MIRA
INFORM REPORT
|
Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHAMITR PRESSURE CONTAINER PUBLIC COMPANY LIMITED |
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Registered Office : |
72/9 Moo 7,
Soi Plucharoey, Bangkhunthien-Chaytalay Road, Samaedam, Bangkhunthien, Bangkok
10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
0107537001609 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing welded steel gas
cylinders for LP
GAS, Acetylene, Refrigerant and Special Gases. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exists |
name
SAHAMITR PRESSURE CONTAINER PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 72/9
MOO 7, SOI PLUCHAROEY,
BANGKHUNTHIEN-CHAYTALAY ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2895-4139-58
FAX : [66] 2895-4163,
2895-4158
E-MAIL ADDRESS : info@smpcplc.com, dsmc@smpcplc.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1981
REGISTRATION NO.
: 0107537001609 [Former : BOR MOR
JOR 407]
CAPITAL
REGISTERED : BHT. 240,000,000
CAPITAL
PAID-UP : BHT. 240,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
SUPHA PROMSAKHA NA SAKOLNAKORN, THAI
PRESIDENT
NO. OF
STAFF : 281
LINES OF
BUSINESS : LIQUEFIED PETROLEUM GAS CYLINDER
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
established on February
17, 1981 as
a private limited
company under the
name style “SAHAMITR
PRESSURE CONTAINER CO.,
LTD.”, in order to produce
various types of
LPG gas cylinders
for petroleum and
gas industries to both domestic and international
markets. It currently
employs 281 staff.
The subject was
listed on the Stock
Exchange of Thailand
on December 3,
1991 and changed its name to SAHAMITR PRESSURE
CONTAINER PUBLIC COMPANY LIMITED
on May 13, 1994.
The subject has
entered into the
re-structuring and rehabilitated plan.
The subject has
been manufacturing LPG
cylinders since 1981,
and it is one of
the largest manufacturers in the world.
Awards/Certification
In 1985 : Quality Standard Mark
In 1988 : Outstanding Product and
Quality Product Award
In 1990 : Excellent Factory Award
In 1994 : Asia Pacific Awards
in Standardization of
Products
In 1995 : The subject achieved
the International Standard
ISO 9002
Certificate
[Certificate No. 95/5329] by
SGS Yarsley
International Ltd.
The subject’s registered address is
72/9 Moo 7, Bangkhunthien -
Chaitalay Rd., Samaedam, Bangkhunthien, Bangkok 10150, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mrs. Supha Promsakha
Na Sakolnakorn [x] Thai 56
Mr. Surasak Urpsirisuk [x]
Thai 55
Ms. Panana Chuchart
Thai 41
Mrs. Patama Laowongse [x]
Thai 44
Mrs. Piriya Ranyaseva Thai 70
Mr. Taidee Visavaveja Thai 48
Mr. Chalong Chanhom Thai 73
Mrs. Ubol Ekahitanont Thai 67
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Supha
Promsakha Na Sakolnakorn is
the President.
She is Thai nationality with
the age of
56 years old.
Mr. Taidee Visavaveja
is the Senior Vice President.
He is Thai nationality with
the age of 48
years old.
Mrs. Patama Laowongse
is the Vice President.
She is Thai nationality with
the age of
44 years old.
Mr. Surasak
Urpsirisuk is the General Manager.
He is Thai nationality with
the age of
55 years old.
Mr. Ekasit Pattanakitvichanon is
the Marketing & Sales Manager.
He is
Thai nationality.
Ms. Kanya Vipanurut
is the Accounting Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing welded steel gas
cylinders for LP
GAS, Acetylene, Refrigerant
and Special Gases.
The cylinders are
manufactured in a
comprehensive range for
industrial use, for
heating, cooking and
etc., and can
be used for
either propane, butane
or mixtures. The
water capacity of
the cylinder ranges
from 3.0 liters
to 108.0 liters.
The subject is
capable to manufacture a full range of first quality cylinders to all international
specifications including British standard BS 5045, Australian AS, European
standard 84/527, American DOT,
French NF M88703 and
German DIN.
There are
2 type of LPG Cylinder :-
1. Two Part of
Cylinder - Capacity size : 1.25 - 16
Kgs.
2. Three part of
Cylinder -
Capacity size : 18 - 48 Kgs.
PRODUCTION
5,000,000 cylinders/year
MAJOR BRANDS
“SMPC” and customer’s own brands
PURCHASE
The subject purchased
raw materials mainly
hot rolled steel
from suppliers both
domestic and overseas at
around 40-50 suppliers, 88%
of its products is purchased
from local suppliers
& agents, and the
remaining 12% is
imported from Korea,
Republic of China,
Japan, United Kingdom
and India.
MAJOR SUPPLIER
Sahaviriya Steel Group :
Thailand
SALES
The products are sold to
both domestic and
overseas customers. The subject has currently maintained around
100 customers. 80% of
the products is exported
to New Zealand, Singapore, Brunei,
United Kingdom, Australia, Hong Kong,
Malaysia, Republic of
China, U.S.A., Africa,
Vietnam, Israel, Korea,
Philippines, India and
Middle East countries,
and the remaining
20% is sold locally.
MAJOR CUSTOMERS
- Esso Group of
Companies :
Worldwide
- Shell Group of
Companies :
Worldwide
- PTT Public Co., Ltd. :
Thailand
- Unique Gas &
Petrochemical Public Co.,
Ltd. : Thailand
- World Cylinder Industrial
Co., Ltd. :
Thailand
- Union Gas and
Chemicals Co., Ltd. : Thailand
- Caltex Oil [Thailand] Ltd. :
Thailand
RELATED/AFFILIATED COMPANY
Sahamitr Steel Co., Ltd. :
Thailand
LITIGATION
Litigation
In March, April and July 1998, the company was taken to the legal actions by the bank, and was named as a defendant on the Civil Court for the total of 6 cases in relation to the settlement of liabilities from guarantor to related company at the amount of Bht. 1,797 million. However, the related company and the bank creditor had later made a compromised agreement to the settlement of liabilities in accordance with the Court’s order to restructure the company’s organization on December 24, 2002. With the effect on debt restructuring, the settlement of liabilities was rescheduled until 2011, and the litigation had been stopped and withdrawn later on.
CREDIT
Sales are by
cash 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
on the negotiated term.
BANKING
Krung Thai
Bank Public Co., Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok 10110]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Bangkok 10140]
EMPLOYMENT
The subject employs
281 staff, [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office and factory
at the heading address. The premise
has total area of
21,000 square meters and
located in an industrial
area.
COMPETITOR
·
Pressure Container Industry
Co., Ltd.
·
Chuen Siri Co., Ltd.
·
Universal Metal Drum
Co., Ltd.
·
Saeng Uthai Engineering Co., Ltd.
COMMENT
SMPC production lines are fully automated in accordance with most modern
industrial practices, and manufacture products which meet the most rigorous
international standards and specifications.
Massive continuous investment in the most efficient production
facilities is reflected in first quality cylinders being produced.
Growth of LPG
in sales this
year, depending on
the LPG price and domestic LPG demand, now
estimated at 2-3
million tones a
year. Thai LPG
demand grew around
20% in 2006 as the fuel oil prices has continued increased since 2005 and expected to continue extremely, therefore demand of LPG would continue
rising as a subsidize of fuel products.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 6,400,000, divided into
64,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 15,000,000 on June 29, 1971
Bht. 30,000,000 on July 27,
1990
Bht. 120,000,000
on May 24,
1993
Bht. 240,000,000
on April 28,
1994
The latest registered
capital was increased
to Bht. 240,000,000 divided
into 24,000,000 shares
of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS : [ as
at April 9,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sutham Ekahitanond |
3,254,700 |
13.56 |
|
Mrs. Supha Promsakha Na
Sakolnakorn |
2,006,460 |
8.36 |
|
Mr. Borpit Patrarangrorng |
1,579,200 |
6.58 |
|
Mrs. Patama Laowongse |
1,516,860 |
6.32 |
|
Mr. Sirasith Ekahitanont |
1,205,480 |
5.02 |
|
Mr. Thamik Ekahitanont |
1,183,040 |
4.93 |
|
Mrs. Fuengfu Siriwanlop |
901,320 |
3.76 |
|
Mr. Pichai Buranasombat |
752,400 |
3.14 |
|
Ms. Phennapa Attasart |
736,100 |
3.07 |
|
Mrs. Somporn Thongdejsri |
629,000 |
2.62 |
|
Maj. Gen. Jaturit
Promsakha Na Sakolnakorn |
597,160 |
2.49 |
|
Mr. Kasidis Promsakha
Na Sakolnakorn |
586,560 |
2.44 |
|
Other Shareholders |
9,051,720 |
37.71 |
Total Shareholders
838
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Somkid Tiatrakul
No. 2785
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
7,130,595 |
3,769,449 |
|
Trade Accts. &
Notes Receivable |
214,146,061 |
168,452,493 |
|
Inventories |
190,821,144 |
159,383,407 |
|
Refundable Value Added
Tax |
38,642,058 |
20,795,014 |
|
Refundable Import Duty |
6,502,775 |
4,727,075 |
|
Other Current Assets
|
8,524,469 |
19,045,030 |
|
|
|
|
|
Total Current
Assets |
465,767,102 |
376,172,468 |
|
Restricted Deposits with
Banks |
8,157,845 |
8,050,837 |
|
Fixed Assets |
435,952,885 |
453,796,824 |
|
Computer Software -
Net |
10,262,360 |
13,194,462 |
|
Assets not used
in Operations -
Net |
28,609,627 |
28,609,627 |
|
Other Assets |
2,226,375 |
3,193,815 |
|
Total Assets |
950,976,194 |
883,018,033 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
306,550,927 |
216,307,179 |
|
Trade Accts. Payable |
178,473,487 |
151,154,883 |
|
Short-term Loan from Director |
2,000,000 |
- |
|
Short-term Loan from
Third Party |
13,000,000 |
- |
|
Current Portion of - Long-term Loans under
Debt Restructuring Agreements |
88,194,813 |
82,036,848 |
|
-
Liabilities from the
Guarantee of Related
Company’s Obligation |
22,500,647 |
20,235,837 |
|
- Liabilities under Financial
Leases |
3,891,681 |
3,093,198 |
|
Accrued Commission |
6,117,820 |
4,767,262 |
|
Accrued Transportation Expenses |
13,805,751 |
11,506,193 |
|
Other Current Liabilities |
21,536,914 |
29,502,881 |
|
|
|
|
|
Total Current
Liabilities |
656,072,040 |
518,604,281 |
|
Long-term Loans under
Debt Restructuring Agreements -
Net |
89,215,430 |
249,393,386 |
|
Liabilities from the Guarantee of Related Company’s Obligation - Net |
1,247,220,546 |
1,266,059,570 |
|
Liabilities under Financial
Leases - Net |
249,394 |
2,549,079 |
|
Total Liabilities |
1,992,757,410 |
2,036,606,316 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 24,000,000 shares |
240,000,000 |
240,000,000 |
|
|
|
|
|
Capital Paid |
240,000,000 |
240,000,000 |
|
Premium on Share
Capital |
50,000,000 |
50,000,000 |
|
Revaluation Increment in
Land not used
in Operations |
158,480 |
158,480 |
|
Retained Earnings [Deficit] - Appropriated for Legal
Reserve |
983,000 |
983,000 |
|
- Deficit |
[1,332,922,696] |
[1,444,729,763] |
|
Total
Shareholders' Equity [Deficit] |
[1,041,781,216] |
[1,153,588,283] |
|
Total
Liabilities & Shareholders' Equity |
950,976,194 |
883,018,033 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,672,460,348 |
1,807,529,071 |
|
Other Income |
15,880,093 |
25,500,583 |
|
Total Revenues
|
1,688,340,441 |
1,833,029,654 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,413,810,304 |
1,548,364,553 |
|
Selling & Administrative Expenses |
239,169,461 |
253,391,342 |
|
Loss from Exchange
Rate |
7,737,761 |
32,157 |
|
Directors’ Remuneration |
120,000 |
120,000 |
|
Total Expenses |
1,660,837,526 |
1,801,908,052 |
|
|
|
|
|
Income before Interest
Expenses & Extraordinary Item |
27,502,915 |
31,121,602 |
|
Interest Expenses |
[26,009,765] |
[18,724,232] |
|
Extraordinary Item - Gain
from Debt Restructuring |
110,313,917 |
- |
|
|
|
|
|
Net Profit / [Loss] |
111,807,067 |
12,397,370 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[7.47] |
|
|
Operating Profit |
22.20 |
|
|
Net Profit |
801.86 |
|
|
Fixed Assets |
[3.93] |
|
|
Total Assets |
7.70 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.53 |
85.66 |
|
Operating Profit Margin |
2.11 |
1.73 |
|
S & A Expenses |
14.30 |
14.02 |
|
Interest Paid |
1.56 |
1.04 |
|
Other Revenues |
0.95 |
1.41 |
|
Net Profit Margin |
6.69 |
0.69 |
|
Earning Per Shares |
4.66 |
0.52 |
|
No. of Shares |
24,000,000 |
24,000,000 |
Net Sales was
decreased by 7.47%,
Operating Profit was
increased by 22.20%,
Net Profit was
increased by 801.86%,
Fixed Assets was
decreased by 3.93%,
Total Assets was
increased by 7.70%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 85.66%
to 84.53%, Operating
Profit Margin was
increased from 1.73%
to 2.11%, S
& A Expenses
was increased from
14.02% to 14.30%,
Interest Paid was increased
from 1.04% to
1.56%, Other Revenues
was decreased from
1.41% to 0.95%,
Net Profit Margin
was increased from
0.69% to 6.69%.
Earning Per Shares
was increased from
0.52 baht per
share to 4.66
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.71 |
0.73 |
|
Quick-Assets Ratio |
0.34 |
0.33 |
Current Ratio was
decreased from 0.73
to 0.71, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.33 to 0.34,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[1.91] |
[1.77] |
|
Times Interest Earned |
1.36 |
1.67 |
D/E Ratio was
decreased from -1.77
to -1.91, 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
1.67 to 1.36,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.84 |
3.98 |
|
Total Assets Turnover |
1.76 |
2.05 |
|
Return on Assets |
11.76 |
1.40 |
|
Return on Equity |
10.73 |
1.07 |
|
Day's Payable |
38.42 |
30.11 |
|
Day’s Inventories |
41.07 |
31.74 |
|
Day’s Receivables |
46.10 |
33.55 |
Fixed Assets Turnover
was decreased from
3.98 times to
3.84 times, Total
Assets Turnover was
decreased from 2.05
times to 1.76
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 1.40 to
11.76, Return on
Equity was increased
from 1.07 to
10.73, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 31
days to 39
days, Day’s Inventories
was increased from
32 days to
42 days, and
Day’s Receivables was
increased from 34
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%)