MIRA
INFORM REPORT
|
Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
C. A. S. PAPER CO., LTD. |
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Registered Office : |
213, 215
Soi Chula 16, |
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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.: |
0105538120588 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributing wide range
of paper products |
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
C. A. S. PAPER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 213, 215 SOI
CHULA 16,
WANGMAI, PATHUMWAN,
TELEPHONE : [66] 2216-4242-9
FAX : [66] 2611-6548,
2215-2256, 2216-6435, 2611-8441-3
E-MAIL ADDRESS : caspaper@cas-group .com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION
NO.
: 0105538120588 [Former : 2473/2538]
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. SURAPOL DARARATTANAROJ, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 164
LINES OF
BUSINESS : PAPERS AND
RELATED PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on October 9,
1995 as a
private limited company under
the name style
C. A. S. PAPER CO.,
LTD., by Thai
groups, in order to
import and distribute
wide range of
papers and related
products to domestic
market. It currently
employs 164 staff. Subject
is also a
subsidiary of Charoen
Aksorn Holding Group
Co., Ltd.
The
subject’s registered address
is 213, 215 Soi
Chula 16, Jarusmuang
Rd., Wangmai, Pathumwan,
Bangkok 10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chuimuay Saelue |
|
Thai |
85 |
|
Mr. Somsak Dararattanaroj |
|
Thai |
49 |
|
Mr. Surapol Dararattanaroj |
|
Thai |
46 |
|
Ms. Sirinun Dararattanaroj |
|
Thai |
44 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Surapol Dararattanaroj is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
Ms. Sirinun Dararattanaroj is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
wide range of
paper products, including
printing paper, fluorescent
paper, laminated foil,
non-carbon, thermal paper
and etc., as
well as printing
equipment and supplies,
such as printing
machine, printing ink,
computer form printing
machine, biding and die-cutting machine,
folding machine, three
knife trimmer, wire
comb bindings, plastic
comb bindings, hangers
and etc.
MAJOR BRANDS
“MITSUBISHI”, “PANORAMA”, “DRENT”
and etc.
PURCHASE
The
products are purchased
from supplier both
in domestic and
overseas, mainly in
Germany, France, Japan,
Taiwan, Korea, Netherlands
and United States
of America.
MAJOR SUPPLIERS
- Advance
Agro Public Co.,
Ltd. :
- Pan
Asia Paper [
- O.J.I.
Paper [
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
Charoen Aksorn
Paper Co., Ltd.
Business Type : Distributor
of paper.
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 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Jarusmuang Branch,
The
Siam Commercial Bank
Public Co., Ltd.
[Banthadthong Branch,
EMPLOYMENT
The
subject employs 164
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom in
a 2 storey
building of 2 row shop
house at the
heading address. Premise
is located in
commercial area.
Warehouses
are located at
followings:
-
220 Moo 3,
Soi Tanakorn,
Samutprakarn
10290. Tel. : [66] 2819-8021-3,
Fax. : [66] 2819-8024.
- 88/8 Moo 3,
REMARK
CREDIT
OF EUR 100,000 SHOULD
BE IN ORDER.
COMMENT
Economic
slowdown this year would continue
to decline the subject’s
sales performance. However, the unrest in southern region, economic
uncertainty, political turmoil would certainly result in slow
domestic consumption.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each.
On
December 15, 2000,
the capital was
increased to Bht.
30,000,000 divided into 300,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Charoen Aksorn
Holding Group Co.,
Ltd. Nationality: Thai Address :
Pathumwan, |
264,000 |
88.00 |
|
Mrs.
Chuimuay Saelue Nationality: Thai Address : |
6,000 |
2.00 |
|
Mr. Somsak Dararattanaroj Nationality: Thai Address : 1579
Ladprao 94 Rd.,
Wangthonglang, |
6,000 |
2.00 |
|
Mr. Surapol Dararattanaroj Nationality: Thai Address :
Pathumwan, |
6,000 |
2.00 |
|
Mr. Prasit Dararattanaroj Nationality: Thai Address : 1579
Ladprao 94 Rd.,
Wangthonglang, |
6,000 |
2.00 |
|
Mr. Amorn Dararattanaroj Nationality: Thai Address :
Pathumwan, |
6,000 |
2.00 |
|
Ms. Sirinun Dararattanaroj Nationality: Thai Address : |
6,000 |
2.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Pol. Maj.Gen. Chaovalit
Singhsaneh No.
118
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
37,614,875.20 |
6,026,578.83 |
|
Short-term Investment -
Fixed Deposit |
511,709.78 |
1,249,323.19 |
|
Trade Accts. &
Notes Receivable |
775,146,903.74 |
652,982,961.12 |
|
Inventories |
347,907,569.62 |
292,119,875.60 |
|
Revenue Department Receivable |
598,087.51 |
- |
|
Prepaid Expenses |
1,373,449.58 |
878,147.98 |
|
Other Current Assets
|
2,237,936.40 |
1,445,014.55 |
|
|
|
|
|
Total Current
Assets |
1,165,390,531.83
|
954,701,901.27 |
|
Fixed Assets [note 1] |
21,381,267.06 |
26,069,103.33 |
|
Deposit for Purchasing
Assets |
30,000,000.00 |
30,000,000.00 |
|
Other Assets |
1,973,900.00 |
1,270,640.00 |
|
Total Assets |
1,218,745,698.89 |
1,012,041,644.60 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
18,358,351.00 |
119,835.85 |
|
Trade Accts. & Notes
Payable |
984,601,047.97 |
657,015,786.41 |
|
Trust Receipts Payable |
136,751,626.06 |
237,249,665.03 |
|
Revenue Department Payable |
- |
196,761.15 |
|
Current Portion of
Hire-purchase Contract Payable |
1,228,442.39 |
2,347,572.18 |
|
Deferred Advance Income |
19,034,035.94 |
38,701,716.72 |
|
Withholding Income Tax |
933,230.29 |
714,196.96 |
|
Accrued Income Tax |
1,048,631.84 |
2,249,298.13 |
|
Other Current Liabilities |
292,010.04 |
188,700.00 |
|
|
|
|
|
Total Current Liabilities
|
1,162,247,375.53
|
938,783,532.43 |
|
Hire-purchase Contract Payable |
167,320.96 |
224,516.64 |
|
Other Liabilities |
157,600.00 |
- |
|
Total Liabilities |
1,162,572,296.49
|
939,008,049.07 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
1,422,881.25 |
- |
|
Unappropriated |
24,750,521.15 |
43,033,595.53 |
|
Total
Shareholders' Equity |
56,173,402.40 |
73,033,595.53 |
|
Total
Liabilities & Shareholders' Equity |
1,218,745,698.89 |
1,012,041,644.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
2,032,305,987.92 |
2,247,790,785.77 |
|
Rental Income |
597,600.00 |
217,800.00 |
|
Compensation from
Insurance Company |
- |
7,998.50 |
|
Deferred Tax Coupon |
26,756.18 |
53,977.31 |
|
Other Income |
15,409,240.28 |
8,318,016.79 |
|
Gain on Exchange Rate |
- |
8,714,209.81 |
|
Gain on |
4,744,011.22 |
66,470.33 |
|
Total Revenues
|
2,053,083,595.60 |
2,265,169,258.51 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,878,995,093.00 |
2,110,575,026.80 |
|
Selling & Administrative Expenses |
133,329,705.87 |
116,283,691.47 |
|
Total Expenses |
2,012,324,798.87 |
2,226,858,718.27 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
40,758,796.73 |
38,310,540.24 |
|
Interest Expenses |
[30,057,502.23] |
[25,635,928.56] |
|
Income Tax |
[3,561,487.63] |
[4,274,216.84] |
|
|
|
|
|
Net Profit / [Loss] |
7,139,806.87 |
8,400,394.84 |
FINANCIAL NOTE
NOTE 1
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building & Construction |
197,473.47 |
112,891.47 |
|
Equipment & Computer |
2,529,550.64 |
2,498,850.64 |
|
Hand Tools |
1,756,898.47 |
1,604,919.03 |
|
Office Automation &
Furniture |
3,609,241.76 |
3,525,668.20 |
|
Machine & Equipment |
24,524,999.24 |
27,619,855.21 |
|
Vehicle |
29,708,180.51 |
28,632,061.33 |
|
Total |
62,326,344.06 |
63,994,245.88 |
|
Less: Depreciation |
[40,945,077.00] |
[37,925,142.55] |
|
Total
|
21,381,267.06 |
26,069,103.33 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[9.59] |
|
|
Operating Profit |
17.67 |
|
|
Net Profit |
[15.01] |
|
|
Fixed Assets |
[17.98] |
|
|
Total Assets |
20.42 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
92.46 |
93.90 |
|
Operating Profit Margin |
2.01 |
1.70 |
|
S & A
Expenses |
6.56 |
5.17 |
|
Interest Paid |
1.48 |
1.14 |
|
Other Revenues |
1.02 |
0.77 |
|
Net Profit Margin |
0.35 |
0.37 |
|
Earning Per Shares |
23.80 |
28.00 |
|
No. of Shares |
300,000 |
300,000 |
Net Sales was
decreased by 9.59%,
Operating Profit was
increased by 17.67%,
Net Profit was
decreased by 15.01%,
Fixed Assets was
decreased by 17.98%,
Total Assets was
increased by 20.42%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 93.90%
to 92.46%, Operating
Profit Margin was
increased from 1.70%
to 2.01%, S
& A Expenses
was increased from 5.17% to
6.56%, Interest Paid was
increased from 1.14%
to 1.48%, Other
Revenues was increased
from 0.77% to
1.02%, Net Profit
Margin was decreased
from 0.37% to
0.35%.
Earning Per Shares
was decreased from
28.00 baht per
share to 23.80
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.00 |
1.02 |
|
Quick-Assets Ratio |
0.70 |
0.70 |
Current Ratio was
decreased from 1.02
to 1.00, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.70 to 0.70,
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 |
20.70 |
12.86 |
|
Times Interest Earned |
1.36 |
1.49 |
D/E Ratio was
increased from 12.86
to 20.70, 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
1.49 to 1.36,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
95.05 |
86.22 |
|
Total Assets Turnover |
1.67 |
2.22 |
|
Return on Assets |
0.59 |
0.83 |
|
Return on Equity |
12.71 |
11.50 |
|
Day's Payable |
174.41 |
105.23 |
|
Day’s Inventories |
61.63 |
46.79 |
|
Day’s Receivables |
137.31 |
104.58 |
Fixed Assets Turnover
was increased from
86.22 times to
95.05 times, Total
Assets Turnover was
decreased from 2.22
times to 1.67
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 0.83 to
0.59, Return on
Equity was increased
from 11.50 to
12.71, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 106
days to 175
days, Day’s Inventories
was increased from
47 days to
62 days, and
Day’s Receivables was
increased from 105
days to 138
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%)