MIRA
INFORM REPORT
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Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
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Name : |
THAI COLD ROLLED STEEL SHEET PUBLIC COMPANY LIMITED |
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Registered Office : |
5th Floor, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0107538000584 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing and
distributing of cold
rolled steel sheets
and iron oxides. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name
THAI COLD ROLLED STEEL SHEET PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 5th FLOOR,
BANGRAK,
TELEPHONE : [66] 2630-0300
FAX :
[66] 2630-0320-2
E-MAIL ADDRESS : salesmarketing@tcrss.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0107538000584 [Former : BOR MOR JOR. 581]
CAPITAL
REGISTERED : BHT.
10,703,000,000
CAPITAL
PAID-UP : BHT.
10,703,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. TETSUO INATOMI,
JAPANESE
PRESIDENT
NO. OF
STAFF : 836
LINES OF
BUSINESS : COLD
ROLLED STEEL SHEET
AND IRON OXIDES
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was formed
on March 20,
1990 ordinary as
a private limited
company under the registered
name “Thai Cold
Rolled Steel Sheet
Public Company Limited” by
a joint venture
between Thai and
Japanese groups, holding around 20%
and 80% of
the company’s shares,
respectively. On November
11, 1995, subject
became to a public company
under the name
THAI COLD ROLLED
STEEL SHEET PUBLIC
COMPANY LIMITED. Its
business objective is a
manufacturer of cold
rolled steel sheet
and iron oxide
to both domestic
and international markets.
It currently employs
836 staff.
It has
been certified as
follows:
ISO 9002 in September 1999
ISO 14001 in December 2001
QS 9000 in December 2002
OHSAS/ TIS
18001 in January 2004
ISO/ TS 16949 in October 2004
ISO 9001 in October 2004
ISO/ IEC 17025 in April 2005
The
subject also received
awards as follows:
The
Prime Minister’s award
on Quality Management
2003.
The
Prime Minister’s award
on Environmental Quality
Preservation 2007
The
Best Factory award
on Safety, Occupational
Health, Working Environment
2003, 2004, 2005 and 2007.
The
Best Factory award
on Labor Welfare
Provision 2006.
The
subject’s registered address
is 28/1 Surasak
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Tetsuo Inatomi |
[x] |
Japanese |
59 |
|
Mr. Jun Okabe |
[x] |
Japanese |
54 |
|
Mr. Osamu Tsukada |
|
Japanese |
51 |
|
Mr. Seiji Morita |
|
Japanese |
49 |
|
Mr. Somsak Sivapaibul |
|
Thai |
45 |
|
Mr. Vorathep Chotenuchit |
[-] |
Thai |
40 |
|
Mr. Boonrat Winyukanond |
|
Thai |
44 |
|
Mr. Sakolkij Kijviriya |
|
Thai |
46 |
|
Mr. Shinji Kawai |
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Japanese |
54 |
|
Mr. Masaki Okasa |
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Japanese |
51 |
|
Mr. Kazuhisa Hamagami |
|
Japanese |
57 |
|
Mr. Yasuhiko Koike |
|
Japanese |
56 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with the director
[-] on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tetsuo Inatomi
is the President.
He is Japanese
nationality with the
age of 59
years old.
Mr. Masakazu Zakoji
is the Executive
Vice President [Sales & Marketing].
He is Japanese
nationality.
Mr. Motohiro Hirata
is the Executive
Vice President [Manufacturing].
He is Japanese
nationality.
Mr. Jun Okabe
is the Executive
Vice President [Finances & Accounting].
He is Japanese
nationality with the
age of 54
years old.
Mr. Vorathep Chotenuchit
is the Executive
Vice President [General
Administration].
He is Thai
nationality with the
age of 40
years old.
Ms. Sunee Wattanapholmomgkol is
the Vice President
[Finance & Accounting].
She is Thai
nationality.
Mr. Pitak Ruksavalee
is the General
Manager [Administration].
He is Thai
nationality.
Mr. Mana Rattanacherdkiat is
the General Manager
[Sales & Marketing 1].
He is Thai
nationality.
Mr. Tomonobu Tsujimoto
is the General
Manager [Sales & Marketing 2].
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and
distributing of cold
rolled steel sheets
and iron oxides,
with the production
capacity of 1.2
million tons per
annum. The products
are thickness : 0.14
mm.-3.20 mm., width : 600 mm. – 1.550 mm.
PURCHASE
Most of
raw materials are
purchased from local
suppliers, and the
remaining as well
as machinery and
spare parts are
imported from Japan,
U.S.A. and
SALES
Most of the
products are sold
locally by wholesale
to dealers, manufacturers
and end-users, and
the remaining is
exported to Japan
and Singapore.
MAJOR CUSTOMERS
- Permsin
Steel Works Public
Co., Ltd.
- Thai
Steel Sales Co.,
Ltd.
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 are against
L/C or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs 836
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
and warehouse are
located at 111
Moo 4, Maeramphueng, Bangsapan,
Prachubkirikhan 77140. Tel :
[66] 32 548-375-80, Fax. : [66]
32 548-382-3.
Factory
: 377,600 square
meters
Reservoir :
216,000 square meters
COMMENT
Automobile
and home electrical
industries woo the
growth of Thailand
steel industry in
long term prospect,
even though the current
economic slowdown has
decline consumption of
steel products.
The
subject can maintain
its moderate business,
and would have
bright future prospect.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
3,000,000 divided into
300,000 shares of Bht.
10 each.
Later
the capital was
increased to Bht. 10,703,000,000 divided
into 1,070,300,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 22,
2007]
|
NAME |
HOLDING |
% |
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JFE Steel
Corporation Nationality: Japanese Address : 2-3
Uchiziwai-sho Shiyitaku, |
180,487,750 |
16.86 |
|
Marubeni Corporation Nationality: Japanese Address : 4-2
Otemashi, 1-Chome Chiyitaku,
|
180,487,750 |
16.86 |
|
Sahaviriya Steel
Industry Public Company
Limited Nationality: Thai Address : |
93,812,500 |
8.76 |
|
Mr. Pichai Uasirisap Nationality: Thai Address : |
41,250,000 |
3.86 |
|
JFE Shojitrade
Corporation Nationality: Japanese Address : 1- Chome
6-20 Dojima Shitaku
|
16,770,000 |
1.57 |
|
Toyoda Tushizo
Corporation Nationality: Japanese Address :
7-23 Meiki-4 Chome,
Nagumura, |
13,020,000 |
1.22 |
|
Other Shareholders |
544,472,000 |
50.87 |
Total Shareholders
56
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
--
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
|
217,665,669 |
290,373,095 |
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Trade Accts. Receivable Related Company |
267,762,926 |
1,291,464,693 |
|
Other Company |
96,704,602 |
353,033,487 |
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Trade Accts. Receivable -
Net |
364,467,528 |
1,644,498,180 |
|
Inventories |
4,141,341,773 |
2,958,568,669 |
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Other Current Assets
Prepaid Expenses |
48,049,429 |
52,394,142 |
|
Refundable Value
Added Tax |
2,553,324 |
4,360,320 |
|
Others |
27,662,749 |
27,486,810 |
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Total Current
Assets |
4,801,740,472 |
4,977,681,216 |
|
Fixed Assets |
14,369,077,425 |
13,916,478,686 |
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Other Assets Deferred Expenses |
7,749,932 |
12,363,776 |
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Others |
4,151,839 |
7,920,431 |
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Total Assets
|
19,182,719,668 |
18,914,444,109 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
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Short-term Loan from
Bank |
1,856,000,000 |
2,059,229,664 |
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Trade Accts. &
Notes Payable Related Company |
521,712,886 |
745,423,008 |
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Other Company |
134,848,441 |
219,993,359 |
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Trade Accts. &
Notes Payable |
656,561,327 |
965,416,367 |
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Related Company Payable |
71,366,792 |
97,520,687 |
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Current Portion of
Finance Lease Contract
Liabilities |
6,521,396 |
6,039,626 |
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Current Portion of
Long-term Loan |
822,816,000 |
894,770,400 |
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Other Current Liabilities Accrued Interest |
19,653,382 |
19,435,512 |
|
Accrued Expenses |
241,084,229 |
215,491,994 |
|
Others |
96,093,990 |
136,442,632 |
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|
|
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+Total Current
Liabilities |
3,770,097,116 |
4,394,346,882 |
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Finance Lease Contract
Liabilities - Net
of Current Portion |
8,849,218 |
12,219,948 |
|
Long-term Loan -
Net of Current
Portion |
6,739,961,200 |
7,420,311,400 |
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Other Liabilities |
- |
78,063,600 |
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Total Liabilities |
10,518,907,534 |
11,904,941,830 |
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Shareholders'
Equity |
|
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|
|
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Share capital : Baht 10
par value Authorized &
issued share capital
1,070,300,000 shares |
10,703,000,000 |
10,703,000,000 |
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|
|
|
|
Capital Paid |
10,703,000,000 |
10,703,000,000 |
|
Surplus from Revaluation
of Assets |
6,230,267,556 |
5,230,291,732 |
|
Retained Earning Appropriated for Statutory
Reserve |
8,701,078 |
8,701,078 |
|
Unappropriated [Deficit] |
[8,278,156,500] |
[8,932,490,531] |
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Total
Shareholders' Equity |
8,663,812,134 |
7,009,502,279 |
|
Total
Liabilities & Shareholders' Equity |
19,182,719,668 |
18,914,444,109 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
19,977,781,051 |
22,668,088,992 |
|
Other Income Gain on
Exchange Rate |
- |
99,530,264 |
|
Others |
12,565,571 |
19,020,820 |
|
Total Revenues
|
19,990,346,622 |
22,786,640,076 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
17,626,647,723 |
20,032,341,159 |
|
Selling & Administrative Expenses |
1,072,986,302 |
679,758,632 |
|
Directors’ Remuneration |
480,000 |
480,000 |
|
Loss on Exchange
Rate |
80,966,157 |
- |
|
Total Expenses |
18,781,080,182 |
20,712,579,791 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Cost of Loan |
1,209,266,440 |
2,074,060,285 |
|
Interest Expenses &
Cost of Loan |
[554,932,409] |
[582,111,789] |
|
|
|
|
|
Net Profit / [Loss] |
654,334,031 |
1,491,948,496 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[11.87] |
|
|
Operating Profit |
[29.40] |
|
|
Net Profit |
[56.14] |
|
|
Fixed Assets |
3.25 |
|
|
Total Assets |
1.42 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.23 |
88.37 |
|
Operating Profit Margin |
6.46 |
9.15 |
|
S & A
Expenses |
5.37 |
3.00 |
|
Interest Paid |
2.78 |
2.57 |
|
Other Revenues |
0.06 |
0.52 |
|
Net Profit Margin |
3.28 |
6.58 |
Net Sales was
decreased by 11.87%,
Operating Profit was
decreased by 29.40%,
Net Profit was
decreased by 56.14%,
Fixed Assets was
increased by 3.25%,
Total Assets was
increased by 1.42%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 88.37%
to 88.23%, Operating
Profit Margin was
decreased from 9.15%
to 6.46%, S
& A Expenses
was increased from
3.00% to 5.37%,
Interest Paid was increased
from 2.57% to
2.78%, Other Revenues
was decreased from
0.52% to 0.06%,
Net Profit Margin
was decreased from
6.58% to 3.28%.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.27 |
1.13 |
|
Quick-Assets Ratio |
0.15 |
0.44 |
Current Ratio was
increased from 1.13
to 1.27, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was so
good,
Quick-Assets Ratio was
decreased from 0.44
to 0.15, 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 |
1.21 |
1.70 |
|
Times Interest Earned |
2.33 |
3.56 |
D/E Ratio was
decreased from 1.70
to 1.21, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
3.56 to 2.33,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.39 |
1.63 |
|
Total Assets Turnover |
1.04 |
1.20 |
|
Return on Assets |
3.41 |
7.89 |
|
Return on Equity |
7.55 |
21.28 |
|
Day's Payable |
2.43 |
3.49 |
|
Day’s Inventories |
74.63 |
46.99 |
|
Day’s Receivables |
4.83 |
20.51 |
Fixed Assets Turnover
was decreased from
1.63 times to
1.39 times, Total
Assets Turnover was
decreased from 1.20
times to 1.04
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 7.89 to
3.41, Return on
Equity was decreased
from 21.28 to
7.55, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 4
days to 3
days, while Day’s
Inventories was increased
from 47 days
to 75 days,
but Day’s Receivables
was decreased from
21 days to
5 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. |
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%)