MIRA
INFORM REPORT
|
Report Date : |
24th February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
T K WAX COMPANY LIMITED |
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Formerly Known As : |
THAI KAWAKEN
COMPANY LIMITED |
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Registered Office : |
12th Floor, Orakarn
Building, 26/42 Chidlom Road,
Lumpini, Pathumwan,
Bangkok 10330, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
10.09.1984 |
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Com. Reg. No.: |
0105527032950 [Former : 3298/2527] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturer of
hydrogenates castor wax. |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
T K WAX
COMPANY LIMITED
[FORMER : THAI KAWAKEN
COMPANY LIMITED]
SUMMARY
BUSINESS ADDRESS : 12th FLOOR, ORAKARN BUILDING,
26/42
CHIDLOM ROAD, LUMPINI,
PATHUMWAN,
BANGKOK
10330, THAILAND
TELEPHONE : [662] 254-1490-7
FAX : [662] 253-8355
E-MAIL ADDRESS : karn@thaikawaken.com, tcogroup@samrt.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527032950 [Former : 3298/2527]
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. THAVORN TANTIPONG-ANAN, THAI
MANAGING
DIRECTOR
NO. OF STAFF
: 161
LINES OF
BUSINESS : HYDROGENATES CASTOR WAX
MANUFACTURER & 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
September 10, 1984
as a private limited company under the originally registered
name “Thai Kawaken
Company Limited”, by a joint
venture between “Siam
Castor Oil Co., Ltd.” and
“Kawaken Fine Chemicals Co.,
Ltd.”, in Japan,
with the business
objective to manufacture hydrogenates castor
wax. It was
granted a promotional
privileges from Board
of Investment. On
January 5, 2004,
subject was changed
its name to
be T K WAX COMPANY LIMITED.
It currently employs
161 staff.
The subject’s
registered address is
12th Flr., Orakarn
Bldg., 26/42 Chidlom
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Padung
Techasarintr - Chairman |
Thai |
67 |
|
Mr. Thavorn
Tantiponganan |
Thai |
61 |
|
Mr. Prasart
Jiraphatsakul |
Thai |
68 |
|
Mr. Karn
Sithajarnpong |
Thai |
58 |
|
Mr. Yasunori
Uzuba |
Japanese |
67 |
|
Mr. Tadokoro
Katsuyuki |
Japanese |
66 |
|
Mr. Yasunori
Usuba |
Japanese |
67 |
|
Mr. Hiroshi Miyahara |
Japanese |
59 |
|
Mr. Tatsumi Kitagawara |
Japanese |
48 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Thavorn Tantiponganan
is the Managing Director.
He is
Thai nationality with
the age of
61 years old.
Mr.
Nirandorn Thubsoongnern
is the Plant Director.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activity is a
manufacturer of hydrogenates castor wax.
PRODUCTION
Approximately 17,500
tons/year.
IMPORT [COUNTRIES]
50% of
raw chemical is
imported from Japan,
Singapore & Republic
of China, castor
oil is imported from India
and Pakistan.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Kawaken Fine
Chemicals Co., Ltd. |
Japan |
Glycerine |
|
K. F. Trading
Company Limited |
Japan |
- |
|
Thai Castor
Oil Industrial Co., Ltd. |
Thailand |
Castor Oil |
SALES [LOCAL]
60% of
the products is
sold locally by
wholesale to manufacturers and end-users.
EXPORT [COUNTRY]
40% of
the products is
exported to Japan,
Australia, Singapore,
U.S.A., Germany, Italy,
Netherlands, United
Kingdom, Canada, Taiwan,
Malaysia, Indonesia and
Korea.
SUBSIDIARIES &
AFFILIATED COMPANY
Thai
Castor Oil Industries
Co., Ltd.
Business Type: Manufacturer of castor oil
T.S.
Chemical Co., Ltd.
Business Type: Imports
& distributor of
industrial chemicals
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 L/C at
sight or T/T.
BANKING
Deutsche
Bank AG.
[Bangkok Office
: 208 Wireless rd., Lumpini,
Pathumwan, Bangkok]
Siam City
Bank Public Co., Ltd.
[Head Office
: 1101 New Petchburi
Road, Makkasan, Rajthevee,
Bangkok]
Hong
Kong & Shanghai
Banking Corp.
[Bangkok Office
: 968 Rama 4 Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject
employs 161 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise
is rented for
operating office on
450 square meters.
of area at
the heading address
in a prime commercial area.
Factory is located
on 4,800 square
meters at Bangpoo
Industrial Estate, Soi 2,
227 Moo 4, T.
Phraek-sa, A. Muang,
Samutprakarn Province 10270,
Thailand.
Tel : [66] 323-9523-4.
COMMENT
Declining in
sales was due mainly
to the economic slowdown especially
in Japan and
US market. Imported
capital goods became
more expensive caused
by higher fuel
price. The overall
international market growth
rate should be
and limited than
last year.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 25,000,000
divided into 250,000
shares of Bht.
100 each.
Capital was
increased later as
followings :
Bht. 50,000,000 on March 18,
1992
Bht. 65,000,000 on December 23,
1997
Bht. 100,000,000
on February 24,
2000
Bht. 160,000,000
on December 20,
2000
Bht. 200,000,000
on September 10,
2001
Bht. 250,000,000
on September 2,
2002
The latest
registered capital was increased to Bht. 250,000,000 divided into 2,500,000
shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS
[as at
April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai
Castor Oil Industries Co., Ltd. Nationality: Thai Address :
26/42 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok |
1,250,116 |
50.00 |
|
K. F.
Trading Company Limited Nationality: Japanese Address :
1-6-13 Yamasan Bldg.,
Nihonbashi, Honsho, Cho-ku, Tokyo,
Japan |
600,000 |
24.00 |
|
T J
Land Company Limited Nationality: Thai Address :
26/42 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok |
327,000 |
13.08 |
|
Kawaken
Fine Chemicals Co., Ltd. Nationality: Japanese Address :
1-3-3 Horidomei, Nihonbashi, Horidomei-shu, Cho-ku, Tokyo,
Japan |
250,000 |
10.00 |
|
Mr. Thavorn Tantipong-anan Nationality: Thai Address :
343/8 Charansanitwong Rd.,
Wadthaphra, Bangkokyai,
Bangkok |
36,379 |
1.46 |
|
Mr.
Krisada Techasarintr Nationality: Thai Address :
41/9 Rimklong Sakaenok
Rd., Bang-or, Bangkhunthien, Bangkok |
16,000 |
0.64 |
|
Others |
20,505 |
0.82 |
Total
Shareholders : 12
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
-
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 |
97,227.04 |
186,526.68 |
|
Trade Accts.
Receivable |
66,737,079.38 |
127,013,283.22 |
|
Inventories [note 1] |
29,865,818.57 |
53,410,735.35 |
|
Short-term Loan
- Related Companies |
4,300,000.00 |
- |
|
Other Current
Assets |
29,890,093.01 |
12,993,773.94 |
|
|
|
|
|
Total
Current Assets
|
130,890,218.00 |
193,604,319.19 |
|
Investment in
Related Companies [note 2] |
69,053,008.35 |
68,829,808.35 |
|
Fixed Assets [note 3] |
89,507,572.82 |
94,677,351.55 |
|
Other Assets |
1,188,117.97 |
1,300,466.89 |
|
Total
Assets |
290,638,917.14 |
358,411,945.98 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short-term Loan from
Bank |
50,997,033.28 |
86,759,379.50 |
|
Trade Accts.
Payable |
52,837,446.76 |
69,508,559.25 |
|
Current Portion
of Long-term Liabilities |
12,500,000.00 |
12,500,000.00 |
|
Accrued Expenses |
5,413,881.90 |
5,422,417.17 |
|
Advance Deposit
from Customers |
3,704,808.16 |
47,278.22 |
|
Other Current
Liabilities |
102,214.13 |
235,174.35 |
|
|
|
|
|
Total Current Liabilities |
125,555,384.23 |
174,472,808.49 |
|
Long-term Loan |
9,375,000.00 |
21,875,000.00 |
|
Total
Liabilities |
134,930,384.23 |
196,347,808.49 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 2,500,000 shares |
250,000,000.00 |
250,000,000.00 |
|
|
|
|
|
Capital Paid |
250,000,000.00 |
250,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
[99,291,467.09] |
[92,935,862.51] |
|
Total Shareholders' Equity |
155,708,532.91 |
162,064,137.49 |
|
Total Liabilities & Shareholders' Equity |
290,638,917.14 |
358,411,945.98 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
641,601,239.29 |
734,013,399.89 |
|
Other Income |
7,943,745.06 |
8,886,024.07 |
|
Total
Revenues |
649,544,984.35 |
742,899,423.96 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
598,171,994.11 |
675,654,814.68 |
|
Selling &
Administrative Expenses |
49,142,451.83 |
52,176,582.29 |
|
Total Expenses
|
647,314,445.94 |
727,831,396.97 |
|
|
|
|
|
Profit / [Loss]
before Interest Expenses
|
2,230,538.41 |
15,068,026.99 |
|
Interest Expenses |
[8,586,142.99] |
[4,968,186.46] |
|
|
|
|
|
Net
Profit / [Loss] |
[6,355,604.58] |
10,099,840.53 |
FINANCIAL NOTE
NOTE
2 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Materials |
251,003.86 |
1,246,309.60 |
|
Goods in
Transit |
8,427,908.00 |
5,483,113.50 |
|
Finished Goods |
21,186,906.71 |
46,681,312.25 |
|
|
|
|
|
Total |
29,865,818.57 |
53,410,735.35 |
NOTE
2 Investment in
Related Company
|
|
2005 |
2004 |
|
|
|
|
|
T.J. Land
Co., Ltd. |
38,400,000.00 |
38,400,000.00 |
|
T.S.
Chemical Co., Ltd. |
10,780,000.00 |
10,780,000.00 |
|
T.J. Pack
Co., Ltd. |
9,762,500.00 |
9,762,500.00 |
|
K F Trading
Co., Ltd. |
10,110,508.35 |
9,887,308.35 |
|
Laemluang Seafarm Co., Ltd. |
5,175,820.00 |
5,175,820.00 |
|
Total |
74,228,828.35 |
74,005,628.35 |
|
Less:
Allowance for Discount
Investment |
[5,175,820.00] |
[5,175,820.00] |
|
Total |
69,053,008.35 |
68,829,808.35 |
NOTE
3 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
6,699,393.00 |
6,699,393.00 |
|
Building Improvement & Factory Building |
33,795,056.92 |
33,795,056.92 |
|
Machinery |
135,268,298.19 |
133,891,264.81 |
|
Factory Equipment |
2,300,894.38 |
2,603,426.15 |
|
Office Automation & Furniture |
2,901,899.79 |
2,817,360.09 |
|
Other Assets |
6,294,504.05 |
7,501,304.05 |
|
Total
|
187,260,046.33 |
187,307,805.02 |
|
Less
: Depreciation |
[97,752,473.51] |
[92,630,453.47] |
|
|
|
|
|
Total |
89,507,572.82 |
94,677,351.55 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[12.59] |
|
|
Operating |
[83.06] |
|
|
Net Profit |
[162.93] |
|
|
Fixed Assets |
[5.46] |
|
|
Total Assets |
[18.91] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
93.23 |
92.05 |
|
Operating Profit
Margin |
0.35 |
2.05 |
|
S&A expenses |
7.66 |
7.11 |
|
Interest |
1.34 |
0.68 |
|
Other Revenues |
1.24 |
1.21 |
|
Net Profit
Margin |
[0.99] |
1.38 |
|
Earning Per
Shares |
[2.54] |
4.04 |
|
No. of
Shares |
2,500,000 |
2,500,000 |
Net Sales was
decreased by 12.59%,
Operating Profit was
decreased by 83.06%,
Net Profit was
decreased by 162.93%,
Fixed Assets was
decreased by 5.46%,
Total Assets was
decreased by 18.61%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
92.05% to 93.23%,
Operating Profit Margin
was decreased from
2.05% to 0.35%,
S & A
Expenses were increased
from 7.11% to
7.66%, Interest Paid
was increased from
0.68% to 1.34%,
Other Revenues was increased from 1.21%
to 1.24%, Net
Profit Margin was
decreased from 1.38%
to -0.99%.
Earning Per
Shares was decreased
from 4.04 baht
per share to
-2.54 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.04 |
1.11 |
|
Quick -
assets ratio |
0.63 |
0.73 |
Current Ratio
was decreased from
1.11 to 1.04,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.73 to 0.63,
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 |
0.87 |
1.21 |
|
Times Interest
Earned |
0.26 |
3.03 |
D/E Ratio was
decreased from 1.21
to 0.87, 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
3.03 to 0.26,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
7.17 |
7.75 |
|
Total Assets
Turnover |
2.21 |
2.05 |
|
Return on
Assets |
[2.19] |
2.82 |
|
Return on
Equity |
[4.08] |
6.23 |
|
Day’s Payable |
29.65 |
34.09 |
|
Day’s Inventories |
16.76 |
26.20 |
|
Days’ Receivables |
37.45 |
62.29 |
Fixed Assets Turnover
was decreased from
7.75 times to
7.17 times, Total
Assets Turnover was
increased from 2.05
times to 2.21
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 2.82 to
-2.19, Return on
Equity was decreased
from 6.23 to
-4.08, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was decreased from
35 days to
30 days, Day’s
Inventories was decreased
from 27 days
to 17 days, and Day’s
Receivables was decreased
from 63 days
to 38 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 |
|
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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions