MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
UNION-MICRONCLEAN 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 : |
1996 |
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Com. Reg. No.: |
0105539010093 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of special
garments for clean
room. |
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
UNION-MICRONCLEAN CO., LTD.
SUMMARY
BUSINESS ADDRESS :
BANGCHAK, PRAKANONG,
TELEPHONE : [662] 311-5111-9,
2332-5600
FAX : [662] 741-6145
E-MAIL ADDRESS : uthorn@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539010093 [Former : [2]
376/2539]
CAPITAL
REGISTERED : BHT.
5,000,000
CAPITAL
PAID-UP : BHT.
5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NATTHAPONG SUKHAVISITH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 68
LINES OF
BUSINESS : SPECIAL GARMENTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on January
24, 1996 as
a private limited
company, under the
name style UNION-MICRONCLEAN CO.,
LTD., by Thai - Dutch
Groups. It is a joint
venture between Saha
Union Group, Thailand
and Micronclean Fareast
B.V. from
It has been
granted the investment
privilege promotional by
Thailand’s Board of
Investment [BOI], under
the promotion certificate
No. 3034/2547, on September
15, 2004.
The subject’s registered
address is 1828
Sukhumvit Rd., Bnagchak,
Prakanong, Bangkok 10260,
and this is
the company’s current
operation address.
THE BOARD
OF DIRECTOR
Name Nationality Age
Mrs. Pimporn Choterattanakul [x] Thai 57
Mr. Vichai Chaithaniyachart [x] Thai 62
Mr. Nathapong Sukhavisith [x] Thai 61
Mr. Manus Asawametha [x] Thai 58
Mr. U-tharn Sattayarak [x] Thai 40
Mr. Johannes Akkerman [-] Dutch 49
Mr. Christiaan Seurynck [-] Belgian 43
Mr. Siau Bernard Belgian 56
Mr. Thomas Herman Maria
Mulder Dutch 60
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
or any one
of the directors
[x] can jointly
sign with anyone
of the directors [-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nathapong
Sukhavisith is the
Managing Director.
He is Thai
nationality with the
age of 61
years old.
Mr. Johannes
Akkerman is the
General Manager.
He is Dutch
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of special garments
for clean room.
IMPORT [COUNTRIES]
Raw materials; fabric,
ribbon and elastic
are imported from
Korea, Japan, Netherlands,
United States of America
and Belgium.
MAJOR SUPPLIERS
|
Name |
Country |
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Saha Union Public
Co., Ltd. |
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Union Textile Public
Co., Ltd. |
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SALES [LOCAL]
60% of its
products is sold
locally to wholesalers.
EXPORT [COUNTRIES]
40% of its
products is also
exported to Malaysia
and Ireland.
MAJOR CUSTOMERS
|
Name |
Country |
|
Sanyo Semiconductor Co.,
Ltd. |
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Nidec Electronic Co.,
Ltd. |
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Sony [ |
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N S Electronic Co.,
Ltd. |
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SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 credit term
of 30 days.
Local bills are
paid on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T 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 :
EMPLOYMENT
The subject employs
68 office staff
and workers.
LOCATION DETAILS
The premise is
rented for operating
office at the
heading address in
a commercial/residential area.
Factory & warehouse
is located at
205 Sukhumvit Rd.,
T. Bangpoomai, A.
Muang, Samutprakarn 10280
Tel: 2323-9285-6, Fax.
2323-9181.
COMMENT
The growth in
the demand of
special clean room
garment depends significantly
on the growth
of the related
industrials. At present,
demand for the special
clean room garment
remains steady. It
is also predicted that
the related industrials
would continue growing
and demand of
special clean room
garment would grow
accordingly.
The subject is
doing good business
and its business
trend is in
progress.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5 million, divided
into 500,000 shares
of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS
: [as at
April 21,
2006]
|
NAME |
HOLDING |
% |
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Micronclean Fareast
B.V. Nationality: Dutch Address : 6717
KVE de the |
245,000 |
49.00 |
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Saha Union
Public Co., Ltd. Nationality: Thai Address : Prakanong, |
125,000 |
25.00 |
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Union Textile
Public Co., Ltd. Nationality: Thai Address :
Prakanong, |
65,000 |
13.00 |
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Union Garment
Co., Ltd. Nationality: Thai Address :
Prakanong, |
64,993 |
12.99 |
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Others |
7 |
0.01 |
Total Shareholders
10
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 |
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Cash in hand
& at Bank
|
9,635,389.74 |
7,240,423.46 |
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Trade Accts. Receivable |
17,493,789.97 |
18,949,383.30 |
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Trade Accts. Receivable-Related Company |
1,935,050.34 |
3,741,907.73 |
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Inventories [note 1] |
23,762,600.57 |
17,141,818.60 |
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Revenue Department Receivable |
2,367,589.45 |
616,076.72 |
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Other Current Assets
|
59,399.44 |
571,234.45 |
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Total Current
Assets |
55,253,819.51 |
48,260,844.26 |
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Fixed Assets [note 2] |
8,568,642.45 |
4,250,866.72 |
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Cash at Bank
under Commitment |
4,447,250.42 |
4,414,422.15 |
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Other Assets |
8,626.53 |
158,626.93 |
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Total Assets
|
68,278,338.91 |
57,084,760.06 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Payable Trust Receipt |
156,149.86 |
7,047,067.19 |
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Trade Accts. Payable |
3,615,141.77 |
3,909,070.15 |
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Trade Accts. Payable-Related Company |
3,458,748.50 |
1,711,099.18 |
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Accrued Expenses |
7,286,194.46 |
8,450,365.20 |
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Other Payable-Related Company |
4,738,678.33 |
883,824.26 |
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Accrued Income Tax |
3,914,777.82 |
2,368,548.33 |
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Provident Fund |
1,341,170.37 |
1,302,554.48 |
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Other Current Liabilities |
4,765,521.28 |
1,140,634.21 |
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Total Current
Liabilities |
29,276,382.39 |
26,813,163.00 |
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Total Liabilities |
29,276,382.39 |
26,813,163.00 |
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Shareholders'
Equity |
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Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 500,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Statutory Reserve |
500,000.00 |
500,000.00 |
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Retained Earning -
Unappropriated |
33,501,956.52 |
24,771,597.06 |
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Total
Shareholders' Equity |
39,001,956.52 |
30,271,597.06 |
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Total
Liabilities & Shareholders' Equity |
68,278,338.91 |
57,084,760.06 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
152,688,130.26 |
116,748,689.78 |
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Other Income |
1,505,719.17 |
449,296.50 |
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Total Revenues
|
154,193,849.43 |
117,197,986.28 |
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Expenses |
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Cost of Goods
Sold |
108,533,378.50 |
75,510,915.79 |
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Selling & Administrative Expenses |
24,733,104.67 |
27,587,528.86 |
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Total Expenses |
133,266,483.17 |
103,098,444.65 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
20,927,366.26 |
14,099,541.63 |
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Interest Expenses |
[152,406.46] |
[115,922.11] |
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Income Tax |
[6,044,600.34] |
[4,064,058.69] |
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Net Profit / [Loss] |
14,730,359.46 |
9,919,560.83 |
FINANCIAL NOTE
Note 1
Inventories
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|
2005 |
2004 |
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Raw Material |
19,570,121.54 |
12,551,933.80 |
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Material in Transit |
- |
160,838.20 |
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Goods in Progress |
133,538.15 |
2,275,388.42 |
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Finished Goods |
4,082,138.32 |
2,176,855.62 |
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Total |
23,785,798.01 |
17,165,016.04 |
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Less: Allowance
for Obsolescent Stock |
[23,197.44] |
[23,197.44] |
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Total |
23,762,600.57 |
17,141,818.60 |
Note 2
Fixed Assets
|
|
2005 |
2004 |
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Factory Improvement |
663,585.00 |
663,585.00 |
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Machinery |
9,395,165.59 |
4,896,165.59 |
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Factory Equipment |
1,745,894.51 |
1,079,726.45 |
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Office Equipment |
1,961,905.94 |
1,650,128.99 |
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Vehicle |
3,302,742.99 |
3,128,742.99 |
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Total |
17,069,294.03 |
11,418,349.02 |
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Less : Depreciation |
[8,500,651.58] |
[7,167,482.30] |
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Net
Fixed Assets |
8,568,642.45 |
4,250,866.72 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
30.78 |
|
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Operating Profit |
13.49 |
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Net Profit |
48.50 |
|
|
Fixed Assets |
101.57 |
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Total Assets |
19.61 |
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Profitability |
|
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Cost of Good
Sold |
71.08 |
64.68 |
|
Operating Profit Margin |
13.71 |
12.08 |
|
S & A
Expenses |
16.20 |
23.63 |
|
Interest Paid |
0.10 |
0.10 |
|
Other Revenues |
0.99 |
0.38 |
|
Net Profit Margin |
9.65 |
8.50 |
|
Earning Per Shares |
29.46 |
19.84 |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
increased by 30.78%,
Operating Profit was
increased by 13.49%,
Net Profit was increased by
48.50%, Fixed Assets
was increased by
101.57%, Total Assets
was increased by
19.61%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 64.68%
to 71.08%, Operating
Profit Margin was increased from
12.08% to 13.71%,
S & A
Expenses was decreased
from 23.63% to
16.20%, Interest Paid was
increased from 0.10%
to 0.10%, Other
Revenues was increased
from 0.38% to
0.99%, Net Profit
Margin was increased
from 8.50% to
9.65%.
Earning Per Shares
was increased from
19.84 baht per
share to 29.46
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.89 |
1.80 |
|
Quick-Assets Ratio |
0.99 |
1.12 |
Current Ratio was
increased from 1.80
to 1.89, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.12 to 0.99,
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 |
0.75 |
0.89 |
|
Times Interest Earned |
137.31 |
121.63 |
D/E Ratio was
decreased from 0.89
to 0.75, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
121.63 to 137.31,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
17.82 |
27.46 |
|
Total Assets Turnover |
2.24 |
2.05 |
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Return on Assets |
21.57 |
17.38 |
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Return on Equity |
37.77 |
32.77 |
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Day's Payable |
8.52 |
12.05 |
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Day’s Inventories |
56.03 |
52.86 |
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Day’s Receivables |
41.25 |
58.43 |
Fixed Assets Turnover
was decreased from
27.46 times to
17.82 times, Total
Assets Turnover was
increased from 2.05
times to 2.24
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
17.38 to 21.57,
Return on Equity
was increased from
32.77 to 37.77,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 13
days to 9
days, while Day’s
Inventories was increased
from 53 days
to 57 days,
but Day’s Receivables
was decreased from
59 days to
42 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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%)