MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI BARODA
INDUSTRIES LIMITED |
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Registered Office : |
3 Map Ta
Phut Industrial Estate,
I-1 Road, Map Ta
Phut, A. Muang,
Rayong 21150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
30.10.1990 |
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Com. Reg. No.: |
0105533129498 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Fabric Tyre Cord |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI BARODA
INDUSTRIES LIMITED
SUMMARY
BUSINESS ADDRESS : 3
MAP TA PHUT INDUSTRIAL ESTATE,
I-1 ROAD,
MAP TA
PHUT, A. MUANG,
RAYONG 21150
TELEPHONE : [66] 38 683-600-6,
683-102-3, 683-607-14
FAX : [66] 38
683-101
E-MAIL ADDRESS : ha@thaibaroda.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533129498 [Former : 12949/2533]
CAPITAL REGISTERED
: BHT.
905,000,000
CAPITAL PAID-UP
: BHT.
905,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SARANTHORN CHUTIMA, THAI
PRESIDENT
NO. OF
STAFF : 500
LINES OF
BUSINESS : FABRIC TYRE CORD
MANUFACTURER, DISTRIBUTOR
AND 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 October 30,
1990 as a
private limited company
under the name
style THAI BARODA
INDUSTRIES LIMITED by
a joint venture
between Thai and
Indian groups, as
well as other investors including
major Thai bankings/financial institution, along with
Baroda Rayon Corporation
of India &
P B group of
Thailand. Its business
objective is to
manufacture nylon tyre
cord to both
local and overseas markets, with
promotional privileges granted
by Board of
Investment on January
20, 1995. It
currently employs 500
staff.
In 1999 and
2000, subject achieved
an international standard
ISO 9002 and
QS 9000 certification, respectively.
The subject’s registered
address is 3
Map Ta Phut Industrial Estate,
I-1 Rd., Map
Ta Phut, A.
Muang, Rayong 21150,
and this is
the company’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
Mr. Saranthorn Chutima
|
[x] |
Thai
|
50 |
|
Mr. Piya Jittalarn |
[+] |
Thai |
65 |
|
Mr. Seksom Intaralawan |
[x] |
Thai |
45 |
|
Mr. Ekamol Manusvanich |
[x] |
Thai |
56 |
|
Mr. Sornchai Phongsuwan |
[x] |
Thai |
52 |
|
Mr. Prathubsin S.
Geguat |
[+] |
Indian |
36 |
|
Ms. Arisara Thamatuch |
|
Thai |
50 |
|
Mr. Songwuth Buakhem |
[+] |
Thai |
55 |
|
Mr. Charalpal Singh Mann |
[+] |
Indian |
61 |
|
Mr. Tanavuth Sakasint |
[+] |
Thai |
50 |
|
Mr. Saowanit Kongsiri |
|
Thai |
65 |
AUTHORIZED PERSON
Two of the above directors
[x] can jointly
sign or one of
the directors [x]
can jointly sign
with one of
the directors [+]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Saranthorn Chutima
is the President.
He is Thai nationality with
the age of
50 years old.
Mr. Seksom Intaralawan is
the Executive Director.
He is Thai nationality
with the age
of 45 years old.
Mr. Malvendra Nankiskor
Badeka is the Factory Manager.
He is Indian nationality.
Ms. Wiphawan Rattanaphan is
the Marketing &
Sales Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of tyre
cord fabric for
tyre industry, including
dipped fabric, greige
fabric, dipped cord,
greige cord and yarn.
PRODUCTION CAPACITY
9,000 Metric tons
per annum
PURCHASE
Its raw material
mainly caprolactum is
purchased from local
suppliers, and the
rest is imported
from Japan.
SALES [LOCAL]
40% of its products is
sold locally to manufacturers.
EXPORT [COUNTRY]
60% of
its products is
exported to India,
Pakistan, Korea, Sri
Lanka, Taiwan, Indonesia,
Australia and Philippines.
MAJOR CUSTOMERS
Local - Thai
Bridgstone Co., Ltd.
Michelin Siam
Co., Ltd.
Otani Tire
Co., Ltd.
Hihero Co., Ltd.
Siam Rubber
LP.
Siamese Tyre
Co., Ltd.
Deestone Co.,
Ltd.
Siam Tyre
Industry Co., Ltd.
Inoue Rubber
[Thailand] Public CO., Ltd.
Overseas - Ceat Limited :
India
Apollo Tyres
Ltd. :
India
Modirubber Ltd. :
India
Ceat Kelan
International Tyres [PVT]
Ltd. : Sri Lanka
Nexen Tire
Corporation :
Korea
Loadstar [PVT]
Ltd.
: Sri
Lanka
Trelleborg Lanka
[PVT] Ltd. :
Sri Lanka
Kumho Industrial
Co., Ltd. :
Korea
Hankook Tire
Co., Ltd. :
Korea
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 30-60-90-120 days.
Local bills are
paid on the
credits term of
30-60-90 days.
Imports are by
T/T.
Exports are against
L/C at sight or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd. : [Laemchabang Branch]
Krung Thai Bank
Public Co., Ltd. : [Laemchabang Branch]
EMPLOYMENT
The subject employs
500 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise
is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area,
in the Eastern Coast of
Thailand.
COMMENT
The company
was formed in 1990
as a manufacturer of fabric
tyre cord for tyre
manufactures. Its products are
quickly spread throughout
Asia and Australia. Despite the uncertain economy
and political outlook,
sales of its
products to motorcycle
tyre industry has
grown rapidly. Automotive industry
especially motorcycle and
bicycle is estimated
to grow extremely
in order to
decrease using automobile
on the sky high of
fuel prices situation.
It is
expected subject’s performance
would grow stronger
than the previous year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 500,000,000 divided into 5,000,000
shares of Bht. 100
each with fully
paid.
The capital was
increased later as
followings:
Bht. 750,000,000 on December 25,
1992
Bht. 1,000,000,000 on August 1,
1995
[Decreased] Bht. 250,000,000 on June 8,
1998
Bht. 905,000,000 on December 29,
1999
The latest
registered capital was
increased to Bht.
905,000,000 divided into
9,050,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS
[as at
January 22, 2008]
|
NAME |
HOLDING |
% |
|
Siam Commercial Bank
Public Co., Ltd. Nationality : Thai Address :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900 |
2,831,140 |
31.28 |
|
Krung Thai Bank
Public Co., Ltd. Nationality : Thai Address : 35
Sukhumvit Rd., Prakanong, Klongtoey, Bangkok 10110 |
1,035,600 |
11.44 |
|
Standard
Chartered-Nakornthon Bank
Public Co., Ltd. Nationality : Thai Address : 90
North Sathorn Rd., Silom, Bangrak,
Bangkok 10500 |
997,700 |
11.02 |
TMB Bank Public Co.,
Ltd.
Nationality : Thai Address : 3000
Phaholyothin Rd., Jatujak,
Bangkok |
968,130 |
10.70 |
|
Thai Bank Public
Co., Ltd. Nationality : Thai Address : 1600
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
861,100 |
9.51 |
|
The Baroda Rayon
Corp., Ltd. Nationality : Indian Address : India |
772,753 |
8.54 |
|
Bank of Ayudhya
Public Co., Ltd. Nationality : Thai Address : 1222
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
510,900 |
5.65 |
|
Northwich Investment Ltd. Nationality : British Address : United
Kingdom |
450,000 |
4.97 |
|
PJ Realty Co.,
Ltd. Nationality : Thai Address : 3079/23
Sukhumvit Rd., Bangchak,
Prakanong,
Bangkok 10260 |
213,606 |
2.36 |
Other Shareholders
|
409,071 |
4.53 |
Total Shareholders :
32
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Krisada Lertvana
No. 4958
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,547,888 |
2,020,185 |
|
Trade Accts. Receivable |
132,331,523 |
103,807,564 |
|
Inventories |
194,917,122 |
349,943,846 |
|
Other Current Assets
|
25,992,381 |
31,473,680 |
|
|
|
|
|
Total Current Assets
|
354,788,914 |
487,245,275 |
|
Cash at Bank pledged
as a Collateral |
37,050 |
36,867 |
|
Fixed Assets |
1,984,919,073 |
2,154,889,497 |
|
Other Assets |
3,991,495 |
3,995,795 |
|
Total Assets |
2,343,736,532 |
2,646,167,434 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
208,057,030 |
182,001,010 |
|
Trade Accts. Payable |
247,888,142 |
406,226,642 |
|
Current Portion of Finance
Lease Contract Liabilities |
1,861,929 |
2,150,155 |
|
Current Portion of Debt
Rehabilitation Plan Payable |
4,159,023,475 |
316,617,226 |
|
Other Current Liabilities Accrued Interest |
160,085,808 |
82,047,031 |
|
Others |
34,071,839 |
29,622,835 |
|
|
|
|
|
Total Current Liabilities |
4,810,988,223 |
1,018,664,899 |
|
Finance Lease Contract
Liabilities - Net
of Current |
811,711 |
2,673,640 |
|
Debt Rehabilitation Plan
Payable - Net
of Current |
- |
2,886,420,779 |
|
Liabilities Element of
Convertible Loan |
- |
263,340,453 |
|
Total Liabilities |
4,811,799,934 |
4,171,099,771 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 9,050,000 shares |
905,000,000 |
905,000,000 |
|
|
|
|
|
Capital Paid |
905,000,000 |
905,000,000 |
|
Shareholder Element of Convertible Loan |
- |
361,659,547 |
|
Surplus on Revaluation of Fixed Assets |
511,868,027 |
556,348,354 |
|
Retained Earning -
Unappropriated [Deficit] |
[3,884,934,429] |
[3,347,940,238] |
|
Total Shareholders' Equity [Deficit] |
[2,468,063,402] |
[1,524,932,337 ] |
|
Total Liabilities & Shareholders’ Equity |
2,343,736,532 |
2,646,167,434 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,698,375,264 |
1,669,551,535 |
|
Gain on Exchange
Rate |
6,991,941 |
7,655,647 |
|
Other Income |
29,951,541 |
23,822,617 |
|
Total Revenues |
1,735,318,746 |
1,701,029,799 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,702,478,961 |
1,641,035,098 |
|
Selling & Administrative Expenses |
134,267,026 |
143,534,414 |
|
Total Expenses |
1,836,745,987 |
1,784,569,512 |
|
|
|
|
|
Profit / [Loss] before Financial
Expenses |
[101,427,241] |
[83,539,713] |
|
Financial Expenses |
[435,563,950] |
[622,566,698] |
|
|
|
|
|
Net Profit / [Loss] |
[536,991,191] |
[706,106,411] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
1.73 |
|
|
Operating Profit |
19.35 |
|
|
Net Profit |
23.95 |
|
|
Fixed Assets |
[7.89] |
|
|
Total Assets |
[11.43] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
100.24 |
98.29 |
|
Operating Profit Margin |
[5.97] |
[5.00] |
|
S & A
Expenses |
7.91 |
8.60 |
|
Interest Paid |
25.65 |
37.29 |
|
Other Revenues |
2.18 |
1.89 |
|
Net Profit Margin |
[31.62] |
[42.29] |
|
Earning Per Shares |
[59.34] |
[78.02] |
|
No. of Shares |
9,050,000 |
9,050,000 |
Net Sales was
increased by 1.73%,
Operating Profit was
increased by 19.35%,
Net Profit was
increased by 23.95%,
Fixed Assets was
decreased by 7.89%,
Total Assets was
decreased by 11.43%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 98.29%
to 100.24%, Operating
Profit Margin was
decreased from -5.00%
to -5.97%, S
& A Expenses
was decreased from
8.60% to 7.91%,
Interest Paid was decreased
from 37.29% to
25.65%, Other Revenues
was increased from
1.89% to 2.18%,
Net Profit Margin
was increased from
-42.29% to -31.62%.
Earning Per Shares
was increased from
-78.02 baht per
share to -59.34
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.07 |
0.48 |
|
Quick-Assets Ratio |
0.03 |
0.10 |
Current Ratio was
decreased from 0.48
to 0.07, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.10 to 0.03,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
[1.95] |
[2.74] |
|
Times Interest Earned |
[0.23] |
[0.13] |
D/E Ratio was
increased from -2.74
to -1.95, 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
-0.13 to -0.23,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
0.86 |
0.77 |
|
Total Assets Turnover |
0.72 |
0.63 |
|
Return on Assets |
[22.91] |
[26.68] |
|
Return on Equity |
[21.76] |
[46.30] |
|
Day's Payable |
52.54 |
87.59 |
|
Day’s Inventories |
41.32 |
75.46 |
|
Day’s Receivables |
28.05 |
22.38 |
Fixed Assets Turnover
was increased from
0.77 times to
0.86 times, Total
Assets Turnover was
increased from 0.63
times to 0.72
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-26.68 to -22.91,
Return on Equity
was increased from
-46.30 to -21.76,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 88
days to 53
days, and Day’s
Inventories was decreased
from 76 days
to 42 days, while Day’s
Receivables was increased
from 23 days
to 29 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
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%)