MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SCT CO., LTD. |
|
|
|
|
Registered Office : |
1
Siam Cement Road,
Bangsue, Bangkok 10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1962 |
|
|
|
|
Com. Reg. No.: |
0105505000494 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
International trading company
for importing and
exporting a variety
of products from
Siam Cement Group
of companies. |
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
SCT CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK 10800, THAILAND
TELEPHONE : [66] 2586-3333,
2586-4444, 2586-4394
FAX : [66] 2587-2145
E-MAIL ADDRESS : webmaster@scttrading.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1962
REGISTRATION NO.
: 0105505000494 [Former : 66/2505]
CAPITAL
REGISTERED : BHT. 400,000,000
CAPITAL
PAID-UP : BHT. 400,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
KALINT SARASIN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 268
LINES OF
BUSINESS : INTERNATIONAL TRADING COMPANY
IMPORTER, 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
initially formed on
March 23, 1962
as a private limited company
under the registered name
“CONSTRUCTION MATERIAL MARKETING
CO., LTD.” by a
joint venture between Siam Cement Public Co., Ltd.
and The Thai Commercial Bankers
to operate in
a trading company
in Thailand.
Later, the subject
become a wholly owned of the Siam Cement Group, then subject
was changed its name
to THE SIAM CEMENT TRADING CO., LTD. on October 14, 1964.
On October 12,
1978 the subject’s
name was changed
again to SCT
CO., LTD.
In 1998, subject
was awarded the
Prime Minister’s Export
Award as the
Best Exporter.
SCT launched several
Thai products in
the world market,
including construction materials.
Later SCT refocused
its business and
specialized in industrial
products. At present, SCT
handles products manufactured by the Siam
Cement Group and
other Thai companies.
SCT was the
first international trading
company in Thailand
to receive the TIS/ ISO 9002 certification for
quality assurance production. It currently employs
268 staff.
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. Rungroj Rangsiyopas |
Thai |
44 |
|
Mr. Pichit Maipoom |
Thai |
51 |
|
Mr. Kajorndej Saengsuphan |
Thai |
54 |
|
Mr. Kalint Sarasin |
Thai |
46 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kalint
Sarasin is the Managing Director.
He is Thai nationality with
the age of
46 years old.
Mr. Somwang
Virachsilp is the Business
Division Manager.
He is Thai nationality.
Mr. Akarapol
Decharak is the Cement Business
Division Manager.
He is Thai nationality.
Mr. Nithi
Patarachoke is the Overseas Manager.
He is Thai nationality.
Mr. Sarayuth
Saengchan is the Finance &
Administration Manager.
He is Thai nationality.
Ms. Terdsak
Yuthanavaraporn is the
Personal Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is an international
trading company for
importing and exporting a variety of
products from Siam
Cement Group of
companies. Its products
are divided into
13 departments as
follows:
- Aluminium Products
- Cement and
Refractory
- Construction Material
- Decorative Building Materials
- Food Products
- Foundry Products and Industrial Components
- Industrial Mineral
- Raw Materials and Mill Supplies
- Paint Products
- Plastic and
Chemical Products
- Pulp and
Paper Products
- Steel Products
- Tapiocas &
Modified Starch
The subject also
provides financial consultation service the followings
to foreign manufacturers, such as:
1. The following
recommendation and international transaction service to
foreign manufacturers, such as
-
Documentary Letter of
Credit
-
Documentary Bill for
Collection
-
Open Account
-
Cash in Advance/
Cash on Delivery
-
Consignment
2. The following
recommendation a service
in export-import financial
Export:
Pre shipment
export financing; service
in request for
packing credit from
financial
institution and
the export-import bank
of Thailand.
Import:
Financing such
as, trust receipts
and shipping guarantee
in the case where there
is
no bill of lading
and the imported
goods must leave
the port of
destination before
payment is
made.
3. Providing recommendation and service in
Managing foreign exchange
rate risks, via
methods such
as, hedging forward
contract swap or
netting, etc.
IMPORT [COUNTRIES]
Its products are
imported from United
States of America,
Australia, European and
Asian countries.
SALES [LOCAL]
Its products are
sold to manufacturers, wholesalers,
end-users and Thai Government.
EXPORT [COUNTRIES]
The major export
products are food
products & construction materials. Its products
are exported to
Indonesia, Singapore, Hong
Kong, Laos, U.A.E.,
Bangladesh, United States of
America, Vietnam, Myanmar,
Australia, Cambodia, Philippines, Republic of China and
Middle East country.
MAJOR CUSTOMERS
SCG Trading [USA]
Inc. : United States of America
PARENT COMPANY
The Siam Cement
Public Co., Ltd. : Thailand
SUBSIDIARY/AFFILIATED COMPANIES
- Cementhai SCT [Singapore]
Pte. Ltd.
Business Type: Trading company
Investment : 100%
- S C G Trading [M]
Sdn. Bhd.
Business Type: Trading company
Investment : 100%
- Cementhai Trading [Hong Kong] Ltd.
Business Type: Trading company
Investment : 70%
- Siam Cement Myanmar
Trading Limited
Business Type: Trading
company
Investment : 60%
Branches office
The International Branch
Offices are located
in United States
of America, Singapore, Hong
Kong, The Philippines, Malaysia,
Myanmar, Cambodia, Vietnam, Bangladesh,
U.A.E. and Taiwan.
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
according to IRICO’S
DATABASE 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 30-60-90 days.
Imports are by
L/C at sight or T/T
on negotiated term.
Exports are against
L/C at sight or T/T
on negotiated term.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
The Siam
Commercial Bank Public Co., Ltd.
[Head Office : 9 Ratchadapisek Rd., Ladyao, Jatujak,
Bangkok 10900]
Export-Import Bank
of Thailand
[Head Office : 1193
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok 10400]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500
Citibank, NA
[Head Office : 82 North
Sathorn Rd., Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
268 office and
sales staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address in
a commercial /residential area.
Premise is shared
with Siam Cement
Group.
COMMENT
SCT Co., Ltd.
is one of Thailand’s long
established and most
prestigious international trading
companies. Formerly known
as Siam Cement
Trading Company, it
was established over
20 years ago
to promote the
growth of Thai
industries and the
export of Thai
products to the
world. The company
launched a great
variety of Thai
products into world
market. Notable were
canned foods, frozen
seafood, garments, minerals,
paper and construction materials.
The company is
determined to provide
the highest level
of customer satisfaction, and are developing
a customer relationship management program to
fully cater the
needs and requirements of its customers.
The subject has
strong business growth
and keep expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
60,000,000 divided into
600,000 shares of
Bht. 100 each.
Capital was increased
later as followings
:
Bht.
120,000,000 in April
1968
Bht.
400,000,000 on March
26, 2000
The latest registered
capital was increased
to Bht. 400,000,000
divided into 4,000,000
shares of Bht.
100 each with
fully paid.
MAIN OF SHAREHOLDERS :
[as at June 18, 2007]
|
NAME |
HOLDING |
% |
|
SCG Distribution Co., Ltd. Nationality: Thai Address : 1 Siam Cement
Rd., Bangsue, Bangkok |
3,998,812 |
99.97 |
|
Mrs. Pasanuch
Suphanvanich Nationality: Thai Address : 26/9 Ngamwongwan Rd., Laksi, Bangkok |
260 |
|
|
Mr. Kittiphan
Hetrakul Nationality: Thai Address : 8 Sakhumvit
21 Rd., Klongtoey, Bangkok |
228 |
|
|
Mrs. Thip
Niyomhet Nationality: Thai Address : 127 Sukhumvit 79
Rd., Klongtoey, Bangkok |
195 |
=0.03 |
|
Others |
505 |
|
Total Shareholders
34
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Phisit Chewareungroj No. 2803
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
13,736,172 |
7,809,768 |
|
Trade Accts. Receivable - Related Company |
770,067,109 |
339,442,224 |
|
- Other Company |
1,572,645,774 |
1,440,680,127 |
|
Account Receivable &
Short-term Loan to
Related Company |
52,147,820 |
49,394,547 |
|
Inventories |
1,344,624,084 |
509,736,806 |
|
Other Current Assets
|
141,324,543 |
94,163,547 |
|
|
|
|
|
Total Current
Assets |
3,894,545,502 |
2,441,227,019 |
|
Investment accounted for
under Equity Method |
305,085,904 |
238,134,620 |
|
Other Long-term Investment |
997,411 |
996,798 |
|
Long-term Loan to
Related Company |
53,235,065 |
68,789,154 |
|
Fixed Assets |
58,515,791 |
16,625,496 |
|
Intangible Assets |
51,225,388 |
40,459,054 |
|
Deferred Income |
32,169,539 |
22,756,530 |
|
Other Assets |
3,454,662 |
1,950,930 |
|
Total Assets |
4,399,229,262 |
2,830,939,601 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
- |
109,868 |
|
Trade Accts. Payable - Related Company |
1,471,781,212 |
1,280,961,933 |
|
- Other Company |
384,556,821 |
150,189,035 |
|
Account Payable &
Short-term Loan from Related Company |
1,045,758,679 |
329,544,789 |
|
Accrued Income Tax |
30,227,926 |
33,399,830 |
|
Other Current Liabilities |
366,560,171 |
178,623,910 |
|
|
|
|
|
Total Current
Liabilities |
3,298,884,809 |
1,972,829,365 |
|
Employee’s Pension Fund |
11,326,564 |
10,248,013 |
|
Excess Loss in
Subsidiary over Book
Value of Investment in Share
Capital |
116,048,526 |
158,947,140 |
|
Total Liabilities |
3,426,259,899 |
2,142,024,518 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 4,000,000 shares |
400,000,000 |
400,000,000 |
|
|
|
|
|
Capital Paid |
400,000,000 |
400,000,000 |
|
Premium on Share
Capital |
25,023,100 |
25,023,100 |
|
Excess Loss from
Change in Value
of Investment in
Marketable Securities Available
for Sale |
33,231 |
32,485 |
|
Equity in Subsidiaries from the Conversion of Financial Transactions |
30,317,672 |
24,209,802 |
|
Retained Earning Appropriated for
Statutory Reserve
|
14,976,900 |
14,976,900 |
|
Unappropriated |
502,618,460 |
224,672,796 |
|
Total
Shareholders' Equity |
972,969,363 |
688,915,083 |
|
Total
Liabilities & Shareholders' Equity |
4,399,229,262 |
2,830,939,601 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Service
Income |
23,077,515,301 |
20,514,369,690 |
|
Other Income |
20,216,072 |
52,822,264 |
|
Gain on Exchange
Rate |
21,175,666 |
63,006,248 |
|
Total Revenues
|
23,118,907,039 |
20,630,198,202 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
18,694,134,463 |
16,493,091,836 |
|
Selling & Administrative Expenses |
4,119,554,830 |
3,789,615,350 |
|
Total Expenses |
22,813,689,293 |
20,282,707,186 |
|
|
|
|
|
Profit / [Loss] from Operation |
305,217,746 |
347,491,016 |
|
Share of Profit
from Investment accounted
for under Equity Method |
72,601,153 |
26,611,789 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
377,818,899 |
374,102,805 |
|
Interest Expenses |
[24,167,752] |
[20,050,310] |
|
Income Tax |
[75,705,483] |
[96,019,992] |
|
|
|
|
|
Net Profit / [Loss] |
277,945,664 |
258,032,503 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
12.49 |
|
|
Operating Profit |
[21.92] |
|
|
Net Profit |
7.72 |
|
|
Fixed Assets |
251.96 |
|
|
Total Assets |
55.40 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
81.01 |
80.40 |
|
Operating Profit Margin |
1.32 |
1.69 |
|
S & A
Expenses |
17.85 |
18.47 |
|
Interest Paid |
0.10 |
0.10 |
|
Other Revenues |
0.18 |
0.56 |
|
Net Profit Margin |
1.20 |
1.26 |
|
Earning Per Shares |
69.49 |
64.51 |
|
No. of Shares |
4,000,000 |
4,000,000 |
Net Sales was
increased by 12.49%,
Operating Profit was
decreased by 21.92%,
Net Profit was
increased by 7.72%,
Fixed Assets was
increased by 251.96%,
Total Assets was
increased by 55.40%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 80.40%
to 81.01%, Operating
Profit Margin was
decreased from 1.69%
to 1.32%, S
& A Expenses
was decreased from
18.47% to 17.85%,
Interest Paid was increased
from 0.10% to
0.10%, Other Revenues
was decreased from
0.56% to 0.18%,
Net Profit Margin
was decreased from
1.26% to 1.20%.
Earning Per Shares
was increased from
64.51 baht per
share to 69.49
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.18 |
1.24 |
|
Quick-Assets Ratio |
0.73 |
0.93 |
Current Ratio was
decreased from 1.24
to 1.18, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.93 to 0.73,
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 |
3.52 |
3.11 |
|
Times Interest Earned |
12.63 |
17.33 |
D/E Ratio was
increased from 3.11
to 3.52, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
17.33 to 12.63,
capacity to pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
394.38 |
1,233.91 |
|
Total Assets Turnover |
5.25 |
7.25 |
|
Return on Assets |
6.32 |
9.11 |
|
Return on Equity |
28.57 |
37.45 |
|
Day's Payable |
6.00 |
2.64 |
|
and Day’s Inventories |
20.98 |
8.95 |
|
but Day’s Receivables |
24.53 |
25.28 |
Fixed Assets Turnover
was decreased from
1,233.91 times to
394.38 times, Total
Assets Turnover was
decreased from 7.25
times to 5.25
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 9.11 to
6.32, Return on
Equity was decreased
from 37.45 to
28.57, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 3
days to 6
days, and Day’s
Inventories was increased
from 9 days to 21
days, but Day’s
Receivables was decreased
from 26 days
to 25 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%)