MIRA
INFORM REPORT
|
Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INTERINK COMPANY LIMITED |
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Registered Office : |
11/60-62 Moo
14, Petchkasem 69
Road, Nongkaem, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0105527031686 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing,
distributing and exporting
wide range of
printing ink products
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RATING & COMMENTS
|
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
INTERINK COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 11/60-62 MOO
14, PETCHKASEM 69
ROAD,
NONGKAEM,
TELEPHONE : [66] 2806-6631-7
FAX : [66] 2806-6630
E-MAIL ADDRESS : mkt@inter-ink.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527031686 [Former : 3170/2527]
CAPITAL
REGISTERED : BHT.
30,000,000
CAPITAL
PAID-UP : BHT.
30,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PEERAWIT TRISUKKASEM,
THAI
PRESIDENT
NO. OF
STAFF : 220
LINES OF
BUSINESS : PRINTING INK
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND 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 3,
1984 as a
private limited company under
the name style
INTERINK COMPANY LIMITED,
by Thai groups, to
manufacture and distribute
wide range of
printing ink products.
It currently employs
220 staff.
The
subject’s registered address
was initially located
at 733/729 Moo
8, Phaholyothin Rd.,
Lamlukka, Pathumthani 12130.
On
April 8, 2004,
it was relocated
to 11/60-62 Moo
14, Petchkasem 69
Rd., Nongkaem, Bangkok
10160, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Peerawit Trisukkasem |
|
Thai |
57 |
|
Mr. Pornpol Trisukkasem |
|
Thai |
25 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Peerawit Trisukkasem
is the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Pornpol Trisukkasem
is the Managing
Director.
He is Thai
nationality with the
age of 25
years old.
Mr. Veerarat Yaemthes
is the Personnel
Manager.
He is Thai
nationality.
Mrs. Vararak Piyarattanapong is
the Account Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of printing
ink products including
offset ink, flexo
ink, intaglio ink,
and semi products
of water and
oil based ink.
BRAND NAME
“INTER INK”
PURCHASE
60% of its
raw material is
purchased from local
supplier, and the
remaining 40% is from
supplier in U.S.A.,
Japan, Taiwan and
Australia.
MAJOR SUPPLIERS
- Hoechst
Thai Ltd. :
- BASF
[Thai] Ltd. :
- East
Asiatic Public Co.,
Ltd. :
- Bayer
Thai Ltd. :
SALES
70% of the
products is sold
locally by wholesale
to dealers, manufacturers
and end-users, the remaining
30% is exported
to Hong Kong,
Indonesia, Singapore, Taiwan and
Middle East country.
MAJOR CUSTOMERS
Polymer
Industry Co., Ltd. :
The
Siam Cement Public
Co., Ltd. :
C.P.
Poly Industry Co.,
Ltd. :
RELATED AND
AFFILIATED COMPANIES
Eternal Sakata
Ink Co., Ltd.
Business Type : Manufacturer of
gravure ink.
Pipit Industry
Co., Ltd.
Business Type :
Manufacturer of coating
products.
CPS Intersupply
Co., Ltd.
Business Type :
Distributor of plastic
sheet materials & 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 or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[
Kasikornbank Public
Co., Ltd.
[Bangkapi Branch,
EMPLOYMENT
The
subject employs 220
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
71/17 Moo 5,
Bangpakong Industrial Park
1, Bangna-Trad Rd.,
Thakam, Bangpakong, Chachoengsao
24130.
Tel. :
[66] 38 828-454-6,
Fax. : [66] 38 828-457.
COMMENT
Printing ink remains strong growth from
various industries despite economic
uncertainty. However, slow pace
would be seen this
year caused by
many factors and slow
consumption.
The
subject is doing
good business to
maintain its leading
producer.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht.
1,000 each.
The
capital was increased
later as following:
Bht. 10,000,000
on August 22,
1990
Bht. 20,000,000
on February 17,
2000
Bht. 30,000,000
on June 18,
2003
The
latest registered capital
was increased to
Bht. 30,000,000 divided into
30,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
November 28, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pornpol Trisukkasem Nationality: Thai Address : 47
Soi Chokechai-Ruammitr, Dindaeng, |
14,386 |
47.95 |
|
Mr.
Peerawit Trisukkasem Nationality: Thai Address : 11/60
Moo 14, Nongkaem,
|
11,610 |
38.71 |
|
Mrs.
Phensuree Trisukkasem Nationality: Thai Address : 47
Soi Chokechai-Ruammitr, Dindaeng, |
4,000 |
13.33 |
|
Ms.
Duangduen Trisukkasem Nationality: Thai Address : 11/14
Soi Thanarak, Sathorn,
|
1 |
|
|
Mr. Somnuek Trisukkasem Nationality: Thai Address : 12
Sateng, Muang, Yala |
1 |
= 0.01 |
|
Mr. Somsak Trisukkasem Nationality: Thai Address : 11/14
Soi Thanarak, Sathorn,
|
1 |
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Ms.
Jirawadee Amporn-aramvej Nationality: Thai Address :
Bangkapi, |
1 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Suchart Kosiyachinda No.
1645
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1]
|
5,027,207.63 |
5,205,759.91 |
|
Trade Accts. Receivable [note 2] |
73,239,399.37 |
80,077,050.97 |
|
Short-term Loan to Person or
Related Company |
660,000.00 |
660,000.00 |
|
Inventories [note 3] |
28,683,831.65 |
23,394,875.23 |
|
Other Current Assets
[note 4] |
21,341,861.33 |
12,878,467.84 |
|
Total Current
Assets |
128,952,299.98 |
122,216,153.95 |
|
|
|
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Fixed Assets [note 5] |
87,408,019.32 |
73,668,428.90 |
|
Other Assets |
3,801,186.69 |
2,160,256.12 |
|
Total Assets
|
220,161,505.99 |
198,044,838.97 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
96,720,316.67 |
86,146,476.86 |
|
Short-term Loan |
8,000,000.00 |
- |
|
Current Portion of
Long-term Loan |
- |
369,446.77 |
|
Other Current Liabilities |
1,816,240.56 |
3,103,593.33 |
|
Total Current
Liabilities |
106,536,557.23 |
89,619,516.96 |
|
Long Term Loan from
Person or Related Company |
9,100,000.00 |
- |
|
Other Long-term Loan |
15,417,505.66 |
22,722,584.88 |
|
Total Liabilities |
131,054,062.89 |
112,342,101.84 |
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 30,000 shares |
30,000,000.00 |
30,000,000.00 |
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning -
Unappropriated |
59,107,443.10 |
55,702,737.13 |
|
Total
Shareholders' Equity |
89,107,443.10 |
85,702,737.13 |
|
Total Liabilities &
Shareholders' Equity |
220,161,505.99 |
198,044,838.97 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
216,092,973.98 |
213,252,130.73 |
|
Other Income |
939,316.52 |
590,022.62 |
|
Total Revenues
|
217,032,290.50 |
213,842,153.35 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
169,066,521.37 |
162,863,594.06 |
|
Selling & Administrative Expenses |
39,835,656.24 |
40,424,240.82 |
|
Interest Expenses |
348,295.92 |
249,339.46 |
|
Total Expenses |
209,250,473.53 |
203,537,174.34 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
7,781,816.97 |
10,304,979.01 |
|
Interest Expenses |
[1,041,290.85] |
[667,770.44] |
|
Income Tax |
[2,022,157.84] |
[2,891,162.57] |
|
Extraordinary Item |
1,313,662.31 |
811,500.12 |
|
Net Profit / [Loss] |
3,404,705.97 |
5,934,545.88 |
|
Retained Earning,
beginning of year |
55,702,737.13 |
49,768,191.25 |
|
Retained Earning,
end of year |
59,107,443.10 |
55,702,737.13 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
106,863.14 |
84,606.20 |
|
Cash at bank |
4,920,344.49 |
5,121,153.71 |
|
Total
|
5,027,207.63 |
5,205,759.91 |
NOTE 2
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Notes Receivable |
13,585,377.38 |
10,046,709.32 |
|
Trade Accts. Receivable |
59,654,021.99 |
70,030,341.65 |
|
Total
|
73,239,399.37 |
80,077,050.97 |
NOTE 3
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Inventories |
14,331,241.46 |
13,608,116.00 |
|
Raw Material |
14,352,590.19 |
9,786,759.23 |
|
Total
|
28,683,831.65 |
23,394,875.23 |
NOTE 4
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
|
Prepaid Insurance Premium |
246,030.36 |
193,515.95 |
|
Advanced Paid to
Investment |
- |
65,950.00 |
|
Undue Business Tax |
- |
2,179.45 |
|
Work in Process |
21,095,830.97 |
12,616,822.44 |
|
Total
|
21,341,861.33 |
12,878,467.84 |
NOTE 5
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
|
133,485,977.72 |
113,083,315.53 |
|
Less: Depreciation |
46,077,958.40 |
39,414,886.63 |
|
Total
|
87,408,019.32 |
73,668,428.90 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
1.33 |
|
|
Operating Profit |
[23.98] |
|
|
Net Profit |
[42.63] |
|
|
Fixed Assets |
18.65 |
|
|
Total Assets |
11.17 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
78.24 |
76.37 |
|
Operating Profit Margin |
3.76 |
4.95 |
|
S & A
Expenses |
18.43 |
18.96 |
|
Interest Paid |
0.64 |
0.43 |
|
Other Revenues |
0.43 |
0.28 |
|
Net Profit Margin |
1.58 |
2.78 |
|
Earning Per Shares |
113.49 |
197.82 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was increased by 1.33%, Operating Profit was decreased by 23.98%, Net Profit was decreased by 42.63%, Fixed Assets was increased by 18.65%, Total Assets was increased by 11.17%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 76.37%
to 78.24%, Operating
Profit Margin was
decreased from 4.95%
to 3.76%, S
& A Expenses
was decreased from
18.96% to 18.43%,
Interest Paid was increased
from 0.43% to
0.64%, Other Revenues
was increased from
0.28% to 0.43%,
Net Profit Margin
was decreased from
2.78% to 1.58%.
Earning Per Shares
was decreased from
197.82 baht per
share to 113.49
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.21 |
1.36 |
|
Quick-Assets Ratio |
0.74 |
0.96 |
Current Ratio was
decreased from 1.36
to 1.21, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.96 to 0.74,
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 |
1.47 |
1.31 |
|
Times Interest Earned |
5.85 |
11.51 |
D/E Ratio was
increased from 1.31
to 1.47, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
11.51 to 5.85,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
2.47 |
2.89 |
|
Total Assets Turnover |
0.98 |
1.08 |
|
Return on Assets |
1.55 |
3.00 |
|
Return on Equity |
3.82 |
6.92 |
|
Day's Payable |
161.13 |
145.43 |
|
Day’s Inventories |
47.79 |
39.49 |
|
Day’s Receivables |
122.01 |
135.18 |
Fixed Assets Turnover
was decreased from
2.89 times to
2.47 times, Total
Assets Turnover was
decreased from 1.08
times to 0.98
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 3.00 to
1.55, Return on
Equity was decreased
from 6.92 to
3.82, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 146
days to 162
days, and Day’s
Inventories was increased
from 40 days
to 48 days,
while Day’s Receivables
was decreased from
136 days to
123 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%)