKANONG,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2249-0251-4
FAX : [66] 2249-5713
E-MAIL ADDRESS : sumbum@hsfc.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION NO. : 0105511002819 [Former : 341/2511]
CAPITAL REGISTRED : BHT. 950,000,000
CAPITAL PAID-UP : BHT. 950,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER
31
LEGAL STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SARANYOO
TEJAVIBULYA, THAI
MANAGING
DIRECTOR
NO.
OF STAFF : 1,500
LINES
OF BUSINESS : PAPER & PAPER CONTAINER
PRODUCTS
MANUFACTURER, DISTRIBUTOR &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The subject
was established on May 31, 1968 as a private limited company under the
name “Siam Container [Hiang
Seng] Co., Ltd.,”
by Tejavibulya family.
On September 9,
1968 the name
was changed to
HIANG SENG FIBRE CONTAINER CO., LTD.
It is one of the
major paper manufacturers in Thailand. It
currently employs 1,500
staff.
The subject
received the promotional
privilege from the
Board of Investment
and achieved ISO 9002
in 2000 and
ISO 9001 : 2000 by BVQI
in 2002.
The subject’s
registered address is
389
Rimthangrodfai-Chongnonsee
Rd., Klongtoey, Prakanong,
Bangkok 10100, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr.
Chotinond Tejavibulya |
Thai |
32 |
|
Mr. Saranyoo
Tejavibulya [x] |
Thai |
41 |
|
Mrs.
Rapeepun Tejavibulya [x] |
Thai |
43 |
|
Ms.
Wannaporn Tejavibulya |
Thai |
33 |
AUTHORIZED PERSON
One
of the mentioned directors [x]
can jointly sign with one
of the rest directors on
behalf of the subject with company’s affixed.
MANGEMENT
Mr. Saranyoo Tejavibulya is the Managing Director.
He is
Thai nationality with
the age of
41 years old.
Mr.
Somboon Peeratanakul is
the Marketing Manager.
He is
Thai nationality.
Mr. Dulpat
Mahatthanapanich is the Assistant Managing Director.
He is
Thai nationality.
Mr. Boonsong Suparkarapongkul
is the Senior Sales Manager
[Samutprakarn].
He is
Thai nationality.
Mr.
Songyos Triwatanachaikul is the Sales
Manager [Klongtoey].
He is
Thai nationality.
Mr.
Samrej Siew-Sakul
is the Assistant Plant
Manager [Factory 1 & Factory 4].
He is
Thai nationality.
Mr.
Sophonchai Kluesirikul
is the Factory Manager [Factory
2 & Factory
3].
He is
Thai nationality.
Mr. Veerachai
Sirivongrangsan is
the Factory Manager
[Factory 5].
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activity is manufacturer of a wide range of
paper and paper
container products as
follows:
1.
Kraft Liner Paper:
Used in
the production of corrugated
board cartons.
2.
Extensible Sack
Kraft Paper:
Used for
manufacture of cement,
animal food, plastics and
chemicals sack industries.
3.
Corrugated Medium
Paper :
Used in
the manufacture of
corrugated board between
the exterior Kraft
Liner
Paper.
4.
Corrugated Sheet Board :
The products
are single, double
and triple walled
corrugated board sheeting.
5.
Corrugated Cartons :
Two kinds
of corrugated carton
or boxes, slotted
cartons, and die
cut cartons.
6.
Multi-wall Sack :
Three, four
and five layer
Multi-wall Sack Kraft Paper
Bags for the
cement, animal
food, plastics
and chemicals industries.
7.
Gummed Paper Tape :
This products
is primarily used
for sealing corrugated
board cartons and boxes.
8.
Paste Value Paper and
Sub Bag Paper
Tape :
The paper
used to seal
the bass of
multi-wall sack Kraft paper
bags (Sub
Paper
Tape). These products are
primarily used in
the manufacture of
cement sacks.
9.
Cut Sheet Printing
& Writing Paper.
PURCHASE
50%
of raw materials, paper pulp are
imported from United States of
America, Germany, Japan, Taiwan & Singapore, the remaining
is purchased from
local suppliers and agents.
MAJOR SUPPLIERS
- Panjapol Pulp Industry Public Co., Ltd.,
Thailand
Products : Paper pulp products
- Panjapol
Paper Industry Co., Ltd., Thailand
Products : Paper pulp products
SALES
90%
of the products is
sold directly to wholesalers in local markets
around 400 customers. The remaining 10% is
exported to overseas
customers in Asian
Countries of over
50 customers in
Singapore, Hong Kong, India,
Japan, Korea, Indonesia,
Philippine, Republic of
China and Taiwan.
MAJOR CUSTOMERS
- Procter and
Gamble Manufacturing [Thailand]
Ltd.
Business Type : Manufacturer & distributor
of consumer products
- Unilever
Thai Holdings Ltd.
Business Type : Manufacturer of consumer products
- Siam City Cement Public Co., Ltd.
Business Type : Manufacturer of cement
- Jalaprathan Cement Public Co., Ltd.
Business Type : Manufacturer of cement
- Pepsi - Cola Thai Trading Co., Ltd.
Business Type : Distributor of soft
drink concentrate
- Beer
Thai [1991] Co., Ltd.
Business Type : Distributor of beer
products
- Thai
President Foods Co., Ltd.
Business Type: Manufacturer of
consumer products
- Colgate-Palmolive [Thailand] Co., Ltd.
Business Type :
Manufacturer of consumer
products
- Thai Preserved Food Factory Co., Ltd.
Business Type : Manufacturer of consumer
products
- Saha
Pathanapibul Public Co., Ltd.
Business Type : Manufacturer of
consumer products
- Malee
Sampran Public Co., Ltd.
Business Type : Manufacturer of fruit
juice
- Boonrawd
Brewery Co., Ltd.
Business Type : Manufacturer of beer
- Carlsberg
Brewery [Thailand] Ltd.
Business Type : Manufacturer of
beer
- etc.
AFFILIATED COMPANY
- Panjapol
Pulp Industry Public
Co., Ltd.
Business
Type: Manufacturer of paper
pulp
Address
: 44th Floor UCB
Building, 323 Silom
Rd., Bangrak, Bangkok
10500
- Panjapol
Paper Industry Co., Ltd.
Business Type : Manufacturer of
paper pulp
Address : 44th Floor
UCB Building 323
Silom Rd., Bangrak,
Bangkok 10500
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, D/A
& T/T.
Exports are
against L/C at
sight & T/T.
BUSINESS TRANSACTION
In
term of sales,
the products are
sold mainly to
local customers with
the maximum credit
given at 30-60 days, and the
remaining to overseas
customers by L/C
at sight. The
subject is not found to have any problem
on its account receivable.
For
the import, the
subject has no
payment problem due to
the products are
purchased by L/C
at sight only.
BANKING
Kasikornbank Public Co., Ltd.
[Head
Office : 1 Kasikorn Lane,
Rajburana Rd., Rajburana, Bangkok]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office : 9 Ratchadapisek Rd.,
Jatujak Bangkok]
Thai
Military Bank Public
Co., Ltd.
[Head Office : 3000 Phaholyothin Rd., Jatujak,
Bangkok]
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtonnue, Wattana, Bangkok]
EMPLOYMENT
The subject
employs 1,500 staff.
[office staff, sales
staff and factories workers]
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address
in
commercial/residential area.
Box and Sheet
Factories
1)
183 Moo
8, Poochaosamingprai Rd.,
T. Somrongtai, A.
Phrapradaeng,
Samutprakarn 10130.
Tel :
[66] 2384-0020, 2384-0111, 2384-2453-67
Fax :
[66] 2384-2468
Area : 160,000
sq.m.
2)
38/4 Moo 1,
Ekachai Rd., T. Klongblur, A. Muang, Samutprakarn 74000.
Tel : [66]
34 823-141-5
Fax : [66]
34 824-610, 34
824-612
Area : 160,000 sq.m.
3)
38/8
Moo 1, Ekachai Rd.,
T. Klongblur, A.
Muang, Samutprakarn 74000.
Tel : [66] 34 823-141-5
Fax : [66]
34 824-610
Area : 192,000
sq.m.
4)
72 Moo 22,
Poochasamingprai Rd., T.
Samrongtai, A. Phrapradaeng,
Samutprakarn 10130.
Tel : [66]
2384-0111
Fax : [66]
2384-2468
Area : 48,000
sq.m.
Paper Factory
5)
110/4 Moo 4,
Sethakij Rd., T.
Bankoh, A. Muang, Samutprakarn 74000.
Tel : [66]
34 468-019, 34
425-568
Fax : [66]
34 424-680
COMMENT
The
company is one
of the leading
manufacturers of paper
boxes with an
upstream production facilities.
Its performance in
the past year
was played an
important role in
the packaging industry
due to the recovery in
consumer products sector
as well as
the buying power of customers for paper packages
was considerably higher.
Subject
is performing adequate level
of daily business activities with some functional divisions
and business structures.
Operations have been
maintained at good conditions.
FINANCIAL INFORMATION
The
capital was originally registered at Bht. 10,000,000 divided into 1,000
shares of Bht.
10,000 each.
The capital
was increased later
as followings:
Bht. 180,000,000 on December
25, 1982
Bht. 320,000,000 on June
10, 1988
Bht. 400,000,000 on March
1, 1991
Bht. 650,000,000 on August
19, 1999
Bht. 750,000,000 on June
19, 2003
Bht. 850,000,000 on June 3,
2004
Bht. 950,000,000 on November
2, 2005
The latest
registered capital was
increased to Bht.
950,000,000 divided into 95,000
shares of Bht. 10,000 each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as of
August 2, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Midway
Sign Ltd. Nationality:
Chinese Address : Room
904-8, 9th Floor,
Kaitax Commercial Building, 317-9
Des Vaeuserd Central,
Hong Kong |
19,456 |
20.48 |
|
Mr.
Suthas Tejavibulya Nationality:
Thai Address : 389 Rimthangrodfai-Chongnonsee Klongtoey, Bangkok 10110 |
8,908 |
9.38 |
|
Mr.
Kris Tejavibulya Nationality:
Thai Address : 95 Sukhumvit 55 Rd., Klongtonnua, Wattana, Bangkok |
8,900 |
9.37 |
|
Mr. Saranyoo Tejavibulya Nationality:
Thai Address :
96 Sukhumvit 1 Rd.,
Klongton, Klongtoey, Bangkok |
6,345 |
6.68 |
|
Mr.
Prasert Tejavibulya Nationality: Thai Address :
33 Sukhumvit 59
Rd., Klongtonnua, Wattana, Bangkok |
6,154 |
6.48 |
|
Mr.
Krisakorn Tejavibulya Nationality:
Thai Address : 391
Rimthangrodfai-Chongnonsee,
Klongtoey, Bangkok 10110 |
5,768 |
6.07 |
|
Mr. Chotinond Tejavibulya Nationality: Thai Address :
25 Sukhumvit 26
Rd., Klongton, Klongtoey, Bangkok |
5,221 |
5.50 |
|
Mr. Chotiwit Tejavibulya Nationality: Thai Address :
25 Sukhumvit 26
Rd., Klongton, Klongtoey, Bangkok |
5,220 |
5.49 |
|
Ms. Wanaporn Tejavibulya Nationality:
Thai Address :
95 Sukhumvit 55 Rd.,
Klongtonnua, Wattana, Bangkok |
4,995 |
5.26 |
|
Others
|
24,033 |
25.29 |
Total
Shareholders : 23
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Pratheep Sangthamarak No. 2540
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank [note 1]
|
35,545,066.22 |
75,335,100.41 |
|
Notes Receivable |
77,817,050.50 |
57,339,485.33 |
|
Trade Accounts
Receivable [note 2] |
1,863,215,645.36 |
1,894,326,210.16 |
|
Inventories [note
3] |
1,041,588,182.83 |
909,799,218.79 |
|
Other Current
Assets |
208,483,472.56 |
269,673,110.87 |
|
|
|
|
|
Total
Current Assets |
3,226,649,417.47 |
3,206,473,125.56 |
|
Fixed
Assets [note 4] |
5,650,809,500.23 |
5,322,576,056.11 |
|
Other
Assets |
133,571,295.95 |
130,792,281.95 |
|
Total
Assets |
9,011,030,213.65 |
8,659,841,463.62 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
109,999,702.62 |
14,480,429.31 |
|
Machinery Payable |
909,790.77 |
38,253,732.52 |
|
Trade Accounts
Payable |
2,047,100,722.25 |
1,750,532,734.51 |
|
Other Current
Liabilities |
1,052,759,131.77 |
1,019,978,089.82 |
|
|
|
|
|
Total Current Liabilities |
3,210,769,347.41 |
2,823,244,986.16 |
|
Long-term Loan
|
2,293,650,929.13 |
2,436,189,203.16 |
|
Machinery Payable
over 1 Year |
965,644,726.67 |
1,055,048,603.73 |
|
Total
Liabilities |
6,470,065,003.21 |
6,314,482,793.05 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000 par value
Authorized & issued share
capital 95,000 &
85,000
shares in 2005 & 2004 respectively |
950,000,000.00 |
850,000,000.00 |
|
|
|
|
|
Capital Paid |
900,000,000.00 |
825,000,000.00 |
|
Unappropriated |
1,640,965,210.44 |
1,520,358,670.57 |
|
Total Shareholders' Equity |
2,540,965,210.44 |
2,345,358,670.57 |
|
Total Liabilities & Shareholders' Equity |
9,011,030,213.65 |
8,659,841,463.62 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
5,060,877,028.26 |
5,467,998,011.74 |
|
Other Income |
114,758,169.71 |
10,745,575.15 |
|
Total
Revenues |
5,175,635,197.97 |
5,478,743,586.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
4,801,563,645.86 |
4,861,238,387.09 |
|
Selling &
Administrative Expenses |
237,879,541.83 |
288,071,525.31 |
|
Total Expenses
|
5,039,443,187.69 |
5,149,309,912.40 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
136,192,010.28 |
329,433,674.49 |
|
Interest Expenses |
[73,403,221.18] |
[62,061,959.51] |
|
Income Tax |
[54,621,301.27] |
[80,231,550.77] |
|
|
|
|
|
Profit
/ [Loss] from Operating |
8,167,487.83 |
187,140,164.21 |
|
Extraordinary Item
- Discount received
from Debt
Compromise |
112,439,052.04 |
331,586,761.61 |
|
Net
Profit / [Loss] |
120,606,539.87 |
518,726,925.82 |
FINANCIAL NOTE
NOTE
1 Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in
hand |
178,750.94 |
8,981,025.87 |
|
Cash at
bank |
35,366,315.28 |
66,354,074.54 |
|
|
|
|
|
Total |
35,545,066.22 |
75,335,100.41 |
NOTE
2 Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts. Receivable |
1,958,924,659.68 |
1,991,394,750.14 |
|
Less: Allowance
for Doubtful Account |
95,709,014.32 |
97,068,539.98 |
|
|
|
|
|
Total |
1,863,215,645.36 |
1,894,326,210.16 |
NOTE
3 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Inventories
|
317,306,361.38 |
325,965,457.66 |
|
Raw Material |
509,516,624.07 |
351,531,384.54 |
|
Material & Spare Parts |
214,765,197.38 |
232,302,376.59 |
|
|
|
|
|
Total |
1,041,588,182.83 |
909,799,218.79 |
NOTE
4 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
692,386,889.50 |
692,386,889.50 |
|
Building
& Construction |
1,030,131,365.31 |
913,052,632.55 |
|
Machine
& Equipment |
3,805,300,642.56 |
3,578,989,670.49 |
|
Office Automation & Equipment |
33,548,422.89 |
34,749,599.76 |
|
Equipment
& Vehicle |
89,442,179.97 |
103,397,263.81 |
|
|
5,650,809,500.23 |
5,322,576,056.11 |
|
|
|
|
|
Total |
5,650,809,500.23 |
5,322,576,056.11 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[7.45] |
|
|
Operating |
[55.33] |
|
|
Net Profit |
[76.75] |
|
|
Fixed Assets |
6.17 |
|
|
Total Assets |
4.06 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
94.88 |
88.90 |
|
Operating Profit
Margin |
2.69 |
6.02 |
|
S&A expenses |
4.70 |
5.27 |
|
Interest |
1.45 |
1.14 |
|
Other Revenues |
2.27 |
0.20 |
|
Net Profit
Margin |
2.38 |
9.49 |
|
Earning Per
Shares |
1,340.07 |
6,287.60 |
|
No. of
Shares |
90,000 |
82,500 |
Net Sales was
decreased by 7.45%,
Operating Profit was
decreased by 55.33%,
Net Profit was
decreased by 76.75%,
Fixed Assets was
increased by 6.17%,
Total Assets was
increased by 4.06%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
88.90% to 94.88%,
Operating Profit Margin
was decreased from
6.02% to 2.69%,
S & A
Expenses were decreased
from 5.27% to
4.70%, Interest Paid
was increased from
1.14% to 1.45%,
Other Revenues was
increased from 0.20%
to 2.27%, Net
Profit Margin was
decreased from 9.49%
to 2.38%.
Earning Per
Shares was decreased
from 6,287.60 baht
per share to
1,340.07 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.00 |
1.14 |
|
Quick
- assets ratio |
0.62 |
0.72 |
Current Ratio
was decreased from
1.14 to 1.00,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.72 to 0.62,
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 |
2.55 |
2.69 |
|
Times Interest
Earned |
1.86 |
5.31 |
D/E Ratio was
decreased from 2.69
to 2.55, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 5.31 to
1.86, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
0.90 |
1.03 |
|
Total Assets
Turnover |
0.56 |
0.63 |
|
Return on
Assets |
1.34 |
5.99 |
|
Return on
Equity |
4.75 |
22.12 |
|
Day’s Payable |
145.62 |
115.25 |
|
Day’s Inventories |
74.09 |
59.90 |
|
Days’ Receivables |
132.54 |
124.72 |
Fixed Assets Turnover
was decreased from
1.03 times to
0.90 times, Total
Assets Turnover was
decreased from 0.63
times to 0.56
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 5.99
to 1.34, Return
on Equity was
decreased from 22.12
to 4.75, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
116 days to
146 days, Day’s
Inventories was increased
from 60 days
to 75 days, and Day’s
Receivables was increased
from 125 days
to 133 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 |
|