MIRA INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SCG CEMENT COMPANY
LIMITED |
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Formerly Known As : |
SIAM CEMENT INDUSTRY
CO., LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11.11.1998 |
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Com. Reg. No.: |
0105541070740 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Supplying
and Holding Company
in Cement Business |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY NAME
SCG CEMENT
COMPANY LIMITED
[FORMER :
SIAM CEMENT INDUSTRY
CO., LTD.]
SUMMARY
BUSINESS ADDRESS :
TELEPHONE : [66] 2586-3060-1,
2586-3333
FAX : [66] 2587-2199
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0105541070740
CAPITAL
REGISTERED : BHT.
12,236,000,000
CAPITAL
PAID-UP : BHT.
12,236,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRAMOTE TECHASUPATKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 290
LINES OF
BUSINESS : CEMENT PRODUCTS
SUPPLYING AND
HOLDING COMPANY OF
CEMENT BUSINESS
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on November 11,
1998 as a
private limited company under
the registered name “Siam
Cement Industry Co.,
Ltd.”, by Thai group.
Its business activity
has been transferred
from The Siam Cement
Public Company Limited under
the business restructuring
of Siam
Cement Group of Companies.
The subject is a holding
company of cement
business, one of
the core business
of Siam Cement
Group, which is
responsible for manufacturing
and supplying wide
range of cement
products. It currently
employs approximately 290
staff.
On
June 29, 2007,
subject has changed
its name to
be SCG CEMENT
COMPANY LIMITED. It
is currently a wholly
owned subsidiary of The Concrete
Products and Aggregate
Co., Ltd., one
of the Siam
Cement Group of
companies.
The
subject’s registered address
is 1 Siam
Cement Rd., Bangsue,
Bangkok 10800, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Karn Trakulhoon |
|
Thai |
52 |
|
Mr. Kachorndej Saengsuphan |
|
Thai |
55 |
|
Mr. Pichit Maiphum |
|
Thai |
52 |
|
Mr. Damri Tanchevawong |
|
Thai |
55 |
|
Mr. Rungroj Rangsiyopas |
|
Thai |
47 |
|
Mr. Pramote Techasupatkul |
|
Thai |
55 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pramote Techasupatkul is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Wanchai Damrongsucharit is
the Marketing Manager.
He is Thai
nationality.
Mr. Rerngsak Nonthimethakul is
the Technical Support
and Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in supplying and
holding company in
cement business. Range
of cement products
includes gray cement,
white cement, dry
mortar, ready-mixed concrete and
miscellaneous, for
construction, brick laying,
and plastering works,
under its own
brand names “TIGER”,
“TIGER PLUS” and
“ELEPHANT”.
The cement business
consists of 7
companies as the
followings:
-
The
-
The
-
The
-
The
-
The
Concrete Products and
Aggregate Co., Ltd.
-
Siam
Mortar Co., Ltd.
-
Siam
White Cement Co.,
Ltd.
PURCHASE
100% of the
products has been
supplied by the
subsidiaries.
SALES
100% of the
products is sold
locally by wholesale
to authorized dealers
and agents.
SUBSIDIARY AND AFFILIATED
COMPANY
-
The
-
The
-
The
-
The
-
Siam
Mortar Co., Ltd.
-
Siam
White Cement Co.,
Ltd.
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.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 290
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
COMMENT
The
subject’s business is
promising in line
with an expansion
of the construction
industry within a
country. Its business
has a steady
growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 8,600,000 on
December 20, 1999
Bht. 12,236,000,000 on
December 28, 2000
The
latest registered capital
was increased to Bht. 12,236,000,000 divided into
122,360,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at April
25, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Concrete
Products and Aggregate
Co., Ltd. Nationality: Thai Address : 1516
Pracharaj 1 Rd.,
Bangsue, |
122,359,994 |
100.00 |
|
Mr. Vorapol Jennapa Nationality: Thai Address : 42/9
Budhamonthon Sai 2
Rd.,
Salathammasop,
Taweewattana, |
1 |
- |
|
Ms.
Duangrudee Pongpetch Nationality: Thai Address : |
1 |
- |
|
Mrs.
Sutthiwan Boonpojanasunthorn Nationality: Thai Address : 558
Sukhumvit 65 Rd.,
Prakanong,
Klongtoey, |
1 |
- |
|
Ms. Chaliya Bhanubhong Nationality: Thai Address : 32/29
Ladprao 23 Rd.,
Chankasem, Jatujak, |
1 |
- |
|
Mr. Somdej Akarathiti Nationality: Thai Address :
Prachatipat, Thanyaburi, Pathumthani |
1 |
- |
|
Mrs.
Noparat Sutthiluck Nationality: Thai Address :
Jatujak, |
1 |
- |
Total Shareholders
: 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Phisit Chewaruengroj No.
2803
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,349,176 |
839,821 |
|
Trade Accts. Receivable - Related company |
29,939,776 |
22,571,664 |
|
- Other company |
12,617,874 |
14,908,767 |
|
Receivable & Short Term Loan
to Related Company |
11,510,921,495 |
9,880,646,245 |
|
Inventories |
20,755 |
37,082 |
|
Other Current Assets
|
64,892,029 |
40,039,181 |
|
Total Current
Assets |
11,619,741,105 |
9,959,042,760 |
|
Long Term Investment |
32,411,369 |
970,555,279 |
|
Fixed Assets |
193,112,886 |
170,851,015 |
|
Intangible Assets |
48,439,569 |
22,199,011 |
|
Deferred Income Tax |
98,573,589 |
99,897,952 |
|
Other Assets |
49,292,648 |
43,622,085 |
|
Total Assets
|
12,041,571,166 |
11,266,168,102 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
- |
1,819,547 |
|
Trade Accts. Payable - Related company |
3,277,354 |
9,751,196 |
|
- Other company |
38,070,110 |
35,422,466 |
|
Payable Related Company |
44,246,621 |
34,332,194 |
|
Other Current Liabilities |
53,112,682 |
55,386,239 |
|
Total Current
Liabilities |
138,706,767 |
136,711,642 |
|
Provident Fund |
9,776,952 |
8,347,430 |
|
Other Liabilities |
- |
19,677 |
|
Total Liabilities |
148,483,719 |
145,078,749 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 122,360,000 shares |
12,236,000,000 |
12,236,000,000 |
|
Capital Paid |
12,236,000,000 |
12,236,000,000 |
|
Premium on Share
Capital |
1,224,000,000 |
1,224,000,000 |
|
Equity in Loss
from Foreign Exchange
Rate in
Subsidiaries Company |
- |
981 |
|
Retained Earning -
Unappropriated |
[1,566,912,553] |
[2,338,911,628] |
|
Total
Shareholders' Equity |
11,893,087,447 |
11,121,089,353 |
|
Total
Liabilities & Shareholders' Equity |
12,041,571,166 |
11,266,168,102 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
190,540,746 |
150,289,370 |
|
Interest Expenses |
508,991,356 |
447,846,856 |
|
Concession Fee Income |
102,561,552 |
91,883,132 |
|
Dividend Income |
62,549,290 |
70,367,951 |
|
Other Income |
82,437,422 |
26,735,979 |
|
Total Revenues
|
947,080,366 |
787,123,288 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
164,057,087 |
82,100,705 |
|
Selling & Administrative Expenses |
168,285,740 |
181,340,944 |
|
Other Expenses |
21,654,928 |
1,198,482 |
|
Total Expenses |
353,997,755 |
264,640,131 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
593,082,611 |
522,483,157 |
|
Profit from Investment |
176,953,072 |
- |
|
Doubtful Account |
4,004,764 |
[6,344,534] |
|
Profit Interest Expenses & Income Tax |
774,040,447 |
516,138,623 |
|
Interest Expenses |
[717,010] |
[1,400,302] |
|
Income Tax |
[1,324,362] |
[1,206,186] |
|
Net Profit / [Loss] |
771,999,075 |
515,944,507 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
26.78 |
|
|
Operating Profit |
[7.41] |
|
|
Net Profit |
49.63 |
|
|
Fixed Assets |
13.03 |
|
|
Total Assets |
6.88 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
86.10 |
54.63 |
|
Operating Profit Margin |
322.63 |
348.45 |
|
S & A
Expenses |
88.32 |
120.66 |
|
Interest Paid |
266.75 |
297.06 |
|
Other Revenues |
397.05 |
423.74 |
|
Net Profit Margin |
405.16 |
343.30 |
|
Earning Per Shares |
6.31 |
4.22 |
|
No. of Shares |
122,360,000 |
122,360,000 |
Net Sales was
increased by 26.78%,
Operating Profit was
decreased by 7.41%,
Net Profit was
increased by 49.63%,
Fixed Assets was
increased by 13.03%,
Total Assets was
increased by 6.88%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 54.63%
to 86.10%, Operating
Profit Margin was
decreased from 348.45%
to 322.63%, S
& A Expenses
was decreased from
120.66% to 88.32%,
Interest Paid was decreased
from 297.06% to
266.75%, Other Revenues
was decreased from
423.74% to 397.05%,
Net Profit Margin
was increased from
343.30% to 405.16%.
Earning Per Shares
was increased from
4.22 baht per
share to 6.31
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
83.77 |
72.85 |
|
Quick-Assets Ratio |
83.30 |
72.55 |
Current Ratio was
increased from 72.85
to 83.77, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
72.55 to 83.30,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.01 |
0.01 |
|
Times Interest Earned |
1.21 |
1.17 |
D/E Ratio was
decreased from 0.01
to 0.01, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
1.17 to 1.21,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.99 |
0.88 |
|
Total Assets Turnover |
0.02 |
0.01 |
|
Return on Assets |
6.41 |
4.58 |
|
Return on Equity |
6.49 |
4.64 |
|
Day's Payable |
71.93 |
84.85 |
|
Day’s Inventories |
0.04 |
0.09 |
|
Day’s Receivables |
23.84 |
35.71 |
Fixed Assets Turnover was increased from 0.88 times to 0.99 times, Total Assets Turnover was increased from 0.01 times to 0.02 times, show the company could use Assets so efficiently, Return on Assets was increased from 4.58 to 6.41, Return on Equity was increased from 4.64 to 6.49, capacity to use Assets to make profit was good.
Day's Payable was decreased from 85 days to 72 days, while Day’s Inventories was stable at 1 days, but Day’s Receivables was decreased from 36 days to 24 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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 |
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.