MIRA
INFORM REPORT
|
Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI METALS SMELTING INDUSTRY CO., LTD. |
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Registered Office : |
99/82
Moo 10, Petchkasem Road, Bangkae, Bangkok 10160 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532093741 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing of lead smelting
for car battery
production. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
name
THAI METALS SMELTING INDUSTRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99/82 MOO 10, PETCHKASEM
ROAD,
BANGKAE, BANGKOK
10160
TELEPHONE : [66] 2894-4742
FAX : [66] 2894-2243
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532093741 [Former : 9374/2532]
CAPITAL
REGISTERED : BHT. 40,000,000
CAPITAL
PAID-UP : BHT. 40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. BOONSONG KERATITHAMSOPHON, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 90
LINES OF
BUSINESS : LEAD
SMELTING FACTORY
MANUFACTURER AND
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 October 3,
1989 as a
private limited company under the name style
THAI METALS SMELTING
INDUSTRY CO., LTD.,
by Thai groups, with the business objective
to manufacture lead
smelting service for
car battery. It
currently employs approximately 90 staff.
The
subject achieved the
standard ISO 9001 : 2000 certification by AJA, on
December 9, 2004.
The
subject’s registered address
is 99/82 Moo 10,
Petchkasem Rd., Bangkae,
Bangkok 10160, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Boonsong Keratithamsophon |
|
Thai |
52 |
|
Mrs. Kanchana Suwansiriporn |
|
Thai |
56 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Boonsong
Keratithamsophon is the
Managing Director.
He is Thai nationality with
the age of
52 years old.
Mrs. Kanchana
Suwansiriporn is the
General Manager.
She is Thai nationality with
the age of
56 years old.
Mr. Thanakorn
Keratithamsophon is the
Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of lead smelting
for car battery
production.
PRODUCTION
12,000 tons per
annum
PURCHASE
Most of raw
materials, mainly as
lead from used
battery and chemical
are purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 90 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 164
Moo 4, Huayphai-Namphu Rd., Huayphai,
Muang, Kanchanaburi 70000,
Tel. : [66] 32 229-462,
Fax. : [66] 32
229-463.
REMARK
Number of employees
has been dropped
50% due to
the subject has
been cut off
the temporary and
over time workers.
However, its production
remains unchanged.
COMMENT
The subject’s sales and services remain healthy from steady demand by its customers. Business trend is continue growing with its services and well performing in the industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into
30,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 9,000,000 on March 3,
1992
Bht. 40,000,000 on October 2,
2002
The
latest registered capital
was increased to
Bht. 40,000,000 divided into
400,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
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Mrs.
Kanchana Suwansiriporn Nationality: Thai Address : 105/184
Moo 4, Bangbon,
Bangkok |
188,334 |
47.08 |
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Mr.
Boonsong Keratithamsophon Nationality: Thai Address : 164
Moo 4, Huayphai-namphu Rd.,
Huayphai, Muang, Ratchaburi |
147,002 |
36.74 |
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Mr. Sivapol Saelim Nationality: Thai Address : 99/5
Moo 5, Samaedam,
Bangkhunthien, Bangkok |
13,333 |
3.33 |
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Ms. Chitra Runghataitham Nationality: Thai Address : 374/2
Petchkasem Rd., Nahmuang,
Muang, Ratchaburi |
12,000 |
3.00 |
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Ms. Sumalee Runghataitham Nationality: Thai Address : 79/3
Likitsongkram Rd., Taladnua,
Muang, Phuket |
10,999 |
2.75 |
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Ms. Nilit Saelim Nationality: Thai Address : 19/48
Moo 3, Petchkasem
Rd., Bangkae,
Pasicharoen, Bangkok |
10,000 |
2.50 |
|
Ms.
Sunantha Runghataitham Nationality: Thai Address : 374/2
Petchkasem Rd., Nahmuang,
Muang, Ratchaburi |
9,999 |
2.50 |
|
Ms. Maneerat Saelim Nationality: Thai Address : 19/48
Moo 3, Petchkasem Rd., Bangkae,
Pasicharoen, Bangkok |
8,333 |
2.10 |
Total Shareholders
8
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Puangphen Sriyakorn No.
0622
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand |
236,772.68 |
252,296.42 |
|
Short-term Investment |
481,000.00 |
481,000.00 |
|
Trade Accts. Receivable |
96,020,630.39 |
59,586,766.15 |
|
Inventories |
45,037,891.53 |
27,018,404.82 |
|
Goods in Transit |
2,432,009.41 |
- |
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Other Current Assets
|
124,553.15 |
289,127.05 |
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Total Current
Assets |
144,332,857.16 |
87,627,594.44 |
|
Fixed Assets |
68,617,166.00 |
78,138,271.59 |
|
Other Assets |
194,603.82 |
- |
|
Total Assets |
213,144,626.98 |
165,765,866.03 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
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|
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Bank Overdraft &
Short-term Loan from Bank |
24,696,649.76 |
24,814,437.60 |
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Trade Accts. Payable |
10,445,687.11 |
11,907,415.99 |
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Current Portion of
Long-term Loan |
42,146,363.74 |
24,087,339.04 |
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Other Current Liabilities |
22,171,932.82 |
7,141,473.17 |
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Total Current
Liabilities |
99,460,633.43 |
67,950,665.80 |
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Long-term Loan from
Related Person |
84,300,000.00 |
77,200,000.00 |
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Total Liabilities |
183,760,633.43 |
145,150,665.80 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
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Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Unappropriated |
[10,616,006.45] |
[19,384,799.77] |
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Total
Shareholders' Equity |
29,383,993.55 |
20,615,200.23 |
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Total
Liabilities & Shareholders' Equity |
213,144,626.98 |
165,765,866.03 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
320,605,499.49 |
225,363,002.10 |
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Gain on Exchange
Rate |
622,059.78 |
- |
|
Other Income |
11,854.99 |
5,668.38 |
|
Total Revenues
|
321,239,414.26 |
225,368,670.48 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
289,485,057.53 |
202,501,480.85 |
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Selling & Administrative Expenses |
9,144,242.27 |
8,415,699.07 |
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Depreciation of Assets
Value & Machinery |
9,592,935.73 |
9,419,414.62 |
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Total Expenses |
308,222,235.53 |
220,336,594.54 |
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Profit / [Loss] before
Interest Expenses |
13,017,178.73 |
5,032,075.94 |
|
Interest Expenses |
[4,248,385.41] |
[3,743,565.48] |
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Net Profit / [Loss] |
8,768,793.32 |
1,288,510.46 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
42.26 |
|
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Operating Profit |
9.98 |
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Net Profit |
580.54 |
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Fixed Assets |
[12.18] |
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Total Assets |
28.58 |
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Profitability |
|
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Cost of Good
Sold |
90.29 |
89.86 |
|
Operating Profit Margin |
7.05 |
6.41 |
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S & A
Expenses |
2.85 |
3.73 |
|
Interest Paid |
1.33 |
1.66 |
|
Other Revenues |
0.20 |
0.00 |
|
Net Profit Margin |
2.74 |
0.57 |
|
Earning Per Shares |
21.92 |
3.22 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was
increased by 42.26%,
Operating Profit was
increased by 9.98%,
Net Profit was
increased by 580.54%,
Fixed Assets was
decreased by 12.18%,
Total Assets was
increased by 28.58%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.86%
to 90.29%, Operating
Profit Margin was
increased from 6.41%
to 7.05%, S
& A Expenses
was decreased from
3.73% to 2.85%,
Interest Paid was decreased
from 1.66% to
1.33%, Other Revenues
was increased from
0.00% to 0.20%,
Net Profit Margin
was increased from
0.57% to 2.74%.
Earning Per Shares
was increased from
3.22 baht per
share to 21.92
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.45 |
1.29 |
|
Quick-Assets Ratio |
0.97 |
0.89 |
Current Ratio was
increased from 1.29
to 1.45, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.89 to 0.97,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
6.25 |
7.04 |
|
Times Interest Earned |
5.32 |
3.86 |
D/E Ratio was
decreased from 7.04
to 6.25, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
3.86 to 5.32,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.67 |
2.88 |
|
Total Assets Turnover |
1.50 |
1.36 |
|
Return on Assets |
4.11 |
0.78 |
|
Return on Equity |
29.84 |
6.25 |
|
Day's Payable |
11.73 |
19.02 |
|
Day’s Inventories |
50.57 |
43.16 |
|
Day’s Receivables |
107.82 |
95.19 |
Fixed Assets Turnover
was increased from
2.88 times to
4.67 times, Total
Assets Turnover was
increased from 1.36
times to 1.50
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.78 to 4.11,
Return on Equity
was increased from
6.25 to 29.84,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 20
days to 12
days, while Day’s
Inventories was increased
from 44 days
to 51 days, and Day’s
Receivables was increased
from 96 days
to 108 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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)