MIRA INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TANIKO
COMPANY LIMITED |
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Registered
Office : |
21 Charoennakorn 32/1 Road, Banglampoolang, Klongsarn, Bangkok 10600, Thailand |
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Country : |
Thailand |
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Financials (as
on) : |
31.12.2007 |
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Year of
Establishment : |
1987 |
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Com. Reg. No.: |
0105530017672 [Former : 1765/2530] |
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Legal Form : |
Private
Limited Company |
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Line of Business
: |
Importer & Distributor of Tanning Chemicals and Dyestuffs |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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
TANIKO
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 21
CHAROENNAKORN 32/1 ROAD,
BANGLAMPOOLANG, KLONGSARN,
BANGKOK 10600,
THAILAND
TELEPHONE : [662] 438-0029,
2862-4560-4
FAX : [662] 439-262,
2438-9750
E-MAIL
ADDRESS : taniko@dyechemgroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION NO. : 0105530017672 [Former : 1765/2530]
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT. 4,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SONGPHOL TRIRATSIRIKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : TANNING CHEMICALS AND DYESTUFFS
IMPORTER &
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
15, 1987 as
a private limited
company under the name
style TANIKO COMPANY
LIMITED, by Thai-Chinese groups, with the
business objective to
import and distribute
various kinds of
tanning chemicals to
domestic market. It
currently employs approximately 20 staff.
The subject’s registered
and business address
is 21 Charoennakorn Rd., 32/1
Rd., Banglampulang, Klongsan,
Bangkok 10600.
THE BOARD OF DIRECTOR
Name Nationality Age
Mr. Piram Choophrom [x] Thai 58
Mr. Songphol Triratsirikul [x] Thai 62
Mr. Boontham Chongpisari Thai 61
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Songphol Triratsirikul is
the Managing Director.
He is Thai nationality with
the age of
62 years old.
Mr. Piram Choophrom
is the Marketing Manager.
He is Thai nationality with
the age of
58 years old.
BUSINESS OPERATIONS
The subject’s activity
is an importer and distributor
wide range of
tanning chemicals, such
as auxiliary chemicals,
leather dyestuff, dyeing
auxiliary and etc.
IMPORT [COUNTRIES]
100% of its
products is imported
from U.K., Australia,
Italy & U.S.A.
MAJOR SUPPLIERS
|
Name |
Country |
|
Hodgson Chemical Ltd. |
U.K. &
Australia |
|
Allied Colloids Ltd. |
U.K. |
|
Yorkshire [Australia Pty.
Ltd. |
Australia |
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers, wholesalers & end-user.
SUBSIDIARIES &
AFFILIATED COMPANIES
Dyechem Alliance [Thailand]
Co., Ltd.
Business Type: Importer & distributor of textile chemical
B.P.P [Thailand] Co.,
Ltd.
Business Type: Importer &
distributor of surface
coatings
Charoennakorn Trading Co.,
Ltd.
Business Type: Importer and
distributor of tanning
soaps
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 days.
Imports are by
L/C at sight, D/A or
T/T on negotiated term.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Surawong Branch,
Surawong Rd., Suriyawongse, Bangrak, Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Road, Silom,
Bangrak, Bangkok]
EMPLOYMENT
The subject employs
approximately 20 staff
[office and sales
staff].
LOCATION DETAILS
The premise is
owned for operating
office in a 3
storey building at
the heading address
in commercial/residential area.
The office is
shares with Dyechem
Alliance [Thailand] Co.,
Ltd.].
Branch office is
located at 83/37-40
Moo 2, Old Sukhumvit
Rd., Taiban, Muang,
Samutprakarn.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE ON SECURED BASIS.
COMMENT
Market of industrial
chemical remains slow,
judging from poor
first quarter operating
results by companies.
The chemical industry
had been affected
by the economic slowdown. Demand
by industries including
textiles, printing, pulp
and paper, leather
production had gradually
fallen.
According to reducing
in chemical demand
as well as
imported chemical has
made cost of
products higher, the
company estimated no
growth for its
business this year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1 million, divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followed:
Bht. 3,000,000
on November 10,
2003
Bht. 4,000,000
on May 29,
2007
The latest registered
capital was increased
to Bht. 4,000,000
divided into 40,000
shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS : [as
at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Lee Chia Ying Nationality: American Address : U.S.A.
|
9,860 |
24.65 |
|
Mr. Songphol Triratsirikul Nationality: Thai Address : 903/27
Rama 3 Rd.,
Bangpongpang,
Bangkok |
6,128 |
15.32 |
|
Mr. Lee Hsin
Hsing Nationality: Singaporean Address : Singapore |
5,320 |
13.30 |
|
Mr. Boontham Chongpisarn Nationality: Thai Address : 19
Ramkhamhaeng Rd., Suanluang,
Prakanong, Bangkok |
4,000 |
10.00 |
|
Mr. Piram Chooprom Nationality: Thai Address : 16
Chalermprakiat R. 9 Rd.,
Dokmai, Prawes, Bangkok |
4,000 |
10.00 |
|
Mr. Sophon Pornlikitchotiwong Nationality: Thai Address : 54
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
3,332 |
8.33 |
|
Mr. Vichai Limlertsap Nationality: Thai Address : 139/25
Moo 1, Thungkru,
Bangkok |
2,016 |
5.04 |
|
Others |
5,344 |
13.36 |
Total Shareholders :
10
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Amornrat Injai No. 8311
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank |
194,287.38 |
197,264.99 |
|
Trade Accts. Receivable |
46,760,892.40 |
57,137,076.03 |
|
Inventories |
13,659,005.00 |
20,582,170.00 |
|
Other Current Assets
|
120,150.17 |
264,314.48 |
|
Total Current Assets
|
60,734,334.95 |
78,180,825.50 |
|
|
|
|
|
Fixed Assets |
5,149,954.30 |
3,915,537.50 |
|
Other Assets |
77,746.00 |
30,492.00 |
|
Total Assets |
65,962,035.25 |
82,126,855.00 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
4,724,623.10 |
3,672,349.78 |
|
Trade Accts. Payable |
6,455,230.48 |
12,087,195.03 |
|
Current Portion of Long-term Loan |
573,600.00 |
573,600.00 |
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Other Current Liabilities |
368,835.53 |
406,373.67 |
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Total Current Liabilities |
12,122,289.11 |
16,739,518.48 |
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Long-term Loan from Person or Related Company |
35,690,000.00 |
48,220,000.00 |
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Other Long-term Loan |
708,515.69 |
1,171,802.47 |
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Total Liabilities |
48,520,804.80 |
66,131,320.95 |
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Shareholders' Equity |
|
|
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 40,000 &
30,000 shares in 2007 & 2006 |
4,000,000.00 |
3,000,000.00 |
|
Capital Paid |
4,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
13,441,230.45 |
12,995,534.05 |
|
Total Shareholders' Equity |
17,441,230.45 |
15,995,534.05 |
|
Total Liabilities &
Shareholders' Equity |
65,962,035.25 |
82,126,855.00 |
PROFIT & LOSS ACCOUNT
|
Sales |
2007 |
2006 |
|
|
|
|
|
Sales Income |
43,701,312.07 |
55,884,469.21 |
|
Other Income |
1,051,216.28 |
3,071,968.30 |
|
Total Saless |
44,752,528.35 |
58,956,437.51 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
32,277,404.72 |
45,271,113.63 |
|
Selling & Administrative Expenses |
11,137,635.82 |
11,511,690.87 |
|
Total Expenses |
43,415,040.54 |
56,782,804.50 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,337,487.81 |
2,173,633.01 |
|
Interest Expenses |
[502,342.56] |
[462,206.85] |
|
Income Tax |
[389,448.85] |
[393,689.05] |
|
Net Profit / [Loss] |
445,696.40 |
1,317,737.11 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[21.80] |
|
|
Operating Profit |
[21.31] |
|
|
Net Profit |
[66.18] |
|
|
Fixed Assets |
31.53 |
|
|
Total Assets |
[19.68] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
73.86 |
81.01 |
|
Operating Profit Margin |
3.06 |
3.89 |
|
S & A
Expenses |
25.49 |
20.60 |
|
Interest Paid |
1.15 |
0.83 |
|
Other Saless |
2.41 |
5.50 |
|
Net Profit Margin |
1.02 |
2.36 |
|
Earning Per Shares |
11.14 |
43.92 |
|
No. of Shares |
40,000 |
30,000 |
Net Sales was
decreased by 21.80%,
Operating Profit was
decreased by 21.31%,
Net Profit was
decreased by 66.18%,
Fixed Assets was
increased by 31.53%,
Total Assets was
decreased by 19.68%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 81.01%
to 73.86%, Operating
Profit Margin was
decreased from 3.89%
to 3.06%, S
& A Expenses
was increased from 20.60% to 25.49%,
Interest Paid was increased
from 0.83% to
1.15%, Other Saless
was decreased from
5.50% to 2.41%,
Net Profit Margin
was decreased from
2.36% to 1.02%.
Earning Per Shares
was decreased from
43.92 baht per
share to 11.14
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
5.01 |
4.67 |
|
Quick-Assets Ratio |
3.87 |
3.43 |
Current Ratio was
increased from 4.67
to 5.01, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was good,
Quick-Assets Ratio was
increased from 3.43
to 3.87, 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 |
2.78 |
4.13 |
|
Times Interest Earned |
2.66 |
4.70 |
D/E Ratio was
decreased from 4.13
to 2.78, 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 4.70
to 2.66, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
8.49 |
14.27 |
|
Total Assets Turnover |
0.66 |
0.68 |
|
Return on Assets |
0.68 |
1.60 |
|
Return on Equity |
2.56 |
8.24 |
|
Day's Payable |
53.18 |
77.86 |
|
Day’s Inventories |
112.52 |
132.59 |
|
Day’s Receivables |
385.20 |
368.07 |
Fixed Assets Turnover
was decreased from
14.27 times to
8.49 times, Total
Assets Turnover was
decreased from 0.68
times to 0.66
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 1.60
to 0.68, Return
on Equity was
decreased from 8.24
to 2.56, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 78 days
to 54 days, and Day’s
Inventories was decreased
from 133 days
to 113 days, while Day’s
Receivables was increased
from 369 days
to 386 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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%)