%20LIMITED%2015-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
15th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
CLARIANT
CHEMICALS (THAILAND) LIMITED |
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Registered Office : |
6th-7th Floor,
Vibulthani Tower II 3195/11-12 Rama 4 Road,
Klongton, Klongtoey,
Bangkok 10110, Thailand |
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Country : |
Thailand
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
29.05.1997 |
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Com. Reg. No.: |
0105540051385 [Former : [5] 875/2540] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturer of
specialty chemical and emulsion products for various
industries. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
CLARIANT CHEMICALS
[THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 6th-7th FLOOR,
VIBULTHANI TOWER II
3195/11-12 RAMA 4 ROAD,
KLONGTON,
KLONGTOEY,
BANGKOK 10110, THAILAND
TELEPHONE :
[66] 2661-5360-89
FAX :
[66] 2661-4063-4
E-MAIL ADDRESS : chamaporn.nuchapong@clariant.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540051385 [Former : [5] 875/2540]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP :
BHT. 600,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER
31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
ROBERT VULTIER, SWISS
MANAGING DIRECTOR
NO. OF
STAFF : 500
LINES OF
BUSINESS : EMULSION
PRODUCTS
MANUFACTURER & EXPORTER
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
May 29, 1997
as a private limited company under the registered name
MOVILIT [THAILAND] LTD., by a
joint venture between
Thai and Swiss
groups in order
to manufacture and
market specialty chemical
in Thailand.
On August
21, 1997 the subject was
changed its name
to CLARIANT POLYMER
[THAILAND] CO., LTD.
In 1998,
the subject acquired emulsions
business from Hoechst
Chemical Industries Limited and changed the name
to CLARIANT EMULSIONS [THAILAND] LTD., on
September 1998.
In 2002, the subject took over the
business of Clariant
Chemicals Ltd., and
changed its name
to “CLARIANT CHEMICALS [THAILAND] LTD.” on
January 2, 2002.
It currently employs
approximately 500 staff.
At
present, the subject is a
subsidiary of Clariant
International Ltd. in
Switzerland, a global
leading specialty chemical
group.
The subject’s
registered address is
3195/11-12 Vibulthani Tower 2,
Rama 4 Rd., Klongton, Klongtoey,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Daniel
Hug |
|
Swiss |
33 |
|
Mr. Water
Kindler |
|
Swiss |
47 |
|
Ms.
Yupin Naranesuth |
|
Thai |
57 |
|
Mr. Herbert
Wohlmann |
|
Swiss |
63 |
|
Mr. Edga
Rodel |
|
Swiss |
77 |
|
Mr. Robert
Vultier |
|
Swiss |
46 |
|
Mr.
Han Ulrich Wolfgang Carsten Kurtz |
|
German |
41 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Robert Vultier is the Managing
Director.
He is
Swiss Nationality with
the age of
46 years old.
Mr.
Narong Sinsiriphan
is the General Manager.
He is Thai nationality.
Mr.
Sukij Vachirasudej is the Factory
Manager.
He is
Thai nationality.
Mr.
Pureephat Wangpaiboonkij
is the Marketing Manager.
He is
Thai nationality.
Dr.
Prapasri Ratchatapiti
is the Technical Service Manager.
She is
Thai nationality.
Mr.
Wisit Saebay
is the Sales Manager [Textile
Dyes, Chemicals].
He is
Thai nationality.
Mr.
Yongyuth Areekul
is the Sales Manager [Leather Chemical & Emulsions].
He is
Thai nationality.
Mr.
Paitoon Sermsirimongkol
is the Sales Manager [Paper Chemicals].
He is
Thai nationality.
Ms.
Duangporn Prasertsong
is the Sales Manager [Emulsions].
She is
Thai nationality.
BUSINESS OPERATION
The subject’s
activity is a
manufacturer of specialty
chemical and emulsion products
for various industries.
Its products
are divided into
5 divisions as
follows:
-
Textile, leather, paper
chemicals & emulsions
-
Pigments and additives.
-
Functional Chemicals
-
Life Science and Electronic Chemicals
- Master
Batches
PRODUCTION CAPACITY
20,000 tons/year
IMPORT [COUNTRIES]
50% of
raw materials and
chemicals are imported
from Switzerland, Japan,
Taiwan and Germany.
MAJOR SUPPLIERS
Clariant International Ltd. : Switzerland
Clariant Masterbatches [Thailand] Ltd. :
Thailand
SALES [LOCAL]
90% of
its products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRIES]
10% of
its products is
exported to Malaysia,
Singapore, Bangladesh, Vietnam,
Taiwan, Indonesia and
Republic of China.
PARENT
COMPANY
Clariant International Ltd. : Switzerland
SUBSIDIARY COMPANY
Clariant Masterbatches [Thailand] Ltd. : Thailand
[Former : Drycolor Pacific
Ltd.]
CREDIT
Sales are
by cash or
on the credits term of
30-60-90 days
Local bills
are paid by
cash or on
the credits term
of 30-60-90 days.
Imports are
by L/C at sight or
T/T.
Exports are
against L/C at
sight.
BANKING
Kasikornbank Public Co., Ltd.
[Rama
4 Branch: Rama 4
Rd., Klongtoey, Bangkok 10110]
The
Siam Commercial Bank
Public Co., Ltd.
[Klongtoey
Branch : Rama 4 Rd.,
Klongtoey, Bangkok 10110]
EMPLOYMENT
The subject
employs approximately 500
office staff and
factory workers.
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in commercial area.
Branches/Factories:
- 2
Soi G2, Eastern
Industrial Estate, Pakornsongkroh Rd., T. Mabtaphut, A.
Muang,
Rayong
Province 21000, Tel:
[038] 685-351 Fax: [038] 685-069.
-
888 Moo 8, Theparak Rd., Samrongnua,
Muang, Samutprakarn.
-
851 Bangpoo Industrial-Estate, Moo
4, Sukhumvit Rd., Samutprakarn.
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34/5 Moo 1, Chaengwatana Rd., Klongklua,
Pakkred, Nonthaburi.
-
31 Rama 3 Rd., Chongnonsee, Yannawa,
Bangkok 10120.
OVERVIEW
Domestic industrial
expansion has significantly
increased due to recovering of local
consumption from the
economic improvement.
This year
consumer spending is
likely to grow
further despite overall
economic uncertainty. As
well industrial operators still have new projects
or producing new
products, as exports
continue growing.
FINANCIAL INFORMATION
The capital was
registered at Bht. 100,000 divided into 100
shares of Bht.
1,000 each.
The capital
was increased later
as followings :
Bht. 100,000,000 on
December 3, 1997
Bht. 600,000,000 on
August 5, 1999
The latest
registered capital was
increased to Bht.
600 million, divided
into 600,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[
as at
April 29, 2006]
|
NAME |
HOLDING |
% |
|
Clariant
International Ltd. Nationality:
Swiss Address : Switzerland |
599,994 |
100.00 |
|
Mr.
Francis Noat Nationality:
French Address : Switzerland |
1 |
- |
|
Mr.
Walter Kindler Nationality: Swiss Address :
Switzerland |
1 |
- |
|
Mr.
Angdreus Valde Nationality:
Swiss Address : Switzerland |
1 |
- |
|
Mr.
Herbert Alexander Wohlmann Nationality:
Swiss Address : Switzerland |
1 |
- |
|
Mr.
Peter Armin Brandenburg Nationality:
Swiss Address : Switzerland |
1 |
- |
|
Mr.
Robert Vultier Nationality:
Swiss Address : Switzerland |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Prasit Yeungsrikul No. 4174
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2005 & 2004 were :
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
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Cash in
hand & at
bank [note 1] |
1,252,419 |
1,744,855 |
|
Trade Accts.
Receivable [note 2] |
622,030,472 |
666,596,087 |
|
Receivable
- Related Companies |
11,286,419 |
7,885,495 |
|
Inventories [note 3] |
449,059,959 |
415,978,420 |
|
Others Current
Assets |
10,579,781 |
4,807,794 |
|
Total
Current Assets |
1,094,209,050 |
1,097,012,651 |
|
Fixed Assets [note 4] |
221,578,820 |
225,320,181 |
|
Others Assets |
8,043,318 |
8,106,678 |
|
Total
Assets |
1,323,831,188 |
1,330,439,510 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Loan from
Bank |
416,000,000 |
590,000,000 |
|
Trade Accts.
Payable |
152,275,814 |
170,615,927 |
|
Payable
- Related Companies |
262,365,680 |
239,359,124 |
|
Accrued Expenses |
32,838,812 |
27,426,390 |
|
Others Current
Liabilities |
21,475,812 |
15,316,856 |
|
Total Current Liabilities |
884,956,118 |
1,042,718,297 |
|
Reserve for
Employee Pension Fund |
17,890,154 |
23,585,039 |
|
Total
Liabilities |
902,846,272 |
1,066,303,336 |
|
Shareholders' Equity |
|
|
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Share capital : Baht 1,000 par value
authorized, issued and fully
paid
share capital 600,000
shares |
600,000,000 |
600,000,000 |
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Retained Earning - Unappropriated |
[179,015,084] |
[335,863,826] |
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Total Shareholders' Equity |
420,984,916 |
264,136,174 |
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Total Liabilities & Shareholders' Equity |
1,323,831,188 |
1,330,439,510 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
2,308,531,231 |
2,275,355,508 |
|
Others |
29,522,901 |
30,832,142 |
|
Total
Revenues |
2,338,054,132 |
2,306,187,650 |
|
Expenses |
|
|
|
Cost of
Goods Sold |
1,775,338,708 |
1,720,215,816 |
|
Selling &
Administrative Expenses |
389,977,749 |
379,689,942 |
|
Total Expenses
|
2,165,316,457 |
2,099,905,758 |
|
Profit Before
Interest Expenses |
172,737,675 |
206,281,892 |
|
Interest Expenses |
[15,888,933] |
[13,848,365] |
|
Net
Profit / [Loss] |
156,848,742 |
192,433,527 |
FINANCIAL NOTE
NOTE
1 Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in
hand |
115,498 |
134,552 |
|
Cash at
bank |
1,136,921 |
1,610,303 |
|
Total |
1,252,419 |
1,744,855 |
NOTE
2 Trade Accts.
Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts.
Receivable |
623,995,412 |
667,587,092 |
|
Less Allowance
for Doubtful Accounts |
[1,964,940] |
[991,005] |
|
Total |
622,030,472 |
666,596,087 |
NOTE
3 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material
& Packaging |
93,830,392 |
93,380,987 |
|
Finished Goods |
287,504,707 |
248,893,857 |
|
Total |
381,332,099 |
342,274,844 |
|
Less Reserve for Stock
Obsolescence |
[12,476,141] |
[11,194,766] |
|
|
368,855,958 |
331,080,078 |
|
Good in
Transit |
80,204,001 |
84,898,342 |
|
Total |
449,059,959 |
415,978,420 |
NOTE
4 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land Building & Land Improvement |
180,108,107 |
176,104,951 |
|
Machinery
|
85,985,686 |
77,390,304 |
|
Furniture
& Office Equipment |
68,052,990 |
53,621,066 |
|
Vehicle |
13,870,087 |
16,111,658 |
|
Total |
348,016,870 |
323,227,979 |
|
Less:
Depreciation |
[122,273,109] |
[93,566,707] |
|
Allowance for
Obsolescent Stock |
[4,164,941] |
[4,341,091] |
|
Total |
221,578,820 |
225,320,181 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
1.46 |
|
|
Operating |
[17.46] |
|
|
Net Profit |
[18.49] |
|
|
Fixed Assets |
[1.66] |
|
|
Total Assets |
[0.50] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
76.90 |
75.60 |
|
Operating Profit
Margin |
7.48 |
9.07 |
|
S&A expenses |
16.89 |
16.69 |
|
Interest |
0.69 |
0.61 |
|
Other Revenues |
1.28 |
1.36 |
|
Net Profit
Margin |
6.79 |
8.46 |
|
Earning Per
Shares |
261.41 |
320.72 |
|
No. of
Shares |
600,000 |
600,000 |
Net Sales was
increased by 1.46%,
Operating Profit was
decreased by 17.46%,
Net Profit was
decreased by 18.49%,
Fixed Assets was
decreased by 1.66%,
Total Assets was
decreased by 0.50%.
%20LIMITED%2015-Nov-2006_files/image004.gif)
Compare each cost
with sales, Cost
of Goods Sold
was increased from
75.60% to 76.90%,
Operating Profit Margin
was decreased from
9.07% to 7.48%,
S & A
Expenses were increased
from 16.69% to
16.89%, Interest Paid
was increased from
0.61% to 0.69%,
Other Revenues was
decreased from 1.36%
to 1.28%, Net
Profit Margin was
decreased from 8.46%
to 6.79%.
Earning Per
Shares was decreased
from 320.72 baht
per share to
261.41 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.24 |
1.05 |
|
Quick
- assets ratio |
0.72 |
0.65 |
Current Ratio
was increased from
1.05 to 1.24,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.65 to 0.72,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
%20LIMITED%2015-Nov-2006_files/image006.gif)
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.14 |
4.04 |
|
Times Interest
Earned |
10.87 |
14.90 |
D/E Ratio was
decreased from 4.04
to 2.14, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 14.90 to
10.87, capacity to
pay interest paid
was good.
%20LIMITED%2015-Nov-2006_files/image008.gif)
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
10.42 |
10.10 |
|
Total Assets
Turnover |
1.74 |
1.71 |
|
Return on
Assets |
11.85 |
14.46 |
|
Return on
Equity |
37.26 |
72.85 |
|
Day’s Payable |
23.75 |
26.99 |
|
Day’s Inventories |
70.03 |
65.81 |
|
Days’ Receivables |
97.00 |
105.47 |
Fixed Assets Turnover
was increased from
10.10 times to
10.42 times, Total
Assets Turnover was
increased from 1.71
times to 1.74
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 14.46 to
11.85, Return on
Equity was decreased
from 72.85 to
37.26, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was decreased from
27 days to
24 days, while
Day’s Inventories was
increased from 66
days to 71
days, but Day’s
Receivables was decreased
from 106 days
to 97 days.
%20LIMITED%2015-Nov-2006_files/image010.gif)
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|