MIRA
INFORM REPORT
|
Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SENG THAI
INDUSTRY COMPANY LIMITED |
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|
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Registered Office : |
42
Soi Sukhumvit 49,
Sukhumvit Road,Klongtonnua, Wattana,
Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
02.01.1987 |
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Com. Reg. No.: |
0105530000206 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and
Distributor of Dyestuff |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SENG
THAI INDUSTRY COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 42
SOI SUKHUMVIT 49,
SUKHUMVIT ROAD,
KLONGTONNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66]
2262-0428-31, 2662-4454
FAX : [66] 2662-4455
E-MAIL ADDRESS : sengthai@cscoms.com, sengthai@mweb.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530000206 [Former
: 21/2530]
CAPITAL REGISTERED
: BHT. 50,000,000
CAPITAL PAID-UP
: BHT.
50,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS
: PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SUPACHAI APICHAIDEJ-UDOM, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : DYESTUFF
MANUFACTURER, EXPORTER
& DISTRIBUTER
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 January
2, 1987 as
a private limited
company under the name
style SENG THAI
INDUSTRY COMPANY LIMITED, by
Thai and Taiwanese
groups, to manufacture dyestuff
for textile industry.
It currently employs approximately 100 staff.
The subject’s registered
address is 42
Soi Sukhumvit 49,
Sukhumvit Rd., Klongtonnua, Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
Mr. Supachai Apichaidej-udom
|
[x] |
Thai |
65 |
|
Mr. Lu Jui
Tang |
|
Taiwanese |
49 |
|
Mrs. Sirikul Apichaidej-udom
|
|
Thai |
63 |
|
Mr. Padungkiat Apichaidej-udom |
[x] |
Thai |
37 |
|
Mr. Lin Yen
Mao |
|
Taiwanese |
47 |
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. Supachai Apichaidej-udom is
the Managing Director.
He is Thai nationality with
the age of
65 years old.
Mrs. Sirikul Apichaidej-udom is
the Assistant Managing
Director.
She is Thai nationality with
the age of
63 years old.
Mr. Lin Yen
Mao is the Factory Manager.
He is Taiwanese
nationality with the
age of 47 years old.
Mr. Sandy Lopez
is the Account Manager.
He is Filipino nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer of dyestuff
for textile dyeing
and printing industry.
PRODUCTION CAPACITY
100 tons/month
IMPORT
40% of raw materials is
imported from Taiwan,
Korea, India, Japan,
Republic of China, Singapore, United
States of America
and Germany.
MAJOR SUPPLIERS
|
Name |
Country |
|
Toho Chemical Industry
Co., Ltd. |
: Japan |
|
Kuan Chuan Chemical
Industry Ltd. |
: Taiwan |
|
Sandoz Industrial Chemical
Inc, |
: United States of
America |
SALES [LOCAL]
20% of the products is sold locally
by wholesale to
manufacturers and dealers.
EXPORT
80% of the products is exported to Taiwan, Korea, Japan, Philippines, Indonesia,
Singapore, Republic of
China, Hong Kong,
Vietnam & United
States of America.
SUBSIDIARIES &
AFFILIATED COMPANY
- Vickem Trading Co., Ltd.
Business Type: Importer
& distributor of
industrial chemical
- Vickem Chemical Industry
Co., Ltd.
Business Type: Importer
& distributor of
industrial chemical
- Siam Dyechem Co.,
Ltd.
Business Type: Importer
& distributor of
dyed chemical
- Vickem Foods Co.,
Ltd.
Business Type: Exporter
of preserve fruits
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 on the
credits term of
30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60-90 days.
Exports are against
L/C at sight.
Imports are by
L/C at sight & T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Langsuan Branch :
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330]
Bangkok Bank Public
Co., Ltd.
[Bangkapi Branch : Sukhumvit Rd., Klongtonnua, Wattana,
Bangkok 10110]
EMPLOYMENT
The subject employs
approximately 100 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office at the
heading address. Premise
is located in
commercial/residential area.
Factory
is located at 265
Moo 4, Bangpoo Industrial Estate,
Sukhumvit Road, T.
Praksa, A. Muang, Samutprakarn 10280. Tel:
[66] 2323-3084, 2709-3715-8, Fax. [66] 2709-3719.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The subject was
formed in 1987 as a manufacturer, exporter and distributor
of dyestuff for
textile and printing
industries. The subject’s operating
performance in 2007
was considered satisfactory despite of a
decrease in sales
revenues comparing to
the previous year,
but it was able to
maintain net profit
at the end of year.
The subject’s business
outlook is still promising
in line with
a continuous demand
of the subject’s products
from related industries.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 7,500,000 divided into 7,500 shares of Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 40,000,000 on July 29,
1991
Bht. 50,000,000 on December 27,
1999
The latest registered
capital was increased
to Bht. 50,000,000 divided
into 50,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as of April
30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Supachai
Apichaidej-udom Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110
|
15,000 |
30.00 |
|
Mrs. Sirikul Apichaidej-udom Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
10,000 |
20.00 |
|
Mr. Padungkiat
Apichaidej-udom Nationality: Thai Address : 701/1405
Pattanakarn 30 Rd.,
Suanluang,
Bangkok 10250 |
7,815 |
15.63 |
|
Mr. Lu Jui
Tang Nationality: Taiwanese Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
6,250 |
12.50 |
|
Mr. Anan Chaicharnwatananukul Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
4,375 |
8.75 |
|
Mr. Lin Yen
Mao Nationality: Taiwanese Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
4,375 |
8.75 |
|
Mr. Thanachai Apichaidej-udom Nationality: Thai Address : 42
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
2,185 |
4.37 |
Total Shareholders :
7
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Col. Mukda Udomsak No. 4260
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at bank |
21,682,858.59 |
25,145,008.83 |
|
Trade Accounts Receivable |
33,265,414.17 |
35,043,163.94 |
|
Inventories |
13,096,440.00 |
10,285,602.11 |
|
Other Current Assets |
1,224,401.17 |
502,536.71 |
|
|
|
|
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Total Current Assets
|
69,269,113.93 |
70,976,311.59 |
|
Fixed Assets |
11,661,828.91 |
13,722,625.88 |
|
Total Assets |
80,930,942.84 |
84,698,937.47 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accounts Payable |
7,762,675.97 |
11,354,114.87 |
|
Accrued Income Tax |
801,056.17 |
599,341.46 |
|
Other Current Liabilities |
815,012.81 |
4,161,315.06 |
|
|
|
|
|
Total Current Liabilities |
9,378,744.95 |
16,114,771.39 |
|
Total Liabilities |
9,378,744.95 |
16,114,771.39 |
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 value authorized, issued
and fully paid share
capital 50,000 shares |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
21,552,197.89 |
18,584,166.08 |
|
Total Shareholders' Equity |
71,552,197.89 |
68,584,166.08 |
|
Total Liabilities & Shareholders' Equity |
80,930,942.84 |
84,698,937.47 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales Income Tax |
100,180,574.44 |
117,212,699.69 |
|
Other Income |
462,420.92 |
2,145,695.01 |
|
Total Revenues |
100,642,995.36 |
119,358,394.70 |
|
Expenses |
|
|
|
Cost of Goods
Sold |
85,473,424.23 |
101,257,443.36 |
|
Selling & Administrative Expenses |
10,736,696.64 |
13,521,361.10 |
|
Total Expenses |
96,210,120.87 |
114,778,804.46 |
|
|
|
|
|
Profit/[Loss] Before Interest
Expenses & Income Tax |
4,432,874.49 |
4,579,590.24 |
|
Interest Expenses |
[192,785.36] |
[177,577.28] |
|
Income Tax |
[1,272,057.32] |
[1,325,710.86] |
|
|
|
|
|
Net Profit / [Loss] |
2,968,031.81 |
3,076,302.10 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[14.53] |
|
|
Operating Profit |
13.25 |
|
|
Net Profit |
[3.52] |
|
|
Fixed Assets |
[15.02] |
|
|
Total Assets |
[4.45] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.32 |
86.39 |
|
Operating Profit Margin |
4.42 |
3.91 |
|
S & A
Expenses |
10.72 |
11.54 |
|
Interest Paid |
0.19 |
0.15 |
|
Other Revenues |
0.46 |
1.83 |
|
Net Profit Margin |
2.96 |
2.62 |
|
Earning Per Shares |
59.36 |
61.53 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 14.53%,
Operating Profit was
increased by 13.25%,
Net Profit was
decreased by 3.52%,
Fixed Assets was
decreased by 15.02%,
Total Assets was
decreased by 4.45%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.39%
to 85.32%, Operating
Profit Margin was
increased from 3.91%
to 4.42%, S
& A Expenses
was decreased from
11.54% to 10.72%,
Interest Paid was increased
from 0.15% to
0.19%, Other Revenues
was decreased from
1.83% to 0.46%,
Net Profit Margin
was increased from
2.62% to 2.96%.
Earning Per Shares
was decreased from
61.53 baht per
share to 59.36
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
7.39 |
4.40 |
|
Quick-Assets Ratio |
5.86 |
3.73 |
Current Ratio was
increased from 4.40
to 7.39, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
3.73 to 5.86,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.13 |
0.23 |
|
Times Interest Earned |
22.99 |
25.79 |
D/E Ratio was
decreased from 0.23
to 0.13, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
25.79 to 22.99,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.59 |
8.54 |
|
Total Assets Turnover |
1.24 |
1.38 |
|
Return on Assets |
3.67 |
3.63 |
|
Return on Equity |
4.15 |
4.49 |
|
Day's Payable |
27.90 |
34.87 |
|
Day’s Inventories |
47.06 |
31.59 |
|
Day’s Receivables |
119.54 |
107.63 |
Fixed Assets Turnover
was increased from
8.54 times to
8.59 times, Total
Assets Turnover was
decreased from 1.38
times to 1.24
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 3.63 to
3.67, Return on
Equity was decreased
from 4.49 to
4.15, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 35
days to 28
days, while Day’s
Inventories was increased
from 32 days
to 48 days, and Day’s
Receivables was increased
from 108 days
to 120 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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%)