MIRA INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNITED
COIL CENTER LIMITED |
|
|
|
|
Registered Office : |
54/10 Moo 7,
Soi Thammasiri, Bangna-Trad Road,
Km. 25.5 Bangsaothong, Bangsaothong Sub
District, Samutprakarn
10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.11.1989 |
|
|
|
|
Com. Reg. No.: |
0105532110157 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
& distributor of
steel sheet &
steel cutting service |
|
|
|
|
No. of Employees
: |
650 |
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 : |
Good |
|
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
UNITED COIL
CENTER LIMITED
SUMMARY
BUSINESS
ADDRESS : 54/10
MOO 7, SOI THAMMASIRI,
BANGNA-TRAD ROAD,
KM. 25.5 BANGSAOTHONG,
BANGSAOTHONG SUB
DISTRICT,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2338-1340,
2708-3170
FAX :
[66] 2338-1342
E-MAIL
ADDRESS : info@ucc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532110157
[Former
: 11014/2532]
CAPITAL REGISTERED : BHT. 350,000,000
CAPITAL PAID-UP : BHT.
350,000,000
SHAREHOLDER’S PROPORTION : THAI :
17.57%
JAPANESE :
82.43%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAKEHITO KOBAYASHI, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 650
LINES
OF BUSINESS : STEEL
SHEET & STEEL
CUTTING SERVICE
IMPORTER &
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 November 16,
1989 as a private
limited company under
the name style UNITED COIL
CENTER LIMITED, by Thai
and Japanese groups. The subject
is a subsidiary company of Marubeni-Itochu Steel
Inc., Japan to
operate as a steel service
center, trading and
transmutation of steel
such as blanking, slitting,
cutting and punching. It
currently employs approximate
650 staff.
The subject received
the international standard
ISO 9002 certification.
The subject’s registered
address was initially
located at 245
Moo 7, Soi Suksawad 13,
Charoennakorn Rd., Bangpakok,
Rajburana, Bangkok 10140.
On December 27,
2002, subject’s registered
address was relocated
to 54/10 Moo 7,
Soi Thammasiri, Bangna-Trad
Rd., K.M. 25.5,
Bangsaothong, Bangsaothong Sub-District,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shuichi Okazaki |
|
Japanese |
58 |
|
Mr. Takeo Ueyama |
|
Japanese |
58 |
|
Mr. Masayuki Tagawa |
|
Japanese |
55 |
|
Mr. Takehito Kobayashi |
[x] |
Japanese |
47 |
|
Mr. Chularp Pasupa |
[x] |
Thai |
47 |
|
Mr. Churat Pasupa |
|
Thai |
54 |
|
Mr. Haruhiko Ida |
[x] |
Japanese |
55 |
|
Mr. Chunate Pasupa |
[x] |
Thai |
53 |
|
Mr. Hideki Yamamoto |
|
Japanese |
54 |
|
Mr. Toshio Katsuragi |
[x] |
Japanese |
49 |
|
Mr. Tatsuhiko Toshita |
|
Japanese |
56 |
AUTHORIZED PERSON
Two of the mentioned
directors [x] can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Takehito Kobayashi is
the Managing Director.
He is Japanese
nationality with the
age of 47
years old.
Mr. Chularp Pasupa
is the Deputy
Managing Directors.
He is Thai
nationality with the
age of 47
years old.
Mr. Prameth Wongvila
is the General
Manager & Factory Manager.
He is Thai
nationality.
Mr. Haruhiko Ida is
the General Manager.
He is Japanese
nationality with the
age of 55
years old.
Mr. Toshio Katsuragi is
the General Manager.
He is Japanese
nationality with the
age of 49
years old.
BUSINESS OPERATION
The subject’s activities
are importer and
distributor of steel sheets,
such as cold
rolled steel sheet,
hot rolled steel
sheet, hot dip
galvanized steel sheet,
electro galvanized steel
sheet, electrical steel
sheet [silicon], and
also provides wide
range of services,
including steel cutting,
slitting, leveler-cut, re-shearing,
blanking, punching of
steel coil and
steel sheet for
construction, automobile and
electric appliance industries.
IMPORT [COUNTRIES]
Most of the
products are imported from
Japan, Singapore, Republic of
China and Taiwan, and
the rest are
purchased from local
suppliers.
MAJOR SUPPLIERS
Marubeni-Itochu Steel Inc. :
Japan
Marubeni-Itochu Steel Pte.
Ltd. : Taiwan
Nishimatsu Co., Ltd . :
Japan
SALES [LOCAL]
100% of its products
is sold locally
to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMER
Marubeni Steel Processing
[Thailand] Co., Ltd. :
Thailand
PARENT COMPANY
Marubeni-Itochu Steel Inc.
Address : 5-4-1 Chome Otemachi,
Saiyakaku, Tokyo, Japan
RELATED COMPANY
Marubeni Steel Processing
[Thailand] 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.
Imports are by
L/C at sight
& T/T.
BANKING
Bangkok Bank Public Co.,
Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
[Cholburi
Branch : Cholburi Province]
Bank of Tokyo-Mitsubishi UFJ
Ltd.
[Bangkok Office : 54
North Sathorn Rd.,
Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 650 staff.
[office staff and
factories workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is located in
industrial area.
The factory I
is located at
700/351, 700/777 Moo
6, Amata Nakorn
Industrial Estate, Bangna-Trad
Road, K.M.57, Donhuaroh,
Muang, Cholburi 20000, Thailand.
Tel : [66]
38 743-777 Fax
: [66] 38
743-778.
The factory II
is located at
500/81 Moo 3,
Tasith, Pluakdaeng, Rayong.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
EUR 10,000,000.
COMMENT
The
subject was formed
in 1989 as an
importer and distributor
of steels. The
subject supplies its
products to industrial
and construction sectors.
Its business has
expanded from demand
in domestic markets
since the past several
years. Despite slow
consumption in local market,
subject reported significantly
increased sales revenue
in 2010. Industrial
improvement in 2011 had
soared demand of steel
products, which had benefit
to the subject
and Thailand steel
industry.
FINANCIAL INFORMATION
The capital was
registered at Bht. 100,000,000 divided into 100,000
shares of Bht.
1,000 each.
The capital was
increased later as
followings:
Bht. 150,000,000
on June 8,
1993
Bht. 250,000,000
on August 19,
1998
Bht. 350,000,000
on June 12,
2001
The latest registered
capital was increased
to Bht. 350,000,000 divided into
350,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 26, 2011]
|
NAME |
HOLDING |
% |
|
Marubeni-Itochu Steel Inc.
Nationality: Japanese Address : 4-1 Nihonbashi, 1-Chomi,
Shuo-ku, Tokyo, Japan
|
288,505 |
82.43 |
|
Mr. Prasarn Pasupa Nationality: Thai Address : 53-61
Mahapruektharam Rd., Bangrak,
Bangkok 10500 |
16,344 |
4.67 |
|
Mr. Churat Pasupa Nationality: Thai Address : 53-61
Mahapruektharam Rd., Bangrak,
Bangkok 10500 |
15,050 |
4.30 |
|
Mr. Chunate Pasupa Nationality: Thai Address : 47-49
Mahapruektharam Rd., Bangrak, Bangkok 10500 |
15,050 |
4.30 |
|
Mr. Chularp Pasapa Nationality: Thai Address : 246/6
Soi Rungruang, Samsennok,
Huaykwang, Bangkok |
13,300 |
3.80 |
|
Mrs. Valaiporn Pasupa Nationality: Thai Address : 246/6
Soi Rungruang, Samsennok,
Huaykwang, Bangkok |
1,750 |
0.50 |
|
Mr. Kitsuchart Pasupa Nationality: Thai Address : 53-61
Mahapruektharam Rd., Bangrak,
Bangkok 10500 |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 26,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
61,495 |
17.57 |
|
Foreign - Japanese |
1 |
288,505 |
82.43 |
|
Total |
7 |
350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Bongkoch Am-sangiam No.
3684
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
5,907,653 |
10,668,021 |
|
Trade Accounts Receivable |
2,586,907,119 |
2,005,911,883 |
|
Inventories |
2,895,380,581 |
1,980,440,814 |
|
Other Current Assets
|
18,566,599 |
67,034,855 |
|
Total Current Assets
|
5,506,761,952 |
4,064,055,573 |
|
|
|
|
|
Fixed Assets |
1,020,387,730 |
1,086,305,701 |
|
Intangible Assets |
6,610,211 |
7,904,914 |
|
Deferred Income Tax |
26,115,592 |
34,008,469 |
|
Other Assets |
11,736,024 |
24,495,232 |
|
Total Assets |
6,571,611,509 |
5,216,769,889 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from
Financial Institution |
890,000,000 |
270,000,000 |
|
Trade Accounts Payable |
3,366,552,942 |
2,584,382,511 |
|
Current Portion of Long-term
Loans |
175,000,000 |
300,000,00 |
|
Current Portion of Financial
Lease Contract Liabilities |
1,282,220 |
- |
|
Accrued Income Tax |
67,681,386 |
13,915,438 |
|
Other Current Liabilities |
75,428,190 |
124,387,383 |
|
Total Current Liabilities |
4,575,944,738 |
3,292,685,332 |
|
Long-term Loan |
50,000,000 |
225,000,000 |
|
Financial Lease Contract
Liabilities |
2,179,751 |
- |
|
Reserve for Employees’
Benefits |
17,154,175 |
14,953,375 |
|
Total Liabilities |
4,645,278,664 |
3,532,638,707 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 350,000 shares |
350,000,000 |
350,000,000 |
|
Capital Paid |
350,000,000 |
350,000,000 |
|
Revenue Statutory |
35,000,000 |
35,000,000 |
|
Retained Earning -
Unappropriated |
1,541,332,845 |
1,299,131,182 |
|
Total Shareholders' Equity |
1,926,332,845 |
1,684,131,182 |
|
Total Liabilities & Shareholders' Equity |
6,571,611,509 |
5,216,769,889 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales and Service Income |
10,767,119,966 |
8,569,042,641 |
|
Gain on Exchange Rate |
29,062,685 |
7,614,349 |
|
Other Income |
18,396,135 |
447,649,164 |
|
Total Revenues |
10,814,578,786 |
9,024,306,154 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
10,019,742,691 |
8,249,878,557 |
|
Selling Expenses |
130,091,112 |
102,185,958 |
|
Administrative Expenses |
164,042,111 |
149,085,372 |
|
Total Expenses |
10,313,875,914 |
8,501,149,887 |
|
Profit before Interest
Expenses & Income Tax |
500,702,872 |
523,156,267 |
|
Interest Expenses |
[20,427,572] |
[66,926,876] |
|
Profit before Income Tax |
480,275,300 |
456,229,391 |
|
Income Tax |
[132,979,137] |
[137,756,165] |
|
Net Profit / [Loss] |
347,296,163 |
318,473,226 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.23 |
|
QUICK RATIO |
TIMES |
0.57 |
0.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.55 |
7.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.64 |
1.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
105.47 |
87.62 |
|
INVENTORY TURNOVER |
TIMES |
3.46 |
4.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.69 |
85.44 |
|
RECEIVABLES TURNOVER |
TIMES |
4.16 |
4.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
122.64 |
114.34 |
|
CASH CONVERSION CYCLE |
DAYS |
70.53 |
58.72 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.06 |
96.28 |
|
SELLING & ADMINISTRATION |
% |
2.73 |
2.93 |
|
INTEREST |
% |
0.19 |
0.78 |
|
GROSS PROFIT MARGIN |
% |
7.38 |
9.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.65 |
6.11 |
|
NET PROFIT MARGIN |
% |
3.23 |
3.72 |
|
RETURN ON EQUITY |
% |
18.03 |
18.91 |
|
RETURN ON ASSET |
% |
5.28 |
6.10 |
|
EARNING PER SHARE |
BAHT |
992.27 |
909.92 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.41 |
2.10 |
|
TIME INTEREST EARNED |
TIMES |
24.51 |
7.82 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
25.65 |
|
|
OPERATING PROFIT |
% |
(4.29) |
|
|
NET PROFIT |
% |
9.05 |
|
|
FIXED ASSETS |
% |
(6.07) |
|
|
TOTAL ASSETS |
% |
25.97 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
7.38 |
Deteriorated |
Industrial
Average |
17.31 |
|
Net Profit Margin |
3.23 |
Impressive |
Industrial
Average |
(2.43) |
|
Return on Assets |
5.28 |
Impressive |
Industrial
Average |
1.96 |
|
Return on Equity |
18.03 |
Impressive |
Industrial
Average |
7.93 |
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 7.38%. 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 3.23%, 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
5.28%, 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 18.03%, 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 |
1.20 |
Deteriorated |
Industrial
Average |
23.89 |
|
Quick Ratio |
0.57 |
|
|
|
|
Cash Conversion Cycle |
70.53 |
|
|
|
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 1.2 times in 2010, decreased from 1.23 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 0.57 times in 2010,
decreased from 0.61 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 71 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Impressive |
Industrial
Average |
0.97 |
|
Debt to Equity Ratio |
2.41 |
Risky |
Industrial
Average |
2.02 |
|
Times Interest Earned |
24.51 |
Deteriorated |
Industrial
Average |
138.77 |
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 24.52 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 0.71 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.55 |
Deteriorated |
Industrial
Average |
73.16 |
|
Total Assets Turnover |
1.64 |
Satisfactory |
Industrial
Average |
1.69 |
|
Inventory Conversion Period |
105.47 |
|
|
|
|
Inventory Turnover |
3.46 |
Deteriorated |
Industrial
Average |
18.72 |
|
Receivables Conversion Period |
87.69 |
|
|
|
|
Receivables Turnover |
4.16 |
Deteriorated |
Industrial
Average |
18.70 |
|
Payables Conversion Period |
122.64 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
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.