MIRA
INFORM REPORT
|
Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
MFC CO., LTD |
|
|
|
|
Registered Office : |
1
Siam Cement Road,
Bangsue, Bangkok 10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.12.1993 |
|
|
|
|
Com. Reg. No.: |
0105536140387 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor
& exporter of melamine compound
for household melamine wares |
|
|
|
|
No. of Employees : |
250 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With financials |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
COMPANY NAME
THAI MFC CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK 10800, THAILAND
TELEPHONE : [66] 2586-3881-4,
2586-3895
FAX :
[66] 2586-4878
E-MAIL ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536140387 [Former : [1] 2743/2536]
TAX
ID NO. : 3011364444
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI :
90%
JAPANESE : 10%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YUTHANA JIAMTRAKARN,
THAI
MANAGING DIRECTOR AND
ACTING FACTORY
MANAGER
NO.
OF STAFF : 250
LINES
OF BUSINESS : MELAMINE COMPOUND
FOR HOUSEHOLD
MELAMINE WARES
MANUFACTURER,
DISTRIBUTOR & EXPORTER
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 December 16,
1993 as a
private limited company under
the name style
THAI MFC CO., LTD.,
by Thai and
Japanese groups, in
order to manufacture
and distribute melamine compound, the
main raw material
in production of
household melamine wares.
It currently employs
approximate 250 staff.
The
major shareholders are
Sri Thai Superware
Public Co., Ltd., SCG
Chemicals Co., Ltd., Nippon
Carbide Industries Co.,
Inc., and Nomura
Trading Co., Ltd., which
are holding around
45%, 45%, 7% and 3%
of the subject’s shares
respectively.
At
present, the subject
is the Thailand’s
largest manufacturer of
melamine compound, and
also achieved the certificate ISO 9002
quality management and
ISO 14001 environmental management
standards by SGS
on October 3, 2002.
The
subject’s registered address
is 1 Siam
Cement Rd., Bangsue,
Bangkok 10800, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yuthana Jiamtrakarn |
|
Thai |
48 |
|
Mr. Cholanath Yarnaranop |
|
Thai |
52 |
|
Mr. Chatri Eiamsopana |
|
Thai |
39 |
|
Mr. Masataka Nakamura |
|
Japanese |
50 |
|
Mr. Sanan Ang-ubonkul |
|
Thai |
66 |
|
Mr. Manit Adivanichayapong |
|
Thai |
67 |
|
Mr. Prin Pholnivas |
|
Thai |
56 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yuthana Jiamtrakarn is
the Managing Director & Acting
Factory Manager.
He is Thai
nationality with the
age of 48
years old.
Mr. Thawatchai La-ongchan is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of
melamine compound and
related products such as
glazing powder, white
coating, foil powder
and etc., for
household melamine wares
industry. The advanced
machinery and production
technology are supplied from
Nippon Carbide Industries
Co., Inc., Japan.
MAJOR BRANDS
“THAI MFC” & “THAILAMINE”
PRODUCTION
Approximately 16,000 tons
per annum
PURCHASE
80% of raw
materials are purchased
from local suppliers,
and the remaining
20% as well
as machinery and
spare parts are
imported from Japan,
Republic of China,
Taiwan and Germany.
MAJOR SUPPLIERS
Nippon
Carbide Industries Co., Inc. : Japan
Nomura
Trading Co., Ltd. : Japan
SCG
Chemicals Co., Ltd. : Thailand
SALES
70% of the
products is sold
locally by wholesale
to end-users, and
the remaining 30%
is exported to
Taiwan, Singapore, Malaysia,
Indonesia, Vietnam, Philippines,
India, Republic of
China, Australia and
Japan.
MAJOR CUSTOMER
Sri Thai Superware
Public Co., Ltd. :
Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary or
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok]
EMPLOYMENT
The
subject employs approximately 250
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
and warehouse are located
at 10 I-1
Rd., Maptaphud Industrial
Estate, Muang, Rayong
21150. Tel [66] 38
683-054, 684-241. Fax. [66]
38 684-250.
COMMENT
THAI MFC Co., Ltd., is the melamine moulding powder
manufacturer, producing melamine Formaldehyde Compound and other related products for making
Melamine Tableware. The product is under
the brand name of THAILAMINE. It is
also ISO 9002, 14000 certified.
And as a result of its
trustworthy quality and thoughtful services, it has
won widespread acclaim from customers both in Thailand (Srithai
Superware Plc.), the country’s leading in
manufacturing of melamine
household products, and international.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sri Thai Superware
Public Co., Ltd. Nationality: Thai Address : 355
Moo 4, Suksawad Rd.,
Bangpakok,
Rajburana, Bangkok |
900,000 |
45.00 |
|
SCG Chemicals Co., Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
899,993 |
45.00 |
|
Nippon Carbide Industries
Co., Inc. Nationality: Japanese Address : Tokyo,
Japan |
140,000 |
7.00 |
|
Nomura Trading Co., Ltd. Nationality: Japanese Address : Tokyo,
Japan |
60,000 |
3.00 |
|
Mr. Cholanath Yarnaranop Nationality: Thai Address : 69/31
Moo 1, Taladkwan,
Muang, Nonthaburi |
5 |
- |
|
Mr. Preeda Watcharathiensakul Nationality: Thai Address : 5/76
Moo 3, Nernphra, Muang,
Rayong |
1 |
- |
|
Mr. Paitoon Naiyachit Nationality: Thai Address : 61
Moo 5, Bankhum, Bangban,
Ayuthaya |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 20,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
1,800,000 |
90.00 |
|
Foreign - Japanese |
2 |
200,000 |
10.00 |
|
Total |
7 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Kingmontri No.
3977
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
35,105,797 |
64,102,071 |
|
Trade Accounts & Other Receivable |
149,337,877 |
168,781,529 |
|
Inventories |
138,945,796 |
127,705,531 |
|
Refundable Value Added Tax
|
8,559,486 |
464,063 |
|
Other Current Assets
|
2,718,454 |
3,547,648 |
|
|
|
|
|
Total Current Assets
|
334,667,410 |
364,600,842 |
|
|
|
|
|
Fixed Assets |
81,179,650 |
70,845,392 |
|
Intangible Assets |
4,032,580 |
2,901,317 |
|
Deferred Income Tax Assets |
1,031,823 |
- |
|
Other Non-current Assets |
1,182,606 |
1,860,101 |
|
Total Assets |
422,094,069 |
440,207,652 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
59,960,796 |
84,169,692 |
|
Accrued Income Tax |
701,826 |
4,016,046 |
|
Other Current Liabilities |
237,687 |
197,566 |
|
|
|
|
|
Total Current Liabilities |
60,900,309 |
88,383,304 |
|
|
|
|
|
Estimated Liabilities for
Employee’s Benefit |
4,738,368 |
- |
|
Total Liabilities |
65,638,677 |
88,383,304 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000 |
200,000,000 |
|
|
|
|
|
Capital Paid |
200,000,000 |
200,000,000 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
20,000,000 |
20,000,000 |
|
Unappropriated |
136,455,392 |
131,824,348 |
|
Total Shareholders' Equity |
356,455,392 |
351,824,348 |
|
Total Liabilities & Shareholders' Equity |
422,094,069 |
440,207,652 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
721,463,977 |
683,154,047 |
|
Gain on Exchange Rate |
2,539,918 |
1,785,329 |
|
Other Income |
3,107,548 |
1,681,036 |
|
Total Revenues |
727,111,443 |
686,620,412 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
642,901,496 |
601,089,083 |
|
Selling Expenses |
10,312,532 |
9,966,823 |
|
Administrative Expenses |
46,862,857 |
43,105,943 |
|
Total Expenses |
700,076,885 |
654,161,849 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
27,034,558 |
32,458,563 |
|
Financial Costs |
[888,824] |
[11,568] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
26,145,734 |
32,446,995 |
|
Income Tax |
[8,347,705] |
[9,819,901] |
|
Net Profit / [Loss] |
17,798,029 |
22,627,094 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.50 |
4.13 |
|
QUICK RATIO |
TIMES |
3.03 |
2.63 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.89 |
9.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.71 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
78.88 |
77.55 |
|
INVENTORY TURNOVER |
TIMES |
4.63 |
4.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.55 |
90.18 |
|
RECEIVABLES TURNOVER |
TIMES |
4.83 |
4.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.04 |
51.11 |
|
CASH CONVERSION CYCLE |
DAYS |
120.40 |
116.61 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.11 |
87.99 |
|
SELLING & ADMINISTRATION |
% |
7.92 |
7.77 |
|
INTEREST |
% |
0.12 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
11.67 |
12.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.75 |
4.75 |
|
NET PROFIT MARGIN |
% |
2.47 |
3.31 |
|
RETURN ON EQUITY |
% |
4.99 |
6.43 |
|
RETURN ON ASSET |
% |
4.22 |
5.14 |
|
EARNING PER SHARE |
BAHT |
8.90 |
11.31 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
30.42 |
2,805.89 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.61 |
|
|
OPERATING PROFIT |
% |
(16.71) |
|
|
NET PROFIT |
% |
(21.34) |
|
|
FIXED ASSETS |
% |
14.59 |
|
|
TOTAL ASSETS |
% |
(4.11) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.67 |
Acceptable |
Industrial Average |
21.03 |
|
Net Profit Margin |
2.47 |
Acceptable |
Industrial Average |
4.29 |
|
Return on Assets |
4.22 |
Satisfactory |
Industrial Average |
5.61 |
|
Return on Equity |
4.99 |
Deteriorated |
Industrial Average |
11.26 |
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 11.67%. When compared with
the industry average, the ratio of the company was lower, 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 2.47%.
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 4.22%.
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 4.99%.
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 |
5.50 |
Impressive |
Industrial Average |
1.96 |
|
Quick Ratio |
3.03 |
|
|
|
|
Cash Conversion Cycle |
120.40 |
|
|
|
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 5.5 times in 2011, increased from 4.13 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 3.03 times in 2011,
increased from 2.63 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 121 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial Average |
0.33 |
|
Debt to Equity Ratio |
0.18 |
Impressive |
Industrial Average |
0.52 |
|
Times Interest Earned |
30.42 |
Impressive |
Industrial Average |
8.97 |
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 30.42 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 0.16 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 |
8.89 |
Impressive |
Industrial Average |
2.59 |
|
Total Assets Turnover |
1.71 |
Impressive |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
78.88 |
|
|
|
|
Inventory Turnover |
4.63 |
Satisfactory |
Industrial Average |
4.66 |
|
Receivables Conversion Period |
75.55 |
|
|
|
|
Receivables Turnover |
4.83 |
Satisfactory |
Industrial Average |
5.35 |
|
Payables Conversion Period |
34.04 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.