MIRA
INFORM REPORT
|
Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DOCTOR WOOD CO., LTD. |
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Registered Office : |
2/1 Pibulsongkram Road,
Bangsue, Bangsue, Bangkok 10800 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.10.1986 |
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Com. Reg. No.: |
0135529000206 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Wooden Furniture
and MDF Boards |
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
DOCTOR
WOOD CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2/1
PIBULSONGKRAM ROAD, BANGSUE,
BANGSUE, BANGKOK
10800, THAILAND
TELEPHONE : [66] 2913-2180-9, 2526-9682-6, 2585-4900-3
FAX : [66] 2587-0516,
2587-9556
E-MAIL
ADDRESS : woodtek@loxinfo.co.th
Woodtek@vanachai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION NO. : 0135529000206
CAPITAL REGISTERED : BHT. 370,000,000
CAPITAL PAID-UP : BHT. 370,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. WATTHANA CHAROENNAWARAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : WOODEN FURNITURE AND MDF
BOARDS
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 27,
1986 as a
private limited company under the name style
DOCTOR WOOD CO., LTD.,
by Thai groups,
with the business
objective to manufacture
and distribute wooden
furniture, such as particle and
MDF board products to both
domestic and export
markets. It currently
employs approximately 300
staff.
Subject
is a wholly owned subsidiary
of Vanachai Inter
Trading Co., Ltd.,
which is a
member of Vanachai
group of companies.
The
subject’s registered address
is 2/1 Pibulsongkram Rd., Bangsue, Bangkok
10800, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pattha Sahawat |
[x] |
Thai |
36 |
|
Mr. Sompop Sahawat |
[-] |
Thai |
56 |
|
Mr. Somprasong Sahawat |
|
Thai |
32 |
|
Ms. Phatra Sahawat |
|
Thai |
34 |
|
Ms. Somjairak Sahawat |
|
Thai |
30 |
|
Ms. Yupaporn Boonkate |
[x] |
Thai |
54 |
|
Mr. Wasan Charoennawarat |
|
Thai |
51 |
|
Mr. Suthep Chaipattanavanit |
|
Thai |
45 |
|
Mrs. Siriporn Chaipattanavanit |
|
Thai |
32 |
|
Mr. Watthana Charoennawarat |
[-] |
Thai |
38 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with one
of the directors [-] on
behalf of the
subject with company’s affixed.
MANAGEMENT
Mr. Watthana Charoennawarat is
the Managing Director.
He is Thai nationality with
the age of
38 years old.
Mr. Somsak Songprateep is
the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
distributing various kinds
of wooden furnitures,
particle and MDF
board, as well
as providing of
warehouse rental services.
PURCHASE
Most of raw materials
and components are
purchased from local
suppliers, the remaining
and machinery are
imported from U.S.A.
and Germany.
PURCHASE
Vanachai
Group of Companies : Thailand
SALES
80% of the products is
sold locally by
wholesale to dealers,
manufacturers and end-users,
the remaining 20%
is exported to
Japan, Singapore and
European countries.
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 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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 300 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse are
located at 87/4
Moo 4, T. Banchang, A. Muang, Pathumthani
12000. Tel. : [66]
2581-8175-6
COMMENT
The
subject is a
member of Vanachai Group,
the leading companies
in particle board
and related products
in domestic market.
The
subject is doing
moderate business, however slowdown
in property market
has caused to
slow growth of
MDF board and
furniture businesses.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 250,000,000 on February 2,
1993
Bht. 350,000,000 on February 4,
1996
Bht. 370,000,000 on December 8,
2000
The
latest registered capital
was increased to
Bht. 370 million, divided
into 3,700,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 28,
2007]
|
NAME |
HOLDING |
% |
|
|
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Vanachai Inter
Trading Co., Ltd. Nationality: Thai Address : 2/1
Pibulsongkram Rd., Bangsue,
Bangkok |
3,699,993 |
100.00 |
|
Mr.
Somprasong Sahawat Nationality: Thai Address : 49/3
Moo 4, Tivanont
Rd., Taladkwan,
Muang, Nonthaburi |
1 |
- |
|
Ms. Phtra Sahawat Nationality: Thai Address : 984/36-38
Sukhumvit 71 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
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|
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Ms.
Yupaporn Boonkate Nationality: Thai Address : 25
Phaholyothin 21 Rd.,
Ladyao,
Bangkhen, Bangkok |
1 |
- |
|
Mr.
Watthana Charoennawarat Nationality: Thai Address : 41
Moo 3, Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mr. Sompop Sahawat Nationality: Thai Address : 2/1
Pibulsongkram Rd., Bangsue,
Bangkok |
1 |
- |
|
Mrs.
Siriporn Chaipattanavanit Nationality: Thai Address : 80/19
Moo 1, Thakham,
Bangklhunthien, Bangkok |
1 |
- |
|
Mr. Vasant Charoennawarat Nationality: Thai Address : 41/2
Moo 3, Bangkrood, Banpho, Chachoengsao |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. U-sa Chuchinpakarn No.
3522
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
8,703,144.18 |
4,411,011.89 |
|
Trade Accts. & Notes Receivable |
20,292,221.70 |
18,549,114.85 |
|
Trade Accts. Receivable-Related
company |
4,544,730.85 |
4,657,833.96 |
|
Short Term Loan
to Related company |
10,000,000.00 |
20,000,000.00 |
|
Inventories |
27,658,549.71 |
28,576,844.33 |
|
Revenue Department Payable |
5,265,446.09 |
5,153,298.88 |
|
Deferred Income |
139,530.30 |
297,764.92 |
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Other Current Assets
|
413,602.43 |
337,683.83 |
|
Total Current
Assets |
77,017,225.26 |
81,983,552.66 |
|
|
|
|
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Fixed Assets |
77,271,252.63 |
77,786,766.18 |
|
Land not Used
for Operation |
2,320,000.00 |
2,320,000.00 |
|
Withholding Income Tax |
3,755,521.31 |
2,743,234.90 |
|
Cash at Bank
under Commitment |
450,000.00 |
601,857.45 |
|
Other Assets |
22,369.49 |
22,369.49 |
|
Total Assets |
160,86,368.69 |
165,457,780.68 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Loan from Financial Institute |
10,614,956.97 |
13,959,093.07 |
|
Trade Accts. & Notes Payable |
7,047,758.01 |
5,479,218.71 |
|
Trade Accts.
Payable-Related company |
21,107,213.86 |
13,545,493.28 |
|
Short Term Loan
from Related Company |
45,000,000.00 |
54,000,000.00 |
|
Other Current Liabilities |
4,285,003.35 |
4,779,818.43 |
|
Total Current
Liabilities |
88,054,932.19 |
91,763,623.49 |
|
Total Liabilities |
88,054,932.19 |
91,763,623.49 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 3,700,000 shares |
370,000,000.00 |
370,000,000.00 |
|
Capital Paid |
370,000,000.00 |
370,000,000.00 |
|
Retained Earning -
Unappropriated |
[297,218,563.50]
|
[296,305,842.81] |
|
Total
Shareholders' Equity |
72,781,436.50 |
73,694,157.19 |
|
Total
Liabilities & Shareholders' Equity |
160,836,368.69 |
165,457,780.68 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales-Local |
92,040,767.37 |
70,285,323.57 |
|
Sales-Foreign |
21,981,961.61 |
45,693,893.39 |
|
Raw Material Sales |
16,549,206.00 |
19,209,375.00 |
|
Services Income |
2,564,775.00 |
3,959,670.00 |
|
Renting Income |
19,588,580.00 |
16,460,780.00 |
|
Other Services |
14,959,137.50 |
13,511,650.00 |
|
Other Income |
3,078,662.56 |
4,650,530.17 |
|
Total Revenues
|
170,763,090.04 |
173,771,222.13 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
127,149,349.81 |
126,659,574.41 |
|
Cost of Progress
Services |
1,806,058.65 |
3,713,018.66 |
|
Cost of Renting & Services |
25,736,697.06 |
16,417,326.27 |
|
Selling & Administrative Expenses |
15,442,927.23 |
19,419,546.00 |
|
Total Expenses |
170,135,032.75 |
166,209,465.34 |
|
Profit / [Loss] Before Interest
Expenses |
628,057.29 |
7,561,756.79 |
|
Interest Expenses |
[1,540,777.98] |
[1,486,694.23] |
|
Net Profit / [Loss] |
[912,720.69] |
6,075,062.56 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[4.32] |
|
|
Operating Profit |
[91.32] |
|
|
Net Profit |
[115.02] |
|
|
Fixed Assets |
[0.66] |
|
|
Total Assets |
[2.79] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
116.19 |
105.49 |
|
Operating Profit Margin |
0.47 |
5.43 |
|
S & A
Expenses |
11.60 |
13.96 |
|
Interest Paid |
1.16 |
1.07 |
|
Other Revenues |
28.26 |
24.88 |
|
Net Profit Margin |
[0.69] |
4.37 |
|
Earning Per Shares |
[0.25] |
1.64 |
|
No. of Shares |
3,700,000 |
3,700,000 |
Net Sales was
decreased by 4.32%,
Operating Profit was
decreased by 91.32%,
Net Profit was
decreased by 115.02%,
Fixed Assets was
decreased by 0.66%,
Total Assets was
decreased by 2.79%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 105.49%
to 116.19%, Operating
Profit Margin was
decreased from 5.43%
to 0.47%, S
& A Expenses
was decreased from
13.96% to 11.60%,
Interest Paid was increased
from 1.07% to
1.16%, Other Revenues
was increased from
24.88% to 28.26%,
Net Profit Margin
was decreased from
4.37% to -0.69%.
Earning Per Shares
was decreased from
1.64 baht per
share to -0.25
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.87 |
0.89 |
|
Quick-Assets Ratio |
0.49 |
0.52 |
Current Ratio was
decreased from 0.89
to 0.87, show
Current Assets can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, Quick-Assets Ratio
was decreased from
0.52 to 0.49,
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 |
1.21 |
1.25 |
|
Times Interest Earned |
0.41 |
5.09 |
D/E Ratio was
decreased from 1.25
to 1.21, 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
5.09 to 0.41,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.72 |
1.79 |
|
Total Assets Turnover |
0.83 |
0.84 |
|
Return on Assets |
[0.57] |
3.67 |
|
Return on Equity |
[1.25] |
8.24 |
|
Day's Payable |
19.06 |
14.18 |
|
Day’s Inventories |
74.79 |
73.93 |
|
Day’s Receivables |
54.87 |
47.99 |
Fixed Assets Turnover
was decreased from
1.79 times to
1.72 times, Total
Assets Turnover was
decreased from 0.84
times to 0.83
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 3.67 to
-0.57, Return on
Equity was decreased
from 8.24 to
-1.25, capacity to
use Assets to
make profit was
not good.
Day's Payable was increased from
15 days to
20 days, Day’s
Inventories was increased
from 74 days
to 75 days, and Day’s
Receivables was increased
from 48 days
to 55 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%)