MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI
COPPER ROD COMPANY
LIMITED |
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Formerly Known As : |
SOI 9 PROPERTY
CO., LTD |
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Registered Office : |
518/5
PLOENCHIT ROAD, LUMPINI, PATHUMWAN, BANGKOK 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.04.1987 |
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Com. Reg. No.: |
0105530020002 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Copper
Rods |
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 cmpany
THAI COPPER
ROD COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 22/2
MOO 5, THEPARAK ROAD, BANGPLEEYAI,
BANGPLEE, SAMUTPRAKARN 10540
TELEPHONE : [66] 2385-5003-6
FAX : [66] 2385-5007
E-MAIL : thcurod3@ksc.th.com
REGISTRATION ADDRESS : 518/5 PLOENCHIT ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
ESTABLISHED
: 1987
REGISTRATION NO. : 0105530020002
[Former : 1997/2530]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT. 100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. STICK JONNY AXELSSON, SWEDISH
MANAGING DIRECTOR
NO.
OF STAFF : 80
LINES
OF BUSINESS : COPPER RODS
MANUFACTURER
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 established on April 27, 1987
as a private limited company under the registered name “Soi 9
Property Co., Ltd.”
by Thai and
Japanese groups.
On
May 31, 1998,
subject was changed
its name to
THAI COPPER ROD
COMPANY LIMITED.
The
subject’s business objective
is a manufacturing service of
copper rod. It currently
employs approximately 80
staff.
The
major shareholders are
Bangkok Cable Co.,
Ltd., Phelps Dodge
Thailand Co., Ltd,
Siam Electric Industries
Co., Ltd., Thailand
and Sumitomo Electric
Industries Co., Ltd.,
Japan, with holding
around 30%, 20%,
12.50% and 12.50% of
the subject’s shares respectively.
The
subject’s registered address
is 16th Flr., Maneeya
Bldg., 518/5 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330, while
the business address
is located at
22/2 Moo 5,
Theparak Rd., Bangpleeyai, Bangplee,
Samutprakarn 10540.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Yasunobu Sukimura |
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Japanese |
56 |
|
Mr. Hirokatsu Sukawara |
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Japanese |
60 |
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Mr. Sompong Nakornsri |
|
Thai |
74 |
|
Mr. Athikom Thongnamtako |
|
Thai |
78 |
|
Mr. Termsakdi Honghirun |
|
Thai |
61 |
|
Mr. Yoshito Handa |
|
Japanese |
63 |
|
Mr. Stick Jonny Axelsson |
[x] |
Swedish |
56 |
|
Mr. Nirut Chiakwathanyu |
[x] |
Thai |
52 |
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. Stick Jonny
Axelsson is the Managing Director.
He is Swedish nationality with
the age of
56 years old.
Mr. Ekachai Luangvilairoj is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service of copper
rods accordance with customer’s orders.
PRODUCTION CAPACITY
40,000 tons/year
PURCHASE
100% of raw
material is purchased
from local supplier.
SERVICES
The products are
serviced locally to
manufacturers and end-users.
MAJOR CUSTOMERS
Bangkok Cable Co.,
Ltd. : Thailand
Phelps Dodge Thailand
Co., Ltd. : Thailand
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.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 80 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
Demand of copper rods
were slow down
from stagnant of
industrial growth. However, the subject still maintains
its business. With
delay expansion of leading electrical
industry has led
the subject growing
at slow pace.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On
July 30, 1988,
the capital was
increased to Bht. 100,000,000 divided into 100,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at March 13, 2007]
|
NAME |
HOLDING |
% |
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Bangkok Cable
Co., Ltd. Nationality: Thai Address : 187/1
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
30,000 |
30.00 |
|
Phelps Dodge
Thailand Co., Ltd. Nationality: Thai Address : 159
Theparak Rd., Bangpla,
Bangplee,
Samutprakarn |
20,000 |
20.00 |
|
Siam Electric
Industries Co., Ltd. Nationality: Thai Address : 649
Moo 2, Sukhumvit
Rd., Bangpumai, Muang, Samutprakarn |
12,500 |
12.50 |
|
Sumitomo Electric
Industries Co., Ltd. Nationality: Japanese Address : 3-12
Motoakasaka 1- Shome
Minato-ku, Tokyo, Japan |
12,500 |
12.50 |
|
Thai Hitashi
Bangkok Cable Co.,
Ltd. Nationality: Thai Address : 173
Moo 12, Bangna-Trad Rd., Bangwua,
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Thai Hitachi
Enamel Wire Co.,
Ltd. Nationality: Thai Address : 171
Moo 12, Bangna-Trad Rd., Bangwua,
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Hitachi Cable
Co., Ltd. Nationality: Japanese Address : 2-1-2
Marunoshi shiyoda-ku, Tokyo,
Japan |
6,000 |
6.00 |
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PDTL Trading
Co., Ltd. Nationality: Thai Address : 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
5,000 |
5.00 |
Total Shareholders
8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Unakorn Pruthitada No. 3257
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank |
43,535,347 |
51,807,415 |
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Trade Accts. Receivable & Other Receivable- Related Company |
9,354,124 |
12,088,817 |
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Inventories |
32,286,326 |
27,552,524 |
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Other Current Assets
|
106,548 |
371,680 |
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Total Current
Assets |
85,282,345 |
91,820,436 |
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Fixed Assets |
71,185,973 |
75,093,224 |
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Deferred Income Tax |
[864,865] |
1,559,061 |
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Other Assets |
[1,151,560] |
1,144,648 |
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Total Assets |
158,484,743 |
169,617,369 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
3,734,499 |
5,809,024 |
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Accrued Income Tax |
- |
650,636 |
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Accrued Expenses |
2,463,772 |
3,025,414 |
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Provident Fund Employees |
- |
3,402,090 |
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Other Current Liabilities |
767,400 |
639,411 |
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Total Current
Liabilities |
6,965,671 |
13,526,575 |
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Provident Fund |
1,990,191 |
1,794,781 |
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Total Liabilities |
8,955,862 |
15,321,356 |
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Shareholders'
Equity |
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Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
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Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,000,000 |
10,000,000 |
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Retained Earning -
Unappropriated |
39,528,881 |
44,296,013 |
|
Total
Shareholders' Equity |
149,528,881 |
154,296,013 |
|
Total
Liabilities & Shareholders' Equity |
158,484,743 |
169,617,369 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Services Income |
124,156,969 |
126,003,605 |
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Sale of Scarp |
7,499,547 |
4,540,582 |
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Other Income |
1,493,071 |
765,006 |
|
Total Revenues
|
133,149,587 |
131,309,193 |
|
Expenses |
|
|
|
|
|
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Cost of Services
|
102,482,315 |
99,743,382 |
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Selling & Administrative Expenses |
16,347,187 |
16,595,274 |
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Total Expenses |
118,829,502 |
116,338,656 |
|
Profit / [Loss] Before Income
Tax |
14,320,085 |
14,970,537 |
|
Income Tax |
[4,087,217] |
[4,608,524] |
|
Net Profit / [Loss] |
10,232,868 |
10,362,013 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[1.47] |
|
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Operating Profit |
[2.92] |
|
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Net Profit |
[1.25] |
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Fixed Assets |
[5.20] |
|
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Total Assets |
[6.56] |
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Profitability |
|
|
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Cost of Good
Sold |
82.54 |
79.16 |
|
Operating Profit Margin |
11.53 |
11.88 |
|
S & A
Expenses |
13.17 |
13.17 |
|
Other Revenues |
7.24 |
4.21 |
|
Net Profit Margin |
8.24 |
8.22 |
|
Earning Per Shares |
102.33 |
103.62 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
decreased by 1.47%,
Operating Profit was
decreased by 2.92%,
Net Profit was
decreased by 1.25%,
Fixed Assets was
decreased by 5.20%,
Total Assets was
decreased by 6.56%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 79.16%
to 82.54%, Operating
Profit Margin was
decreased from 11.88%
to 11.53%, S
& A Expenses
was decreased from
13.17% to 13.17%,
Other Revenues was
increased from 4.21%
to 7.24%, Net
Profit Margin was
increased from 8.22%
to 8.24%.
Earning Per Shares
was decreased from
103.62 baht per
share to 102.33
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
12.24 |
6.79 |
|
Quick-Assets Ratio |
7.59 |
4.72 |
Current Ratio was
increased from 6.79
to 12.24, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
4.72 to 7.59,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.06 |
0.10 |
D/E Ratio was
decreased from 0.10
to 0.06, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.74 |
1.68 |
|
Total Assets Turnover |
0.78 |
0.74 |
|
Return on Assets |
6.46 |
6.11 |
|
Return on Equity |
6.84 |
6.72 |
|
Day's Payable |
10.83 |
16.60 |
|
Day’s Inventories |
93.62 |
78.72 |
|
Day’s Receivables |
27.12 |
34.54 |
Fixed Assets Turnover
was increased from
1.68 times to
1.74 times, Total
Assets Turnover was
increased from 0.74
times to 0.78
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 6.11 to
6.46, Return on
Equity was increased
from 6.72 to
6.84, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 17
days to 11
days, while Day’s
Inventories was increased
from 79 days
to 94 days, but Day’s
Receivables was decreased
from 35 days
to 28 days.
RATING
EXPLANATIONS
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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 |
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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%)