MIRA
INFORM REPORT
|
Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI METALS SMELTING INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
1 Soi Ekachai
93, Ekachai Road, Bangbon, Bangkok
10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
03.10.1989 |
|
|
|
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Com. Reg. No.: |
0105532093741 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Lead Smelting Factory |
|
|
|
|
No. of Employees : |
82 |
RATING & COMMENTS
|
MIRAs 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 September 30, 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
THAI METALS
SMELTING INDUSTRY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1
SOI EKACHAI 93,
EKACHAI ROAD,
BANGBON, BANGKOK
10150
TELEPHONE : [66] 2894-4742-3
FAX :
[66] 2894-2243
E-MAIL
ADDRESS : phung@ji-net.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532093741 [Former : 9374/2532]
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOONSONG KEERATITHAMSOPHON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 82
LINES
OF BUSINESS : LEAD
SMELTING FACTORY
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 October 3,
1989 as a private
limited company under
the name style
THAI METALS SMELTING
INDUSTRY CO., LTD., by
Thai groups, with the
business objective to manufacture
lead smelting for
car battery. It currently
employs 82 staff.
The
subject achieved the standard
ISO 9001 : 2000 certification by
AJA, on December
9, 2004.
The
subjects registered address
was initially located
at 99/82 Moo 10,
Petchkasem Rd., Bangkae,
Bangkok 10160.
On
September 2, 2008,
subjects registered address
was relocated to
105/184 Moo 4,
Soi Ekachai 93,
Ekachai Rd., Bangbon,
Bangkok 10150.
On
March 2, 2010,
its address was
changed from 105/184 Moo
4, Soi Ekachai
93 to 1
Soi Ekachai 93
by the Government
district office, actually
both are the
same location. This
is also the
subjects current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonsong Keeratithamsophon |
|
Thai |
57 |
|
Mrs. Kanchana Suwansiriporn |
|
Thai |
61 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with companys
affixed.
MANAGEMENT
Mr. Boonsong Keeratithamsophon is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
Mrs. Kanchana Suwansiriporn is
the General Manager.
She is Thai
nationality with the
age of 61
years old.
Mr. Thanakorn Keeratithamsophon is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of lead smelting
for car battery
production.
PRODUCTION
15,000 tons per
annum
PURCHASE
100% of raw materials
mainly lead is
from used battery,
and chemicals are
purchased from local
suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers.
RELATED AND
AFFILIATED COMPANY
P.R.S. Metal Co.,
Ltd.
Business Type :
Trading of metal
scrap.
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.
EMPLOYMENT
The
subject employs 82
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory and
warehouse are located
at 164 Moo
4, Huayphai-Namphu Rd.,
Huayphai, Muang, Ratchaburi
70000, Tel. : [66] 32
229-462, Fax. : [66]
32 229-463.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subject had a
solid business performance
in 2010. It
had been enjoying
strong growth rate
and continued expanding from increasing demand of
car battery production. Meanwhile, the
subjects business this
year would grow further
in relation to an improvement
of related industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided into 30,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 9,000,000
on March 3,
1992
Bht. 40,000,000
on October 2,
2002
The
latest registered capital
was increased to Bht. 40,000,000 divided
into 400,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 25, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Kanchana Suwansiriporn Nationality: Thai Address : 105/184
Moo 4, Bangbon,
Bangkok |
188,334 |
47.08 |
|
Mr. Boonsong Keeratithamsophon Nationality: Thai Address : 164
Moo 4, Huayphai-Namphu Rd.,
Huayphai, Muang, Ratchaburi |
147,002 |
36.74 |
|
Mr. Sivapol Saelim Nationality: Thai Address : 99/5
Moo 5, Samaedam,
Bangkhunthien, Bangkok |
13,333 |
3.33 |
|
Ms. Chitra Runghataitham Nationality: Thai Address : 374/2
Petchkasem Rd., Nahmuang,
Muang, Ratchaburi |
12,000 |
3.00 |
|
Ms. Sumalee Runghataitham Nationality: Thai Address : 79/3
Likitsongkram Rd., Taladnua,
Muang, Phuket |
10,999 |
2.75 |
|
Ms. Nilit Saelim Nationality: Thai Address : 19/48
Moo 3, Petchkasem
Rd., Bangkae,
Pasicharoen, Bangkok |
10,000 |
2.50 |
|
Ms. Sunantha Runghataitham Nationality: Thai Address : 374/2
Petchkasem Rd., Nahmuang,
Muang, Ratchaburi |
9,999 |
2.50 |
|
Ms. Maneerat Saelim Nationality: Thai Address : 19/48
Moo 3, Petchkasem
Rd., Bangkae,
Pasicharoen, Bangkok |
8,333 |
2.10 |
Total Shareholders : 8
Share Structure [as
at April 25,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Angkana Wongwatanarat No.
9351
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
|
243,453.53 |
244,202.91 |
|
Short-term Investment |
217,741,648.78 |
162,933,689.34 |
|
Trade Accounts Receivable |
103,156,250.40 |
44,279,769.33 |
|
Inventories |
- |
6,666,378.69 |
|
Goods in Transit |
1,062,706.92 |
- |
|
Other Current Assets
|
977,252.86 |
167,808.64 |
|
|
|
|
|
Total Current Assets
|
323,181,312.49 |
214,291,848.91 |
|
Cash at Bank Pledged as a
Collateral |
481,000.00 |
481,000.00 |
|
Fixed Assets |
38,330,601.69 |
44,048,097.84 |
|
Intangible Assets |
50,161.66 |
- |
|
Other Assets |
9,800.00 |
9,800.00 |
|
Total Assets |
362,052,875.84 |
258,830,746.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
18,010,780.99 |
23,747,753.98 |
|
Short-term Loan from
Bank |
150,943,176.21 |
105,050,273.38 |
|
Trade Accounts Payable |
27,897,196.83 |
6,206,043.30 |
|
Short-term Loan from
Related Person |
95,000,000.00 |
68,700,000.00 |
|
Other Current Liabilities |
8,382,863.43 |
5,575,647.42 |
|
|
|
|
|
Total Current Liabilities |
300,234,017.46 |
209,279,718.08 |
|
Total Liabilities |
300,234,017.46 |
209,279,718.08 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
|
|
|
|
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning -
Unappropriated |
21,818,858.38 |
9,551,028.67 |
|
Total Shareholders' Equity |
61,818,858.38 |
49,551,028.67 |
|
Total Liabilities & Shareholders' Equity |
362,052,875.84 |
258,830,746.75 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
750,674,157.60 |
522,570,176.85 |
|
Gain on Exchange
Rate |
1,693,089.84 |
611,408.59 |
|
Interest Income |
4,830.14 |
10,130.49 |
|
Total Revenues |
752,372,077.58 |
523,191,715.93 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
712,976,051.67 |
498,013,030.75 |
|
Selling Expenses |
5,971,524.60 |
4,712,579.12 |
|
Administrative Expenses |
9,843,360.12 |
7,357,721.09 |
|
Total Expenses |
728,790,936.39 |
510,083,330.96 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
23,581,141.19 |
13,108,384.97 |
|
Interest Expenses |
[6,010,402.89] |
[5,098,253.23] |
|
Profit / [Loss] before Income
Tax |
17,570,738.30 |
8,010,131.74 |
|
Income Tax |
[5,302,908.59] |
[2,425,926.61] |
|
|
|
|
|
Net Profit / [Loss] |
12,267,829.71 |
5,584,205.13 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.02 |
|
QUICK RATIO |
TIMES |
1.07 |
0.99 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
19.58 |
11.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.07 |
2.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.54 |
4.89 |
|
INVENTORY TURNOVER |
TIMES |
670.91 |
74.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.16 |
30.93 |
|
RECEIVABLES TURNOVER |
TIMES |
7.28 |
11.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.28 |
4.55 |
|
CASH CONVERSION CYCLE |
DAYS |
36.42 |
31.27 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.98 |
95.30 |
|
SELLING & ADMINISTRATION |
% |
2.11 |
2.31 |
|
INTEREST |
% |
0.80 |
0.98 |
|
GROSS PROFIT MARGIN |
% |
5.25 |
4.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.14 |
2.51 |
|
NET PROFIT MARGIN |
% |
1.63 |
1.07 |
|
RETURN ON EQUITY |
% |
19.84 |
11.27 |
|
RETURN ON ASSET |
% |
3.39 |
2.16 |
|
EARNING PER SHARE |
BAHT |
30.67 |
13.96 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.86 |
4.22 |
|
TIME INTEREST EARNED |
TIMES |
3.92 |
2.57 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
43.65 |
|
|
OPERATING PROFIT |
% |
79.89 |
|
|
NET PROFIT |
% |
119.69 |
|
|
FIXED ASSETS |
% |
(12.98) |
|
|
TOTAL ASSETS |
% |
39.88 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.25 |
Acceptable |
Industrial
Average |
7.66 |
|
Net Profit Margin |
1.63 |
Acceptable |
Industrial
Average |
2.35 |
|
Return on Assets |
3.39 |
Satisfactory |
Industrial
Average |
3.90 |
|
Return on Equity |
19.84 |
Impressive |
Industrial
Average |
10.63 |
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 5.25%. 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 1.63%.
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 3.39%.
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 19.84%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Satisfactory |
Industrial
Average |
1.38 |
|
Quick Ratio |
1.07 |
|
|
|
|
Cash Conversion Cycle |
36.42 |
|
|
|
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 1.08 times in 2010, increased from 1.02 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 1.07 times in 2010,
increased from 0.99 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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
4.86 |
Risky |
Industrial
Average |
1.61 |
|
Times Interest Earned |
3.92 |
Impressive |
Industrial
Average |
2.84 |
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 3.93 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 0.83 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
19.58 |
Impressive |
Industrial
Average |
4.32 |
|
Total Assets Turnover |
2.07 |
Impressive |
Industrial
Average |
1.66 |
|
Inventory Conversion Period |
0.54 |
|
|
|
|
Inventory Turnover |
670.91 |
Impressive |
Industrial
Average |
5.00 |
|
Receivables Conversion Period |
50.16 |
|
|
|
|
Receivables Turnover |
7.28 |
Impressive |
Industrial Average |
5.22 |
|
Payables Conversion Period |
14.28 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
|
|
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
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 SCs 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.