MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
THAI MFC CO., LTD |
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Registered Office : |
1 Siam Cement Road, T. Bangsue, A. Bangsue, Bangkok 10800 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
0105536140387 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributors and Exporters of Melamine Moulding compound |
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 and Address
THAI MFC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1 SIAM CEMENT ROAD, T. BANGSUE,
A. BANGSUE, BANGKOK 10800
TELEPHONE : [66] 2586-5587, 2586-3892, 2586-3894-6
FAX : [66] 2586-4878
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536140387 [Former : [1] 2743/2536]
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT. 200,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PREEDA WATCHARATHIENSAKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 200
LINES OF BUSINESS : MELAMINE MOULDING COMPOUND
MANUFACTURER, DISTRIBUTOR & 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 December 16, 1993 as a private limited company under the name style THAI MFC CO., LTD., by Thai and Japanese groups, in order to manufacture and distribute melamine moulding compound, the main raw material in the production of melamine ware. It currently employs 200 staff.
The major shareholders are Sri Thai Superware Public Co., Ltd., SCG Chemicals Co., Ltd., Nippon Carbide Industries Co., Inc, and Nomura Trading Co., Ltd., which are holding around 45%, 45%, 7% and 3% of the subject’s shares respectively.
At present, the subject is the Thailand’s largest manufacturer of melamine compound, and also achieved the certificate ISO 9002 quality management and ISO 14001 environmental management standards.
The subject’s registered address is 1 Siam Cement Rd., Bangsue, Bangsue, Bangkok 10800, and this is the subject’s current operation address.
THE BOARD
OF DIRECTORS
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Name |
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Nationality |
Age |
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Mr. Sommai Sirilertsombat |
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Thai |
47 |
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Mr. Cholanath Yarnaranop |
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Thai |
47 |
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Mr. Preeda Watcharathiensakul |
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Thai |
42 |
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Mr. Prin Pholnivas |
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Thai |
51 |
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Mr. Sanan Ang-ubonkul |
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Thai |
61 |
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Mr. Manit Adivanichayapong |
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Thai |
62 |
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Mr. Kenshi Watanabe |
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Japanese |
56 |
AUTHORIZED PERSON
Two of the above directors can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Preeda Watcharathiensakul is the Managing Director.
He is Thai nationality with the age of 42 years old.
Mr. Vichai Chotirossukhon is the Plant Manager.
He is Thai nationality.
Mr. Amnaj Laosirithavorn is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing of melamine moulding compound and related products such as glazing powder, white coating, foil powder and etc. The advanced machinery and production technology are supplied from Nippon Carbide Inc, Japan.
MAJOR BRAND
“THAI MFC”
PRODUCTION
Approximately 10,000 tons per annum
PURCHASE
Most of raw materials are purchased from local suppliers.
IMPORT
Machinery and spare parts are imported from Japan, U.S.A. and Germany.
MAJOR SUPPLIERS
- Nippon Carbide Industries Co., Inc. : Japan
- Nomura Trading Co., Ltd. : Japan
SALES
60% of the products is sold locally by wholesale to end-users.
EXPORT
40% of the products is exported to Taiwan, Singapore, Malaysia, Indonesia, Vietnam, Philippines and Japan.
MAJOR CUSTOMER
Sri Thai Superware Public Co., Ltd. : Thailand
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 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 L/C at sight or T/T.
BANKING
Bangkok Bank Public Co., Ltd.
[Head Office : 333 Silom Rd., Silom, Bangrak, Bangkok]
The Siam Commercial Bank Public Co., Ltd.
[Head Office : 9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok]
EMPLOYMENT
The subject employs approximately 200 office staff and factory workers.
LOCATION DETAILS
The premise is owned for administrative office at the heading address. Premise is located in commercial/residential area.
Factory and warehouse are located at 5/2, I-1 Rd., Maptaphud Industrial Estate, Muang, Rayong 21150. Tel [66] 38 683-054, 684-241. Fax. [66] 38 684-250.
COMMENT
The subject is the leading in manufacturing of melamine injection products mainly household items, kitchenware, premiums products, microwave used, coolers, industrial containers, insulated jugs & pitchers, and OEM products.
The subject’s operation remains healthy from expansion of export markets.
FINANCIAL INFORMATION
The capital was registered at Bht. 200,000,000 divided into 2,000,000 shares of Bht. 100 each with fully paid..
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2007]
|
NAME |
HOLDING |
% |
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Sri Thai Superware Public Co., Ltd. Nationality: Thai Address : 355 Moo 4, Suksawad Rd., Bangpakok, Rajburana, Bangkok |
900,000 |
45.00 |
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SCG Chemicals Co., Ltd. Nationality: Thai Address : 1 Siam Cement Rd., Bangsue, Bangkok |
899,993 |
45.00 |
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Nippon Carbide Industries Co., Inc. Nationality: Japanese Address : Tokyo, Japan |
140,000 |
7.00 |
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Nomura Trading Co., Ltd. Nationality: Japanese Address : Tokyo, Japan |
60,000 |
3.00 |
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Mr. Cholanath Yarnaranop Nationality: Thai Address : 69/31 Moo 1, Taladkwan, Muang, Nonthaburi |
5 |
- |
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Mr. Charoenchai Pratuengsuksri Nationality: Thai Address : 62/166 Moo 8, Bangkasor, Muang, Nonthaburi |
1 |
- |
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Mr. Paitoon Naiyachit Nationality: Thai Address : 176/238 Moo 1, Sikan, Donmuang, Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Phisit Chewaruengroj No. 2803
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in Hand & at Bank |
22,532,743 |
18,369,741 |
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Trade Accts. Receivable - Related company |
111,291,906 |
96,702,977 |
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- Other company |
13,948,847 |
19,500,185 |
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Receivable & Short Term Loan to Related Company |
10,381,652 |
12,126,658 |
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Inventories |
117,027,532 |
129,525,893 |
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Other Current Assets |
3,446,411 |
4,681,145 |
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Total Current Assets |
278,629,091 |
280,906,599 |
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Investment Recorded by the Equity Method |
15,738,605 |
14,985,791 |
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Fixed Assets |
160,177,423 |
188,191,732 |
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Deferred Income Tax |
19,023,725 |
33,280,761 |
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Other Assets |
708,985 |
665,015 |
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Total Assets |
474,277,829 |
518,029,898 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Short Term Loans from Financial Institution |
- |
60,000,000 |
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Trade Accts. Payable - Related company |
523,530 |
9,186,991 |
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- Other company |
67,218,812 |
101,739,183 |
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Payable Related Company |
20,023,044 |
18,627,067 |
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Other Current Liabilities |
1,300,540 |
1,039,177 |
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Total Current Liabilities |
89,065,926 |
190,592,418 |
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Payable-Related Company |
- |
11,642,735 |
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Total Liabilities |
89,065,926 |
202,235,153 |
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Shareholders' Equity |
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Share capital : Baht 100 par value authorized, issued and fully paid share capital 2,000,000 shares |
200,000,000 |
200,000,000 |
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Capital Paid |
200,000,000 |
200,000,000 |
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Statutory Reserve |
20,000,000 |
20,000,000 |
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Retained Earning - Unappropriated |
165,211,903 |
95,794,745 |
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Total Shareholders' Equity |
385,211,903 |
315,794,745 |
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Total Liabilities & Shareholders' Equity |
474,277,829 |
518,029,898 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales |
642,522,534 |
506,273,118 |
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Other Income |
5,899,502 |
1,125,024 |
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Total Revenues |
648,422,036 |
507,398,142 |
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Expenses |
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Cost of Goods Sold |
507,973,309 |
436,224,140 |
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Selling & Administrative Expenses |
45,350,169 |
46,600,416 |
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Total Expenses |
553,323,478 |
482,824,556 |
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Profit / [Loss] from Operation |
95,098,558 |
24,573,586 |
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Profit/[Loss] from Investment by the Equity Method |
752,814 |
97,824 |
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Interest Expenses |
[2,177,178] |
[3,421,587] |
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Income Tax |
[14,257,036] |
[671,201] |
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Net Profit / [Loss] |
79,417,158 |
20,578,622 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
26.91 |
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Operating Profit |
204.93 |
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Net Profit |
285.92 |
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Fixed Assets |
[14.89] |
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Total Assets |
[8.45] |
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Profitability |
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Cost of Good Sold |
79.06 |
86.16 |
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Operating Profit Margin |
14.80 |
4.85 |
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S & A Expenses |
7.06 |
9.20 |
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Interest Paid |
0.34 |
0.68 |
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Other Revenues |
0.92 |
0.22 |
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Net Profit Margin |
12.36 |
4.06 |
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Earning Per Shares |
39.71 |
10.29 |
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No. of Shares |
2,000,000 |
2,000,000 |
Net Sales was increased by 26.91%, Operating Profit was increased by 204.93%, Net Profit was increased by 285.92%, Fixed Assets was decreased by 14.89%, Total Assets was decreased by 8.45%.
Compare each cost with sales, Cost of Good Sold was decreased from 86.16% to 79.06%, Operating Profit Margin was increased from 4.85% to 14.80%, S & A Expenses was decreased from 9.20% to 7.06%, Interest Paid was decreased from 0.68% to 0.34%, Other Revenues was increased from 0.22% to 0.92%, Net Profit Margin was increased from 4.06% to 12.36%.
Earning Per Shares was increased from 10.29 baht per share to 39.71 baht per share.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
3.13 |
1.47 |
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Quick-Assets Ratio |
1.78 |
0.77 |
Current Ratio was increased from 1.47 to 3.13, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was so good, Quick-Assets Ratio was increased from 0.77 to 1.78, capacity to pay Short Term Loan was so good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
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Leverage |
2006 |
2005 |
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D/E Ratio |
0.23 |
0.64 |
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Times Interest Earned |
43.68 |
7.18 |
D/E Ratio was decreased from 0.64 to 0.23, 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 7.18 to 43.68, capacity to pay interest paid was good.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
4.01 |
2.69 |
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Total Assets Turnover |
1.35 |
0.98 |
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Return on Assets |
16.74 |
3.97 |
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Return on Equity |
20.62 |
6.52 |
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Day's Payable |
37.66 |
72.34 |
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Day’s Inventories |
65.57 |
92.10 |
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Day’s Receivables |
7.82 |
13.87 |
Fixed Assets Turnover was increased from 2.69 times to 4.01 times, Total Assets Turnover was increased from 0.98 times to 1.35 times, show the company could use Assets so efficiently, Return on Assets was increased from 3.97 to 16.74, Return on Equity was increased from 6.52 to 20.62, capacity to use Assets to make profit was good.
Day's Payable was decreased from 73 days to 38 days, Day’s Inventories was decreased from 93 days to 66 days, and Day’s Receivables was decreased from 14 days to 8 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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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%)