MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUTHEE UNITED CARBON CO., LTD. |
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Formerly Known As : |
UNITED
CARBON PRODUCTS |
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Registered Office : |
5 Soi Ramkhamhaeng 199, Ramkhamhaeng Road, Minburi,
Bangkok 10510 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.03.1987 |
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Com. Reg. No.: |
0105530014509 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Carbons and Graphite
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 of the company
SUTHEE UNITED CARBON CO., LTD.
SUMMARY
BUSINESS ADDRESS : 5
SOI RAMKHAMHAENG 199,
RAMKHAMHAENG
ROAD, MINBURI,
BANGKOK 10510
TELEPHONE : [66]
2517-1350
FAX : [66] 2517-6269
E-MAIL ADDRESS : info@sucarbon.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530014509
CAPITAL REGISTERED
: BHT.
50,000,000
CAPITAL PAID-UP
: BHT.
50,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. RON, VARAN SAELO, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : CARBONS AND GRAPHITE PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on March 26,
1987 as a
private limited company under the originally
registered name “United
Carbon Products” by
Thai groups. On
October 13, 1995,
subject was changed
its name to “Schunk United
Carbon Co., Ltd.”,
and changed to
be SUTHEE UNITED
CARBON CO., LTD.,
on December 17,
2004. Its business
objective is to
manufacture wide range
of carbons and
graphite products for
various industries in
both domestic and
international markets. It currently employs
approximately 100 staff.
The
subject’s registered address
is 5 Ramkhamhaeng 199 Rd.,
Minburi, Bangkok 10510,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Ms. Supreeya Phusawan |
[x] |
Thai |
34 |
|
Mr. Thawatchai Pratuengsith |
|
Thai |
58 |
|
Mr. Wisith Yaowapongsiri |
|
Thai |
60 |
|
Mr. Ron, Varan Saelo |
[x] |
Thai |
34 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Ron, Varan Saelo
is the Managing Director.
He is Thai nationality with
the age of
34 years old.
Mr. Somchai Puicharoen is
the Sales Manager.
He is Thai nationality.
Mr. Sanong Ngua-nguan is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and exporting wide range of
carbons and graphite
products, such as
mechanical seals, mechanical
carbon, electric carbon, high temperature graphite and custom
made products used
for various industries, such as cements, petrochemicals, automobiles, electronics, steels, aluminum, glasses, papers, electric power
generating, mass transit
and etc.
Lists of products
are as follows:
: Mechanical Seals,
Silicon Carbide Seals,
Carbon Seals, Tungsten
Carbide Seals, Seals
Ring Single & Segments,
Flexible Hose, Rotary
Joint for Steam & Cooling, Carbon
Brush, Brush
Holders, Electric Contacts,
Resurfacing Tools, Slip
Rings Motor,
Carbon Channels
and Fasteners, Crucible,
Graphite Dies for
Continuous Casting,
EDM Graphite and etc.,
according to customer’s
requirement.
PURCHASE
Raw materials, mainly
carbon and graphite
powder and accessories
are purchased from
suppliers and agents
in both domestic
and overseas, mainly
Germany and Japan.
SALES/ SERVICES
90% of the products is
sold and serviced
locally by wholesale
to manufacturers and
end-users, the remaining
10% is exported to Malaysia, India, Hong Kong and
Singapore.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF DA US$ 500,000 SHOULD BE
IN ORDER.
COMMENT
Subject
was formed 1987
as a manufacturer,
distributor and exporter
of carbon and graphite. Its products are
for industrial users.
Subject has strong
business performance in
the past several years
due to its products are
main raw materials
for various industries.
However, economic slowdown would
affect subject’s business
in short to medium
term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 10,000,000 on December 15,
1992
Bht. 50,000,000 on September 8,
1995
The
latest registered capital
was increased to
Bht. 50,000,000 divided into 500,000 shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS
[as at
April 1, 2008]
|
NAME |
HOLDING |
% |
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Mrs. Prathana Phusawan Nationality: Thai Address : 70/60
Ramhamhaeng 164 Rd.,
Minburi, Bangkok |
207,798 |
41.56 |
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Mr. Wisith Yaowapongsiri Nationality: Thai Address : 13
Moo 11, Sukhapiban 2 Rd.,
Kannayao, Bangkok |
64,374 |
12.87 |
|
Mr. Somsak Teerapongpaibul Nationality: Thai Address : 174/5
Urupong Rd., Rongmuang,
Pathumwan, Bangkok |
43,125 |
8.62 |
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Mr. Thawatchai Pratuengsit Nationality: Thai Address : 29-31
Nares Rd., Siphya,
Bangrak, Bangkok |
35,939 |
7.19 |
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Mr. Manus Phusawan Nationality: Thai Address : 7/67
Moo 4, Ramkhamhaeng Rd., Minburi, Bangkok |
21,564 |
4.31 |
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Ms. Supreeya Phusawan Nationality: Thai Address : 70/60
Ramhamhaeng 164 Rd.,
Minburi, Bangkok |
20,164 |
4.04 |
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Ms. Teeranuch Phusawan Nationality: Thai Address : 70/51
Ramhamhaeng 164 Rd.,
Minburi, Bangkok |
20,164 |
4.04 |
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Mr. Mahapir Goder Nationality: Thai Address : 12/8
Saibangwaek Rd., Bangchueknang,
Pasicharoen, Bangkok |
14,370 |
2.87 |
|
Others |
72,502 |
14.50 |
Total Shareholders :
17
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Noparat Yuenyong No. 7045
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in hand
& at Bank
|
11,815,534.89 |
39,188,829.02 |
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Short-term Investment |
37,205,514.41 |
6,966,315.69 |
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Trade Accts. & Notes Receivable |
24,310,368.84 |
20,766,642.74 |
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Inventories |
39,137,028.28 |
34,941,554.02 |
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Other Current Assets
|
568,784.58 |
643,738.60 |
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Total Current Assets
|
113,037,231.00 |
102,507,080.07 |
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Cash at Bank under Commitment
|
4,753,520.69 |
4,581,571.80 |
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Fixed Assets |
39,608,218.30 |
39,428,557.82 |
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Intangible Assets |
195,559.09 |
170,454.80 |
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Other Assets |
61,400.00 |
70,400.00 |
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Total Assets |
157,655,929.08 |
146,758,064.49 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Payable Trust Receipt |
6,301,229.20 |
3,803,034.12 |
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Trade Accts. Payable |
8,316,176.21 |
9,510,774.44 |
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Accrued Income Tax |
2,655,183.91 |
2,019,071.31 |
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Accrued Expenses |
3,451,758.55 |
2,694,652.59 |
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Accrued Bonus |
1,360,000.00 |
1,149,844.00 |
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Other Current Liabilities |
1,660,945.34 |
1,804,157.19 |
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Total Current Liabilities |
23,745,293.21 |
20,981,533.65 |
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Total Liabilities |
23,745,293.21 |
20,981,533.65 |
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Shareholders' Equity |
|
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Premium on Share Capital |
12,740,000.00 |
12,740,000.00 |
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Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
66,170,635.87 |
58,036,530.84 |
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Total Shareholders' Equity |
133,910,635.87 |
125,776,530.84 |
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Total Liabilities &
Shareholders' Equity |
157,655,929.08 |
146,758,064.49 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales Income |
126,647,094.70 |
125,019,776.06 |
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Other Income |
1,781,051.68 |
1,001,014.82 |
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Gain on Short-term Investment |
- |
594,549.56 |
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Unrealized Gain on
Short-term Investment |
233,186.84 |
243,147.54 |
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Gain on Sales of Assets |
2,460.37 |
- |
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Gain on Exchange Rate |
666,667.45 |
361,516.40 |
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Total Revenues |
129,330,461.04 |
127,220,004.38 |
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Expenses |
|
|
|
|
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Cost of Goods
Sold |
73,430,391.61 |
73,416,825.36 |
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Selling & Administrative Expenses |
35,825,301.40 |
35,875,958.21 |
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Total Expenses |
109,255,693.01 |
109,292,783.57 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
20,074,768.03 |
17,927,220.81 |
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Interest Expenses |
[54,950.25] |
[109,540.86] |
|
Income Tax |
[5,885,712.75] |
[5,217,103.81] |
|
Net Profit / [Loss] |
14,134,105.03 |
12,600,576.14 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
1.30 |
|
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Operating Profit |
10.54 |
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Net Profit |
12.17 |
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Fixed Assets |
0.46 |
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Total Assets |
7.43 |
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Profitability |
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Cost of Good
Sold |
57.98 |
58.72 |
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Operating Profit Margin |
15.85 |
14.34 |
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S & A
Expenses |
28.29 |
28.70 |
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Interest Paid |
0.04 |
0.09 |
|
Other Revenues |
2.12 |
1.76 |
|
Net Profit Margin |
11.16 |
10.08 |
|
Earning Per Shares |
28.27 |
25.20 |
|
No. of Shares |
500,000 |
500,000 |
Net Sales was
increased by 1.30%,
Operating Profit was
increased by 10.54%,
Net Profit was
increased by 12.17%,
Fixed Assets was
increased by 0.46%,
Total Assets was
increased by 7.43%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 58.72%
to 57.98%, Operating
Profit Margin was increased from
14.34% to 15.85%,
S & A
Expenses was decreased
from 28.70% to
28.29%, Interest Paid was
decreased from 0.09%
to 0.04%, Other
Revenues was increased
from 1.76% to
2.12%, Net Profit
Margin was increased
from 10.08% to
11.16%.
Earning Per Shares
was increased from
25.20 baht per
share to 28.27
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
4.76 |
4.89 |
|
Quick-Assets Ratio |
3.09 |
3.19 |
Current Ratio was
decreased from 4.89
to 4.76, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
3.19 to 3.09,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.18 |
0.17 |
|
Times Interest Earned |
365.33 |
163.66 |
D/E Ratio was
increased from 0.17
to 0.18, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
increased from 163.66
to 365.33, capacity
to pay interest paid was good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.20 |
3.17 |
|
Total Assets Turnover |
0.80 |
0.85 |
|
Return on Assets |
8.97 |
8.59 |
|
Return on Equity |
10.55 |
10.02 |
|
Day's Payable |
23.64 |
27.39 |
|
Day’s Inventories |
111.25 |
100.62 |
|
Day’s Receivables |
69.10 |
59.80 |
Fixed Assets Turnover
was increased from
3.17 times to
3.20 times, Total
Assets Turnover was
decreased from 0.85
times to 0.80
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from 8.59 to
8.97, Return on
Equity was increased
from 10.02 to
10.55, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 28
days to 24
days, while Day’s
Inventories was increased
from 101 days
to 112 days, and Day’s
Receivables was increased
from 60 days
to 70 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)