MIRA
INFORM REPORT
|
Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
STARPRINT PUBLIC COMPANY LIMITED |
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Registered Office : |
144 - 144/1 Moo
17, Bangna - |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0107545000039 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer of cartons
for consumer products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
-- |
name
STARPRINT PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 144
- 144/1 MOO 17,
BANGNA -
K.M. 23
BANGPLEE INDUSTRIES, ESTATE,
BANGSAOTHONG, SAMUTPRAKARN
10540
TELEPHONE : [66] 2315-1611-4,
2705-1450-7
FAX :
[66] 2315-1010-1
E-MAIL ADDRESS : sukontasu@starprint.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO. : 0107545000039 [Former
: 0105529000486]
CAPITAL
REGISTERED : BHT. 400,000,000
CAPITAL
PAID-UP : BHT. 280,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
PRINYA
TAITHONGCHAI, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 1,000
LINES OF
BUSINESS : CARTONS AND
CHILDREN BOARD BOOKS
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 January 6,
1986 as a
private limited company under
the registered name “Starprint
Co., Ltd.”, by
Thai group, Taithongchai family,
to provide product
and service for
cartons and children
board books to
both domestic and
international markets.
On
February 14, 2002,
subject became to
public company, under
the name STARPRINT
PUBLIC COMPANY LIMITED.
It currently employs
approximately 1,000 staff.
The
subject’s registered address
is 144-144/1 Moo
17, Bangna-Trad Rd.,
Bangsaothong, Samutprakarn 10540,
and this is
the company’s operation
address.
THE BOARD
OF DIRECTORS
Name Nationality Age
Ms. Kanya Taithongchai Thai 49
Mr. Prinya Taithongchai [x] Thai 43
Mr. Krisada Taithongchai Thai 38
Mr. Ek Pijarnchit Thai 57
Mr. Rungroj Chatvalapong Thai 44
AUTHORIZED PERSON
Only
the mentioned director
[x] can sign on
behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Prinya Taithongchai is
the Managing Director
and Marketing Manager.
He is Thai
nationality with the
age of 43
years old.
Mr. Krisada Taithongchai is
the Factory Manager.
He is Thai
nationality with the
age of 38
years old.
Ms. Sukontha Suwansri
is the is the Human
Resources Manager.
She is Thai
nationality.
Ms. Pornthip Rodripoo
is the Export
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of cartons for
consumer products, as well as
children board books
according to customer’s
orders.
PRODUCTIONS
- 3,000,000 copies of
children board books/month
- 4,000,000 sets of
packaging/day
IMPORT [COUNTRIES]
30%
of raw material
for paper board
is imported mainly
from Finland and
the remaining 70%
from Indonesia, Singapore,
U.S.A. and
MAJOR SUPPLIERS
|
Company |
Country |
Products |
|
|
|
|
|
Asia Pulp &
Paper Co., Ltd. |
|
Paper |
|
Thai Union Paper
Co., Ltd. |
|
Paper |
|
Tenma Paper Co.,
Ltd. |
|
Paper |
|
Finnboard |
|
Board Paper
|
SALES [LOCAL]
60% of its
products is sold
locally to manufacturers
and publishers.
EXPORT [COUNTRIES]
40% of its
children board books
is exported to
United Kingdom, U.S.A., Canada,
Italy, Germany, Switzerland
and Hungary.
MAJOR CUSTOMERS
|
Company |
Country |
Business Type |
|
|
|
|
|
Unilever Thai Holding
Co., Ltd. |
|
Consumers Products
Distributor |
|
Colgate-Palmolive [ |
|
Consumer products |
|
Nestle [Thai] Co.,
Ltd. |
|
Dairy food
products |
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy
and Receivership
On
August 22, 2005,
the Central Bankruptcy
Court has ordered
the company in
accordance with a
decided court case
No. 3131/2548, to
rehabilitate its organization.
On October 3,
2006, the court
has approved the
company is rehabilitation plan
and appointed the
subject as the
Plan Administer.
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 30-60-90 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
The Siam
Commercial Bank Public Co., Ltd.
[Muangmai Bangplee Branch,
Bangkok Bank
Public Co., Ltd.
[
Kasikornbank Public
Co., Ltd.
[Talad Bangbor,
EMPLOYMENT
The subject employs
approximately 1,000 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for operating office
& factory in
a 2 storey
building at the
heading address in
an industrial area.
Spaces Covering Office : 360
square meters
Factory :
3,624 square meters
Warehouse :
3,920 square meters
Factory
II is located
at 128/240 Moo
1, Theparak Rd.,
Bangsaothong, Samutprakarn 10540,
Tel: 706-4388-9 Fax:
315-4993.
OVERSEAS REPRESENTATIVE OFFICE
:
1.
Starprint
Oversea Sales Ltd.
Suite No. 4B
Market House, 19/21
Market Place, Wokingham,
Berkshire RG 11
1 AP, UK.
2.
Mr. Ed Swendeman
:
3.
COMMENT
The
packaging and printing
industry experienced a
30% revenue fall
from previous year due to the
rising costs of
raw materials.
The
steep decline in local
consumption also contributed
to the revenue
dropped sharply. Citing
research in domestic
market, it was
also a myth
that young people
don not read
printed matter due
to they have
turned to digital
reading like internet.
However,
many companies in the
industry would focus
on packaging for
food and consumer products.
The
subject is doing
slow down business and
focusing on packaging
industry which could
maintain its business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000,
divided into 20,000
shares of Bht.
100 each.
The capital was
increased later as
followings :
Bht. 6,900,000
on July 1,
1987
Bht. 11,900,000
on April 6,
1991
Bht. 50,000,000
on October 6,
1993
Bht. 100,000,000
on July 7,
1994
The
latest registered capital
was increased to
Bht. 400,000,000, divided
into 400,000,000 shares
of Bht. 1
each with Bht. 280,000,000 paid
up.
MAIN SHAREHOLDERS
: [as at
March 27,
2007 at
Bht. 280 million of
capitalization]
|
NAME |
HOLDING |
% |
|
|
|
|
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Ms.
Prapasri Taithongchai Nationality: Thai Address : Yannawa, |
64,000,000 |
22.86 |
|
Mrs.
Srichanthra Taithongchai Nationality: Thai Address : 144/1
Moo 17, Bangsaothong, Samutprakarn |
36,000,000 |
12.86 |
|
Ms. Kanya
Taithongchai Nationality: Thai Address : Yannawa, |
34,000,000 |
12.14 |
|
Ms. Ratchanee Taithongchai Nationality: Thai Address : 80/1531
Moo 7, Bangmuang,
Muang, Samutprakarn |
29,000,000 |
10.36 |
|
Mr. Prinya
Taithongchai Nationality: Thai Address : 22/156
Moo 10, Bangna,
Prakanong, |
28,000,000 |
10.00 |
|
Mr. Krisada Taithongchai Nationality: Thai Address : Yannawa, |
23,000,000 |
8.21 |
|
Mr. Suthep Taithongchai Nationality: Thai Address : Yannawa, |
10,000,000 |
3.57 |
|
Mrs. Ampai Taithongchai Nationality: Thai Address :
Pakpreaw, Muang, Saraburi |
10,000,000 |
3.57 |
|
Mrs.
Pornpimol Chantaranetr Nationality: Thai Address :
Pakpreaw, Muang, Saraburi |
10,000,000 |
3.57 |
|
Others Shareholders |
36,000,000 |
12.86 |
Total Shareholders
15
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Jarunee Supakarn No. 4424
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
|
16,429,060 |
4,221,265 |
|
Notes Receivable |
25,000,000 |
- |
|
Trade Accts. Receivable |
44,032,871 |
152,840,379 |
|
Inventories |
62,694,662 |
104,389,939 |
|
Other Current Assets
|
17,223,480 |
17,804,095 |
|
Total Current
Assets |
165,380,073 |
279,255,678 |
|
Investment accounted for
under Equity Method
|
- |
50,079,885 |
|
Other Long Term
Investment |
9,500,000 |
5,000,000 |
|
Fixed Assets |
502,183,749 |
584,645,146 |
|
Intangible Assets |
5,560,480 |
8,823,724 |
|
Other Assets |
3,013,650 |
3,839,703 |
|
Total Assets
|
685,637,952 |
931,644,136 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
578,830,610 |
578,063,597 |
|
Trade Accts. Payable |
249,756,421 |
289,794,250 |
|
Current Portion of
Hire-purchase Contract Payable |
7,598,892 |
14,158,463 |
|
Current Portion of Long
Term Loans |
217,148,253 |
217,148,253 |
|
Short Term Loan
from Person or Related Company |
40,030,791 |
53,621,468 |
|
Other Current Liabilities |
103,845,656 |
31,192,579 |
|
Total Current
Liabilities |
1,197,210,623 |
1,183,978,610 |
|
Short Term Loan
from Person or Related Company |
16,993,655 |
15,000,000 |
|
Hire-purchase Contract Payable
Net of Current Portion |
1,534,537 |
9,904,472 |
|
Total Liabilities |
1,215,738,815 |
1,208,883,082 |
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1.00
par value authorized, issued
and fully paid share
capital 400,000,000 shares |
400,000,000 |
400,000,000 |
|
Capital Paid |
280,000,000 |
280,000,000 |
|
Retained Earning -
Unappropriated |
[810,100,863] |
[557,238,946] |
|
Total
Shareholders' Equity |
[530,100,863] |
[277,238,946] |
|
Total
Liabilities & Shareholders' Equity |
685,637,592 |
931,644,136 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
313,604,774 |
535,268,037 |
|
Other Income |
14,508,064 |
21,161,144 |
|
Total Revenues
|
328,112,838 |
556,429,181 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
328,980,228 |
657,705,315 |
|
Selling & Administrative Expenses |
65,937,095 |
86,032,136 |
|
Loss from Sales
of Assets |
75,566,476 |
30,332,621 |
|
Loss from Decrement in Value
of Goods |
- |
70,000,000 |
|
Loss from Investment’s Devaluation
|
- |
36,778,325 |
|
Loss from Sales
of Investment |
37,817,531 |
- |
|
Share of Loss
from Investment accounted
for under Equity
Method |
- |
69,831,798 |
|
Total Expenses |
508,301,330 |
950,680,195 |
|
Profit / [Loss] Before Interest
Expenses |
[180,188,492] |
[394,251,014] |
|
Interest Expenses |
[72,673,425] |
[60,012,818] |
|
Net Profit / [Loss] |
[252,861,917] |
[454,263,832] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[41.41] |
|
|
Operating Profit |
[39.13] |
|
|
Net Profit |
44.34 |
|
|
Fixed Assets |
[14.10] |
|
|
Total Assets |
[26.41] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
104.90 |
122.87 |
|
Operating Profit Margin |
[21.30] |
[34.99] |
|
S & A
Expenses |
21.03 |
16.07 |
|
Interest Paid |
23.17 |
11.21 |
|
Other Revenues |
4.63 |
3.95 |
|
Net Profit Margin |
[80.63] |
[84.87] |
|
Earning Per Shares |
[0.90] |
[1.62] |
|
No. of Shares |
280,000,000 |
280,000,000 |
Net Sales was
decreased by 41.41%,
Operating Profit was
decreased by 39.13%,
Net Profit was
increased by 44.34%,
Fixed Assets was
decreased by 14.10%,
Total Assets was
decreased by 26.41%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 122.87%
to 104.90%, Operating
Profit Margin was increased from
-34.99% to -21.30%,
S & A
Expenses was increased
from 16.07% to
21.03%, Interest Paid was
increased from 11.21%
to 23.17%, Other
Revenues was increased
from 3.95% to
4.63%, Net Profit
Margin was increased
from -84.87% to
-80.63%.
Earning Per Shares
was increased from
-1.62 baht per
share to -0.90
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.14 |
0.24 |
|
Quick-Assets Ratio |
0.07 |
0.13 |
Current Ratio was
decreased from 0.24
to 0.14, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.13
to 0.07, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
[2.29] |
[4.36] |
|
Times Interest Earned |
[0.92] |
[3.12] |
D/E Ratio was
increased from -4.36
to -2.29, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from -3.12 to
-0.92, capacity to pay interest
paid was not
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.62 |
0.92 |
|
Total Assets Turnover |
0.46 |
0.57 |
|
Return on Assets |
[36.88] |
[48.76] |
|
Return on Equity |
[47.70] |
[163.85] |
|
Day's Payable |
286.71 |
194.90 |
|
Day’s Inventories |
71.97 |
70.21 |
|
Day’s Receivables |
50.55 |
102.79 |
Fixed Assets Turnover
was decreased from
0.92 times to
0.62 times, Total
Assets Turnover was
decreased from 0.57
times to 0.46
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from -48.76 to
-36.88, Return on
Equity was increased
from -163.85 to
-47.70, capacity to
use Assets to
make profit was
not good.
Day's Payable was
increased from 195
days to 287
days, and Day’s
Inventories was increased
from 71 days
to 72 days,
while Day’s Receivables
was decreased from
103 days to
51 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%)