MIRA
INFORM REPORT
|
Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
METALCOM
LTD. |
|
|
|
|
Registered Office : |
119
Moo 9, T. Huatanon, A. Panatnikom, Chonburi 20140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.07.2001 |
|
|
|
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Com. Reg. No.: |
0105544067243 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Manufacturer, distributor and exporter of Aluminium ingot |
|
|
|
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No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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
METALCOM LTD.
SUMMARY
BUSINESS
ADDRESS : 119
MOO 9, T. HUATANON,
A. PANATNIKOM,
CHONBURI 20140,
THAILAND
TELEPHONE : [66] 38
472-000-8
FAX :
[66] 38
472-009
E-MAIL
ADDRESS : mtc@metalcom.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544067243
TAX
ID NO. : 3029000372
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI : 99.75%
SINGAPOREAN :
0.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAKON THANALERTLAP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : ALUMINIUM INGOT
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 July
18, 2001 as
a private limited
company under the name
style METALCOM LTD. by
Thai and Singaporean
groups. Its business
objective is to
manufacture and distribute
aluminium ingot for various industries
both domestic and international
markets. It currently
employs approximate 200
staff.
The
subject’s registered address
is 119 Moo 9, T.
Huatanon, A. Panatnikom, Chonburi
20140, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Takon Thanalertlap |
|
Thai |
46 |
|
Mrs. Arunrak Thanalertlap |
|
Thai |
43 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Takon Thanalertlap is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
Mrs. Arunrak Thanalertlap is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is a
metal melting factory
to provide manufacturing
service of aluminium ingot for
packaging and automotive
industries. Its products
are recycled from aluminium scrap
and aluminium doors.
PURCHASE
Most of raw materials, mainly
aluminum scrap and
chemical are purchased
from local supplier,
the remaining is
imported from Republic
of China, Korea
and Taiwan.
MAJOR
SUPPLIER
Akesteel
Co., Ltd. : Thailand
SALES/SERVICES
80% of the
products is sold
locally to manufacturers
and end-users, the
remaining 20% is
exported to U.S.A.
and the countries in
Europe.
SUBSIDIARY AND AFFILIATED
COMPANY
T.K. Ingot &
Liquation Co., Ltd.
Business Type :
Manufacturer of aluminium
ingot
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
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION DETAILS
The premise is owned for
administrative office and
factory at the
heading address. Premise
is located in
provincial.
NOTE
Refer
to your given
address “37168 Rama
2 Road, Bangkok”,
we were informed
by the officer
that the subject
has never been
located at the
mentioned address.
COMMENT
The
subject was formed in
2001. Its business is
a manufacture, distributor and exporter
of aluminium ingot. From the experience gathered
through time, professional
teamwork with the
development in new technology
used in the factory, the
products have been
served to various
industries.
World economic sluggish had resulted to outstanding decreased consumption of
aluminium ingot and this
was also reflected a slowdown
of industrial sector.
Subject reported significantly
dropped of its sales
in 2009. However,
economic improvement has seen since the first quarter of 2010 as
well as consumption of the
product has significantly increased.
Subject’s current business
performance is promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 65,000,000
divided into 650,000
shares of Bht. 100
each with fully
paid.
On
February 28, 2005, the
capital was increased
to Bht. 200,000,000 divided
into 2,000,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
February 28, 2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Takon Thanalertlap Nationality: Thai Address : 38/27
Moo 12, Nongkaem,
Bangkok |
1,200,000 |
60.00 |
|
Mrs. Arunrak Thanalertlap Nationality: Thai Address : 109
Moo 2, Bangnamjued, Muang,
Samutsakorn |
600,000 |
30.00 |
|
Mrs. Kanya Jira-alongkorn Nationality: Thai Address :
108 Charoennakorn Rd.,
Klongtonsai,
Klongsan, Bangkok |
65,000 |
3.25 |
|
Mrs. Sompis Kanchanapenkul Nationality: Thai Address : 88/1029
Moo 6, Samaedam,
Bangkhunthien, Bangkok |
65,000 |
3.25 |
|
|
|
|
|
Mr. Anant Surapolchaichan Nationality: Thai Address : 108
Charoennakorn Rd., Klongtonsai,
Klongsan, Bangkok |
60,000 |
3.00 |
|
Mr. Eng Hong Go Nationality: Singaporean Address : 119
Moo 9, T.Huatanon,
A. Panatnikom, Chonburi |
5,000 |
0.25 |
|
Mr. Lua Subongkoch Nationality: Thai Address : 108
Charoennakorn Rd., Klongtonsai,
Klongsan, Bangkok |
4,000 |
0.20 |
|
Mr. Veerapong Thepawarin Nationality: Thai Address :
84/51 Moo 2,
Petchkasem Rd.,
Nongkangplu, Nongkaem, Bangkok |
1,000 |
0.05 |
Total Shareholders : 8
Share Structure [as
at February 28,
2005]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,995,000 |
99.75 |
|
Foreign - Singaporean |
1 |
5,000 |
0.25 |
|
Total |
8 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Mangkorn Kanchanasai No.
3467
Note:
The 2011 financial
statement has yet been
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
126,958.13 |
1,398,126.92 |
|
Trade Accounts Receivable |
31,407,516.93 |
28,253,828.87 |
|
Inventories |
258,241,299.36 |
295,382,868.82 |
|
Prepaid Expenses |
303,416.12 |
7,977,215.59 |
|
Other Current Assets
|
1,665,731.38 |
2,864,952.91 |
|
Total Current
Assets |
291,744,921.92 |
335,876,993.11 |
|
|
|
|
|
Fixed Assets |
191,139,606.09 |
192,395,670.64 |
|
Other Assets |
18,604,588.96 |
2,407,293.48 |
|
Total Assets
|
501,489,116.97 |
530,679,957.23 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
161,084,579.66 |
365,072,210.59 |
|
Trade Accounts Payable |
114,060,137.51 |
40,614,472.50 |
|
Accrued Expenses |
2,137,112.68 |
2,386,074.83 |
|
Other Current Liabilities |
8,201,961.72 |
65,364.67 |
|
Total Current
Liabilities |
285,483,791.57 |
408,138,122.59 |
|
|
|
|
|
Long-term Loan from Bank |
60,000,000.00 |
- |
|
Total Liabilities |
345,483,791.57 |
408,138,122.59 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 2,000,000
shares |
200,000,000.00 |
200,000,000.00 |
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning -
Unappropriated |
[43,994,674.60] |
[77,458,165.36] |
|
Total
Shareholders' Equity |
156,005,325.40 |
122,541,834.64 |
|
Total
Liabilities & Shareholders' Equity |
501,489,116.97 |
530,679,957.23 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
2,107,986,517.27 |
1,014,772,709.04 |
|
Other Income |
2,466,588.80 |
699,278.38 |
|
Gain on Exchange Rate |
6,355,205.28 |
- |
|
Total Revenues
|
2,116,808,311.35 |
1,015,471,987.42 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
2,041,387,575.32 |
947,418,387.55 |
|
Selling Expenses |
5,195,326.55 |
6,109,415.24 |
|
Administrative Expenses |
18,254,141.62 |
14,969,917.12 |
|
Total Expenses |
2,064,837,043.49 |
968,497,719.91 |
|
Profit / [Loss] before Finance Cost & Income Tax |
51,971,267.86 |
46,974,267.51 |
|
Finance Cost |
[18,507,777.10] |
[15,674,878.41] |
|
Income Tax |
- |
- |
|
Net Profit / [Loss] |
33,463,490.76 |
31,299,389.10 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
0.82 |
|
QUICK RATIO |
TIMES |
0.11 |
0.07 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.03 |
5.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.20 |
1.91 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
46.17 |
113.80 |
|
INVENTORY TURNOVER |
TIMES |
7.90 |
3.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
5.44 |
10.16 |
|
RECEIVABLES TURNOVER |
TIMES |
67.12 |
35.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
20.39 |
15.65 |
|
CASH CONVERSION CYCLE |
DAYS |
31.22 |
108.31 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.84 |
93.36 |
|
SELLING & ADMINISTRATION |
% |
1.11 |
2.08 |
|
INTEREST |
% |
0.88 |
1.54 |
|
GROSS PROFIT MARGIN |
% |
3.58 |
6.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.47 |
4.63 |
|
NET PROFIT MARGIN |
% |
1.59 |
3.08 |
|
RETURN ON EQUITY |
% |
21.45 |
25.54 |
|
RETURN ON ASSET |
% |
6.67 |
5.90 |
|
EARNING PER SHARE |
BAHT |
16.73 |
15.65 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.21 |
3.33 |
|
TIME INTEREST EARNED |
TIMES |
2.81 |
3.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
107.73 |
|
|
OPERATING PROFIT |
% |
10.64 |
|
|
NET PROFIT |
% |
6.91 |
|
|
FIXED ASSETS |
% |
(0.65) |
|
|
TOTAL ASSETS |
% |
(5.50) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.58 |
Deteriorated |
Industrial Average |
7.66 |
|
Net Profit Margin |
1.59 |
Acceptable |
Industrial
Average |
2.35 |
|
Return on Assets |
6.67 |
Impressive |
Industrial
Average |
3.90 |
|
Return on Equity |
21.45 |
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 3.58%. 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 1.59%.
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. Return on Assets ratio is 6.67%, 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 21.45%, 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 |
1.02 |
Acceptable |
Industrial
Average |
1.38 |
|
Quick Ratio |
0.11 |
|
|
|
|
Cash Conversion Cycle |
31.22 |
|
|
|
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 1.02 times in 2010, increased from 0.82 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 0.11 times in 2010,
increased from 0.07 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 32 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
2.21 |
Risky |
Industrial
Average |
1.61 |
|
Times Interest Earned |
2.81 |
Satisfactory |
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 2.81 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 0.69 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 |
11.03 |
Impressive |
Industrial Average |
4.32 |
|
Total Assets Turnover |
4.20 |
Impressive |
Industrial Average |
1.66 |
|
Inventory Conversion Period |
46.17 |
|
|
|
|
Inventory Turnover |
7.90 |
Impressive |
Industrial Average |
5.00 |
|
Receivables Conversion Period |
5.44 |
|
|
|
|
Receivables Turnover |
67.12 |
Impressive |
Industrial Average |
5.22 |
|
Payables Conversion Period |
20.39 |
|
|
|
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.55.26 |
|
UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.