MIRA
INFORM REPORT
|
Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
VANACHAI PANEL INDUSTRIES
CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1995
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Com. Reg. No.: |
0105538073822 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of particle
boards |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
VANACHAI PANEL INDUSTRIES CO., LTD.
SUMMARY
BUSINESS ADDRESS :
TELEPHONE : [66] 2585-4900-3,
2586-9682-6
FAX : [66] 2587-0516,
2587-9556, 2587-7882
E-MAIL ADDRESS : vanachaipanel@thailand.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538073822 [Former : [1]
1626/2538]
CAPITAL
REGISTERED : BHT.
1,600,000,000
CAPITAL
PAID-UP : BHT.
1,600,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMPOP SAHAWAT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 850
LINES OF
BUSINESS : PARTICLE BOARD
PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June
22, 1995 as
a private limited
company under the name
style VANACHAI PANEL
INDUSTRIES CO., LTD. It
is a subsidiary
of Vanachai Group Public
Company Limited a
wholly owned by Thai Groups.
The subject currently employs
approximately 850 staff.
Vanachai Group has
been in the
timber industry since
1943, and over
the years it has
accumulated a wealth
of professional experience
while continually refining
its vision. In 1978,
the Group made
a successful transition
from traditional timber
products into the
engineering wood base
panel industry - then an
exciting new phenomenon poised
to take the
construction and furniture
industries by storm – and quickly earned
a reputation as
the leading pioneer
and innovator in the field.
The Vanachai
Group is the
largest wooden industry
in Thailand with
experience accumulated over 50
years,
puts them
into a secure
position, which is
fit to be called
stability.
On
December 20, 2000 the
subject achieved the
International Standard Organization
[ISO 9002 ] from
SGS
Yarsley International,
The
subject’s registered address
is 2/1 Pibulsongkram Road,
Bangsue, Bangkok 10800, and
this is the subject’s
current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompop Sahawat |
[+] |
Thai |
55 |
|
Mr. Watthana
Jareonnawarat |
[+] |
Thai |
47 |
|
Mrs. Siriporn Chaipattanawanich |
|
Thai |
40 |
|
Mr. Suthep Chaipattanawanich |
|
Thai |
44 |
|
Mr. Vasant Chaipattanawanich |
|
Thai |
52 |
|
Mr. Pattha Sahawat
|
[x] |
Thai |
50 |
|
Ms. Yupaporn Boongate |
[x] |
Thai |
53 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can jointly
sign with one of the
directors [+] on
behalf on the
subject
with
company’s affixed.
MANAGEMENT
Mr. Sompop
Sahawat is the
Managing Director.
He is Thai
nationality with the
age of 55
years old.
Ms. Yupaporn
Boongate is the
Executive Director.
She is Thai
nationality with the
age of 53
years old.
Mr. Watthana
Jareonnawarat is the
Executive Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Nat
Oon-anant is the
Factory Manager.
He is Thai
nationality.
Mr. Pattha Sahawat
is the General
Manager.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of particle boards
which made from
rubber wood, as well
as related products,
including Medium Density
Fiber Board [MDFB], Melamine
Laminated Particle Board
[MLPB] and Melamine
Laminate Board [MLB].
PRODUCTION
750,000 cubic meters
per year.
PURCHASE
Most of raw
materials mainly rubber
logs are purchased
locally, the remaining is
imported from Malaysia,
Singapore, Myanmar &
Laos, while machinery
is imported from
Germany.
MAJOR SUPPLIERS
Vanachai Group Public
Company Limited :
Vanachai Chemical Industries
Co., Ltd. :
SALES
Its products are
sold and exported
by Woodtek International
Co., Ltd.
PARENT COMPANY
Vanachai Group
Public Co., Ltd.
Business Type : Manufacturer of MDF
& Moulded Door
Skins
Address :
Tel : [66]
2585-4900-3, 2586-9682-6.
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.
SUBSIDIARIES &
AFFILIATED COMPANIES
Vanachai Group
of Companies Consists
of the followings
:
- Particle Planner
Co., Ltd.
Business Type :
Manufacturer of particle
board
- Durospan
Co., Ltd.
Business Type : Manufacturer of
plain & laminated
particle board
- Mae Yai
Co., Ltd.
Business Type : Manufacturer
of flush door
& moulded door
and veneered MDF.
- Woodtek International
Co., Ltd.
Business Type : Marketing of
all products within
the group
- Vanachai
Chemical Industries Co., Ltd.
Business Type :
Manufacturer of adhesive
chemical
- Wood Land Co., Ltd.
Business Type :
Manufacturer of wooden
products
- Doctor
Wood Co., Ltd.
Business Type :
Manufacturer of plywood
products
- Vanachai Plywood
Co., Ltd.
Business Type :
Warehousing rental service
- Vanachai Veneer
& Plywood Co., Ltd.
Business Type :
Manufacturer of plywood
CREDIT
Sales are 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 or T/T
on negotiated term.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head
Office :
Bangkok Bank
Public Co., Ltd.
[Head Office :
Kasikornbank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs
approximately 850 staff.
[50 office staff
and 800 factory
workers]
LOCATION DETAILS
The premise is
rented for administrative
office on 2,020
square meters at the heading
address in Commercial /
residential area with
the companies in the group.
Factory I is
located at 8/8
Moo 1 T.
Kaonopan A.
Factory II is
located at 115
Moo 3, T. Thongluang, A. Wiengsra,
Surat-Thani 84190, Thailand .
Tel : [66] 77
363-000-10 Fax : [66]
77 361-081
COMMENT
As the technology maturing,
the company has
always been the
leader in the
wooden industrial. The company
was
the first in
Thailand to develop
the Particle board
from rubber wood.
The
company places top
priority on product excellent.
This is achieved by continuously cultivation
the skills of
the
workforce through training
while also applying
advanced manufacturing technologies
from Europe
in
conjunction with the
most exacting computerized
quality control.
The market of
particle board has substantially grown at sustainable rate
as demand of local furniture industry
and
export markets
FINANCIAL INFORMATION
The
capital was registered
at Bht. 8,000,000,
divided into 800,000
shares of Bht.
10 each.
The capital was
increased later as
followings :
Bht. 450,000,000 on April
18, 1996
Bht. 600,000,000 on September
19, 1997
Bht. 1,600,000,000 on August
8, 2002
The
latest registered capital
was increased to
Bht. 1,600,000,000 divided
into 160,000,000 shares
of Bht. 10
each
with fully paid.
THE SHAREHOLDERS
LISTE WERE : [as at
April 27,
2006]
|
NAME |
HOLDING |
% |
|
Vanachai Group
Public Co., Ltd. Nationality: Thai Address : |
159,999,993 |
100.00 |
|
Mr. Somporn
Sahawat Nationality: Thai Address : 41 Moo 3,
Bangkrood, Banpho, Chachoengsao |
1 |
- |
|
Mr. Somprasong
Sahawat Nationality: Thai Address : 49/3 Moo 4,
Taladkwan, Muang,
Nonthaburi |
1 |
- |
|
Mr. Sompop
Sahawat Nationality: Thai Address : |
1 |
- |
|
Ms. Yupaporn
Boonkate Nationality: Thai Address : 25 Phaholyothin 21
Rd., Ladyao, Jatujak, |
1 |
- |
|
Mr. Vasant
Jareonnawarat Nationality: Thai Address : 41/2 Moo 3,
Bangkrood, Banpho, Chachoengsao |
1 |
- |
|
Mr. Watthana
Jareonnawarat Nationality: Thai Address : 41/2
Moo 3, Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mrs. Siriporn
Jareonnawarat Nationality: Thai Address : 80/19
Moo 1, Thakham,
Bangkhunthien, |
1 |
- |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Sukanya Sutheeprasert
No. 5063
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
65,204,307.02 |
65,944,627.72 |
|
Trade Accounts &
Notes Receivable |
239,059,734.97 |
279,185,396.17 |
|
Account Receivable -
Parent & Related Company |
1,620,440.10 |
7,111,607.88 |
|
Short-term Loan to Parent Company |
- |
191,000,000.00 |
|
Inventories [note 1] |
289,215,209.17 |
337,976,982.25 |
|
Spare Parts for
Maintenance |
157,760,096.71 |
114,193,577.87 |
|
Account Receivable -
Revenue Department |
26,051,564.32 |
22,792,059.12 |
|
Prepaid Insurance Premium |
10,854,919.93 |
11,213,514.29 |
|
Other Current Assets
|
8,408,247.43 |
8,976,407.95 |
|
|
|
|
|
Total Current
Assets |
798,174,519.65 |
1,038,394,173.25 |
|
Fixed Assets [note 2] |
5,677,099,158.75 |
5,051,721,755.08 |
|
Other Assets |
574,741.40 |
10,196,839.18 |
|
Total Assets
|
6,475,848,419.80 |
6,100,312,767.51 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft & Short Term
Loan from Bank |
105,588,767.62 |
152,050,689.48 |
|
Trade Accounts &
Notes Payable |
43,725,035.26 |
86,559,468.10 |
|
Trade Accounts &
Notes Payable -
Parent Company |
306,405,841.70 |
216,120,109.82 |
|
Current Portion of Long-term
Loan |
- |
100,000,000.00 |
|
Current Portion of
Loan from Parent Company |
334,125,000.00 |
222,750,000.00 |
|
Other Payable |
111,507,313.52 |
109,326,353.22 |
|
Payable-Machine |
1,588,052.53 |
5,377,198.56 |
|
Other Current Liabilities |
37,642,377.88 |
27,471,122.11 |
|
|
|
|
|
Total Current
Liabilities |
940,582,388.51 |
919,654,941.29 |
|
Long-term Loan - Net of
Current Portion |
2,250,522,237.54 |
1,430,000,000.00 |
|
Loan from Parent
Company - Net of Current Portion |
501,187,500.00 |
835,312,500.00 |
|
Total Liabilities |
3,692,292,126.05 |
3,184,967,441.29 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 160,000,000 shares |
1,600,000,000.00 |
1,600,000,000.00 |
|
|
|
|
|
Capital Paid |
1,600,000,000.00 |
1,600,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve
|
64,485,000.00 |
46,285,000.00 |
|
Unappropriated |
1,119,071,293.75 |
1,269,060,326.22 |
|
Total
Shareholders' Equity |
2,783,556,293.75 |
2,915,345,326.22 |
|
Total
Liabilities & Shareholders' Equity |
6,475,848,419.80 |
6,100,312,767.51 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
2,776,479,024.81 |
2,170,490,281.45 |
|
Other Income |
22,101,085.55 |
14,104,602.37 |
|
Total Revenues
|
2,798,580,110.36 |
2,184,594,883.82 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,042,786,159.77 |
1,403,338,561.21 |
|
Selling & Administrative Expenses |
546,444,856.47 |
345,740,113.55 |
|
Total Expenses |
2,589,231,016.24 |
1,749,078,674.76 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
209,349,094.12 |
435,516,209.06 |
|
Interest Expenses |
[100,237,422.09] |
[72,871,068.24] |
|
Income Tax |
[900,704.50] |
- |
|
|
|
|
|
Net Profit / [Loss] |
108,210,967.53 |
362,645,140.82 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
220,128,864.30 |
230,739,028.21 |
|
Goods in Progress |
23,401,534.79 |
27,270,469.22 |
|
Raw Materials &
Material Supplies |
45,684,810.08 |
79,967,484.82 |
|
|
|
|
|
Total |
289,215,209.17 |
337,976,982.25 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land & Improvement |
125,547,668.69 |
109,811,683.07 |
|
Building & Construction |
634,309,367.40 |
620,961,157.57 |
|
Machinery & Equipment
|
5,189,909,680.77 |
5,043,158,568.97 |
|
Hand Tools |
34,971,115.85 |
30,959,846.25 |
|
Furniture
Fixture & Office
Automation |
28,783,189.77 |
26,357,793.89 |
|
Vehicle |
100,311,680.70 |
93,592,777.70 |
|
Assets under Construction |
864,094,760.26 |
113,977,465.23 |
|
Machinery |
18,378,738.94 |
23,348,134.83 |
|
Total |
6,996,306,222.38 |
6,062,167,427.51 |
|
Less: Depreciation |
[1,319,207,063.63] |
[1,010,445,672.43] |
|
|
|
|
|
Total |
5,677,099,158.75 |
5,051,721,755.08 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
27.92 |
|
|
Operating Profit |
[62.42] |
|
|
Net Profit |
[70.16] |
|
|
Fixed Assets |
12.38 |
|
|
Total Assets |
6.16 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
73.57 |
64.66 |
|
Operating Profit Margin |
7.54 |
20.07 |
|
S & A
Expenses |
19.68 |
15.93 |
|
Interest Paid |
3.61 |
3.36 |
|
Other Revenues |
0.80 |
0.65 |
|
Net Profit Margin |
3.90 |
16.71 |
|
Earning Per Shares |
0.68 |
2.27 |
|
No. of Shares |
160,000,000 |
160,000,000 |
Net Sales was
increased by 27.92%,
Operating Profit was
decreased by 62.42%,
Net Profit was
decreased by 70.16%,
Fixed Assets was
increased by 12.38%,
Total Assets was
increased by 6.16%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 64.66%
to 73.57%, Operating
Profit Margin was
decreased from 20.07%
to 7.54%, S
& A Expenses
was increased from
15.93% to 19.68%,
Interest Paid was increased
from 3.36% to
3.61%, Other Revenues
was increased from
0.65% to 0.80%,
Net Profit Margin
was decreased from
16.71% to 3.90%.
Earning Per Shares
was decreased from
2.27 baht per
share to 0.68
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.85 |
1.13 |
|
Quick-Assets Ratio |
0.33 |
0.59 |
Current Ratio was
decreased from 1.13
to 0.85, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.59
to 0.33, 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 |
1.33 |
1.09 |
|
Times Interest Earned |
2.09 |
5.98 |
D/E Ratio was
increased from 1.09
to 1.33, 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
5.98 to 2.09,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.49 |
0.43 |
|
Total Assets Turnover |
0.43 |
0.36 |
|
Return on Assets |
1.67 |
5.94 |
|
Return on Equity |
3.89 |
12.44 |
|
Day's Payable |
5.67 |
14.36 |
|
Day’s Inventories |
37.50 |
56.06 |
|
Day’s Receivables |
31.00 |
46.31 |
Fixed Assets Turnover
was increased from
0.43 times to
0.49 times, Total
Assets Turnover was
increased from 0.36
times to 0.43
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
5.94 to 1.67,
Return on Equity
was decreased from
12.44 to 3.89,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 15
days to 6
days, Day’s Inventories
was decreased from
57 days to
38 days, and
Day’s Receivables was
decreased from 47
days to 31
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%)