MIRA
INFORM REPORT
|
Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MAHAPHANT FIBRE - CEMENT PUBLIC CO., LTD. |
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Registered Office : |
2426/3
Mahaphant Building, New
Road, Bangkorlaem, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
0107536001010 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing fiber cement products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MAHAPHANT FIBRE - CEMENT PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2426/3 MAHAPHANT BUILDING, NEW
ROAD,
BANGKORLAEM, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2291-1895-8,
2291-2888
FAX : [66] 2291-1900,
2291-4132-3
REGISTRATION ADDRESS : 99
MOO 9, PETCHKASEM ROAD, RAIKHING,
SAMPRAN, NAKORNPATHOM 73210
ESTABLISHED : 1983
REGISTRATION NO.
: 0107536001010 [Former : BOR. MOR. JOR. 175]
CAPITAL
REGISTERED : BHT. 500,000,000
CAPITAL
PAID-UP : BHT. 240,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
ONG-EK TECHAMAHAPHANT, THAI
MANAGING DIRECTOR
NO. OF STAFF
: 1,900
LINES OF
BUSINESS : FIBRE CEMENT PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was
established on June
30, 1983 as
a private limited
company under the registered
name “Mahaphant Fibre Cement
Co., Ltd.” by Mr. Prawat
Techamahaphant who is
the founder.
The subject is
one of the Mahaphant Group of
Companies which are
engaged in fibre
cement, properties and
construction business.
On September 14,
1993 the subject’s
status was converted
into public limited
company under the
name style MAHAPHANT
FIBRE-CEMENT PUBLIC CO.,
LTD., and acts as a
holding company of
building materials business.
It currently employs
1,900 staff.
The subject’s registered
address is 99
Moo 9, Petchkasem Rd., Raikhing,
Sampran, Nakornpathom 73210, while the current operation
address is at
2426/3 Mahaphant Building,
New Rd., Bangkorlaem, Bangkok 10120.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
Mr. Ong-ek Techamahaphant |
[x] |
Thai |
49 |
|
Mr. Ong-arj Techamahaphant |
[x] |
Thai |
47 |
|
Mr. Prayoon Boonprasert |
|
Thai |
66 |
|
Mr. Surasak Nananukul |
|
Thai |
64 |
|
Ms. Ong-on Techamahaphant |
|
Thai |
44 |
|
Ms. Oranuch Techamahaphant |
|
Thai |
43 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Ong-ek
Techamahaphant is the
Managing Director.
He is Thai nationality with
the age of
49 years old.
Mr. Ong-arj
Techamahaphant is the
Deputy Managing Director.
He is Thai nationality with
the age of
47 years old.
Mr. Kitti
Patchayakupt is the Factory
Manager. [Omyai]
He is Thai nationality.
Mr. Niphon Chanthong
is the Factory Manager [Lopburi]
He is Thai nationality.
Mr. Sombat
Vanichayaphan is the
Factory Manager. [Sai
5]
He is Thai nationality.
Mr. Charin
Amnakmanee is the Factory Manager.
[Nakornsrithammarat]
He is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing fiber cement
products under “HA-HUANG”
brand and wooden
products under “SHERA” brand
as the followings:
·
“HA-HUANG” products
consist of small
corrugated sheet, translucent
sheet, trilon corroshield, pattier sheet, flat
sheet, louvre sheet,
shingle, trilon, trilon
kool and etc.
·
“SHERA” products consist
of strip, eave, plank, splendid plank,
skirt & comice, corner piece,
décor panel, board,
décor stone, flexy
board, Thai prestique,
decor floor and
etc.
Subject is also
a holding company
investing in the
Mahaphant Fibre-Cement Group
of companies in
building material business.
MAJOR BRAND
“HA-HUANG”, “SHERA”
IMPORT [COUNTRIES]
Some
of its raw material, machinery
and spare parts
are imported from
United Kingdom, Germany Italy,
Switzerland, Austria, Canada,
Australia, Taiwan, Republic
of China and
United States of America.
SALES [LOCAL]
100% of its products
is solely distributed
and marketed by
Thai Olympic Fibre-Cement Co., Ltd., the related
company.
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 COMPANY
Mahaphant Group
[Building Materials Business]
- Thai Olympic
Fibre-Cement Co., Ltd.
Business Type: Sole marketing
of the group products and
technical services
- Mahaphant Concrete
Roof Tiles Co., Ltd.
Business Type:
Manufacturer of concrete
roof tile products
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
on negotiated term.
BUSINESS TRANSACTION
The products are
sold by credit
with the maximum
credit given at
30-60 days. There
is no problem on its
account receivable, due
to the customer is the
related company.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Bangkruay Branch : 11/1-2 Bangkruay-Sainoi
Rd., Bangkruay, Nonthaburi]
EMPLOYMENT
The subject employs
approximately 1,900 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office in a
multi-storey building at
the heading address
in a prime commercial area.
The subject’s factories
and warehouses are
located at : -
1.
99 Moo 9, Petchkasem Rd.,
T. Raiking, A.
Sampran, Nakornpathom 73210,
Thailand, Tel: [66] 2810-2888
Fax: [66] 2420-1198.
2.
161-163 Soi Kangwal 2, Petchkasem Rd., [Sai
5] T. Omnoi, A. Sampran,
Nakornpathom 73110,
Thailand, Tel : [66] 2420-1636
Fax : [66] 2420-1112.
3.
59 Moo 12 Saraburi-Lomsak Rd.,
Km. 16, T.
Chongsarika, A. Pattananikhom, Lobburi 15220, Thailand,
Tel: [66] 36 688-888
Fax: [66] 36 491-203
4.
200 Moo 7,
Highway No. 1, K.m.
224, A. Nabor,
Nakornsrithammarat 80222, Thailand,
Tel : [66] 75 491-541-2,
Fax: [66] 75 491-666.
COMMENT
The construction industry
has a big improvement since
late 2000 making
the construction materials
boosting its sales
after stagnant from
economic turbulence in
the past years
since 1997.
At present, the
company’s products has
developed its quality
as well as
introducing more products
which has become
popular in the
local market.
The company’s roof
tile is one
of its products that capture
the mass market
especially in provincial
where demand has
remained strong.
The subject’s business
is growing and
expanding steadily.
FINANCIAL INFORMATION
The capital initially
registered at Bht. 10,000,000, divided into
1,000,000 shares of
Bht. 10 each.
Later the capital
was increased to
at Bht. 500,000,000
divided into 50,000,000
shares of Bht.
10 each, with
the current capital
paid-up of Bht.
240,000,000.
MAIN SHAREHOLDERS : [as
at April 28,
2006] at Bht. 240 million
of
capitalization.
|
NAME |
HOLDING |
% |
|
Mahaphant Inter
Holding Co., Ltd. Nationality: Thai Address : 2426/3 New Rd.,
Bangkorlaem, Bangkok 10120 |
8,400,000 |
35.00 |
|
Predeephant Co., Ltd. Nationality: Thai Address : 2426/3 New Rd.,
Bangkorlaem, Bangkok 10120 |
8,400,000 |
35.00 |
|
Mr. Ong-arj
Techamahaphant Nationality: Thai Address : 2929 New
Rd., Bangkorlaem, Bangkok
10120 |
1,200,000 |
5.00 |
|
Mr. Ong-ek
Techamahaphant Nationality: Thai Address : 2426/3 New Rd.,
Bangkorlaem, Bangkok 10120 |
1,200,000 |
5.00 |
|
Ms. Oranuch
Techamahaphant Nationality: Thai Address : 2929 New Rd.,
Bangkorlaem, Bangkok 10120 |
900,000 |
3.75 |
|
Ms. Ong-on
Techamahaphant Nationality: Thai Address : 2929 New
Rd., Bangkorlaem, Bangkok
10120 |
900,000 |
3.75 |
|
Mr. Amorn
Kulburapha Nationality: Thai Address : 99/85 Moo 3, Petchkasem Rd.,
Bangkaenua, Pasicharoen, Bangkok 10160 |
150,000 |
0.62 |
|
Mrs. Thiranuj
Plangwattana Nationality: Thai Address : 20 Moo 9, Bangyor,
Phrapradaeng, Samutprakarn |
150,000 |
0.62 |
|
Mr. Vuthikrai
Teosutthichart Nationality: Thai Address : 12/301 Moo
11, Sukhapibal 1 Rd.,
Kannayao, Buengkum, Bangkok |
150,000 |
0.62 |
|
Ms. Pisamai
Thavornwong Nationality: Thai Address : 34/1 Moo 8, Suksawad
26 Rd.,
Bangpakok, Rajburana, Bangkok
10140 |
100,000 |
0.42 |
|
Others |
2,450,000 |
10.22 |
Total Shareholders
120
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Bongkoch Am-sangiam
No. 3684
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,051,224 |
815,140 |
|
Trade Accts. Receivable |
288,542,263 |
184,329,227 |
|
Short Term Loan to
Related & Subsidiary Companies |
55,000,000 |
30,000,000 |
|
Inventories |
823,024,796 |
787,209,427 |
|
Other Current Assets
|
42,115,097 |
42,494,737 |
|
Total Current
Assets |
1,209,733,380 |
1,044,848,531 |
|
Investment in Equity
Method |
338,441,809 |
302,778,968 |
|
Fixed Assets |
1,279,103,706 |
1,083,611,298 |
|
Intangible Assets |
2,840,346 |
612,789 |
|
Other Assets |
1,256,117 |
1,279,972 |
|
Total Assets |
2,831,375,358 |
2,433,131,558 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
721,433,409 |
810,019,156 |
|
Trade Accts. Payable |
368,622,257 |
236,871,229 |
|
Current Portion of Long
Term Loans |
45,000,000 |
94,409,520 |
|
Short Term Loan
from Related Company |
5,000,000 |
5,500,000 |
|
Other Payable |
3,725,017 |
2,698,564 |
|
Accrued Income Tax |
75,516,305 |
835,155 |
|
Other Current Liabilities |
44,684,824 |
29,374,717 |
|
Total Current
Liabilities |
1,263,981,812 |
1,179,708,341 |
|
Long Term Loan - Net of Current Portion |
150,000,000 |
57,352,380 |
|
Total Liabilities |
1,413,981,812 |
1,237,060,721 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 value authorized, issued
and fully paid share
capital 50,000,000 shares |
500,000,000 |
500,000,000 |
|
Capital Paid |
240,000,000 |
240,000,000 |
|
Adjustment from Foreign
Exchange Rate |
1,595,389 |
2,665,123 |
|
Retained Earning - Statutory Reserve |
50,000,000 |
50,000,000 |
|
- Unappropriated |
1,125,798,157 |
903,405,714 |
|
Total
Shareholders' Equity |
1,417,393,546 |
1,196,070,837 |
|
Total
Liabilities & Shareholders' Equity |
2,831,375,358 |
2,433,131,558 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
3,647,658,587 |
2,911,734,902 |
|
Other Income |
33,657,814 |
15,074,891 |
|
Equity on Profit
of Subsidiary Company |
32,384,475 |
2,475,419 |
|
Total Revenues
|
3,713,700,876 |
2,929,285,212 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,768,574,232 |
2,338,742,832 |
|
Selling & Administrative Expenses |
592,319,089 |
490,330,037 |
|
Director’s Remuneration |
636,000 |
636,000 |
|
Total Expenses |
3,361,529,321 |
2,829,708,869 |
|
Profit / [Loss] Before Income
Tax |
352,171,555 |
99,576,343 |
|
Interest Expenses |
[41,097,205] |
[28,687,950] |
|
Income Tax |
[88,681,907] |
[21,306,267] |
|
Net Profit / [Loss] |
222,392,443 |
49,582,126 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
25.27 |
|
|
Operating Profit |
181.03 |
|
|
Net Profit |
348.53 |
|
|
Fixed Assets |
18.04 |
|
|
Total Assets |
16.37 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
75.90 |
80.32 |
|
Operating Profit Margin |
9.67 |
3.44 |
|
S & A
Expenses |
16.24 |
16.84 |
|
Interest Paid |
1.13 |
0.99 |
|
Other Revenues |
1.81 |
0.60 |
|
Net Profit Margin |
6.10 |
1.70 |
|
Earning Per Shares |
4.45 |
0.99 |
|
No. of Shares |
50,000,000 |
50,000,000 |
Net Sales was
increased by 25.27%,
Operating Profit was
increased by 181.03%,
Net Profit was
increased by 348.53%,
Fixed Assets was
increased by 18.04%,
Total Assets was
increased by 16.37%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 80.32%
to 75.90%, Operating
Profit Margin was
increased from 3.44%
to 9.67%, S
& A Expenses
was decreased from
16.84% to 16.24%,
Interest Paid was increased
from 0.99% to
1.13%, Other Revenues
was increased from
0.60% to 1.81%,
Net Profit Margin
was increased from
1.70% to 6.10%.
Earning Per Shares
was increased from
0.99 baht per
share to 4.45
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.96 |
0.89 |
|
Quick-Assets Ratio |
0.27 |
0.18 |
Current Ratio was
increased from 0.89
to 0.96, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.18 to 0.27,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.00 |
1.03 |
|
Times Interest Earned |
8.58 |
3.49 |
D/E Ratio was
decreased from 1.03
to 1.00, 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
3.49 to 8.58,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.85 |
2.69 |
|
Total Assets Turnover |
1.29 |
1.20 |
|
Return on Assets |
7.85 |
2.04 |
|
Return on Equity |
15.69 |
4.15 |
|
Day's Payable |
36.38 |
29.29 |
|
Day’s Inventories |
81.23 |
97.33 |
|
Day’s Receivables |
28.48 |
22.79 |
Fixed Assets Turnover
was increased from
2.69 times to
2.85 times, Total
Assets Turnover was increased from
1.20 times to
1.29 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 2.04 to
7.85, Return on
Equity was increased
from 4.15 to
15.69, capacity to
use Assets to make profit
was good.
Day's Payable was
increased from 30
days to 37
days, while Day’s
Inventories was decreased
from 98 days
to 82 days, but Day’s
Receivables was increased
from 23 days
to 29 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. |
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%)