MIRA INFORM REPORT
|
Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BLUESCOPE
LYSAGHT [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
16 Soi Phaholyothin 96, Phaholyothin Road, Prachathipat, Thanyaburi, Pathumthani 12130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
17.02.1987 |
|
|
|
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Com. Reg. No.: |
0105530007651 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer and distributor of coated steel
products |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
BLUESCOPE LYSAGHT
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : -
TELEPHONE : -
FAX :
-
REGISTRATION
ADDRESS : 16
SOI PHAHOLYOTHIN 96,
PHAHOLYOTHIN ROAD,
PRACHATHIPAT, THANYABURI,
PATHUMTHANI 12130
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530007651
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : THAI : 25%
AUSTRALIAN :
75%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VUTHICHART ANANSUTTHIVARA, THAI
PRESIDENT
NO.
OF STAFF : -
LINES
OF BUSINESS : COATED STEEL
PRODUCTS
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 February 17, 1987 as a
private limited company under the originally registered name “Lysaght
[Thailand] Ltd.” by
Thai and Australian groups.
Later, its registered name has been changed
as the followings:
“BHP
Lysaght [Thailand] CO.,
LTD.” on April 26,
1991
“BHP
Steel Building Products
[Thailand] Ltd.” on
June 10, 1994
“BHP
Steel Lysaght [Thailand]
Ltd.” on April
26, 2002
“Bluescope
Lysaght [Thailand] Limited” on November
17, 2003
The
subject’s business objective is
a manufacturer and
distributor wide range of
coated steel products
for domestic market.
It is also
a subsidiary of
Bluescope Steel Ltd.,
in Australia.
It
achieved the international standard
ISO 9001 : 2000 and ISO 14001
certifications.
The subject’s registered address is 16 Soi
Phaholyothin 96, Phaholyothin Rd.,
Prachathipat, Thanyaburi, Pathumthani
12130.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jason Thomas Ellis |
[x] |
Australian |
40 |
|
Mr. Adrian Chong Yau
Cheng |
[x] |
Australian |
37 |
|
Mr. Sanjay Dayal |
[x] |
Australian |
54 |
|
Mr. Vuthichart Anansutthivara |
[x] |
Thai |
45 |
|
Mr. Sompop Suwanhongkul |
[x] |
Thai |
50 |
|
Mrs. Sasithorn Tangthangtham |
[x] |
Thai |
39 |
|
Mr. Pairoj Lamsam |
[-] |
Thai |
78 |
|
Mr. Charoon Chinalai |
[-] |
Thai |
72 |
|
Mr. Suebtrakul Sunthorntham |
|
Thai |
69 |
AUTHORIZED PERSON
Any two of
the above directors
[x] can jointly
sign or any
of the mentioned
directors [x] can
jointly sign with
anyone of the
mentioned directors [-]
on behalf of
the subject with
company’s affixed.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 23,500,000
divided into 235,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 83,500,000
on December 23,
1994
Bht. 100,000,000
on April
26, 2002
Bht. 600,000,000
on January 19,
2006
The
latest registered capital
was increased to
Bht. 600 million, divided into
6,000,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
October 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bluescope Steel Ltd. Nationality: Australian Address : 120 Collins
Street, Melbourne, Victoria
3000, Australia |
4,499,999 |
75.00 |
|
Loxley Public Company
Limited Nationality: Thai Address : 102
Na Ranong Rd.,
Klongtoey, Bangkok |
1,500,000 |
25.00 |
|
Bluescope Steel Asia
Holdings Pty. Ltd. Nationality: Australian Address : 120 Collins
Street, Melbourne, Victoria
3000, Australia |
1 |
- |
Total Shareholders : 3
Share
Structure [as
at October 30,
2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1,500,000 |
25.00 |
|
Foreign - Australian |
2 |
4,500,000 |
75.00 |
|
Total |
3 |
6,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Supannee Tariyanantakul No.
4498
Note
The financial statement
as at June 30,
2011 was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for June 30, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
9,668,761 |
1,224,433 |
|
Trade Accounts Receivable |
|
|
|
Related Companies |
12,855,386 |
17,668,664 |
|
Non Related
Companies |
401,899,051 |
411,038,448 |
|
Less: Allowance
for Doubtful Account |
[47,017,780] |
[38,369,46] |
|
Trade Accounts Receivable,
net |
367,736,657 |
390,337,666 |
|
Unbilled Income |
76,907,165 |
141,790,920 |
|
Inventories |
3,239,576 |
3,445,736 |
|
Short-term Loan and
Deferred Interest from Associated Company |
75,971,531 |
84,542,873 |
|
Short-term Loan and
Deferred Interest from Related Company |
130,290,553 |
- |
|
Less: Allowance
for Doubtful Account |
[10,295,000] |
[13,085,000] |
|
Short-term Loan and
Deferred Interest from Associated and
Related Company, net |
195,967,084 |
71,457,873 |
|
Inventories |
244,656,459 |
279,838,203 |
|
Other Current Assets |
21,523,700 |
18,910,454 |
|
|
|
|
|
Total Current Assets
|
919,699,402 |
907,005,285 |
|
|
|
|
|
Fixed Assets |
474,404,633 |
491,510,396 |
|
Intangible Assets |
10,887,782 |
16,825,217 |
|
Other Assets |
237,135 |
141,135 |
|
Total Assets |
1,405,228,952 |
1,415,482,033 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related Companies |
124,954,021 |
117,794,034 |
|
Non Related
Companies |
58,620,189 |
43,301,388 |
|
Trade Accounts Payable,
net |
183,574,210 |
161,095,422 |
|
Related Company Payable |
30,469,934 |
10,493,418 |
|
Machinery Payable &
Equipment |
- |
595,612 |
|
Short-term Loan and
Deferred Interest from Related Company |
- |
115,204,873 |
|
Other Current Liabilities |
|
|
|
Deposit from
Customer |
100,048,730 |
171,228,411 |
|
Accrued Expenses |
32,503,386 |
19,188,877 |
|
Accrued Income Tax |
4,869,815 |
- |
|
Compensation Reserve |
3,320,260 |
5,694,021 |
|
Other Payable |
34,717,972 |
21,917,325 |
|
Other |
9,773,716 |
7,912,695 |
|
Total Current
Liabilities |
185,233,879 |
225,941,329 |
|
|
|
|
|
Total Current Liabilities |
399,278,023 |
513,330,654 |
|
Total Liabilities |
399,278,023 |
513,330,654 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 6,000,000 shares |
600,000,000 |
600,000,000 |
|
|
|
|
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Statutory Reserve |
15,000,000 |
15,000,000 |
|
Retained Earning-
Unappropriated |
390,950,929 |
287,151,379 |
|
Total Shareholders' Equity |
1,005,950,929 |
902,151,379 |
|
Total Liabilities & Shareholders' Equity |
1,405,228,952 |
1,415,482,033 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
Sales & Services Income |
2,229,994,807 |
2,757,326,429 |
|
Gain on Exchange
Rate |
1,468,595 |
4,168,582 |
|
Other Income |
2,773,633 |
5,826,099 |
|
Total Sales |
2,234,237,035 |
2,767,321,110 |
|
Expenses |
|
|
|
Cost of Goods
Sold & Services |
1,812,651,276 |
2,359,711,841 |
|
Selling Expenses |
54,977,972 |
74,323,990 |
|
Administrative Expenses |
241,728,416 |
237,849,942 |
|
Compensation Reserve |
- |
17,981,591 |
|
Total Expenses |
2,109,357,664 |
2,689,867,364 |
|
|
|
|
|
Profit Before Financial Cost & Income
Tax |
124,879,371 |
77,453,746 |
|
Financial Cost |
[1,492,651] |
[10,193,248] |
|
Profit / [Loss] before Income
Tax |
123,386,720 |
67,260,498 |
|
Income Tax |
[19,587,170] |
[8,616,636] |
|
Net Profit / [Loss] |
103,799,550 |
58,643,862 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
4.97 |
4.01 |
|
QUICK RATIO |
TIMES |
3.53 |
2.69 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.70 |
5.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.59 |
1.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.26 |
43.29 |
|
INVENTORY TURNOVER |
TIMES |
7.41 |
8.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.78 |
54.41 |
|
RECEIVABLES TURNOVER |
TIMES |
5.55 |
6.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
11.80 |
6.70 |
|
CASH CONVERSION CYCLE |
DAYS |
103.24 |
91.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.28 |
85.58 |
|
SELLING & ADMINISTRATION |
% |
13.31 |
11.32 |
|
INTEREST |
% |
0.07 |
0.37 |
|
GROSS PROFIT MARGIN |
% |
18.91 |
14.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.60 |
2.81 |
|
NET PROFIT MARGIN |
% |
4.65 |
2.13 |
|
RETURN ON EQUITY |
% |
10.32 |
6.50 |
|
RETURN ON ASSET |
% |
7.39 |
4.14 |
|
EARNING PER SHARE |
BAHT |
17.30 |
9.77 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.57 |
|
TIME INTEREST EARNED |
TIMES |
83.66 |
7.60 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(19.12) |
|
|
OPERATING PROFIT |
% |
61.23 |
|
|
NET PROFIT |
% |
77.00 |
|
|
FIXED ASSETS |
% |
(3.48) |
|
|
TOTAL ASSETS |
% |
(0.72) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.91 |
Impressive |
Industrial Average |
12.74 |
|
Net Profit Margin |
4.65 |
Impressive |
Industrial Average |
0.40 |
|
Return on Assets |
7.39 |
Impressive |
Industrial Average |
0.63 |
|
Return on Equity |
10.32 |
Impressive |
Industrial Average |
0.35 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 18.91%. 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 4.65%,
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 is 7.39%, 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 is
10.32%, 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 |
4.97 |
Impressive |
Industrial Average |
1.82 |
|
Quick Ratio |
3.53 |
|
|
|
|
Cash Conversion Cycle |
103.24 |
|
|
|
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 4.97 times in 2010, increase from 4.01 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 3.53 times in 2010,
increase from 2.69 times, although excluding inventory so the company still have
good short-term financial strength.
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 104 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial Average |
0.88 |
|
Times Interest Earned |
83.66 |
Impressive |
Industrial Average |
1.43 |
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 stronger equity
position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 83.67 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 0.28 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.70 |
Impressive |
Industrial Average |
3.67 |
|
Total Assets Turnover |
1.59 |
Impressive |
Industrial Average |
1.39 |
|
Inventory Conversion Period |
49.26 |
|
|
|
|
Inventory Turnover |
7.41 |
Impressive |
Industrial Average |
3.62 |
|
Receivables Conversion Period |
65.78 |
|
|
|
|
Receivables Turnover |
5.55 |
Impressive |
Industrial Average |
4.94 |
|
Payables Conversion Period |
11.80 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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.