MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THAI TECH
STEEL [2003] CO.,
LTD. |
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Registered Office : |
285 Moo 3,
Soi Watsuansom, Poochaosamingprai Road,
T. Bangprong, A.Muang, Samutprakarn 10270 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.10. 2003 |
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Com. Reg. No.: |
0115546009291 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Cast Iron and
Steel Rolls |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
THAI
TECH STEEL [2003]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 285
MOO 3, SOI WATSUANSOM,
POOCHAOSAMINGPRAI ROAD,
T. BANGPRONG, A.MUANG,
SAMUTPRAKARN 10270
TELEPHONE : [66] 2383-0900,
2383-0411
FAX : [66] 2756-7780
E-MAIL
ADDRESS : sales@ttsrolls.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION NO. : 0115546009291
CAPITAL REGISTERED : BHT. 170,000,000
CAPITAL PAID-UP : BHT. 170,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : G.CPT. PRAMOTE PHANTHUNA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : CAST
IRON AND STEEL
ROLLS
MANUFACTURER, DISTRIBUTOR
AND 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 October 10,
2003 as a
private limited company
by Thai and
Singaporean groups, under
the name style
THAI TECH STEEL
[2003] CO., LTD.,
with the business
objective to manufacture and supply cast
irons and steel
roll to both
domestic and international markets. It currently
employs approximately 150
staff. Subject is
a member of
Alberdo Group of
companies, which has
invested through Alberdo
Limited, Singapore.
The subject’s registered address
is 285 Moo 3, Soi
Watsuansom,
Poochasamingprai Rd., Bangprong,
Muang, Samutprakarn 10270, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
G. Cpt. Pramote Phanthuna |
|
Thai |
66 |
|
Mr. Anuchon Wattanapa |
|
Thai |
33 |
|
Mr. Tai Kok Chuan |
|
Singaporean |
52 |
|
Mr. Chong Yiw Ing |
|
Malaysian |
34 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
G. Cpt.
Pramote Phanthuna is
the Managing Director.
He is Thai nationality with
the age of
66 years old.
Mr. Anuchon Wattanapa
is the General Manager.
He is Thai nationality with
the age of
33 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and marketing various
types and specification of cast irons and
steel roll for
rolling mill industry, as
well as providing
manufacturing service of
rubber mold for
automotive tire production.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining as
well as machinery
are imported from
Singapore, Germany and
U.S.A.
SALES
70% of the products is
exported to Singapore, Taiwan,
Japan, Malaysia, U.S.A.,
and Vietnam, the
remaining is sold
locally.
MAJOR CUSTOMER
Alberdo Limited :
Singapore
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
T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 150 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
The
subject has been
enjoying its good
performance. Its products
for industrial used remains in strong demand
and has grown
steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 15,000,000
divided into 150,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 65,000,000 on November 19,
2003
Bht. 75,000,000 on December 27,
2004
Bht. 100,000,000 on August 2,
2006
Bht. 170,000,000 on November 23,
2007
The
latest registered capital
was increased to
Bht. 170 million, divided
into 1,700,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at October 31,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Albedo Limited Nationality: Singaporean Address : 2
Corporation Rd., Singapore |
1,190,000 |
70.00 |
|
Mr. Thawach Sopasit Nationality: Thai Address : 22/25
Moo 9, Theparak
Rd., Bangmuang, Muang, Samutprakarn |
153,000 |
9.00 |
|
Mr. Anuchon Wattanapa Nationality: Thai Address : 1349/141
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
139,000 |
8.18 |
|
Mrs.
Nathamon Soorungroj Nationality: Thai Address : 156
Sukhumvit 71 Rd.,
Prakanongnua,
Wattana, Bangkok |
90,000 |
5.29 |
|
Ms. Sukanya Insee Nationality: Thai Address : 560/114
Dindaeng Rd., Dindaeng,
Bangkok |
68,000 |
4.00 |
|
Mrs.
Chananya Wattanapa Nationality: Thai Address : 1349/139
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok |
59,998 |
3.53 |
|
Mr. Jogine, Wong
Yang Yen Nationality: Singaporean Address : Marine
Terrace, Singapore |
2 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Dr. Prawit Nilsuwannakul No.
1475
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
7,555,658.41 |
3,183,169.38 |
|
Trade Accts. Receivable |
50,112,634.39 |
40,832,992.20 |
|
Receivable-Related Company |
- |
1,611,900.00 |
|
Inventories |
103,958,397.04 |
67,099,608.26 |
|
Deferred Value Added Tax |
6,798,668.12 |
11,318,808.89 |
|
Prepaid Goods |
11,830,550.17 |
6,136,138.00 |
|
Other Current Assets
|
4,437,839.59 |
5,500,150.66 |
|
Total Current
Assets |
184,693,747.72 |
135,682,767.39 |
|
|
|
|
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Fixed Assets |
151,797,959.21 |
64,500,177.08 |
|
Deferred Income Tax |
838,813.27 |
408,838.96 |
|
Other Assets |
51,400.00 |
43,400.00 |
|
Total Assets |
337,381,920.20 |
200,635,183.43 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
52,212,997.20 |
60,229,768.34 |
|
Payable-Related Company |
11,096,660.00 |
2,132,861.00 |
|
Short Term Loan
from Bank |
30,000,000.00 |
30,000,000.00 |
|
Short Term Notes
Payable-Related company |
100,154,005.25 |
18,000,000.00 |
|
Payable-Assets |
10,782,292.12 |
3,534,609.64 |
|
Short Term Financial
Lease Contract Payable
|
536,537.92 |
898,570.00 |
|
Accrued Income Tax |
4,459,058.92 |
- |
|
Accrued Expenses |
9,847,461.08 |
7,818,049.90 |
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Pre-receipt Goods |
2,100,176.72 |
488,842.12 |
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Other Current Liabilities |
611,209.92 |
297,044.54 |
|
Total Current
Liabilities |
221,802,399.13 |
123,399,745.54 |
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Long Term Financial Lease
Contract Payable |
355,919.03 |
944,762.95 |
|
Liabilities-Related Employees |
1,874,809.00 |
930,577.00 |
|
Total Liabilities |
224,033,127.16 |
125,275,085.49 |
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Shareholders'
Equity |
|
|
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|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 1,000,000 & 1,700,000 shares in
2006 & 2005 |
100,000,000.00 |
75,000,000.00 |
|
Capital Paid |
100,000,000.00 |
75,000,000.00 |
|
Retained Earning -
Unappropriated |
13,348,793.04 |
360,097.94 |
|
Total
Shareholders' Equity |
113,348,793.04 |
75,360,097.94 |
|
Total
Liabilities & Shareholders' Equity |
337,381,920.20 |
200,635,183.43 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
331,013,004.85 |
241,576,377.02 |
|
Other Income |
1,459,779.09 |
1,603,563.20 |
|
Total Revenues
|
332,472,783.94 |
243,179,940.22 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
247,392,040.91 |
207,133,297.65 |
|
Selling Expenses |
12,288,221.14 |
8,874,040.31 |
|
Administrative Expenses |
45,383,866.59 |
23,865,642.49 |
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Total Expenses |
305,064,128.64 |
239,872,980.45 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
27,408,655.30 |
3,306,959.77 |
|
Interest Expenses |
[8,579,101.19] |
[1,789,452.12] |
|
Income Tax |
[5,840,859.01] |
[554,436.86] |
|
Net Profit / [Loss] |
12,988,695.10 |
963,070.79 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
37.02 |
|
|
Operating Profit |
95.51 |
|
|
Net Profit |
1,248.68 |
|
|
Fixed Assets |
135.35 |
|
|
Total Assets |
68.16 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
74.74 |
85.74 |
|
Operating Profit Margin |
21.99 |
11.25 |
|
S & A
Expenses |
3.71 |
3.67 |
|
Interest Paid |
2.59 |
0.74 |
|
Other Revenues |
0.44 |
0.66 |
|
Net Profit Margin |
3.92 |
0.40 |
|
Earning Per Shares |
12.99 |
0.57 |
|
No. of Shares |
1,000,000 |
1,700,000 |
Net Sales was
increased by 37.02%,
Operating Profit was
increased by 95.51%,
Net Profit was
increased by 1,248.68%,
Fixed Assets was
increased by 135.35%,
Total Assets was
increased by 68.16%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 85.74%
to 74.74%, Operating
Profit Margin was
increased from 11.25%
to 21.99%, S
& A Expenses
was increased from
3.67% to 3.71%,
Interest Paid was increased
from 0.74% to
2.59%, Other Revenues
was decreased from
0.66% to 0.44%,
Net Profit Margin
was increased from
0.40% to 3.92%.
Earning Per Shares
was increased from
0.57 baht per
share to 12.99
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.83 |
1.10 |
|
Quick-Assets Ratio |
0.26 |
0.37 |
Current Ratio was
decreased from 1.10
to 0.83, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.37 to 0.26,
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 |
1.98 |
1.66 |
|
Times Interest Earned |
8.48 |
15.18 |
D/E Ratio was
increased from 1.66
to 1.98, 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
15.18 to 8.48,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.18 |
3.75 |
|
Total Assets Turnover |
0.98 |
1.20 |
|
Return on Assets |
3.85 |
0.48 |
|
Return on Equity |
11.46 |
1.28 |
|
Day's Payable |
56.79 |
89.76 |
|
Day’s Inventories |
113.06 |
99.99 |
|
Day’s Receivables |
54.50 |
60.85 |
Fixed Assets Turnover
was decreased from
3.75 times to
2.18 times, Total
Assets Turnover was
decreased from 1.20
times to 0.98
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 0.48 to
3.85, Return on
Equity was increased
from 1.28 to
11.46, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 90
days to 57
days, while Day’s
Inventories was increased
from 100 days
to 114 days, but Day’s
Receivables was decreased
from 61 days
to 55 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%)