MIRA
INFORM REPORT
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Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
THAI
SPECIALITY CHEMICAL CO., LTD. |
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Registered Office : |
72/6-8
Moo 12, Bangplee-Samutprakarn Road, T.
Bangpleeyai, A. Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
14.02.1996 |
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Com. Reg. No.: |
0115539001469 [Former: SOR. POR. 6691 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged in
importing and distributing of specialty chemical,
pigment, colorant and
machinery for coating
industry. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
THAI SPECIALTY
CHEMICAL CO., LTD.
SUMMARY
BUSINESS ADDRESS
: 72/6-8 MOO 12, BANGPLEE-SAMUTPRAKARN ROAD,
T. BANGPLEEYAI, A.
BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2316-9698,
2751-0410-5, 2316-9700-1
FAX : [66] 2751-0430
E-MAIL ADDRESS : marketing@tsk-tsc.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO.
: 0115539001469 [Former: SOR. POR. 6691]
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP
: BHT. 40,000,000
FISCALYEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAWEE TANTIYATIYANONT, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 40
LINES OF
BUSINESS : SPECIALTY
CHEMICALS
IMPORTER
& DISTRIBUTOR
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
February 14, 1996
as a private limited company
under the name style THAI
SPECIALTY CHEMICAL CO., LTD.,
by Thai group, Tantiyatiyanont family,
in order to distribute specialty
chemical, pigment and
machinery for coating
industry. It currently
employs 40 staff.
The
subject’s registered address is 72/6-8 Moo 12, Bangplee-Samutprakarn Rd., Bangpleeyai, Bangplee, Samutprakarn 10540,
and this is
the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Tawee
Tantiyatiyanont |
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Thai |
77 |
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Mrs. Suvanee
Tantiyatiyanont |
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Thai |
55 |
|
Mr. Somchai
Tantiyatiyanont |
|
Thai |
52 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Tawee Tantiyatiyanont
is the Managing Director.
He is
Thai nationality with
the age of
77 years old.
Mr. Somchai
Tantiyatiyanont is the Deputy Managing
Director & Marketing
Manager.
He is
Thai nationality with
the age of
52 years old.
Mrs.
Suvanee Tantiyatiyanont is the General
Manager.
She is
Thai nationality with
the age of
55 years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing of specialty chemical,
pigment, colorant and
machinery for coating
industry.
PURCHASED
50% of
the products are
imported from Japan,
United States of America, Germany,
France, United Kingdom, Taiwan,
Republic of China,
Malaysia, India, Israel
& Singapore, and
the remaining is
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
|
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Orient Chemical Corp. |
: Japan |
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S.P.S. Biotech Corp.
|
: Japan |
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Cytec Industry Corp. |
: United States of America |
|
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Munzing |
: Germany |
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Dow Chemical [Thailand] Ltd. |
: Thailand |
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BASF [Thai] Co., Ltd. |
: Thailand |
SALES [LOCAL]
100% of
the products is
sold locally by
wholesale to dealers
and end-users.
SUBSIDIARIES & AFFILIATED COMPANY
T S K
Chemical Co., Ltd.
Business Type
: Importer &
distributor of specialty
chemicals
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
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
on negotiated term
or by open account &
T/T.
BUSINESS TRANSACTION
The products
are sold mainly
by credit, with the maximum
credit given at 30-60
days. The subject
is not found to have
problem on its
account receivable.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Rajawongse Branch : Rajawongse Rd.,
Samphantawong, Bangkok 10100]
Krung
Thai Bank Public
Co., Ltd.
[Yukol Branch : Yukol Rd., Suanmali, Pomprab,
Bangkok 10100]
EMPLOYMENT
The subject
employs 40 staff.
[office and sales staff]
LOCATION DETAILS
The premise
is owned for
administrative office in a 4 storey
building at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
Despite on
going economic slowdown,
it has not shaken the
subject’s business due
to its products are still
the essential raw
materials for various
industries.
This
has resulted with
promising market of company’s
products and its
business trend is
growing steadily.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each.
The capital
was increased later
as follows:
Bht. 15,000,000 on November
14, 1996
Bht. 25,000,000 on June
23, 1999
Bht. 40,000,000 on October
26, 2000
The latest
registered capital was
increased to Bht.
40,000,000 divided into
400,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as of
April 29, 2006]
|
NAME |
HOLDING |
% |
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Mr.
Tawee Tantiyatiyanont Nationality:
Thai Address : 2218/12 Chan Rd., Chongnontree, Yannawa, Bangkok |
100,000 |
25.00 |
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Mrs.
Suvanee Tantiyatiyanont Nationality:
Thai Address : 2218/12 Chan Rd., Chongnontree, Yannawa, Bangkok |
50,000 |
12.50 |
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Mr.
Somchai Tantiyatiyanont Nationality:
Thai Address : 2218/12 Chan Rd., Chongnontree, Yannawa, Bangkok |
50,000 |
12.50 |
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Mrs.
Suvimol Tantiyatiyanont Nationality:
Thai Address : 2218/12 Chan Rd., Chongnontree, Yannawa, Bangkok |
40,000 |
10.00 |
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Mr.
Preeda Tantiyatiyanont Nationality:
Thai Address : 9/51
Moo 4, Teparak, Muang, Samutprakarn |
40,000 |
10.00 |
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Ms.
Srisa-ang Tantiyatiyanont Nationality:
Thai Address : 2218/14 Chan Rd., Chongnontree, Yannawa, Bangkok |
40,000 |
10.00 |
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Mrs.
Supang Tungjitnob Nationality:
Thai Address : 30/34
Sunthornkosa Rd., Klongtoey, Bangkok |
40,000 |
10.00 |
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Mrs.
Sujit Tantiyatiyanont Nationality:
Thai Address : 2218/12 Chan Rd., Chongnontree, Yannawa, Bangkok
|
40,000 |
10.00 |
Total
Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms.
Buppha Chawapong No.
2209
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand |
929,743.64 |
46,111.78 |
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Trade Accounts
Receivable |
120,335,545.41 |
120,306,942.61 |
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Inventories |
60,590,369.47 |
75,516,781.79 |
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Other Current
Assets |
1,493,122.90 |
902,455.51 |
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Total
Current Assets |
183,348,781.42 |
196,772,291.69 |
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Fixed
Assets |
10,081,807.34 |
10,615,681.28 |
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Total
Assets |
193,430,588.76 |
207,387,972.97 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short-term Loan from
Bank |
52,545,100.83 |
56,377,739.88 |
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Trade Accounts
Payable |
54,920,486.79 |
71,696,060.08 |
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Other Current
Liabilities |
7,614,848.63 |
7,127,145.22 |
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Total Current Liabilities |
115,080,436.25 |
135,200,945.18 |
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Long-term Loan
from Person or
Related Company |
6,000,000.00 |
8,000,000.00 |
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Total
Liabilities |
121,080,436.25 |
143,200,945.18 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
Authorized, issued and fully
paid
share capital 400,000
shares |
40,000,000.00 |
40,000,000.00 |
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Capital Paid |
40,000,000.00 |
40,000,000.00 |
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Unappropriated |
32,350,152.51 |
24,187,027.79 |
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Total Shareholders' Equity |
72,350,152.51 |
64,187,027.79 |
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Total Liabilities & Shareholders' Equity |
193,430,588.76 |
207,387,972.97 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
442,590,518.63 |
366,247,245.04 |
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Other Income |
4,757,913.29 |
2,293,780.41 |
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Total
Revenues |
447,348,431.92 |
368,541,025.45 |
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Expenses |
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Cost of
Goods Sold |
388,582,023.22 |
319,685,793.83 |
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Selling &
Administrative Expenses |
40,225,449.36 |
38,270,333.54 |
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Other Expenses |
4,242,189.19 |
- |
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Total Expenses
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433,049,661.77 |
357,956,127.37 |
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Profit
/ [Loss] before Interest Expenses
& Income
Tax |
14,298,770.15 |
10,584,898.08 |
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Interest Expenses |
[2,084,054.16] |
[1,632,401.51] |
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Income Tax |
[4,051,591.27] |
[3,521,370.25] |
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Net
Profit / [Loss] |
8,163,124.72 |
5,431,126.32 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
20.84 |
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Operating |
44.95 |
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Net Profit |
5.30 |
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Fixed Assets |
[5.03] |
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Total Assets |
[6.73] |
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Profitability |
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Cost of
Goods Sold |
87.80 |
87.29 |
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Operating Profit
Margin |
4.19 |
2.89 |
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S&A expenses |
9.09 |
10.45 |
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Interest |
0.47 |
0.45 |
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Other Revenues |
1.08 |
0.63 |
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Net Profit
Margin |
1.84 |
1.48 |
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Earning Per
Shares |
20.41 |
13.58 |
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No. of
Shares |
400,000 |
400,000 |
Net Sales was
increased by 20.84%,
Operating Profit was
increased by 44.95%,
Net Profit was
increased by 5.30%,
Fixed Assets was
decreased by 5.03%,
Total Assets was
decreased by 6.73%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
87.29% to 87.80%,
Operating Profit Margin
was increased from
2.89% to 4.19%,
S & A
Expenses were decreased
from 10.45% to
9.09%, Interest Paid was increased from
0.45% to 0.47%,
Other Revenues was
increased from 0.63%
to 1.08%, Net
Profit Margin was
increased from 1.48%
to 1.84%.
Earning Per
Shares was increased
from 13.58 baht
per share to
20.41 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.59 |
1.46 |
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Quick
- assets ratio |
1.05 |
0.89 |
Current Ratio
was increased from
1.46 to 1.59,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.89 to 1.05,
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 |
1.67 |
2.23 |
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Times Interest
Earned |
8.90 |
6.48 |
D/E Ratio was
decreased from 2.23
to 1.67, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was increased
from 6.48 to
8.90, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
43.90 |
34.50 |
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Total Assets
Turnover |
2.29 |
1.77 |
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Return on
Assets |
4.22 |
2.62 |
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Return on
Equity |
11.28 |
8.46 |
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Day’s Payable |
44.67 |
70.47 |
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Day’s Inventories |
49.28 |
74.23 |
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Days’ Receivables |
97.88 |
118.25 |
Fixed Assets Turnover
was increased from
34.50 times to
43.90 times, Total
Assets Turnover was
increased from 1.77
times to 2.29
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 2.62 to
4.22, Return on
Equity was increased
from 8.46 to
11.28, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
71 days to
45 days, Day’s
Inventories was decreased
from 75 days
to 50 days, and Day’s
Receivables was decreased
from 119 days to 98 days.
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 |
|
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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