MIRA
INFORM REPORT
|
Report Date : |
13.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI NAM PLASTIC PUBLIC CO., LTD. |
|
|
|
|
Registered Office : |
40
Moo 7, Petchakasem Road, K.M. 23,
Omnoi, Kratumban, Samutsakorn 74130 |
|
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
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|
|
|
Date of Incorporation : |
1970 |
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|
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Com. Reg. No.: |
0107537000769 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of PVC
Flexible Film / Sheet with
Printing & Embossing, PVC Flexible Film /
Sheet for Wells-laying, Synthetic
Leather & Sponge
Leather, Floor Mat and
Car Mat. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
name
THAI NAM PLASTIC PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 40
MOO 7, PETCHAKASEM ROAD, K.M.
23,
OMNOI,
KRATUMBAN,
SAMUTSAKORN
74130, THAILAND
TELEPHONE : [66] 2810-3000, 2420-9968-74
FAX : [66] 2420-9967,
2420-1827, 2810-3933
E-MAIL ADDRESS : sales@thainam.com, custserv@thainam.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1970
REGISTRATION NO.
: 0107537000769
[Former:BOR.MOR.JOR.323]
CAPITAL
REGISTERED : BHT.
247,560,935
CAPITAL
PAID-UP : BHT.
211,750,040
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE : MR.
CHARAT SAWANGWAN, THAI
CHAIRMAN AND
MANAGING DIRECTOR
NO. OF
STAFF : 665
LINES OF
BUSINESS : PVC
FLEXIBLE FILM/SHEET
MANUFACTURER, DISTRIBUTOR
AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was
established on
May 22, 1970
as a private limited company
under the registered name THAI NAM PLASTIC
CO., LTD. by Thai
groups, to manufacture
and distribute PVC
flexible film/sheet with
printing & embossing,
PVC flexible/sheet for
pool-lining, artificial leather
& sponge leather,
floor covering mat
and car mat
for both local
and overseas market
by granting the
promotional privilege from the
Board of Investment [BOI], Thailand. It
currently employs 665
staff.
It was listed on the
Stock Exchange of
Thailand on February
27, 1992 and
converted into public
company limited on March 10,
1994. It also
achieved the standard
ISO 9001: 2000 certification for the products
quality systems, by
RWTUV of Germany,
on April 26,
2002.
On September 30,
2005, the subject
and subsidiaries had
entered into a
debt restructuring plans
and had to
increase the registered
capital within 2006.
The subject’s registered address
is 40 Moo 7, Petchakasem
Rd., K.M. 23,
Omnoi, Kratumban, Samutsakorn
74130, and this
is the company’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charat Sawangwan |
[x] |
Thai |
68 |
|
Mrs. Siriphorn Mangkornkarn |
[x] |
Thai |
66 |
|
Mr. Grish Attagrish |
[+] |
Thai |
50 |
|
Mr. Peesak Prapaiporn |
[+] |
Thai |
53 |
|
Mr. Padoong Techasarint |
|
Thai |
67 |
|
Mr. Chaiyanandh Lapitananuvat |
[+] |
Thai |
52 |
|
Mr. Natee Saeng-udomlerd |
|
Thai |
68 |
|
Ms. Sompis Charoenkiatkul |
|
Thai |
54 |
|
Mr. Thawat Treewanakul |
[+] |
Thai |
47 |
|
Mr. Mana Sethaputra |
|
Thai |
61 |
|
Mr. Kong Mangkornkarn |
[x] |
Thai |
37 |
AUTHORIZED PERSON
One of the directors [x]
and one of
the directors [+]
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Charat
Sawangwan is the Chairman and
Managing Director.
He is Thai nationality with
the age of
68 years old.
He obtained MS
in Marketing, Gothenburg
University, Sweden. Before
joining the company, he
was the Managing
Director of Cooling
& Controls Engineering
Co., Ltd. and
Factory Manager/
Administration Manager/ Sales Manager of
Universal Electric Public
Co., Ltd.
Mrs. Siriphorn Mangkornkarn is the Deputy Managing Director.
She is Thai nationality with the age of 66 years old. She obtained BA in Commerce & Accounting, Thammasat University, Thailand. Her working experience included Chief, General Control Section, Treasury Note Printing House, Bank of Thailand.
Mr. Supap
Suwanarpa is the Factory R & D
and QA Group Director.
He is Thai nationality.
Mr. Pranot Kotchabhakdi is
the Sales & Marketing Group
Director.
He is Thai nationality.
Ms. Apiradee
Tangsatit is the Finance &
Accounting Manager.
She is
Thai nationality.
Ms. Chutima
Ritsakulchai is the
Operation Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
distributor and exporter
of the following products:
n
PVC Flexible Film / Sheet with Printing &
Embossing
n
PVC Flexible Film / Sheet for Wells-laying
n
Synthetic Leather &
Sponge Leather
n
Floor Mat
n
Car Mat
Its products are
used for automobile,
sport shoes and
sporting goods production
industries, as well
as famous in
bags, luggage, agricultural, stationery,
furniture and packaging
industries.
PRODUCTIONS
11,200 metric tons
per year
BRAND NAME
“TNP”
PURCHASE
80% of raw material such as PVC resin, plasticizer, stabilizer, pigment & machinery are purchased locally, the remaining 20% is imported from Germany, Japan and Taiwan.
MAJOR SUPPLIER
Mitsubishi Corporation :
Japan [3-5%]
SALES [LOCAL]
88% of its products is
sold to manufacturers and wholesalers through
45 PVC dealers.
EXPORT [COUNTRY]
12% of the products is
exported to Hong
Kong, Germany, United
States of America,
Canada, Africa, Vietnam, Indonesia, Malaysia, Sri
Lanka and Republic
of China.
REVENUE STRUCTURE
Product 2005 2004
Million
Baht. %
Million Baht %
Synthetic Leather & Sponge 646.04 68.86 636.47
78.01
Leather
PVC Sheet and Flexible sheet 277.74 29.56 163.44 20.03
Others 15.78 1.68 15.96 1.96
Total 939.56
100.00 815.87 100.00
MAJOR CUSTOMERS
|
Name |
Country |
|
N.H.K. Spring [Thailand] Ltd. |
Thailand |
|
Summit Autoseats Industry
Co., Ltd. |
Thailand |
|
ACT Leather [Thailand] Co., Ltd. |
Thailand |
|
V & D PVC Co.,
Ltd. |
Thailand |
SUBSIDIARY AND
ASSOCIATED COMPANY
T.N.P. Industry
Co., Ltd.
Address : 87/9 Moo
4, Bangpla Rd.,
K.M. 3, Bankoh,
Muang, Samutsakorn 74000
Business Type : Manufacturer & distributor of
transparent & opaque
rigid PVC sheet using for packaging,
file,
stationery, Christmas tree and
etc.
Investment : The
subject holds 99.30% of the company’s
shares.
Thai Nam-Kyowa
Co., Ltd.
Address : 40
Moo 7, Petchakasem Rd., K.M.
23, Omnoi, Kratumban, Samutsakorn 74130
Business Type : Manufacturer & distributor of
PVC/PP foam.
Investment : The
subject holds 50.00%
of the company’s shares.
Sunprene [Thailand]
Co., Ltd.
Address : 89/2
Moo 4, Bangpla Rd., K.M.
3, Bankoh, Muang, Samutsakorn 74000
Business Type : Manufacturer & distributor of
PVC compound, and
extruding molding plastic.
Investment :
The subject holds
22.37% of the
company’s shares.
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
Purchases are on
the credits term
of 30-60-90 days.
Imports are by
L/C at sight & T/T.
Sales are on
the credits term
of 30-60 days.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Bangrak,
Bangkok 10500]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua, Watana, Bangkok 10110]
TMB Bank
Public Co., Ltd.
[Head Office, 3000
Phaholyothin Rd., Chompol,
Jatujak, Bangkok]
EMPLOYMENT
The subject employs
665 staff [office
staff and factory
workers].
LOCATION DETAILS
The premise is
owned for administrative office, factory I
and warehouse at
the heading address.
It is located in a
rural area.
The factory II
is located at
89/1-2 Moo 4
Bangpla Rd., K.M.
3, Bangkoh, A.
Muang, Samutsakorn 74000,
Tel.: [66] 34
424-105-7, 830-325-8 Fax:
[66] 34 424-864.
The subject plan
to move the
business office to
the same location of factory II
within 2008.
REMARK
THE CREDIT OF
EUR 20,000 SHOULD
BE IN ORDER.
COMMENT
The subject’s target
customer groups are
automobile of over 90%
market share, and the sport
shoes business of
which the company
is holding extremely
good relationship with
those business partners
for the development
cooperation both in
technology and marketing
successfully over the previous
years.
The subject is doing
good business and
its business trend
is progressing.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 12,000,000.
The capital was
increased/decreased later as
followings:
Bht. 15,000,000
in 1973
Bht. 27,000,000
in 1975
Bht. 35,000,000
in 1976
Bht. 50,000,000
in 1979
Bht. 55,000,000
in 1985
Bht. 90,000,000
in June 1989
Bht.
125,000,000 in
April 1991
Bht. 160,000,000 in
September 1991
Bht. 200,000,000 in
February 1992
Bht. 300,000,000 in
November 1996
Bht.
252,545,510 on January
28, 2000 [decreased]
Bht.
293,136,380 in 2000
Bht.
211,750,040 on May
17, 2001 [decreased]
In 2006, the
latest capital was increased
to Bht. 247,560,935
divided into 24,756,093.5 shares of Bht.
10 each.
MAIN SHAREHOLDERS : [as at April 10,
2006] at Bht.
211,750,040 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Siam City Bank Public
Co., Ltd. |
4,335,365 |
20.47 |
|
Krung Thai Bank
Public Co., Ltd. |
3,273,811 |
15.46 |
|
TMB Bank Public
Co., Ltd |
2,425,772 |
11.46 |
|
Bank Thai Public
Co., Ltd. |
2,180,146 |
10.30 |
|
Mr. Prasert Mangkornkarn |
1,198,951 |
5.66 |
|
Bangkok Bank Public
Co., Ltd. |
1,036,406 |
4.89 |
|
Tisco Bank Public Co., Ltd. |
835,775 |
3.95 |
|
Mr. Kiet Mangkornkarn |
526,439 |
2.49 |
|
Mr. Vichien Sunthornprasart |
502,900 |
2.37 |
|
Siam Commercial Bank
Public Co., Ltd. |
501,295 |
2.37 |
|
Teck Hock [Thailand] Co., Ltd. |
430,000 |
2.03 |
|
Mrs. Siriphorn Mangkornkarn |
366,038 |
1.73 |
|
Others |
3,562,106 |
16.82 |
No. of
Shareholders
674 [including the above shareholders]
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Ms. Susan Eiamvanicha
No. 4306
Accountants and Management
Consultants Co., Ltd.
18th Floor, Rajthevee
Tower, 77/225-226 Phyathai Rd.,
Bangkok 10400
Tel.: [66] 2653-8091-3,
2653-8612-6, 2653-8249-50, Fax :
[66] 2653-8090, 2250-1411
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current
Assets |
2005 |
2004 |
|
|
|
|
|
Cash on Hand
and Cash Equivalent Item |
5,344,515.79 |
2,960,751.23 |
|
Trade Accts. & Notes Receivable |
155,700,055.56 |
145,345,369.98 |
|
Trade Accts. Receivable - Subsidiaries &
Related Companies |
45,315,847.68 |
19,441,275.45 |
|
Inventories |
330,556,294.01 |
334,406,001.44 |
|
Other Receivable –
Subsidiaries & Associated Companies |
2,558,150.58 |
1,946,895.42 |
|
Other Current Assets |
1,852,485.68 |
2,987,616.56 |
|
|
|
|
|
Total Current
Assets |
541,327,349.30 |
507,087,910.08 |
|
Loan to Employees |
63,500.00 |
476,214.00 |
|
Investment at Equity Method |
82,403,274.80 |
71,234,870.36 |
|
Long Term Investment |
332,252.00 |
330,755.00 |
|
Fixed Assets |
670,487,553.26 |
687,171,108.00 |
|
Other Assets |
1,535,015.60 |
902,508.57 |
|
Total Assets |
1,296,148,944.96 |
1,267,203,366.01 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdrafts & Short-term
Loan from Bank |
115,354,535.34 |
222,294,948.34 |
|
Trade Accts. Payable |
209,950,476.98 |
228,215,917.92 |
|
Current Portion of Long-term Loans
|
49,500,803.44 |
35,928,133.02 |
|
Loan from Directors |
24,525,000.00 |
24,525,000.00 |
|
Loan from Subsidiaries |
95,500,000.00 |
76,000,000.00 |
|
Accrued Interest |
2,280,557.21 |
10,352,648.82 |
|
Accrued Expenses |
7,086,864.89 |
7,519,136.83 |
|
Other Payable- Subsidiaries |
1,007,300.24 |
10,839,427.00 |
|
Assets Payable |
11,101,271.85 |
18,437,228.23 |
|
Other Current Liabilities |
4,663,487.56 |
4,855,526.09 |
|
|
|
|
|
Total Current
Liabilities |
520,970,297.51 |
638,967,966.25 |
|
Long-term Loans |
414,630,477.24 |
282,167,344.89 |
|
Liabilities from Recognition of
Subsidiaries’ Loss Exceeding Capital |
229,546,073.95 |
233,600,150.24 |
|
Other Liabilities |
451,409.84 |
20,842,440.87 |
|
Total Liabilities |
1,165,598,258.54 |
1,175,577,902.25 |
|
|
|
|
|
Shareholders’ Equity
|
|
|
|
Share Capital |
|
|
|
Authorized Share Capital 21,175,004 Ordinary
Shares @ Baht 10.00 |
211,750,040.00 |
211,750,040.00 |
|
Issued and Paid-Up Share
Capital |
|
|
|
21,175,004 Ordinary
Shares @ Baht 10.00 |
211,750,040.00 |
211,750,040.00 |
|
Premium on Share Capital |
292,449,541.10 |
335,860,119.98 |
|
Land Revaluation Surplus |
52,183,515.09 |
52,183,515.09 |
|
Unrealized Loss on Securities Available-for-Sale |
[2,047,153.51] |
[2,048,650.51] |
|
Retained Earnings (Deficit) |
|
|
|
Appropriated –Unappropriated
(Deficit) |
[423,785,256.26] |
[506,119,560.80] |
|
Total Shareholders' Equity |
130,550,686.42 |
91,625,463.76 |
|
Total Liabilities and Shareholders’ Equity
|
1,296,148,944.96 |
1,267,203,366.01 |
PROFIT &
LOSS ACCOUNT
|
Revenues
|
2005 |
2004 |
|
|
|
|
Sales |
939,561,312.67 |
815,867,661.39 |
|
Other Income |
10,498,777.81 |
8,590,023.26 |
|
Shares on Profit
in Subsidiaries Company |
12,800,868.67 |
- |
|
Shares on Profit
in Affiliated Company |
7,541,607.68 |
8,125,758.11 |
|
Total Revenues
|
970,402,566.83 |
832,583,442.76 |
|
Expenses from
Operation |
|
|
|
|
|
|
|
Cost of Sales |
748,886,659.04 |
694,591,847.40 |
|
Selling and Administrative Expenses |
105,237,435.15 |
134,655,563.99 |
|
Shares on Loss
in Subsidiaries Company |
- |
13,172,138.35 |
|
Director's Remuneration |
1,800,000.00 |
1,800,000.00 |
|
Total Expenses
|
855,924,094.19 |
844,219,549.74 |
|
|
|
|
|
Profit/[Loss] Before Interest
Expenses |
114,478,472.64 |
[11,636,106.98] |
|
Interest Expenses |
[32,144,168.10] |
[32,669,481.60] |
|
|
|
|
|
Net Profit
|
82,334,304.54 |
[44,305,588.58] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
15.16 |
|
|
Operating Profit |
2,926.66 |
|
|
Net Profit |
285.83 |
|
|
Fixed Assets |
[2.43] |
|
|
Total Assets |
2.28 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
79.71 |
85.14 |
|
Operating Profit Margin |
12.38 |
0.41 |
|
S & A
Expenses |
11.20 |
16.50 |
|
Interest Paid |
3.42 |
4.00 |
|
Other Revenues |
3.28 |
2.05 |
|
Net Profit Margin |
8.76 |
[5.43] |
|
Earning Per Shares |
3.89 |
[2.09] |
|
No. of Shares |
21,175,004 |
21,175,004 |
Net Sales was increased by 15.16%, Operating Profit was increased by 2926.66%, Net Profit was increased by 285.83%, Fixed Assets was decreased by 2.43%, Total Assets was increased by 2.28%,
Compare each cost with sales, Cost of Good Sold was decreased from 85.14% to 79.71%, Operating Profit Margin was increased from 0.41% to 12.38%, S & A Expenses was decreased from 16.50% to 11.20%, Interest Paid was decreased from 4.00% to 3.42%, Other Revenues was increased from 2.05% to 3.28%, Net Profit Margin was increased from -5.43% to 8.76%.
Earning Per Shares
was increased from
-2.09 baht per
share to 3.89
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.04 |
0.79 |
|
Quick - assets
ratio |
0.40 |
0.27 |
Current Ratio
was increased from
0.79 to 1.04,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick - assets
ratio was increased
from 0.27 to
0.40, 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 |
8.93 |
12.83 |
|
Times Interest Earned |
3.62 |
0.10 |
D/E Ratio was decreased from 12.83 to 8.93, show the company had fund from Loan more than fund from Equity, investment risked of the company is high, Times Interest Earned was increased from 0.10 to 3.62, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.40 |
1.19 |
|
Total Assets Turnover |
0.72 |
0.64 |
|
Return on Assets |
6.35 |
[3.50] |
|
Return on Equity |
63.07 |
[48.36] |
|
Day's Payable |
81 |
101 |
|
Day’s Inventories |
127 |
148 |
|
Day’s Receivables |
60 |
65 |
Fixed Assets Turnover
was increased from
1.19 times to
1.40 times, Total
Assets Turnover was
increased from 0.64
times to 0.72
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from -3.50 to
6.35, Return on
Equity was increased
from -48.36 to
63.07, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 101
days to 81
days, Day’s Inventories
was decreased from
148 days to
127 days, and
Day’s Receivables was
decreased from 65
days to 60
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%)