MIRA
INFORM REPORT
|
Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI COPPER
INDUSTRIES PUBLIC COMPANY
LIMITED |
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|
Formerly Known As : |
THAI
COPPER INDUSTRIES CO., LTD |
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Registered Office : |
53/78 Moo 1,
Sukhumvit 66/1 Road,
Bangchak, Prakanong, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
26.07.1994 |
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Com. Reg. No.: |
0107538000576 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer and Distributor of Smelting and Refining
of Copper Concentrates |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI COPPER
INDUSTRIES PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 53/78 MOO 1, SUKHUMVIT
66/1 ROAD,
BANGCHAK, PRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2744-9431-5, 2812-5
FAX : [66] 2744-9436
E-MAIL
ADDRESS : info@thaicopperind.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION NO. : 0107538000576
[Former : BOR. MOR. JOR. 580]
CAPITAL REGISTERED : BHT. 8,010,674,360
CAPITAL PAID-UP : BHT.
8,010,674.360
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
PRAYUTH MAHAKIJSIRI, THAI
PRESIDENT
NO.
OF STAFF : 200
LINES
OF BUSINESS : SMELTING & REFINING OF
COPPER
CONCENTRATES
MANUFACTURER & 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
established on July
26, 1994 initially
as a private limited company
under the registered
name style THAI
COPPER INDUSTRIES CO., LTD.,
by a joint venture between
by Thai and
foreign groups. The
business objective is to
operate the copper
smelter and refinery
in Thailand, which
the management and
supports came from
P. M. Group, while
financial supports came
from Thai banks
and financial institutions. It has been
granted a promotional privilege by the
Board of Investment
[BOI]. The subject currently
employs approximately 200
staff.
On October 31,
1995, the subject was
changed its status
to public limited
company under the
name THAI COPPER
INDUSTRIES PUBLIC COMPANY
LIMITED. In 1995,
the subject was
started for constructing the first copper
smelter and refinery
in Thailand at
the Rayong Industrial
Park, by entering
into a turnkey contract for
the design, construction procurement of machinery
and installation of
the project with
Groupe Sofresid S.A.,
France and Sofresid
[Thailand] Ltd. which
are the subsidiaries of Kvaerner, Norway.
The subject’s registered
address is 53/78
Moo 1, Sukhumvit 66/1
Rd., Bangchak, Prakanong,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prayuth Mahakijsiri |
[-] |
Thai |
63 |
|
Mr. Wallop Kunanukornkul |
[x] |
Thai |
56 |
|
Mr. Manu Liewpairoj |
|
Thai |
65 |
|
Mr. Jean Paul Tevening |
[x] |
French |
68 |
|
Admiral Narong Yuthawong |
|
Thai |
67 |
|
Mr. Ekapol Pongsathaporn |
[x] |
Thai |
44 |
|
Mr. Somchai Vasupongsothorn |
[x] |
Thai |
45 |
|
Mrs. Kateleeya Traisakdipol |
|
Thai |
50 |
AUTHORIZED PERSON
One of the director [-]
can sign or
two of the mentioned directors
[x] can jointly
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prayuth
Mahakijsiri is the President.
He is Thai nationality with
the age of
63 years old.
Mrs. Suvimol
Mahakijsiri is the Vice President.
She is Thai nationality with
the age of
62 years old.
Mr. Wallop
Kunanukornkul is the
Managing Director.
He is Thai nationality with
the age of
56 years old.
Mr. Preecha
Yongrakkiat is the General Manager.
He is Thai nationality.
Mr. Romeo Urban
Pagador is the Plant Manager.
He is Filipino nationality.
BUSINESS OPERATIONS
The subject is
engaged in smelting
and refining of
99.99% copper cathodes
and by-products such
as sulfuric acid,
anode slime, and
granulated slag.
PRODUCTION CAPACITY
- Copper Cathode :
165,000 tons/year
- Sulfuric Acid :
470,000 tons/year
PURCHASE
90% of raw material such as copper
concentrate is imported
from oversea trading
companies in United States
of America, Belgium,
France, United Kingdom,
Australia and Chile,
copper mines are from
worldwide, while the remaining
is from local
suppliers.
MAJOR SUPPLIER
Applied Machinery Co., Ltd. :
Thailand
SALES [LOCAL]
95% of its products is
sold to domestic
market, especially electrical
wire, cable wire,
refrigerant tube and
the enameled copper
wire industries.
EXPORT
5%
of the products is exported
to Taiwan, India,
Singapore and Australia.
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.
Import are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Bangkok]
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangkok]
TMB Bank
Public Co., Ltd.
[Head Office :
3000 Phaholyothin Rd.,
Chompol, Jatujak, Bangkok]
Siam City
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject has
currently employs approximately 200 staff.
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address. Premise
is located in
commercial / residential area.
Factory is located
at 9 Moo 8, Rayong Industrial
Park Zone 3,
Mabkha, Pattananikhom, Rayong
21180, Tel: [66] 38 968-619-20, Fax: [66] 38 968-621.
COMMENT
The company was
set up for a producer
of copper cathode
which it is
the first of
its kind in
the country.
The company enjoys an
advantage over imported
copper products in
terms of faster lead
tine for delivery,
secure supply and
maintain minimum stock
to TCI’s major
target customers who
are based in
Thailand.
The products has been
used in electrical
wire and cable
industry, automobile industry
and electrical equipment
industry.
Despite economic slowdown, demand of copper cathode uses in
wiring industry still have growing strong.
Local wire producers have imported the copper from overseas which demand
has been increased each year. The
future prospect for such industry would highly to the company’s benefit in the
long term.
The company’s products have alleviated the
supply stress to
a certain degree
and can substitute
imported products. Its
business performance remains
strong and expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
100,000,000 divided into
10,000,000 shares of
Bht. 10 each.
The capital was
increased and decreased
later as followings
:
Increased were : Bht.
4,500,000,000 on August
18, 1995
Bht. 5,300,000,000 in 1997
Bht. 7,500,000,000 in 1999
Decreased was : Bht.
3,577,060,000 in 2002
Increased were : Bht. 6,221,356,400 in 2003
Bht. 8,005,793,040 on August 7,
2006
Bht. 8,010,674,360 on June 26,
2007
The latest registered
capital was increased
to Bht. 8,010,674,360
divided into 801,067,436 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at
September 6, 2007]
|
NAME |
HOLDING |
% |
|
Assets Management Corporation of Thailand Nationality: Thai Address : 1193
Phaholyothin Rd., Phyathai, Bangkok 10400 |
225,145,708 |
28.10 |
Mr. Prayuth Mahakijsiri
Nationality: Thai Address : 158/7 Charusmuang Rd., Rongmuang,
Pathumwan, Bangkok |
193,605,990 |
24.17 |
|
Thai Film
Industries Public Co., Ltd. Nationality: Thai Address : 73/3
Bangna-Trad Rd., Bangchalong,
Bangplee, Samutprakarn |
151,898,138 |
18.96 |
|
Lakewood Land
Co., Ltd. Nationality: Thai Address : 99 Moo 11,
Bangna-Trad Rd.,
Bangchalong, Bangplee, Samutprakarn |
88,942,036 |
11.10 |
|
Mrs.
Suvimol Mahakijsiri Nationality: Thai Address : 158/7 Charusmuang Rd., Rongmuang,
Pathumwan, Bangkok |
51,312,281 |
6.40 |
|
Marubeni Corporation Nationality: Japanese
Address : 4-2
Ohtemachi 1, chome,
Chiyoda-ku, Tokyo, Japan |
19,000,000 |
2.37 |
|
Others |
71,163,283 |
8.90 |
Total Shareholders : 51
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Noythip Chamnanvanitkul No.
3377
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,238,896 |
74,563,990 |
|
Cash at Bank
under Restriction |
6,415,813 |
34,070,989 |
|
Trade Accts. Receivable - Others |
7,319,947 |
42,139,714 |
|
- Related Companies |
133,393,529 |
- |
|
Inventories |
8,372,385,086 |
4,746,700,736 |
|
Refundable Value Added
Tax |
23,696,063 |
38,101,391 |
|
Other Current Assets
|
92,578,997 |
44,552,667 |
|
|
|
|
|
Total Current
Assets |
8,637,028,331 |
4,980,129,487 |
|
Deferred Spare Parts |
79,952,498 |
86,292,859 |
|
Fixed Assets |
20,812,386,385 |
19,334,212,375 |
|
Deferred Copyright |
87,111,587 |
98,382,671 |
|
Other Assets |
7,075,200 |
2,492,200 |
|
Total Assets |
29,623,554,001 |
24,501,509,592 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
18,264,225 |
- |
|
Short-term Loan from
Bank |
6,962,576,909 |
5,255,718,484 |
|
Trade Accts. Payable - Others |
897,659,073 |
108,516,005 |
|
- Related Companies |
1,803,061,149 |
- |
|
Short-term Loan from
Director & Related
Company |
4,400,000 |
374,000,000 |
|
Current Portion of Liabilities under Debt Restructuring Agreement |
629,899,687 |
476,797,207 |
|
Current Portion of
Long-term Loan |
1,165,675,609 |
776,472,060 |
|
Current Portion of
Accrued Machinery Improvement |
1,078,288,197 |
- |
|
Construction Payable |
14,450,349 |
16,180,679 |
|
Other Current Liabilities |
564,829,940 |
227,154,804 |
|
|
|
|
|
Total Current
Liabilities |
13,139,105,138 |
7,234,839,239 |
|
Accrued Machinery Improvement - Net of
Current Portion |
304,643,000 |
- |
|
Liabilities under Debt
Restructuring Agreement - Net of Current
Portion |
6,208,877,600 |
6,670,913,323 |
|
Long-term Loan -
Net of Current
Portion |
4,611,293,016 |
4,695,312,437 |
|
Total Liabilities |
24,263,918,754 |
18,601,064,999 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
Authorized &
issued share capital
876,618,106 &
662,326,940 shares in
2006 & 2005
respectively |
8,766,181,060 |
6,623,269,400 |
|
|
|
|
|
Capital Paid |
8,010,674,360 |
6,221,356,400 |
|
Deficit on Increased
Share Capital |
[812,923,900] |
- |
|
Share Right Certificate |
- |
397,014 |
|
Retained Earning -
Unappropriated Appropriated f or Statutory
Reserve |
105,487,000 |
105,487,000 |
|
Unappropriated [Deficit] |
[1,943,602,213] |
[426,795,821] |
|
Total
Shareholders' Equity |
5,359,635,247 |
5,900,444,593 |
|
Total
Liabilities & Shareholders' Equity |
29,623,554,001 |
24,501,509,592 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
10,039,823,685 |
3,072,396,753 |
|
Sales of By-products |
78,815,379 |
65,724,757 |
|
Reversal of Provision
for Diminution of
Goods Value |
- |
484,927,334 |
|
Gain on Exchange
Rate |
245,203,661 |
- |
|
Compensation from Business
Stagnancy |
128,198,105 |
- |
|
Other Income |
2,048,525 |
15,711,582 |
|
Total Revenues
|
10,494,089,355 |
3,638,760,426 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
9,403,335,690 |
3,448,757,834 |
|
Expenses during Manufacturing Suspension |
1,316,199,140 |
557,864,815 |
|
Selling & Administrative Expenses |
424,035,501 |
207,081,273 |
|
Loss on Exchange
Rate |
- |
28,673,887 |
|
Total Expenses |
11,143,570,331 |
4,242,377,809 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
[649,480,976] |
[603,617,383] |
|
Interest Expenses |
[867,325,416] |
[598,297,004] |
|
|
|
|
|
Net Profit / [Loss] |
[1,516,806,392] |
[1,201,914,387] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[1.47] |
|
|
Operating Profit |
[2.92] |
|
|
Net Profit |
[1.25] |
|
|
Fixed Assets |
[5.20] |
|
|
Total Assets |
[6.56] |
|
|
Profitability |
|
|
|
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
|
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%)