MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VANACHAI PANEL INDUSTRIES CO., LTD |
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Registered Office : |
2/1 Pibulsongkram Road,
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 : |
22.06. 1995 |
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Com. Reg. No.: |
0105538073822 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Particle
Board |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
VANACHAI
PANEL INDUSTRIES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2/1
PIBULSONGKRAM ROAD, BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2585-4900-3, 2586-9682-6 ,
2913-2180-9
FAX : [66] 2587-0516,
2587-9556, 2587-7882
E-MAIL
ADDRESS : vanachaipanel@thailand.com
vanachai@vanachai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION NO. : 0105538073822
[Former : [1] 1626/2538]
CAPITAL REGISTERED : BHT. 1,600,000,000
CAPITAL PAID-UP : BHT. 1,600,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMPOP SAHAWAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 900
LINES
OF BUSINESS : PARTICLE BOARD 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 June 22,
1995 as a
private limited company
under the name
style VANACHAI PANEL
INDUSTRIES CO., LTD. It
is a subsidiary of Vanachai Group
Public Company Limited
a wholly owned by Thai Groups. The subject currently
employs approximately 900
staff.
Vanachai Group
has been in
the timber industry
since 1943, and
over the years
it has accumulated a
wealth of professional experience while continually
refining its vision. In
1978, the Group
made a successful
transition from traditional
timber products into
the engineering wood
base panel industry - then an exciting new phenomenon poised to take
the construction and
furniture industries by
storm – and quickly earned a
reputation as the
leading pioneer and
innovator in the
field.
The Vanachai Group is
the largest wooden
industry in Thailand
with experience accumulated over
50 years, puts
them into a
secure position, which
is fit to be called stability.
On
December 20, 2000 the
subject achieved the
International Standard Organization [ISO 9002 ] from
SGS Yarsley International, UK.
The
subject’s registered address
is 2/1 Pibulsongkram Road,
Bangsue, Bangkok 10800, and
this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompop Sahawat |
[+] |
Thai |
56 |
|
Mr. Watthana Jareonnawarat |
[+] |
Thai |
48 |
|
Mrs. Siriporn Chaipattanawanich |
|
Thai |
41 |
|
Mr. Suthep Chaipattanawanich |
|
Thai |
45 |
|
Mr. Vasant Chaipattanawanich |
|
Thai |
53 |
|
Mr. Pattha Sahawat
|
[x] |
Thai |
51 |
|
Ms. Yupaporn Boongate |
[x] |
Thai |
54 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can jointly
sign with one
of the directors [+] on
behalf on the
subject with company’s
affixed.
MANAGEMENT
Mr. Sompop
Sahawat is the Managing Director.
He is Thai nationality with
the age of
56 years old.
Ms. Yupaporn
Boongate is the Executive Director.
She is Thai nationality with
the age of
54 years old.
Mr. Watthana
Jareonnawarat is the
Executive Director.
He is Thai nationality with
the age of
48 years old.
Mr. Nat
Oon-anant is the Factory Manager.
He is Thai nationality.
Mr. Pattha Sahawat
is the General Manager.
He is Thai nationality with
the age of 51 years old.
BUSINESS OPERATIONS
The
subject’s activity is
a manufacturer of
particle boards which
made from rubber wood, as well as
related products, including
Medium Density Fiber
Board [MDFB], Melamine Laminated
Particle Board [MLPB]
and Melamine Laminate
Board [MLB].
PRODUCTION
Particle Board : 900,000 cubic meters
per year
MDF Board :
470,000 cubic meters
per year
PURCHASE
Most
of raw materials mainly rubber
logs are purchased
locally, the remaining is imported from Malaysia,
Singapore, Myanmar, Taiwan
& Laos, while
machinery is imported
from Germany.
MAJOR SUPPLIERS
Vanachai Group Public
Company Limited :
Thailand
Vanachai Chemical Industries
Co., Ltd. : Thailand
SALES
Its products are
sold and exported
by Woodtek International Co., Ltd.
PARENT COMPANY
Vanachai Group
Public Co., Ltd.
Business Type : Manufacturer of MDF & Moulded
Door Skins
Address : 2/1
Pibulsongkram Road, Bangsue,
Bangkok 10800
Tel : [66] 2585-4900-3, 2586-9682-6.
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.
SUBSIDIARIES &
AFFILIATED COMPANIES
Vanachai Group
of Companies Consists
of the followings :
- Particle Planner
Co., Ltd.
Business Type :
Manufacturer of particle
board
- Durospan
Co., Ltd.
Business Type :
Manufacturer of plain
& laminated particle
board
- Mae Yai
Co., Ltd.
Business Type : Manufacturer
of flush door
& moulded door
and veneered MDF.
- Woodtek International Co., Ltd.
Business Type : Marketing of
all products within
the group
- Vanachai
Chemical Industries Co., Ltd.
Business Type : Manufacturer of
adhesive chemical
- Wood Land Co., Ltd.
Business Type :
Manufacturer of wooden
products
- Doctor
Wood Co., Ltd.
Business Type :
Manufacturer of plywood
products
- Vanachai Plywood
Co., Ltd.
Business Type : Warehousing rental service
- Vanachai Veneer
& Plywood Co., Ltd.
Business Type :
Manufacturer of plywood
CREDIT
Sales are 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 or T/T on negotiated
term.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head
Office : 35 Silom
Rd., Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok 10110]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Bangkok 10140]
EMPLOYMENT
The
subject employs
approximately 900 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
on 2,020 square meters at the heading address
in commercial/residential area
with the companies in the group.
Factory
I is located at 8/8
Moo 1 T. Kaonopan A.
Wiangsa Suratthani Province
84190. Tel : [66]
77 301-103 Fax
[66] 77 301-116
Factory
II is located at 115
Moo 3, T. Thongluang, A.
Wiengsra, Surat-Thani 84190,
Thailand . Tel : [66]
77 363-000-10 Fax
: [66] 77 361-081
COMMENT
The
company places top priority
on product excellent. Its business
remains healthy.
The
market of particle board
has grown at slow pace during
this two years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 8,000,000,
divided into 800,000
shares of Bht.
10 each.
The capital was
increased later as
followings :
Bht. 450,000,000 on April 18, 1996
Bht. 600,000,000 on September 19, 1997
Bht. 1,600,000,000 on August 8, 2002
Bht. 4,300,000,000 on September 25, 2007
The
latest registered capital
was increased to Bht. 4,300,000,000 divided
into 430,000,000 shares
of Bht. 10
each with fully paid.
THE SHAREHOLDERS LISTE WERE
[as
at September 25,
2007]
|
NAME |
HOLDING |
% |
|
Vanachai Group
Public Co., Ltd. Nationality: Thai Address : 2/1
Pibulsongkram Rd., Bangsue,
Bangkok 10800 |
429,999,993 |
100.00 |
|
Mr. Somporn
Sahawat Nationality: Thai Address : 41 Moo 3,
Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mr. Somprasong Sahawat Nationality: Thai Address : 49/3 Moo 4,
Taladkwan, Muang,
Nonthaburi |
1 |
- |
|
Mr. Sompop
Sahawat Nationality: Thai Address : 2/1 Pibulsongkram Rd., Bangsue,
Bangkok 10800 |
1 |
- |
|
Ms. Yupaporn
Boonkate Nationality: Thai Address : 25 Phaholyothin 21 Rd., Ladyao,
Jatujak, Bangkok 10900 |
1 |
- |
|
Mr. Vasant
Jareonnawarat Nationality: Thai Address : 41/2 Moo 3,
Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mr. Watthana
Jareonnawarat Nationality: Thai Address : 41/2
Moo 3, Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mrs. Siriporn Jareonnawarat Nationality: Thai Address : 80/19 Moo 1,
Thakham,
Bangkhunthien, Bangkok |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Piyamas Reungsaengrob No. 7133
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
85,897,787.29 |
65,204,307.02 |
|
Trade Accounts &
Notes Receivable |
404,728,120.63 |
239,059,734.97 |
|
Account Receivable -
Parent & Related Company |
18,071,893.40 |
1,620,440.10 |
|
Inventories |
388,691,896.44 |
289,215,209.17 |
|
Spare Parts for
Maintenance |
153,195,752.23 |
157,760,096.71 |
|
Account Receivable -
Revenue Department |
24,490,457.71 |
26,051,564.32 |
|
Prepaid Insurance Premium |
16,713,291.68 |
10,854,919.93 |
|
Other Current Assets
|
9,096,536.02 |
8,408,247.43 |
|
|
|
|
|
Total Current
Assets |
1,100,885,735.40 |
798,174,519.65 |
|
Fixed Assets |
6,974,638,949.03 |
5,677,099,158.75 |
|
Other Assets |
561,648.58 |
574,741.40 |
|
Total Assets |
8,076,086,333.01 |
6,475,848,419.80 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan from Bank |
159,056,031.70 |
105,588,767.62 |
|
Short Term Loan
from Parent Company |
60,000,000.00 |
- |
|
Trade Accounts &
Notes Payable |
78,065,678.01 |
43,725,035.26 |
|
Trade Accounts &
Notes Payable -
Parent Company |
305,360,760.43 |
306,405,841.70 |
|
Current Portion of Long-term
Loan |
100,000,000.00 |
- |
|
Current Portion of
Loan from Parent Company |
334,125,000.00 |
334,125,000.00 |
|
Other Payable |
125,933,173.25 |
111,507,313.52 |
|
Payable-Machine |
116,059,754.08 |
1,588,052.53 |
|
Payable Commission |
20,573,442.03 |
11,897,748.16 |
|
Other Current Liabilities |
38,687,958.17 |
25,744,629.72 |
|
|
|
|
|
Total Current
Liabilities |
1,337,861,797.67 |
940,582,388.51 |
|
Long-term Loan - Net of
Current Portion |
3,676,088,586.22 |
2,250,522,237.54 |
|
Loan from Parent
Company - Net of Current
Portion |
167,062,500.00 |
501,187,500.00 |
|
Total Liabilities |
5,181,012,883.89 |
3,692,292,126.05 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 160,000,000 shares |
1,600,000,000.00 |
1,600,000,000.00 |
|
|
|
|
|
Capital Paid |
1,600,000,000.00 |
1,600,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve
|
70,000,000.00 |
64,485,000.00 |
|
Unappropriated |
1,225,073,449.12 |
1,119,071,293.75 |
|
Total
Shareholders' Equity |
2,895,073,449.12 |
2,783,556,293.75 |
|
Total
Liabilities & Shareholders' Equity |
8,076,086,333.01 |
6,475,848,419.80 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
3,239,196,083.25 |
2,776,479,024.81 |
|
Other Income |
10,921,658.56 |
22,101,085.55 |
|
Total Revenues
|
3,250,117,741.81 |
2,798,580,110.36 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,362,769,888.93 |
2,042,786,159.77 |
|
Selling & Administrative Expenses |
620,448,369.54 |
546,444,856.47 |
|
Total Expenses |
2,983,218,258.47 |
2,589,231,016.24 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
266,899,483.34 |
209,349,094.12 |
|
Interest Expenses |
[107,382,327.97] |
[100,237,422.09] |
|
Income Tax |
- |
[900,704.50] |
|
|
|
|
|
Net Profit / [Loss] |
159,517,155.37 |
108,210,967.53 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
16.67 |
|
|
Operating Profit |
9.28 |
|
|
Net Profit |
47.41 |
|
|
Fixed Assets |
22.86 |
|
|
Total Assets |
24.71 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
72.94 |
73.57 |
|
Operating Profit Margin |
8.24 |
7.54 |
|
S & A
Expenses |
19.15 |
19.68 |
|
Interest Paid |
3.32 |
3.61 |
|
Other Revenues |
0.34 |
0.80 |
|
Net Profit Margin |
4.92 |
3.90 |
|
Earning Per Shares |
1.00 |
0.68 |
|
No. of Shares |
160,000,000 |
160,000,000 |
Net Sales was
increased by 16.67%,
Operating Profit was
increased by 9.28%,
Net Profit was
increased by 47.41%,
Fixed Assets was
increased by 22.86%,
Total Assets was
increased by 24.71%.
Compare each cost
with sales, Cost of
Good Sold was decreased from 73.57%
to 72.94%, Operating
Profit Margin was
increased from 7.54%
to 8.24%, S
& A Expenses
was decreased from
19.68% to 19.15%,
Interest Paid was decreased
from 3.61% to
3.32%, Other Revenues
was decreased from
0.80% to 0.34%,
Net Profit Margin
was increased from
3.90% to 4.92%.
Earning Per Shares
was increased from
0.68 baht per
share to 1.00
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.82 |
0.85 |
|
Quick-Assets Ratio |
0.38 |
0.33 |
Current Ratio was
decreased from 0.85
to 0.82, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.33 to 0.38,
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 |
1.79 |
1.33 |
|
Times Interest Earned |
2.49 |
2.09 |
D/E Ratio was
increased from 1.33
to 1.79, 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
2.09 to 2.49,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.46 |
0.49 |
|
Total Assets Turnover |
0.40 |
0.43 |
|
Return on Assets |
1.98 |
1.67 |
|
Return on Equity |
5.51 |
3.89 |
|
Day's Payable |
8.68 |
5.67 |
|
Day’s Inventories |
43.20 |
37.50 |
|
Day’s Receivables |
44.98 |
31.00 |
Fixed Assets Turnover
was decreased from
0.49 times to
0.46 times, Total
Assets Turnover was
decreased from 0.43
times to 0.40
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 1.67 to
1.98, Return on
Equity was increased
from 3.89 to
5.51, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 6
days to 9
days, Day’s Inventories
was increased from
38 days to
44 days, and
Day’s Receivables was
increased from 31
days to 45
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%)