MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BANGKOK PACIFIC STEEL
COMPANY LIMITED |
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Registered Office : |
259 Moo 11,
Soi S. Thai
Seree, Suksawad Road, , Phrasamutjaedee, Samutprakarn 10290 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
0105524010211 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importing and
distributing wide range
of steel 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
BANGKOK PACIFIC
STEEL COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 259
MOO 11, SOI
S. THAI SEREE,SUKSAWAD ROAD,
NAIKLONGBANGPLAKOD, PHRASAMUTJAEDEE,
SAMUTPRAKARN 10290, THAILAND
TELEPHONE : [66] 2425-1000
FAX : [66] 2425-8299, 2425-0111
E-MAIL ADDRESS : info@bpssteel.com, customer@bpssteel.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1971
REGISTRATION NO.
: 0105524010211 [Former : 1021/2524]
CAPITAL REGISTERED : BHT.
120,000,000
CAPITAL PAID-UP
: BHT. 120,000,000
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR. BUNCHA
KITTIRATANAVIVAT, THAI
MANAGING
DIRECTOR
NO. OF STAFF
: 300
LINES OF
BUSINESS : STEEL
SUPPLIES AND SERVICES
MANUFACTURER, IMPORTER AND DISTRIBUTOR
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 February
18, 1971 as
a private limited
company under the name
style BANGKOK PACIFIC
STEEL CO., LTD.,
by Thai groups, with the business objective
to supply and
service of steel products.
It currently employs
approximately 300 staff.
The subject’s registered
address is 259
Moo 11, Soi
S. Thaiseree 2,
Suksawad Rd., Naiklongbangplakod, Phrasamutjaedee, Samutprakarn 10290, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Buncha Kittiratanavivat |
[x] |
Thai |
59 |
|
Mr. Kavee Hassadinpaisal |
[x] |
Thai |
63 |
|
Mr. Pichit Uasakulkiat |
[x] |
Thai |
64 |
|
Mr. Manop Niramittham |
|
Thai |
48 |
|
Mr. Somchai Siri-ariyaporn |
|
Thai |
47 |
AUTHORIZED PERSON
Two of
the mentioned directors [x] can jointly sign or one of
the directors [x] can
jointly sign with
one of the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Buncha
Kittiratanavivat is
the Managing director.
He is
Thai nationality with
the age of
59 years old.
Mr. Somrith
Phaothavee is
the Sales & Marketing Manager.
He is
Thai nationality.
Mr. Sombat
Techarojvivat is
the Factory Manager.
He is
Thai nationality.
Ms. Ruanjai
Suriyaprapai is
the Export Sales
Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing wide range of
steel products, including silicon steel, cold rolled
steel, tinplate steel,
Electro galvanized steel,
aluminum steel and
etc., as well
as cutting service
with the production
capacity of 20,000
tons per month.
Subject also
provides stamping service of
metal parts for electrical
and electronic appliance
and automotive industry,
with the production
capacity of 6,000
tons per month.
PURCHASE
Raw materials
are purchased from
suppliers and agents
both local and
overseas, mainly in
Japan, Australia, Singapore,
Taiwan, Republic of
China, Germany and
India,
SALES
80% of
the products is
sold and serviced
locally by wholesale
to manufacturers and
end-users.
EXPORT
20% of
the products is exported
to Japan, Malaysia,
Taiwan and Germany.
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.
Exports age
against L/C or
T/T.
BANKING
Bangkok bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
Bank of
Ayudhya Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 300 staff.
LOCATION DETAILS
The premise is
owned for administrative office, factory and
warehouse on 48,000
square meters at
the heading address.
Premise is located
in industrial area.
Branch office [Ekamai]
3
BPS Bldg.,
3 Sukhumvit 63
Rd., Klongtonnua, Wattana,
Bangkok 10110.
Tel. 2714-2055-63, Fax. 2714-2063.
COMMENT
The subject
has been well
received as a leading
center for steel
supplies in Thailand
with service lines
including slitting and
stamping for factories
for electrical and
electronic appliances.
The subject’s business
is excellent and
in progress.
FINANCIAL INFORMATION
The capital was registered at
Bht. 4,000,000 divided
into 40,000 shares of
Bht. 100 each.
The capital was
increased later as
following:
Bht. 10,000,000 on October 24,
1983
Bht. 30,000,000 on November 8,
1989
Bht. 120,000,000 on November 10,
1997
The latest registered
capital was increased
to Bht. 120,000,000 divided
into 1,200,000 shares
of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS
[as at April 29, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Buncha Kittiratanavivat Nationality: Thai Address :
244/1 Sukhumvit 55
Rd., Klongtonnua, Wattana, Bangkok |
336,000 |
28.00 |
|
Mr. Kavee
Uasakulkiat Nationality: Thai Address :
411/1 Chakrapadpong Rd.,
Mahanark, Pomprab, Bangkok |
264,000 |
22.00 |
|
Mr. Pichit Uasakulkiat Nationality: Thai Address :
99/442 Nonsee rd.,
Chongnonsi, Yannawa, Bangkok |
144,000 |
12.00 |
|
Mrs. Yaowalak Kittiratanavivat Nationality: Thai Address :
244/1 Sukhumvit 55
Rd., Klongtonnua, Wattana, Bangkok |
120,000 |
10.00 |
|
Mr. Mana
Wongpipat Nationality: Thai Address :
45/2 Ramkhamhaeng 14
Rd., Huamark, Bangkapi, Bangkok |
60,000 |
5.00 |
|
Mrs. Suporn Kittiratanavivat Nationality: Thai Address :
443/4 Moo 4,
Pracha-uthit Rd., Rajburana, Bangkok |
48,000 |
4.00 |
|
Mrs. Sunee Kittiratanavivat Nationality: Thai Address :
383/181-182 Chakrapadpong Rd.,
Mahanark, Pomprab,
Bangkok |
48,000 |
4.00 |
|
Others |
180,000 |
15.00 |
Total
Shareholders : 16
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Paphaprot Phuprasert No. 4176
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2005 & 2004 were:
ASSETS
|
Current
Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
1,957,574 |
1,337,845 |
|
Trade Accts.
Receivable |
542,943,893 |
591,787,928 |
|
Inventories [note 1] |
1,539,487,560 |
752,803,022 |
|
Other Current
Assets |
21,230,014 |
13,507,876 |
|
|
|
|
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Total
Current Assets
|
2,105,619,041 |
1,359,436,671 |
|
Fixed Account
pledged as a
Collateral |
12,631,089 |
12,596,491 |
|
Long-term Investment |
34,850,000 |
34,850,000 |
|
Fixed Assets [note 2] |
233,735,381 |
258,822,773 |
|
Other Assets |
4,032,449 |
4,488,004 |
|
Total
Assets |
2,390,867,960 |
1,670,193,939 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
10,250,637 |
17,305,890 |
|
Short-term Loan |
40,000,000 |
- |
|
Trade Accts.
Payable - under Trust
Receipt Agreement |
1,051,035,027 |
592,987,493 |
|
Other Trade Accts.
Payable |
176,837,552 |
235,155,474 |
|
Current Portion of Long-term Loan |
29,499,600 |
17,499,600 |
|
Accrued Income
Tax |
79,339,866 |
83,527,936 |
|
Accrued Expenses |
55,368,373 |
65,720,736 |
|
Other Current
Liabilities |
24,421,611 |
35,421,464 |
|
|
|
|
|
Total Current Liabilities |
1,466,752,666 |
1,047,618,593 |
|
Long-term Loan
- Net of
Current Portion |
40,043,100 |
28,542,700 |
|
Total
Liabilities |
1,506,795,766 |
1,076,161,293 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 1,200,000 shares |
120,000,000 |
120,000,000 |
|
|
|
|
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Capital Paid |
120,000,000 |
120,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
12,000,000 |
12,000,000 |
|
Unappropriated |
752,072,194 |
462,032,646 |
|
Total Shareholders' Equity |
884,072,194 |
594,032,646 |
|
Total Liabilities & Shareholders' Equity |
2,390,867,960 |
1,670,193,939 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
2,910,910,057 |
2,583,741,259 |
|
Service Income |
128,901,710 |
121,608,056 |
|
Other Income |
23,480,374 |
23,808,956 |
|
Total
Revenues |
3,063,292,141 |
2,729,158,271 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold &
Service |
2,231,228,769 |
1,992,633,643 |
|
Selling &
Administrative Expenses |
290,940,726 |
319,513,095 |
|
Total Expenses
|
2,522,169,495 |
2,312,146,738 |
|
|
|
|
|
Profit / [Loss]
before Interest Expenses
& Income
Tax |
541,122,646 |
417,011,533 |
|
Interest Expenses |
[56,064,183] |
[23,940,812] |
|
Income Tax |
[144,618,915] |
[123,131,144] |
|
|
|
|
|
Net
Profit / [Loss] |
340,439,548 |
269,939,577 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
1,356,971,783 |
560,955,691 |
|
Goods in
Process |
5,999,011 |
5,877,882 |
|
Finished Goods |
80,738,891 |
65,909,385 |
|
Goods in
Transit |
95,777,875 |
120,060,064 |
|
Total |
1,539,487,560 |
752,803,022 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
37,577,428 |
37,577,428 |
|
Land Improvement |
6,769,986 |
6,769,986 |
|
Office &
Factory Building |
161,194,392 |
156,542,962 |
|
Machine &
Equipment |
439,776,523 |
418,216,644 |
|
Vehicle |
29,210,053 |
29,531,735 |
|
Office Equipment |
33,019,193 |
28,268,172 |
|
Assets in
Process |
9,604,090 |
6,930,620 |
|
Total |
717,151,665 |
683,837,547 |
|
Less:
Depreciation |
[483,416,284] |
[425,014,774] |
|
Total |
233,735,381 |
258,822,773 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
12.66 |
|
|
Operating |
15.18 |
|
|
Net Profit |
26.12 |
|
|
Fixed Assets |
[9.69] |
|
|
Total Assets |
43.15 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
76.65 |
77.12 |
|
Operating Profit
Margin |
18.59 |
16.14 |
|
S&A expenses |
9.99 |
12.37 |
|
Interest |
1.93 |
0.93 |
|
Other Revenues |
5.23 |
5.63 |
|
Net Profit
Margin |
11.70 |
10.45 |
|
Earning Per
Shares |
283.70 |
224.95 |
|
No. of
Shares |
1,200,000 |
1,200,000 |
Net Sales was
increased by 12.66%,
Operating Profit was
increased by 15.18%,
Net Profit was
increased by 26.12%,
Fixed Assets was
decreased by 9.69%,
Total Assets was
increased by 43.15%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
77.12% to 76.65%,
Operating Profit Margin
was increased from
16.14% to 18.59%,
S & A
Expenses were decreased
from 12.37% to
9.99%, Interest Paid
was increased from
0.93% to 1.93%,
Other Revenues was
decreased from 5.63%
to 5.23%, Net
Profit Margin was
increased from 10.45%
to 11.70%.
Earning Per
Shares was increased
from 224.95 baht
per share to
283.70 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.44 |
1.30 |
|
Quick -
assets ratio |
0.37 |
0.57 |
Current Ratio
was increased from
1.30 to 1.44,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.57 to 0.37,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.70 |
1.81 |
|
Times Interest
Earned |
9.65 |
17.42 |
D/E Ratio was
decreased from 1.81
to 1.70, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 17.42 to
9.65, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
12.45 |
9.98 |
|
Total Assets
Turnover |
1.22 |
1.55 |
|
Return on
Assets |
14.24 |
16.16 |
|
Return on
Equity |
38.51 |
45.44 |
|
Day’s Payable |
21.87 |
32.76 |
|
Day’s Inventories |
190.39 |
104.89 |
|
Days’ Receivables |
67.12 |
82.46 |
Fixed Assets Turnover
was increased from
9.98 times to
12.45 times, Total
Assets Turnover was
decreased from 1.55
times to 1.22
times, show the
company could use
Fixed Assets so
efficiently, and Return
on Assets was
decreased from 16.16
to 14.24, Return
on Equity was
decreased from 45.44
to 38.51, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
33 days to
22 days, while
Day’s Inventories was
increased from 105
days to 191 days, but Day’s
Receivables was decreased
from 83 days
to 68 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 |
|
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%)