MIRA
INFORM REPORT
|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI STEEL
PROFILE PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
19/35 Moo 4, T. Kokkrabue, A. Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
Com. Reg. No.: |
0107551000207 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
And Exporter of Steels And
Related Products |
|
|
|
|
No. of Employees : |
300 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
THAI
STEEL PROFILE PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 19/35
MOO 4, T. KOKKRABUE,
A. MUANG,
SAMUTSAKORN 74000
TELEPHONE : [66] 34
494-111-5
FAX :
[66] 34
824-506-8
E-MAIL
ADDRESS : wichittsc@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0107551000207 [Former
: 0105533141358]
TAX
ID NO. : 3011112298
CAPITAL REGISTERED : BHT. 650,000,000
CAPITAL PAID-UP : BHT.
550,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
VIROJ RATANASIRIVILAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : STEELS AND
RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 December 3,
1990 as a
private limited company
under the name
style “Thai Steel
Profile Co., Ltd.,”
by
Thai group, Ratanasirivilai family,
in order to manufacture
and market a
wide range of
steels and related
products.
On
August 8, 2008,
the subject registered
for a conversion
of its status
to be a public
limited company under
the name THAI STEEL
PROFILE PUBLIC COMPANY
LIMITED. It currently
employs approximate 300
staff.
The
subject also achieved
the ISO 9001: 2000 certification.
The
subject’s registered address is 19/35
Moo 4, T. Kokkrabue,
A. Muang, Samutsakorn 74000,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Viroj Ratanasirivilai |
[x] |
Thai |
64 |
|
Mr. Vichit Ratanasirivilai |
[+] |
Thai |
39 |
|
Mr. Visith Ratanasirivilai |
[+] |
Thai |
41 |
|
Ms. Arunee Ratanasirivilai |
[+] |
Thai |
33 |
|
Dr. Anongluck Ratanasirivilai |
|
Thai |
36 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the directors
[+] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Viroj Ratanasirivilai is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr. Vichit Ratanasirivilai is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 39
years old.
Mr. Visith Ratanasirivilai is
the Deputy Managing
Director & Factory
Manager.
He is Thai
nationality with the
age of 41 years old.
Ms. Arunee Ratanasirivilai is
the Marketing Manager.
She is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting of
steels and related
products, including round bar [size : 9, 12, 15, and 19 mm.],
deformed bar [size : 10, 12, 16, 20, 25, 28, 32 and 40
mm.] and
square bar [size : 12, 16 and 19
mm.] under the brand “TSC”.
PRODUCTION
320,000 tons/year
PURCHASE
Raw materials and
machinery are purchased
from both local
and overseas suppliers
in Italy, Canada,
Singapore, Taiwan, Russia
and Republic of
China.
SALES [LOCAL]
80% of the
products is sold
locally by wholesale
to dealers.
EXPORT
20%
of the products
is also exported
to Bangladesh, Singapore
and Vietnam.
NAME OF DEALERS [LOCAL] :
- Steel Enterprise [Asia]
Co., Ltd.
- Sinkitphaiboon Lohakarn Co.,
Ltd.
- C.M.C. Steel Trading
Co., Ltd.
- United Conbuild Co.,
Ltd.
- T.S.P. Metal Co.,
Ltd.
- Porn Kasem Lohakit
Co., Ltd.
- CMC Steel Trading
Co., Ltd.
- Kasemsawat Metal Co.,
Ltd.
- Viboonsap Steel Co.,
Ltd.
- etc.
RELATED/ASSOCIATED COMPANY
Thai Metal Co., Ltd.
Business Type : Manufacturer of
aluminum products.
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
according 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
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Mahachai Branch : Mahachai,
Samutsakorn]
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
300 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in industrial
area.
Factory
and warehouse are
located at 99 Moo 4, T. Makhamku, A. Nikompattana, Rayong
21180 on 169,600
square meters of
area. Tel.: [66] 38
893-544-51 Fax: [66] 38 893-543.
COMMENT
Steel products still has
strong market potential.
Thai manufacture was likely
to enjoy strong consumption of steel
products from steady demand of
domestic construction sectors.
The company can serve the world steel market
by producing high
standard reinforcing steel in the
form of round and deformed bars for reliable construction
of high rise buildings, industrial
plants, roads, bridges,
highways, dams, airport
and many other
structures.
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. 100,000,000
on December
14, 1993
Bht. 200,000,000
on December
22, 1994
Bht. 600,000,000
on December
21, 1999
Bht. 900,000,000
on December
24, 2001
The latest registered
capital was decreased
to Bht. 650,000,000 divided
into 650,000,000 shares
of Bht. 1
each with the
current capital paid-up
at Bht. 550,000,000.
In
2008, the capital
was divided into
2,200,000,000 shares of Bht.
0.25 each with
Bht. 550,000,000 paid-up.
MAIN SHAREHOLDERS
[as
at April 27,
2012] at Bht. 550,000,000 of
capitalization]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Duaytham Co., Ltd. Nationality: Thai Address : 87/2
Moo 8, Rama 2
Rd.,
Bangmod, Jomthong, Bangkok |
1,236,363,636 |
56.20 |
|
Mr. Viroj Ratanasirivilai Nationality: Thai Address : 87/2
Moo 8, Rama 2
Rd., Bangmod,
Jomthong, Bangkok |
115,909,091 |
5.27 |
|
Mr. Vichit Ratanasirivilai Nationality: Thai Address : 87/2
Moo 8, Rama 2
Rd., Bangmod,
Jomthong, Bangkok |
115,909,091 |
5.27 |
|
Mr. Visith Ratanasirivilai Nationality: Thai Address : 87/2
Moo 8, Rama 2
Rd., Bangmod,
Jomthong, Bangkok |
115,909,091 |
5.27 |
|
Ms. Kaew Kampee Nationality: Thai Address : 825/769
Prachauthis 58/2 Rd.,
Bangkru, Bangkok |
83,500,000 |
3.80 |
|
Mr. Nitisak Kijmongkoltham Nationality: Thai Address : 130/92
Moo 12, Klongkum,
Buengkum, Bangkok |
83,300,000 |
3.79 |
|
|
|
|
|
Mrs. Thongjing Prinyanan Nationality: Thai Address : 361/20
Moo 5, Anusawaree,
Bangkhen, Bangkok |
83,300,000 |
3.79 |
|
Ms. Pornphen Saeheng Nationality: Thai Address : 271/5
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
83,300,000 |
3.79 |
|
Ms. Thanisa Atikomchakorn Nationality: Thai Address : 111/58
Moo 7, Anusawaree,
Bangkhen, Bangkok |
83,300,000 |
3.79 |
|
Mrs. Rampei Atikomchakorn Nationality: Thai Address : 111/58
Moo 7, Anusawaree,
Bangkhen,
Bangkok |
83,300,000 |
3.79 |
|
Others |
115,909,091 |
5.24 |
Total Shareholders : 15
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
15 |
2,200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
15 |
2,200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Chanankorn Stiraprapakul No.
6554
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
500,410,985 |
256,948,448 |
|
Trade Accounts Receivable - Related Companies |
85,894 |
31,000 |
|
- Other Companies |
464,514,428 |
449,327,772 |
|
Inventories |
342,615,754 |
756,546,704 |
|
Advance Payment for Goods |
49,622,965 |
12,926,009 |
|
Revenue Department Receivable |
3,581,696 |
30,219,603 |
|
Other Current Assets |
9,723,262 |
11,832,413 |
|
|
|
|
|
Total Current Assets
|
1,370,554,984 |
1,517,831,949 |
|
|
|
|
|
Fixed Assets |
250,655,628 |
181,974,135 |
|
Computer Programme |
1,558,898 |
1,766,045 |
|
Other Non-current Assets |
482,168 |
482,168 |
|
Total Assets |
1,623,251,678 |
1,702,054,297 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial
Institution |
652,794,342 |
954,070,652 |
|
Trade Accounts Payable |
17,023,346 |
11,913,750 |
|
Current Portion of Financial
Lease Contract Liabilities |
347,096 |
657,082 |
|
Advance Received for Goods |
337,050,906 |
135,063,747 |
|
Accrued Income Tax |
2,600,689 |
5,466,436 |
|
Accrued Expenses |
13,032,896 |
21,124,375 |
|
Other Current Liabilities |
7,280,626 |
799,825 |
|
|
|
|
|
Total Current Liabilities |
1,030,129,901 |
1,129,095,867 |
|
Financial Lease Contract Liabilities, Net |
- |
347,096 |
|
Reserve for Employee’s Benefit |
534,066 |
- |
|
Total Liabilities |
1,030,663,967 |
1,129,442,963 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 0.25
par value Authorized, issued
and fully paid share
capital 2,600,000,000 shares |
650,000,000 |
650,000,000 |
|
|
|
|
|
Capital Paid |
550,000,000 |
550,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
20,319,895 |
20,319,895 |
|
Unappropriated |
22,267,816 |
3,311,439 |
|
Total Shareholders' Equity |
592,587,711 |
572,611,334 |
|
Total Liabilities &
Shareholders' Equity |
1,623,251,678 |
1,702,054,297 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
3,241,312,056 |
3,160,373,966 |
|
Other Income |
|
|
|
Creditor’s Eliminated
Debt Principle |
- |
25,380,557 |
|
Gain on Forward
Exchange Rate |
3,604,434 |
3,582,470 |
|
Others |
8,582,563 |
2,584,945 |
|
Total Revenues |
3,253,499,053 |
3,191,921,938 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,125,039,259 |
3,022,392,818 |
|
Selling Expenses |
29,610,447 |
28,096,959 |
|
Administrative Expenses |
44,543,671 |
42,044,305 |
|
Remuneration Management |
5,631,000 |
5,590,000 |
|
Other Expenses |
4,854,429 |
[345,000] |
|
Total Expenses |
3,209,678,806 |
3,097,779,082 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
43,820,247 |
94,142,856 |
|
Financial Cost |
[11,791,377] |
[11,785,955] |
|
Profit before Income Tax |
32,028,870 |
82,356,901 |
|
Income Tax |
[11,637,694] |
[16,033,370] |
|
Net Profit / [Loss] |
20,391,176 |
66,323,531 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.33 |
1.34 |
|
QUICK RATIO |
TIMES |
0.99 |
0.66 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.93 |
17.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.00 |
1.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.02 |
91.36 |
|
INVENTORY TURNOVER |
TIMES |
9.12 |
3.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.31 |
51.89 |
|
RECEIVABLES TURNOVER |
TIMES |
6.98 |
7.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.99 |
1.44 |
|
CASH CONVERSION CYCLE |
DAYS |
90.34 |
141.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.41 |
95.63 |
|
SELLING & ADMINISTRATION |
% |
2.29 |
2.22 |
|
INTEREST |
% |
0.36 |
0.37 |
|
GROSS PROFIT MARGIN |
% |
3.96 |
5.36 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.35 |
2.98 |
|
NET PROFIT MARGIN |
% |
0.63 |
2.10 |
|
RETURN ON EQUITY |
% |
3.44 |
11.58 |
|
RETURN ON ASSET |
% |
1.26 |
3.90 |
|
EARNING PER SHARE |
BAHT |
0.01 |
0.03 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.74 |
1.97 |
|
TIME INTEREST EARNED |
TIMES |
3.72 |
7.99 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.56 |
|
|
OPERATING PROFIT |
% |
(53.45) |
|
|
NET PROFIT |
% |
(69.25) |
|
|
FIXED ASSETS |
% |
37.74 |
|
|
TOTAL ASSETS |
% |
(4.63) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.96 |
Deteriorated |
Industrial
Average |
9.89 |
|
Net Profit Margin |
0.63 |
Satisfactory |
Industrial
Average |
0.69 |
|
Return on Assets |
1.26 |
Satisfactory |
Industrial
Average |
1.60 |
|
Return on Equity |
3.44 |
Satisfactory |
Industrial
Average |
3.90 |
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 3.96%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the
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 0.63%.
When compared with the industry average, the ratio of the company was lower.
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, it was lower, the company's figure is 1.26%.
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, it was lower, the company's figure is 3.44%.
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 |
1.33 |
Satisfactory |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.99 |
|
|
|
|
Cash Conversion Cycle |
90.34 |
|
|
|
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 1.33 times in 2011, decreased from 1.34 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 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 0.99 times in 2011,
increased from 0.66 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 91 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
1.74 |
Risky |
Industrial
Average |
1.63 |
|
Times Interest Earned |
3.72 |
Impressive |
Industrial
Average |
1.21 |
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 3.72 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 0.63 greater than 0.5, most of the
company's assets are financed through debt.
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 |
12.93 |
Impressive |
Industrial
Average |
7.73 |
|
Total Assets Turnover |
2.00 |
Satisfactory |
Industrial
Average |
2.39 |
|
Inventory Conversion Period |
40.02 |
|
|
|
|
Inventory Turnover |
9.12 |
Impressive |
Industrial
Average |
5.17 |
|
Receivables Conversion Period |
52.31 |
|
|
|
|
Receivables Turnover |
6.98 |
Impressive |
Industrial
Average |
5.41 |
|
Payables Conversion Period |
1.99 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.80 |
|
|
1 |
Rs.87.66 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.