MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
UNITED COIL CENTER LIMITED |
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Registered Office : |
54/10 Moo 7, Soi
Thammasiri, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532110157 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor
of steel sheet 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 |
name
UNITED COIL CENTER LIMITED
SUMMARY
BUSINESS ADDRESS : 54/10
MOO 7, SOI THAMMASIRI,
25.5 BANGSAOTHONG,
BANGSAOTHONG SUB DISTRICT,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2336-1340,
2708-3770
FAX :
[66] 2336-1342
E-MAIL ADDRESS : tagawa@ucc.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532110157 [Former
: 11014/2532]
CAPITAL
REGISTERED : BHT.
350,000,000
CAPITAL
PAID-UP : BHT.
350,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHUNJI SATAKE, JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 500
LINES OF BUSINESS : STEEL
SHEET & STEEL
CUTTING SERVICE
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The subject was
established on November
16, 1989 as
a private limited
company under the
name style UNITED
COIL CENTER LIMITED, by
Thai - Japanese groups. The
subject is a
subsidiary company of
Marubeni-Itochu Steel Inc., Japan
to operate as
a steel service
center, trading &
transmutation of steel;
blanking, slitting, cutting
and punching. It
currently employs
approximately 500 staff.
The subject received
the international standard
ISO 9002 certification.
The subject’s registered
address was initially located at
245 Moo 7,
Soi Suksawad 13,
Charoennakorn Rd., T.
Bangpakok, A. Rajburana,
On December 27,
2002 the subject’s
registered address was
relocated to 54/10
Moo 7, Soi Thammasiri, Bangna-Trad Rd.,
Km. 25.5 Bangsaothong, Bangsaothong
Sub-District, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
|
Mr. Katsuya Masai |
|
Japanese |
54 |
|
Mr. Masahiro Yamamoto |
[x] |
Japanese |
56 |
|
Mr. Masayuki Takawa |
[x] |
Japanese |
50 |
|
Mr. Koji Shimada |
|
Japanese |
51 |
|
Mr. Shunji Satake |
[x] |
Japanese |
55 |
|
Mr. Chularp Pasupa |
[x] |
Thai |
42 |
|
Mr. Prasarn Pasupa |
[x] |
Thai |
71 |
|
Mr. Churat Pasupa |
|
Thai |
49 |
|
Mr. Masahiro Takahashi |
|
Japanese |
42 |
|
Mr. Kazuhiko Takami |
|
Japanese |
55 |
AUTHORIZED PERSON
Two of the above
directors [x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shunji
Satake is the
Managing Director.
He is Japanese
nationality with the
age of 55
years old.
Mr. Masayuki Takawa
is the Deputy
Managing Director [Sales & Marketing].
He is Japanese
nationality with the
age of 50
years old.
Mr. Chularp
Pasupa is the
Deputy Managing Directors
& General Manager.
He is Thai
nationality with the
age of 42
years old.
Mr. Prameth
Wongvila is the
Factory Manager [Rajburana].
He is Thai
nationality.
Ms. Angkana
Charoenkitti is the
Account Manager.
She is Thai
nationality.
BUSINESS OPERATION
The subject’s activities
are importer and
distributor of steel sheet
products, including cold rolled
steel sheet, hot
rolled steel sheet,
hot dip galvanized
steel sheet, electro
galvanized steel sheet,
electrical steel sheet
[silicon], and also provides
steel cutting service
of steel coil
and steel sheet
for construction, automobile
and electric appliance
industries.
IMPORT [COUNTRIES]
Most of its
products are imported
from Japan, Singapore
and Taiwan, and
the rests are
purchased from local
suppliers.
MAJOR SUPPLIES
- Marubeni-Itochu Steel Inc. :
- Murabeni-Itochu Steel Pte.
Ltd. :
- Nishimatsu Co., Ltd . :
SALES [LOCAL]
100% of its products
is sold locally
to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMER
Marubeni Steel Processing
[
PARENT COMPANY
Marubeni-Itochu Steel
Inc.
Address : 5-4-1 Chome Otemachi,
Saiyakaku,
RELATED COMPANY
Marubeni Steel Processing
[
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 30-90 days.
Local bills are
paid by cash
or on the
credits term of
30-90 days.
Imports are by
L/C at sight
& T/T.
BANKING
Bangkok Bank Public Co.,
Ltd.
[Head Office :
[Choburi Branch :
Bank of
Tokyo-Mitsubishi Ltd.
[
EMPLOYMENT
The subject employs
approximately 500 staff.
[office staff and
factories workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is located in
industrial area.
The factory is
located at 700/351
Moo 6, Amata
Nakorn Industrial Estate,
Bangna-Trad Road, K.M.57,
T. Donhuaroh, A.
Muang,
Tel : [66]
38 743-777 Fax
: [66] 38
743-778.
COMMENT
Signs of economic
slowdown starting since
the beginning of
2005 has damped
domestic industrial including
construction industry. Demand
of steel and
metal products would
also diminish.
However, subject’s operating performance
was healthy and
attained a solid
growth in business status in 2006.
FINANCIAL INFORMATION
The capital was
registered at Bht. 100,000,000, divided
into 100,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings:
Bht. 150,000,000
on June 8,
1993
Bht. 250,000,000
on August 19,
1998
Bht. 350,000,000
on June 12,
2001
The latest registered
capital was increased
to Bht. 350,000,000
divided into 350,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 23,
2007]
|
NAME |
HOLDING |
% |
|
Marubeni-Itochu Steel
Inc. Nationality: Japanese Address : 5-4-1 Chome
Otemachi, Soiyokaku, |
288,505 |
82.43 |
|
Mr. Prasarn
Pasupa Nationality: Thai Address : |
16,344 |
4.67 |
|
Mr. Churat
Pasupa Nationality: Thai Address : |
15,050 |
4.30 |
|
Mr. Chunetr
Pasupa Nationality: Thai Address : |
15,050 |
4.30 |
|
Mr. Chularp
Pasapa Nationality: Thai Address : Thai Bangrak, |
13,300 |
3.80 |
|
Mrs. Valaiporn Pasupa Nationality: Thai Address : |
1,750 |
0.50 |
|
Mr. Prasert
Vuthivorn Nationality: Thai Address : 49/8 Soi
Langsuan, Lumpini, Pathumwan,
|
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Kalayarat Chaivorapongsa No.
3460
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
23,574,708 |
25,533,335 |
|
Trade Accts. Receivable |
2,340,767,767 |
2,683,053,713 |
|
Inventories |
2,352,988,824 |
2,807,267,800 |
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Other Current Assets
|
29,960,851 |
19,218,540 |
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Total Current
Assets |
4,747,292,150 |
5,535,073,388 |
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|
|
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Fixed Assets |
1,179,233,817 |
962,510,920 |
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Intangible Assets |
1 |
1,293,212 |
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Other Assets |
18,460,474 |
12,600,055 |
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Total Assets
|
5,944,986,442 |
6,511,477,575 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short Term Loan
from Financial Institution |
1,215,000,000 |
2,131,000,000 |
|
Trade Accts. Payable |
2,554,616,906 |
2,439,291,477 |
|
Current Portion of Long
Term Loans |
310,220,000 |
254,356,250 |
|
Current Portion of Long
Term Contract Liabilities |
2,695,008 |
2,584,199 |
|
Accrued Income Tax |
44,354,758 |
67,952,431 |
|
Provision Loss for
Damage from Estimated Tax
|
270,000,000 |
90,000,000 |
|
Other Current Liabilities |
122,341,027 |
94,959,631 |
|
Total Current
Liabilities |
4,519,227,699 |
5,080,143,988 |
|
Long Term Loan |
318,670,000 |
350,000,000 |
|
Long Term Contract
Liabilities Net of Current Portion |
5,465,906 |
8,160,914 |
|
Provident Fund |
12,308,718 |
10,006,781 |
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Total Liabilities |
4,855,672,323 |
5,448,311,683 |
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Shareholders'
Equity |
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|
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 350,000 shares |
350,000,000 |
350,000,000 |
|
Capital Paid |
350,000,000 |
350,000,000 |
|
Revenue Statutory |
35,000,000 |
35,000,000 |
|
Retained Earning -
Unappropriated |
704,314,119 |
678,165,892 |
|
Total
Shareholders' Equity |
1,089,314,119 |
1,063,165,892 |
|
Total
Liabilities & Shareholders' Equity |
5,944,986,442 |
6,511,474,575 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
10,772,740,479 |
10,173,666,522 |
|
Services Income |
192,930,031 |
214,375,928 |
|
Gain on Exchange Rate |
58,357,471 |
- |
|
Other Income |
46,032,556 |
16,000,046 |
|
Total Revenues
|
11,070,060,537 |
10,404,042,496 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold & Services |
10,273,670,449 |
9,514,389,001 |
|
Selling & Administrative Expenses |
273,310,752 |
257,915,385 |
|
Loss for Damage
from Estimated Tax
|
180,000,000 |
30,000,000 |
|
Total Expenses |
10,726,981,201 |
9,802,304,386 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
343,079,336 |
601,738,110 |
|
Interest Expenses |
[113,131,957] |
[70,963,287] |
|
Income Tax |
[133,799,152] |
[165,548,938] |
|
Net Profit / [Loss] |
96,148,227 |
366,255.885 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
5.56 |
|
|
Operating Profit |
[21.56] |
|
|
Net Profit |
26,151.65 |
|
|
Fixed Assets |
22.52 |
|
|
Total Assets |
[8.70] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.69 |
91.59 |
|
Operating Profit Margin |
4.77 |
6.08 |
|
S & A
Expenses |
2.49 |
2.48 |
|
Interest Paid |
1.03 |
0.68 |
|
Other Revenues |
0.95 |
0.15 |
|
Net Profit Margin |
0.88 |
0.00 |
|
Earning Per Shares |
274.71 |
1.05 |
|
No. of Shares |
350,000 |
350,000 |
Net Sales was
increased by 5.56%,
Operating Profit was
decreased by 21.56%,
Net Profit was
increased by 26,151.65%,
Fixed Assets was increased
by 22.52%, Total
Assets was decreased
by 8.70%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 91.59%
to 93.69%, Operating
Profit Margin was
decreased from 6.08%
to 4.77%, S
& A Expenses
was increased from
2.48% to 2.49%,
Interest Paid was increased
from 0.68% to
1.03%, Other Revenues
was increased from
0.15% to 0.95%,
Net Profit Margin
was increased from
0.00% to 0.88%.
Earning Per Shares
was increased from
1.05 baht per
share to 274.71
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.05 |
1.09 |
|
Quick-Assets Ratio |
0.52 |
0.53 |
Current Ratio was
decreased from 1.09
to 1.05, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.53 to 0.52,
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 |
4.46 |
5.12 |
|
Times Interest Earned |
4.62 |
8.90 |
D/E Ratio was
decreased from 5.12
to 4.46, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
8.90 to 4.62,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
9.30 |
10.79 |
|
Total Assets Turnover |
1.84 |
1.60 |
|
Return on Assets |
1.62 |
0.01 |
|
Return on Equity |
8.83 |
0.03 |
|
Day's Payable |
83.87 |
84.53 |
|
Day’s Inventories |
77.25 |
97.29 |
|
Day’s Receivables |
76.85 |
92.98 |
Fixed Assets Turnover
was decreased from
10.79 times to
9.30 times, Total
Assets Turnover was
increased from 1.60
times to 1.84
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.01 to
1.62, Return on
Equity was increased
from 0.03 to
8.83, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 85
days to 84
days, Day’s Inventories
was decreased from
98 days to
78 days, and
Day’s Receivables was
decreased from 93
days to 77
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%)