MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
S.C. STATIONERY INDUSTRY CO., LTD. |
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Registered Office : |
1122
Moo 6, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
0105522011989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing variety of stationery products |
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
S.C. STATIONERY INDUSTRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1122
MOO 6,
MUANG,
TELEPHONE : [66] 2383-5705-8
FAX : [66] 2383-5712
E-MAIL ADDRESS : horse@nanmee .com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION NO. : 0105522011989 [Former
: 1205/2522]
CAPITAL
REGISTERED : BHT.
40,000,000
CAPITAL
PAID-UP : BHT.
40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KORNWIT SUPUTTHIPONG, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 1,300
LINES OF
BUSINESS : STATIONERY PRODUCTS
MANUFACTURER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 21,
1979 as a
private limited company,
under the name
style S.C. STATIONERY INDUSTRY
CO., LTD., by Thai
groups, in order
to manufacture and
distribute a variety of
stationery products for
domestic and export markets. It
is a member
of Nanmee group
of companies, a leading company in
stationery business in
Thailand. It currently
employs approximately 1,300
staff.
It
has achieved the
international standard ISO 9002
certificated by TIS.
The
subject’s registered address
is 1122 Moo 6,
Theparak Rd., Theparak,
Muang, Samutprakarn 10270,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Thongkasem Suputthipong :
Chairman |
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Thai |
93 |
|
Mr. Kornvit Suputhiipong |
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Thai |
67 |
|
Mr. Supachai Suputhiipong |
|
Thai |
31 |
|
Ms. Preeyanee Suputthipong |
|
Thai |
35 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kornvit
Suputthipong is the
Managing Director.
He is Thai
nationality with the
age of 67
years old.
Mr. Supachai
Suputthipong is the
Factory Manager.
He is Thai
nationality with the
age of 31
years old.
Mr. Choochart Porndamnoenpong is
the Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing variety
of stationery products
such as colored
pencils, black lead
pencils, ball pens,
carbon paper, stencil
paper, staplers &
staples, gun tacker,
punch, numbering machine,
double clips, paper
clips, water-based glue & latex glue,
stamp pads & refill ink,
carbon paper, cutters,
scissors and etc.
MAJOR BRANDS
“NANMEE”, “HORSE”, “ARROW”
and “MAX”
PURCHASE
100%
of raw material
is purchased from
local supplier.
MAJOR SUPPLIER
Nanmee
Industry Co., Ltd.
SALES [LOCAL]
100%
of its products
is sold locally
to wholesalers.
MAJOR CUSTOMERS
Nanmee Co., Ltd. :
ASSOCIATED COMPANIES
Nanmee group
of companies:
- Nanmee Co., Ltd.
Business Type : Distributor of
stationery products
- Nanmee Industry Co., Ltd.
Business Type : Manufacturer of stationery 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 30-60-90
days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
Bank of
Ayudhya Public Co.,
Ltd.
[Head
Office, 1222 Rama
3 Rd., Bangpongpang,
Yannawa,
EMPLOYMENT
The
subject employs approximately
1,300 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
The subject has
made high quality stationery products to local and export markets for over 20
years. Its brands have earned reputation and recognition from its customers
both from commercial and education.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
10,000,000 divided into
10,000 shares of
Bht. 1,000 each.
On
September 28, 1982
the capital was
increased to Bht. 40,000,000 divided into
40,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Kornvit
Suputthipong Nationality: Thai Address : Bangrak, |
27,198 |
68.00 |
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Mr. Thongkasem
Suputthipong Nationality: Thai Address : |
6,200 |
15.50 |
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Mrs. Aranya
Kulapathorn Nationality: Thai Address : 201/153 Moo 6, Praves,
Prakanong, |
2,200 |
5.50 |
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Mrs. Ampornsri
Suputthipong Nationality: Thai Address : |
2,200 |
5.50 |
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Mrs. Arisa
Saphayanont Nationality: Thai Address : |
2,200 |
5.50 |
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Mr. Supachai
Suputthipong Nationality: Thai Address : Bangrak, |
1 |
- |
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Mr. Suravit
Suputthipong Nationality: Thai Address : |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Pornphen Pimtanothai No.
1788
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
|
5,413,123.27 |
9,519,007.14 |
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Trade Accts. Receivable |
121,756,388.72 |
70,877,919.07 |
|
Inventories |
34,619,371.05 |
47,407,312.97 |
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Other Current Assets
|
- |
27,387.67 |
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Total Current
Assets |
161,788,883.04 |
127,831,626.85 |
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Fixed Assets |
43,942,402.23 |
46,997,103.29 |
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Leased Right |
419,263.82 |
398,744.73 |
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Other Assets |
551,541.55 |
551,541.55 |
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Total Assets
|
206,702,090.64 |
175,779,016.42 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts. & Notes Payable |
41,614,028.49 |
37,805,887.39 |
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Accrued Expenses |
8,078,508.70 |
6,257,149.51 |
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Total Current
Liabilities |
49,692,537.19 |
44,063,036.90 |
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Total Liabilities |
49,692,537.19 |
44,063,036.90 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 40,000 shares |
40,000,000.00 |
40,000,000.00 |
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Capital Paid |
40,000,000.00 |
40,000,000.00 |
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Retained Earning -
Unappropriated |
117,009,553.45 |
91,715,979.52 |
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Total
Shareholders' Equity |
157,009,553.45 |
131,715,979.52 |
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Total
Liabilities & Shareholders' Equity |
206,702,090.64 |
175,779,016.42 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
369,740,198.72 |
292,778,610.38 |
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Other Income |
4,975,202.33 |
3,687,497.38 |
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Total Revenues
|
374,715,401.05 |
296,466,107.76 |
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Expenses |
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Cost of Goods
Sold |
300,697,110.65 |
242,121,074.02 |
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Selling & Administrative Expenses |
37,878,771.81 |
26,617,056.17 |
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Total Expenses |
338,575,872.46 |
268,738,130.19 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
36,139,528.59 |
27,727,977.57 |
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Interest Expenses |
[2,232.29] |
[913.15] |
|
Income Tax |
[10,843,722.37] |
[8,318,124.65] |
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Net Profit / [Loss] |
25,293,573.93 |
19,408,939.77 |
FINANCIAL NOTE
|
|
2005 |
2004 |
|
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Land |
11,024,800.00 |
11,024,800.00 |
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Building |
19,538,275.26 |
20,615,495.64 |
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Office Equipment |
355,190.28 |
54,565.28 |
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Vehicle |
1,958,293.19 |
789,329.31 |
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Machine |
14,120,544.56 |
11,621,711.32 |
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Total |
46,997,103.29 |
44,105,901.55 |
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Assets |
1,954,638.27 |
7,548,026.15 |
|
Less: Depreciation |
[5,009,339.33] |
[4,656,824.41] |
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Total
|
43,942,402.23 |
46,997,103.29 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
26.29 |
|
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Operating Profit |
3.21 |
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Net Profit |
30.32 |
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Fixed Assets |
[6.50] |
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Total Assets |
17.59 |
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Profitability |
|
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Cost of Good
Sold |
81.33 |
82.70 |
|
Operating Profit Margin |
9.77 |
9.47 |
|
S & A
Expenses |
10.24 |
9.09 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
1.35 |
1.26 |
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Net Profit Margin |
6.84 |
6.63 |
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Earning Per Shares |
632.34 |
485.22 |
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No. of Shares |
40,000 |
40,000 |
Net Sales was
increased by 26.29%,
Operating Profit was
increased by 3.21%,
Net Profit was
increased by 30.32%,
Fixed Assets was
decreased by 6.50%,
Total Assets was
increased by 17.59%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 82.70%
to 81.33%, Operating
Profit Margin was
increased from 9.47%
to 9.77%, S
& A Expenses
was increased from
9.09% to 10.24%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was increased from
1.26% to 1.35%,
Net Profit Margin
was increased from
6.63% to 6.84%.
Earning Per Shares
was increased from
485.22 baht per
share to 632.34
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
3.26 |
2.90 |
|
Quick-Assets Ratio |
2.56 |
1.82 |
Current Ratio was
increased from 2.90
to 3.26, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.82 to 2.56,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.32 |
0.33 |
|
Times Interest Earned |
16,189.44 |
30,365.19 |
D/E Ratio was
decreased from 0.33
to 0.32, show
the company had
fund from Equity
more than fund
from Loan, investment risked
of the company
is low, Times
Interest Earned was
decreased from 30,365.20
to 16,189.44, capacity
to pay interest
paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
8.41 |
6.23 |
|
Total Assets Turnover |
1.79 |
1.67 |
|
Return on Assets |
12.24 |
11.04 |
|
Return on Equity |
16.11 |
14.74 |
|
Day's Payable |
40.52 |
46.49 |
|
Day’s Inventories |
33.71 |
58.29 |
|
Day’s Receivables |
118.55 |
87.15 |
Fixed Assets Turnover
was increased from
6.23 times to
8.41 times, Total
Assets Turnover was
increased from 1.67
times to 1.79
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
11.04 to 12.24,
Return on Equity
was increased from
14.74 to 16.11,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 47
days to 41
days, and Day’s
Inventories was decreased
from 59 days
to 34 days,
while Day’s Receivables
was increased from
88 days to
119 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 |
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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 |
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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 |
|
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)