MIRA INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI
ADHESIVE TAPES INDUSTRY
CO., LTD. |
|
|
|
|
Registered Office : |
228/50
Moo 6, Sukhapiban
2 Road, Omnoi, Krathumbaen, Samutsakorn
74110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.09.1987 |
|
|
|
|
Com. Reg. No.: |
0105530049264 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of industrial adhesive tapes and related products |
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 |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company name
THAI ADHESIVE
TAPES INDUSTRY CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 228/50 MOO
6, SUKHAPIBAN 2
ROAD, OMNOI,
KRATHUMBAEN, SAMUTSAKORN
74110
TELEPHONE : [66] 34 490-173-4, 34
490-200-1
FAX :
[66] 34
829-282
E-MAIL
ADDRESS : info@thaitape.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530049264
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PUTTIPONG EKPHUTHORN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : INDUSTRIAL ADHESIVE
TAPES AND RELATED
PRODUCTS
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 September 28,
1987 as a private limited
company under the originally
registered name “Thai
Shirafuji Industry Co.,
Ltd.” by Thai
groups. On June
22, 1995, its
registered name was
changed to THAI
ADHESIVE TAPES INDUSTRY
CO., LTD. Its business
objective is to manufacture
and distribute industrial
adhesive tapes and
related products to
both domestic and
international markets. It
currently employs approximate
500 staff.
The subject’s registered
address is 228/50
Moo 6, Sukhapiban 2 Rd., Omnoi,
Krathumban, Samutprakarn 74110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Preecha Banjongprasert |
|
Thai |
53 |
|
Mr. Puthipong Ekphuthorn |
[x] |
Thai |
56 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Puthipong Ekphuthorn is
the Managing Director.
He is Thai nationality with
the age of 56 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and
distributing various kinds
of industrial adhesive
tapes, including packaging
tapes, cellulose tapes,
cloth tapes, can sealing tapes,
aluminium foil tapes,
alumininium foil tapes
with conductive adhesive,
duct tape, PVC
pipe wrap tape,
filament tapes, kraft
tapes, invisible mending
tapes, pocket tapes,
printing tapes, PET
laminated aluminium foil
tapes, PVC electrical
tape, metalized PET
tapes, acetape cloth tapes,
glass cloth tapes,
polymide film tapes,
composite tapes, double
side tape tissue and etc., as
well as related
products, such as stickers,
acrylic, rubber adhesive,
silicone release paper & films.
BRAND NAME
“THAI TAPE”
PURCHASE
Most
of raw materials
and components are
purchased from local
suppliers, the remaining
is imported from
Japan, Republic of
China, and Taiwan. Machinery is purchased
from Germany.
SALES
80% of the
products is sold
locally to wholesalers,
manufacturers and end-users
both private company
and States enterprises,
the remaining 20% is exported
to Japan, Hong Kong,
Singapore, U.S.A.,
Australia, and many
countries in Europe and
Middle East region.
MAJOR CUSTOMER
Thailand Tobacco Monopoly
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 subject
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
on negotiated terms.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
500 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
Sales & Bangkok office :
-
2nd
Floor, Thai Tape
Building, 148 Sirinthorn
Rd., Bangplad, Bangkok
10700.
Tel.
[66] 2881-0124, Fax. [66]
2881-0136-7.
Branches & factories :
-
1/48
Moo 2, Thonburi-Pakthor Rd.,
Thasai, Muang, Samutsakorn
74000.
-
39/56
Moo 2, Rama 2
Rd., Bangkrachao, Muang,
Samutsakorn 74000.
-
228/4
Moo 6, Sukhapiban
2 Rd., Omnoi,
Krathumban, Samutsakorn 74110.
-
99/20
Moo 3, T.
Bangsaothong, A. Bangsaothong,
Samutprakarn 10540.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
500,000.
COMMENT
The subject’s operating results remains solid, as well as market trend
is promising due to
demand of adhesives has
significantly increased in everyday items especially industrial
goods, which the
products are also needed
a high quality
adhesives.
Adhesive products which supplied by the subject have
high quality that meet with customer demand and
has strong potential
to expand in both
domestic and international markets.
FINANCIAL INFORMATION
The capital
was registered at Bht.
2,000,000 divided into 20,000 shares of Bht. 100 each
with fully paid.
On
August 25, 1989,
the capital was
increased to Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
:
[as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Puthipong Ekphuthorn Nationality: Thai Address : 201
Moo 7, Boromratchonnee Rd.,
Talingchan, Bangkok |
15,000 |
30.00 |
|
Mrs. Punnee Ekphuthorn Nationality: Thai Address : 201
Moo 7, Boromratchonnee Rd., Talingchan, Bangkok |
10,000 |
20.00 |
|
Mr. Pongsak Ekphuthorn Nationality: Thai Address : 20/13
Moo 9 Boromratchonnee Rd.,
Talingchan, Bangkok |
7,500 |
15.00 |
|
Ms. Yaowaluck Bhokai-anan Nationality: Thai Address : 20/13
Moo 9 Boromratchonnee Rd.,
Talingchan, Bangkok |
5,000 |
10.00 |
|
Mrs. Arporn Banchongprasert Nationality: Thai Address : 56
Moo 13, Boromratchonnee Rd.,
Talingchan, Bangkok |
5,000 |
10.00 |
|
Mr. Preecha Banjongprasert Nationality: Thai Address : 56
Moo 13, Boromratchonnee Rd.,
Talingchan, Bangkok |
5,000 |
10.00 |
|
Mr. Veerapong Ekphuthorn Nationality: Thai Address : 9/101
Moo 5, Nadee,
Muang, Samutsakorn |
2,500 |
5.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Taweesak Chanapamokkho No.
3358
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
35,717,476.75 |
19,360,140.13 |
|
Trade Accounts Receivable |
132,587,641.68 |
149,566,356.17 |
|
Inventories |
131,914,412.08 |
135,050,460.79 |
|
Other Current Assets
|
6,555,175.23 |
3,494,570.62 |
|
|
|
|
|
Total Current Assets
|
306,774,705.74 |
307,471,527.71 |
|
Fixed Assets |
211,397,012.67 |
226,435,397.12 |
|
Intangible Assets |
350,592.27 |
179,416.79 |
|
Other Assets |
140,460.00 |
140,460.00 |
|
Total Assets |
518,662,770.68 |
534,226,801.62 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
110,725,584.56 |
97,276,109.47 |
|
Other Current Liabilities |
17,389,334.43 |
13,965,068.03 |
|
|
|
|
|
Total Current Liabilities |
128,114,918.99 |
111,241,177.50 |
|
Total Liabilities |
128,114,918.99 |
111,241,177.50 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
500,000.00 |
500,000.00 |
|
Unappropriated |
385,047,851.69 |
417,485,624.12 |
|
Total Shareholders' Equity |
390,547,851.69 |
422,985,624.12 |
|
Total Liabilities & Shareholders' Equity |
518,662,770.68 |
534,226,801.62 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Service
Income |
588,479,474.78 |
516,036,408.80 |
|
Other Income |
6,925,817.39 |
7,031,925.51 |
|
Total Sales |
595,405,292.17 |
523,068,334.31 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
510,375,395.23 |
443,018,041.89 |
|
Selling Expenses |
29,425,080.81 |
24,554,455.48 |
|
Administrative Expenses |
42,162,136.90 |
41,377,350.53 |
|
Other Expenses |
2,161,315.22 |
3,758,175.43 |
|
Total Expenses |
584,123,928.16 |
512,708,023.33 |
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
11,281,364.01 |
10,360,310.98 |
|
Financial Cost |
[512,134.41] |
[5,018.93] |
|
Income Tax |
[3,207,002.03] |
[3,069,182.46] |
|
|
|
|
|
Net Profit / [Loss] |
7,562,227.57 |
7,286,109.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.39 |
2.76 |
|
QUICK RATIO |
TIMES |
1.31 |
1.52 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.78 |
2.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.13 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.34 |
111.27 |
|
INVENTORY TURNOVER |
TIMES |
3.87 |
3.28 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
82.24 |
105.79 |
|
RECEIVABLES TURNOVER |
TIMES |
4.44 |
3.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.19 |
80.15 |
|
CASH CONVERSION CYCLE |
DAYS |
97.39 |
136.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.73 |
85.85 |
|
SELLING & ADMINISTRATION |
% |
12.16 |
12.78 |
|
INTEREST |
% |
0.09 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
14.45 |
15.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.92 |
2.01 |
|
NET PROFIT MARGIN |
% |
1.29 |
1.41 |
|
RETURN ON EQUITY |
% |
1.94 |
1.72 |
|
RETURN ON ASSET |
% |
1.46 |
1.36 |
|
EARNING PER SHARE |
BAHT |
151.24 |
145.72 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.33 |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
22.03 |
2,064.25 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.04 |
|
|
OPERATING PROFIT |
% |
8.89 |
|
|
NET PROFIT |
% |
3.79 |
|
|
FIXED ASSETS |
% |
(6.64) |
|
|
TOTAL ASSETS |
% |
(2.91) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.45 |
Impressive |
Industrial Average |
13.91 |
|
Net Profit Margin |
1.29 |
Deteriorated |
Industrial Average |
3.25 |
|
Return on Assets |
1.46 |
Deteriorated |
Industrial Average |
4.48 |
|
Return on Equity |
1.94 |
Deteriorated |
Industrial Average |
8.14 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 14.45%. When compared with the industry
average, the ratio of the company was higher. This indicated that company was
more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that net
profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 1.29%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 1.46%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 1.94%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.39 |
Impressive |
Industrial Average |
1.99 |
|
Quick Ratio |
1.31 |
|
|
|
|
Cash Conversion Cycle |
97.39 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.39 times in 2010, decrease from 2.76 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.31 times in 2010,
decrease from 1.52 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 98 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial Average |
0.31 |
|
Debt to Equity Ratio |
0.33 |
Impressive |
Industrial Average |
0.32 |
|
Times Interest Earned |
22.03 |
Impressive |
Industrial Average |
6.42 |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 22.03 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.25 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.78 |
Acceptable |
Industrial
Average |
4.22 |
|
Total Assets Turnover |
1.13 |
Acceptable |
Industrial
Average |
1.54 |
|
Inventory Conversion Period |
94.34 |
|
|
|
|
Inventory Turnover |
3.87 |
Satisfactory |
Industrial
Average |
5.08 |
|
Receivables Conversion Period |
82.24 |
|
|
|
|
Receivables Turnover |
4.44 |
Impressive |
Industrial
Average |
4.07 |
|
Payables Conversion Period |
79.19 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.