MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CS NON-FERROUS CENTER CO., LTD. |
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Registered Office : |
19 Moo 1,
T. Nongjok, A. Bangpakong, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
0115539003046 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in distributing various
kinds of metal
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 : |
No Complaints |
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Litigation : |
Clear |
name
CS NON-FERROUS CENTER CO., LTD.
SUMMARY
BUSINESS ADDRESS : 19
MOO 1, T. NONGJOK,
A. BANGPAKONG,
TELEPHONE : [66] 38
577-493-99
FAX : [66] 38
577-503
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0115539003046 [Former : SOR
POR. 6846]
CAPITAL
REGISTERED : BHT.
110,000,000
CAPITAL
PAID-UP : BHT.
110,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUCHAI PONGWATTANANUSORN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 90
LINES OF
BUSINESS : METAL
PRODUCTS AND SERVICES
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 11,
1996 as a
private limited company under
the name style
CS NON-FERROUS CENTER
CO., LTD., by
Thai and Japanese
groups, to distribute
and service of
metal products. It
currently employs approximately
90 staff.
Subject
achieved the ISO
9001 : 2000 certification by
JOA, on February
14, 2003.
The
subject’s registered address
is 19 Moo 1, T.
Nongjok, A. Bangpakong, Chachoengsao
24130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Chalit Pongwattananusorn |
[x] |
Thai |
- |
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Mr. Suchai Pongwattananusorn |
[x] |
Thai |
53 |
|
Mr. Veerasak Pongwattananusorn |
[x] |
Thai |
- |
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Mr. Minoru Nishino |
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Japanese |
- |
|
Mr. Fumitoshi Uoyama |
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Japanese |
- |
|
Mr. Masanori Ichida |
|
Japanese |
56 |
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. Suchai Pongwattananusorn is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing
various kinds of
metal products, such
as steel, stainless
steel, copper, zinc,
aluminum, brass and
etc., as well
as providing non-ferrous
coil service center,
including slitting and
shearing service of
metal products according
to customer’s requirement.
PURCHASE
The products is
purchased from suppliers
and agents both
domestic and overseas,
mainly in Japan
and Republic of
China.
MAJOR SUPPLIER
Sumitomo
Corporation Thailand Ltd. :
SALES/ SERVICES
The products are
sold and serviced
locally by wholesale
to manufacturer dealers 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.
EMPLOYMENT
The
subject employs approximately 90
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and service center
at the heading
address. Premise is
located in provincial.
COMMENT
Metal
products for various
industries still have
strong demand. As
they are major
materials for various
products.
The
subject is doing
good business and
its sales revenue
remains healthy.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 110,000,000
divided into 110,000
shares of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS : [as
at April 27,
2007]
|
NAME |
HOLDING |
% |
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|
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Sumi Metalic
Corporation Nationality: Japanese Address : 1-8-10
Harumi, Shuko-ku, |
42,900 |
39.00 |
|
C H Autopart
Co., Ltd. Nationality: Thai Address : 127
Moo 2, Samrongtai,
Phrapradaeng, Samutprakarn |
24,750 |
22.50 |
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Mr. Chalit Pongwattananusorn Nationality: Thai Address : |
10,890 |
9.90 |
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Sumitomo Light
Metal Industries Co.,
Ltd. Nationality: Japanese Address : 5-11-3
Minatoku, |
5,500 |
5.00 |
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Sumitomo Corporation
Ltd. Nationality: Japanese Address : 1-8-10
Harumi, Shuko-ku, |
5,500 |
5.00 |
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Mr. Suchart Pongwattananusorn Nationality: Thai Address : 127
Moo 2, Samrongtai,
Phrapradaeng, Samutprakarn |
5,500 |
5.00 |
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Mr. Suchai Pongwattananusorn Nationality: Thai Address : |
5,500 |
5.00 |
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Ms.
Varaporn Pongwattananusorn Nationality: Thai Address : 127
Moo 2, Samrongtai,
Phrapradaeng, Samutprakarn |
5,500 |
5.00 |
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Other Shareholders |
3,960 |
3.60 |
Total Shareholders
11
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Sangvorn Sutthisanond No.
97
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 |
12,367,563.79 |
12,159,516.50 |
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Short Term Investment |
710,108.20 |
697,946.08 |
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Trade Accts. Receivable |
313,561,673.57 |
195,761,208.10 |
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Inventories [note 1] |
415,914,031.76 |
282,835,775.23 |
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Other Current Assets
[note 2] |
656,869.76 |
7,630,871.39 |
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Total Current
Assets |
743,210,247.08 |
499,085,317.30 |
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Fixed Assets |
143,931,973.70 |
158,586,341.75 |
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Intangible Assets |
826,689.13 |
7,917.79 |
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Other Assets |
710,314.00 |
710,314.00 |
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Total Assets
|
888,679,223.91 |
658,389,890.84 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Short Term Loan from
Financial Institution |
118,000,000.00 |
184,000,000.00 |
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Trade Accts. Payable |
548,578,421.53 |
293,389,047.35 |
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Current Portion of Long
Term Loans |
9,999,999.94 |
13,333,333.36 |
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Other Current Liabilities [note 3] |
22,056,343.91 |
4,330,700.19 |
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Total Current
Liabilities |
698,634,765.38 |
495,053,080.90 |
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Other Long Term
Loan |
- |
9,999,999.94 |
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Total Liabilities |
698,634,765.38 |
505,053,080.84 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 110,000 shares |
110,000,000.00 |
110,000,000.00 |
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Capital Paid |
110,000,000.00 |
110,000,000.00 |
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Statutory Reserve |
1,155,000.00 |
825,000.00 |
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Retained Earning -
Unappropriated |
78,889,458.53 |
42,511,810.00 |
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Total
Shareholders' Equity |
190,044,458.53 |
153,336,810.00 |
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Total
Liabilities & Shareholders' Equity |
888,679,223.91 |
658,389,890.84 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales & Services |
1,587,609,912.42 |
777,542,603.64 |
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Other Income |
6,850,437.92 |
9,787,695.25 |
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Total Revenues
|
1,594,460,350.34 |
787,330,298.89 |
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Expenses |
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Cost of Goods
Sold & Services |
1,466,285,405.71 |
721,592,720.64 |
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Selling & Administrative Expenses |
49,017,832.09 |
36,963,005.89 |
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Total Expenses |
1,515,303,237.80 |
758,555,726.53 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
79,157,112.54 |
28,774,572.36 |
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Interest Expenses |
[10,362,228.37] |
[5,115,876.64] |
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Income Tax |
[25,487,235.64] |
[7,147,933.80] |
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Net Profit / [Loss] |
43,307,648.53 |
16,510,761.92 |
FINANCIAL NOTE
NOTE 1
Inventories
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|
2006 |
2005 |
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Roll Metal |
378,047,042.47 |
257,918,573.52 |
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Sheet Metal |
37,866,989.29 |
24,917,201.71 |
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Total
|
415,914,031.76 |
282,835,775.23 |
NOTE 2
Other Current Assets
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|
2006 |
2005 |
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Advanced Payment |
49,878.00 |
2,828.00 |
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Prepaid Expenses |
460,563.81 |
396,971.84 |
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Revenue Department Receivable |
- |
7,053,493.56 |
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Other Current Assets |
146,427.95 |
177,577.99 |
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Total
|
656,869.76 |
7,630,871.39 |
NOTE 3
Other Current Liabilities
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|
2006 |
2005 |
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Accrued Expenses |
2,306,030.80 |
2,095,963.22 |
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Revenue Department Payable |
18,740,742.14 |
2,096,760.01 |
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Other Current Liabilities |
1,009,570.97 |
137,976.96 |
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Total
|
22,056,343.91 |
4,330,700.19 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
104.18 |
|
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Operating Profit |
34.73 |
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Net Profit |
162.30 |
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Fixed Assets |
[9.24] |
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Total Assets |
34.98 |
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Profitability |
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Cost of Good
Sold |
92.36 |
92.80 |
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Operating Profit Margin |
4.99 |
3.70 |
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S & A
Expenses |
3.09 |
4.75 |
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Interest Paid |
0.65 |
0.66 |
|
Other Revenues |
0.43 |
1.26 |
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Net Profit Margin |
2.73 |
2.12 |
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Earning Per Shares |
393.71 |
150.10 |
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No. of Shares |
110,000 |
110,000 |
Net Sales was
increased by 104.18%,
Operating Profit was
increased by 34.73%,
Net Profit was
increased by 162.30%,
Fixed Assets was
decreased by 9.24%,
Total Assets was
increased by 34.98%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 92.80%
to 92.36%, Operating
Profit Margin was
increased from 3.70%
to 4.99%, S
& A Expenses
was decreased from
4.75% to 3.09%,
Interest Paid was decreased
from 0.66% to
0.65%, Other Revenues
was decreased from
1.26% to 0.43%,
Net Profit Margin
was increased from
2.12% to 2.73%.
Earning Per Shares
was increased from
150.10 baht per
share to 393.71
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.06 |
1.01 |
|
Quick-Assets Ratio |
0.47 |
0.42 |
Current Ratio was
increased from 1.01
to 1.06, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company
was good, Quick-Assets
Ratio was increased
from 0.42 to
0.47, 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 |
3.68 |
3.29 |
|
Times Interest Earned |
7.64 |
5.62 |
D/E Ratio was
increased from 3.29
to 3.68, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
5.62 to 7.64,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
11.03 |
4.90 |
|
Total Assets Turnover |
1.79 |
1.18 |
|
Return on Assets |
4.87 |
2.51 |
|
Return on Equity |
22.79 |
10.77 |
|
Day's Payable |
124.39 |
135.84 |
|
Day’s Inventories |
94.31 |
130.95 |
|
Day’s Receivables |
71.10 |
90.64 |
Fixed Assets Turnover
was increased from
4.90 times to
11.03 times, Total
Assets Turnover was
increased from 1.18
times to 1.79
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
2.51 to 4.87,
Return on Equity
was increased from
10.77 to 22.79,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 136
days to 125
days, Day’s Inventories
was decreased from
131 days to
95 days, and
Day’s Receivables was
decreased from 91
days to 72
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 |
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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 |
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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%)