MIRA
INFORM REPORT
|
Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AJIKAWA & SCI METAL TECH
CO LTD |
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Registered Office : |
49/1 Moo 9, Sukprayoon Road, T. Mabpong, A. Panthong, Chonburi Province 20160 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Year of Establishment : |
1994 |
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Com. Reg. No.: |
0105537103400 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer Of Steel Structure and Fabrication Designer |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name
AJIKAWA & SCI METAL TECH CO., LTD.
SUMMARY
BUSINESS ADDRESS : 49/1
MOO 9, SUKPRAYOON ROAD, T. MABPONG,
A.
PANTHONG, CHONBURI PROVINCE
20160
TELEPHONE : [66] 38 451-473-6
FAX :
[66] 38
451-478
E-MAIL ADDRESS : ag-scimt@sci-mfgr.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537103400
CAPITAL
REGISTERED : BHT. 75,500,000
CAPITAL
PAID-UP : BHT. 75,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS. UNONDA PRUTINARAKORN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 200
LINES OF
BUSINESS : STEEL STRUCTURE
AND FABRICATION
DESIGNER AND
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 September 1,
1994 as a
private limited company
under the originally
registered name “SCI
Metal Tech Co.,
Ltd.,” by Thai
groups. On October
30, 2001, subject
was changed its
name to be
AJIKAWA & SCI
METAL TECH CO.,
LTD. Its business
objective is to
provide design and
manufacturing services of
steel structure, fabrication
and other in Chonburi products. It currently
employs approximately 200
staff.
Subject
is a subsidiary of S.C.I. Electric Manufacturer Co., Ltd.,
Thailand.
The
subject’s registered address
is 49/1 Moo
9, Sukprayoon Rd.,
Mabpong, Panthong, Chonburi
20160, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Unonda Pruthinarakorn |
[x] |
Thai |
59 |
|
Mr. Sirichai Pruthinarakorn |
[x] |
Thai |
47 |
|
Mr. Vichai Yanisarangkul |
|
Thai |
55 |
|
Mr. Mano Seetasith |
|
Thai |
55 |
|
Mrs. Benjawan Yanisarangkul |
|
Thai |
54 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Unonda Pruthinarakorn is
the Managing Director.
She is Thai nationality with
the age of
59 years old.
Mr.
Chaiprasert Jiawattanakul is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in design
and manufacturing wide
range of steel
works, such as hot dip galvanizing, transmission line
tower, substation steel
structure, telecommunication tower,
general steel fabrication
for infrastructure, wastewater
treatment, factory line
process and etc.
PRODUCTION
15,000 tons per
annum
PURCHASE
Raw materials, such
as steel, bolt & nut material and accessories
are purchased from
supplier both in
domestic and overseas,
mainly in Japan,
Taiwan, Republic of
China, India and
Germany.
SERVICES
90% of the products is
sold and served
to local end-users
both private company
and government sectors,
the remaining 10%
is exported to
Hong Kong, Cambodia,
Laos and Taiwan.
MAJOR CUSTOMERS
- Electricity Generating Authority
of Thailand
- Provincial Electricity Authority
- Metropolitan Electricity Authority
- TOT Public Company
Limited
- CAT Telecom Public
Co., Ltd.
RELATED AND AFFILIATED COMPANY
World Coating
Process Co., Ltd.
Business Type
: Manufacturer and
distributor of hot-dip
galvanizing service.
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.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 200 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
provincial.
Branch
office is located
on 9th Floor,
Thosapol Land III
Bldg., 947 Bangna-Trad
Rd., Bangna, Bangkok
10260.
REMARK
CREDIT
OF US$ 500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The
subject’s business performance
is slower than
previous year. Since
its work is
related to industrial sector which has
been slowing down
from factors like
rising steel costs,
higher oil prices,
decline investment, slow
purchasing power and
etc.
Growth
is believed to
further decline, thus
subject is expected
to post lowered
performance this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000
divided into 200,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 22,000,000 on November 9,
1994
Bht. 70,000,000 on October 4,
2002
Bht. 75,500,000 on September 12,
2003
The
latest registered capital
was increased to
Bht. 75.5 million, divided into 755,000 shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS : [as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
S.C.I. Electric
Manufacturer Co., Ltd. Nationality: Thai Address : 107/1
Moo 1, Bangna-Trad Rd.,
Bangprieng, Bangbor, Samutprakarn |
719,000 |
95.23 |
|
Mr.
Sirichai Pruthinarakorn Nationality: Thai Address : 44/1
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok |
8,730 |
1.16 |
|
Ms. Unonda Pruthinarakorn Nationality: Thai Address : 39
Sukhumvit 58 Rd.,
Bangchak,
Prakanong, Bangkok |
7,010 |
0.93 |
|
Ms. Rasmee Pruthinarakorn Nationality: Thai Address : 39
Sukhumvit 58 Rd.,
Bangchak, Prakanong, Bangkok |
3,492 |
0.46 |
|
Mrs. Vanida Pruthinarakorn Nationality: Thai Address : 39
Sukhumvit 58 Rd.,
Bangchak,
Prakanong, Bangkok |
3,492 |
0.46 |
|
Mrs.
Premmika Pruthinarakorn Nationality: Thai Address : 44/1
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok |
3,492 |
0.46 |
|
Others |
9,784 |
1.30 |
Total Shareholders : 14
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Preecha Bunyakida No.
3890
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
285,980.51 |
5,386,662.57 |
|
Trade Accts. & Notes Receivable |
49,781,524.79 |
68,312,047.57 |
|
Receivable Loan to Affiliated Company |
29,306,861.20 |
26,192,066.01 |
|
Inventories |
66,714,726.73 |
54,851,926.53 |
|
Deferred Interest |
7,302,632.95 |
7,302,632.95 |
|
Other Current Assets
|
13,999,168.06 |
16,568,589.26 |
|
Total Current
Assets |
167,390,894.24 |
178,613,924.89 |
|
|
|
|
|
Fixed Assets |
56,241,980.06 |
62,942,711.16 |
|
Other Assets |
3,306,971.40 |
3,485,043.20 |
|
Total Assets |
226,939,845.70 |
245,041,679.25
|
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Loan from Bank & Financial
Institute |
2,657,297.92 |
16,428,640.71 |
|
Trade Accts. & Notes Payable |
112,062,890.23 |
118,430,366.38 |
|
Accrued Expenses |
42,320,680.13 |
39,344,398.30 |
|
Loan to Related
Company |
18,063,173.28 |
- |
|
Loan to Directors |
- |
13,551,353.80 |
|
Other Payable |
- |
609,483.38 |
|
Other Current Liabilities |
2,621,040.03 |
7,825,112.09 |
|
Total Current
Liabilities |
177,725,081.59 |
196,189,354.66 |
|
Long Term Liabilities |
61,690,315.32 |
61,700,297.26 |
|
Total Liabilities |
239,415,396.91 |
257,889,651.92 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 755,000 shares |
75,500,000.00 |
75,500,000.00 |
|
Capital Paid |
75,500,000.00 |
75,500,000.00 |
|
Retained Earning -
Unappropriated |
[87,975,551.21] |
[88,347,972.67] |
|
Total Shareholders'
Equity |
[12,475,551.21] |
[12,847,972.67] |
|
Total
Liabilities & Shareholders' Equity |
226,939,845.70 |
245,041,679.25 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
316,914,047.61 |
550,696,203.58 |
|
Other Income |
3,990,421.31 |
13,108.26 |
|
Total Revenues
|
320,904,468.92 |
550,709,311.84 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
281,175,023.64 |
495,643,865.95 |
|
Selling & Administrative Expenses |
34,552,305.37 |
46,522,862.96 |
|
Total Expenses |
315,727,329.01 |
542,166,728.91 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
5,177,139.91 |
8,542,582.93 |
|
Interest Expenses |
[4,780,203.25] |
[5,031,423.31] |
|
Profit / [Loss] Before Extraordinary Items |
396,936.66 |
3,511,159.62 |
|
Gain/[Loss] on Exchange Rate |
[24,515.20] |
99,674.28 |
|
Net Profit / [Loss] |
372,421.46 |
3,610,833.90 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[42.45] |
|
|
Operating Profit |
5.31 |
|
|
Net Profit |
[89.69] |
|
|
Fixed Assets |
[10.65] |
|
|
Total Assets |
[7.39] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.72 |
90.00 |
|
Operating Profit Margin |
1.63 |
1.55 |
|
S & A
Expenses |
10.90 |
8.45 |
|
Interest Paid |
1.51 |
0.91 |
|
Other Revenues |
1.26 |
0.00 |
|
Net Profit Margin |
0.12 |
0.66 |
|
Earning Per Shares |
0.49 |
4.78 |
|
No. of Shares |
755,000 |
755,000 |
Net Sales was
decreased by 42.45%,
Operating Profit was
increased by 5.31%,
Net Profit was
decreased by 89.69%,
Fixed Assets was
decreased by 10.65%,
Total Assets was
decreased by 7.39%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.00%
to 88.72%, Operating
Profit Margin was
increased from 1.55%
to 1.63%, S
& A Expenses
was increased from
8.45% to 10.90%,
Interest Paid was increased
from 0.91% to
1.51%, Other Revenues
was increased from
0.00% to 1.26%,
Net Profit Margin
was decreased from
0.66% to 0.12%.
Earning Per Shares
was decreased from
4.78 baht per
share to 0.49
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.94 |
0.91 |
|
Quick-Assets Ratio |
0.45 |
0.51 |
Current Ratio was
increased from 0.91
to 0.94, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.51 to 0.45,
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 |
[19.19] |
[20.07] |
|
Times Interest Earned |
1.08 |
1.70 |
D/E Ratio was
increased from -20.07
to -19.19, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
decreased from 1.70
to 1.08, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
5.63 |
8.75 |
|
Total Assets Turnover |
1.40 |
2.25 |
|
Return on Assets |
0.16 |
1.47 |
|
Return on Equity |
2.99 |
28.10 |
|
Day's Payable |
127.30 |
77.42 |
|
Day’s Inventories |
75.78 |
35.86 |
|
Day’s Receivables |
56.55 |
44.66 |
Fixed Assets Turnover
was decreased from
8.75 times to
5.63 times, Total
Assets Turnover was
decreased from 2.25
times to 1.40
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 1.47 to
0.16, Return on
Equity was decreased
from 28.10 to
2.99, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 78
days to 128
days, Day’s Inventories
was increased from
36 days to
76 days, and
Day’s Receivables was
increased from 45
days to 57
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%)