MIRA INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
WOODLAND
COMPANY LIMITED |
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Registered Office : |
87 Moo
4, T. Banchang, A.
Muang, Pathumthani 12000, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
12.07.1985 |
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Com. Reg. No.: |
0135528000156 |
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|
Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, distributor and exporter of wooden doors
and window |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
WOODLAND
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 87
MOO 4, T. BANCHANG,
A. MUANG,
TELEPHONE : [66] 2581-1414-9
FAX :
[66] 2977-4878
E-MAIL
ADDRESS : woodtek@vanachai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0135528000156
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. YUPAPORN BOONLERT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 480
LINES
OF BUSINESS : WOODEN DOORS
AND WINDOW
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 12,
1985 as a
private limited company under the name style WOODLAND COMPANY LIMITED
by Thai groups. Its business
objective is to
manufacture wooden doors and
window under TIS
standards for both
domestic and international markets.
It currently employs
480 staff.
The
subject is a
wholly owned subsidiary
of Vanachai Inter
Trading Group Co.,
Ltd., which is
a member of
Vanachai Group Public
Company Limited.
The
subject’s registered address
is 87 Moo 4, T. Banchang,
A. Muang, Pathumthani 12000,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompop Sahawat |
[-] |
Thai |
65 |
|
Mr. Somprasong Sahawat |
|
Thai |
35 |
|
Mr. Patta Sahawat |
[x] |
Thai |
39 |
|
Ms. Patra Sahawat |
|
Thai |
37 |
|
Ms. Somjairak Sahawat |
|
Thai |
44 |
|
Mr. Wasan Charoennawarat |
|
Thai |
66 |
|
Mr. Watthana Charoennawarat |
[-] |
Thai |
51 |
|
Mrs. Siriporn Chaipattanavanich |
|
Thai |
45 |
|
Ms. Yupaporn Boobkate |
[x] |
Thai |
56 |
|
Ms. Suthep Chaipattanavanich |
|
Thai |
48 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with anyone of
the mentioned directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Yupaporn Boobkate is the
Managing Director.
She is Thai
nationality with the
age of 56
years old.
Mr. Patta Sahawat is
the General Manager.
He is Thai
nationality with the
age of 39
years old.
Mr. Somnuek Klaharn is
the Human Resources
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing
and exporting various
sizes of wooden
doors and windows,
which are made
from MDF boards
and wooden products
for decoration works,
under the brand
WOODLAND.
PURCHASE
100% of raw
materials, mainly MDF
board and adhesive
products are purchased
from local suppliers.
MAJOR SUPPLIER
Vanachai Group Public
Company Limited
SALES
80% of the products
is sold locally
to wholesalers, manufacturers, and
end-users, the remaining
20% is exported to Japan,
Singapore, U.S.A., Taiwan, Korea 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 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.
Exports are against
T/T.
BANKING
The
subject was not
disclosed its banker’s
name.
EMPLOYMENT
The
subject employs approximately 480
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial on
the outskirt of
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 1,000,000.
COMMENT
Over 6 decades, Vanachai Group has grown
from
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000
divided into 500,000 shares of
Bht. 100 each
with fully paid.
The
capital was decreased
and increased later
as follows:
Bht. 12,500,000
on December 18,
1997 [decreased]
Bht. 50,000,000
on April 9,
1999
Bht. 100,000,000
on October 11,
2001
The
latest registered capital
was increased to
Bht. 100 million, divided
into 1,000,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at June
15, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Vanachai Inter Trading
Group Co., Ltd. Nationality: Thai Address : |
999,993 |
99.99 |
|
Mr. Somprasong Sahawat Nationality: Thai Address : Muang, Nonthaburi |
1 |
|
|
Ms. Patra Sahawat Nationality: Thai Address : 984-984/38
Sukhumvit 71 Rd.,
Klongtonnua, Wattana, |
1 |
|
|
Ms. Yupaporn Boonkate Nationality: Thai Address : 25
Phaholyothin 21 Rd.,
Ladyao,
Jatujak, |
1 |
= 0.01 |
|
Mr. Watthana Charoennawarat Nationality: Thai Address : 41
Moo 3, Bangkrood,
Banpho,
Chachoengsao |
1 |
|
|
Mr. Wasan Charoennawarat Nationality: Thai Address : 41/2
Moo 3, Bangkrood,
Banpho, Chachoengsao |
1 |
|
|
Mr. Sompop Sahawat Nationality: Thai Address : |
1 |
|
|
Mrs. Siriporn Chaipattanavanich Nationality: Thai Address : 80/19
Moo 1, Thakam,
Bangkhunthien, |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. U-sa Choochinprakarn No.
3522
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
55,280,390.11 |
20,202,874.91 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
617,229.96 |
1,334,091.72 |
|
- Other company |
70,486,685.23 |
71,288,151.50 |
|
|
71,103,915.19 |
72,622,243.22 |
|
Short-term Loan Related Company |
25,000,000.00 |
35,000,000.00 |
|
Inventories |
87,334,551.59 |
111,116,363.79 |
|
Other Current Assets |
670,396.73 |
1,986,608.93 |
|
|
|
|
|
Total Current Assets
|
239,389,253.62 |
240,928,090.85 |
|
|
|
|
|
Fixed Assets |
128,537,430.57 |
35,520,209.76 |
|
Other Assets |
828,698.94 |
436,601.71 |
|
Total Assets |
368,755,383.13 |
276,884,902.32 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
- Related company |
30,628,471.73 |
46,527,885.23 |
|
- Other company |
11,625,340.02 |
10,613,875.02 |
|
|
42,253,811.75 |
57,141,760.25 |
|
Related Company |
92,460,000.00 |
- |
|
Payable Machinery Related Company |
- |
5,471,124.00 |
|
Other Payable |
2,840,339.93 |
3,968,733.30 |
|
Accrued Expenses |
6,750,125.91 |
5,136,996.80 |
|
Accrued Income Tax |
5,650,162.40 |
9,306,206.94 |
|
Other Current Liabilities |
1,653,240.04 |
3,248,662.51 |
|
|
|
|
|
Total Current Liabilities |
151,607,680.03 |
84,273,483.80 |
|
Total Liabilities |
151,607,680.03 |
84,273,483.80 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
75,000,000.00 |
75,000,000.00 |
|
Retained Earning- Unappropriated |
142,147,703.10 |
117,611,418.52 |
|
Total Shareholders' Equity |
217,147,703.10 |
192,611,418.52 |
|
Total Liabilities & Shareholders' Equity |
368,755,383.13 |
276,884,902.32 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
404,912,065.75 |
348,796,595.47 |
|
Services Income |
3,277,759.32 |
3,224,127.81 |
|
Other Income |
5,739,151.26 |
3,140,383.60 |
|
Total Revenues |
413,928,976.33 |
355,161,106.88 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
344,423,816.08 |
284,349,785.23 |
|
Cost of Services |
4,247,364.00 |
3,839,285.60 |
|
Selling Expenses |
8,030,864.34 |
6,247,844.98 |
|
Administrative Expenses |
22,166,636.35 |
19,398,633.11 |
|
Total Expenses |
378,868,680.77 |
313,835,548.92 |
|
Profit Before Income Tax |
35,060,295.56 |
41,325,557.96 |
|
Income Tax |
[10,524,010.98] |
[12,405,537.58] |
|
|
|
|
|
Net Profit / [Loss] |
24,536,284.58 |
28,920,020.38 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.58 |
2.86 |
|
QUICK RATIO |
TIMES |
1.00 |
1.52 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.18 |
9.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.11 |
1.27 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.42 |
140.73 |
|
INVENTORY TURNOVER |
TIMES |
3.99 |
2.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
63.03 |
73.92 |
|
RECEIVABLES TURNOVER |
TIMES |
5.79 |
4.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
12.17 |
13.44 |
|
CASH CONVERSION CYCLE |
DAYS |
142.28 |
201.21 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
85.42 |
81.87 |
|
SELLING & ADMINISTRATION |
% |
7.40 |
7.29 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
15.99 |
19.03 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.59 |
11.74 |
|
NET PROFIT MARGIN |
% |
6.01 |
8.22 |
|
RETURN ON EQUITY |
% |
11.30 |
15.01 |
|
RETURN ON ASSET |
% |
6.65 |
10.44 |
|
EARNING PER SHARE |
BAHT |
32.72 |
38.56 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.70 |
0.44 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.96 |
|
|
OPERATING PROFIT |
% |
(15.16) |
|
|
NET PROFIT |
% |
(15.16) |
|
|
FIXED ASSETS |
% |
261.87 |
|
|
TOTAL ASSETS |
% |
33.18 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
15.99 |
Acceptable |
Industrial Average |
22.83 |
|
Net Profit Margin |
6.01 |
Impressive |
Industrial Average |
(1.24) |
|
Return on Assets |
6.65 |
Impressive |
Industrial Average |
(1.02) |
|
Return on Equity |
11.30 |
Impressive |
Industrial Average |
3.31 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 15.99%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company was originated from the problems
with control over its costs.
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 6.01% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
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. Return on Assets is 6.65%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient profit in a dominant
position within its industry.
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. Return on Equity is
11.3%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.58 |
Deteriorated |
Industrial Average |
30.55 |
|
Quick Ratio |
1.00 |
|
|
|
|
Cash Conversion Cycle |
142.28 |
|
|
|
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 1.58 times in 2009, decrease from 2.86 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 lower.
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 times in 2009,
decrease from 1.52 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 143 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial Average |
1.31 |
|
Debt to Equity Ratio |
0.70 |
Impressive |
Industrial Average |
1.49 |
|
Times Interest Earned |
- |
|
Industrial Average |
124.32 |
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 stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.41 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.18 |
Deteriorated |
Industrial Average |
13,998.41 |
|
Total Assets Turnover |
1.11 |
Satisfactory |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
91.42 |
|
|
|
|
Inventory Turnover |
3.99 |
Impressive |
Industrial Average |
3.78 |
|
Receivables Conversion Period |
63.03 |
|
|
|
|
Receivables Turnover |
5.79 |
Deteriorated |
Industrial Average |
27.40 |
|
Payables Conversion Period |
12.17 |
|
|
|
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 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
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 |
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.