MIRA
INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BANGKOK PACIFIC STEEL COMPANY LIMITED |
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Registered Office : |
259 Moo 11, Soi S. Thaiseree 2, Suksawad Road, Naiklongbangplakod, Phrasamutjaedee, Samutprakarn 10290 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.02.1981 |
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Com. Reg. No.: |
0105524010211 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, importer and distributor of steel supplies and services |
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 |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
BANGKOK
PACIFIC STEEL COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 259
MOO 11, SOI
S. THAISEREE 2,
SUKSAWAD ROAD,
NAIKLONGBANGPLAKOD,
PHRASAMUTJAEDEE, SAMUTPRAKARN
10290,
THAILAND
TELEPHONE : [66] 2425-1000
FAX :
[66] 2425-8299,
2425-0111
E-MAIL
ADDRESS : info@bpssteel.com, customer@bpssteel.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1981
REGISTRATION
NO. : 0105524010211 [Former : 1021/2524]
CAPITAL REGISTERED : BHT. 120,000,000
CAPITAL PAID-UP : BHT.
120,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BUNCHA KITTIRATANAVIVAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 450
LINES
OF BUSINESS : STEEL
SUPPLIES AND SERVICES
MANUFACTURER, IMPORTER
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 February 18,
1981 as a
private limited company
under the name
style BANGKOK PACIFIC STEEL
COMPANY LIMITED by
Thai groups, with the
business objective to
supply and service of steel products.
It currently employs
approximate 450 staff.
It achieved the standard ISO 9001 : 2000 and
ISO 14001 : 2004 certificates, for
production quality
management and environmental
quality management, on
December 14, 2001
and March 1,
2006, respectively.
The
subject’s registered address
is 259 Moo
11, Soi S.
Thaiseree 2, Suksawad
Rd., Naiklongbangplakod, Phrasamutjaedee, Samutprakarn
10290, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Buncha Kittiratanavivat |
[x] |
Thai |
63 |
|
Mr. Kavee Hassadinpaisal |
[x] |
Thai |
67 |
|
Mr. Pichit Uasakulkiat |
[x] |
Thai |
68 |
|
Mr. Manop Niramittham |
|
Thai |
52 |
|
Mr. Somchai Siri-ariyaporn |
|
Thai |
51 |
AUTHORIZED PERSON
Two of the mentioned
directors [x] can jointly sign
or one of
the directors [x] can
jointly sign with
one of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Buncha Kittiratanavivat is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Somrith Phaothavee is
the Sales &
Marketing Manager.
He is Thai
nationality.
Mr. Sombat Techarojvivat is
the Factory Manager.
He is Thai
nationality.
Ms. Ruanjai Suriyaprapai is
the Export Sales
Manager.
She is Thai
nationality.
Mr. Veeradej Siri-ariyaporn is
the Assistant Managing
Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in importing
and distributing wide
range of steel products,
including silicon steel,
cold rolled steel,
tinplate steel, Electro
galvanized steel, aluminum
steel and etc.,
as well as
cutting service with
the production capacity
of 20,000 tons
per month.
Subject also provides
stamping service of metal parts for electric
power and electronic
appliance industry. Range of products are included
audio transformers, current
transformers, large medium
and small power
transformer, distributions transformers,
welding transformers, rectors
and magnetic amplifiers
magnetics switches, fluorescent
ballast and etc.,
with the production
capacity of 6,000
tons per month.
PURCHASE
Raw materials are
purchased from suppliers
and agents both
local and overseas,
mainly in Japan,
Australia, Singapore, Taiwan,
Republic of China,
Germany and India,
SALES
90% of the
products is sold
and serviced locally
by wholesale to
manufacturers and end-users.
EXPORT
10% of the
products is exported to
Japan, Malaysia, Taiwan,
Singapore, Indonesia and
Germany.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 450
staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
on 48,000 square
meters at the
heading address. Premise
is located in
industrial area.
Branch
office [Ekamai]
BPS
Bldg., 3 Sukhumvit
63 Rd., Klongtonnua,
Wattana, Bangkok 10110.
Tel.:
[66] 2714-2055-63, Fax:
[66] 2714-2063-4
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
The subject
has been well accepted
as a steel
leading center from
steel suppliers in
Thailand, which service lines
including slitting and stamping for factories of electrical, electronic appliances and
automotive industry.
Slowdown
of its sales
has been experienced
in 2008, while market
situation in 2009-2010
was improved. Business
growth is estimated to
be continued in
the year 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided
into 40,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 10,000,000
on October 24,
1983
Bht. 30,000,000
on November 8,
1989
Bht. 120,000,000
on November 10,
1997
The latest registered capital was increased
to Bht. 120,000,000 divided into 1,200,000 shares
of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS
[as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Buncha Kittiratanavivat Nationality: Thai Address : 244/1
Sukhumvit 55 Rd.,
Klongtonnua,
Wattana, Bangkok |
396,000 |
33.00 |
|
Mr. Kavee Hassadinpaisal Nationality: Thai Address : 411/1
Chakrapadpong Rd., Mahanark,
Pomprab, Bangkok |
264,000 |
22.00 |
|
Mr. Pichit Uasakulkiat Nationality: Thai Address : 99/442
Nonsee Rd., Chongnonsi,
Yannawa, Bangkok |
144,000 |
12.00 |
|
Mrs. Yaowalak Kittiratanavivat Nationality: Thai Address : 244/1
Sukhumvit 55 Rd.,
Klongtonnua,
Wattana, Bangkok |
120,000 |
10.00 |
|
Mr. Supart Sujiwarodom Nationality: Thai Address : 194
Boromratchonnee Rd., Bangbamru,
Bangplad, Bangkok |
36,000 |
3.00 |
|
Mr. Santi Hasdinpaisal Nationality: Thai Address : 513
Bamrungmuang Rd., Klongmahanark,
Pomprab, Bangkok |
36,000 |
3.00 |
|
Others |
204,000 |
17.00 |
Total Shareholders : 15
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Paphaprot Phuprasert No.
4176
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalent |
472,238,478 |
157,532,970 |
|
Trade Accts. Receivable |
592,788,525 |
541,437,583 |
|
Inventories |
941,657,987 |
858,510,815 |
|
Other Current Assets
|
16,653,608 |
29,312,242 |
|
|
|
|
|
Total Current Assets
|
2,023,338,598 |
1,586,793,610 |
|
Cash at Bank
pledged as a
Collateral |
17,100,000 |
17,100,000 |
|
Long-term Investment |
34,850,000 |
34,850,000 |
|
Fixed Assets |
192,599,545 |
220,654,140 |
|
Other Assets |
2,738,266 |
1,255,048 |
|
Total Assets |
2,270,626,409 |
1,860,652,798 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
2,633,311 |
467,071 |
|
Short-term Loan |
40,000,000 |
180,000,000 |
|
Trade Accts. Payable
under Trust Receipt
Agreement |
691,057,873 |
381,968,155 |
|
Other Trade Accts.
Receivable |
235,158,109 |
188,546,894 |
|
Current Portion of Long-term
Loan |
48,792,166 |
- |
|
Accrued Expenses |
54,849,823 |
52,356,659 |
|
Other Current Liabilities |
28,064,689 |
23,423,282 |
|
|
|
|
|
Total Current Liabilities |
1,100,555,971 |
826,762,061 |
|
Total Liabilities |
1,100,555,971 |
826,762,061 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,200,000 shares |
120,000,000 |
120,000,000 |
|
|
|
|
|
Capital Paid |
120,000,000 |
120,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
12,000,000 |
12,000,000 |
|
Unappropriated |
1,038,070,438 |
901,890,737 |
|
Total Shareholders' Equity |
1,170,070,438 |
1,033,890,737 |
|
Total Liabilities & Shareholders' Equity |
2,270,626,409 |
1,860,652,798 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
2,728,354,884 |
2,369,486,108 |
|
Service Income |
155,510,763 |
118,998,024 |
|
Other Income |
77,770,322 |
38,635,268 |
|
Total Revenues |
2,961,635,969 |
2,527,119,400 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
2,397,309,613 |
2,153,728,417 |
|
Selling Expenses |
94,323,831 |
81,484,927 |
|
Administrative Expenses |
228,818,751 |
221,785,675 |
|
Total Expenses |
2,720,452,195 |
2,456,999,019 |
|
|
|
|
|
Profit Before Financial Costs & Income Tax |
241,183,774 |
70,120,381 |
|
Financial Costs |
[13,975,294] |
[32,120,010] |
|
|
|
|
|
Profit Before Income
Tax |
227,208,480 |
38,000,371 |
|
Income Tax |
[67,028,779] |
[12,537,184] |
|
|
|
|
|
Net Profit / [Loss] |
160,179,701 |
25,463,187 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.84 |
1.92 |
|
QUICK RATIO |
TIMES |
0.97 |
0.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
14.97 |
11.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.27 |
1.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
143.37 |
145.49 |
|
INVENTORY TURNOVER |
TIMES |
2.55 |
2.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.03 |
79.42 |
|
RECEIVABLES TURNOVER |
TIMES |
4.86 |
4.60 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
105.22 |
64.73 |
|
CASH CONVERSION CYCLE |
DAYS |
113.18 |
160.18 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.13 |
86.55 |
|
SELLING & ADMINISTRATION |
% |
11.21 |
12.19 |
|
INTEREST |
% |
0.48 |
1.29 |
|
GROSS PROFIT MARGIN |
% |
19.57 |
15.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.36 |
2.82 |
|
NET PROFIT MARGIN |
% |
5.55 |
1.02 |
|
RETURN ON EQUITY |
% |
13.69 |
2.46 |
|
RETURN ON ASSET |
% |
7.05 |
1.37 |
|
EARNING PER SHARE |
BAHT |
133.48 |
21.22 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.94 |
0.80 |
|
TIME INTEREST EARNED |
TIMES |
17.26 |
2.18 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.89 |
|
|
OPERATING PROFIT |
% |
243.96 |
|
|
NET PROFIT |
% |
529.06 |
|
|
FIXED ASSETS |
% |
(12.71) |
|
|
TOTAL ASSETS |
% |
22.03 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.57 |
Impressive |
Industrial Average |
10.69 |
|
Net Profit Margin |
5.55 |
Impressive |
Industrial Average |
0.55 |
|
Return on Assets |
7.05 |
Impressive |
Industrial Average |
0.54 |
|
Return on Equity |
13.69 |
Impressive |
Industrial Average |
1.44 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 19.57%. When compared with
the industry average, the ratio of the company was higher, indicated that company was more profitable
than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 5.55%,
higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 7.05%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 13.69%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.84 |
Impressive |
Industrial Average |
1.13 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
113.18 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.84 times in 2010, decrease from 1.92 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.97 times in 2010,
increase from 0.85 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 114 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
0.94 |
Impressive |
Industrial Average |
1.59 |
|
Times Interest Earned |
17.26 |
Impressive |
Industrial Average |
1.54 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 17.26 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.48 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
14.97 |
Impressive |
Industrial Average |
2.49 |
|
Total Assets Turnover |
1.27 |
Impressive |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
143.37 |
|
|
|
|
Inventory Turnover |
2.55 |
Acceptable |
Industrial Average |
4.14 |
|
Receivables Conversion Period |
75.03 |
|
|
|
|
Receivables Turnover |
4.86 |
Satisfactory |
Industrial Average |
5.18 |
|
Payables Conversion Period |
105.22 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.13 |
|
|
1 |
Rs.75.52 |
|
Euro |
1 |
Rs.66.53 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.