MIRA
INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
NUM TAI STEEL CO., LTD. |
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Registered Office : |
99/61 Moo 3, Liabklongseewaphasawat Road, T. Nadee, A. Muang, Samutsakorn 74000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.02.2004 |
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Com. Reg. No.: |
0105547028842 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Steels and Related Products |
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No. of Employees : |
30 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
NUM
TAI STEEL CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 99/61
MOO 3, LIABKLONGSEEWAPHASAWAT ROAD,
T.
NADEE, A. MUANG, SAMUTSAKORN
74000
TELEPHONE : [66] 85
488-4920-5, 081 173-3197
FAX :
[66] 34
832-528-9
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547028842
TAX
ID NO. : 3031265158
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUWIT JIRAPONGTRAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : STEELS AND
RELATED PRODUCTS
IMPORTER 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 February 26,
2004 as a
private limited company under
the registered name
NUM TAI STEEL
CO., LTD., by
Thai groups, with the business
objective to distribute
various kinds of
steels and related
products. It currently
employs approximate 30
staff.
The
subject’s registered address
is 99/61 Moo 3, Liabklongseewaphasawat Rd.,
T. Nadee, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Suwit Jirapongtrakul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suwit Jirapongtrakul is
the Managing Director.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of steels and
related products, such
as steel plate,
I-beam, H-beam, Equal
angle, flat bars,
deformed bars, round bars, light lip
channel, stainless steel,
steel wire, wire
mesh and etc., for
construction and industrial
sector.
PURCHASE
80% of the products is
purchased from local
supplier, the remaining
20% is imported
from Republic of
China, India and
Australia.
MAJOR
SUPPLIERS
N.S
Steel Co., Ltd. :
Thailand
Thai
Metal Trade Public
Co., Ltd. : Thailand
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
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
Kasikornbank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 office
staff and workers.
LOCATION DETAILS
The
premise is owned for
administrative office and
warehouse at the heading
address. Premise is
located in provincial.
COMMENT
The
company was formed in 2004
as an importer
and distributor of steel
products. Subject reported
outstanding increased its
sales in 2011
compared to the
previous year. Moreover, construction and
industrial improvement since
2010 has risen
its sales and
services in 2011-2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 25,000,000
on June 4,
2008
Bht. 50,000,000
on December 3,
2008
Bht. 100,000,000
on June 17,
2011
The
latest registered capital
was increased to
Bht. 100 million,
divided into 1,000,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
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Mr. Suwit Jirapongtrakul Nationality: Thai Address : 59/323
Moo 10. Rama
2 Rd., Bangmod,
Jomthong, Bangkok |
990,000 |
99.00 |
|
Mrs. Wanna Sitthisirinukul Nationality: Thai Address : 19/48
Moo 3, Ekachai-Bangbon Rd.,
Bangbon, Bangkok |
5,000 |
0.50 |
|
Mrs. Naowarat Jirapongtrakul Nationality: Thai Address : 46/89
Moo 9, Rama
2 Rd., Bangmod,
Jomthong, Bangkok |
5,000 |
0.50 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
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Thai |
3 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
3 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kittipong Rungruangsarn No.
6259
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
17,109,049.26 |
11,087,981.11 |
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Trade Accounts & Other Receivable |
382,411,263.35 |
217,190,047.71 |
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Inventories |
237,384,424.84 |
274,126,865.05 |
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Total Current Assets
|
636,904,737.45 |
502,404,893.87 |
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Fixed Assets |
69,622,908.22 |
71,519,215.98 |
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Other Non - current Assets |
102,100.00 |
102,100.00 |
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Total Assets |
706,629,745.67 |
574,026,209.83 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
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Short-term Loan from Financial Institutions |
398,626,435.13 |
425,999,997.46 |
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Trade Accounts & Other
Payable |
130,187,108.75 |
21,554,130.02 |
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Short-term Loan |
65,482,000.00 |
65,292,000.00 |
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Accrued Income Tax |
82,811.00 |
215,293.81 |
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Total Current Liabilities |
594,378,354.88 |
513,061,421.29 |
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Total Liabilities |
594,378,354.88 |
513,061,421.29 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,000,000 & 500,000 shares in
2011 & 2010
respectively |
100,000,000.00 |
50,000,000.00 |
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Capital Paid |
100,000,000.00 |
50,000,000.00 |
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Retained Earning - Unappropriated |
12,251,390.79 |
10,964,788.54 |
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Total Shareholders' Equity |
112,251,390.79 |
60,964,788.54 |
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Total Liabilities & Shareholders' Equity |
706,629,745.67 |
574,026,209.83 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
1,429,329,398.61 |
1,349,278,382.04 |
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Other Income |
451,841.32 |
820,182.01 |
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Total Revenues |
1,429,781,239.93 |
1,350,098,564.05 |
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Expenses |
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Cost of Goods
Sold |
1,382,559,013.67 |
1,317,004,218.83 |
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Selling Expenses |
19,581,665.45 |
14,735,278.75 |
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Administrative Expenses |
11,050,261.88 |
5,557,805.58 |
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Other Expenses |
- |
579,734.41 |
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Total Expenses |
1,413,190,941.00 |
1,337,877,037.57 |
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Profit / Loss] before Financial Costs & Income Tax |
16,590,298.93 |
12,221,526.48 |
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Financial Costs |
[14,619,449.68] |
[11,032,280.66] |
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Profit / [Loss] before Income Tax |
1,970,849.25 |
1,189,245.82 |
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Income Tax |
[684,247.00] |
[845,463.81] |
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Net Profit / [Loss] |
1,286,602.25 |
343,782.01 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
1.07 |
0.98 |
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QUICK RATIO |
TIMES |
0.67 |
0.44 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
20.53 |
18.87 |
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TOTAL ASSETS TURNOVER |
TIMES |
2.02 |
2.35 |
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INVENTORY CONVERSION PERIOD |
DAYS |
62.67 |
75.97 |
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INVENTORY TURNOVER |
TIMES |
5.82 |
4.80 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
97.65 |
58.75 |
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RECEIVABLES TURNOVER |
TIMES |
3.74 |
6.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.37 |
5.97 |
|
CASH CONVERSION CYCLE |
DAYS |
125.95 |
128.75 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
96.73 |
97.61 |
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SELLING & ADMINISTRATION |
% |
2.14 |
1.50 |
|
INTEREST |
% |
1.02 |
0.82 |
|
GROSS PROFIT MARGIN |
% |
3.30 |
2.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.16 |
0.91 |
|
NET PROFIT MARGIN |
% |
0.09 |
0.03 |
|
RETURN ON EQUITY |
% |
1.15 |
0.56 |
|
RETURN ON ASSET |
% |
0.18 |
0.06 |
|
EARNING PER SHARE |
BAHT |
1.29 |
0.69 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.84 |
0.89 |
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DEBT TO EQUITY RATIO |
TIMES |
5.30 |
8.42 |
|
TIME INTEREST EARNED |
TIMES |
1.13 |
1.11 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
5.93 |
|
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OPERATING PROFIT |
% |
35.75 |
|
|
NET PROFIT |
% |
274.25 |
|
|
FIXED ASSETS |
% |
(2.65) |
|
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TOTAL ASSETS |
% |
23.10 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.30 |
Acceptable |
Industrial
Average |
5.79 |
|
Net Profit Margin |
0.09 |
Deteriorated |
Industrial
Average |
0.48 |
|
Return on Assets |
0.18 |
Deteriorated |
Industrial
Average |
1.11 |
|
Return on Equity |
1.15 |
Deteriorated |
Industrial
Average |
3.23 |
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 3.3%. 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 0.09%.
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 0.18%.
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 1.15%.
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 |
1.07 |
Satisfactory |
Industrial Average |
1.24 |
|
Quick Ratio |
0.67 |
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Cash Conversion Cycle |
125.95 |
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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 1.07 times in 2011, increased from 0.98 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 0.67 times in 2011,
increased from 0.44 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 126 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
5.30 |
Risky |
Industrial
Average |
2.11 |
|
Times Interest Earned |
1.13 |
Satisfactory |
Industrial
Average |
1.43 |
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 1.14 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 0.84 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
20.53 |
Impressive |
Industrial
Average |
8.97 |
|
Total Assets Turnover |
2.02 |
Satisfactory |
Industrial
Average |
2.33 |
|
Inventory Conversion Period |
62.67 |
|
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|
Inventory Turnover |
5.82 |
Impressive |
Industrial
Average |
5.23 |
|
Receivables Conversion Period |
97.65 |
|
|
|
|
Receivables Turnover |
3.74 |
Acceptable |
Industrial
Average |
5.70 |
|
Payables Conversion Period |
34.37 |
|
|
|
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.55.52 |
|
|
1 |
Rs.88.49 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.