MIRA
INFORM REPORT
|
Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
METALCO CO., LTD. |
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Registered Office : |
3rd Floor, Tower
Inn, 533 Silom Road,
Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08.07.1996 |
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Com. Reg. No.: |
0105539075357 |
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Legal Form : |
PRIVATE LIMITED COMPANY |
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Line of Business : |
Exporter of Natural
Rubber 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
METALCO
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 3rd FLOOR,
TOWER INN,
533 SILOM
ROAD, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2635-0335-9
FAX : [66] 2635-0340
E-MAIL
ADDRESS : suharsh@inet.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION NO. : 0105539075357
[Former : 1527/2539]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT. 5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SUHARCH MITTAL, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : NATURAL RUBBER PRODUCTS
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGED WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 8,
1996 as a private
limited company under the
name style METALCO
CO., LTD., by Thai - Indian groups, in order to export
various kinds of
rubber products to
worldwide markets. It
currently employs 15
staff.
The
subject’s registered address
is 3rd Floor,
Tower Inn, 533
Silom Rd., Bangrak,
Bangkok 10500, and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Suharch Mittal |
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Indian |
39 |
|
Mr. Yogee Sethee |
|
Thai |
34 |
|
Ms. Zonalee Pramode
Anant |
|
Indian |
36 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suharch
Mittal is the Managing Director.
He is Indian nationality with
the age of
39 years old.
BUSINESS OPERATIONS
The
subject operates as
an exporter of
natural rubber products
such as ribbed
smoked rubber sheet,
rubber concentrated, blocked
rubber, crepe rubber,
as well as
rubber gloves [surgical/examination/household]
, rubber bands and etc.
PURCHASE
100% of the
products is purchased
from local manufacturers and traders.
EXPORT [COUNTRIES]
90%
of the products is exported
to European countries such as Germany, Spain, Italy,
Turkey, United Kingdom,
Switzerland and France, the
remaining 10% is sold to
South Africa and India.
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.
SUBSIDIARY AND
AFFILIATED COMPANY
Oriental Rubber
Co., Ltd.
Business Type :
Exporter of Natural
rubber products.
CREDIT
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Exports are against
L/C at sight or on
negotiated term &
T/T.
BUSINESS TRANSACTION
The
products are sold
to customer both
cash and credit,
with the maximum credit
given at 30-90 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
The Siam
Commercial Bank Public Co.,
Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
[Surawongse Branch:
291 Surawong Rd.,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
15 staff.
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address.
Premise is located
in a prime commercial area.
COMMENT
The subject is the rubber trading firm. Its
sales are depending on customers’ needs, as well as the margin is likely to
rely on world price of rubber products. However, during the last 2 years,
demand of rubber in world market was less than supplies,
therefore declined sales revenue
would contract in the medium term prospect.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000, divided into
20,000 shares of
Bht. 100 each.
The capital was
increased and decreased
later as follows:
Bht. 5,000,000
on August 16,
1998
Bht. 6,500,000
on August 8,
2000
Bht. 20,000,000 on
January 2, 2003
Bht. 6,500,000
on October 27,
2004 [Decreased]
Bht. 5,000,000
on December 22,
2005 [Decreased]
The
latest registered capital
was increased to
Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at February 4,
2008]
|
NAME |
HOLDING |
% |
|
Mr. Suharch
Mittal Nationality: Indian Address : New
Delhi, India |
19,500 |
39.00 |
|
Mr. Kookiat
Sethee Nationality: Thai Address : 129
Prasartvithee Rd., Maesod,
Tak |
8,000 |
16.00 |
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Mr. Yogee
Sethee Nationality: Thai Address : 129
Prasartvithee Rd., Maesod,
Tak |
8,000 |
16.00 |
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Mrs.
Anchalee Malhotra Nationality: Thai Address : 39/7 Sukhumvit 11 Rd., Thanam Dindaeng,
Klongsan, Bangkok |
8,000 |
16.00 |
|
Ms. Zonalee
Pramode Anant Nationality: Indian Address : Bombay,
India |
3,000 |
6.00 |
|
Mr. Surendra
Kumar Mittal Nationality: Indian Address : New
Delhi, India |
2,000 |
4.00 |
|
Ms. Reena
Sethee Nationality: Thai Address : 129
Prasartvithee Rd., Maesod,
Tak |
1,500 |
3.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Nualchan Sinsuksathaporn No. 4357
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
|
572,910.49 |
2,500,415.52 |
|
Trade Accts. Receivable |
29,452,885.20 |
23,791,476.06 |
|
Other Current Assets
|
356,566.71 |
924,897.53 |
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Total Current
Assets |
30,382,362.40 |
27,216,789.11 |
|
|
|
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Fixed Assets |
1,259,837.56 |
424,289.19 |
|
Short Term Investment |
1,512,725.79 |
787,889.35 |
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Other Assets |
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|
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Guarantee |
60,602.39 |
51,252.39 |
|
Withholding Income Tax |
527.22 |
- |
|
Total Assets |
33,216,055.36 |
28,480,220.04 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Short Term Loan
from Financial Institute |
600,000.00 |
2,770,000.00 |
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Trade Accts. Payable |
17,023,307.95 |
14,710,915.41 |
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Other Current Liabilities |
5,785,851.45 |
2,666,993.75 |
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Total Current
Liabilities |
23,409,159.40 |
20,147,909.16 |
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Total Liabilities |
23,409,159.40 |
20,147,909.16 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated |
4,806,895.96 |
3,332,310.88 |
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Total
Shareholders' Equity |
9,806,895.96 |
8,332,310.88 |
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Total
Liabilities & Shareholders' Equity |
33,216,055.36 |
28,480,220.04 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
205,741,521.50 |
294,817,225.61 |
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Other Income |
573,856.36 |
2,767,973.24 |
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Total Revenues
|
206,315,377.86 |
297,585,198.85 |
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Expenses |
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Cost of Goods
Sold |
191,836,108.84 |
273,827,439.29 |
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Selling & Administrative Expenses |
11,853,561.00 |
21,236,445.73 |
|
Total Expenses |
203,689,669.84 |
295,063,885.02 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
2,625,708.02 |
2,521,313.83 |
|
Interest Expenses |
[752,070.89] |
[45,294.45] |
|
Income Tax |
[399,052.05] |
[558,690.90] |
|
Net Profit / [Loss] |
1,474,585.08 |
1,917,328.48 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[30.21] |
|
|
Operating Profit |
49.23 |
|
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Net Profit |
[23.09] |
|
|
Fixed Assets |
196.93 |
|
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Total Assets |
16.63 |
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Profitability |
|
|
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Cost of Good
Sold |
93.24 |
92.88 |
|
Operating Profit Margin |
1.28 |
0.86 |
|
S & A
Expenses |
5.76 |
7.20 |
|
Interest Paid |
0.37 |
0.02 |
|
Other Revenues |
0.28 |
0.94 |
|
Net Profit Margin |
0.72 |
0.65 |
|
Earning Per Shares |
29.49 |
38.35 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
decreased by 30.21%,
Operating Profit was
increased by 49.23%,
Net Profit was
decreased by 23.09%,
Fixed Assets was
increased by 196.93%,
Total Assets was
increased by 16.63%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.88%
to 93.24%, Operating
Profit Margin was
increased from 0.86%
to 1.28%, S
& A Expenses
was decreased from
7.20% to 5.76%,
Interest Paid was increased
from 0.02% to
0.37%, Other Revenues
was decreased from
0.94% to 0.28%,
Net Profit Margin
was increased from
0.65% to 0.72%.
Earning Per Shares
was decreased from
38.35 baht per
share to 29.49
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.30 |
1.35 |
|
Quick-Assets Ratio |
1.28 |
1.30 |
Current Ratio was
decreased from 1.35
to 1.30, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.30 to 1.28,
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 |
2.39 |
2.42 |
|
Times Interest Earned |
3.49 |
55.66 |
D/E Ratio was
decreased from 2.42
to 2.39, 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
55.66 to 3.49,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
163.31 |
694.85 |
|
Total Assets Turnover |
6.19 |
10.35 |
|
Return on Assets |
4.44 |
6.73 |
|
Return on Equity |
15.04 |
23.01 |
|
Day's Payable |
29.79 |
17.96 |
|
Day’s Receivables |
51.54 |
29.05 |
Fixed Assets Turnover
was decreased from
694.85 times to
163.31 times, Total
Assets Turnover was decreased from
10.35 times to
6.19 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 6.73
to 4.44, Return
on Equity was
decreased from 23.01
to 15.04, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 18
days to 30
days, and Day’s
Receivables was increased
from 30 days
to 52 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 |
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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%)