MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THANYANORASETH COMPANY LIMITED |
|
|
|
|
Registered Office : |
18/1, 18/8 Moo 1, Leabklong Pasicharoen
Road,Nongkaem, Bangkok 10160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
25.08.1994 |
|
|
|
|
Com. Reg. No.: |
0105537099771 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Welding Electrode |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
name of the company
THANYANORASETH COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 18/1, 18/8 MOO 1, LEABKLONG
PASICHAROEN ROAD,
NONGKAEM, BANGKOK
10160, THAILAND
TELEPHONE : [66] 2421-0028, 2421-3191,
2421-2674, 2421-1861
FAX : [66] 2421-9007, 2421-1912
E-MAIL
ADDRESS : info@yawata.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION NO. : 0105537099771
[Former : 2234/2537]
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT. 20,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHAO APINORASETH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 350
LINES
OF BUSINESS : WELDING ELECTRODE
MANUFACTURER &
EXPORTER
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 August
25, 1994 as
a private limited
company under the name
style THANYANORASETH COMPANY
LIMITED by Thai and Japanese groups, with the
business objective to
manufacture and distribute welding
electrodes to both domestic
and international markets.
It currently employs
approximately 350 staff.
Subject is a
subsidiary of Yawata
[Thailand] Co., Ltd.
The subject’s registered
address is 18/1,
18/8 Moo 1,
Leabklong Pasicharoen Rd.,
Nongkaem, Bangkok 10160,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Thawatchai Apinoraseth [x] Thai 54
Mr. Pairoj Apinoraseth [x] Thai 69
Mr. Ouaychai Apinoraseth [x] Thai 59
Mr. Chao Apinoraseth [x] Thai 73
Mr. Prapin Apinoraseth [x] Thai 46
Mr. Norihiro Hori Japanese 58
Mr. Tatsushi Tajima Japanese 49
Mr. Matsuta Ishiro Japanese 59
Mr. Yoshiki Yamamoto Japanese 54
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s affixed.
MANAGEMENT
Mr. Chao
Apinoraseth is the Managing Director.
He is Thai nationality with
the age of
73 years old.
Mr. Norihiro Hori
is the Assistant Managing Director
& Factory Manager.
He is Japanese nationality with
the age of
58 years old.
Ms. Jiraporn
Apinoraseth is the General Manager.
She is Thai nationality.
Mr. Boriphan Boonthavorn is
the Factory Manager
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
distributor and exporter
of welding electrode.
MAJOR BRAND
“YAWATA”
IMPORT [COUNTRIES]
Machinery, spare parts
& raw materials
are imported from
Japan, United Kingdom,
United States of
America, Germany, Norway,
Taiwan and Korea.
MAJOR SUPPLIER
Yawata Electrode Ltd. : Japan
Nippon Steel & Sumikin Welding
Co., Ltd. : Japan
SALES [LOCAL]
50% of its products is
distributed locally by
Lertvilai & Sons
Co., Ltd., the subject’s affiliated
company.
EXPORT [COUNTRY]
50% of its products is
exported to Taiwan,
Republic of China,
Vietnam & Singapore.
MAJOR CUSTOMER
M. C. P. Brothers Co., Ltd. : Thailand
PARENT COMPANY
Yawata [Thailand]
Co., Ltd.
Address : 18/1, 18/8
Moo 1, Nongkaem, Bangkok
Investment : 90%
held by the
subject
SUBSIDIARIES &
AFFILIATED COMPANY
Tanaka [Thailand]
Co., Ltd.
Business Type: Manufacturer of welding electrode
products
Lertvilai &
Sons Co., Ltd.
Business Type: Distributor of welding electrode
Yawata Electrode
[Thailand] Co., Ltd.
Business Type :
Manufacturer of welding
equipment
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 30-60-90 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Imports are by
L/C at sight or
T/T.
Exports are against
L/C or T/T.
BANKING
Bangkok Bank Public Co., Ltd.
[Head Office :
333 Silom Road,
Silom, Bangrak, Bangkok]
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Road, Rajburana, Bangkok]
United Oversea
Bank [Thai] Public
Co., Ltd.
[Head Office : 191
South Sathorn Rd.,
Sathorn, Bangkok]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
EMPLOYMENT
The subject employs
approximately 350 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address in
an commercial/ residential
area.
Factory and warehouse
are located at
105 Moo 5, Khamtalaysor-Nonethai Rd.,
Khamtalaysor,
Nakornratchasima 30280. Tel. : [66]
44 333-380 Fax.
[66] : 44 333-379.
COMMENT
Thailand’s industrial sector
remains strong, despite
overall country’s economic outlook is uncertain. This
year, the subject might
have an impact
from various factors
which are unfavourable to the business
such as higher cost
of raw material, higher fuel
price, high inflation and etc.
This would more
or less affect
on the subject’s growth.
FINANCIAL INFORMATION
The capital was
registered at Bht.
20,000,000 divided into
20,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at November 5,
2007]
|
NAME |
HOLDING |
% |
|
Yawata [Thailand] Ltd. Nationality: Thai Address : 18/1,
18/8 Moo 1,
Nongkaem, Bangkok |
18,000 |
90.00 |
Ms. Jiraporn Apinoraseth
Nationality: Thai Address : 639/15
Ladprao Rd., Ladyao,
Jatujak, Bangkok |
995 |
4.98 |
|
Mr. Sumana
Apinoraseth Nationality: Thai
Address : 142
Suanluang, Bangkok |
900 |
4.50 |
|
Mr. Prapin
Apinoraseth Nationality: Thai Address : 98
Moo 9, Petchkasem Rd., Pasicharoen, Bangkok |
98 |
0.49 |
Mr. Than Apinoraseth
Nationality: Thai Address : 22
Rama 4 Rd.,
Rongmuang,
Pathumwan, Bangkok |
1 |
|
Mr. Ouaychai Apinoraseth
Nationality: Thai Address : 639/19
Ladprao Rd., Ladyao,
Jatujak, Bangkok |
1 |
|
Mrs. Pornsuk Yodnopaklao
Nationality:
Thai
Address
: 431 Moo
3, Petchkasem Rd.,
Bangkaenua, Pasicharoen, Bangkok
|
1 |
=0.03 |
Mr. Pairoj Apinoraseth
Nationality:
Thai
Address
: 122 Sukhumvit
54 Rd., Bangchak,
Prakanong, Bangkok
|
1 |
|
Mr. Kasem Apinoraseth
Nationality: Thai Address : 78
Huaykwang, Bangkok |
1 |
|
Mr. Tadayuki Ota
Nationality: Japanese Address : 2-8-10-201 Chiba-ken, Japan |
1 |
|
Mr. Norithiro Hori
Nationality: Japanese Address : 107-51
Chiba, Japan |
1 |
|
Total Shareholders : 11
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Chuangchote Chotesorayuth No. 639
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank |
175,269.69 |
403,890.91 |
|
Trade Accts. & Notes
Payable |
16,412,448.19 |
36,154,809.44 |
|
Inventories |
69,938,016.37 |
65,227,090.64 |
|
Other Current Assets
|
49,338,941.85 |
36,320,175.11 |
|
|
|
|
|
Total Current
Assets |
135,864,676.10 |
138,105,966.10 |
|
Fixed Assets |
161,142,313.09 |
166,062,203.18 |
|
Other Assets |
2,006,648.06 |
2,681,691.61 |
|
Total Assets |
299,013,637.25 |
306,849,860.89 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
191,079,084.49 |
220,234,951.99 |
|
Trade Accts. &
Notes Payable |
173,425,196.88 |
170,329,033.74 |
|
Accrued Expenses |
12,471,241.79 |
14,639,245.48 |
|
Other Current Liabilities |
408,124.24 |
21,121,662.65 |
|
|
|
|
|
Total Current
Liabilities |
377,383,647.40 |
426,324,893.86 |
|
Long-term Loan from
Person or Related
Companies |
149,974,096.75 |
119,078,105.37 |
|
Total Liabilities |
527,357,744.15 |
545,402,999.23 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[248,344,106.90] |
[258,553,138.34] |
|
Total
Shareholders' Equity [Deficit] |
[228,344,106.90] |
[238,553,138.34] |
|
Total
Liabilities & Shareholders' Equity |
299,013,637.25 |
306,849,860.89 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
470,865,889.15 |
522,799,194.01 |
|
Gain on Exchange
Rate |
4,561,826.35 |
1,479,227.30 |
|
Other Income |
4,715,480.88 |
3,778,494.84 |
|
Total Revenues
|
480,143,196.38 |
528,056,916.15 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
406,599,818.90 |
448,979,725.42 |
|
Selling & Administrative Expenses |
47,756,096.83 |
45,674,622.80 |
|
Total Expenses |
454,355,915.73 |
494,654,348.22 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses |
25,787,280.65 |
33,402,567.93 |
|
Interest Expenses |
15,578,249.21 |
[17,722,581.34] |
|
|
|
|
|
Net Profit / [Loss] |
10,209,031.44 |
15,679,986.59 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[9.93] |
|
|
Operating Profit |
[14.28] |
|
|
Net Profit |
[34.89] |
|
|
Fixed Assets |
[2.96] |
|
|
Total Assets |
[2.55] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
86.35 |
85.88 |
|
Operating Profit Margin |
5.48 |
6.39 |
|
S & A
Expenses |
10.14 |
8.74 |
|
Interest Paid |
3.31 |
3.39 |
|
Other Revenues |
1.97 |
1.01 |
|
Net Profit Margin |
2.17 |
3.00 |
|
Earning Per Shares |
510.45 |
784.00 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
decreased by 9.93%,
Operating Profit was
decreased by 14.28%,
Net Profit was
decreased by 34.89%,
Fixed Assets was
decreased by 2.96%,
Total Assets was
decreased by 2.55%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.88%
to 86.35%, Operating
Profit Margin was
decreased from 6.39%
to 5.48%, S
& A Expenses
was increased from
8.74% to 10.14%,
Interest Paid was decreased
from 3.39% to
3.31%, Other Revenues
was increased from
1.01% to 1.97%,
Net Profit Margin
was decreased from
3.00% to 2.17%.
Earning Per Shares
was decreased from
784.00 baht per
share to 510.45
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.36 |
0.32 |
|
Quick-Assets Ratio |
0.04 |
0.09 |
Current Ratio was
increased from 0.32
to 0.36, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.09 to 0.04,
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 |
[2.31] |
[2.29] |
|
Times Interest Earned |
1.66 |
1.88 |
D/E Ratio was
decreased from -2.29
to -2.31, 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
1.88 to 1.66,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.92 |
3.15 |
|
Total Assets Turnover |
1.57 |
1.70 |
|
Return on Assets |
3.41 |
5.11 |
|
Return on Equity |
4.47 |
6.57 |
|
Day's Payable |
145.14 |
142.18 |
|
Day’s Inventories |
53.47 |
44.92 |
|
Day’s Receivables |
12.55 |
24.90 |
Fixed Assets Turnover
was decreased from
3.15 times to
2.92 times, Total
Assets Turnover was
decreased from 1.70
times to 1.57
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 5.11
to 3.41, Return
on Equity was
decreased from 6.57
to 4.47, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 143
days to 146
days, and Day’s
Inventories was increased
from 45 days
to 54 days, while Day’s
Receivables was decreased
from 25 days
to 13 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
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%)