MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
THAI
COPPER INDUSTRIES PUBLIC
COMPANY LIMITED |
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Registered Office : |
53/78
Moo 1, Sukhumvit 66/1 Road, Bangchak, Prakanong, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0107538000576 |
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Legal Form : |
Public
Limited Company |
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Line of Business : |
Smelting
and Refining of copper cathodes and by-products. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
Status : |
Moderate |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
name
THAI COPPER INDUSTRIES PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 53/78 MOO
1, SUKHUMVIT 66/1
ROAD,
BANGCHAK, PRAKANONG,
BANGKOK
10260, THAILAND
TELEPHONE : [66]
2744-9431-5, 2812-5
FAX :
[66] 2744-9436
E-MAIL ADDRESS : info@thaicopperind.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0107538000576 [Former : BOR. MOR. JOR. 580]
CAPITAL REGISTERED : BHT. 8,005,793,040
CAPITAL PAID-UP
: BHT. 7,603,880,040
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. PRAYUTH
MAHAKIJSIRI, THAI
PRESIDENT
NO. OF
STAFF : 150
LINES OF BUSINESS : SMELTING
& REFINING OF COPPER
CONCENTRATES MANUFACTURER &
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
July 26, 1994
initially as a
private limited company
under the registered
name style THAI
COPPER INDUSTRIES CO., LTD.,
by a joint venture between
by Thai and
foreign groups. The
business objective is to
operate the copper
smelter and refinery
in Thailand, which
the management and
supports came from
P. M. Group, while
financial supports came
from Thai banks
and financial institutions. It has been
granted a promotional privilege by the
Board of Investment
[BOI]. The subject currently
employs 150 staff.
On October
31, 1995, the subject
was changed its
status to public
limited company under
the name THAI
COPPER INDUSTRIES PUBLIC
COMPANY LIMITED. In
1995, the subject
was started for
constructing the first
copper smelter and
refinery in Thailand
at the Rayong Industrial Park,
by entering into
a turnkey contract
for the design,
construction procurement of
machinery and installation of the project
with Groupe Sofresid
S.A., France and
Sofresid [Thailand] Ltd.
which are the
subsidiaries of Kvaerner, Norway.
The subject’s
registered address is
53/78 Moo 1, Sukhumvit
66/1 Rd., Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prayuth
Mahakijsiri |
[-] |
Thai |
61 |
|
Mr.
Wallop Kunanukornkul |
[x] |
Thai |
54 |
|
Mr. Manu
Liewpairoj |
|
Thai |
63 |
|
Mr. Edmon
A. Borjo |
[x] |
Swiss |
61 |
|
Mr. Wisith
Wongruamlarp |
|
Thai |
57 |
|
Mr. Prasert Uakamolsukho |
|
Thai |
45 |
|
Mrs. Suvimol
Mahakijsiri |
[-] |
Thai |
60 |
|
Mr. Chalermchai Mahakijsiri |
[x] |
Thai |
28 |
|
Mr. Krisana
Sivakriskul |
|
Thai |
66 |
|
Mr. Jean
Paul Tevorning |
[x] |
French |
66 |
|
Admiral Narong
Yuthawong |
|
Thai |
65 |
|
Mr. Adisai
Ngamchitsuksri |
[x] |
Thai |
35 |
|
Mr. Virach
Krisphol |
|
Thai |
63 |
AUTHORIZED PERSON
One of
the directors [-]
can sign or
two of the mentioned directors
[x] can jointly
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Prayuth Mahakijsiri is the President.
He is
Thai nationality with
the age of
61 years old.
Mrs.
Suvimol Mahakijsiri is the Vice
President.
She is
Thai nationality with
the age of
60 years old.
Mr.
Wallop Kunanukornkul is the Managing
Director.
He is
Thai nationality with
the age of
54 years old.
Mr.
Preecha Yongrakkiat
is the General Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
smelting and refining
of copper cathodes
and by-products such
as sulfuric acid,
anode slime, and
granulated slag. The
production has been started
in May, 2004.
PRODUCTION CAPACITY
-
Copper Cathode :
165,000 tons/year
-
Sulfuric Acid : 470,000 tons/year
PURCHASE
90% of
raw material such as copper
concentrate is imported
from oversea trading
companies in United States
of America, Belgium,
France, United Kingdom,
Australia and Chile,
copper mines are from
worldwide, while the remaining
is from local
suppliers.
MAJOR SUPPLIER
-
Applied Machinery Co., Ltd. :
Thailand
SALES
100% of
its products is
sold to domestic
market, especially electrical
wire, cable wire,
refrigerant tube and
the enamelled copper
wire industries.
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.
Import are
by L/C at sight or
T/T.
BANKING
Krung
Thai Bank Public
Co., Ltd.
[Head Office
: 35 Sukhumvit Rd., Klongtoeynua, Bangkok]
Bangkok
Bank Public Co.,
Ltd.
[Head Office
: 333 Silom Rd., Silom,
Bangkok]
TMB
Bank Public Co.,
Ltd.
[Head Office
: 3000 Phaholyothin Rd., Chompol,
Jatujak, Bangkok]
Siam
City Bank Public
Co., Ltd.
EMPLOYMENT
The subject
has currently employs
approximately 150 staff.
LOCATION DETAILS
The premise
is owned for
operating office at
the heading address.
Premise is located
in commercial/residential area.
Factory is
located at 9
Moo 8, Rayong Industrial
Park Zone 3,
Mabkha, Pattananikhom, Rayong
21180, Tel: [66] 38 968-619-20, Fax: [66] 38 968-621.
REMARK
CREDIT OF
EUR 600,000 SHOULD
BE ON SECURED BASIS.
COMMENT
The company
was set up
for a producer of copper
cathode which it
is the first of its
kind in the
country.
The
company enjoys an
advantage over imported
copper products in
terms of faster lead
tine for delivery,
secure supply and
maintain minimum stock
to TCI’s major
target customers who
are based in
Thailand.
The products
has been used in
electrical wire and
cable industry, automobile
industry and electrical
equipment industry.
At
present, demand of copper cathode uses in wiring industry have significantly
grown, local wire producers have
imported the copper from overseas which demand has been increased each year. The future prospect for such industry would
highly to the company’s benefit in the long term.
The company’s products have alleviated the
supply stress to
a certain degree
and can substitute
imported products. The
benign environment has
brightened subject’s market
prospect.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 100,000,000 divided
into 10,000,000 shares
of Bht. 10
each.
The capital
was increased and
decreased later as
followings :
Increased were
: Bht.
4,500,000,000 on August
18, 1995
Bht. 5,300,000,000 in 1997
Bht. 7,500,000,000 in 1999
Decreased was
: Bht.
3,577,060,000 in 2002
Increased were
: Bht. 6,221,356,400 in 2003
Bht. 8,005,793,040 on August 7,
2006
The latest
registered capital was
increased to Bht. 8,005,793,040 divided into 800,579,304
shares of Bht.
10 each.
MAIN SHAREHOLDERS : [as at August
8, 2006] at Bht.7,603,880,040 of
capitalization.
|
NAME |
HOLDING |
% |
|
Assets
Management Corporation of
Thailand Nationality:
Thai Address : 1193 Phaholyothin Rd., Phyathai, Bangkok 10400 |
225,145,708 |
29.61 |
|
Lakewood
Land Co., Ltd. Nationality:
Thai Address : 99
Moo 11, Bangna-Trad Rd., Bangchalong, Bangplee, Samutprakarn |
166,562,500 |
21.90 |
|
Thai
Film Industries Public
Co., Ltd. Nationality:
Thai Address : 73/3 Bangna-Trad Rd.,
Bangchalong, Bangplee, Samutprakarn |
151,898,138 |
19.98 |
|
Mrs. Suvimol Mahakijsiri Nationality:
Thai Address : 158/7
Charusmuang Rd., Rongmuang, Pathumwan, Bangkok
|
97,324,281 |
12.80 |
|
TMB
Bank Public Co.,
Ltd. Nationality:
Thai Address : 3000
Phaholyothin Rd., Jatujak,
Bangkok |
61,427,554 |
8.08 |
|
Mr.
Chalermchai Mahakijsiri Nationality:
Thai Address : 158/7 Charasmuang Rd., Rongmuang, Pathumwan, Bangkok
|
28,562,186 |
3.76 |
|
Other
Shareholders |
29,467,637 |
3.87 |
Total Shareholders
38
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Thipsuda
Chamnanvanichkul No. 3377
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Equivalent |
74,563,990 |
3,233,293 |
|
Cash at
Bank under Commitment |
34,070,989 |
128,796,040 |
|
Trade Accts.
Receivable |
42,139,714 |
29,738,666 |
|
Inventories [Note 1] |
4,746,700,736 |
3,509,680,579 |
|
Refundable Value
Added Tax |
38,101,391 |
101,507,862 |
|
Deferred Spare
Parts |
86,292,859 |
- |
|
Other Current
Assets |
44,552,667 |
84,736,232 |
|
|
|
|
|
Total
Current Assets |
5,066,422,346 |
3,857,692,672 |
|
Fixed
Assets [Note 2] |
19,334,212,375 |
20,185,412,193 |
|
Intangible Assets |
98,382,671 |
109,653,755 |
|
Other
Assets |
2,492,200 |
2,014,076 |
|
Total
Assets |
24,501,509,592 |
24,154,772,696 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
- |
14,064,402 |
|
Short-term Loan
from Bank |
5,255,718,484 |
2,957,003,382 |
|
Trade Accts.
Payable |
108,516,005 |
831,521,967 |
|
Short-term Loan
from Director &
Related Companies |
374,000,000 |
170,000,000 |
|
Current Portion
of Liabilities under
Debt Restructuring Agreement |
476,797,207 |
159,648,775 |
|
Current Portion
of Long-term Loan |
776,472,060 |
- |
|
Construction Payable |
16,180,679 |
41,567,010 |
|
Other Current
Liabilities |
227,154,804 |
294,107,370 |
|
|
|
|
|
Total Current Liabilities |
7,234,839,239 |
4,467,912,906 |
|
Liabilities under
Debt Restructuring Agreement
-
Net of Current Portion
|
6,670,913,323 |
7,147,710,530 |
|
Long-term Loan -
Net of Current Portion |
4,695,312,437 |
5,436,790,280 |
|
Total
Liabilities |
18,601,064,999 |
17,052,413,716 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
Authorized & issued share
capital 662,326,940 shares |
6,623,269,400 |
6,623,269,400 |
|
|
|
|
|
Capital Paid |
6,221,356,400 |
6,221,356,400 |
|
Share
Warrant |
397,014 |
397,014 |
|
Retained Earning Appropriated for Statutory Reserve |
105,487,000 |
105,487,000 |
|
Unappropriated [Deficit] |
[426,795,821] |
775,118,566 |
|
Total Shareholders' Equity |
5,900,444,593 |
7,102,358,980 |
|
Total Liabilities & Shareholders' Equity |
24,501,509,592 |
24,154,772,696 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
3,072,396,753 |
715,431,811 |
|
Sale of
By-products |
65,724,757 |
- |
|
Reversal of
Provision for Decrement
in Value of
Goods |
484,927,334 |
- |
|
Gain from
Foreign Exchange Rate |
- |
6,529,131 |
|
Other Income |
15,711,582 |
21,226,451 |
|
Total
Revenues |
3,638,760,426 |
743,187,393 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
3,448,757,834 |
977,569,192 |
|
Suspended Production Expenses |
557,864,815 |
- |
|
Selling &
Administration Expenses |
207,081,273 |
193,827,159 |
|
Provision in
Decrement in Value
of Goods |
- |
484,927,334 |
|
Loss on
Exchange Rate |
28,673,887 |
- |
|
Fine according
to Forward Contract |
- |
140,647,171 |
|
Total Expenses
|
4,242,377,809 |
1,796,970,856 |
|
|
|
|
|
Profit
/ [Loss] before Interest
Expenses |
[603,617,383] |
[1,053,783,463] |
|
Interest Expenses |
[598,297,004] |
[166,012,981] |
|
|
|
|
|
Net
Profit / [Loss] |
[1,201,914,387] |
[1,219,796,444] |
FINANCIAL NOTE
NOTE
1 Inventories
[Thousand Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
5,851 |
295,818 |
|
Goods in
Progress |
2,602,378 |
1,427,716 |
|
Raw Material |
1,827,681 |
714,706 |
|
Spare Parts
& Fuel |
265,077 |
170,698 |
|
Goods in Transit |
45,714 |
1,385,670 |
|
Less
: Provision for
Obsolescent Stocks |
- |
[484,927] |
|
Total |
4,746,701 |
3,509,681 |
NOTE
2 Fixed Assets
[Thousand Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Land |
454,828 |
454,828 |
|
Building
|
179,202 |
179,146 |
|
Machinery |
19,124,650 |
19,158,024 |
|
Hand Tool
& Equipment |
29,809 |
15,037 |
|
Furniture, Installation & Office Automation |
32,022 |
25,643 |
|
Vehicle |
30,229 |
28,899 |
|
Building & Machinery under Construction |
745,373 |
610,724 |
|
Less: Accumulated Depreciation |
[1,261,901] |
[286,889] |
|
|
|
|
|
Total |
19,334,212 |
20,185,412 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
329.45 |
|
|
Operating |
59.30 |
|
|
Net Profit |
1.47 |
|
|
Fixed Assets |
[4.22] |
|
|
Total Assets |
1.44 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
112.25 |
136.64 |
|
Operating Profit
Margin |
[12.25] |
[36.64] |
|
S&A expenses |
6.74 |
27.09 |
|
Interest |
19.47 |
23.20 |
|
Other Revenues |
18.43 |
3.88 |
|
Net Profit
Margin |
[39.12] |
[170.50] |
|
Earning Per
Shares |
[1.81] |
[1.96] |
|
No. of
Shares |
662,326,940 |
622,135,640 |
Net Sales was increased by 329.45%, Operating Profit was increased by 59.30%, Net Profit was increased by 1.47%, Fixed Assets was decreased by 4.22%, Total Assets was increased by 1.44%.
Compare each cost with sales, Cost of Goods Sold was decreased from 136.64% to 112.25%, Operating Profit Margin was increased from -36.64% to -12.25%, S & A Expenses were decreased from 27.09% to 6.74%, Interest Paid was decreased from 23.20% to 19.47%, Other Revenues was increased from 3.88% to 18.43%, Net Profit Margin was increased from -170.50% to -39.12%.
Earning Per Shares was increased from -1.96 baht per share to -1.81 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.70 |
0.86 |
|
Quick
- assets ratio |
0.02 |
0.04 |
Current Ratio
was decreased from
0.86 to 0.70,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.04 to
0.02, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
3.15 |
2.40 |
|
Times Interest
Earned |
[0.98] |
[2.75] |
D/E Ratio was increased from 2.40 to 3.15, show the company had fund from Loan more than fund from Equity, investment risked of the company is high and Times Interest Earned was increased from -2.75 to -0.98, capacity to pay interest paid was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
0.16 |
0.04 |
|
Total Assets
Turnover |
0.13 |
0.03 |
|
Return on
Assets |
[4.91] |
[5.05] |
|
Return on
Equity |
[20.37] |
[17.17] |
|
Day’s Payable |
11.48 |
310.47 |
|
Day’s Inventories |
502.37 |
1,310.43 |
|
Days’ Receivables |
5.01 |
15.17 |
Fixed Assets Turnover was increased from 0.04 times to 0.16 times, Total Assets Turnover was increased from 0.03 times to 0.13 times, show the company could use Assets so efficiently, and Return on Assets was increased from -5.05 to -4.91, Return on Equity was decreased from -17.17 to -20.37, capacity to use Assets to make profit was not good.
Day’s Payable was decreased from 311 days to 12 days, Day’s Inventories was decreased from 1,311 days to 503 days, and Day’s Receivables was decreased from 16 days to 6 days.
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/normal. |
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 |
|