MIRA
INFORM REPORT
|
Report Date : |
27.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI COPPER ROD COMPANY LIMITED |
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Registered Office : |
22/2
Moo 5, Theparak
Road, Bangpleeyai, Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
0105530020002 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing service of
copper rods |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
THAI COPPER ROD COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 22/2
MOO 5, THEPARAK ROAD, BANGPLEEYAI,
BANGPLEE, SAMUTPRAKARN 10540
TELEPHONE : [66] 2385-5003-6
FAX : [66] 2385-5007
E-MAIL : thcurod3@ksc.th.com
REGISTRATION ADDRESS : 518/5 PLOENCHIT ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530020002 [Former
: 1997/2530]
CAPITAL
REGISTERED : BHT. 100,000,000
CAPITAL
PAID-UP : BHT. 100,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ERIK GEORG LARSON, SWEDISH
MANAGING DIRECTOR
NO. OF
STAFF : 86
LINES OF BUSINESS : COPPER RODS
MANUFACTURER
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 April 27, 1987
as a private limited company under the registered name “Soi 9
Property Co., Ltd.”
by Thai and
Japanese groups,
On
May 31, 1998,
subject was changed
its name to
THAI COPPER ROD
COMPANY LIMITED.
The
subject’s business objective
is a manufacturing
service of copper rod.
It currently employs
86 staff.
The
major shareholders are
Bangkok Cable Co.,
Ltd., Phelps Dodge
Thailand Co., Ltd,
Siam Electric Industries
Co., Ltd., Thailand
and Sumitomo Electric
Industries Co., Ltd.,
Japan, with holding
around 30%, 20%,
12.50% and 12.50% of
the subject’s shares respectively.
The
subject’s registered address
is 16th Flr., Maneeya
Bldg., 518/5 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330, while
the business address
is located at
22/2 Moo 5,
Theparak Rd., Bangpleeyai, Bangplee,
Samutprakarn 10540.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tzutomu Hattori |
|
Japanese |
66 |
|
Mr. Hirokatsu Sukawara |
|
Japanese |
59 |
|
Mr. Sompong Nakornsri |
|
Thai |
73 |
|
Mr. Athikom Thongnamtako |
|
Thai |
77 |
|
Mr. Termsakdi Honghirun |
|
Thai |
60 |
|
Mr. Yoshito Handa |
|
Japanese |
62 |
|
Mr. Erik Georg Larson |
[x] |
Swedish |
62 |
|
Mr. Chumsai Hasdin |
[x] |
Thai |
88 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Erik Georg
Larson is the Managing Director.
He is Swedish nationality with
the age of
62 years old.
Mr. Ekachai Luangvilairoj is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service of copper
rods accordance with customer’s orders.
PRODUCTION CAPACITY
40,000 tons/year
PURCHASE
100% of raw
material is purchased
from local supplier.
SERVICES
The products are
serviced locally to
manufacturers and end-users.
MAJOR CUSTOMERS
Bangkok Cable Co.,
Ltd. : Thailand
Phelps Dodge Thailand
Co., Ltd. : Thailand
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
according to IRICO’S
DATABASE 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.
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 86
staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
Demand of copper rods
needed from various
industries has continued increased
by domestic
consumption. With an expansion of
leading electrical industry
has led the
subject growing strong
in its business.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On
July 30, 1988,
the capital was
increased to Bht. 100,000,000 divided into 100,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at March 28, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Cable
Co., Ltd. Nationality: Thai Address : 187/1
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
30,000 |
30.00 |
|
Phelps Dodge
Thailand Co., Ltd. Nationality: Thai Address : 159
Theparak Rd., Bangpla,
Bangplee,
Samutprakarn |
20,000 |
20.00 |
|
Siam Electric
Industries Co., Ltd. Nationality: Thai Address : 649
Moo 2, Sukhumvit
Rd., Bangpumai, Muang, Samutprakarn |
12,500 |
12.50 |
|
Sumitomo Electric
Industries Co., Ltd. Nationality: Japanese Address : 3-12
Motoakasaka 1- Shome
Minato-ku, Tokyo, Japan |
12,500 |
12.50 |
|
Thai Hitashi
Bangkok Cable Co.,
Ltd. Nationality: Thai Address : 173
Moo 12, Bangna-Trad Rd., Bangwua,
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Thai Hitachi
Enamel Wire Co.,
Ltd. Nationality: Thai Address : 171
Moo 12, Bangna-Trad Rd., Bangwua,
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Hitachi Cable
Co., Ltd. Nationality: Japanese Address : 2-1-2
Marunoshi shiyoda-ku, Tokyo,
Japan |
6,000 |
6.00 |
|
PDTL Trading
Co., Ltd. Nationality: Thai Address : 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
5,000 |
5.00 |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Unakorn Pruthitada
No. 3257
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank [note 1] |
51,807,415 |
43,170,736 |
|
Trade Accts. Receivable & Other Receivable- Related Company |
12,088,817 |
14,231,473 |
|
Inventories [note 2] |
27,552,524 |
26,355,482 |
|
Other Current Assets
|
371,680 |
443,953 |
|
Total Current
Assets |
91,820,436 |
84,201,644 |
|
Fixed Assets [note 3] |
75,093,224 |
78,808,228 |
|
Deferred Income Tax |
1,559,061 |
1,487,735 |
|
Other Assets |
1,144,648 |
1,142,473 |
|
Total Assets |
169,617,369 |
165,640,080 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
5,809,024 |
3,356,727 |
|
Accrued Income Tax |
650,636 |
- |
|
Accrued Expenses |
3,025,414 |
3,087,846 |
|
Provident Fund Employees |
3,402,090 |
- |
|
Other Current Liabilities |
639,411 |
302,392 |
|
Total Current Liabilities
|
13,526,575 |
6,746,965 |
|
Provident Fund |
1,794,781 |
4,959,115 |
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Total Liabilities |
15,321,356 |
11,706,080 |
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|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
44,296,013 |
43,934,000 |
|
Total
Shareholders' Equity |
154,296,013 |
153,934,000 |
|
Total
Liabilities & Shareholders' Equity |
169,617,369 |
165,640,080 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Services Income |
126,003,605 |
99,704,674 |
|
Other Income |
765,006 |
991,165 |
|
Total Revenues
|
126,768,611 |
100,695,839 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
91,748,643 |
77,757,403 |
|
Selling & Administrative Expenses |
20,049,431 |
18,092,385 |
|
Total Expenses |
111,798,074 |
95,849,788 |
|
Profit / [Loss] Before Income
Tax |
14,970,537 |
4,846,051 |
|
Income Tax |
[4,608,524] |
[1,623,240] |
|
Net Profit / [Loss] |
10,362,013 |
3,222,811 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
35,000 |
35,000 |
|
Cheque in hand |
944,707 |
1,201,088 |
|
Cash at bank-Current account |
11,311 |
59,652 |
|
-Saving account |
50,816,397 |
41,874,996 |
|
Total
|
51,807,415 |
43,170,736 |
NOTE 2 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
944,420 |
6,524,437 |
|
Finished Goods |
3,045,968 |
1,648,297 |
|
Factory Material |
24,341,133 |
18,684,368 |
|
Total |
28,331,521 |
26,857,102 |
|
Less: Allowance
for Obsolescent Stock |
[778,997] |
[501,620] |
|
Total
|
27,552,524 |
26,355,482 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land Improvement |
29,326,575 |
26,948,537 |
|
Building |
47,337,640 |
47,150,944 |
|
Machine & Equipment |
313,449,355 |
311,790,618 |
|
Office Automation Vehicle |
8,067,895 |
7,769,899 |
|
Machine under Installation |
3,553,669 |
16,800 |
|
Total |
401,735,134 |
393,676,798 |
|
Less: Depreciation |
[326,641,910] |
[314,868,570] |
|
Total
|
75,093,224 |
78,808,228 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
26.38 |
|
|
Operating |
144.45 |
|
|
Net Profit |
221.52 |
|
|
Fixed Assets |
[4.71] |
|
|
Total Assets |
2.40 |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
72.81 |
77.99 |
|
Operating Profit Margin |
11.88 |
4.86 |
|
S&A expenses |
15.91 |
18.15 |
|
Other Revenues |
0.61 |
0.99 |
|
Net Profit Margin |
8.22 |
3.23 |
|
Earning Per Shares |
103.62 |
32.23 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was increased by 26.38%, Operating Profit was increased by 144.45%, Net Profit was increased by 221.52%, Fixed Assets was decreased by 4.71%, Total Assets was increased by 2.40%.
Compare each cost with sales, Cost of Goods Sold was decreased from 77.99% to 72.81%, Operating Profit Margin was increased from 4.86% to 11.88%, S & A Expenses were decreased from 18.15% to 15.91%, Other Revenues was decreased from 0.99% to 0.61%, Net Profit Margin was increased from 3.23% to 8.22%.
Earning Per Shares was increased from 32.23 baht per share to 103.62 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
6.79 |
12.48 |
|
Quick - assets ratio |
4.72 |
8.51 |
Current Ratio was decreased from 12.48 to 6.79, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 8.51 to 4.72, capacity to pay Short Term Loan was good too, because Current Assets without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.10 |
0.08 |
D/E Ratio was increased from 0.08 to 0.10, show the company had fund from Equity more than fund from Loan, investment risked of the company is low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.68 |
1.27 |
|
Total Assets Turnover |
0.74 |
0.60 |
|
Return on Assets |
6.11 |
1.95 |
|
Return on Equity |
6.72 |
2.09 |
|
Day’s Payable |
16.60 |
12.12 |
|
Day’s Inventories |
78.72 |
95.16 |
|
Days’ Receivables |
34.54 |
51.39 |
Fixed Assets Turnover was increased from 1.27 times to 1.68 times, Total Assets Turnover was increased from 0.60 times to 0.74 times, show the company could use Assets so efficiently, and Return on Assets was increased from 1.95 to 6.11, Return on Equity was increased from 2.09 to 6.72, capacity to use Assets to make profit was good.
Day’s Payable was increased from 13 days to 17 days, while Day’s Inventories was decreased from 96 days to 79 days, and Day’s Receivables was decreased from 52 days to 35 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 |
|
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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions