MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
T K WAX COMPANY LIMITED |
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Formerly Known As : |
THAI
KAWAKEN COMPANY LIMITED |
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Registered Office : |
12th Floor, Orakarn Building, 26/42 Chidlom Road, Lumpini,
Pathumwan, Bangkok 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.09.1984 |
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Com. Reg. No.: |
0105527032950 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Hydrogenates
Castor Wax |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
T K WAX COMPANY LIMITED
[FORMER :
THAI KAWAKEN COMPANY LIMITED]
SUMMARY
BUSINESS ADDRESS : 12th FLOOR,
ORAKARN BUILDING,
26/42 CHIDLOM
ROAD, LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66]
2254-1490-7
FAX : [66] 2253-8355
E-MAIL ADDRESS : karn@thaikawaken.com, tcogroup@samart.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO.
: 0105527032950 [Former : 3298/2527]
CAPITAL REGISTERED
: BHT. 250,000,000
CAPITAL PAID-UP
: BHT. 250,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS
: PRIVATE LIMITED COMPANY
EXECUTIVE : MR. THAVORN TANTIPONG-ANAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 117
LINES OF
BUSINESS : HYDROGENATES CASTOR
WAX
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
September 10, 1984
as a private limited company under the originally registered
name “Thai Kawaken
Company Limited”, by
a joint venture
between “Siam Castor Oil Co., Ltd.” and “Kawaken Fine
Chemicals Co., Ltd.”,
in Japan, with
the business objective
to manufacture hydrogenates castor
wax. It was
granted a promotional
privileges from Board
of Investment. On
January 5, 2004,
subject was changed
its name to
be T K WAX COMPANY LIMITED.
It currently employs
117 staff.
The subject’s registered
address is 12th Flr., Orakarn Bldg.,
26/42 Chidlom Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Padung Techasarintr - Chairman |
Thai |
68 |
|
Mr. Thavorn Tantipong-anan |
Thai |
62 |
|
Mr. Prasart Jiraphatsakul |
Thai |
69 |
|
Mr. Karn Sitthajarnpong |
Thai |
59 |
|
Mr. Tadokoro Katsuyuki |
Japanese |
67 |
|
Mr. Yasunori Usuba |
Japanese |
68 |
|
Mr. Hiroshi Miyahara |
Japanese |
60 |
|
Mr. Tatsumi Kitagawara |
Japanese |
49 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thavorn Tantipong-anan is
the Managing Director.
He is Thai nationality with
the age of
62 years old.
Mr. Nirandorn Thubsoongnern is
the Plant Director.
He is Thai nationality.
Mr. Karn Sitthajarnpong is
the Sales &
Marketing Manager.
He is Thai nationality with
the age of
59 years old.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of hydrogenates castor wax.
PRODUCTION
Approximately 17,500 tons/year
IMPORT [COUNTRIES]
50% of raw chemical is
imported from Japan,
Singapore & Republic
of China, castor
oil is imported from India
and Pakistan.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Kawaken Fine Chemicals Co., Ltd. |
Japan |
Glycerine |
|
K. F. Trading Company
Limited |
Japan |
- |
|
Thai Castor Oil
Industrial Co., Ltd. |
Thailand |
Castor Oil |
SALES [LOCAL]
40% of the products is
sold locally by
wholesale to manufacturers and end-users.
EXPORT [COUNTRY]
60% of the products is
exported to Japan,
Australia, Singapore,
U.S.A., Germany, Italy,
Netherlands, United Kingdom, Australia, Canada, Taiwan, Malaysia,
Indonesia, Korea, Africa and
Middle East countries.
SUBSIDIARIES & AFFILIATED
COMPANIES
Siam Castor Oil
Industries Co., Ltd.
Business Type: Manufacturer of
castor oil
T.S. Chemical Co., Ltd.
Business Type: Imports &
distributor of industrial
chemicals
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 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
Deutsche Bank AG.
[Bangkok Office :
208 Wireless rd.,
Lumpini, Pathumwan, Bangkok]
Hong Kong &
Shanghai Banking Corp.
[Bangkok Office :
968 Rama 4
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
117 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for operating
office on 450
square meters of
area at the
heading address in a prime
commercial area.
Factory
is located on
4,800 square meters
at Bangpoo Industrial
Estate, Soi 2, 227
Moo 4, T. Phraek-sa,
A. Muang, Samutprakarn province 10270, Thailand.
Tel
: [66] 2323-9523-4.
REMARK
CREDIT OF US$ 500,000
D/A SHOULD BE IN
ORDER.
COMMENT
Current decline in
sales was due mainly
to the economic meltdown especially
in export markets.
Imported capital goods
became more expensive
caused by higher
raw materials, as
well as overall
international market growth
rate would be
limited than the
previous year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 25,000,000 divided
into 250,000 shares
of Bht. 100
each.
Capital was increased
later as followings
:
Bht. 50,000,000 on March 18,
1992
Bht. 65,000,000 on December 23,
1997
Bht. 100,000,000
on February 24,
2000
Bht. 160,000,000
on December 20,
2000
Bht. 200,000,000
on September 10,
2001
Bht. 250,000,000
on September 2,
2002
The latest registered
capital was increased
to Bht. 250,000,000 divided
into 2,500,000 shares
of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Siam Castor Oil Industries Co., Ltd. Nationality: Thai Address : 26/42
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
1,250,116 |
50.00 |
|
K. F. Trading Company
Limited Nationality: Japanese Address : 1-6-13
Yamasan Bldg., Nihonbashi, Honsho,
Cho-ku, Tokyo, Japan |
600,000 |
24.00 |
|
T J Land Company
Limited Nationality: Thai Address : 26/42
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
327,000 |
13.08 |
|
Kawaken Fine Chemicals Co., Ltd. Nationality: Japanese Address : 1-3-3
Horidomei, Nihonbashi, Horidomei-shu,
Cho-ku, Tokyo, Japan |
250,000 |
10.00 |
|
Mr. Thavorn Tantipong-anan Nationality: Thai Address : 343/8
Charansanitwong Rd., Wadthaphra,
Bangkokyai, Bangkok |
36,379 |
1.46 |
|
Mr. Krisada Techasarintr Nationality: Thai Address : 41/9
Rimklong Sakaenok Rd.,
Bang-or,
Bangkhunthien, Bangkok |
16,000 |
0.64 |
|
Others |
20,505 |
0.82 |
Total Shareholders :
12
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Somchai Kuruchitkosol No. 3277
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
76,900.18 |
75,095.59 |
|
Trade Accts. Receivable |
84,918,233.81 |
62,333,092.92 |
|
Inventories |
35,220,513.62 |
45,468,635.58 |
|
Short-term Loan -
Related Companies |
4,800,000.00 |
48,300,000.00 |
|
Other Current Assets
|
23,013,962.20 |
18,696,105.51 |
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|
|
|
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Total Current Assets
|
148,029,609.81 |
174,872,929.60 |
|
Investment in Related
Companies |
68,542,500.00 |
58,942,500.00 |
|
Fixed Assets |
80,741,166.82 |
83,319,522.51 |
|
Other Assets |
928,403.44 |
1,185,659.29 |
|
Total Assets |
298,241,680.07 |
318,320,611.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
138,353,824.50 |
148,660,122.21 |
|
Trade Accts. Payable |
6,596,990.23 |
12,592,374.86 |
|
Current Portion of
Long-term Loan |
- |
9,375,000.00 |
|
Accrued Expenses |
5,783,877.50 |
3,587,430.10 |
|
Advance Deposit from
Customers |
82,330.72 |
90,504.90 |
|
Other Current Liabilities |
661,585.57 |
893,533.71 |
|
|
|
|
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Total Current Liabilities |
151,478,608.52 |
175,198,965.78 |
|
Total Liabilities |
151,478,608.52 |
175,198,965.78 |
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Shareholders' Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,500,000 shares |
250,000,000.00 |
250,000,000.00 |
|
|
|
|
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Capital Paid |
250,000,000.00 |
250,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
[108,236,928.45] |
[111,878,354.38] |
|
Total Shareholders' Equity |
146,763,071.55 |
143,121,645.62 |
|
Total Liabilities &
Shareholders' Equity |
298,241,680.07 |
318,320,611.40 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
623,911,313.32 |
591,378,742.98 |
|
Other Income |
3,905,239.53 |
14,996,966.48 |
|
Total Revenues |
627,816,552.85 |
606,375,709.46 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
569,907,925.25 |
565,013,228.76 |
|
Selling & Administrative Expenses |
45,444,280.61 |
41,075,312.71 |
|
Total Expenses |
615,352,205.86 |
606,088,541.47 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses |
12,464,346.99 |
287,167.99 |
|
Interest Expenses |
[8,822,921.06] |
[12,874,055.28] |
|
|
|
|
|
Net Profit / [Loss] |
3,641,425.93 |
[12,586,887.29] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
5.50 |
|
|
Operating Profit |
4,014.11 |
|
|
Net Profit |
128.93 |
|
|
Fixed Assets |
[3.09] |
|
|
Total Assets |
[6.31] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.34 |
95.54 |
|
Operating Profit Margin |
2.00 |
0.05 |
|
S & A
Expenses |
7.28 |
6.95 |
|
Interest Paid |
1.41 |
2.18 |
|
Other Revenues |
0.63 |
2.54 |
|
Net Profit Margin |
0.58 |
[2.13] |
|
Earning Per Shares |
1.46 |
[5.03] |
|
No. of Shares |
2,500,000 |
2,500,000 |
Net Sales was
increased by 5.50%,
Operating Profit was
increased by 4,014.11%,
Net Profit was
increased by 128.93%,
Fixed Assets was
decreased by 3.09%,
Total Assets was
decreased by 6.31%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 95.54%
to 91.34%, Operating
Profit Margin was
increased from 0.05%
to 2.00%, S
& A Expenses
was increased from
6.95% to 7.28%,
Interest Paid was decreased
from 2.18% to
1.41%, Other Revenues
was decreased from
2.54% to 0.63%,
Net Profit Margin
was increased from
-2.13% to 0.58%.
Earning Per Shares
was increased from
-5.03 baht per
share to 1.46
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.98 |
1.00 |
|
Quick-Assets Ratio |
0.59 |
0.63 |
Current Ratio was
decreased from 1.00
to 0.98, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.63 to 0.59,
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 |
1.03 |
1.22 |
|
Times Interest Earned |
1.41 |
0.02 |
D/E Ratio was
decreased from 1.22
to 1.03, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
0.02 to 1.41,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
7.73 |
7.10 |
|
Total Assets Turnover |
2.09 |
1.86 |
|
Return on Assets |
1.22 |
[3.95] |
|
Return on Equity |
2.48 |
[8.79] |
|
Day's Payable |
3.81 |
7.67 |
|
Day’s Inventories |
20.32 |
27.68 |
|
Day’s Receivables |
49.00 |
37.95 |
Fixed Assets Turnover
was increased from
7.10 times to
7.73 times, Total
Assets Turnover was
increased from 1.86
times to 2.09
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-3.95 to 1.22,
Return on Equity
was increased from
-8.79 to 2.48,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 8
days to 4
days, and Day’s
Inventories was decreased
from 28 days
to 21 days, while Day’s
Receivables was increased
from 38 days
to 49 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.28 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
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%)