MIRA
INFORM REPORT
|
Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI CASTOR OIL INDUSTRIES CO., LTD. |
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Registered Office : |
12th Floor, Orakarn Building, 26/42 Ploenchit-Chidlom Road, Lumpini, Pathumwan, Bangkok
10330 |
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
0105520015901 |
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Legal Form : |
Private Limited Company |
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|
Line of Business : |
Engaged in manufacturing of castor oil
and its derivative products including castor
meal and castor
seed. |
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 : |
Good |
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|
|
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Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
name
THAI CASTOR OIL INDUSTRIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 12th FLOOR,
ORAKARN BUILDING,
26/42 PLOENCHIT-CHIDLOM ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2254-1490-7
FAX : [66] 2254-1499
E-MAIL ADDRESS : tcogroup@thaicastoroil.com, tcogroup@samart.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION NO.
: 0105520015901 [Former : 1591/2520]
CAPITAL
REGISTERED : BHT. 80,000,000
CAPITAL
PAID-UP : BHT. 80,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
TAVORN TANTIPONGANANT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 85
LINES OF
BUSINESS : CASTOR OIL AND DERIVATIVE
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on November 2,
1977 as a
private limited company under the name style THAI
CASTER OIL INDUSTRIES
CO., LTD., by
Thai and German
groups, in order
to manufacture and
distribute castor oil and
derivative products for
domestic and international markets. It currently
employs 85 staff.
The
subject’s registered address
is 26/42 Orakarn
Bldg., Ploenchit-Chidlom Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sukree Kaewcharoen |
|
Thai |
69 |
|
Mr. Kangwal Tantiponganant |
[x] |
Thai |
71 |
|
Mr. Herman Jenson |
|
German |
75 |
|
Mr. Padung Techasarin |
|
Thai |
67 |
|
Mr. Prasard Chirapatsakul |
[x] |
Thai |
68 |
|
Mr. Horst Bernhard Hilleken |
|
German |
72 |
|
Mr. Tavorn Tantiponganant |
[x] |
Thai |
61 |
|
Mr. Karn Sittajarnpong |
[x] |
Thai |
58 |
|
Mr. Chinawachara
Tantiponganant |
[x] |
Thai |
32 |
|
Ms. Nitraporn Tantipong-anant |
[x] |
Thai |
31 |
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Tavorn Tantiponganant is
the Managing Director.
He is Thai nationality with
the age of
61 years old.
Mr. Prasard Chirapatsakul is
the Plant Manager.
He is Thai nationality with
the age of
68 years old.
Mr. Karn Sittajarnpong is
the Marketing Director.
He is Thai nationality with
the age of
58 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of castor oil
and its derivative
products including castor
meal and castor
seed.
PRODUCTION
Castor Oil : 18,000
tons/year
Castor Meal : 20,000
tons/year
Castor Seed : 40,000
tons/year
PURCHASE
Most of raw
materials are purchased
from local suppliers
and planters, as
well as chemical is
imported from German.
SALES [LOACL]
80% of the products is
sold locally be
wholesale to manufacturers and end-users.
EXPORT
20% of the products is
exported to many
countries in Europe,
Asia and Middle
East.
RELATED AND
AFFILIATED COMPANY
T K Wax
Co., Ltd.
Business Type :
Manufacturer of castor
wax.
T J Pac
Co., Ltd.
Business Type :
Manufacturer of special
wax for solidifying
used vegetable oil.
T S Chemical
Co., Ltd.
Business Type :
Manufacturer of castor
oil.
Collodium Co.,
Ltd.
Business Type :
Manufacturer of paper
sizing agent.
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 85
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
a prime commercial
area.
Factory
and warehouse is
located at 23/2
Moo 7, Petchahueng Rd., T.
Banyor, A. Phrapradaeng, Samutprakarn 10130 on
16,000 Sq. M. of
area.
COMMENT
The
subject is the
leading of castor oil
manufacturer. Castor oil
market has been
used in many
industries, however slowdown
of industrial sector
would lead to
slow consumption of
castor oil.
The subject’s business trend still
has potential due
to the market swinging
will lead to
strong demand of
its product in
the near future.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000 divided into
300,000 shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 40,000,000 on August 31,
1979
Bht. 55,000,000 on December 30,
1986
Bht. 70,000,000 on December 29,
1997
Bht. 80,000,000 on September 10,
2001
The
latest registered capital
was increased to
Bht. 80,000,000 divided into 800,000 shares of Bht.
100 each with
fully paid.
MAIN
SHAREHOLDERS : [as
at April 5,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Alberdingk Boley
GmbH Nationality: German Address : 4150
Krefeld-Uerding
Duesseldorfer Str. 51, Germany |
196,000 |
24.50 |
|
Mr. Tavorn Tantiponganant Nationality: Thai Address : 343/8
Charansanitwong Rd., Bangkokyai, Bangkok |
185,237 |
23.15 |
|
Mrs.
Chintana Tantiponganant Nationality: Thai Address : 1093/123
Bangna-Trad Rd., Prakanong, Bangkok |
105,707 |
13.21 |
|
Mr. Visarut Tantiponganant Nationality: Thai Address : 343/8
Charansanitwong Rd., Bangkokyai, Bangkok |
50,000 |
6.25 |
|
Mr. Poom Tantiponganant Nationality: Thai Address : 343/8
Charansanitwong Rd., Bangkokyai, Bangkok |
50,000 |
6.25 |
|
Ms.
Nitraporn Tantiponganant Nationality: Thai Address : 343/8
Charansanitwong Rd., Bangkokyai, Bangkok |
50,000 |
6.25 |
|
Widhayakom Co.,
Ltd. Nationality: Thai Address : 66
Sukhumvit 21 Rd.,
Klongtoey, Bangkok |
20,000 |
2.50 |
|
Mr.
Chinawachara Tantiponganant Nationality: Thai Address : 1023/123
Bangna-Trad Rd., Prakanong, Bangkok |
17,625 |
2.20 |
|
Other Shareholders |
125,431 |
15.69 |
Total Shareholders
46
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Vithita Suchitranuch No.
7408
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
204,998.28 |
323,200.53 |
|
Trade Accts. & Notes Receivable [note 1] |
55,319,153.75 |
69,331,765.13 |
|
Loan to Related
Company |
132,100,000.00 |
17,500,000.00 |
|
Inventories [note 2] |
10,358,193.14 |
26,837,098.76 |
|
Spare Parts |
3,709,921.48 |
3,428,052.09 |
|
Other Current Assets
|
25,374,094.41 |
16,157,703.61 |
|
Total Current
Assets |
227,066,361.06 |
133,577,820.12 |
|
Investment in Subsidiaries & Associated Company |
202,414,312.00 |
201,415,012.00 |
|
Fixed Assets [note 3] |
96,158,807.20 |
89,954,616.27 |
|
Other Assets |
166,913.27 |
166,913.27 |
|
Total Assets |
525,806,393.53 |
425,114,361.66 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
1,121,472.22 |
655,336.03 |
|
Payable Trust Receipt |
143,329,887.88 |
171,077,247.09 |
|
Short Term Loan |
205,000,000.00 |
55,000,000.00 |
|
Trade Accts. Payable |
1,401,229.20 |
5,627,580.11 |
|
Current Portion of Long
Term Liabilities |
16,008,000.00 |
16,008,000.00 |
|
Other Current Liabilities |
5,255,524.22 |
3,505,300.73 |
|
Total Current
Liabilities |
372,116,113.52 |
251,873,463.96 |
|
Long Term Loan
from Bank |
45,316,000.00 |
61,324,000.00 |
|
Other Liabilities |
16,000.00 |
16,000.00 |
|
Total Liabilities |
417,448,113.52 |
313,213,463.96 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 800,000 shares |
80,000,000.00 |
80,000,000.00 |
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Statutory Reserve |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
20,358,280.01 |
23,900,897.70 |
|
Total
Shareholders' Equity |
108,358,280.01 |
111,900,897.70 |
|
Total
Liabilities & Shareholders' Equity |
525,806,393.53 |
425,114,361.66 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Services |
637,727,086.43 |
737,861,519.98 |
|
Other Income |
13,436,413.47 |
5,471,705.22 |
|
Total Revenues
|
651,163,499.90 |
743,333,225.20 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
604,073,844.76 |
680,173,441.68 |
|
Selling & Administrative Expenses |
24,624,631.75 |
30,062,727.69 |
|
Total Expenses |
628,698,476.51 |
710,236,169.37 |
|
Profit / [Loss] Before Interest
Expenses |
22,465,023.39 |
33,097,055.83 |
|
Interest Expenses |
[20,407,641.08] |
[13,997,895.34] |
|
Net Profit / [Loss] |
2,057,382.31 |
19,099,160.49 |
FINANCIAL NOTE
NOTE 1
Trade Accts. & Notes
Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Notes Receivable |
679,573.05 |
1,421,869.50 |
|
Trade Accts. Receivable Local |
53,402,476.30 |
67,083,329.30 |
|
Trade Accts. Receivable Foreign |
1,627,890.35 |
1,217,352.28 |
|
Total |
55,709,939.70 |
69,722,551.08 |
|
Less: Obsolescent Stock |
[390,785.95] |
[390,785.95] |
|
Total
|
55,319,153.75 |
69,331,765.13 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
1,083,390.24 |
938,514.21 |
|
Works in Process |
234,910.00 |
- |
|
Goods in Transit |
- |
6,385,126.91 |
|
Finished Goods |
7,646,758.28 |
17,564,640.55 |
|
Material Supplies |
1,393,134.62 |
1,948,817.09 |
|
Total
|
10,358,193.14 |
26,837,098.76 |
NOTE 3 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
47,360,364.98 |
47,360,364.98 |
|
Land Improvement |
3,377,257.70 |
3,277,257.70 |
|
Building & Construction |
56,864,127.66 |
44,179,754.68 |
|
Office Building |
4,949,171.05 |
4,949,171.05 |
|
Equipment & Machine |
103,265,998.46 |
103,259,698.46 |
|
Other |
34,584,204.59 |
37,671,246.96 |
|
Assets under Construction |
- |
1,716,000.00 |
|
Total |
250,401,124.44 |
242,413,493.83 |
|
Less: Depreciation |
[154,242,317.24] |
[152,458,877.56] |
|
Total
|
96,158,807.20 |
89,954,616.27 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[13.57] |
|
|
Operating Profit |
[21.47] |
|
|
Net Profit |
[89.23] |
|
|
Fixed Assets |
6.90 |
|
|
Total Assets |
23.69 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
94.72 |
92.18 |
|
Operating Profit Margin |
3.52 |
4.49 |
|
S & A
Expenses |
3.86 |
4.07 |
|
Interest Paid |
3.20 |
1.90 |
|
Other Revenues |
2.11 |
0.74 |
|
Net Profit Margin |
0.32 |
2.59 |
|
Earning Per Shares |
2.57 |
23.87 |
|
No. of Shares |
800,000 |
800,000 |
Net Sales was decreased by 13.57%, Operating Profit was decreased by 21.47%, Net Profit was decreased by 89.23%, Fixed Assets was increased by 6.90%, Total Assets was increased by 23.69%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.18%
to 94.72%, Operating
Profit Margin was
decreased from 4.49%
to 3.52%, S
& A Expenses
was decreased from
4.07% to 3.86%,
Interest Paid was increased
from 1.90% to
3.20%, Other Revenues
was increased from
0.74% to 2.11%,
Net Profit Margin
was decreased from
2.59% to 0.32%.
Earning Per Shares
was decreased from
23.87 baht per
share to 2.57
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.61 |
0.53 |
|
Quick - assets
ratio |
0.50 |
0.35 |
Current Ratio was
increased from 0.53
to 0.61, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick -
assets ratio was
increased from 0.35
to 0.50, 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 |
3.85 |
2.80 |
|
Times Interest Earned |
1.10 |
2.36 |
D/E Ratio was
increased from 2.80
to 3.85, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
2.36 to 1.10,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
6.63 |
8.20 |
|
Total Assets Turnover |
1.21 |
1.74 |
|
Return on Assets |
0.39 |
4.49 |
|
Return on Equity |
1.90 |
17.07 |
|
Day's Payable |
0.79 |
2.75 |
|
Day’s Inventories |
5.85 |
13.09 |
|
Day’s Receivables |
31.23 |
33.83 |
Fixed Assets Turnover
was decreased from
8.20 times to
6.63 times, Total
Assets Turnover was
decreased from 1.74
times to 1.21
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 4.49 to
0.39, Return on
Equity was decreased
from 17.07 to
1.90, capacity to
use Assets to
make profit was
not good.
Day's Payable was
decreased from 3
days to 1
days, Day’s Inventories
was decreased from
14 days to
6 days, and
Day’s Receivables was
decreased from 34
days to 32
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%)