MIRA
INFORM REPORT
|
Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM COATED ABRASIVE CO., LTD. |
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Registered Office : |
7/126
Moo 4, Amata
City Industrial Estate, Mabyangporn, Pluakdaeng, Rayong
21140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544107466 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing and
marketing of coated
abrasive products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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
SIAM COATED ABRASIVE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 7/126 MOO
4, AMATA CITY
INDUSTRIAL
ESTATE, MABYANGPORN, PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 38 650-150-4
FAX :
[66] 38
650-158
E-MAIL ADDRESS : info@siamcoat.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544107466 [Former : KOR THOR. 06-0364-44]
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP
: BHT. 150,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BUNJERD KRUECHOTIKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 120
LINES OF
BUSINESS : COATED ABRASIVE
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 November 5,
2001 as a
private limited company under the name style SIAM
COATED ABRASIVE CO.,
LTD., by Thai
and Japanese groups,
in order to
manufacture and distribute coated abrasive products to
domestic and international markets. It currently
employs approximately 120
staff.
The
subject’s registered address
is 7/126 Moo 4, Mabyangporn, Pluakdaeng,
Rayong 21140, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr.
Ikuo Kawaura |
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Japanese |
- |
|
Mr.
Harumishi Yazuda |
|
Japanese |
- |
|
Mr.
Kohe Kato |
|
Japanese |
58 |
|
Mr.
Bunjerd Kruechotikul |
[x] |
Thai |
58 |
|
Mr.
Bunlue Kruechotikul |
[x] |
Thai |
55 |
|
Mrs.
Supawadee Kruechotikul |
|
Thai |
54 |
|
Mr.
Chamnan Piriyasombat |
[x] |
Thai |
56 |
AUTHORIZED PERSON
Two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Bunjerd
Kruechotikul is the Managing Director.
He is
Thai nationality with
the age of
58 years old.
Mr. Chamnan
Piriyasombat is the Deputy Managing
Director.
He is
Thai nationality with
the age of
56 years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and marketing
of coated abrasive
products, such as
abrasive paper, abrasive
coated fiber, abrasive
sheet and etc.
BRAND NAME
“SCA”
PURCHASE
Most of
raw materials; paper,
chemical and accessories
are purchased from
local suppliers, and
the remaining is
imported from Japan,
Taiwan, United Kingdom
and France.
MAJOR SUPPLIER
Noritake Coated
Abrasive Limited : Japan
SALES
80% of
the products is
exported to Japan,
Hong Kong, Singapore,
Taiwan, Vietnam, United
States of America,
United Kingdom, France
and Germany, the
remaining 20% is
sold locally to
wholesalers and end-users.
PARENT COMPANY
Noritake Coated Abrasive Limited. : Japan
RELATED/ ASSOCIATED
COMPANY
Solimec
Co., Ltd.
Business Type : Importer
and distributor of
industrial machineries.
B & B
Solimec Co., Ltd.
Business Type : Importer and distributor of
electrical tool products.
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Rayong
Branch : 056/1 Sukhumvit
Rd., Thapradu, Muang,
Rayong]
EMPLOYMENT
The
subject employs approximately 120 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
industrial area.
COMMENT
Despite impact
of higher fuel prices, the subject’s
sales remained positive due to overall industries and exports still
shown a strong growth on the year-on-year basis. However, continuing growth in the industrial sector
would help overall
consumption demand of the
subject’s products.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 150,000,000
divided into 1,500,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE :
[as at March 27, 2006]
|
NAME |
HOLDING |
% |
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|
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Noritake
Coated Abrasive Limited Nationality: Japanese Address :
Miyoshi-sho
Nishikamo-kun, Japan |
600,000 |
40.00 |
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Mr. Bunjerd Kruechotikul Nationality: Thai Address :
869/25 Sukhumvit 101
Rd., Bangchak, Prakanong, Bangkok
|
390,000 |
26.00 |
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Mr. Bunlue Kruechotikul Nationality: Thai Address :
869/22 Sukhumvit 101
Rd., Bangchak, Prakanong, Bangkok |
225,000 |
15.00 |
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Mrs. Supawadee Kruechotikul Nationality: Thai Address :
869/22 Sukhumvit 101
Rd., Bangchak, Prakanong, Bangkok |
149,996 |
9.99 |
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Mr. Chamnan Piriyasombat Nationality: Thai Address :
197/2 Rongmuang Rd.,
Rongmuang, Pathumwan, Bangkok |
135,000 |
9.00 |
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Mr. Sumeth Leekijwatana Nationality: Thai Address :
164 Fuengnakorn Rd.,
Wangburapa, Phranakorn, Bangkok
|
1 |
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Mr. Bongkoch Pengpanich Nationality: Thai Address :
55/2 Moo 5,
Chalermphrakiat R. 9 Rd.,
Nongbon, Pravet,
Bangkok |
1 |
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Mrs. Napaporn Kruechotikul
Nationality: Thai Address :
869/146 Sukhumvit 101
Rd., Bangchak, Prakanong, Bangkok |
1 |
=0.01 |
|
Mr. Prachuab Chanchien Nationality: Thai Address :
999/759 Moo 6,
Liabklong Taweewatana Rd., Laksong,
Bangkae, Bangkok |
1 |
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Total Shareholders
9
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs.
Cholthicha Leelapanang No. 1815
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
7,359,093.05 |
80,000.00 |
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Trade Accts.
Receivable |
34,432,553.51 |
11,695,767.79 |
|
Receivable-Revenue Department |
35,431.87 |
21,567,637.90 |
|
Inventories [note 1] |
70,434,859.15 |
69,784,348.62 |
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Other Current
Assets |
243,918.03 |
474,977.33 |
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Total
Current Assets |
112,505,855.61 |
103,602,731.64 |
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Fixed
Assets [note 2] |
233,430,998.85 |
255,314,565.12 |
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Pre-operating
Expenses |
7,165,258.84 |
8,124,552.88 |
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Other Assets |
589,140.19 |
66,000.00 |
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Total
Assets |
353,691,253.49 |
367,107,849.64 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Bank Overdraft |
44,630.11 |
10,094,274.54 |
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Trade Accts.
Payable |
22,911,529.56 |
30,747,095.05 |
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Accrued Expenses |
8,972,399.72 |
6,600,730.19 |
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Current Portion
of Long Term
Loan |
36,000,000.00 |
36,000,000.00 |
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Other Current
Liabilities |
309,857.89 |
566,803.81 |
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Total Current Liabilities |
68,238,417.28 |
84,008,903.59 |
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Long Term
Loan from Financial
Institution |
100,000,000.00 |
136,000,000.00 |
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Total
Liabilities |
168,238,417.28 |
220,008,903.59 |
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Shareholders' Equity |
|
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 1,500,000 shares |
150,000,000.00 |
150,000,000.00 |
|
Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Retained Earning - Unappropriated |
34,452,836.21 |
[2,901,053.95] |
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Total Shareholders' Equity |
185,452,836.21 |
147,098,946.05 |
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Total Liabilities &
Shareholders' Equity |
353,691,253.49 |
367,107,849.64 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Export Income |
154,051,404.21 |
156,420,967.44 |
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Sales-Local |
134,363,542.50 |
76,646,761.72 |
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Interest Income |
10,080.16 |
3,240.84 |
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Other Income |
694,848.12 |
609,433.07 |
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Tax Compensation Income |
7,324.76 |
- |
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Profit/[Loss] from
Exchange Rate |
3,408,358.44 |
[521,445.95] |
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Total
Revenues |
292,535,558.19 |
233,158,957.12 |
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Expenses |
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|
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Cost of
Goods Sold |
210,285,995.36 |
177,812,497.20 |
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Selling &
Administrative Expenses |
35,505,153.85 |
35,074,719.19 |
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Total Expenses
|
245,791,149.21 |
212,887,216.39 |
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Profit
/ [Loss] Before Interest
Expenses |
46,744,408.98 |
20,271,740.73 |
|
Interest Expenses |
[8,390,518.82] |
[8,291,522.09] |
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Net
Profit / [Loss] |
38,353,890.16 |
11,980,218.64 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
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Finished Goods |
1,834,545.72 |
1,985,770.07 |
|
Works in
Process |
27,985,694.29 |
29,024,718.79 |
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Raw Material |
40,614,619.14 |
38,773,859.76 |
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Total |
70,434,859.15 |
69,784,348.62 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
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Land |
31,934,074.00 |
31,934,074.00 |
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Building
|
80,174,635.98 |
80,174,635.98 |
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Machine
& Equipment |
167,283,376.44 |
166,715,590.73 |
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Office Automation & Furniture |
5,207,099.40 |
5,041,286.33 |
|
Computer
& Programme |
2,246,756.30 |
2,087,369.55 |
|
Machine under
Installation |
197,262.20 |
- |
|
Vehicle |
3,600,614.95 |
3,600,614.95 |
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Total |
290,643,819.27 |
289,553,571.54 |
|
Less:
Depreciation |
[57,212,820.42] |
[34,239,006.42] |
|
Total |
233,430,998.85 |
255,314,565.12 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
23.75 |
|
|
Operating |
86.34 |
|
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Net Profit |
220.14 |
|
|
Fixed Assets |
[8.57] |
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Total Assets |
[3.65] |
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Profitability |
|
|
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Cost of
Goods Sold |
72.91 |
76.29 |
|
Operating Profit
Margin |
16.21 |
8.70 |
|
S&A expenses |
12.31 |
15.05 |
|
Interest |
2.91 |
3.56 |
|
Other Revenues |
1.43 |
0.04 |
|
Net Profit
Margin |
13.30 |
5.14 |
|
Earning Per
Shares |
25.57 |
7.99 |
|
No. of
Shares |
1,500,000 |
1,500,000 |
Net Sales was increased by 23.75%, Operating Profit was increased by 86.34%, Net Profit was increased by 220.14%, Fixed Assets was decreased by 8.57%, Total Assets was decreased by 3.65%.
Compare each cost with sales, Cost of Goods Sold was decreased from 76.29% to 72.91%, Operating Profit Margin was increased from 8.70% to 16.21%, S & A Expenses were decreased from 15.05% to 12.31%, Interest Paid was decreased from 3.56% to 2.91%, Other Revenues was increased from 0.04% to 1.43%, Net Profit Margin was increased from 5.14% to 13.30%.
Earning Per Shares was increased from 7.99 baht per share to 25.57 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.65 |
1.23 |
|
Quick
- assets ratio |
0.61 |
0.40 |
Current Ratio was increased from 1.23 to 1.65, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was so good, and Quick-assets Ratio was increased from 0.40 to 0.61, 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 |
0.91 |
1.50 |
|
Times Interest
Earned |
5.57 |
2.44 |
D/E Ratio was decreased from 1.50 to 0.91, show the company had fund from Equity more than fund from Loan, investment risked of the company is low and Times Interest Earned was increased from 2.44 to 5.57, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.24 |
0.91 |
|
Total Assets
Turnover |
0.82 |
0.63 |
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Return on
Assets |
10.84 |
3.26 |
|
Return on
Equity |
20.68 |
8.14 |
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Day’s Payable |
28.60 |
47.49 |
|
Day’s Inventories |
87.92 |
107.79 |
|
Days’ Receivables |
42.98 |
18.07 |
Fixed Assets Turnover was increased from 0.91 times to 1.24 times, Total Assets Turnover was increased from 0.63 times to 0.82 times, show the company could use Assets so efficiently, and Return on Assets was increased from 3.26 to 10.84, Return on Equity was increased from 8.14 to 20.68, capacity to use Assets to make profit was good.
Day’s Payable was decreased from 48 days to 29 days, and Day’s Inventories was decreased from 108 days to 88 days, while Day’s Receivables was increased from 19 days to 43 days.
RATING EXPLANATIONS
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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 |
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