MIRA
INFORM REPORT
|
Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHA
THAI STEEL PIPE
PUBLIC COMPANY LIMITED |
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Registered Office : |
78 Moo 3, Poochasamingprai Road, Bangyapraek, 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 : |
01.04.1968 |
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Com. Reg. No.: |
0107548000463 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer, Exporter and
Distributor of Steel Pipes |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SAHA
THAI STEEL PIPE
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 78
MOO 3, POOCHASAMINGPRAI
ROAD,
BANGYAPRAEK, PHRAPRADAENG,
SAMUTPRAKARN 10130
TELEPHONE : [66] 2385-9023,
2385-9282-7, 2754-4138
FAX : [66] 2385-9288,
2754-4100
E-MAIL
ADDRESS : market@sahathai.com, export@sahathai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION NO. : 0107548000463
[Former : 223/2511]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT. 495,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR. SOMCHAI KARUCHIT, THAI
PRESIDENT
NO.
OF STAFF : 600
LINES
OF BUSINESS : STEEL PIPES
MANUFACTURER, EXPORTER
AND 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 originally
established on April
1, 1968 as
a private limited
company under the registered
name “Saha Thai Steel
Pipe Company Limited”, with the business
objective to manufacture
and distribute steel pipe products to
domestic and international markets. It was
formed by a group
of more than
30 furniture manufacturers, with a main
purpose to produce
steel pipe used
as raw materials for furniture
manufacture. Therefore, the
company is the
first steel pipe
manufacturer in Thailand.
On
June 27, 2005,
subject became a
public company, under
the name SAHA THAI
STEEL PIPE PUBLIC
COMPANY LIMITED. It
currently employs approximately 600 staff.
The subject’s registered address is
78 Moo 3, Poochaosamingprai Rd.,
Bangyapraek, Phrapradaeng, Samutprakarn 10130, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Somchai Karuchit |
[x] |
Thai |
77 |
|
Mr. Limziam Ampaphankij |
[x] |
Thai |
77 |
|
Mr. Sueb Prapinthip |
|
Thai |
82 |
|
Mr. Vichai Ratanasirivilai |
[x] |
Thai |
65 |
|
Mr. Ananatachai Kunanantakul |
|
Thai |
66 |
|
Mr. Taweesak Karuchit |
|
Thai |
48 |
|
Mr. Chaiyarat Jongyangyuenwong |
|
Thai |
43 |
|
Mr. Vorawuth Lamatipanont |
|
Thai |
39 |
|
Mr. Singha Nikornphan |
|
Thai |
54 |
|
Mr. Kris Phanratanamala |
|
Thai |
40 |
|
Mr. Vithai Rattanakorn |
|
Thai |
38 |
|
Mr. Chai Charungtanapibal |
|
Thai |
54 |
|
Mr. Vithit Leenutapong |
|
Thai |
53 |
|
Mr. Yuth Vorachattarn |
|
Thai |
60 |
|
Mr. Kimhua Saeheng |
|
Thai |
83 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somchai Karuchit
is the President.
He is Thai nationality with
the age of
77 years old.
Mr. Taweesak Karuchit
is the Vice President.
He is Thai nationality with
the age of
48 years old.
Mr. Sunan Rungpornchai is
the Overseas Manager.
He is Thai nationality.
Mr. Vichien Ratanasirivilai is
the Finance Manager.
He is Thai nationality
BUSINESS OPERATIONS
The subject
is engaged in manufacturing wide range
of steel pipes,
such as black
steel pipe, galvanized
steel pipes. furniture
steel pipes and
blue printed steel
pipes mainly for
furniture, construction, and
automotive industry, under
its owned brand
name “STS”, with
the production capacity
approximately 300,000 tons
per annum.
REFERENCE PROJECTS
Bangkok Mass
Transit System
Mass Rapid
Transit Authority of
Thailand
Suvarnabhumi Airport
Paragon Shopping
Center
PURCHASE
Raw materials are
purchased from suppliers
and agents both
in domestic and
overseas, mainly in
U.S.A., Republic of
China, Japan, Taiwan,
Korea, Germany, Brazil,
Russia, France, Italy
and other European
countries.
MAJOR SUPPLIERS
N.S.C. Nippon Co.,
Ltd. : Japan
China Steel Co., Ltd. : Taiwan
SALES
80% of the products is
exported to Singapore,
U.S.A., Hong Kong,
Republic of China,
Taiwan, U.K., Australia,
Brunei, and Middle
East country, the
remaining 20% is
sold locally.
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 30-60-90 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
Bank of Ayudhya
Public Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 600 staff.
LOCATION DETAILS
The premise is
owned for administrative office, factory and
warehouse at the
heading address. Premise
is located in
commercial/residential area.
Branches
:
-
78/2 Moo 3,
Poochaosamingprai Rd.,
Bangyapraek, Phrapradaeng, Samutprakarn
10130.
-
78/1 Moo 3, Poochaosamingprai Rd., Bangyapraek, Phrapradaeng,
Samutprakarn 10130.
-
91 Moo 21, Theparak Rd.,
Bangpleeyai, Bangplee, Samutprakarn 10540.
-
46/3 Moo 21,
Bangpleeyai, Bangplee, Samutprakarn 10540.
-
51/1 Moo 3, Poochaosamingprai Rd., Bangyapraek, Phrapradaeng,
Samutprakarn 10130.
COMMENT
The
company was 40
years since incorporation. It has committed
to produce quality
products and gained
trust from customers.
The company has strongly
built customer’s base domestically and internationally. At
present, the company
is the biggest manufacturer
and seller of steel pipe in
Thailand, with export
volumes of 80%
approximately. It is
also the biggest
exporter of steel
pipe in the
country, as well
as the sole exporter of
steel pipe to
USA.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 300
shares of Bht. 10,000 each.
The
capital was increased
later as following:
Bht. 45,000,000 on January 3,
1978
Bht. 90,000,000 on August 18,
1982
The
latest registered capital
was increased to
Bht. 600,000,000 divided into
600,000,000 shares of
Bht. 1 each.
THE SHAREHOLDERS LISTED WERE
[as
at April 3,
2007] at Bht.
495 million of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
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Thai Growth
Open Fund Nationality: Thai Address : 130-132
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
99,290,000 |
20.06 |
|
Mr. David, Lee
Eng Tong Nationality: Singaporean Address : 7
Themasek Bualuward, Singapore |
75,700,000 |
15.29 |
|
Official Pension
Fund Nationality: Thai Address : 990
Rama 4 Rd.,
Silom, Bangrak, Bangkok |
49,500,000 |
10.00 |
|
Mrs.
Sunantha Lamatipanont Nationality: Thai Address : 575/4
Moo 8, Bangpakok, Rajburana, Bangkok |
20,000,000 |
4.04 |
|
Mr. Limziam Ampaphankij Nationality: Thai Address : 2
Onnuch 66 Rd.,
Praves, Bangkok |
11,000,000 |
2.22 |
|
Mr.
Amornsak Ampaphankij Nationality: Thai Address : 233
Taiban, Muang, Samutprakarn |
11,000,000 |
2.22 |
|
|
|
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Mrs.
Duangta Jongyangyuenwong Nationality: Thai Address :
999/193 Moo 6,
Theparak Rd., Theparak,
Muang, Samutprakarn |
10,200,000 |
2.10 |
|
Mr. Lib Prapinthip Nationality: Thai Address : 168
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
10,000,000 |
2.00 |
|
Other Shareholders |
208,310,000 |
42.07 |
Total Shareholders : 63
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Somkid Tiatrakul
No. 2785
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 [Adjusted] |
|
|
|
|
|
Cash in Hand
& at Bank |
120,000,634 |
90,502,616 |
|
Trade Accts. Receivable - Others |
428,536,699 |
538,078,458 |
|
- Related Company |
16,846,827 |
17,984,972 |
|
Inventories |
1,326,588,433 |
1,455,374,703 |
|
Deferred Refundable Value
Added Tax |
65,266,289 |
13,887,723 |
|
Other Current Assets
|
4,136,624 |
2,875,729 |
|
|
|
|
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Total Current
Assets |
1,961,375,506 |
2,118,704,201 |
|
Long-term Investment |
10,000,000 |
10,000,000 |
|
Fixed Assets |
197,727,609 |
180,056,369 |
|
Deferred Refundable Tax |
18,351,022 |
18,351,022 |
|
Other Assets |
6,954,000 |
1,540,000 |
|
Total Assets |
2,194,408,137 |
2,328,651,592 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 [Adjusted] |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
1,277,004,878 |
1,176,433,740 |
|
Trade Accts. Payable - Others |
23,738,621 |
41,527,603 |
|
- Related Company |
4,013 |
- |
|
Related Company Payable |
385,000 |
750,750 |
|
Deposit from Customer |
21,424,586 |
67,318,622 |
|
Loan from Director |
- |
50,000,000 |
|
Accrued Income Tax |
22,703,151 |
- |
|
Accrued Expenses |
35,872,371 |
102,722,738 |
|
Other Current Liabilities |
340,032 |
146,177 |
|
|
|
|
|
Total Current
Liabilities |
1,381,472,652 |
1,438,899,630 |
|
Total Liabilities |
1,381,472,652 |
1,438,899,630 |
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|
|
|
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Shareholders’
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1 par value
Authorized &
issued share capital
600,000,000 shares |
600,000,000 |
600,000,000 |
|
|
|
|
|
Capital Paid |
495,000,000 |
495,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
49,500,000 |
49,500,000 |
|
Unappropriated |
268,435,485 |
345,251,962 |
|
Total
Shareholders’ Equity |
812,935,485 |
889,751,962 |
|
Total
Liabilities & Shareholders’ Equity |
2,194,408,137 |
2,328,651,592 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 [Adjusted] |
|
|
|
|
|
Sales |
3,282,769,894 |
3,926,928,579 |
|
Transportation Income |
249,679,787 |
323,133,702 |
|
Other Income |
57,872,381 |
94,233,738 |
|
Total Revenues
|
3,590,322,062 |
4,344,296,019 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,961,746,167 |
3,449,700,839 |
|
Cost of Transportation |
245,252,896 |
305,378,594 |
|
Selling & Administrative Expenses |
229,281,229 |
198,604,803 |
|
Total Expenses |
3,436,280,292 |
3,953,684,236 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
154,041,770 |
390,611,783 |
|
Interest Expenses |
[82,854,815] |
[46,566,158] |
|
Income Tax |
[24,253,432] |
[104,274,437] |
|
|
|
|
|
Net Profit / [Loss] |
46,933,523 |
239,771,188 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[16.40] |
|
|
Operating Profit |
[31.37] |
|
|
Net Profit |
[80.43] |
|
|
Fixed Assets |
9.81 |
|
|
Total Assets |
[5.76] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.22 |
87.85 |
|
Operating Profit Margin |
12.16 |
17.72 |
|
S & A
Expenses |
6.98 |
5.06 |
|
Interest Paid |
2.52 |
1.19 |
|
Other Revenues |
9.37 |
10.63 |
|
Net Profit Margin |
1.43 |
6.11 |
|
Earning Per Shares |
0.09 |
0.48 |
|
No. of Shares |
495,000,000 |
495,000,000 |
Net Sales was
decreased by 16.40%,
Operating Profit was
decreased by 31.37%,
Net Profit was
decreased by 80.43%,
Fixed Assets was
increased by 9.81%,
Total Assets was
decreased by 5.76%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.85%
to 90.22%, Operating
Profit Margin was
decreased from 17.72%
to 12.16%, S
& A Expenses
was increased from
5.06% to 6.98%,
Interest Paid was increased
from 1.19% to
2.52%, Other Revenues
was decreased from
10.63% to 9.37%,
Net Profit Margin
was decreased from
6.11% to 1.43%.
Earning Per Shares
was decreased from
0.48 baht per
share to 0.09
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.42 |
1.47 |
|
Quick-Assets Ratio |
0.41 |
0.45 |
Current Ratio was
decreased from 1.47
to 1.42, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.45 to 0.41,
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 |
1.70 |
1.62 |
|
Times Interest Earned |
4.82 |
14.95 |
D/E Ratio was
increased from 1.62
to 1.70, 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
14.95 to 4.82,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
16.60 |
21.81 |
|
Total Assets Turnover |
1.50 |
1.69 |
|
Return on Assets |
2.14 |
10.30 |
|
Return on Equity |
5.77 |
26.95 |
|
Day's Payable |
2.60 |
3.81 |
|
Day’s Inventories |
145.48 |
133.42 |
|
Day’s Receivables |
46.99 |
49.33 |
Fixed Assets Turnover
was decreased from
21.81 times to
16.60 times, Total
Assets Turnover was
decreased from 1.69
times to 1.50
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 10.30 to
2.14, Return on
Equity was decreased
from 26.95 to
5.77, 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 134 days
to 146 days, but Day’s
Receivables was decreased
from 50 days
to 47 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%)