MIRA
INFORM REPORT
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Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
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Name : |
UNIONSTEEL PROCESSING CENTER [THAILAND] LTD. |
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Registered Office : |
219/7 Moo 6, Pinthong 3 Industrial Estate, T. Bowin, A. Sriracha, Chonburi 20110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.11.2011 |
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Com. Reg. No.: |
0105554143562 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Service Provider of Steel Processing Center |
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No. of Employees : |
30 |
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RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company name
UNIONSTEEL
PROCESSING CENTER [THAILAND]
LTD.
SUMMARY
BUSINESS
ADDRESS : 219/7
MOO 6, PINTHONG 3
INDUSTRIAL ESTATE,
T.
BOWIN, A. SRIRACHA,
CHONBURI 20110,
THAILAND
TELEPHONE : [66] 081
868-0908
FAX :
-
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554143562
TAX
ID NO. : 3034774466
CAPITAL REGISTERED : BHT. 341,300,000
CAPITAL PAID-UP : BHT.
341,300,000
SHAREHOLDER’S PROPORTION : KOREAN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JI HOON
CHOI, KOREAN
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : STEEL
PROCESSING CENTER
SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : -
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established on November
7, 2011 as
a private limited
company by Korean
groups, under the
registered name UNIONSTEEL
PROCESSING CENTER [THAILAND]
LTD., with the
business objective to
provide complete range
of steel processing
service for home
appliance industry. It
currently employs approximate 30 staff.
The subject
is a wholly
owned subsidiary of
Union Steel Co.,
Ltd., in Korea,
which was founded
in 1962, and headquarter
is in Seoul,
South Korea.
Its
plant has installed
high technology steel
machinery and currently 90% completed
construction.
The
subject’s registered address
was initially located
at Unit 907, 9th Floor,
Park Venture Ecoplex,
57 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330.
On
September 10, 2012,
it was relocated
to 219/7 Moo
6, Pinthong 3 Industrial
Estate, T. Bowin, A. Sriracha,
Chonburi 20110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Ji Hoon Choi |
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Korean |
45 |
|
Mr. Yeong Hwan Kwon |
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Korean |
39 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ji Hoon Choi
is the Managing
Director.
He is Korean
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject
aims to operate
as a provider
complete range of
steel processing service
for home appliance
production industry. Its
production will be
started by the end
of 2012.
PURCHASE
Machinery
is imported from
Korea.
MAJOR
SUPPLIER
Dongkuk
Steel Mill Co.,
Ltd. : Korea
PARENT
COMPANY
Union Steel Co., Ltd., Korea, engages in the
manufacture and sale of steel products in South Korea. The company offers cold
rolled steel sheets, galvanized steel sheets, galvalume steel sheets,
color sheets, and printed
pattern products. It also provides UNILUX, a reflective sheet laminated
with polyethylene telepthalaid (PET) film, on which a silver or aluminum layer is
deposited by evaporation method;
UNIVURE, a painted
and printed sheet
made by decalcomania technology;
and UNIPET, a laminated
steel sheet with the printed PET
film on primer-coated galvanized steel sheet. The company’s products are used
in home appliance, drum, furniture,
automobile accessories, industry machinery, steel house, construction, interior/exterior materials,
wall body, soundproof wall,
and pipes applications.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 30 staff.
LOCATION DETAILS
The
premise is owned for
administrative office and
factory at the
heading address. Premise
is located in
provincial.
COMMENT
The
company is a
subsidiary company of
Union Steel Co., Ltd., Korea.
Since establishment in
November 2011, its
production has not
yet been started
due to its
plant is under
construction and expected
to be ready
for processing by
the end of 2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 270,000,000 divided
into 270,000 shares
of Bht. 1,000
each with fully
paid.
On
July 3, 2012,
the registered capital
was increased to
Bht. 341,300,000 divided into
341,300 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 3, 2012]
|
NAME |
HOLDING |
% |
|
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Union Steel Co.,
Ltd. Nationality: Korean Address : Ferrum
Tower, 66 Suha-dong, Jung-gu, Seoul, Korea |
341,298 |
100.00 |
|
Mr. Ji Hoon
Choi Nationality: Korean Address : Seoul,
Korea |
1 |
- |
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Mr. Hoi Min
Shung Nationality: Korean Address : Seoul,
Korea |
1 |
- |
Total Shareholders : 3
Share Structure [as
at July 3,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
- |
- |
- |
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Foreign - Korean |
3 |
341,300 |
100.00 |
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Total |
3 |
341,300 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Orn-manus Yooboonsor No.
6671
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 was :
ASSETS
|
Current Assets |
2011 |
|
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Cash and Cash Equivalents |
85,822,966.39 |
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Other Current Assets
|
15,955.36 |
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Total Current Assets
|
85,838,921.75 |
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Fixed Assets |
41,576,801.00 |
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Total Assets |
127,415,722.75 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
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Other Current Liabilities |
192,900.00 |
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Total Current Liabilities |
192,900.00 |
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Total Liabilities |
192,900.00 |
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Shareholders' Equity |
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Share capital : Baht 1,000
value Authorized &
issued share capital
270,000 shares |
270,000,000.00 |
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Capital Paid |
127,961,600.00 |
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Retained Earning - Unappropriated |
[738,777.25] |
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Total Shareholders' Equity |
127,222,822.75 |
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Total Liabilities & Shareholders' Equity |
127,415,722.75 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Nov. 7,
2011 – Dec. 31,
2011 |
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Other Income |
41,536.23 |
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Total Revenues |
41,536.23 |
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Expenses |
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Administrative Expenses |
780,313.48 |
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Total Expenses |
780,313.48 |
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Profit / [Loss] before Income Tax |
[738,777.25] |
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Income Tax |
- |
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Net Profit / [Loss] |
[738,777.25] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
444.99 |
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QUICK RATIO |
TIMES |
444.91 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
- |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
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INVENTORY TURNOVER |
TIMES |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
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CASH CONVERSION CYCLE |
DAYS |
- |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
- |
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SELLING & ADMINISTRATION |
% |
- |
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INTEREST |
% |
- |
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GROSS PROFIT MARGIN |
% |
- |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
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NET PROFIT MARGIN |
% |
- |
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RETURN ON EQUITY |
% |
(0.58) |
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RETURN ON ASSET |
% |
(0.58) |
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EARNING PER SHARE |
BAHT |
(5.77) |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.00 |
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DEBT TO EQUITY RATIO |
TIMES |
0.00 |
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TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
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Industrial
Average |
6.34 |
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Net Profit Margin |
- |
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Industrial
Average |
1.14 |
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Return on Assets |
(0.58) |
Deteriorated |
Industrial
Average |
1.22 |
|
Return on Equity |
(0.58) |
Deteriorated |
Industrial
Average |
2.51 |
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 -0.58%.
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 -0.58%.
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 |
444.99 |
Impressive |
Industrial
Average |
1.03 |
|
Quick Ratio |
444.91 |
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Cash Conversion Cycle |
- |
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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 444.99 times in 2011, increase from 0 time, 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 444.91 times in 2011,
increase from 0 time, although excluding inventory so the company still have
good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.00 |
Impressive |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
0.00 |
Impressive |
Industrial
Average |
1.74 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1.37 |
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 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
2.83 |
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Total Assets Turnover |
- |
|
Industrial Average |
1.24 |
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Inventory Conversion Period |
- |
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Inventory Turnover |
- |
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Industrial Average |
3.78 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
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Industrial Average |
5.84 |
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Payables Conversion Period |
- |
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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.53.12 |
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|
1 |
Rs.85.14 |
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Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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-- |
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.