MIRA
INFORM REPORT
|
Report Date : |
21st November, 2006 |
IDENTIFICATION DETAILS
|
Name : |
PEROXYTHAI LIMITED |
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|
|
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Registered
Office : |
14th
Floor, Green Tower, 3656/41 Rama 4 Road, Klongton, Klongtoey, angkok Bangkok
10110 |
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Country : |
Thailand |
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Financials (as
on) : |
31.12.2005 |
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Date of
Incorporation : |
29.07.1987 |
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Com. Reg. No.: |
0105530037339
[Former: 3731/2530] |
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Legal Form : |
Private Limited Company |
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Line of
Business : |
Manufacturer of Hydrogen Peroxide and Peracetic
Acid mainly for paper, textile, tannery, electronics, packaging and dairy
foods processing industries. |
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 |
|
|
|
|
Payment
Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Company name
PEROXYTHAI LIMITED
SUMMARY
BUSINESS ADDRESS : 14th FLOOR,
GREEN TOWER,
3656/41 RAMA
4 ROAD, KLONGTON,
KLONGTOEY, BANGKOK 10110
TELEPHONE : [66]
2367-3245-8, 2367-3483-4
FAX : [66]
2367-3272
E-MAIL ADDRESS :
cumming.andrew@solvay.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. :
0105530037339 [Former: 3731/2530]
CAPITAL REGISTERED :
BHT. 419,057,925
CAPITAL PAID-UP :
BHT. 419,057,925
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
PRIVATE LIMITED COMPANY
EXECUTIVE :
MR. ANDREW LEONARD CUMMING, BRITISH
MANAGING
DIRECTOR
NO. OF STAFF :
65
LINES OF BUSINESS :
HYDROGEN PEROXIDE
MANUFACTURER & EXPORTER
CORPORATE PROFILE
OPERATING TREND :
STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION :
GOOD WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The
subject was established
on July 29,
1987 as a
private limited company under
the registered name “Thai Peroxigen Chemicals Co., Ltd.” by
Thai-Dutch Groups, to manufacture hydrogen
peroxide products for
both domestic and
international markets. On
March 14, 1988
the name was
changed to “PEROXYTHAI
LTD.” It currently
employs 65 staff.
The
subject is a
subsidiary of Sodufa
B.V., the Dutch company
which is the
member of Solvay
S.A. in Belgium.
The
subject’s registered address
is 3656/41 Green
Tower, Rama 4 Rd., Klongton,
Klongtoey, Bangkok 10110,
and this is
the company’s current
operation address.
THE BOARD OF
DIRECTORS
Name
|
Nationality
|
Age
|
|
|
|
|
|
Ms.
Rapeephan Luang-aramrat |
Thai |
50 |
|
Mr.
Ole Preben Wissing |
Danish |
63 |
|
Mr.
Christique G. R. DE Sloover [x] |
Belgian |
63 |
|
Mrs.
Walapa Assakul |
Thai |
55 |
|
Mr.
Chavarat Charnveerakul |
Thai |
70 |
|
Mr.
Andrew Leonard Cumming [x] |
British |
48 |
|
Mr.
Marie Jacques Eric
Mignonat |
French |
49 |
|
Mr. Suwan
Valaisathira |
Thai |
60 |
AUTHORIZED PERSON
Both
of the directors [x] can
jointly sign on
behalf of the
subject company’s affixed.
MANAGEMENT
Mr. Andrew
Leonard Cumming is
the Managing Director.
He is British
nationality with the
age of 48 years old.
Ms. Phenchan
Kwancharoensap
is the Account Manager.
She is Thai
nationality.
Ms. Ratana
Boonyathiti is the
Administration & Personnel
Manager.
She is Thai
nationality.
Mr. Sanya
Chamroen is the
Production Manager.
He is Thai
nationality.
Mr. Sombat
Praiharnvijitnuch
is the Factory Manager.
He is Thai
nationality.
Ms. Vibharat Pholdej is
the Overseas Sales
Manager.
She is Thai
nationality.
Mr. Samphan Wattanasurakij is
the Domestic Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The
subject’s activity is a
manufacturer of Hydrogen
Peroxide and Peracetic
Acid mainly for
paper, textile, tannery,
electronics, packaging and
dairy foods processing
industries.
PURCHASE
80% of raw
materials is purchased
from local suppliers,
and the remaining
20% is imported from Belgium,
Netherlands, United
Kingdom, Denmark and
France.
At
present, there are
approximately 20 suppliers
both domestic and
overseas. Most of
the suppliers are
the related companies.
MAJOR SUPPLIER
Solvay
S.A. : Belgium
DISTRIBUTION
60% of the
products is sold
locally by wholesale
to related company
and manufacturers, and
the remaining 40%
is exported to
Taiwan, Singapore, Republic
of China, Hong
Kong, Vietnam, Indonesia,
Japan, India and
Malaysia.
PARENT COMPANY
Solvay
Holding Netherlands B.V.
: Netherlands
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
according to IRICO’S
DATABASE for the past two years.
CREDIT
Sales
are on the
credits term of
30-60-90 days.
Local
bills are paid
on the credits term of
60-90 days.
Imports
are by L/C at sight
or T/T and open account.
Exports
are against L/C
at sight or
on the credit term of
90 days &
T/T.
BUSINESS TRANSACTION
The subject is not
found to have
problem on its
account receivable and
payable due to
the products are
purchased and sold
to related companies
in both local and overseas which
term and condition
can be negotiable.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office
: 1 Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
[Silom Branch :
142 Silom Rd.,
Silom, Bangrak, Bangkok 10500 ]
Deutsche Bank
AG
[Bangkok Branch
: 208 Wireless Rd., Lumpini,
Pathumwan, Bangkok 10330]
EMPLOYMENT
The
subject employs approximately 65 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address.
It is located in commercial
area.
Factory
is located at
1, 1-3A Rd.,
Maptaphut Industrial Estate,
A. Muang, Rayong
Province 21150, Tel:
[66] 38 683-616-20
Fax: [66] 38
683-624.
COMMENT
The subject’s operating results was good. Increasing demand of Hydrogen Peroxide from various industries
was remained strong.
Domestic industrial sector would continue growing
from strong growth of local industries from high consumption and exports.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000,
divided into 10,000
shares of Bht.
100 each.
The
capital was increased
later as followings
:
Bht. 290,000,000 on August 9,
1989
Bht. 433,000,000 on November 29,
1989
Bht. 573,000,000 on June 24,
1991
Bht. 793,000,000 on March 5,
1993
Bht. 873,000,000 on January 7,
1997
Bht. 436,500,000 on
December 22, 2000
[Decreased]
Bht.
838,115,850 on February
9, 2001 [Increased]
Bht.
419,057,925 on November
24, 2004
The
latest registered capital
was increased to
Bht. 419,057,925 divided
into 16,762,317 shares of
Bht. 25 each
with fully paid.
MAIN SHAREHOLDERS
[as at April
27, 2006]
|
NAME |
HOLDING
|
% |
|
Solvey Holding
Netherlands B.V. Nationality :
Dutch Address
: Netherlands |
14,067,513 |
83.93 |
|
TMB Bank
Public Co., Ltd. Nationality :
Thai Address
: 3000 Phaholyothin Rd., Ladyao, Jatujak,
Bangkok
10900 |
818,122 |
4.88 |
|
Thai-Dan Enterprises Co., Ltd. Nationality :
Thai Address
: 1168/98-100, 106
Rama 4 Rd.,
Thungmahamek, Sathorn, Bangkok 10120
|
649,500 |
3.87 |
|
Sino-Thai Engineering & Construction Public Co.,
Ltd. Nationality :
Thai Address
: 32/59-60 Sukhumvit 21 Rd., Klongtoeynua, Wattana,
Bangkok 10110 |
409,061 |
2.44 |
|
Watanachot Co.,
Ltd. Nationality :
Thai Address
: Bangkok Insurance
Building, 25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok
10120 |
409,061 |
2.44 |
Mr. Songkram Cheevaprawatdamrong
Nationality :
Thai Address
: 55 Moo 6, Samaedam,
Bangkhunthien, Bangkok
10150 |
204,530 |
1.22 |
|
|
|
|
|
Thai Consultant Co., Ltd. Nationality :
Thai Address
: 63 Sukhumvit 8 Rd.,
Klongtoey, Bangkok 10110 |
204,530 |
1.22 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUTANT
Mr.
Narong Puntawong No.
3315
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2005
& 2004 were
:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash
in Hand &
at Bank |
35,094,945 |
67,785,367 |
|
Short-term
Investment |
20,000,000 |
- |
|
Trade Account
Receivable-Non-Related Company |
136,889,416 |
142,610,235 |
|
Trade Account
Receivable - Related Company |
7,964,402 |
68,073 |
|
Inventories [note 1] |
69,683,009 |
59,493,167 |
|
Other
Current Assets |
12,165,489 |
8,201,236 |
|
|
|
|
|
Total Current
Assets |
281,797,261 |
278,158,078 |
|
Fixed Assets [note 2] |
335,616,998 |
361,941,778 |
|
Other Assets |
1,489,138 |
1,343,975 |
|
Total Assets |
618,903,397 |
641,443,831 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade
Account Payable-Other Company |
17,907,570 |
11,293,557 |
|
Trade
Account Payable-Related Company |
21,752,225 |
34,426,628 |
|
Other
Payable |
20,459,672 |
13,417,337 |
|
Other
Current Liabilities
Accrued Expenses |
33,431,247 |
12,466,087 |
|
Accrued Income Tax |
41,846,701 |
11,493,157 |
|
Others |
2,700,996 |
4,880,092 |
|
|
|
|
|
Total Current
Liabilities |
138,098,411 |
87,976,858 |
|
|
|
|
|
Reserve
for Pension Fund |
7,186,113 |
9,688,505 |
|
|
|
|
|
Total Liabilities |
145,284,524 |
97,665,363 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Share
Capital : Baht.
25 par value
authorized issued and
fully paid share
capital at 16,762,317 shares |
419,057,925 |
419,057,925 |
|
|
|
|
|
Capital
Paid |
419,057,925 |
419,057,925 |
|
Retained
Earning
Appropriated for
Statutory Reserve |
9,167,899 |
- |
|
Unappropriated |
45,393,049 |
124,720,543 |
|
Total Shareholders'
Equity |
473,618,873 |
543,778,468 |
|
Total
Liabilities & Shareholders' Equity |
618,903,397 |
641,443,831 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
757,180,732 |
678,593,642 |
|
Interest
Income |
810,869 |
1,533,625 |
|
Gain
on Exchange Rate |
4,044,428 |
110,850 |
|
Other
Income |
895,761 |
1,569,156 |
|
Total Revenues |
762,931,790 |
681,807,273 |
|
Expenses |
|
|
|
|
|
|
|
Cost
of Goods Sold
|
460,083,145 |
399,811,942 |
|
Selling
& Administrative Expenses |
151,487,069 |
138,957,944 |
|
Total Expenses |
611,570,214 |
538,769,886 |
|
|
|
|
|
Profit
/ [Loss] before
Interest Expenses &
Income Tax |
151,361,576 |
143,037,387 |
|
Interest
Expenses |
[1,336] |
- |
|
Income
Tax |
[53,896,665] |
[18,316,844] |
|
Net Profit / [Loss] |
97,463,575 |
124,720,543 |
FINANCIAL NOTES
Note 1 :
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished
Goods |
29,334,958 |
16,806,403 |
|
Raw
Material |
18,419,938 |
22,165,262 |
|
Spare
Parts & Other
Material |
22,587,638 |
22,213,320 |
|
Total |
70,342,534 |
61,184,985 |
|
Less: Allowance for
Obsolescent Stock |
[659,525] |
[1,691,818] |
|
Total |
69,683,009 |
59,493,167 |
Note 2
: Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land
Improvement |
3,508,224 |
3,508,224 |
|
Factory
Building |
244,932,773 |
241,921,773 |
|
Machinery
& Factory Equipment |
964,327,206 |
950,238,941 |
|
Vehicle |
22,802,514 |
22,608,714 |
|
Others |
10,692,481 |
13,012,405 |
|
Work
in Construction &
Machinery in
Installation |
21,073,494 |
10,887,779 |
|
Total |
1,267,336,692 |
1,242,177,836 |
|
Less: Depreciation |
[690,282,212] |
[638,798,576] |
|
Provision for Impairment |
[241,437,482] |
[241,437,482] |
|
|
|
|
|
Total |
335,616,998 |
361,941,778 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
11.58 |
|
|
Operating |
[5.16] |
|
|
Net
Profit |
[21.85] |
|
|
Fixed
Assets |
[7.27] |
|
|
Total
Assets |
[3.51] |
|
|
Profitability |
|
|
|
Cost
of Goods Sold |
60.76 |
58.92 |
|
Operating
Profit Margin |
19.99 |
21.08 |
|
S&A
expenses |
20.01 |
20.48 |
|
Interest |
0.00 |
0.00 |
|
Other
Revenues |
0.76 |
0.47 |
|
Net
Profit Margin |
12.87 |
18.38 |
|
Earning
Per Shares |
5.81 |
7.44 |
|
No.
of Shares |
16,762,317 |
16,762,317 |
Net Sales was increased
by 11.58%, Operating
Profit was decreased
by 5.16%, Net
Profit was decreased
by 21.85%, Fixed
Assets was decreased
by 7.27%, Total
Assets was decreased
by 3.51%.
Compare each cost with
sales, Cost of
Goods Sold was
increased from 58.92%
to 60.76%, Operating
Profit Margin was
decreased from 21.08%
to 19.99%, S
& A Expenses
were decreased from
20.48% to 20.01%,
Interest Paid was
stable at 0.00%,
Other Revenues was
decreased from 0.47%
to 0.76%, Net
Profit Margin was
increased from % to
%.
Earning
Per Shares was
decreased from 7.44
baht per share
to 5.81 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current
Ratio |
2.04 |
3.16 |
|
Quick - assets
ratio |
1.45 |
2.39 |
Current
Ratio was decreased
from 3.16 to
2.04, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
and Quick-assets Ratio
was decreased from
2.39 to 1.45,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.31 |
0.18 |
|
Times
Interest Earned |
113,294.59 |
- |
D/E Ratio was increased
from 0.18 to
0.31, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company is low
and Times Interest
Earned was 113,294.59,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed
Assets Turnover |
2.26 |
1.87 |
|
Total
Assets Turnover |
1.22 |
1.06 |
|
Return
on Assets |
15.75 |
19.44 |
|
Return
on Equity |
20.58 |
22.94 |
|
Day’s
Payable |
8.51 |
5.99 |
|
Day’s
Inventories |
33.13 |
31.56 |
|
Days’
Receivables |
65.08 |
75.66 |
Fixed Assets Turnover was
increased from 1.87
times to 2.26
times, Total Assets
Turnover was increased
from 1.06 times
to 1.22 times,
show the company
could use Assets
so efficiently, and
Return on Assets
was decreased from
19.44 to 15.75,
Return on Equity
was decreased from
22.94 to 20.58,
capacity to use
Assets to make
profit was not
good.
Day’s
Payable was increased
from 6 days to 9
days, and Day’s
Inventories was increased
from 32 days
to 34 days, while Day’s
Receivables was decreased
from 76 days
to 66 days.
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 |
|