MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GRAND CHEMICAL
LIMITED PARTNERSHIP |
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Registered Office : |
321/18
Nanglinchee Road, Chongnonsee, Yannawa, Bangkok
10120, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
22.02.1982 |
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Com. Reg. No.: |
0103525005589 [Former : 559/2525] |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer and
Distributor various kinds
of industrial chemicals
for water treatment, textile, printing, food
& pharmaceutical, glass,
ceramic, brewery, agricultural, jewellery,
construction, oil, metal
& mineral industries. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
GRAND CHEMICAL
LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 321/18 NANGLINCHEE ROAD, CHONGNONSEE,
YANNAWA,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2286-1591, 2678-3700-3, 2286-0062, 2286-9354 2287-0701
FAX :[66]
2287-0702, 2678-3704
E-MAIL ADDRESS : grandkem@ksc.th.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO.
: 0103525005589 [Former : 559/2525]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP
: BHT. 6,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. ANANT PICHAYASAJJA, THAI
MANAGING
PARTNER
NO. OF
STAFF : 50
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER
& 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 22, 1982
as a limited partnership
under the name style GRAND CHEMICA
LIMITED PARTNERSHIP, by
Mr. Anant Pichayasajja and partners,
to import and
distribute wide range
of industrial chemical
to domestic market.
It currently employs
50 staff.
The subject’s
registered address is
321/18 Nanglinchee Rd.,
Chongnonsee, Yannawa, Bangkok
10120, and this is
the company’s operation
address.
AUTHORIZED PERSON
Mr.
Anant Pichayasajja bears
full financial responsibility. He can sign
on behalf of
the subject with
seal affixed.
MANAGEMENT
Mr.
Anant Pichayasajja is the Managing
Partner.
He is
Thai nationality with
the age of
56 years old.
Mr.
Pithaya Pichayasajja is the Assistant
Manager.
He is
Thai nationality with
the age of
59 years old.
Mr.
Veerakij Techatarathip is the Sales
Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activities are importer
and distributor various
kinds of industrial
chemicals for water
treatment, textile, printing,
food & pharmaceutical, glass, ceramic, brewery,
agricultural, jewelry, construction, oil, metal &
mineral industries. Its
product includes sodium
bicarbonate grade, potassium
chloride, cobalt sulphate,
magnesium sulphate, manganese
sulphate and etc.
IMPORT [COUNTRIES]
100% of
the products is
imported from Republic
of China, Japan,
Taiwan, India, Germany, United
Kingdom, France, United
States of America
and Australia.
MAJOR SUPPLIERS
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Name |
Country |
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Rhodia |
France |
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B A S
F |
Germany |
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Chemicals of
Mitsubishi Corp. |
Japan |
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Arco Chemical
Ltd. |
Japan |
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Dow Chemical
Corp. |
U.S.A. |
SALES [LOCAL]
100% of
its products is
sold locally to
manufacturers, wholesalers, Thai
Government & end-users.
MAJOR CUSTOMERS
Ministry of
Public Health : Thailand
RELATED/ AFFILIATED
COMPANY
Grand
Chemical Fareast Ltd.
Business Type
: Importer and
distributor of industrial
chemical.
Ecograng
Co., Ltd.
Business Type
: Importer and
distributor of industrial
chemical.
CREDIT
Sales are
by cash or
on the credits term of
30-60-90 days.
Imports are
by L/C at sight or
on the credit term of
120 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Bangkapi Branch :
Sukhumvit Rd., Klongtonnua, Wattana, Bangkok]
Standard
Chartered Bank [Thai]
Public Co., Ltd.
[Head Office
: 90 North Sathorn Road,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject
employs approximately 50
staff.
LOCATION DETAILS
The premise
is owned for
administrative office and
warehouse in a
3 storey building of 2 row shop houses at
the heading address
in commercial/residential area.
COMMENT
The industrial
environment has improved
gradually since the last few
years, selling of industrial
chemicals had performed well during
these years.
However, the subject was able to
maintain its strong
sales despite higher fuel prices and raw
materials costs.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 3 million,
which was carried
by 3 persons as followed:
Mr. Pithaya
Pichayasajja Bht. 900,000
Ms. Chamaiporn
Pichayasajja Bht. 450,000
Mr. Anant
Pichayasajja Bht 1,650,000
[Unlimited Partner]
On December
27, 2001, the
capital was increased
to Bht. 6,000,000 which
was carried by
3 persons as
followed:
Name Age Amount
Mr.
Pithaya Pichayasajja 59 Bht. 1,400,000
Ms.
Chamaiporn Pichayasajja 66 Bht. 1,800,000
Mr.
Anant Pichayasajja 56 Bht. 2,800,000
[Unlimited Partner]
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Boonchai
Chintakaviwat No. 4670
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2005 & 2004
were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
175,058.33 |
72,244.70 |
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Trade Accts.
& Notes Receivable |
11,134,264.51 |
10,548,368.67 |
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Inventories -
Finished Goods |
11,860,359.62 |
10,422,850.86 |
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Other Current
Assets |
475,714.39 |
479,297.14 |
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Total
Current Assets |
23,645,396.85 |
21,522,761.37 |
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Fixed
Assets |
4,557,125.75 |
6,345,385.07 |
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Other
Assets |
217,330.61 |
442,720.61 |
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Total
Assets |
28,419,853.21 |
28,310,867.05 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short-term Loan from
Bank |
12,289,393.19 |
6,725,766.93 |
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Trade Accts.
Payable |
2,570,050.00 |
1,419,765.25 |
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Other Short-term Loans |
60,000.14 |
780,000.14 |
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Other Current
Liabilities |
652,741.77 |
6,334,700.64 |
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Total Current Liabilities |
15,572,185.10 |
15,260,232.96 |
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Shareholders' Equity |
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Capital Paid |
6,000,000.00 |
6,000,000.00 |
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Unappropriated |
6,847,668.11 |
7,050,634.09 |
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Total Shareholders' Equity |
12,847,668.11 |
13,050,634.09 |
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Total Liabilities & Shareholders' Equity |
28,419,853.21 |
28,310,867.05 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
61,309,107.59 |
52,941,859.10 |
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Gain on
Exchange Rate |
165,966.73 |
546,953.28 |
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Other Income |
58,960.79 |
61,226.60 |
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Total
Revenues |
61,534,035.11 |
53,550,038.98 |
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Expenses |
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Cost of
Goods Sold |
47,029,872.06 |
39,360,354.89 |
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Selling &
Administrative Expenses |
13,102,921.18 |
12,611,088.51 |
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Other Expenses |
675,133.25 |
447,700.08 |
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Total Expenses
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60,807,926.49 |
52,419,143.48 |
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Profit
/ [Loss] before Interest Expenses
& Income
Tax |
726,108.62 |
1,130,895.50 |
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Interest Expenses |
[551,347.37] |
[429,910.45] |
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Income Tax |
[377,727.23] |
[516,744.07] |
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Net Profit / [Loss] |
[202,965.98] |
184,240.98 |
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Retained
Earning, beginning of
year |
7,050,634.09 |
6,866,393.11 |
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Retained Earning, end
of year |
6,847,668.11 |
7,050,634.09 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
15.80 |
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Operating |
[23.35] |
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Net Profit |
[210.16] |
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Fixed Assets |
[28.18] |
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Total Assets |
0.38 |
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Profitability |
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Cost of
Goods Sold |
76.71 |
74.35 |
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Operating Profit
Margin |
2.29 |
2.98 |
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S&A expenses |
21.37 |
23.82 |
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Interest |
0.90 |
0.81 |
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Other Revenues |
0.37 |
1.15 |
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Net Profit
Margin |
[0.33] |
0.35 |
Net Sales was
increased by 15.80%,
Operating Profit was
decreased by 23.35%,
Net Profit was
decreased by 210.16%,
Fixed Assets was
decreased by 28.18%,
Total Assets was
increased by 0.38%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
74.35% to 76.71%,
Operating Profit Margin
was decreased from
2.98% to 2.29%,
S & A
Expenses were decreased
from 23.82% to
21.37%, Interest Paid
was increased from
0.81% to 0.90%,
Other Revenues was
decreased from 1.15%
to 0.37%, Net
Profit Margin was
decreased from 0.35%
to -0.33%.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.52 |
1.41 |
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Quick
- assets ratio |
0.73 |
0.70 |
Current Ratio
was increased from
1.41 to 1.52,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.70 to 0.73,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
1.21 |
1.17 |
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Times Interest
Earned |
2.54 |
3.67 |
D/E Ratio was
increased from 1.17
to 1.21, 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 3.67 to
2.54, capacity to
pay interest paid
was good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
13.45 |
8.34 |
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Total Assets
Turnover |
2.16 |
1.87 |
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Return on
Assets |
[0.71] |
0.65 |
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Return on
Equity |
[1.58] |
1.41 |
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Day’s Payable |
15.09 |
9.65 |
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Day’s Inventories |
69.64 |
70.87 |
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Days’ Receivables |
65.38 |
71.73 |
Fixed Assets Turnover
was increased from
8.34 times to
13.45 times, Total
Assets Turnover was
increased from 1.87
times to 2.16
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 0.65 to
-0.71, Return on
Equity was decreased
from 1.41 to -1.58, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was increased from
10 days to
16 days, while
Day’s Inventories was
decreased from 71
days to 70
days, and Day’s
Receivables was decreased
from 72 days
to 66 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 |
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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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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 |
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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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