MIRA
INFORM REPORT
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Report Date : |
24th
January, 2007 |
IDENTIFICATION DETAILS
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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,
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Country : |
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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
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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 |
Company Name
T K WAX
COMPANY LIMITED
[FORMER : THAI KAWAKEN
COMPANY LIMITED]
SUMMARY
BUSINESS ADDRESS : 12th FLOOR,
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
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 |
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Mr. Padung
Techasarintr - Chairman |
Thai |
67 |
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Mr. Thavorn
Tantiponganan |
Thai |
61 |
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Mr. Prasart
Jiraphatsakul |
Thai |
68 |
|
Mr. Karn
Sithajarnpong |
Thai |
58 |
|
Mr. Yasunori
Uzuba |
Japanese |
67 |
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Mr. Tadokoro
Katsuyuki |
Japanese |
66 |
|
Mr. Yasunori
Usuba |
Japanese |
67 |
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Mr.
Hiroshi Miyahara |
Japanese |
59 |
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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. |
|
Glycerine
|
|
K.
F. Trading Company
Limited |
|
- |
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Thai Castor
Oil Industrial Co., Ltd. |
|
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.
[
Siam City
Bank Public Co., Ltd.
[Head Office
: 1101 New
Hong
Kong & Shanghai
Banking Corp.
[
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
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 |
% |
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Thai
Castor Oil Industries
Co., Ltd. Nationality: Thai Address : |
1,250,116 |
50.00 |
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K. F.
Trading Company Limited Nationality: Japanese Address :
1-6-13 Yamasan Bldg.,
Nihonbashi, Honsho, Cho-ku, |
600,000 |
24.00 |
|
T J
Land Company Limited Nationality: Thai Address : |
327,000 |
13.08 |
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Kawaken
Fine Chemicals Co., Ltd. Nationality: Japanese Address :
1-3-3 Horidomei, Nihonbashi,
Horidomei-shu, Cho-ku, |
250,000 |
10.00 |
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Mr. Thavorn Tantipong-anan Nationality: Thai Address : Bangkokyai, |
36,379 |
1.46 |
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Mr.
Krisada Techasarintr Nationality: Thai Address : Bangkhunthien, |
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 |
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Cash in
hand & at
Bank |
97,227.04 |
186,526.68 |
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Trade Accts.
Receivable |
66,737,079.38 |
127,013,283.22 |
|
Inventories [note 1] |
29,865,818.57 |
53,410,735.35 |
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Short-term Loan
- Related Companies |
4,300,000.00 |
- |
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Other Current
Assets |
29,890,093.01 |
12,993,773.94 |
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Total
Current Assets |
130,890,218.00 |
193,604,319.19 |
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Investment in
Related Companies [note 2] |
69,053,008.35 |
68,829,808.35 |
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Fixed
Assets [note 3] |
89,507,572.82 |
94,677,351.55 |
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Other
Assets |
1,188,117.97 |
1,300,466.89 |
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Total
Assets |
290,638,917.14 |
358,411,945.98 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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Bank Overdraft
& Short-term Loan from Bank |
50,997,033.28 |
86,759,379.50 |
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Trade Accts.
Payable |
52,837,446.76 |
69,508,559.25 |
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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 |
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|
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Total Current Liabilities |
125,555,384.23 |
174,472,808.49 |
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Long-term Loan |
9,375,000.00 |
21,875,000.00 |
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Total
Liabilities |
134,930,384.23 |
196,347,808.49 |
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Shareholders' Equity |
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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 |
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Capital Paid |
250,000,000.00 |
250,000,000.00 |
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Retained Earning Appropriated for
Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
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Unappropriated |
[99,291,467.09] |
[92,935,862.51] |
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Total Shareholders' Equity |
155,708,532.91 |
162,064,137.49 |
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Total Liabilities & Shareholders' Equity |
290,638,917.14 |
358,411,945.98 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
641,601,239.29 |
734,013,399.89 |
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Other Income |
7,943,745.06 |
8,886,024.07 |
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Total
Revenues |
649,544,984.35 |
742,899,423.96 |
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Expenses |
|
|
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|
|
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Cost of
Goods Sold |
598,171,994.11 |
675,654,814.68 |
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Selling &
Administrative Expenses |
49,142,451.83 |
52,176,582.29 |
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Total Expenses
|
647,314,445.94 |
727,831,396.97 |
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Profit
/ [Loss] before Interest Expenses
|
2,230,538.41 |
15,068,026.99 |
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Interest Expenses |
[8,586,142.99] |
[4,968,186.46] |
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Net
Profit / [Loss] |
[6,355,604.58] |
10,099,840.53 |
FINANCIAL NOTE
NOTE
2 Inventories
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|
2005 |
2004 |
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Raw Materials |
251,003.86 |
1,246,309.60 |
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Goods in
Transit |
8,427,908.00 |
5,483,113.50 |
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Finished
Goods |
21,186,906.71 |
46,681,312.25 |
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|
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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 |
|
|
|
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|
Land |
6,699,393.00 |
6,699,393.00 |
|
|
33,795,056.92 |
33,795,056.92 |
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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] |
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Total Assets |
[18.91] |
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Profitability |
|
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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 |
|