MIRA
INFORM REPORT
|
Report Date : |
21st
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIBELCO MINERALS
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
134/7
Moo 5, Bangkadi
Industrial Park, Tiwanont Road,
Bangkadi, Muang,
Pathumthani 12000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
03.11.1986 |
|
|
|
|
Com. Reg. No.: |
0105529040097 [Former : 4010/2529] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged
in mining and mineral processing business. |
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 : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
Company Name
SIBELCO MINERALS
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 134/7 MOO 5, BANGKADI
INDUSTRIAL PARK,
TIWANONT
ROAD, BANGKADI,
MUANG,
PATHUMTHANI 12000
TELEPHONE : [66] 2963-7211-8
FAX : [66]
2501-2934
E-MAIL ADDRESS : adisak@sibelcoasia.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO.
: 0105529040097 [Former : 4010/2529]
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP
: BHT. 12,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ADISAK RAKWONGPRAYOON, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 158
LINES OF
BUSINESS : MINING AND MINERAL PROCESSING
BUSINESS
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 3, 1986
as a private limited company under the registered name
“Clays and Mineral [Thailand]
Ltd.” by Thai
and Singaporean groups.
On February 2,
2004, subject was
changed its name
to be SIBELCO MINERALS [THAILAND]
CO., LTD., with
the objective to
engage in mining
and mineral process
business in Thailand. It currently employs 158 staff.
Subject
is a joint venture between
GTT Holdings Co.,
Ltd., Thailand and
Sibelco Asia Pte.
Ltd., Singapore.
The
subject’s registered and
business address is
located at 134/7
Moo 5, Bangkadi Industrial Park,
Tiwanont Rd., Bangkadi,
Muang, Pathumthani 12000.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Kitti Sonamai |
|
Thai |
87 |
|
Mr.
Thibault Van Stratum |
|
Belgian |
40 |
|
Mr.
Bruno Wauters |
|
Belgian |
44 |
|
Mr.
Adisak Rakwongprayoon |
|
Thai |
44 |
|
Mr.
Chan Hock Lye |
|
Singaporean |
41 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Adisak
Rakwongprayoon is the General Manager.
He is
Thai nationality with
the age of
44 years old.
Mr. Chan
Hock Lye
is the General Manager.
He is
Singaporean nationality with
the age of
41 years old.
BUSINESS OPERATIONS
The subject
is engaged in
mining and mineral
processing business. The
products are raw
materials for sanitary,
ceramic, glass and
tile production industry.
PURCHASE
Most
of its raw material and
mining equipment are
purchased from local
supplier, the remaining
as well as
machinery are imported
from Singapore and
Taiwan.
MAJOR SUPPLIER
Sibelco
Asia Pte. Ltd. : Singapore
SALES
100% of
the products are
sold locally by
wholesale to manufacturers and end-users.
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.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 158
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
Branches
-
148 Moo
3, Maekua, Sobprab,
Lampang province.
-
27 Moo
4, Dontoom, Banglane,
Nakornpathom province.
-
235-237 Lampang-Ngao Highway, Suandok, Muang,
Lampang province.
-
1/6 Moo
1, Phaholyothin Rd.,
Klongnueng, Klongluang, Pathumthani
province.
-
99/2 Moo
8, Mabkha, Nikompattana, Rayong province.
-
46/4 Moo
13, Rimklong-rapeepat, Kochasith,
Nongkae, Saraburi province.
COMMENT
The
subject’s business performance
in 2005 was
slightly dropped comparing
to the previous year
due to high interest expenses
which resulted in
company’s net loss.
However, it expects
the business is
more promising and
is able to eliminate
its loss in the coming
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 12,000,000 divided
into 12,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 28,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
GTT
Holdings Co., Ltd. Nationality: Thai Address :
87/1 Wireless Rd.,
Lumpini, Pathumwan, Bangkok |
6,117 |
50.97 |
|
Sibelco
Asia Pte. Ltd. Nationality: Singaporean Address :
2 Battery Rd.,
Singapore |
5,878 |
48.98 |
|
Sibelco
China Ltd. Nationality: Chinese Address :
11 Pedder Street,
Central, Hong Kong |
1 |
0.01 |
|
Sibelco
Malaysia Sdn. Bhd. Nationality: Malaysian Address :
Johor, Malaysia |
1 |
0.01 |
|
Mr. Kitti
Sonamai Nationality: Thai Address :
3828/14 Ratchadapisek Rd.,
Bangklo, Yannawa, Bangkok |
1 |
0.01 |
|
Mr. Adisak Rakwongprayoon Nationality: Thai Address :
89/91 Nonsee Rd.,
Chongnonsi, Yannawa, Bangkok |
1 |
0.01 |
|
Mr. Nath
Suksanguan Nationality: Thai Address :
502/474 Moo 3,
Seekan, Donmuang, Bangkok |
1 |
0.01 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Somkid Tiatrakul No. 2785
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 |
30,881,446 |
2,576,823 |
|
Trade Accts.
Receivable |
99,284,316 |
88,990,145 |
|
Other Receivable |
3,576,722 |
1,850,407 |
|
Related Companies
Receivable |
11,442,615 |
4,000,089 |
|
Inventories [note 1] |
162,832,823 |
163,591,162 |
|
Other Current
Assets |
6,526,166 |
10,223,146 |
|
|
|
|
|
Total
Current Assets |
314,544,088 |
271,231,772 |
|
Investment in
Subsidiaries |
25,501,757 |
25,501,757 |
|
Fixed
Assets [note 2] |
312,546,283 |
263,690,870 |
|
Mine Right
Coupon |
6,203,559 |
6,203,559 |
|
Mine Development Expenses |
17,239,702 |
19,440,929 |
|
Other
Assets |
266,502 |
266,502 |
|
Total
Assets |
676,301,891 |
586,335,389 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Loan from Bank |
94,821,368 |
12,847,768 |
|
Trade Accts.
Payable |
33,552,101 |
41,409,509 |
|
Related Companies
Payable |
90,019,567 |
78,495,630 |
|
Loan from
Related Companies |
107,053,960 |
34,286,700 |
|
Current Portion
of Hire-purchase Contract
Liabilities |
1,669,991 |
2,070,733 |
|
Accrued Income
Tax |
795,742 |
1,098,419 |
|
Accrued Expenses |
6,307,241 |
10,461,673 |
|
Other Current
Liabilities |
1,243,783 |
1,782,696 |
|
|
|
|
|
Total Current Liabilities |
335,463,753 |
182,453,128 |
|
Hire-purchase Contract
Liabilities |
2,348,296 |
4,868,119 |
|
Total
Liabilities |
337,812,049 |
187,321,247 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value
authorized, issued and fully
paid
share capital 12,000
shares |
12,000,000 |
12,000,000 |
|
|
|
|
|
Capital Paid |
12,000,000 |
12,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
1,200,000 |
1,200,000 |
|
Unappropriated |
325,289,842 |
385,814,142 |
|
Total Shareholders' Equity |
338,489,842 |
399,014,142 |
|
Total Liabilities & Shareholders' Equity |
676,301,891 |
586,335,389 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
465,778,947 |
405,739,364 |
|
Other Income |
6,806,811 |
9,085,423 |
|
Total
Revenues |
472,585,758 |
414,824,787 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
284,753,186 |
231,612,970 |
|
Selling &
Administrative Expenses |
181,272,624 |
169,654,666 |
|
Total Expenses
|
466,025,810 |
401,267,636 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
6,559,948 |
13,557,151 |
|
Interest Expenses |
[7,285,911] |
[1,179,100] |
|
Income Tax |
[1,300,000] |
[2,400,000] |
|
|
|
|
|
Net
Profit / [Loss] |
[2,025,963] |
9,978,051 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
43,566,968 |
39,455,386 |
|
Works in
Process |
7,159,381 |
6,671,953 |
|
Raw Material |
110,369,951 |
115,281,466 |
|
Foreclosed Assets
|
4,248,231 |
3,515,614 |
|
Goods for
Sales |
5,044,495 |
3,278,510 |
|
Total |
170,389,026 |
168,202,929 |
|
Less:
Obsolescent Stock |
[7,556,203] |
[4,611,767] |
|
Total |
162,832,823 |
163,591,162 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land & Land Improvement |
36,520,998 |
35,829,236 |
|
Building
& Improvement |
86,191,805 |
83,656,936 |
|
Machine
& Equipment |
302,526,972 |
148,728,940 |
|
Office Automation & furniture |
57,266,919 |
54,165,944 |
|
Vehicle |
24,119,421 |
25,286,404 |
|
Works under
Construction |
4,592,210 |
81,469,238 |
|
Total |
511,218,325 |
429,136,698 |
|
Less:
Depreciation |
[198,672,042] |
[165,445,828] |
|
Total |
312,546,283 |
263,690,870 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
14.80 |
|
|
Operating |
[57.85] |
|
|
Net Profit |
[120.30] |
|
|
Fixed Assets |
18.53 |
|
|
Total Assets |
15.34 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
61.13 |
57.08 |
|
Operating Profit
Margin |
1.41 |
3.34 |
|
S&A expenses |
38.92 |
41.81 |
|
Interest |
1.56 |
0.29 |
|
Other Revenues |
1.46 |
2.24 |
|
Net Profit
Margin |
[0.43] |
2.46 |
|
Earning Per
Shares |
[168.83] |
831.50 |
|
No. of
Shares |
12,000 |
12,000 |
Net Sales was
increased by 14.80%,
Operating Profit was
decreased by 57.85%,
Net Profit was
decreased by 120.30%,
Fixed Assets was
increased by 18.53%,
Total Assets was
increased by 15.34%.
Compare each cost with sales, Cost of Goods Sold was increased from 57.08% to 61.13%, Operating Profit Margin was decreased from 3.34% to 1.41%, S & A Expenses were decreased from 41.81% to 38.92%, Interest Paid was increased from 0.29% to 1.56%, Other Revenues was decreased from 2.24% to 1.46%, Net Profit Margin was decreased from 2.46% to-0.43%.
Earning Per Shares was decreased from 831.50 baht per share to -168.83 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.94 |
1.49 |
|
Quick
- assets ratio |
0.43 |
0.53 |
Current Ratio
was decreased from
1.49 to 0.94,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.53 to
0.43, 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 |
1.00 |
0.47 |
|
Times Interest
Earned |
0.90 |
11.50 |
D/E Ratio was
increased from 0.47
to 1.00, 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 11.50 to
0.90, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.49 |
1.54 |
|
Total Assets
Turnover |
0.69 |
0.69 |
|
Return on
Assets |
[0.30] |
1.70 |
|
Return on
Equity |
[0.60] |
2.50 |
|
Day’s Payable |
25.93 |
36.74 |
|
Day’s Inventories |
125.85 |
145.15 |
|
Days’ Receivables |
76.74 |
78.96 |
Fixed Assets Turnover
was decreased from
1.54 times to
1.49 times, Total
Assets Turnover was
stable at 0.69
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 1.70
to -0.30, Return
on Equity was
decreased from 2.50
to -0.60, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
37 days to
26 days, Day’s
Inventories was decreased
from 146 days
to 126 days, and Day’s
Receivables was decreased
from 79 days
to 77 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 |
|