MIRA
INFORM REPORT
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Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOYO INK [THAILAND] CO., LTD. |
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Registered Office : |
34/1 Moo 1,
Bangchan Industrial
Estate, Serithai Road,
Minburi, Bangkok 10230 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08.09.1971 |
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Com. Reg. No.: |
0105514005339 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Printing Inks & Printing Supplies |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
TOYO INK
[THAILAND] CO., LTD.
SUMMARY
ADDRESS : 34/1
MOO 1, BANGCHAN INDUSTRIAL
ESTATE, SERITHAI
ROAD, MINBURI,
BANGKOK 10230,
THAILAND
TELEPHONE : [66] 2906-3315-9
FAX : [66] 2919-8610
E-MAIL ADDRESS : parchareeporn@tit.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1971
REGISTRATION NO. : 0105514005339 [ Former : 538/ 2514]
CAPITAL
REGISTERED : BHT. 300,200,000
CAPITAL PAID-UP : BHT. 300,200,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. HIDEKI OKAICHI, JAPANESE
MANAGING DIRECTOR
NO. OF STAFF : 254
LINES OF BUSINESS : PRINTING INKS & PRINTING
SUPPLIES MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on September 8,
1971 as a
private limited company under the name style
TOYO INK [THAILAND]
CO., LTD., by
Japanese Groups, in
order to manufacture
printing inks and printing
materials for domestic
and international markets.
It currently employs
254 staff.
The
major shareholders are
Toyo Ink Pan
Pacific Ltd. and Toyo
Ink Manufacturing Co.,
Ltd., which are
holding around 83.34%
and 16.65% of the
company’s total shares
respectively.
It
achieved the international standard ISO 9001 : 2000 certificate
for the products
quality management by
SGS, on November
10, 2003.
The subject’s registered address
was initially located
at 323 United Center Building,
Silom Rd., Silom,
Bangrak, Bangkok 10500.
In
2007, it was
relocated at 34/1
Moo 14, Bangchan
Industrial Estate, Serithai
Rd., Minburi, Bangkok
10230, and this
is the company’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Hideki Okaichi |
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Japanese |
48 |
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Mr. Mazaru Kato |
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Japanese |
52 |
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Mr. Minato Hayakawa |
|
Japanese |
- |
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Mr. Kazukuni Suzuki |
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Japanese |
- |
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Mr. Masami Moritani |
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Japanese |
- |
AUTHORIZED PERSON
One
of the above directors can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Hideki
Okaichi is the Managing Director.
He
is Japanese nationality
with the age
of 48 years old..
Mr. Mazaru
Kato is the Factory Manager.
He
is Japanese nationality
with the age
of 52 years old.
BUSINESS OPERATIONS
The
subject’s activity is
a manufacturer of
offset printing ink,
gravure and flexo
printing ink supply, metal
decorating ink, silkscreen
ink and related
products for printing
and packaging industries.
MAJOR BRAND
“TOYO”
PRODUCTION
5,000
tons per annum
IMPORT [COUNTRIES]
Raw
materials are imported
from Japan, U.S.A.
and Singapore.
MAJOR SUPPLIERS
Toyo
Ink Manufacturing Ltd.
: Japan
SALES [LOCAL]
Its
products are sold
locally to wholesalers.
EXPORT [COUNTRIES]
The
products are exported
to Germany, Italy,
France, Austria, Bangladesh,
Malaysia, Singapore and
Laos.
PARENT COMPANY
Toyo
Ink Pan Pacific
Ltd. :
Japan
SUBSIDIARIES &
AFFILIATED COMPANY
Toyo Ink
Coating Co., Ltd.
: Thailand
Business
Type :
Manufacturer of industrial
coating products.
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 30-180 days
Local
bills are paid
by cash or
on the credits term of
30-60 days.
Imports
are by L/C on the
credits term of
30-90 days &
T/T.
Exports
are against L/C
at sight &
T/T.
BANKING
Kasikornban Public
Co., Ltd.
[Head
Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok]
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Sumitomo Mitsui
Banking Corp.
[Bangkok
Office : 138 Silom
Rd., Surawongse, Bangrak,
Bangkok]
EMPLOYMENT
The
subject employs 254
staff. [office staff
and factory workers]
LOCATION DETAILS
The
premise is rented
for operating office and
factory at the
heading address in
industrial area.
The
second factory is
located at 105
Moo 14, Bangchan
Industrial Estate, Serithai Rd.,
Minburi, Bangkok 10230
Tel : [66] 2517-2537-8 Fax :
[66] 2518-3002
REMARK
CREDIT
OF US$ 250,000 SHOULD
BE IN ORDER.
COMMENT
Demand of printing ink from local publishing houses and packaging
industry have strongly grown. The
publishing houses have shown better performance during the past few years and continuing through present. Advertising market especially brochure and leaflet has also significantly
increased to build up marketing
and promotions recognition resulting from slow consumption.
The subject still
has good business potential for
printing ink industry both domestic consumption and
export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,800,000,
divided into 1,800
shares of Bht. 1,000
each.
The
capital was increased
later as followings:
Bht. 25,000,000 on July 311,
1987
Bht. 32,000,000 on August 11,
1988
Bht. 57,000,000 on December 19,
1991
Bht.
185,000,000 on January
16, 2004
Bht. 300,200,000 on August
27, 2007
The
latest registered capital
was increased to
Bht. 300,200,000 divided
into 300,200 shares
of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS : [as
at August 14,
2007]
|
NAME |
HOLDING |
% |
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Toyo Ink
Pan Pacific Ltd.
Nationality: Japanese Address
: 31 Two-R 2 Rd.,
Singapore |
250,200 |
83.34 |
|
Toyo Ink
Manufacturing Co., Ltd. Nationality: Thai Address
: 3-13 Kyobashi
2-chome, Shuo-ku, Tokyo, Japan |
49,993 |
16.65 |
|
Fukuju Sangyo
Ltd. Nationality: Japanese Address
: 1-22-1 Kaga
Itabashi-ku, Tokyo, Japan |
2 |
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Toyo Prepress
Ltd. Nationality: Japanese Address
: 23-3 Ato
3 chome kawagushi-shi Japan |
2 |
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Toyo B-Net
Ltd. Nationality: Japanese Address
: 3-13 Kyobashi
2, chome Tzuoku,
Tokyo, Japan |
1 |
=0.01 |
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Toyo Ink
System Service Ltd. Nationality: Japanese Address
: 21-1 Kaga Itabashi-ku, Tokyo, Japan |
1 |
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Toyo Ink
Engineering Ltd. Nationality: Japanese Address
: 21-1 Kaga
Itabashi-ku, Tokyo, Japan |
1 |
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Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Montri Panichkul No.
3461
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
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|
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Cash in Hand
& at Bank |
60,670,596 |
84,920,998 |
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Trade Accts. Receivable |
419,080,546 |
371,592,149 |
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Inventories |
182,939,937 |
155,789,773 |
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Other Current Assets
|
7,533,510 |
9,672,159 |
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Total Current
Assets |
670,224,589 |
621,975,079 |
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Investment in Subsidiary |
82,982,500 |
82,982,500 |
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Fixed Assets |
367,554,602 |
352,560,574 |
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Other Assets |
4,571,681 |
2,330,453 |
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Total Assets |
1,125,333,372 |
1,059,848,606 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Bank Overdraft &
Short-term Loan from Bank |
70,000,000 |
115,000,000 |
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Trade Accts. Payable - Related Company |
262,446,119 |
229,679,299 |
|
- Other Company |
90,803,485 |
89,193,919 |
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Current Portion of Finance
Lease Contract Payable |
903,753 |
1,068,062 |
|
Current Portion of
Long-term Loan |
23,400,000 |
20,751,000 |
|
Other Payable |
11,491,893 |
14,585,525 |
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Accrued Income Tax |
26,423,978 |
14,557,269 |
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Other Current Liabilities |
7,697,818 |
6,005,623 |
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Total Current
Liabilities |
493,167,046 |
490,840,697 |
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Finance Lease Contract
Payable |
1,788,400 |
2,484,524 |
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Long-term Loan |
38,750,000 |
62,150,000 |
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Total Liabilities |
533,705,446 |
555,475,221 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 185,000 shares |
185,000,000 |
185,000,000 |
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Capital Paid |
185,000,000 |
185,000,000 |
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Retained Earning Appropriated for
Statutory Reserve
|
18,500,000 |
18,500,000 |
|
Unappropriated |
388,127,926 |
300,873,385 |
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Total Shareholders'
Equity |
591,627,926 |
504,373,385 |
|
Total
Liabilities & Shareholders' Equity |
1,125,333,372 |
1,059,848,606 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
1,170,758,202 |
1,006,245,516 |
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Dividend Income |
6,399,000 |
9,598,500 |
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Gain on Exchange
Rate |
25,346,019 |
3,437,159 |
|
Other Income |
5,005,158 |
4,544,786 |
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Total Revenues
|
1,207,508,379 |
1,023,825,961 |
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Expenses |
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Cost of Goods
Sold |
984,979,109 |
872,510,952 |
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Selling & Administrative Expenses |
56,222,176 |
44,683,692 |
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Total Expenses |
1,041,201,285 |
917,194,644 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
166,307,094 |
106,631,317 |
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Interest Expenses |
[8,175,841] |
[6,219,538] |
|
Income Tax |
[45,876,712] |
[27,360,454] |
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|
|
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Net Profit / [Loss] |
112,254,541 |
73,051,325 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
16.35 |
|
|
Operating Profit |
34.05 |
|
|
Net Profit |
53.67 |
|
|
Fixed Assets |
4.25 |
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Total Assets |
6.18 |
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Profitability |
|
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Cost of Good
Sold |
84.13 |
86.71 |
|
Operating Profit Margin |
14.21 |
10.60 |
|
S & A
Expenses |
4.80 |
4.44 |
|
Interest Paid |
0.70 |
0.62 |
|
Other Revenues |
3.14 |
1.75 |
|
Net Profit Margin |
9.59 |
7.26 |
|
Earning Per Shares |
606.78 |
394.87 |
|
No. of Shares |
185,000 |
185,000 |
Net Sales was
increased by 16.35%,
Operating Profit was
increased by 34.05%,
Net Profit was increased by
53.67%, Fixed Assets
was increased by
4.25%, Total Assets
was increased by
6.18%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.71%
to 84.13%, Operating
Profit Margin was
increased from 10.60%
to 14.21%, S
& A Expenses
was increased from
4.44% to 4.80%,
Interest Paid was increased
from 0.62% to
0.70%, Other Revenues
was increased from
1.75% to 3.14%,
Net Profit Margin
was increased from
7.26% to 9.59%.
Earning Per Shares
was increased from
394.87 baht per
share to 606.78
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.36 |
1.27 |
|
Quick-Assets Ratio |
0.97 |
0.93 |
Current Ratio was
increased from 1.27
to 1.36, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.93 to 0.97,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.90 |
1.10 |
|
Times Interest Earned |
20.34 |
17.14 |
D/E Ratio was decreased from 1.10
to 0.90, 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
17.14 to 20.34,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.19 |
2.85 |
|
Total Assets Turnover |
1.04 |
0.95 |
|
Return on Assets |
9.98 |
6.89 |
|
Return on Equity |
18.97 |
14.48 |
|
Day's Payable |
27.92 |
31.91 |
|
Day’s Inventories |
56.25 |
55.74 |
|
Day’s Receivables |
128.86 |
132.94 |
Fixed Assets Turnover
was increased from
2.85 times to
3.19 times, Total
Assets Turnover was
increased from 0.95
times to 1.04
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
6.89 to 9.98,
Return on Equity
was increased from
14.48 to 18.97,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 32
days to 28
days, while Day’s
Inventories was increased
from 56 days
to 57 days, but Day’s
Receivables was decreased
from 133 days
to 129 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 |
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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%)