MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
THAI METALS
SMELTING INDUSTRY CO., LTD. |
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Registered Office : |
105/184 Moo 4,
Ekachai 93 Road,
Bangbon, Bangkok 10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.10.1989 |
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Com. Reg. No.: |
0105532093741 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Lead Smelting
Factory |
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 METALS
SMELTING INDUSTRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 105/184 MOO 4, EKACHAI
93 ROAD,
BANGBON, BANGKOK
10150
TELEPHONE : [66]
2894-2240-1
FAX : [66] 2894-2243
E-MAIL ADDRESS : hakkiang@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532093741 [Former : 9374/2532]
CAPITAL REGISTERED
: BHT. 40,000,000
CAPITAL PAID-UP
: BHT. 40,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. BOONSONG KERATITHAMSOPHON, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 93
LINES OF
BUSINESS : LEAD
SMELTING FACTORY
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on October 3,
1989 as a
private limited company under the name style
THAI METALS SMELTING
INDUSTRY CO., LTD., by
Thai groups, with the
business objective to
manufacture lead smelting
for car battery. It
currently employs approximately 93 staff.
The
subject achieved the
standard ISO 9001 : 2000 certification by AJA, on
December 9, 2004.
The
subject’s registered address
was initially located
at 99/82 Moo 10,
Petchkasem Rd., Bangkae,
Bangkok 10160.
On
September 2, 2008,
subject’s registered address
was relocated to
105/184 Moo 4,
Ekachai 93 Rd.,
Bangbon, Bangkok 10150,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Boonsong Keratithamsophon |
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Thai |
53 |
|
Mrs. Kanchana Suwansiriporn |
|
Thai |
57 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Boonsong Keratithamsophon is
the Managing Director.
He is Thai nationality with
the age of
53 years old.
Mrs. Kanchana Suwansiriporn is
the General Manager.
She is Thai nationality with
the age of
57 years old.
Mr. Thanakorn Keratithamsophon is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of lead smelting
for car battery
production.
PRODUCTION
12,000 tons per
annum
PURCHASE
Most of raw
materials, mainly lead
from used battery
and chemical are
purchased from local
suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers.
RELATED AND AFFILIATED COMPANY
P.R.S. Metal Co.,
Ltd.
Business Type
: Trading of
metal scrap.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 93 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are
located at 164
Moo 4, Huayphai-Namphu Rd., Huayphai,
Muang, Kanchanaburi 70000,
Tel. : [66] 32 229-462,
Fax. : [66] 32
229-463.
REMARK
Number of employees
has been dropped
50% due to
the subject has
been cut off
the temporary and
over time workers.
However, its production
remains stable.
COMMENT
The subject’s sales and services remain healthy from steady
demand by its customers. Business
trend is growing continuously with its services and well performing in the
industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into 30,000
shares of Bht. 100 each.
The capital was
increased later as
following:
Bht. 9,000,000 on March 3,
1992
Bht. 40,000,000 on October 2,
2002
The
latest registered capital
was increased to Bht. 40,000,000 divided into 400,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2008]
|
NAME |
HOLDING |
% |
|
|
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Mrs. Kanchana Suwansiriporn Nationality: Thai Address : 105/184
Moo 4, Bangbon,
Bangkok |
188,334 |
47.08 |
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Mr. Boonsong Keratithamsophon Nationality: Thai Address : 164
Moo 4, Huayphai-Namphu Rd.,
Huayphai, Muang, Ratchaburi |
147,002 |
36.74 |
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Mr. Sivapol Saelim Nationality: Thai Address : 99/5
Moo 5, Samaedam,
Bangkhunthien, Bangkok |
13,333 |
3.33 |
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Ms. Chitra Runghataitham Nationality: Thai Address : 374/2
Petchkasem Rd., Nahmuang,
Muang, Ratchaburi |
12,000 |
3.00 |
|
Ms. Sumalee Runghataitham Nationality: Thai Address : 79/3
Likitsongkram Rd., Taladnua,
Muang, Phuket |
10,999 |
2.75 |
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Ms. Nilit Saelim Nationality: Thai Address : 19/48
Moo 3, Petchkasem Rd., Bangkae, Pasicharoen, Bangkok |
10,000 |
2.50 |
|
Ms. Sunantha Runghataitham Nationality: Thai Address : 374/2
Petchkasem Rd., Nahmuang,
Muang, Ratchaburi |
9,999 |
2.50 |
|
Ms. Maneerat Saelim Nationality: Thai Address : 19/48
Moo 3, Petchkasem Rd., Bangkae,
Pasicharoen, Bangkok |
8,333 |
2.10 |
Total Shareholders :
8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Puangphen Sriyakorn No.
0622
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 & 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
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Cash in Hand
|
235,125.77 |
236,772.68 |
|
Short-term Investment |
481,000.00 |
481,000.00 |
|
Trade Accts. Receivable |
171,103,752.24 |
96,020,630.39 |
|
Inventories |
71,389,089.61 |
45,037,891.53 |
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Goods in Transit |
2,189,660.58 |
2,432,009.41 |
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Other Current Assets
|
271,673.12 |
124,553.15 |
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|
|
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Total Current Assets
|
245,670,301.32 |
144,332,857.16 |
|
Fixed Assets |
59,074,583.38 |
68,617,166.00 |
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Other Assets |
194,603.82 |
194,603.82 |
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Total Assets |
304,939,488.52 |
213,144,626.98 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
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Bank Overdraft |
24,444,489.08 |
24,696,649.76 |
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Short-term Loan from
Bank |
94,988,809.14 |
42,146,363.74 |
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Trade Accts. Payable |
9,875,422.45 |
10,445,687.11 |
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Short-term Loan from
Related Person |
110,011,000.00 |
84,300,000.00 |
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Other Current Liabilities |
24,719,701.45 |
22,171,932.82 |
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Total Current Liabilities |
264,039,422.12 |
183,760,633.43 |
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Total Liabilities |
264,039,422.12 |
183,760,633.43 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
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Capital Paid |
40,000,000.00 |
40,000,000.00 |
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Retained Earning -
Unappropriated |
900,066.40 |
[10,616,006.45] |
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Total Shareholders' Equity |
40,900,066.40 |
29,383,993.55 |
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Total Liabilities & Shareholders' Equity |
304,939,488.52 |
213,144,626.98 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
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Sales |
532,103,228.69 |
320,605,499.49 |
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Gain on Exchange
Rate |
928,692.34 |
622,059.78 |
|
Interest Income |
16,095.52 |
11,854.99 |
|
Total Revenues |
533,048,016.55 |
321,239,414.26 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
493,181,615.35 |
289,485,057.53 |
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Selling & Administrative Expenses |
10,679,426.78 |
9,144,242.27 |
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Depreciation on Assets,
Machinery & Equipment |
9,599,889.16 |
9,592,935.73 |
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Total Expenses |
513,460,931.29 |
308,222,235.53 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
19,587,085.26 |
13,017,178.73 |
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Interest Expenses |
[5,468,572.11] |
[4,248,385.41] |
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Income Tax |
[2,602,440.30] |
- |
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Net Profit / [Loss] |
11,516,072.85 |
8,768,793.32 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
65.97 |
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Operating Profit |
[22.22] |
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Net Profit |
31.33 |
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Fixed Assets |
[13.91] |
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Total Assets |
43.07 |
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Profitability |
|
|
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Cost of Good
Sold |
92.69 |
90.29 |
|
Operating Profit Margin |
5.49 |
7.05 |
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S & A
Expenses |
2.01 |
2.85 |
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Interest Paid |
1.03 |
1.33 |
|
Other Revenues |
0.18 |
0.20 |
|
Net Profit Margin |
2.16 |
2.74 |
|
Earning Per Shares |
28.79 |
21.92 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was increased by 65.97%,
Operating Profit was
decreased by 22.22%,
Net Profit was
increased by 31.33%,
Fixed Assets was
decreased by 13.91%,
Total Assets was
increased by 43.07%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.29%
to 92.69%, Operating
Profit Margin was
decreased from 7.05%
to 5.49%, S
& A Expenses
was decreased from
2.85% to 2.01%,
Interest Paid was decreased
from 1.33% to
1.03%, Other Revenues
was decreased from
0.20% to 0.18%,
Net Profit Margin
was decreased from
2.74% to 2.16%.
Earning Per Shares
was increased from
21.92 baht per
share to 28.79
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.93 |
0.79 |
|
Quick-Assets Ratio |
0.65 |
0.53 |
Current Ratio was
increased from 0.79
to 0.93, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not good, Quick-Assets Ratio was increased
from 0.53 to
0.65, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
6.46 |
6.25 |
|
Times Interest Earned |
5.34 |
5.32 |
D/E Ratio was
increased from 6.25
to 6.46, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from 5.32
to 5.34, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
9.01 |
4.67 |
|
Total Assets Turnover |
1.74 |
1.50 |
|
Return on Assets |
3.78 |
4.11 |
|
Return on Equity |
28.16 |
29.84 |
|
Day's Payable |
6.68 |
11.73 |
|
Day’s Inventories |
48.30 |
50.57 |
|
Day’s Receivables |
115.76 |
107.82 |
Fixed Assets Turnover
was increased from
4.67 times to
9.01 times, Total
Assets Turnover was
increased from 1.50
times to 1.74
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
4.11 to 3.78,
Return on Equity
was decreased from
29.84 to 28.16,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 12
days to 7
days, and Day’s
Inventories was decreased
from 51 days
to 49 days, while Day’s
Receivables was increased
from 108 days
to 116 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
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 |
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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%)