MIRA
INFORM REPORT
|
Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ORIENTAL COPPER CO., LTD. |
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|
|
Registered Office : |
27th Floor, Bangkok
Insurance/Y.W.Ca Building, 25
South Sathorn Road,
Thungmahamek, 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 : |
11.01. 1994 |
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Com. Reg. No.: |
0105537003987 |
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|
Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Copper
Busbar and related products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
ORIENTAL COPPER CO.,
LTD.
SUMMARY
ADDRESS : 27th FLOOR,
BANGKOK INSURANCE/Y.W.CA BUILDING,
25 SOUTH SATHORN
ROAD, THUNGMAHAMEK,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2697-5100
FAX : [66] 2697-5199
E-MAIL ADDRESS : sale@orientalcopper.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537003987 [Former : [2] 159/2537]
CAPITAL REGISTERED : BHT. 220,000,000
CAPITAL PAID-UP : BHT. 220,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
TUANG-HONG LEELAPRACHAKUL, THAI
PRESIDENT
NO.
OF STAFF : 280
LINES
OF BUSINESS : COPPER BUSBAR & RELATED PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMALLY BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was established on January
11, 1994 as
a private limited
company under the name
style ORIENTAL COPPER
CO., LTD. by Thai
and Australian groups.
It is a joint venture
between World Biz
Trade Co., Ltd.
in Thailand and
G.E. Crane Holdings
Ltd., Australia, to
produce High Quality
Copper Busbar and
related products. It
is one of the leading
copper busbar manufacturers in Asia.
The
subject is the
first manufacturing company
in Thailand and
South East Asia, which is able to produce
high purity copper
billet 99.98% up
and high conductivity copper busbar with
electrical conductivity of
IACS 101% [International Annealed Copper Standard]
and Tin Electroplated material.
The
technical know-how for
production is supplied
by the Crane Group Limited,
Australia. It currently
employs 280 staff.
AWARD
Subject
has achieved the
ISO 9002, ISO 9001 and ISO 14001,
as well as
TIS 408, 1982 certification by
Bureau Veritas Quality
International [B V Q I] of
England and Department
of Industrial Standards
of Thailand.
The
subject has been
granted the promotional
privilege by Board
of Investment [BOI] for
the production under
the certificated No.
1023/2537 and 1630/2540
on May 13, 1994 and
August 6, 1997,
respectively.
Presently,
the major shareholders are World Biz.
Trade Co., Ltd., Thailand,
Ms. Tuang-Hong Leelaprachakul, and Mr. Umberto Komini,
with the investment
around 44%, 31%
and 25% of
the subject’s shares.
The
subject’s current registered
address is at 25 Bangkok Insurance/Y.W.C.A. Building, South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Watchapong Techachunhakij |
|
Thai |
27 |
|
Ms. Tuang-hong Leelaprachakul |
[x] |
Thai |
52 |
|
Mr. Umberto Komini |
|
Italian |
67 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Tuang-hong
Leelaprachakul is the
President.
She is Thai nationality with
the age of
52 years old.
Mr. Umberto
Komini is the Executive Vice
President.
He is Italian nationality with
the age of
67 years old.
Mr. Charles
E. Shaw is
the Vice President.
He is Australian nationality.
Ms. Yuvadee
Srivorakul is the Account Manager.
She is Thai nationality.
Mr. Pimol
Tabsri is the Factory Manager.
He is Thai nationality.
Ms. Thanyawan
Kositthanakorn is the
Sales Manager [Overseas].
She is Thai nationality.
Ms. Thanaporn
Khanthong is the Sales Manager
[Local].
She is Thai nationality.
BUSINESS OPERATION
The subject is
engaged in manufacturing wide range of
copper busbars and
related products for
electrical and power
plant industry.
Its products are
as follows:
- Copper Busbar
and Rods
- Tin-Plates Copper
Busbar
- Fabricated Copper
Busbar
- Copper Anodes
- Silver bearing copper
- Copper profiles
PRODUCTION CAPACITY
24,000 metric tons/year
MAJOR BRAND
“OC-ETP”
IMPORT [COUNTRIES]
50% of its raw material,
mainly copper cathode and machinery are
imported from Italy,
United States of
America, Japan, Australia,
Taiwan, France and
Germany.
EXPORT [COUNTRIES]
80% of its products is
exported to Italy,
Germany, United Kingdom, Malaysia, Taiwan, Singapore, Republic of
China, Indonesia, Philippines, Vietnam, France, Spain
and etc.
SALES [LOCAL]
20% of its products
is sold locally
by wholesale to
dealers and end-users.
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
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
[Bangkapi Branch : 591 Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok]
EMPLOYMENT
The subject employs
approximately 280 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is rented
for administrative office
at the heading address. Premise is
located in commercial/residential area.
Factory
is located at Amata Nakorn
Industrial Estate, 700/45
Moo 6, T. Nongmaidaeng, A. Muang, Cholburi
20000, Thailand. Tel
: [66] 38 743-444-9,
Fax : [66] 38 213-256.
Factory Facilities
The factory is
completed with the
state of the
art technology, under-water
extrusion system, integrated
semi-automatic machinery fully
controlled by computerized system.
COMMENT
The subject is one of a kind
of Copper Busbar
producer in Thailand.
Accordance with the
company’s research and
development and well-trained staff, the
subject is capable
of manufacturing products
that meet the
highest international standards
in response to
customer demands.
With the rapid expanding of economic within the country as well as in
the Southeast Asian countries, the company’s output will continue to play on
important role in the continuing development of industries in the whole region.
FINANCIAL INFORMATION
The capital was
registered at Bht.
140,000,000 divided into
140,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 165,000,000
on November 30,
1995
Bht. 220,000,000
on June 30,
2004
The latest registered
capital was increased
to Bht. 220,000,000 divided into
220,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[ as
of April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
World Biz
Trade Co., Ltd.
Nationality: Thai Address : 25
Sathorn Tai Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
96,600 |
43.91 |
|
Ms. Tuang-hong Leelaprachakul Nationality: Thai Address : 33/32
Sukhumvit 63 Rd., Klongton Nua,
Wattana, Bangkok 10110 |
68,394 |
31.09 |
|
Mr. Umberto
Komini Nationality: Italian Address : 3 F.T.
Marinetti, Milan, Italy |
55,001 |
25.00 |
|
Mr. Jesada
Anujaree Nationality: Thai Address : 454/125
Ladprao 87 Rd., Wangthonglang, Bangkapi,
Bangkok |
1 |
- |
|
Ms. Mala
Thanakornnithikul Nationality: Thai Address : 14/44
Moo 1, Nongbon,
Praves,
Bangkok 10250 |
1 |
- |
|
Mr.
Watchapong Techachunhakij Nationality: Thai Address : 4/30
Moo 7, Bangna,
Bangkok |
1 |
- |
|
Mr. Watchakit
Techachunhakij Nationality: Thai Address : 4/30
Moo 7, Bangna,
Bangkok |
1 |
- |
|
Mr. Watchakarn Techachunhakij Nationality: Thai Address : 4/30
Moo 7, Bangna,
Bangkok |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Dr. Virach Apimedhithamrong No. 1378
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
59,976,566.73 |
11,441,063.17 |
|
Trade Accts. Receivable |
379,050,690.28 |
174,312,358.33 |
|
Inventories [note 1] |
241,493,731.76 |
141,703,030.86 |
|
Short-term Loan to
Related Person |
8,981,079.60 |
- |
|
Other Current Assets
Value Added
Tax |
18,210,345.61 |
52,595,643.05 |
|
Prepaid Raw
Material |
16,871,541.18 |
15,450,924.29 |
|
Spare Parts
& Supplies |
24,986,363.46 |
21,324,318.22 |
|
Others |
10,889,232.02 |
9,641,366.45 |
|
|
|
|
|
Total Current
Assets |
760,459,550.64 |
426,468,704.37 |
|
Investment in Land |
44,804,049.00 |
- |
|
Fixed Assets |
305,581,113.30 |
328,913,758.63 |
|
Intangible Assets |
1,770,334.02 |
2,258,081.84 |
|
Cash at Bank
pledged as a
Collateral |
7,208,106.90 |
3,447,049.12 |
|
Other Assets Deposit for
Golf Membership |
2,000,000.00 |
- |
|
Others |
1,477,840.83 |
1,044,876.92 |
|
Total Assets |
1,123,300,994.69 |
762,132,470.88 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Short-term Loan from
Bank |
382,628,349.67 |
107,478,534.09 |
|
Trade Accts. Payable |
17,683,960.07 |
49,558,183.81 |
|
Current Portion of Long-term
Loan from Bank |
6,051,803.40 |
23,088,787.75 |
|
Long-term Lease Contract
Liabilities |
5,915,409.16 |
3,936,702.64 |
|
Other Current Liabilities Accrued Expenses
|
21,391,859.72 |
18,451,922.03 |
|
Advance Income
from Goods |
12,636,082.50 |
16,100,097.05 |
|
Accrued Commission |
7,893,134.13 |
5,381,936.12 |
|
Other Payable |
8,821,411.20 |
3,725,874.56 |
|
Others |
2,906,224.07 |
1,671,341.95 |
|
|
|
|
|
Total Current
Liabilities |
465,928,233.92 |
229,393,380.00 |
|
Long-term Loan from
Bank |
- |
6,051,803.40 |
|
Long-term Lease Contract
Liabilities |
10,086,975.97 |
11,385,600.57 |
|
Total Liabilities |
476,015,209.89 |
246,830,783.97 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 220,000 shares |
220,000,000.00 |
220,000,000.00 |
|
|
|
|
|
Capital Paid |
220,000,000.00 |
220,000,000.00 |
|
Retained Earning -
Unappropriated |
427,285,784.80 |
295,301,686.91 |
|
Total
Shareholders' Equity |
647,285,784.80 |
515,301,686.91 |
|
Total
Liabilities & Shareholders' Equity |
1,123,300,994.69 |
762,132,470.88 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
5,309,805,266.03 |
2,423,634,202.51 |
|
Other Income |
12,815,187.78 |
13,856,171.22 |
|
Total Revenues
|
5,322,620,453.81 |
2,437,490,373.73 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
4,900,236,346.00 |
2,232,626,778.17 |
|
Selling & Administrative Expenses |
251,463,670.58 |
162,041,699.11 |
|
Total Expenses |
5,151,700,016.58 |
2,394,668,477.28 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
170,920,437.23 |
42,821,896.45 |
|
Interest Expenses |
[38,936,339.34] |
[5,213,941.13] |
|
|
|
|
|
Net Profit / [Loss] |
131,984,097.89 |
37,607,955.32 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
71,081,165.05 |
87,408,279.63 |
|
Work in Process |
123,804,716.40 |
49,575,779.23 |
|
Finished Goods |
40,686,563.97 |
4,260,477.50 |
|
Packaging Material |
288,421.50 |
458,494.50 |
|
Raw Material in Transit |
5,632,864.84 |
- |
|
|
|
|
|
Total |
241,493,731.76 |
141,703,030.86 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
119.08 |
|
|
Operating Profit |
82.19 |
|
|
Net Profit |
250.95 |
|
|
Fixed Assets |
[7.09] |
|
|
Total Assets |
47.39 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
92.29 |
92.12 |
|
Operating Profit Margin |
3.22 |
1.77 |
|
S & A
Expenses |
4.74 |
6.69 |
|
Interest Paid |
0.73 |
0.22 |
|
Other Revenues |
0.24 |
0.57 |
|
Net Profit Margin |
2.49 |
1.55 |
|
Earning Per Shares |
599.93 |
170.95 |
|
No. of Shares |
220,000 |
220,000 |
Net Sales was
increased by 119.08%,
Operating Profit was
increased by 82.19%,
Net Profit was
increased by 250.95%,
Fixed Assets was
decreased by 7.09%,
Total Assets was
increased by 47.39%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.12%
to 92.29%, Operating
Profit Margin was
increased from 1.77%
to 3.22%, S
& A Expenses
was decreased from
6.69% to 4.74%,
Interest Paid was increased
from 0.22% to
0.73%, Other Revenues
was decreased from
0.57% to 0.24%,
Net Profit Margin
was increased from
1.55% to 2.49%.
Earning Per Shares
was increased from
170.95 baht per
share to 599.93
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.63 |
1.86 |
|
Quick-Assets Ratio |
0.94 |
0.81 |
Current Ratio was
decreased from 1.86
to 1.63, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.81 to 0.94,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.74 |
0.48 |
|
Times Interest Earned |
4.39 |
8.21 |
D/E Ratio was
increased from 0.48
to 0.74, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
decreased from 8.21
to 4.39, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
17.38 |
7.37 |
|
Total Assets Turnover |
4.73 |
3.18 |
|
Return on Assets |
11.75 |
4.93 |
|
Return on Equity |
20.39 |
7.30 |
|
Day's Payable |
1.20 |
7.36 |
|
Day’s Inventories |
16.37 |
21.05 |
|
Day’s Receivables |
25.70 |
25.89 |
Fixed Assets Turnover
was increased from
7.37 times to
17.38 times, Total
Assets Turnover was
increased from 3.18
times to 4.73
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
4.93 to 11.75,
Return on Equity
was increased from
7.30 to 20.39,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 8
days to 2
days, and Day’s
Inventories was decreased
from 22 days
to 17 days, while Day’s
Receivables was stable
at 26 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%)