MIRA
INFORM REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
KASEMSAKDI TRADING COMPANY LIMITED |
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Registered Office : |
594
Soi Songpra, Rama
4 Road, Bangrak, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.07.1995 |
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Com. Reg. No.: |
0105538079324 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer and Distributor of
Billet Steel |
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
KASEMSAKDI
TRADING COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 594
SOI SONGPRA, RAMA
4 ROAD, BANGRAK,
TELEPHONE : [66]
2633-0274, 2266-8555-6
FAX : [66] 2633-0275
E-MAIL
ADDRESS : sales@kstisteel.com
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION
NO. : 0105538079324 [Former : 1597/2538]
CAPITAL REGISTERED : BHT. 330,000,000
CAPITAL PAID-UP : BHT. 330,000,000
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KASEM
JARUSKULARIYAKUL, THAI
PRESIDENT
NO.
OF STAFF : 270
LINES
OF BUSINESS : BILLET
STEEL
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on July 5, 1995
as a
private limited company
under the name
style KASEMSAKDI TRADING COMPANY LIMITED,
by Jaruskulariyakul family, with
the business objective
to manufacture and
distribute various kinds
of steels, with
BOI promoted, under
the promotion certificated
number 1194/2540 and 1479[2]/2548 on
March 20, 1997 and
March 2, 2005,
respectively. It currently
employs approximate 270
staff.
The subject’s registered address is
594 Soi Songphra,
Rama 4 Rd.,
Mahaprutharam, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kasem Jaruskulariyakul |
[x] |
Thai |
70 |
|
Mr. Jaturong Jaruskulariyakul |
|
Thai |
44 |
|
Mr. Pornchai Jaruskulariyakul |
|
Thai |
43 |
|
Mr. Surachai Jaruskulariyakul |
|
Thai |
42 |
|
Mr. Ekachai Jaruskulariyakul |
|
Thai |
37 |
AUTHORIZED PERSON
Only the mentioned director [x] signs
or two
of the rest
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kasem Jaruskulariyakul is
the President.
He is Thai
nationality with the
age of 70
years old.
Mr. Jaturong Jaruskulariyakul is
the Vice President
and Managing Director.
He is Thai
nationality with the
age of 44
years old.
Mr. Suphant Monkolsuthee is
the Factory Manager.
He is Thai
nationality.
Mr. Songkarn Srivarasarn
is the Planning
& Control Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer and distributor wide
ranges of steel
products, such as
billet steel, deformed
steel bars and
round bars [6 mm.-40 mm.], under
its own brand
“KSTI”.
PRODUCTION CAPACITY
180,000 tons per
annum
IMPORT [COUNTRIES]
Most of raw
materials mainly iron
scraps are imported
from Israel, Republic of China,
Taiwan, Russia and
India.
SALES [LOCAL]
100% of its
products are sold
locally by wholesale
to steel manufacturers.
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
credit of 30-60
days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd. :
[Head Office
:
[Hualampong Branch :
Rama 4 Rd.,
Rongmuang, Pathumwan,
EMPLOYMENT
The subject employs
270 office staff
and factory workers.
LOCATION DETAILS
The premise is
owned for operating
office in a
3.5 storey building
of 1 row
shop house at the
heading address. It
is located in
commercial area.
Factory is located
at 109 Moo 1,
T. Tabkang, A.
Khaoyoi, Petchburi 74000
Tel : [66]
32 439-022-4 Fax
: [66] 32
439-030
Product
and Service Center :
926/25 Soi Chaliang
1, Bangna-Trad Rd., Bangna,
Bangkok
Tel : [66]
2396-1424, 2396-1432
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$ 200,000.
COMMENT
With the weakening
of Baht has turned
to wining point for the company
from imported iron
scraps. Despite slowdown
of overall domestic
industrial sector and
construction industry, the
subject’s sales remained
healthy from some
continuing construction work.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100
each.
The capital was
increased later as
followings :
Bht. 62,000,000
on May 21,
1996
Bht. 65,000,000
on March 12,
1997
Bht. 230,000,000 on
December 26, 2003
Bht. 330,000,000 on
December 23, 2005
The latest registered
capital was increased
to Bht. 330,000,000 divided into
3,300,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS
[as at July
9, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jaturong Jaruskulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, |
1,320,000 |
40.00 |
|
Mr. Kasem Jaruskulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, |
825,000 |
25.00 |
|
Mr. Ekachai Jaruskulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, |
495,000 |
15.00 |
|
Mr. Pornchai Jaruskulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam, Bangrak, |
165,000 |
5.00 |
|
Mr. Surachai Jaruskulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, |
165,000 |
5.00 |
|
Ms. Petcharat Jaruskulariyakul Nationality: Thai Address : 594
Rama 4 Rd.,
Mahaprutharam,
Bangrak, |
165,000 |
5.00 |
|
Mrs. Angkana Jaruskulariyakul Nationality: Thai Address : Donmuang, |
165,000 |
5.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Kwanchai Romchat No.
4034
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
5,945,061.21 |
72,354,480.18 |
|
Trade Accts. Receivable |
10,015,689.98 |
18,977,988.08 |
|
Inventories |
416,505,819.92 |
312,371,522.85 |
|
Other Current Assets
|
41,921,761.75 |
34,708,786.01 |
|
Total Current Assets
|
474,388,332.86 |
438,412,777.12 |
|
|
|
|
|
Fixed Assets |
520,883,947.22 |
431,184,223.60 |
|
Total Assets |
995,272,280.08 |
869,597,000.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Loan from
Financial Institute |
206,381,679.85 |
47,357,828.64 |
|
Trade Accts. Payable |
208,092,208.01 |
196,950,998.02 |
|
Payable Person or Related Company |
4,000,000.00 |
- |
|
Other Current Liabilities |
57,537,312.01 |
70,061,491.91 |
|
Total Current Liabilities |
476,011,199.87 |
314,370,318.57 |
|
Total Liabilities |
476,011,199.87 |
314,370,318.57 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,300,000 shares |
330,000,000.00 |
330,000,000.00 |
|
Capital Paid |
330,000,000.00 |
330,000,000.00 |
|
Statutory Reserve |
12,045,000.00 |
12,045,000.00 |
|
Retained Earning -
Unappropriated |
177,216,080.21 |
213,181,682.15 |
|
Total Shareholders' Equity |
519,261,080.21 |
555,226,682.15 |
|
Total Liabilities & Shareholders' Equity |
995,272,280.08 |
869,597,000.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
2,052,564,441.68 |
2,868,833,496.11 |
|
Other Income |
11,982,343.64 |
5,991,308.67 |
|
Total Revenues |
2,064,546,785.32 |
2,874,824,804.78 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,031,435,495.21 |
2,661,229,404.82 |
|
Selling Expenses |
36,410,647.27 |
34,134,784.59 |
|
Administrative Expenses |
27,162,769.52 |
44,323,634.30 |
|
Other Expenses |
44,904.23 |
- |
|
Total Expenses |
2,095,053,816.23 |
2,739,687,823.71 |
|
Profit / [Loss] Before Interest
Expenses |
[30,507,030.91] |
135,136,981.07 |
|
Interest Expenses |
[5,458,571.03] |
[5,941,613.78] |
|
Net Profit / [Loss] |
[35,965,601.94] |
129,195,367.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.00 |
1.39 |
|
QUICK RATIO |
TIMES |
0.03 |
0.29 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.94 |
6.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.06 |
3.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
74.84 |
42.84 |
|
INVENTORY TURNOVER |
TIMES |
4.88 |
8.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.78 |
2.41 |
|
RECEIVABLES TURNOVER |
TIMES |
204.93 |
151.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.39 |
27.01 |
|
CASH CONVERSION CYCLE |
DAYS |
39.23 |
18.25 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.97 |
92.76 |
|
SELLING & ADMINISTRATION |
% |
3.10 |
2.73 |
|
INTEREST |
% |
0.27 |
0.21 |
|
GROSS PROFIT MARGIN |
% |
1.61 |
7.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.49) |
4.71 |
|
NET PROFIT MARGIN |
% |
(1.75) |
4.50 |
|
RETURN ON EQUITY |
% |
(6.93) |
23.27 |
|
RETURN ON ASSET |
% |
(3.61) |
14.86 |
|
EARNING PER SHARE |
BAHT |
(10.90) |
39.15 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.92 |
0.57 |
|
TIME INTEREST EARNED |
TIMES |
(5.59) |
22.74 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(28.45) |
|
|
OPERATING PROFIT |
% |
(122.57) |
|
|
NET PROFIT |
% |
(127.84) |
|
|
FIXED ASSETS |
% |
20.80 |
|
|
TOTAL ASSETS |
% |
14.45 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.61 |
Deteriorated |
Industrial Average |
14.32 |
|
Net Profit Margin |
(1.75) |
Deteriorated |
Industrial Average |
(7.77) |
|
Return on Assets |
(3.61) |
Deteriorated |
Industrial Average |
(1.78) |
|
Return on Equity |
(6.93) |
Deteriorated |
Industrial Average |
(6.53) |
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 1.61%. When
compared with the industry average, the ratio of the company was lower.
This indicated that company was
originated from the company may have problems with control over its costs.
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 -1.75%
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. When compared with the
industry average, its was lower, the company's figure is -3.61%.
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. When compared with the
industry average, its was lower, the company's figure is -6.93%.
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 |
1.00 |
Risky |
Industrial Average |
25.55 |
|
Quick Ratio |
0.03 |
|
|
|
|
Cash Conversion Cycle |
39.23 |
|
|
|
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 times in 2009, decrease from 1.39 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
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 0.03 times in 2009,
decrease from 0.29 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 40 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
1.00 |
|
Debt to Equity Ratio |
0.92 |
Impressive |
Industrial Average |
2.54 |
|
Times Interest Earned |
(5.59) |
Risky |
Industrial Average |
101.17 |
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 -5.59 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.94 |
Deteriorated |
Industrial Average |
76.93 |
|
Total Assets Turnover |
2.06 |
Impressive |
Industrial Average |
1.51 |
|
Inventory Conversion Period |
74.84 |
|
|
|
|
Inventory Turnover |
4.88 |
Deteriorated |
Industrial Average |
14.27 |
|
Receivables Conversion Period |
1.78 |
|
|
|
|
Receivables Turnover |
204.93 |
Impressive |
Industrial Average |
16.43 |
|
Payables Conversion Period |
37.39 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.34 |
|
|
1 |
Rs.73.69 |
|
Euro |
1 |
Rs.65.75 |
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.