MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CANADOIL
PIPE LTD. |
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Registered Office : |
Unit
2807-2808, 28th Floor,
Empire Tower, 195 South Sathorn Road, Yannawa, Sathorn,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.08. 2003 |
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Com. Reg. No.: |
0105546092202 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Manufacturer,
Distributor and Exporter of
Steel Tubulars and
Pipes |
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
CANADOIL
PIPE LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
2807-2808, 28th FLOOR,
EMPIRE TOWER,
195 SOUTH SATHORN
ROAD, YANNAWA,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2670-1636-8
FAX :
[66] 2670-1639
E-MAIL
ADDRESS : sales@canadoilasia.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0105546092202
[Former: 10454601515]
CAPITAL REGISTERED : BHT. 4,370,000,000
CAPITAL PAID-UP : BHT.
4,370,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
GIACOMO SOZZI, CANADIAN
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : STEEL TUBULARS AND PIPES
MANUFACTURER, DISTRIBUTOR & EXPORTER
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 August 5,
2003 as a
private limited company
under the name
style CANADOIL PIPE
LTD. by Thai
and foreign groups, to
manufacture steel tubulars
and pipes. It
currently employs 250 staff.
On
December 26, 2003
the subject received
the promotion privilege
from the Board
of Investment.
Canadoil
Pipe Ltd. was
awarded new contract
for special clad
piping modules for
Canadian Oil Sand
Project on May
9, 2005.
The
subject’s registered address
is 195 South Sathorn Rd.,
Yannawa, Sathorn, Bangkok
10120, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bob Kalbfleisch |
[x] |
American |
52 |
|
Mr. Niccolo Sozzi |
[-] |
Canadian |
36 |
|
Mr. Riccardo Cardano |
[-] |
Italian |
44 |
|
Mr. Giacomo Sozzi |
|
Canadian |
40 |
AUTHORIZED PERSON
Mr. Giacomo Sozzi
can sign or
the director [x]
can jointly sign
with one of
the directors [-]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Giacomo
Sozzi is the Managing Director.
He is Canadian nationality with
the age of
40 years old.
Mr. Niccolo
Sozzi is the Deputy Managing
Director.
He is Canadian nationality with
the age of
36 years old.
Mr. Bob
Kalbfleisch is the General Manager.
He is American nationality with
the age of
52 years old.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
exporter and distributor
of steel tubulars
and pipes to
API D 5L & 2B
specification by bending
roll process for
thickness up to
2 ½” and diameters
ranging from 160’
to 720’. Rolled
tubulars of up
to 15 meters in length
can be manufactured with capacity
to then join
up tubulars for
increased length to
exacting customer requirements.
It can be rolled in
all types of
carbon steel, including
low temperature and
high yield up
to x70 and in the
full range of
304, 316 &
321 stainless and
alloy steels along
with CLAD materials.
Most of the
products are supplied
to petrochemical, oil & gas industries.
PRODUCTION CAPACITY
500,000 tons/year
IMPORT
Raw
materials, mainly special
steel, alloy steel
and stainless steel,
as well as
machinery are imported
from Canada, Spain,
United States of
America & Italy,
and the rest
is purchased from
local supplies.
SALES
50% of its products is
sold locally to
oil and gas
industries.
EXPORT
50% of its products is
exported to Indonesia,
Malaysia, Vietnam, India,
Laos, Singapore, and
Saudi Arabia.
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.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately 250 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial area.
Factory
is located at
7/204 Moo 6, T.
Mabyangporn, Rayong Province
21140 on 112,000
square meters of
area.
COMMENT
Special steel,
steel pipe and
tube still have
strong growth from
steady demand by
industrial sector.
The subject
is the leading
manufacture of various sized
of steel tubular
and pipe in
the country.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 1,000,000,000 on September 3,
2003
Bht. 1,100,000,000 on June 21,
2004
Bht. 2,500,000,000 on June 19,
2006
Bht. 3,958,870,000 on July 12,
2006
Bht. 4,370,000,000 on September 26,
2006
The
latest registered capital
was increased to
Bht. 4,370,000,000 divided into
43,700,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Globalspace Energy
Investments S.L. Nationality: Spanish Address : Spain |
42,709,995 |
97.73 |
|
Canadoil Engineering and Construction Ltd. Nationality: Thai Address : 195
South Sathorn Rd.,
Yannawa,
Sathorn, Bangkok |
990,000 |
2.27 |
Mr. Giacomo Sozzi
Nationality: Canadian Address : 15/3
South Sathorn Rd.,
Thunmahamek,
Sathorn, Bangkok |
1 |
- |
|
Mr. Vittorio
Sozzi Nationality: Venetian Address : Venezuela |
1 |
- |
|
Ms. Nit
Panomvas Nationality: Thai Address : 102
Moo 7, T. Wangchaplu, A. Kanuvorarakburi, Kamphaengpetch |
1 |
- |
Mr. Niccolo Sozzi
Nationality: Canadian Address : Canada |
1 |
- |
|
Mr. Giulian
Gelmini Nationality: Italian Address : Venezuela |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Maliwan Pahuwatanakorn No. 4701
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
|
46,376,194 |
13,891,953 |
|
Trade Accts. Receivable |
64,695,602 |
42,117,420 |
|
Short-term Loan to
Person & Related
Companies |
17,266,770 |
10,101,417 |
|
Inventories [note 1] |
315,334,016 |
224,148,080 |
|
Prepaid Value Added
Tax |
13,144,280 |
24,170,167 |
|
Other Current Assets
|
30,853,657 |
2,184,428 |
|
|
|
|
|
Total Current
Assets |
487,670,519 |
316,613,465 |
|
Long-term Investment in
Related Companies |
466,312,132 |
15,709,732 |
|
Fixed Assets [note 2] |
5,659,362,467 |
4,023,745,384 |
|
Intangible Assets |
626,709 |
1,114,878 |
|
Other Assets |
3,877,996 |
4,284,025 |
|
Total Assets |
6,617,849,823 |
4,361,467,484 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
650,228,096 |
303,240,919 |
|
Trade Accts. Payable |
90,367,559 |
41,898,315 |
|
Short-term Loan from
Person & Related
Companies |
1,419,014 |
698,166,620 |
|
Current Portion of
Renting Contract Liabilities |
12,338,265 |
12,051,541 |
|
Construction & Machinery
Payable |
239,811,952 |
395,932,060 |
|
Other Current Liabilities |
40,284,013 |
82,139,309 |
|
|
|
|
|
Total Current
Liabilities |
1,034,448,899 |
1,533,428,764 |
|
Long-term Loan |
1,373,272,752 |
1,297,370,446 |
|
Other Liabilities |
18,526,154 |
28,279,408 |
|
Total Liabilities |
2,426,247,805 |
2,859,078,618 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued
share capital 43,700,000 &
11,000,000 shares in 2006 & 2005 |
4,370,000,000 |
1,100,000,000 |
|
|
|
|
|
Capital Paid |
4,370,000,000 |
1,100,000,000 |
|
Share Capital Receivable |
- |
472,238,009 |
|
Unappropriated [Deficit] |
[178,397,982] |
[69,849,143] |
|
Total
Shareholders' Equity |
4,191,602,018 |
1,502,388,866 |
|
Total
Liabilities & Shareholders' Equity |
6,617,849,823 |
4,361,467,484 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
240,357,632 |
59,572,199 |
|
Canadian Government’s Subsidy |
2,481,615 |
1,010,273 |
|
Gain on Exchange
Rate |
13,635,086 |
12,786,947 |
|
Other Income |
192,134 |
54,304 |
|
Total Revenues
|
256,666,467 |
73,423,723 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
184,415,145 |
35,847,897 |
|
Selling & Administrative Expenses |
99,744,930 |
61,795,573 |
|
Total Expenses |
284,160,075 |
97,643,470 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses |
[27,493,608] |
[24,219,747] |
|
Interest Expenses |
[81,055,231] |
[5,193,775] |
|
|
|
|
|
Net Profit / [Loss] |
[108,548,839] |
[29,413,522] |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
71,940,986 |
2,423,737 |
|
Works in Process |
54,995,158 |
65,465,936 |
|
Raw Material |
151,779,584 |
135,101,154 |
|
Spare Parts & Material |
18,138,938 |
9,561,603 |
|
Goods in Transit |
18,479,350 |
11,595,650 |
|
Total
|
315,334,016 |
224,148,080 |
NOTE 2
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Land |
109,233,625 |
109,233,625 |
|
Building Factory |
648,030,528 |
505,999,764 |
|
Building Improvement |
7,042,286 |
7,042,286 |
|
Factory Equipment |
24,329,443 |
22,461,648 |
|
Office Furniture |
21,434,967 |
14,292,513 |
|
Vehicle |
45,182,406 |
41,946,425 |
|
Works under Construction |
2,360,931,942 |
2,134,755,275 |
|
Prepaid Assets |
2,492,018,638 |
1,194,502,159 |
|
Total |
5,708,203,835 |
4,030,233,695 |
|
Less: Depreciation |
[48,841,368] |
[6,488,311] |
|
Total
|
5,659,362,467 |
4,023,745,384 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
303.47 |
|
|
Operating Profit |
[71.86] |
|
|
Net Profit |
[269.04] |
|
|
Fixed Assets |
40.65 |
|
|
Total Assets |
51.73 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
76.73 |
60.18 |
|
Operating Profit Margin |
[11.44] |
[40.66] |
|
S & A
Expenses |
41.50 |
103.73 |
|
Interest Paid |
33.72 |
8.72 |
|
Other Revenues |
6.79 |
23.25 |
|
Net Profit Margin |
[45.16] |
[49.37] |
|
Earning Per Shares |
[2.48] |
[2.67] |
|
No. of Shares |
43,700,000 |
11,000,000 |
Net Sales was
increased by 303.47%,
Operating Profit was
decreased by 71.86%,
Net Profit was
decreased by 269.04%,
Fixed Assets was
increased by 40.65%,
Total Assets was
increased by 51.73%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 60.18%
to 76.73%, Operating
Profit Margin was
increased from -40.66%
to -11.44%, S
& A Expenses
was decreased from
103.73% to 41.50%,
Interest Paid was increased
from 8.72% to
33.72%, Other Revenues
was decreased from
23.25% to 6.79%,
Net Profit Margin
was increased from
-49.37% to -45.16%.
Earning Per Shares
was increased from
-2.67 baht per
share to -2.48
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.47 |
0.21 |
|
Quick-Assets Ratio |
0.12 |
0.04 |
Current Ratio was
increased from 0.21
to 0.47, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.04 to 0.12,
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 |
0.58 |
1.90 |
|
Times Interest Earned |
[0.34] |
[4.66] |
D/E Ratio was
decreased from 1.90
to 0.58, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
-4.66 to -0.34,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.04 |
0.01 |
|
Total Assets Turnover |
0.04 |
0.01 |
|
Return on Assets |
[1.64] |
[0.67] |
|
Return on Equity |
[2.59] |
[1.96] |
|
Day's Payable |
135.35 |
253.20 |
|
Day’s Inventories |
472.30 |
1,354.55 |
|
Day’s Receivables |
96.90 |
254.52 |
Fixed Assets Turnover
was increased from
0.01 times to
0.04 times, Total
Assets Turnover was
increased from 0.01
times to 0.04
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
-0.67 to -1.64,
Return on Equity
was decreased from
-1.96 to -2.59,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 254
days to 136
days, Day’s Inventories
was decreased from
1355 days to
473 days, and
Day’s Receivables was
decreased from 255
days to 97
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%)