MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM STEEL SYNDICATE PUBLIC COMPANY LIMITED |
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Registered Office : |
31st Floor,
Italian-Thai Building,
2034/132 New Petchburi
Road, Bangkapi, Huaykwang, Bangkok
10320 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
0107550000181 |
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Legal Form : |
Public Limited Company |
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|
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Line of Business : |
Engaged in manufacturing and distributing wide
range of steels
and related 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 |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
No Complaints |
name
SIAM STEEL SYNDICATE PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 31st FLOOR,
ITALIAN-THAI BUILDING,
2034/132 NEW
PETCHBURI ROAD, BANGKAPI,
HUAYKWANG, BANGKOK
10320, THAILAND
TELEPHONE : [66] 2716-1586-90
FAX : [66] 2703-5152,
2388-0172
E-MAIL ADDRESS : sss.hrm@gmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO.
: 0107550000181 [Former : 0105527041231]
CAPITAL
REGISTERED : BHT. 672,427,210
CAPITAL
PAID-UP : BHT. 592,427,210
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR. VISUTH JIRATHIYUT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 550
LINES OF
BUSINESS : STEEL PIPES AND RELATED
PRODUCTS
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 November 20,
1984 as a
private limited company under the registered name
“Siam Steel Syndicate Co.,
Ltd.,” by Thai
groups. On November
26, 2007, subject
became to be public
company, under the
name SIAM STEEL
SYNDICATE PUBLIC COMPANY
LIMITED. The subject’s
business objective is
to manufacture wide
range of steel
pipe products. It
currently employs approximately 550 staff.
The
subject’s registered address
is 2034/132 Italian-Thai Building, New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok 10320, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Visuth Jirathiyut |
[x] |
Thai |
55 |
|
Mr. Charat Charoensap |
[x] |
Thai |
53 |
|
Mr. Tawee Limpongphan |
[x] |
Thai |
56 |
|
Mr. Boonlam Sripichai |
[x] |
Thai |
58 |
|
Mrs. Bhilaichit Rerngpithaya |
[x] |
Thai |
58 |
|
Mr. Chartchai Chutima |
[x] |
Thai |
47 |
|
Mr. Prakarn Thavisuwan |
|
Thai |
60 |
|
Mr. Pinyo Meechamna |
|
Thai |
52 |
|
Mrs. Sallaya Jaruchinda |
|
Thai |
53 |
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Visuth Jirathiyut
is the Managing Director.
He is Thai nationality with
the age of
55 years old.
Mrs. Bhilaichit Rerngpithaya is
the Executive Director.
She is Thai nationality with
the age of 58
years old.
Mr. Preecha Buranawattana is
the Marketing Manager.
He is Thai nationality.
Mr. Boonlam Sripichet
is the General Manager.
He is Thai nationality.
Mr. Rongroj Sajawongcharoen is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing wide
range of steels
and related products,
including round bar,
deformed bar, steel
wire rod, rectangular
tube, round pipes,
square tubes and
etc., under its
owned brand name
“SSS”.
PURCHASE
80% of raw material is
purchased from local
supplier, the remaining
20% is imported from India
and Republic of
China.
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturer and end-users.
MAJOR CUSTOMER
Italian Thai Development
Public Company Limited
SUBSIDIARY AND
AFFILIATED COMPANIES
Asia Steel Products
Co., Ltd.
Thai Nippon Steel Co.,
Ltd.
Bangkok Steel Wire
Co., Ltd.
LITIGATION
Bankruptcy and Receivership
On June 24,
2002, the Central
Bankruptcy Court has
ordered the company
to rehabilitate its
organization. On July
9, 2003, the
Court has approved
the company’s rehabilitation plan and appointed
SSS Planner Co.,
Ltd., as the
Plan Administer. However,
the plan was
operated completely in
2005.
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 30-60-90 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.
BANKING
Bangkok Bank
Public Co., Ltd.
[Silom Branch, Silom Rd.,
Suriyawongse, Bangrak, Bangkok]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office, 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok]
Bank of
Ayudhya Public Co.,
Ltd.
[Sukhumvit Branch,
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok]
Kasikornbank Public
Co., Ltd.
[Head Office 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok]
EMPLOYMENT
The
subject employs approximately 550 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factories
are located at:
-
211 Moo 6,
Taiban Rd., Taiban,
Muang, Samutprakarn province.
Tel
: [66] 2395-4140
-
1154/1 Soi Raj-uthit,
Sathupradit Rd., Yannawa,
Bangkok 10120.
Tel
: [66] 2388-0172
COMMENT
Strong growth in various industries has risen the subject’s sales in the
previous year and also continued through this year.
The subject’s variety and quality products are always been monitoring to
keep its customers satisfaction and competitiveness to other rivals in the same
line of business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 1,000,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 120,000,000
on December 26,
1989
Bht. 300,000,000
on December 22,
1992
Bht. 400,000,000
on August 18,
1994
Bht. 500,000,000
on December 25,
1995
The
latest registered capital
was increased to
Bht. 672,427,210 divided into
67,242,721 shares of
Bht. 10 each
MAIN SHAREHOLDERS : [as
at November
14, 2007] at Bht.
592,427,210 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Premchai Karnasuta Nationality: Thai Address : 12/3
Soi Soonvijai 3,
Bangkapi,
Huaykwang, Bangkok |
23,253,193 |
39.25 |
|
Mr.
Yuthachai Jaranajit Nationality: Thai Address : 10
New Petchaburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
8,366,330 |
14.12 |
|
Ms.
Valaithip Jaranajit Nationality: Thai Address : 10
New Petchaburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
8,366,327 |
14.12 |
|
Ms.
Chitraphan Jaranajit Nationality: Thai Address : 10
New Petchaburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
8,366,327 |
14.12 |
|
Mr. Jariya Wongthuaythong Nationality: Thai Address : 94/2
Phahoyothin Rd., Samsennai,
Phyathai, Bangkok |
2,260,971 |
3.82 |
|
Master Thoranis
Karnasuta Nationality: Thai Address : 847
Petchburi Rd., Thanon
Phyathai, Phyathai, Bangkok |
2,179,803 |
3.68 |
|
Mr. Piti Karnasuta Nationality: Thai Address : 847
Petchburi Rd., Thanon
Phyathai,
Phyathai, Bangkok |
1,272,064 |
2.15 |
|
Ms.
Prachaya Karnasuta Nationality: Thai Address : 847
Petchburi Rd., Thanon
Phyathai,
Phyathai, Bangkok |
1,272,064 |
2.15 |
|
Others |
3,905,642 |
6.59 |
Total Shareholders
28
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chayapol Supasethanand No. 3972
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
365,639,068 |
360,275,993 |
|
Trade Accts. Receivable - Other Company |
413,840,101 |
124,134,985 |
|
- Related Company |
45,161,407 |
107,343,155 |
|
Foreclosed Assets Receivable - Related Company |
146,876,000 |
- |
|
Inventories |
341,767,331 |
649,134,721 |
|
Other Current Assets
|
18,119,615 |
13,563,810 |
|
|
|
|
|
Total Current
Assets |
1,331,403,522 |
1,254,452,664 |
|
Cash at Bank
pledged as a
Collateral |
15,959,176 |
32,782,992 |
|
Long-term Investment |
101,700,606 |
72,337,500 |
|
Fixed Assets |
531,628,264 |
500,245,755 |
|
Intangible Assets |
1,296,440 |
952,200 |
|
Foreclosed Assets |
- |
15,846,000 |
|
Other Assets |
783,900 |
807,900 |
|
Total Assets |
1,982,771,908 |
1,877,425,011 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable
- Other Company |
101,797,015 |
97,378,741 |
|
- Related Company |
16,433,326 |
7,841,883 |
|
Current Portion of Long-term
Loan |
74,000,000 |
74,000,000 |
|
Accrued Income Tax |
51,310,633 |
49,115,189 |
|
Accrued Expenses |
73,377,350 |
68,006,787 |
|
Other Current Liabilities |
1,655,864 |
1,358,059 |
|
|
|
|
|
Total Current
Liabilities |
318,574,188 |
297,700,659 |
|
Long-term Loan -
Net of Current
Portion |
203,500,000 |
277,500,000 |
|
Total Liabilities |
522,074,188 |
575,200,659 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 47,238,120 shares |
472,381,200 |
472,381,200 |
|
|
|
|
|
Capital Paid |
472,381,200 |
472,381,200 |
|
Retained Earning Appropriated for
Statutory Reserve
|
41,492,158 |
- |
|
Unappropriated |
946,824,362 |
829,843,152 |
|
Total
Shareholders' Equity |
1,460,697,720 |
1,302,224,352 |
|
Total
Liabilities & Shareholders' Equity |
1,982,771,908 |
1,877,425,011 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
2,675,337,132 |
2,190,518,133 |
|
Gain on Disposal
of Foreclosed Assets |
130,706,481 |
- |
|
Decrement in Liabilities from Early Repayment under
Rehabilitation Plan |
- |
186,763,674 |
|
Other Income |
14,229,249 |
18,717,894 |
|
Reversal of Provision
for Decrement of Investment |
- |
7,974,687 |
|
Reversal of Provision
for Doubtful Debt |
4,160,282 |
397,175 |
|
Total Revenues
|
2,824,433,144 |
2,404,371,563 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,434,849,083 |
1,911,396,446 |
|
Selling & Administrative Expenses |
38,307,725 |
37,028,711 |
|
Total Expenses |
2,473,156,808 |
1,948,425,157 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
351,276,336 |
455,946,406 |
|
Interest Expenses |
[23,446,976] |
[6,699,324] |
|
Income Tax |
[96,609,287] |
[66,416,321] |
|
|
|
|
|
Net Profit / [Loss] |
231,220,073 |
382,830,761 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
22.13 |
|
|
Operating Profit |
[36.92] |
|
|
Net Profit |
[39.60] |
|
|
Fixed Assets |
6.27 |
|
|
Total Assets |
5.61 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.01 |
87.26 |
|
Operating Profit Margin |
13.13 |
20.81 |
|
S & A
Expenses |
1.43 |
1.69 |
|
Interest Paid |
0.88 |
0.31 |
|
Other Revenues |
5.57 |
9.76 |
|
Net Profit Margin |
8.64 |
17.48 |
|
Earning Per Shares |
4.89 |
8.10 |
|
No. of Shares |
47,238,120 |
47,238,120 |
Net Sales was increased by 22.13%, Operating Profit was decreased by 36.92%, Net Profit was decreased by 39.60%, Fixed Assets was increased by 6.27%, Total Assets was increased by 5.61%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.26%
to 91.01%, Operating
Profit Margin was
decreased from 20.81%
to 13.13%, S
& A Expenses
was decreased from
1.69% to 1.43%,
Interest Paid was increased
from 0.31% to
0.88%, Other Revenues
was decreased from
9.76% to 5.57%,
Net Profit Margin
was decreased from
17.48% to 8.64%.
Earning Per Shares
was decreased from
8.10 baht per
share to 4.89
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
4.18 |
4.21 |
|
Quick-Assets Ratio |
3.05 |
1.99 |
Current Ratio was
decreased from 4.21
to 4.18, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.99 to 3.05,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.36 |
0.44 |
|
Times Interest Earned |
14.98 |
68.06 |
D/E Ratio was
decreased from 0.44
to 0.36, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
68.06 to 14.98,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
5.03 |
4.38 |
|
Total Assets Turnover |
1.35 |
1.17 |
|
Return on Assets |
11.66 |
20.39 |
|
Return on Equity |
15.83 |
29.40 |
|
Day's Payable |
13.70 |
16.00 |
|
Day’s Inventories |
45.99 |
106.68 |
|
Day’s Receivables |
55.69 |
20.40 |
Fixed Assets Turnover
was increased from
4.38 times to
5.03 times, Total
Assets Turnover was
increased from 1.17
times to 1.35
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
20.39 to 11.66,
Return on Equity
was decreased from
29.40 to 15.83,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 17
days to 14
days, and Day’s
Inventories was decreased
from 107 days
to 46 days, while Day’s
Receivables was increased
from 21 days
to 56 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 |
|
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%)