MIRA
INFORM REPORT
|
Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI LAMINATE
MANUFACTURER CO., LTD. |
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Registered Office : |
115/2 Moo 4, Ladkrabang Industrial Estate,
Chalongkrung Road, Lamplathiew, Ladkrabang, Bangkok
10520, Thailand. |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
09.03.1995 |
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Com. Reg. No.: |
0105538031089 [Former : [2] 1151/2538] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer
of prepreg and laminate sheet. |
RATING & COMMENTS
|
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company name
THAI LAMINATE
MANUFACTURER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 115/2 MOO 4, LADKRABANG
INDUSTRIAL ESTATE,
CHALONGKRUNG ROAD, LAMPLATHIEW,
LADKRABANG, BANGKOK 10520, THAILAND
TELEPHONE : [66]
2326-0693
FAX : [66]
2326-0016
E-MAIL ADDRESS : sumana_ora@tlm.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538031089 [Former : [2] 1151/2538]
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP
: BHT. 250,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SIRIPHAN
SANTANAPHAN, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 290
LINES OF
BUSINESS : LAMINATE SHEETS
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 9, 1995
as a private limited company,
by Thai and American groups, under the name
style THAI LAMINATE
MANUFACTURER CO., LTD.,
in order to
manufacture laminate sheet
for printed circuit
board. It currently
employs approximately 290
staff.
Subject is
an affiliated of K
C E Electronics Public
Company Limited, the
Thailand’s leading printed
circuit board assemblers.
The
subject’s registered address
is 115/2 Moo
4, Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok
10520, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr.
Rangsin Suebsaeng Thai 58
Mrs. Voralak
Ongkosit [x] Thai 56
Mrs. Tassanaluck
Santikul Thai 53
Mr. Panja
Senadisai [x] Thai -
Mrs.
Thaksina Kasemsant Na
Ayudhya Thai 52
Mrs. Siriphan
Santhanaphan [x] Thai 52
Mr.
Pakawat Kovitwatanapong Thai 57
Mrs.
Kanittha Sappa-asa Thai 51
AUTHORIZED PERSON
Two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mrs. Siriphan Santhanaphan is the Managing Director.
She is
Thai nationality with
the age of
52 years old.
Mr.
Arthit Krairerk is the Finance
Manager.
He is
Thai nationality.
Mr.
Pramod Pisathan
is the Personnel Manager.
He is
Thai nationality.
Ms. Sunee
Ek-teerachit is the Factory Manager.
She is
Thai nationality.
Mr.
Nopharat Payaknithi
is the Production Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer of prepreg
and laminate sheet,
which is the
key materials for
Printed Circuit Board
production. Its products is
supplied to “KCE Electronics
Public Co., Ltd.”,
the parent company.
PRODUCTION
5,000 -
1,000,000 ft2/month
IMPORT [COUNTRIES]
70% of
raw materials is imported
from U.S.A., Germany,
Singapore, Japan, Republic
of China and
Taiwan.
PURCHASE
30% of
raw materials is purchased
from local supplier.
MAJOR SUPPLIER
Taiwan Glass
Ltd. : Thailand
SALES [LOCAL]
90% of
the products is
sold locally to
KCE group of
companies.
EXPORT
10% of
the products is
exported to Singapore,
India, Taiwan, Republic
of China, Italy,
and Indonesia.
MAJOR CUSTOMERS
K C
E Electronics Public Company Limited :
Thailand
K C
E Technology Co., Ltd. : Thailand
SUBSIDIARIES &
AFFILIATED COMPANY
K C E
International Co., Ltd.
Business
Type : Manufacturer of printed circuit
boards
K C E
Technology Co., Ltd.
Business
Type : Manufacturer of
printed circuit boards
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
on the credits term of
30-60 days.
Local bills
are paid on
the credits term
of 30-60 days.
Imports are
by L/C at sight or
on the credits term of
30-60 days or T/T.
Exports are
against L/C or
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Ladkrabang Branch
: 223 Moo 1, Onnuch-Ladkrabang Rd., Ladkrabang, Bangkok]
The
Siam Commercial Bank
Public Co., Ltd.
[Ladkrabang Branch
: 22/129 Moo 1,
Ladkrabang Rd., Tabyao,
Ladkrabang, Bangkok]
Bank
of Ayudhya Public
Co., Ltd.
[Ladkrabang Branch
: 146/2 Moo
1, Onnuch Rd.,
Ladkrabang, Bangkok]
EMPLOYMENT
The subject
employs approximately 290
staff. [office and
factory]
LOCATION DETAILS
The premise
is owned for
operating office, factory
& warehouse at
the heading address
on 8,000 square
meters of area.
Premise is located
in an industrial area.
COMMENT
Despite PCB
assembly manufactures have largely expanded in China
and India, Thailand
is also the
large manufacturing base
of leading PCB
assemblers. Laminated Sheet,
an essential part
of PCB assembling
production, is also
in strong demand
from PCB industry.
However, the
subject is the
major supplier of
Laminated Sheet for
its parent company,
KCE Electronics Public Co.,
Ltd., one of
the leading PCB
assembler in Thailand.
The subject’s
business performance remains
strong and healthy.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 42,000,000 divided into
4,200,000 shares of
Bht. 10 each.
Capital was
increased later as
followings :
Bht. 60,000,000 on July
20, 1995
Bht. 100,000,000 on September
23, 1996
Bht. 120,000,000 on August
28, 1997
Bht. 190,000,000 on March
23, 1999
Bht. 250,000,000 on November
30, 2004
The latest
registered capital was
increased to Bht.
250,000,000 divided into
25,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as
at June 9,
2006]
|
NAME |
HOLDING |
% |
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KCE
Electronics Public Co., Ltd. Nationality: Thai Address :
125-125/1 Moo 1,
Lamplatiew, Ladkrabang, Bangkok |
12,999,990 |
52.00 |
|
Trinity
Wattana Public Co.,
Ltd. Nationality: Thai Address :
179/111 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok |
6,000,000 |
24.00 |
|
K C E
International Co., Ltd. Nationality: Thai Address :
125-125/1 Moo 1,
Lamplatiew, Ladkrabang, Bangkok |
4,800,001 |
19.20 |
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Mrs. Siriphan Santhanaphan Nationality: Thai Address :
877/6 Moo 12,
Bangna, Bangkok |
545,002 |
2.18 |
|
Mr. Fredrick Gharapet Ohanian Nationality: American Address :
877/6 Moo 12,
Bangna, Bangkok |
250,000 |
1.00 |
|
Mr.
Bancha Ongkosit Nationality: Thai Address :
98 Pattanakarn 56
Rd., Suanluang, Bangkok |
240,001 |
0.96 |
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Mrs. Voralak Ongkosit Nationality: Thai Address :
98 Pattanakarn 56
Rd., Suanluang, Bangkok |
160,001 |
0.64 |
|
Others |
5,005 |
0.02 |
Total
Shareholders : 13
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs.
Saifon Inkaew No. 4434
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 |
21,672,914 |
41,688,304 |
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Investment in
Marketable Securities available
for
Sale |
10,269,000 |
12,306,500 |
|
Trade Accts.
Receivable Related
Companies |
464,229,855 |
232,006,832 |
|
Other
Companies |
15,988,564 |
7,504,632 |
|
Total Trade
Accts. Receivable |
480,218,419 |
239,511,464 |
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Other Receivable - Related Companies |
890,899 |
911,390 |
|
Inventories [note 1] |
171,088,115 |
197,345,211 |
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Other Current
Assets |
3,726,059 |
1,503,991 |
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|
|
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Total
Current Assets |
687,865,406 |
493,266,860 |
|
Fixed
Assets [note 2] |
400,564,802 |
451,945,255 |
|
Computer Programme
under Installation |
5,308,126 |
3,575,356 |
|
Other
Assets - Deposit |
1,086,000 |
1,385,000 |
|
Total
Assets |
1,094,824,334 |
950,172,471 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short-term Loan
from Bank |
208,791,597 |
174,180,873 |
|
Trade Accts.
Payable Related
Companies |
1,906,869 |
537,765 |
|
Other
Companies |
173,053,857 |
96,521,377 |
|
Total Trade
Accts. Payable |
174,960,726 |
97,059,142 |
|
Current Portion
of Long-term Loan |
90,000,000 |
22,500,000 |
|
Advance from
Related Companies |
- |
48,432 |
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Other Current
Liabilities Accrued
Expenses |
9,616,783 |
8,229,754 |
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Accrued
Income Tax |
- |
6,262,320 |
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Others |
3,327,965 |
7,244,851 |
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Total Current Liabilities |
486,697,071 |
315,525,372 |
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Long-term Loan
- Net of
Current Portion |
48,500,000 |
183,500,000 |
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Total
Liabilities |
535,197,071 |
499,025,372 |
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Shareholders' Equity |
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Share capital : Baht 10 par value
authorized, issued and fully
paid
share capital 25,000,000 shares |
250,000,000 |
250,000,000 |
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Capital Paid |
250,000,000 |
250,000,000 |
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Premium on
Share Capital |
47,500,000 |
47,500,000 |
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Unappropriated |
262,127,263 |
153,647,099 |
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Total Shareholders' Equity |
559,627,263 |
451,147,099 |
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Total Liabilities & Shareholders' Equity |
1,094,824,334 |
950,172,471 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
1,251,377,150 |
893,495,636 |
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Other Income
Gain
on Exchange Rate |
4,547,058 |
5,432,943 |
|
Rental
Income |
882,000 |
882,000 |
|
Dividend |
163,000 |
244,500 |
|
Others |
8,213,022 |
2,232,483 |
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Total
Revenues |
1,265,182,230 |
902,287,562 |
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Expenses |
|
|
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|
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Cost of
Goods Sold |
1,087,166,234 |
714,799,772 |
|
Selling &
Administrative Expenses |
50,318,142 |
44,768,526 |
|
Unrealized
Loss from Investment in Marketable Securities
available for Sale |
2,037,500 |
8,394,500 |
|
Total Expenses
|
1,139,521,876 |
767,962,798 |
|
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Profit
/ [Loss] before Interest Expenses
& Income
Tax |
125,660,354 |
134,324,764 |
|
Interest Expenses |
[17,164,907] |
[12,862,118] |
|
Income Tax |
[15,283] |
[12,187,363] |
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|
|
|
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Net
Profit / [Loss] |
108,480,164 |
109,275,283 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
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|
|
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Finished Goods
|
32,437,182 |
55,793,874 |
|
Works in
Progress |
878,049 |
396,219 |
|
Raw Material |
96,664,986 |
129,823,104 |
|
Material Supplies
& Spare Parts |
8,162,739 |
7,798,963 |
|
Goods in
Transit |
33,606,878 |
7,278,309 |
|
Total
|
171,749,834 |
201,090,469 |
|
Less : Stock Obsolescence |
[661,719] |
[3,745,258] |
|
Total |
171,088,115 |
197,345,211 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
40,812,090 |
40,812,090 |
|
Building &
Factory |
120,596,038 |
120,596,038 |
|
Factory Equipment & Machinery |
493,017,768 |
491,644,089 |
|
Factory
& Building Improvement |
4,063,035 |
3,400,411 |
|
Office Equipment
& Furniture |
10,905,623 |
10,093,450 |
|
Vehicle
|
6,272,351 |
6,386,521 |
|
Machinery Under
Installation |
2,810,892 |
- |
|
Total
Fixed Assets |
678,477,797 |
672,932,599 |
|
Less : Depreciation |
[277,912,995] |
[220,987,344] |
|
Total |
400,564,802 |
451,945,255 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
40.05 |
|
|
Operating |
[36.11] |
|
|
Net Profit |
[0.73] |
|
|
Fixed Assets |
[11.37] |
|
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Total Assets |
15.22 |
|
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Profitability |
|
|
|
Cost of
Goods Sold |
86.88 |
80.00 |
|
Operating Profit
Margin |
10.20 |
15.97 |
|
S&A expenses |
4.02 |
5.01 |
|
Interest |
1.37 |
1.44 |
|
Other Revenues |
1.10 |
0.98 |
|
Net Profit
Margin |
8.67 |
12.23 |
|
Earning Per
Shares |
4.34 |
4.37 |
|
No. of
Shares |
25,000,000 |
25,000,000 |
Net Sales was
increased by 40.05%,
Operating Profit was
decreased by 36.11%,
Net Profit was
decreased by 0.73%,
Fixed Assets was
decreased by 11.37%,
Total Assets was
increased by 15.22%.
Compare each cost with sales, Cost of Goods Sold was increased from 80.00% to 86.88%, Operating Profit Margin was decreased from 15.97% to 10.20%, S & A Expenses were decreased from 5.01% to 4.02%, Interest Paid was decreased from 1.44% to 1.37%, Other Revenues was increased from 0.98% to 1.10%, Net Profit Margin was decreased from 12.23% to 8.67%.
Earning Per Shares was decreased from 4.37 baht per share to 4.34 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.41 |
1.56 |
|
Quick
- assets ratio |
1.05 |
0.93 |
Current Ratio
was decreased from
1.56 to 1.41,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.93 to 1.05,
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 |
0.96 |
1.11 |
|
Times Interest
Earned |
7.44 |
11.10 |
D/E Ratio was
decreased from 1.11
to 0.96, 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 11.10 to
7.44, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
3.12 |
1.98 |
|
Total Assets
Turnover |
1.14 |
0.94 |
|
Return on
Assets |
9.91 |
11.50 |
|
Return on
Equity |
19.38 |
24.22 |
|
Day’s Payable |
49.78 |
38.89 |
|
Day’s Inventories |
49.22 |
79.51 |
|
Days’ Receivables |
4.60 |
3.02 |
Fixed Assets Turnover
was increased from
1.98 times to
3.12 times, Total
Assets Turnover was
increased from 0.94
times to 1.14
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 11.50 to
9.91, Return on
Equity was decreased
from 24.22 to
19.38, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was increased from
39 days to
50 days, while
Day’s Inventories was
decreased from 80
days to 50
days, but Day’s
Receivables was increased
from 4 days to 5
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 |
|