MIRA
INFORM REPORT
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Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
TAPIOCA DEVELOPMENT CORPORATION LIMITED |
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Registered Office : |
8th Floor,
Thai Wah Tower
1, 21/19 South Sathorn
Road, Thungmahamek, Sathorn, Bangkok
10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
0105528008912 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturer,
exporter & distributor of modified starch. |
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 |
name
TAPIOCA DEVELOPMENT CORPORATION LIMITED
SUMMARY
BUSINESS ADDRESS : 8th FLOOR,
THAI WAH TOWER
1, 21/19 SOUTH
SATHORN ROAD,
THUNGMAHAMEK, SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2285-0040,
2285-0360-1
FAX :
[66] 2285-0281
E-MAIL ADDRESS : tdcth@tdc.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO.
: 0105528008912 [Former :
892/2528]
CAPITAL
REGISTERED : BHT.
50,000,400
CAPITAL
PAID-UP : BHT.
50,000,400
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMPONG NIMITVANICH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : MODIFIED STARCH
MANUFACTURER &
EXPORTER
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 12, 1985
as a private limited company
by joint venture
among “Tate & Lyle
Group” [A.E. Staley
Manufacturing Inc. and
Amylum Belgium N.V.],
“Japan Corn Starch
Co., Ltd.” and “Thai
Wah Food Products
Public Co., Ltd.” under
the name style
“TAPIOCA DEVELOPMENT COPORATION
LIMITED”.
The subject
received promotional privilege
from the Board
of Investment to
manufacture of modified
starch on August
31, 1990 and
also achieved the
ISO 9002 certification to manufacture of
modified tapioca starch
from SGS on
December 3, 1998.
It currently employs
approximately 300 staff.
The subject’s
registered address is 21/19
Thai Wah Tower
1, South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTOR
Name Nationality Age
Mr. Hideyuki
Tanaka Japanese 55
Mr. Wan
Kam Belgian 61
Mr. Robert
Arthur Nerhus American 63
Mr. Yasuo
Isogai Japanese 52
Mr. Harischandra Bhukhandas Morar
South African 8
Mr. Soichiro
Kurachi Japanese 48
Mr. Thanit
Sriratanalai Thai 70
Mr. Pinai
Kiatteppawan Thai 51
Mr. Sompong
Nimitvanich Thai
66
Mr.
Sethsai Sethakaroon Thai 53
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sompong
Nimitvanich is the
Managing Director.
He is
Thai nationality with
the age of
66 years old.
Mr. Pratheep
Lertwatanakijkul is the
Deputy Managing Director.
He is
Thai nationality.
Ms. Petchsri
Avakulpanich is the
Account Manager.
She is
Thai nationality.
Mr. Suwat
Lorvorarat is the
Factory Manager.
He is
Thai nationality.
Mr. Varavit
Rungruengkanokkul is the Export Sales
Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activities are manufacturer, exporter & distributor
of modified starch
for various types
of industries such
as:
- Taplink,
Tapsize, Tapco for
Paper Industries
- Tapple,
Tapfil, Tapfroze, Tapgel
for Food Industries
- Tapsize,
Tapclipse for Textile Industries
- Tapgum,
Tapbind for Adhesive & other Industries.
PRODUCTION CAPACITY
60,000 metric tons/year
PURCHASE
Most of
raw materials; tapioca & chemicals are
purchased from local
suppliers, spare parts
are imported from
Japan and Taiwan.
SALES [LOCAL]
20% of
its products is
sold locally to
manufacturers and wholesalers.
EXPORT [COUNTRY]
80% of
its products is
exported to U.S.A,
Europe, Japan, Philippines
& other Asian
countries.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
affiliated company here
in Thailand.
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
on the credit term of
30 days.
Exports are
against L/C at
sight or on
the credit term
of 30 days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom Rd., Silom, Bangrak,
Bangkok]
Kasikornbank Public
Co., Ltd.
[Silom Branch :
142 Silom Rd.,
Silom, Bangrak, Bangkok]
The Siam
Commercial Bank Public
Co., Ltd.
[Head
Office : 9 Ratchadapisek Rd.,
Jatujak, Bangkok]
Krung Thai
Bank Public Co., Ltd.
[Silom Branch :
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The subject
employs approximately 300
staff. [office staff
and factory workers]
LOCATION DETAILS
The premise
is owned for
operating office at
the heading address
in commercial area.
Factory is
located at 77
Moo 6, Sakhumvit Road, Banchang,
Rayong Province 21130.
Tel.
[66] 38 601-344-5, Fax.
[66] 38 602-503.
COMMENT
The export
of tapioca flour
and modified starch
are rising by
10-15% a year
in volume as
well as exports
of tapioca flour
has a bright future, for
both in price
and volume. Tapioca
flour faced less
competition than other
commodities such as
tapioca pallets which
competed with wheat
and maize in
animal feed industry.
Moreover the Japanese
market offered a
bright prospects as
the Thai flour
was not genetically
modified.
The main
markets of Thai
tapioca flour are
Japan, Taiwan, China,
Hong Kong, Malaysia and
the Philippines. It
is used in
various industries such
as food, plastics,
pulp and paper
and rubber products.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,200,000 divided
into 12,000 shares
of Bht. 100
each.
The capital
was increased later
as followings:
Bht. 2,000,000 on October
18, 1985
Bht. 20,000,000 on June
10, 1986
Bht. 50,000,400 on September 6, 1989
The latest
registered capital was
increased to Bht.
50,000,400 divided into
500,004 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 20, 2006]
|
NAME |
HOLDING |
% |
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Japan Corn
Starch Co., Ltd. Nationality: Japanese Address :
20-19 Marunoshi, 2-Kome, Naka,
Nagoya, Japan |
166,668 |
33.33 |
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Thai Wah
Food Products Public
Co., Ltd. Nationality: Thai Address :
21/11,12,17 South Sathorn Rd.,
Sathorn, Bangkok |
166,661 |
33.33 |
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Tate
& Lyle Ingredients Americas
Inc. Nationality: American Address :
2200 East Eldorado
Rd., Illinois, U.S.A. |
83,334 |
16.67 |
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Tate
& Lyle Europe N.V. Nationality: Belgian Address :
Berichstart 10, B-9300
Alst, Belgium |
83,334 |
16.67 |
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Mr. Pitak
Boonpojanasunthorn Nationality: Thai Address :
53 Sukhumvit 42
Rd., Prakanong, Klongtoey, Bangkok |
1 |
- |
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Mr. Fong
Sumthravanich Nationality: Thai Address :
2034/9 Chan Rd.,
Chongnonsi, Yannawa, Bangkok |
1 |
- |
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Ms. Siriwan
Sakulkeereewat Nationality: Thai Address :
37/117 Silom Rd.,
Silom, Bangrak, Bangkok |
1 |
- |
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Mrs. Nancharee
Kejoranant Nationality: Thai Address :
79/46 Moo 3,
Panyaindra Rd., Bangchan,
Klongsamwa, Bangkok |
1 |
- |
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Mr. Thanit
Sriratanalai Nationality: Thai Address :
157/2 Phaholyothin Rd.,
Ladyao, Jatujak, Bangkok |
1 |
- |
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Mr. Surapol
Suprachya Nationality: Thai Address :
257/27 Prachachuen 30
Rd., Bangsue, Bangkok |
1 |
- |
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Mr. Suthi
Chinwongwatana Nationality: Thai Address :
2090/18 Chan Rd.,
Chongnonsi, Yannawa, Bangkok |
1 |
- |
Total Shareholders
11
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Sophon
Permsiriwanlop No. 3182
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2005 & 2004
were:
ASSETS
|
Current
Assets |
2005 |
2004 |
|
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Cash in
hand & at
Bank |
49,993,676 |
10,478,790 |
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Short Term
Investment-Fixed account |
131,558 |
10,631,196 |
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Trade Accts.
Receivable-Other |
83,403,068 |
75,827,066 |
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Trade Accts.
Receivable-Related Company |
22,526,145 |
16,560,798 |
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Inventories |
148,812,150 |
169,143,531 |
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Deferred Value
Added Tax |
3,924,213 |
6,329,515 |
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Other Current
Assets |
3,962,708 |
2,000,161 |
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Total Current
Assets |
312,753,518 |
290,971,057 |
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|
|
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Fixed
Assets |
198,592,964 |
230,085,186 |
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Cash at
Bank |
65,000,000 |
65,000,000 |
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Other
Assets |
730,768 |
1,024,589 |
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Total Assets |
577,077,250 |
587,080,832 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
35,069,423 |
43,820,890 |
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Accrued Income
Tax |
- |
1,877,542 |
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Accrued Expenses |
12,986,193 |
10,747,048 |
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Other Current
Liabilities |
399,607 |
1,401,822 |
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Total
Current Liabilities |
48,455,223 |
57,847,302 |
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Total Liabilities |
48,455,223 |
57,847,302 |
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Shareholders'
Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 500,004
shares |
50,000,400 |
50,000,400 |
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Capital Paid |
50,000,400 |
50,000,400 |
|
Statutory Reserve |
5,000,040 |
5,000,040 |
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Retained Earning - Unappropriated |
473,621,587 |
474,233,090 |
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Total
Shareholders' Equity |
528,622,027 |
529,233,530 |
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Total
Liabilities & Shareholders' Equity |
577,077,250 |
587,080,832 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales
& Services |
760,648,203 |
763,155,436 |
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Interest Income |
1,126,189 |
985,964 |
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Other Income |
6,305,105 |
3,866,318 |
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Total Revenues |
768,079,497 |
768,007,718 |
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Expenses |
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Cost of
Goods Sold & Services |
665,415,994 |
616,357,210 |
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Selling &
Administrative Expenses |
102,234,572 |
117,775,125 |
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Total
Expenses |
767,650,566 |
734,132,335 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
428,931 |
33,875,383 |
|
Interest Expenses |
[219,538] |
[12,770] |
|
Income Tax |
[820,896] |
[10,441,878] |
|
Net Profit / [Loss] |
[611,503] |
23,420,735 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
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Finished Goods |
115,115,688 |
109,269,769 |
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Raw Materials |
25,810,287 |
47,131,090 |
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Packaging Materials |
4,309,199 |
7,158,581 |
|
Factory Materials |
5,543,266 |
5,687,358 |
|
Total |
150,778,440 |
169,246,798 |
|
Less:
Depreciation |
[1,966,290] |
[103,267] |
|
Inventories - Net |
148,812,150 |
169,143,531 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Factory Building
|
83,792,908 |
82,474,051 |
|
Machinery & Equipment |
434,819,855 |
428,812,783 |
|
Furniture Fitting & Fixture and Vehicle |
37,953,618 |
38,436,445 |
|
Assets under
Construction |
1,843,367 |
770,000 |
|
Total |
558,409,748 |
550,793,279 |
|
Less:
Depreciation |
[359,816,784] |
[320,408,093] |
|
Fixed
Assets - Net |
198,592,964 |
230,085,186 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
[0.33] |
|
|
Operating |
[98.73] |
|
|
Net Profit |
[102.61] |
|
|
Fixed Assets |
[13.69] |
|
|
Total Assets |
[1.70] |
|
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Profitability |
|
|
|
Cost of
Goods Sold |
87.48 |
80.76 |
|
Operating Profit
Margin |
0.06 |
4.44 |
|
S&A expenses |
13.44 |
15.43 |
|
Interest |
0.03 |
0.00 |
|
Other Revenues |
0.98 |
0.64 |
|
Net Profit
Margin |
[0.08] |
3.07 |
|
Earning Per
Shares |
[1.22] |
46.84 |
|
No. of
Shares |
500,004 |
500,004 |
Net
Sales was decreased
by 0.33%, Operating
Profit was decreased
by 98.73%, Net
Profit was decreased
by 102.61%, Fixed
Assets was decreased
by 13.69%, Total
Assets was decreased
by 1.70%.
Compare each
cost with sales,
Cost of Goods
Sold was increased
from 80.76% to
87.48%, Operating Profit
Margin was decreased
from 4.44% to
0.06%, S &
A Expenses were
decreased from 15.43%
to 13.44%, Interest
Paid was increased
from 0.00% to
0.03%, Other Revenues
was increased from
0.64% to 0.98%,
Net Profit Margin
was decreased from
3.07% to -0.08%.
Earning Per
Shares was decreased
from 46.84 baht
per share to
-1.22 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
6.45 |
5.03 |
|
Quick
- assets ratio |
3.22 |
1.96 |
Current Ratio
was increased from
5.03 to 6.45,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.96 to 3.22,
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 |
0.09 |
0.11 |
|
Times Interest
Earned |
1.95 |
2,652.73 |
D/E Ratio was decreased from 0.11 to 0.09, 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 2,652.73 to 1.95, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
3.83 |
3.32 |
|
Total Assets
Turnover |
1.32 |
1.30 |
|
Return on
Assets |
[0.11] |
3.99 |
|
Return on
Equity |
[0.12] |
4.43 |
|
Day’s Payable |
16.60 |
20.67 |
|
Day’s Inventories |
70.43 |
79.79 |
|
Days’ Receivables |
39.47 |
35.77 |
Fixed Assets
Turnover was increased
from 3.32 times
to 3.83 times,
Total Assets Turnover
was increased from
1.30 times to
1.32 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
decreased from 3.99
to -0.11, Return
on Equity was
decreased from 4.43
to -0.12, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
21 days to
17 days, and Day’s Inventories
was decreased from
80 days to
71 days, while
Day’s Receivables was
increased from 36
days to 40
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 |
|