MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CUEL LIMITED |
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Formerly Known As : |
CLOUGH-THAI ENGINEERING LIMITED |
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Registered Office : |
9th Floor,
SCB Park Plaza
Tower II [West], 18
Ratchadapisek Road, T. Chatuchak, A. Chatuchak, Bangkok 10900 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.06.2000 |
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Com. Reg. No.: |
0105543057104 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Construction and Related
Service for Oil and
Gas Industries |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
CUEL LIMITED
SUMMARY
BUSINESS ADDRESS : 9th FLOOR,
SCB PARK PLAZA
TOWER II [WEST],
18 RATCHADAPISEK ROAD,
T. CHATUCHAK,
A. CHATUCHAK, BANGKOK 10900
TELEPHONE : [66]
2500-1200
FAX : [66] 2500-1201
E-MAIL ADDRESS : somchai@cuel.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543057104 [Former : [1]531/2543]
CAPITAL REGISTERED
: BHT. 60,000,000
CAPITAL PAID-UP
: BHT. 60,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. NARONG BOONYASANGUAN, THAI
GENERAL MANAGER
NO. OF
STAFF : 1,200
LINES OF
BUSINESS : CONSTRUCTION AND
RELATED SERVICE
FOR OIL
AND GAS INDUSTRIES
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 initially
established on June
20, 2000 as
a private limited
company under the registered
name “Clough-Thai Engineering
Limited”, by Thai and
foreign groups, to
provide construction and
related services for
offshore oil and
gas industries. On December
25, 2003, subject
was changed its
name to be
CUEL LIMITED. It
currently employs approximately 1,200 staff.
Subject
is a joint venture among
Unithai Shipyard &
Engineering Company Limited,
Chevron E & C Holding
Limited and United
Thai Shipping Company
Limited, which are
holding around 42%,
33% and 25%
of the subject’s
investment. It has
achieved the ISO 9001:2000, ISO 14001 and ISO 18000
certification.
The
subject’s registered address
was initially located
at 19th Flr.,
SCB Park Plaza
Tower III, 18 Ratchadapisek Rd., Chatuchak,
Bangkok 10900.
In
2008, it was
relocated to 9th Flr., SCB Park
Plaza Tower II,
18 Ratchadapisek Rd.,
Chatuchak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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Mr. Sivavong Changkasiri
: Chairman |
[x] |
Thai |
71 |
|
Mr. Arthit Prathumsuwan |
[x] |
Thai |
64 |
|
Mr. Narong Boonyasanguan |
[x] |
Thai |
59 |
|
Mr. Chiu Yuen Ng |
[x] |
Singaporean |
53 |
|
Mr. Sonny, Koay Peng
Yen |
[x] |
Malaysian |
42 |
|
Mr. Pala Sukhavej |
|
Thai |
68 |
|
Mr. Joseph Chafic Geagea |
|
American |
37 |
|
Mr. Lloud Allen Satter
White |
|
American |
37 |
|
Ms. Jeanette Louise Ourada |
|
American |
42 |
|
Mr. James William Tosh |
|
American |
51 |
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. Narong Boonyasanguan is
the General Manager.
He is Thai nationality with
the age of
58 years old.
Mr. John Blyton is
the Construction Engineering
Manager.
He is American nationality.
Mr. David
Carr is the Business Development
Manager.
He
is American nationality.
Mr. Somchai
Sampeenong is the Government Committee
& Relations Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
providing wide range
of construction related services including project management, conceptual throughout detailed
engineering design, procurement,
fabrication, installation
and commissioning for
offshore oil and
gas production and
exploration industries.
Range of
services are as
follows:
Project Management
-
Project controls
-
Planning and
scheduling
-
Schedule monitoring
and reporting
-
Cost control
management
-
Materials management
-
Change management
Engineering
-
Engineering management
-
Structural design
-
Piping and mechanical design
-
Electrical
& instrumentation engineering
-
Sub-sea pipelines
-
Fabrication
& construction engineering
-
Offshore installation engineering
-
Load out/ sea
fastening analysis
Procurement
-
Procurement [RFQ
module]
-
Expediting [supply
module]
-
Warehousing [project
store module]
-
Logistic support
services
Fabrication
Offshore Installation
-
Platform installation
-
Diving/ROV services
-
Load-out and
sea fastening
-
Marine transportation
-
Pipeline installation and stabilization
-
Hydro testing
-
Platform hook-up
and commissioning/ brown field
works
-
FPSO installations
IMPORT
Construction and engineering machinery
as well as
equipment are imported
from U.S.A., Germany,
United Kingdom, Australia, France,
Republic of China,
Japan and Taiwan.
MAJOR CUSTOMERS
PTT Public Company
Limited : Thailand
PTT Exploration &
Production Public Company
Limited : Thailand
Chevron Offshore [Thailand]
Ltd. : Thailand
Pearl Oil [Thailand]
Ltd. : Thailand
Hindustan Oil Exploration
Co., Ltd. :
India
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 & services are
by agreement.
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 1,200 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Branch
office is located
at Laemchabang Port,
48 Moo 3, T. Tungsukhla, A. Sriracha, Chonburi 20230. Tel. :
[66] 38 407-000,
Fax. : [66] 38
407-018.
REMARK
CREDIT
OF US$ 500,000 D/A
SHOULD BE IN
ORDER.
COMMENT
The
subject was formed
in 2000 as
a civil engineering and construction service.
Subject has been
served various country’s
huge projects in
oil and gas
industries for several
years. Its business
performance is strong
and solid business
growth remains.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 100,000
shares of Bht. 10
each.
The
capital was increased
later as following:
Bht. 40,000,000 on February 20,
2001
Bht. 60,000,000 on January 18,
2002
The
latest registered capital
was increased to
Bht. 60,000,000 divided into
6,000,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
June 25, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Unithai Shipyard &
Engineering Company Limited Nationality: Thai Address : 25
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
2,499,994 |
41.67 |
|
Chevron E & C Holding
Ltd. Nationality: Bermuda Address : 19
Ratchadapisek Rd., Chatuchak, Bangkok |
2,000,000 |
33.33 |
|
United Thai Shipping
Company Limited Nationality: Thai Address : 25
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
1,500,000 |
25.00 |
|
Mr. Sutham Chitranukroh Nationality: Thai Address : 1074
Arkarnsongkroh Rd., Thungmahamek,
Yannawa, Bangkok |
1 |
- |
|
Mr. Gerwit Jan Denis Nationality: Australian Address : 39/282
South Sathorn Rd.,
Sathorn, Bangkok |
1 |
- |
|
Mr. Pisuth Kongsutthiphol Nationality: Thai Address : 468/7
Moo 5, Sukhumvit
Rd., Naklua,
Banglamung, Chonburi |
1 |
- |
|
Mr. Sunthorn Kongsutthiphol Nationality: Thai Address : 37/30
Moo 4, Ramindra
Rd., Anusawaree,
Bangkhen, Bangkok |
1 |
- |
|
Mr. Thanaboon Chongjira Nationality: Thai Address : 213/17
Isaraphap Rd., Banchanglor, Bangkoknoi, Bangkok |
1 |
- |
|
Mrs. Jarinthorn Noinit Nationality: Thai Address : 463
Charoenrath Rd., Klongtonsai,
Klongsan, Bangkok |
1 |
- |
Total Shareholders :
9
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Naengnoi
Charoentaweesap No. 3044
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
35,260,057 |
5,777,684 |
|
Trade Accts. Receivable - Other company |
497,127,537 |
182,986,532 |
|
- Related company |
1,383,047,726 |
100,566,890 |
|
Account Receivable under
Forward Contract |
2,583,120 |
- |
|
Contract Construction Receivable |
3,361,718,634 |
2,993,559,007 |
|
Inventories |
92,617,835 |
140,831,101 |
|
Other Current Assets |
218,787,145 |
523,250,355 |
|
Total Current Assets
|
5,591,142,054 |
3,946,971,569 |
|
|
|
|
|
Machine & Equipment |
563,307,217 |
417,135,701 |
|
Intangible Assets |
109,753,677 |
65,819,946 |
|
Other Assets |
14,329,290 |
34,910,105 |
|
Total Assets |
6,278,532,238 |
4,464,837,321 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Short Term Loan
from Financial Institute |
1,047,849,120 |
250,000,000 |
|
Short-term Loan from Related Company |
500,000,000 |
- |
|
Trade Accts. Payable - Other company |
428,952,151 |
336,671,090 |
|
- Related company |
29,143,946 |
17,183,990 |
|
Contract Construction Payable |
551,611,038 |
1,012,004,158 |
|
Payable Related Company |
2,846,190 |
32,981 |
|
Accrued Expenses |
1,433,806,695 |
1,048,236,202 |
|
Accrued Income Tax |
33,848,161 |
49,468,858 |
|
Other Current Liabilities |
429,464,471 |
277,427,922 |
|
Total Current Liabilities |
4,457,521,772 |
2,991,025,201 |
|
Provident Fund |
174,561,281 |
121,398,921 |
|
Total Liabilities |
4,632,083,053 |
3,112,424,122 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 6,000,000 shares |
60,000,000 |
60,000,000 |
|
Capital Paid |
60,000,000 |
60,000,000 |
|
Premium on Share
Capital |
37,252,409 |
37,252,409 |
|
Statutory Reserve |
6,000,000 |
6,000,000 |
|
Retained Earning -
Unappropriated |
1,543,196,776 |
1,249,160,790 |
|
Total Shareholders' Equity |
1,646,449,185 |
1,352,413,199 |
|
Total Liabilities & Shareholders' Equity |
6,278,532,238 |
4,464,837,321 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Construction Income |
11,703,146,135 |
10,303,103,177 |
|
Interest Income |
609,663 |
13,925,433 |
|
Other Income |
22,729,282 |
2,975,465 |
|
Total Revenues |
11,726,485,080 |
10,320,004,075 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
10,900,894,795 |
9,336,890,131 |
|
Selling & Administrative Expenses |
392,690,283 |
319,515,722 |
|
Total Expenses |
11,293,585,078 |
9,656,405,853 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
432,900,002 |
663,598,222 |
|
Interest Expenses |
[59,919,787] |
[1,885,378] |
|
Income Tax |
[78,944,229] |
[101,158,586] |
|
Net Profit / [Loss] |
294,035,986 |
560,554,258 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
13.59 |
|
|
Operating Profit |
[42.57] |
|
|
Net Profit |
[47.55] |
|
|
Total Assets |
40.62 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.14 |
90.62 |
|
Operating Profit Margin |
3.70 |
6.44 |
|
S & A
Expenses |
3.36 |
3.10 |
|
Interest Paid |
0.51 |
0.02 |
|
Other Revenues |
0.20 |
0.16 |
|
Net Profit Margin |
2.51 |
5.44 |
|
Earning Per Shares |
49.01 |
93.43 |
|
No. of Shares |
6,000,000 |
6,000,000 |
Net Sales was
increased by 13.59%,
Operating Profit was
decreased by 42.57%,
Net Profit was
decreased by 47.55%,
Total Assets was
increased by 40.62%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.62%
to 93.15%, Operating
Profit Margin was
decreased from 6.44%
to 3.70%, S
& A Expenses
was increased from
3.10% to 3.36%,
Interest Paid was increased
from 0.02% to
0.51%, Other Revenues
was increased from
0.16% to 0.20%,
Net Profit Margin
was decreased from
5.44% to 2.51%.
Earning Per Shares
was decreased from
93.43 baht per
share to 49.01
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.25 |
1.32 |
|
Quick-Assets Ratio |
1.18 |
1.10 |
Current Ratio was
decreased from 1.32
to 1.25, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.10 to 1.18,
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 |
2.81 |
2.30 |
|
Times Interest Earned |
7.22 |
351.97 |
D/E Ratio was
increased from 2.30
to 2.81, 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
351.97 to 7.22,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Total Assets Turnover |
1.86 |
2.31 |
|
Return on Assets |
4.68 |
12.55 |
|
Return on Equity |
17.86 |
41.45 |
|
Day's Payable |
13.19 |
11.76 |
|
Day’s Inventories |
2.85 |
4.92 |
|
Day’s Receivables |
15.29 |
6.39 |
Total Assets Turnover
was decreased from
2.31 times to
1.86 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 12.55
to 4.68, Return
on Equity was
decreased from 41.45
to 17.86, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 12
days to 14
days, while Day’s
Inventories was decreased
from 5 days to 3
days, but Day’s
Receivables was increased
from 7 days to 16
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
|
UK Pound |
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
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%)