MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
BANGKOK PACIFIC STEEL COMPANY LIMITED |
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Registered Office : |
259 Moo 11, Soi S. Thai
Seree,Suksawad Road, Naiklongbangplakod,
Phrasamutjaedee, Samutprakarn
10290, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
18.02.1971 |
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Com. Reg. No.: |
0105524010211 [Former : 1021/2524] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in importing and distributing wide range
of steel products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
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 |
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Nationality |
Age |
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Mr.
Buncha Kittiratanavivat |
[x] |
Thai |
59 |
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Mr.
Kavee Hassadinpaisal |
[x] |
Thai |
63 |
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Mr.
Pichit Uasakulkiat |
[x] |
Thai |
64 |
|
Mr.
Manop Niramittham |
|
Thai |
48 |
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Mr.
Somchai Siri-ariyaporn |
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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 |
% |
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Mr. Buncha Kittiratanavivat Nationality: Thai Address :
244/1 Sukhumvit 55
Rd., Klongtonnua, Wattana, Bangkok |
336,000 |
28.00 |
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Mr. Kavee
Uasakulkiat Nationality: Thai Address :
411/1 Chakrapadpong Rd.,
Mahanark, Pomprab, Bangkok |
264,000 |
22.00 |
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Mr. Pichit Uasakulkiat Nationality: Thai Address :
99/442 Nonsee rd.,
Chongnonsi, Yannawa, Bangkok |
144,000 |
12.00 |
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Mrs. Yaowalak Kittiratanavivat Nationality: Thai Address :
244/1 Sukhumvit 55
Rd., Klongtonnua, Wattana, Bangkok |
120,000 |
10.00 |
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Mr. Mana
Wongpipat Nationality: Thai Address :
45/2 Ramkhamhaeng 14
Rd., Huamark, Bangkapi, Bangkok |
60,000 |
5.00 |
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Mrs. Suporn Kittiratanavivat Nationality: Thai Address :
443/4 Moo 4,
Pracha-uthit Rd., Rajburana, Bangkok |
48,000 |
4.00 |
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Mrs. Sunee Kittiratanavivat Nationality: Thai Address :
383/181-182 Chakrapadpong Rd.,
Mahanark, Pomprab,
Bangkok |
48,000 |
4.00 |
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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 |
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Cash in
hand & at
Bank |
1,957,574 |
1,337,845 |
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Trade Accts.
Receivable |
542,943,893 |
591,787,928 |
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Inventories [note 1] |
1,539,487,560 |
752,803,022 |
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Other Current
Assets |
21,230,014 |
13,507,876 |
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Total
Current Assets |
2,105,619,041 |
1,359,436,671 |
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Fixed Account
pledged as a
Collateral |
12,631,089 |
12,596,491 |
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Long-term Investment |
34,850,000 |
34,850,000 |
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Fixed
Assets [note 2] |
233,735,381 |
258,822,773 |
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Other
Assets |
4,032,449 |
4,488,004 |
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Total
Assets |
2,390,867,960 |
1,670,193,939 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft |
10,250,637 |
17,305,890 |
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Short-term Loan |
40,000,000 |
- |
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Trade Accts.
Payable - under Trust
Receipt Agreement |
1,051,035,027 |
592,987,493 |
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Other
Trade Accts. Payable |
176,837,552 |
235,155,474 |
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Current Portion of Long-term Loan |
29,499,600 |
17,499,600 |
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Accrued Income
Tax |
79,339,866 |
83,527,936 |
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Accrued Expenses |
55,368,373 |
65,720,736 |
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Other Current
Liabilities |
24,421,611 |
35,421,464 |
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Total Current Liabilities |
1,466,752,666 |
1,047,618,593 |
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Long-term Loan
- Net of
Current Portion |
40,043,100 |
28,542,700 |
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Total
Liabilities |
1,506,795,766 |
1,076,161,293 |
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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 |
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Retained
Earning Appropriated for Statutory Reserve |
12,000,000 |
12,000,000 |
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Unappropriated |
752,072,194 |
462,032,646 |
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Total Shareholders' Equity |
884,072,194 |
594,032,646 |
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Total Liabilities & Shareholders' Equity |
2,390,867,960 |
1,670,193,939 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
2,910,910,057 |
2,583,741,259 |
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Service Income |
128,901,710 |
121,608,056 |
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Other Income |
23,480,374 |
23,808,956 |
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Total
Revenues |
3,063,292,141 |
2,729,158,271 |
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Expenses |
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Cost of
Goods Sold &
Service |
2,231,228,769 |
1,992,633,643 |
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Selling &
Administrative Expenses |
290,940,726 |
319,513,095 |
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Total Expenses
|
2,522,169,495 |
2,312,146,738 |
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Profit
/ [Loss] before Interest Expenses
& Income
Tax |
541,122,646 |
417,011,533 |
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Interest Expenses |
[56,064,183] |
[23,940,812] |
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Income Tax |
[144,618,915] |
[123,131,144] |
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Net
Profit / [Loss] |
340,439,548 |
269,939,577 |
FINANCIAL NOTE
NOTE
1 Inventories
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|
2005 |
2004 |
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Raw Material |
1,356,971,783 |
560,955,691 |
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Goods in
Process |
5,999,011 |
5,877,882 |
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Finished Goods |
80,738,891 |
65,909,385 |
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Goods in
Transit |
95,777,875 |
120,060,064 |
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Total |
1,539,487,560 |
752,803,022 |
NOTE
2 Fixed Assets
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2005 |
2004 |
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Land |
37,577,428 |
37,577,428 |
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Land Improvement |
6,769,986 |
6,769,986 |
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Office
& Factory Building |
161,194,392 |
156,542,962 |
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Machine
& Equipment |
439,776,523 |
418,216,644 |
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Vehicle |
29,210,053 |
29,531,735 |
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Office Equipment |
33,019,193 |
28,268,172 |
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Assets in
Process |
9,604,090 |
6,930,620 |
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Total |
717,151,665 |
683,837,547 |
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Less:
Depreciation |
[483,416,284] |
[425,014,774] |
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Total |
233,735,381 |
258,822,773 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
|
Sales |
12.66 |
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Operating |
15.18 |
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Net Profit |
26.12 |
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Fixed Assets |
[9.69] |
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Total Assets |
43.15 |
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Profitability |
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Cost of
Goods Sold |
76.65 |
77.12 |
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Operating Profit
Margin |
18.59 |
16.14 |
|
S&A expenses |
9.99 |
12.37 |
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Interest |
1.93 |
0.93 |
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Other Revenues |
5.23 |
5.63 |
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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 |
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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 |
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Total Assets
Turnover |
1.22 |
1.55 |
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Return on
Assets |
14.24 |
16.16 |
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Return on
Equity |
38.51 |
45.44 |
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Day’s Payable |
21.87 |
32.76 |
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Day’s Inventories |
190.39 |
104.89 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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