MIRA
INFORM REPORT
|
Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI GREAT PRODUCTS
CO., LTD. |
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Registered Office : |
339 Moo 2, Putharaksa Road, T.
Taiban, A. Muang, Samutprakarn 10280 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
0105533042210 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of finished
leather for furniture, automobile seats and
dog chew toy
by customers’ requirement. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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Litigation : |
Clear |
name
THAI GREAT PRODUCTS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 339
MOO 2, PUTHARAKSA ROAD, T.
TAIBAN,
A. MUANG,
SAMUTPRAKARN 10280, THAILAND
TELEPHONE : [66] 2395-1236,
2389-1082, 2389-4733
FAX : [66] 2389-1081
E-MAIL ADDRESS : montree@thaigreat.com, info@thaigreat.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO.
: 0105533042210 [Former : 4221/2533]
CAPITAL
REGISTERED : BHT.
40,000,000
CAPITAL
PAID-UP : BHT.
40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS.
KANYA WONG-APICHOKE, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 380
LINES OF
BUSINESS : DOGCHEW TOY & LEATHER PRODUCTS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
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 April
11, 1990 as
a private limited
company under the name
style THAI GREAT
PRODUCTS CO., LTD.,
by Thai groups,
with the business
objective to manufacture
and service wide
range of furniture
and automotive leather
products for domestic
market and exports.
It currently employs
approximately 380 staff.
The subject’s registered
is at 339 Moo 2,
Putharaksa Rd., Taiban,
Muang, Samutprakarn 10280,
and this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
Mrs. Kanya Wong-apichoke
AUTORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Kanya
Wong-apichoke is the
Managing Director.
She is Thai nationality with
the age of
49 years old.
Mr. Montri
Chokechawakun is the
G.M. & Factory Manager
[Leather products].
He is Thai nationality.
Mr. Niyom
Vienwatana is the Overseas Manager
& Production Manager [Dogchew Toy products]. He
is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of finished
leather for furniture,
automobile seats and
dog chew toy
by customers’ requirement.
IMPORT [COUNTRIES]
70% of raw materials such
as chemical is
imported from Italy,
raw hide from
Australia, Republic of
China and Vietnam.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Samia [Thailand] Co., Ltd. |
Thailand |
Chemical |
|
Australia Meat Co., Ltd. |
Australia |
Raw hide |
|
Hanoi Import Export
Co., Ltd. |
Vietnam |
Raw hide |
|
Yang Jiang Co.,
Ltd. |
China |
Raw hide |
|
Kung Dong Co., Ltd. |
China |
Raw hide |
SALES [LOCAL]
100% of finished
leather products for
furniture is sold
locally to manufacturers & wholesalers.
EXPORT [COUNTRIES]
100% of dog
chew toys and
automobile leather seat
are exported to
United States of America, United
Kingdom, Italy, Netherlands, Germany, Sweden, China,
Hong Kong and
Taiwan.
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 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C on the credits term
of 60-90 days
or T/T.
Exports are against
L/C at sight or T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Sailuad Branch,
Sailuad Rd., Paknam,
Muang, Samutprakarn]
Siam City
Bank Public Co., Ltd.
[Bangpoo Branch,
Sukhumvit Rd., Paknam,
Muang, Samutprakarn]
EMPLOYMENT
The subject employs
approximately 380 staff, comprising
20 office staff and
360 factories workers.
LOCATION DETAILS
The premise is
owned for operating
office & factory I at
the heading address
in an industrial area.
Factory II :
350 Moo 11,
Sukhumvit Rd., K.M.
30, T. Taiban, A. Muang, Samutprakarn 10270.
Factory III : 274
Moo 2, Road, T. Praekasa,
A. Muang, Samutprakarn 10280.
REMARK
CREDIT OF US$
500,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
As the company has been
successful in the
business more than
decade in existence.
Its business during
this few years
were considered good
especially in automobile industry.
This is a
potential for company
to see continuing growth in
its business.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000, divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 3,000,000
on August 21,
1992
Bht. 10,000,000 on
August 2,
1999
Bht. 20,000,000 on
December 19, 2002
Bht. 40,000,000 on
April 9, 2003
The latest registered
capital was increased
to Bht. 40,000,000
divided into 400,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
Mrs. Kanya
Wong-apichoke Nationality: Thai Address : 528/13
Sukhumvit Rd., Paknam,
Muang, Samutprakarn |
160,000 |
40.00 |
|
Mrs. Chantima
Jariyametho Nationality: Thai Address : 101/70
Moo 9, Petchkasem Rd., Banghwa,
Pasicharoen, Bangkok |
40,000 |
10.00 |
|
Mr. Prapun
Jariyametho Nationality: Thai Address : 101/70
Moo 9, Petchkasem Rd., Banghwa,
Pasicharoen, Bangkok |
40,000 |
10.00 |
|
Mr. Somsak
Kittisopee Nationality: Thai Address : 62/2
Moo 8 Petchkasem Rd.,, Banghwa,
Pasicharoen, Bangkok |
40,000 |
10.00 |
|
Mr.
Thammaroj Wong-apichoke Nationality: Thai Address : 528/13
Sukhumvit Rd., Paknam,
Muang, Samutprakarn |
40,000 |
10.00 |
|
Mr.
Chawinroj Wong-apichoke Nationality: Thai Address : 528/13
Sukhumvit Rd., Paknam,
Muang, Samutprakarn |
40,000 |
10.00 |
|
Master Veerawit
Wong-apichoke Nationality: Thai Address : 528/13
Sukhumvit Rd., Paknam,
Muang, Samutprakarn |
40,000 |
10.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Orasri Disayabutr No.
1755
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
2,317,517.65 |
626,057.52 |
|
Trade Accts. & Notes Receivable |
67,911,698.57 |
47,435,586.66 |
|
Inventories |
80,734,157.85 |
96,035,437.85 |
|
Other Current Assets
|
2,320,966.91 |
380,702.74 |
|
Total Current
Assets |
153,284,340.98 |
144,477,784.77 |
|
Long Term Loan
to Person or
Related Company |
- |
9,551,174.54 |
|
Fixed Assets |
76,735,761.88 |
80,048,958.75 |
|
Other Assets |
1,453,671.49 |
1,453,671.49 |
|
Total Assets |
231,473,774.35 |
235,531,589.55 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
89,179,557.23 |
105,869,744.41 |
|
Trade Accts. & Notes Payable |
73,903,466.32 |
76,624,280.42 |
|
Current Portion of Long
Term Loans |
6,120,000.00 |
850,000.00 |
|
Current Portion of Hire-purchase Contract Payable |
- |
206,041.69 |
|
Other Current Liabilities |
6,065,851.79 |
3,597,681.92 |
|
Total Current
Liabilities |
175,268,875.34 |
187,147,748.44 |
|
Long Term Loan
from Person or
Related Company |
10,100,000.00 |
- |
|
Long Term Loans
Net of Current
Portion |
6,062,516.07 |
9,067,034.61 |
|
Total Liabilities |
191,431,391.41 |
196,214,783.05 |
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning -
Unappropriated |
42,382.94 |
[683,193.50] |
|
Total
Shareholders' Equity |
40,042,382.94 |
39,316,806.50 |
|
Total
Liabilities & Shareholders' Equity |
231,473,774.35 |
235,531,589.55 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Local |
213,066,03.74 |
169,682,032.27 |
Sales & Services
|
127,702,159.79 |
198,394,555.09 |
|
Other Income |
6,156,395.33 |
6,892,370.72 |
|
Total Revenues
|
346,924,586.86 |
374,968,958.08 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
312,615,575.69 |
338,987,218.18 |
|
Selling & Administrative Expenses |
25,229,207.14 |
30,566,353.74 |
|
Total Expenses |
337,844,782.83 |
369,553,571.92 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
9,079,804.03 |
5,415,386.16 |
|
Interest Expenses |
[7,927,631.61] |
[6,560,772.50] |
|
Income Tax |
[426,595.98] |
[439,080.53] |
|
Net Profit / [Loss] |
725,576.44 |
[1,584,466.87] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[7.42] |
|
|
Operating Profit |
81.10 |
|
|
Net Profit |
145.79 |
|
|
Fixed Assets |
[4.14] |
|
|
Total Assets |
[1.72] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.74 |
92.10 |
|
Operating Profit Margin |
2.66 |
1.47 |
|
S & A
Expenses |
7.40 |
8.30 |
|
Interest Paid |
2.33 |
1.78 |
|
Other Revenues |
1.81 |
1.87 |
|
Net Profit Margin |
0.21 |
[0.43] |
|
Earning Per Shares |
1.81 |
[3.96] |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was decreased by 7.42%, Operating Profit was increased by 81.10%, Net Profit was increased by 145.79%, Fixed Assets was decreased by 4.14%, Total Assets was decreased by 1.72%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.10%
to 91.74%, Operating
Profit Margin was
increased from 1.47%
to 2.66%, S
& A Expenses
was decreased from
8.30% to 7.40%,
Interest Paid was increased
from 1.78% to
2.33%, Other Revenues
was decreased from
1.87% to 1.81%,
Net Profit Margin
was increased from
-0.43% to 0.21%.
Earning Per Shares
was increased from
-3.96 baht per
share to 1.81
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.87 |
0.77 |
|
Quick-Assets Ratio |
0.40 |
0.26 |
Current Ratio was
increased from 0.77
to 0.87, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not good, Quick-Assets Ratio was increased
from 0.26 to
0.40, 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 |
4.78 |
4.99 |
|
Times Interest Earned |
1.15 |
0.83 |
D/E Ratio was
decreased from 4.99
to 4.78, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is
high, Times Interest
Earned was increased
from 0.83 to
1.15, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.44 |
4.60 |
|
Total Assets Turnover |
1.47 |
1.56 |
|
Return on Assets |
0.31 |
[0.67] |
|
Return on Equity |
1.81 |
[4.03] |
|
Day's Payable |
78.07 |
74.94 |
|
Day’s Inventories |
85.29 |
93.93 |
|
Day’s Receivables |
71.74 |
46.39 |
Fixed Assets Turnover
was decreased from
4.60 times to
4.44 times, Total
Assets Turnover was
decreased from 1.56
times to 1.47
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from -0.67 to
0.31, Return on
Equity was increased
from -4.03 to
1.81, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 75
days to 79
days, while Day’s
Inventories was decreased
from 94 days to 86 days,
but Day’s Receivables
was increased from
47 days to
72 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%)