MIRA INFORM REPORT
|
Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
COPPER ROD COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
Soi 9
Property Co., Ltd |
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Registered Office : |
16th Floor, Maneeya Building, 518/5 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
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Country : |
Thailand |
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|
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.04.1987 |
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Com. Reg. No.: |
0105530020002 |
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Legal Form : |
Private
Limited Company |
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|
|
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Line of Business : |
Manufacturer and distributor of copper rods |
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No. of Employees
: |
75 |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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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 – 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
THAI COPPER
ROD COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 22/2
MOO 5, THEPARAK
ROAD, BANGPLEEYAI,
BANGPLEE, SAMUTPRAKARN
10540
TELEPHONE : [66] 2385-5003-6
FAX :
[66] 2385-5007
E-MAIL : thcurod3@ksc.th.com
REGISTRATION
ADDRESS : 16th FLOOR,
MANEEYA BUILDING,
518/5 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530020002 [Former
: 1997/2530]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI :
54.50%
FOREIGN :
45.50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PETER ARMSTRONG
CAMPBELL, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 75
LINES
OF BUSINESS : COPPER RODS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 27,
1987 as a
private limited company under
the registered name “Soi
9 Property Co.,
Ltd.” by Thai
and Japanese groups.
On
May 31, 1998, subject’s
name was changed
to THAI COPPER ROD
COMPANY LIMITED.
The subject’s business objective is a
manufacturing service of copper rod. It
currently employs
approximately 75 staff.
The
major shareholders are
Bangkok Cable Co.,
Ltd., Phelps Dodge
International [Thailand] Co.,
Ltd., Sumitomo Electric Wintec [Thailand] Co., Ltd., and
Sumitomo Electric Industries
Co., Ltd., with holding
around 30%, 20%,
12.50% and 12.50% of
the subject’s shares
respectively.
The
subject’s registered address
is 16th Flr.,
Maneeya Bldg., 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330,
while the business
address is located
at 22/2 Moo
5, Theparak Rd.,
Bangpleeyai, Bangplee, Samutprakarn
10540.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yasunobu Sugimura |
|
Japanese |
60 |
|
Mr. Tomohiro Tomita |
|
Japanese |
51 |
|
Mr. Sompong Nakornsri |
|
Thai |
78 |
|
Mr. Athikom Thongnamtako |
|
Thai |
82 |
|
Mr. Termsakdi Honghirun |
|
Thai |
65 |
|
Mr. Hitoshi Kato |
|
Japanese |
55 |
|
Mr. Nirut Chiakwathanyu |
[x] |
Thai |
53 |
|
Mr. Peter Armstrong Campbell |
[x] |
British |
50 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Peter Armstrong Campbell is
the Managing Director.
He is British
nationality with the
age of 50
years old.
Mr. Ekachai Luangvilailert is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing service of copper rods
in accordance with customer’s
orders. Most of the
products are supplied
to electrical and
telecommunication industries.
PRODUCTION CAPACITY
50,000 tons/year
PURCHASE
Most of raw
materials are purchased
from local supplier,
the remaining is
imported from Japan,
Taiwan and Republic
of China.
SERVICES
The products are
serviced locally to
manufacturers and end-users.
MAJOR CUSTOMERS
Bangkok Cable Co.,
Ltd. : Thailand
Phelps Dodge Thailand
Co., Ltd. : Thailand
Sumitomo Electric [Thailand] Ltd. : Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
75 office staff
and factory workers.
LOCATION
DETAILS
The
premise is rented
for administrative office, factory
and warehouse at the heading
address. Premise is located in
industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subject’s operating
performance in 2010
was slightly dropped
comparing to the
previous year with
a decrease in
both sales revenue
and net profit.
However, the subject
reported a better
performance in 2011
with more orders
than the previous
year. Generally, the
subject’s business operation is
promising and growth
is to be seen
in line with
a demand of
the products from
related industries.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On
July 30, 1988, the
capital was increased
to Bht. 100,000,000 divided
into 100,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 19, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Cable Co.,
Ltd. Nationality: Thai Address : 187/1
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
30,000 |
30.00 |
|
Phelps Dodge International [Thailand]
Co., Ltd. Nationality: Foreign Address : 159
Theparak Rd., Bangpla,
Bangplee,
Samutprakarn |
20,000 |
20.00 |
|
Sumitomo Electric Wintec
[Thailand] Co., Ltd. Nationality: Thai Address : 649
Moo 2, Sukhumvit
Rd., Bangpumai, Muang, Samutprakarn |
12,500 |
12.50 |
|
Sumitomo Electric Industries
Co., Ltd. Nationality: Japanese Address :
3-12 Motoakasaka 1-
Shome Minato-ku, Tokyo, Japan |
12,500 |
12.50 |
|
Hitachi Bangkok Cable
Co., Ltd. Nationality: Foreign Address : 173
Moo 12, Bangna-Trad
Rd., Bangwua,
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Thai Hitachi Enamel
Wire Co., Ltd. Nationality: Thai Address : 171
Moo 12, Bangna-Trad
Rd., Bangwua,
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Hitachi Cable Co.,
Ltd. Nationality: Japanese Address : 2-1-2
Marunoshi Shiyoda-ku, Tokyo,
Japan |
6,000 |
6.00 |
|
PDTL Trading Co.,
Ltd. Nationality: Thai Address : 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
5,000 |
5.00 |
Total Shareholders : 8
Share Structure [as
at April 19,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
54,500 |
54.50 |
|
Foreign |
4 |
45,500 |
45.50 |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Natchalee Bunyakarnkul No.
3126
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
52,483,052 |
64,770,740 |
|
Trade Accounts Receivable -
Related Company |
12,390,704 |
9,207,200 |
|
Inventories |
37,249,091 |
31,445,911 |
|
Other Current Assets
|
1,826,892 |
310,135 |
|
Total Current Assets
|
103,949,739 |
105,733,986 |
|
Fixed Assets |
62,131,199 |
65,468,710 |
|
Deferred Income Tax |
2,701,277 |
1,754,099 |
|
Other Assets |
30,000 |
30,000 |
|
Total Assets |
168,812,215 |
172,986,795 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
2,355,621 |
3,718,852 |
|
Accrued Income Tax |
356,193 |
1,185,064 |
|
Accrued Expenses |
3,541,915 |
3,864,248 |
|
Other Current Liabilities |
801,405 |
416,948 |
|
Total Current Liabilities |
7,055,134 |
9,185,112 |
|
Reserve for Employees’
Benefit |
8,065,460 |
5,075,836 |
|
Total Liabilities |
15,120,594 |
14,260,948 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
43,691,621 |
48,725,847 |
|
Total Shareholders' Equity |
153,691,621 |
158,725,847 |
|
Total Liabilities & Shareholders' Equity |
168,812,215 |
172,986,795 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Services Income |
135,333,306 |
132,539,437 |
|
Scarp Sale Income |
1,398,743 |
10,987,572 |
|
Other Income |
1,579,791 |
860,680 |
|
Total Revenues |
138,311,840 |
144,387,689 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
102,906,238 |
10,447,338 |
|
Selling Expenses |
3,999,180 |
4,153,060 |
|
Administrative Expenses |
17,229,896 |
14,833,542 |
|
Total Expenses |
124,135,314 |
123,433,940 |
|
Profit Before Income Tax |
14,176,526 |
20,953,749 |
|
Income Tax |
[4,210,752] |
[6,405,157] |
|
Net Profit / [Loss] |
9,965,774 |
14,548,592 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
14.73 |
11.51 |
|
QUICK RATIO |
TIMES |
9.20 |
8.05 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.18 |
2.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.80 |
0.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
132.12 |
1,098.63 |
|
INVENTORY TURNOVER |
TIMES |
2.76 |
0.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.36 |
129.93 |
|
CASH CONVERSION CYCLE |
DAYS |
123.76 |
968.70 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.04 |
7.88 |
|
SELLING & ADMINISTRATION |
% |
15.69 |
14.33 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
26.16 |
101.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.48 |
15.81 |
|
NET PROFIT MARGIN |
% |
7.36 |
10.98 |
|
RETURN ON EQUITY |
% |
6.48 |
9.17 |
|
RETURN ON ASSET |
% |
5.90 |
8.41 |
|
EARNING PER SHARE |
BAHT |
99.66 |
145.49 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.09 |
0.08 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.10 |
0.09 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.11 |
|
|
OPERATING PROFIT |
% |
(32.34) |
|
|
NET PROFIT |
% |
(31.50) |
|
|
FIXED ASSETS |
% |
(5.10) |
|
|
TOTAL ASSETS |
% |
(2.41) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
26.16 |
Impressive |
Industrial
Average |
7.66 |
|
Net Profit Margin |
7.36 |
Impressive |
Industrial
Average |
2.35 |
|
Return on Assets |
5.90 |
Impressive |
Industrial
Average |
3.90 |
|
Return on Equity |
6.48 |
Acceptable |
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. Gross Profit Margin is 26.16%. When compared with the industry
average, the ratio of the company was higher. This indicated that company was
more profitable than the same industry.
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. Net Profit Margin ratio is 7.36%,
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
5.9%, 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. When compared with the
industry average, it was lower, the company's figure is 6.48%.
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 |
14.73 |
Impressive |
Industrial
Average |
1.38 |
|
Quick Ratio |
9.20 |
|
|
|
|
Cash Conversion Cycle |
123.76 |
|
|
|
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 14.73 times in 2010, increase from 11.51 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 9.2 times in 2010,
increase from 8.05 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 124 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.09 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.10 |
Impressive |
Industrial
Average |
1.61 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.09 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.18 |
Acceptable |
Industrial
Average |
4.32 |
|
Total Assets Turnover |
0.80 |
Deteriorated |
Industrial
Average |
1.66 |
|
Inventory Conversion Period |
132.12 |
|
|
|
|
Inventory Turnover |
2.76 |
Acceptable |
Industrial
Average |
5.00 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
5.22 |
|
Payables Conversion Period |
8.36 |
|
|
|
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.50.12 |
|
UK Pound |
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.02 |
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.