MIRA
INFORM REPORT
|
Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI STEEL BARS CO., LTD. |
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Registered Office : |
98-98/1 Moo 6, Poochaosamingprai Road,
Samrongtai, Phrapradaeng, Samutprakarn
10130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
0115531002644 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of construction steel |
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 |
name
THAI STEEL BARS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 98-98/1 MOO 6, POOCHAOSAMINGPRAI ROAD,
SAMRONGTAI, PHRAPRADAENG,
SAMUTPRAKARN 10130,
THAILAND
TELEPHONE : [66] 2183-4372-4
FAX : [66] 754-3536,
384-5291
E-MAIL ADDRESS : N/A
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO.
: 0115531002644 [Former : SOR POR. 1299]
CAPITAL
REGISTERED : BHT.
210,000,000
CAPITAL
PAID-UP : BHT.
210,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
JIROCH ITTHARAT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : STEELS
MANUFACTURER &
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 September
16, 1988 as
a private limited
company by Thai - Japanese groups, under the
name style THAI
STEEL BARS CO.,
LTD., with the
business objective to
manufacture wide range
of steel products
to domestic market.
It currently employs
approximately 300 staff.
The subject’s registered
address is 98-98/1
Moo 6, Poochasamingprai Rd.,
South Samrong, Phrapradaeng, Samutprakarn 10130, and
this is the
company’s operation address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Atthapong Ketrathorn [+]
Thai 53
Mr. Chayanont Visavapholboon Thai 64
Mr. Yukio Masuko
Japanese 55
Mrs. Amporn Srimanjoo [+]
Thai 51
Mr. Vivit Duangrat [x]
Thai 72
Ms. Ladda Visavapholboon [x] Thai 51
Mr. Apinand Thiwaree [+]
Thai 60
Col. Dr. Thanad
Kormantra Thai 93
Mr. Somnuek Chaivaranurak
Thai 61
Mr. Sompop Satthadamrong
Thai 64
Mrs. Varittha Ittharat Thai 51
Mr. Jiroch Ittharat [x]
Thai 52
AUTHORIZED PERSON
One of the mentioned
directors [x] can
jointly sign with
one of the mentioned directors
[+] on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Jiroch
Ittharat is the Managing Director.
He is Thai nationality with
the age of
52 years old.
Ms. Ladda
Visavapholboon is the
Deputy Managing Director.
She is Thai nationality with
the age of
51 years old.
Mr. Yusuhiro
Kawazaki is the Factory Manager.
He is Japanese nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of construction steel, mainly steel
bars and deformed
bars, with the
production capacity of
150,000-200,000 tons/year.
PURCHASE
80% of its raw materials,
iron scrap and
chemical are purchased
from local suppliers,
the rest and
machinery are imported
from U.S.A., Israel,
Japan, Republic of
China, and Brazil.
SALES [LOCAL]
100% of the
products are sold
locally to wholesalers
and end-users.
PARENT COMPANIES
See Yong
L. P.
Address : 612 Siphya
Road, Bangkok, Tel
: [66] 2234-9130-4
Products: Distributor of
Steel Products
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
on negotiated tern.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Road, Silom,
Bnagrak, Bangkok]
EMPLOYMENT
The subject employs
approximately 300 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office, factory and warehouse
in a 3 storey building
on 40,000 square
meters of area
at the heading address in
an industrial area.
COMPANY
The subject is
a manufacture of
steel bar and
deformed bar for
various industries.
Its products have been
widely used in
various type of
industries.
The subject’s business
has moderate growth
and steadily expanded.
FINANCIAL INFORMATION
The capital was
registered at Bht.
70,000,000 divided into 700,000 shares of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 140,000,000 on August 19,
1998
Bht. 210,000,000 on December 14,
2000
The latest registered
capital was increased
to Bht. 210,000,000
divided into 2,100,000
shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS : [as
at April 24,
2007]
|
NAME |
HOLDING |
% |
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See Yong
Ltd. Part Nationality: Thai Address : 612
Siphya Rd., Mahaprutharam, Bangrak, Bangkok |
1,395123 |
66.43 |
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JFE Shoji
Trade Corporation Nationality: Japanese Address : 2
Chome 7-1 Otemachi
Chiyoda-ku, Japan |
140,000 |
6.67 |
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Nittai Tsusho
Co., Ltd. Nationality: Japanese Address : Boeki Bldg., 123-1 Higashimachi, Japan |
70,000 |
3.33 |
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Ms. Ladda
Visavapholboon Nationality: Thai Address : 27
Sukhumvit 71 Rd.,
Klongtoynua,
Wattana, Bangkok |
50,880 |
2.42 |
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Mrs. Viristha
Itthirat Nationality: Thai Address : 85
Sukhumvit 63 Rd.,
Klongtonnua,
Wattana, Bangkok |
33,736 |
1.61 |
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Mr. Jiroch
Ittharat Nationality: Thai Address : 85
Sukhumvit 63 Rd.,
Klongtonnua,
Wattana, Bangkok |
32,015 |
1.52 |
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Mr. Saeng
Busarathepakul Nationality: Thai Address : 12
Moo 16, Sukhumvit
68 Rd., Bangna, Bangkok |
20,915 |
1.00 |
|
Others |
357,331 |
17.02 |
Total Shareholders
276
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Anu Thongkasem No.
5634
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
41,594 |
13,681 |
|
Trade Accts. Receivable |
12,435,883 |
8,656,900 |
|
Inventories |
187,233,343 |
195,888,313 |
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Other Current Assets
|
4,763,541 |
5,953,064 |
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Total Current
Assets |
204,474,361 |
210,511,958 |
|
|
|
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Fixed Assets |
183,819,534 |
183,846,729 |
|
Other Assets |
178,151 |
2,026,736 |
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Total Assets |
388,472,046 |
396,385,423 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Bank Overdraft &
Loan from Financial Institute |
43,563,394 |
53,526,949 |
|
Trade Accts. Payable |
29,903,056 |
19,712,801 |
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Other Current Liabilities |
7,710,012 |
11,041,803 |
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Total Current
Liabilities |
81,176,462 |
84,281,553 |
|
Long Term Loan
to Related Company |
70,000,000 |
70,000,000 |
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Total Liabilities |
151,176,462 |
154,281,553 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 2,100,000 shares |
210,000,000 |
210,000,000 |
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Capital Paid |
210,000,000 |
210,000,000 |
|
Statutory Reserve |
10,000,000 |
7,000,000 |
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General Reserve |
6,000,000 |
230,000,000 |
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Retained Earning -
Unappropriated |
11,295,584 |
[204,896,130] |
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Total Shareholders'
Equity |
237,295,584 |
242,103,870 |
|
Total
Liabilities & Shareholders' Equity |
388,472,046 |
396,385,423 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
495,382,291 |
419,148,499 |
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Services Income |
19,341,922 |
15,613,130 |
|
Other Income |
3,055,931 |
616,148 |
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Total Revenues
|
517,780,144 |
435,377,777 |
|
Expenses |
|
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Cost of Goods
Sold |
464,633,725 |
369,611,548 |
|
Selling & Administrative Expenses |
39,181,960 |
39,288,688 |
|
Total Expenses |
503,815,685 |
408,900,236 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
13,964,459 |
26,477,541 |
|
Interest Expenses |
[8,935,766] |
[5,050,168] |
|
Income Tax |
[1,797,793] |
[2,530,306] |
|
Net Profit / [Loss] |
3,230,900 |
18,897,067 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
18.39 |
|
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Operating Profit |
[55.45] |
|
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Net Profit |
[82.90] |
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Fixed Assets |
[0.01] |
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Total Assets |
[2.00] |
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Profitability |
|
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Cost of Good
Sold |
90.27 |
85.01 |
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Operating Profit Margin |
2.71 |
6.09 |
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S & A
Expenses |
7.61 |
9.04 |
|
Interest Paid |
1.74 |
1.16 |
|
Other Revenues |
0.59 |
0.14 |
|
Net Profit Margin |
0.63 |
4.35 |
|
Earning Per Shares |
1.54 |
9.00 |
|
No. of Shares |
2,100,000 |
2,100,000 |
Net Sales was
increased by 18.39%,
Operating Profit was
decreased by 55.45%,
Net Profit was
decreased by 82.90%,
Fixed Assets was
decreased by 0.01%,
Total Assets was
decreased by 2.00%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.01%
to 90.27%, Operating
Profit Margin was
decreased from 6.09%
to 2.71%, S
& A Expenses
was decreased from
9.04% to 7.61%,
Interest Paid was increased
from 1.16% to
1.74%, Other Revenues
was increased from
0.14% to 0.59%,
Net Profit Margin
was decreased from
4.35% to 0.63%.
Earning Per Shares
was decreased from
9.00 baht per
share to 1.54
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.52 |
2.50 |
|
Quick-Assets Ratio |
0.15 |
0.10 |
Current Ratio was
increased from 2.50
to 2.52, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.10 to 0.15,
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 |
0.64 |
0.64 |
|
Times Interest Earned |
1.56 |
5.24 |
D/E Ratio was
decreased from 0.64
to 0.64, 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
5.24 to 1.56,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.80 |
2.36 |
|
Total Assets Turnover |
1.32 |
1.10 |
|
Return on Assets |
0.83 |
4.77 |
|
Return on Equity |
1.36 |
7.81 |
|
Day's Payable |
20.91 |
16.32 |
|
Day’s Inventories |
130.95 |
162.20 |
|
Day’s Receivables |
8.70 |
7.17 |
Fixed Assets Turnover
was increased from
2.36 times to
2.80 times, Total
Assets Turnover was
increased from 1.10
times to 1.32
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
4.77 to 0.83,
Return on Equity
was decreased from
7.81 to 1.36,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 17
days to 21
days, while Day’s
Inventories was decreased
from 163 days
to 131 days, but Day’s
Receivables was increased
from 8 days to 9
days.
RATING
EXPLANATIONS
|
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 |
|
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 |
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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%)