MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
THANYANORASETH COMPANY LIMITED |
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Registered Office : |
18/1, 18/8 Moo 1, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0105537099771 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, distributor and exporter of
welding electrode. |
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
THANYANORASETH COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 18/1, 18/8 MOO 1,
NONGKAEM,
TELEPHONE : [66] 2421-0028,
2421-3191, 2421-2674, 2421-1861
FAX : [66] 2421-9007,
2421-1912
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537099771 [Former : 2234/2537]
CAPITAL
REGISTERED : BHT. 20,000,000
CAPITAL
PAID-UP : BHT. 20,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAO APINORASETH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 328
LINES OF
BUSINESS : WELDING ELECTRODE
MANUFACTURER &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on August
25, 1994 as
a private limited
company under the name
style THANYANORASETH COMPANY
LIMITED by Thai and Japanese groups,
with the business
objective to manufacture and distribute
welding electrodes to both
domestic and international
markets. It currently
employs 328 staff.
Subject is a
subsidiary of Yawata
[
The subject’s registered
address is 18/1,
18/8 Moo 1,
Liebklong Pasicharoen Rd.,
Nongkaem, Bangkok 10160,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
Name Nationality Age
Mr. Thawatchai Apinoraseth [x] Thai 53
Mr. Pairoj Apinoraseth [x] Thai 68
Mr. Ouaychai Apinoraseth [x] Thai 58
Mr. Chao Apinoraseth [x] Thai 72
Mr. Prapin Apinoraseth [x] Thai 45
Mr. Norihiro Hori Japanese 57
Mr. Tatsushi Tajima Japanese 48
Mr. Matsuta Ishiro Japanese 58
Mr. Yoshiki Yamamoto Japanese 530
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chao
Apinoraseth is the
Managing Director.
He is Thai
nationality with the
age of 72
years old.
Mr. Norihiro Hori is the
Assistant Managing Director
& Factory Manager.
He is Japanese
nationality with the
age of 57
years old.
Ms. Jiraporn
Apinoraseth is the
General Manager.
She is Thai
nationality.
Mr. Boriphan Boonthavorn
is the Factory
Manager
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
distributor and exporter
of welding electrode.
MAJOR BRAND
“YAWATA”
IMPORT [COUNTRIES]
Machinery, spare parts &
raw materials are
imported from Japan,
United Kingdom, United
States of America,
Germany, Norway, Taiwan
and Korea.
MAJOR SUPPLIER
Yawata Electrode Ltd. :
SALES [LOCAL]
50% of its
products is distributed
locally by Lertvilai
& Sons Co., Ltd.,
the subject’s affiliated company.
EXPORT [COUNTRY]
50% of its
products is exported
to Taiwan, Republic
of China, Vietnam
& Singapore.
MAJOR CUSTOMER
M. C. P. Brothers
Co., Ltd. : Thailand
PARENT COMPANY
Yawata [
Address : 18/1, 18/8
Moo 1, Nongkaem,
Investment : 90%
held by the
subject
SUBSIDIARIES &
AFFILIATED COMPANY
Tanaka [
Business Type: Manufacturer
of welding electrode
products
Lertvilai &
Sons Co., Ltd.
Business Type: Distributor of welding
electrode
Yawata Electrode
[
Business Type : Manufacturer of
welding equipment
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
30-60-90 days.
Imports are by L/C
at sight
or T/T.
Exports are against
L/C or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
Kasikornbank Public
Co., Ltd.
[Head Office :
United Oversea
Bank [Thai] Public
Co., Ltd.
[Head Office :
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
328 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address in
an commercial/ residential
area.
Factory and warehouse
are located at
105 Moo 5,
Khamtalaysor-Nonethai Rd., Khamtalaysor,
Nakornratchasima 30280. Tel. :
[66] 44
333-380 Fax. [66]
: 44 333-379.
COMMENT
The subject’s operating performance was good during this 1-2 years due
to improvement in domestic industries
and export markets.
FINANCIAL INFORMATION
The capital was
registered at Bht.
20,000,000 divided into
20,000 shares of
Bht. 1,000 each
with fully paid.
MAIN SHAREHOLDERS
: [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
Yawata [ Nationality: Thai Address : 18/1,
18/8 Moo 1,
Nongkaem, |
18,000 |
90.00 |
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Mr. Prapin
Apinoraseth Nationality: Thai Address : 98
Moo 9,
Pasicharoen, |
998 |
4.99 |
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Ms. Jiraporn Apinoraseth Nationality: Thai Address : |
995 |
4.98 |
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Mr. Chao
Apinoraseth Nationality: Thai Address : 22
Rama 4 Rd.,
Rongmuang,
Pathumwan, |
1 |
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Mr. Ouaychai
Apinoraseth Nationality: Thai Address : |
1 |
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Mrs. Pornsuk Yodnopaklao Nationality: Thai Address : 431
Moo 3, Bangkaenua, Pasicharoen, |
1 |
=0.03 |
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Mr. Pairoj
Apinoraseth Nationality: Thai Address : 122
Sukhumvit 54 Rd.,
Bangchak,
Prakanong, |
1 |
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Mr. Kasem
Apinoraseth Nationality: Thai Address : 78
Huaykwang, |
1 |
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Mr. Tadayuki Ota Nationality: Japanese Address : 2-8-10-201
|
1 |
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Mr. Norithiro
Hori Nationality: Japanese Address : 107-51
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1 |
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Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Chuangchote Chotesorayuth No. 639
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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|
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|
Cash in hand
& at Bank
[note 1] |
403,890.91 |
1,389,675.54 |
|
Trade Accts. & Notes
Payable |
36,154,809.44 |
42,405,531.74 |
|
Inventories [note 2] |
65,227,090.64 |
75,378,054.91 |
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Other Current Assets
[note 3]
|
36,320,175.11 |
40,016,463.10 |
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|
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Total Current
Assets |
138,105,966.10 |
159,189,725.29 |
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Fixed Assets [note 4] |
166,062,203.18 |
174,915,885.20 |
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Other Assets |
2,681,691.61 |
2,684,231.61 |
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Total Assets
|
306,849,860.89 |
336,789,842.10 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft &
Short-term Loan from Bank |
220,234,951.99 |
222,899,586.47 |
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Trade Accts. &
Notes Payable |
170,329,033.74 |
247,137,879.73 |
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Accrued Expenses |
14,639,245.48 |
12,024,225.62 |
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Other Current Liabilities |
21,121,662.65 |
7,546,105.43 |
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Total Current
Liabilities |
426,324,893.86 |
489,607,797.25 |
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Long-term Loan from
Person or Related
Companies |
119,078,105.37 |
101,415,169.78 |
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Total Liabilities |
545,402,999.23 |
591,022,967.03 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[258,553,138.34] |
[274,233,124.93] |
|
Total
Shareholders' Equity [Deficit] |
[238,553,138.34] |
[254,233,124.93] |
|
Total
Liabilities & Shareholders' Equity |
306,849,860.89 |
336,789,842.10 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
522,799,194.01 |
587,357,945.25 |
|
Gain on Exchange
Rate |
1,479,227.30 |
1,383,537.70 |
|
Other Income |
3,778,494.84 |
2,222,133.36 |
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Total Revenues
|
528,056,916.15 |
590,963,616.31 |
|
Expenses |
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Cost of Goods
Sold |
448,979,725.42 |
540,492,842.47 |
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Selling & Administrative Expenses |
45,674,622.80 |
44,039,322.69 |
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Total Expenses |
494,654,348.22 |
584,532,165.16 |
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Profit / [Loss] before Interest Expenses |
33,402,567.93 |
6,431,451.15 |
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Interest Expenses |
[17,722,581.34] |
[8,572,413.77] |
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Net Profit / [Loss] |
15,679,986.59 |
[2,140,962.62] |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
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|
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Cash in hand |
340,917.05 |
58,476.55 |
|
Cash at bank |
62,973.86 |
1,331,198.99 |
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Total
|
403,890.91 |
1,389,675.54 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
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Raw Material |
47,367,653.19 |
49,425,106.80 |
|
Inventories |
17,654,531.83 |
24,824,624.37 |
|
Packaging |
204,905.62 |
1,128,323.74 |
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Total
|
65,227,090.64 |
75,378,054.91 |
NOTE 3
Other Current Assets
|
|
2005 |
2004 |
|
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|
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Prepaid Expenses |
291,889.81 |
288,556.77 |
|
Deferred Advanced |
22,611,561.46 |
23,225,284.53 |
|
Deferred Business Tax |
13,411,057.87 |
16,496,955.78 |
|
Advanced Paid |
5,665.97 |
5,666.02 |
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Total
|
36,320,175.11 |
40,016,463.10 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
29,479,416.00 |
29,479,416.00 |
|
|
199,703,550.62 |
199,703,550.62 |
|
Machine |
33,667,887.10 |
33,138,896.45 |
|
Factory Equipment |
9,481,832.32 |
9,481,832.32 |
|
Hand Tools |
15,365,817.40 |
13,681,211.92 |
|
Spare Part |
1,618,747.86 |
1,618,747.86 |
|
Vehicle |
6,985,038.00 |
6,985,038.00 |
|
Office Furniture |
263,857.55 |
263,857.55 |
|
Office Automation |
1,959,165.91 |
1,871,580.86 |
|
Total |
298,525,312.76 |
296,224,131.58 |
|
Less: Depreciation |
[132,463,109.58] |
[121,308,246.38] |
|
Total
|
166,062,203.18 |
174,915,885.20 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[10.99] |
|
|
Operating Profit |
483.50 |
|
|
Net Profit |
832.38 |
|
|
Fixed Assets |
[5.06] |
|
|
Total Assets |
[8.89] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.88 |
92.02 |
|
Operating Profit Margin |
6.39 |
1.09 |
|
S & A
Expenses |
8.74 |
7.50 |
|
Interest Paid |
3.39 |
1.46 |
|
Other Revenues |
1.01 |
0.61 |
|
Net Profit Margin |
3.00 |
[0.36] |
|
Earning Per Shares |
784.00 |
[107.05] |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
decreased by 10.99%,
Operating Profit was
increased by 483.50%,
Net Profit was
increased by 832.38%,
Fixed Assets was
decreased by 5.06%,
Total Assets was
decreased by 8.89%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.02%
to 85.88%, Operating
Profit Margin was
increased from 1.09%
to 6.39%, S
& A Expenses
was increased from
7.50% to 8.74%,
Interest Paid was increased
from 1.46% to
3.39%, Other Revenues
was increased from
0.61% to 1.01%,
Net Profit Margin
was increased from
-0.36% to 3.00%.
Earning Per Shares
was increased from
-107.05 baht per
share to 784.00
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.32 |
0.33 |
|
Quick-Assets Ratio |
0.09 |
0.09 |
Current Ratio was
decreased from 0.33
to 0.32, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.09
to 0.09, 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] |
[2.32] |
|
Times Interest Earned |
1.88 |
0.75 |
D/E Ratio was
increased from -2.32
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
0.75 to 1.88,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.15 |
3.36 |
|
Total Assets Turnover |
1.70 |
1.74 |
|
Return on Assets |
5.11 |
[0.64] |
|
Return on Equity |
6.57 |
[0.84] |
|
Day's Payable |
142.18 |
177.47 |
|
Day’s Inventories |
44.92 |
46.20 |
|
Day’s Receivables |
24.90 |
25.99 |
Fixed Assets Turnover
was decreased from
3.36 times to
3.15 times, Total
Assets Turnover was
decreased from 1.74
times to 1.70
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from -0.64 to
5.11, Return on
Equity was increased
from -0.84 to
6.57, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 178
days to 143
days, Day’s Inventories
was decreased from
47 days to
45 days, and
Day’s Receivables was
decreased from 26
days to 25
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%)