MIRA
INFORM REPORT
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Report Date : |
20th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HANSON
CHEMICAL COMPANY LIMITED |
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Registered Office : |
1391
Soi Ladprao 94,
Srivara Road, Wangthonglang, Bangkok
10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
31.01.1975 |
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Com. Reg. No.: |
0105518001061 [Former : 104/2518] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer
and Distributor the various
kinds of industrial chemicals, specialized in
textile chemical such as
dyestuff, hydrogen color
pigment as well as supplying
an asbestos to tile industry. |
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 : |
Usually
Correct |
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Litigation : |
Clear |
Company name
HANSON CHEMICAL
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 1391 SOI LADPRAO 94,
SRIVARA ROAD,
WANGTHONGLANG, BANGKOK 10310
TELEPHONE : [66] 2935-6821, 2935-6900
FAX : [66] 2935-6700, 2935-6832
E-MAIL ADDRESS : hanson75@ksc.th.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1975
REGISTRATION NO.
: 0105518001061 [Former : 104/2518]
CAPITAL REGISTERED : BHT. 160,000,000
CAPITAL PAID-UP
: BHT. 160,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. APICHAI KUNAVIWAT, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 108
LINES OF
BUSINESS : INDUSTRIAL CHEMICAL
& SUPPLIES
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 January 31, 1975
as a private limited company
under the name
style HANSON CHEMICAL
CO., LTD., by Thai
groups, in order
to import and
distribute wide range
of textile chemical
to domestic market. It
currently employs 108
staff.
The
subject’s registered address
is 1391 Soi
Ladprao 94, Srivara
Rd., Wangthonglang, Bangkok
10310, and this
is the subject’s current address
operation.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Pichet
Mujalinthangkul |
Thai |
55 |
|
Mr. Apichai
Kunaviwat |
Thai |
58 |
|
Mr. Pornthep
Kanjananiyot |
Thai |
54 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Apichai Kunaviwat is the Managing
Director.
He is
Thai nationality with
the age of
58 years old.
Mr.
Pornthep Kanjananiyot is the Marketing
Manager.
He is
Thai nationality with
the age of
54 years old.
Mr.
Pichet Mujalinthangkul is the Sales
Manager.
He is
Thai nationality with
the age of
55 years old.
Mrs.
Chompunuj Kresakun
is the Account Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activities are importer and distributor the
various kinds of
industrial chemicals, specialized
in textile chemical
such as dyestuff, hydrogen
color pigment as well as supplying an asbestos
to tile industry.
IMPORT [COUNTRIES]
80% of
the products is
imported mainly from
Republic of China, Indonesia,
Canada, India, Taiwan
and Germany, and
the remaining 20%
is also purchased
from local suppliers.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Diy World
Technology Ltd. |
China |
Chemical |
|
Samator |
Indonesia |
Chemical |
|
Color Indo |
Indonesia |
Chemical |
|
Mine Jiffrey
Inc. |
Canada |
Asbestos |
|
Sino Chem
Tianjin Ltd. |
China |
Chemical |
SALES [LOCAL]
100% of
its products is
sold locally to
manufacturers, wholesalers and
end-users.
RELATED COMPANY
Hanson
LP.
Business Type : Distributor of industrial
chemicals
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 the credits term of
30-60 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Chidlom
Office : New Petchburi Rd.,
Makkasan, Rajthevee,
Bangkok 10400]
Kasikornbank Public Co., Ltd.
[Head
Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Citibank,
NA
[Bangkok
Branch : 82 North Sathorn Rd., Bangrak, Bangkok
10500]
EMPLOYMENT
The subject
employs 108 staff.
[office and sales staff]
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Warehouse is
located at 81/2
Moo 13, Km. 10, Bangna-Trad Road,
Bangpleeyai, Bangplee, Samutprakarn 10540. Tel. [66]
2751-0053-4, Fax. [66]
2751-0055.
COMMENT
Growth of
industrial chemicals in
local market has
been declined from
the last few
years. Since 2005
some slow signs
have been seen
resulted by economic
downturn, higher fuel
prices, as well
as slow investment
and improvement from
industrial sector.
The subject’s
sales in 2005
also gradually dropped
from 2004 and
also had an
impact from economic
downturn in 2006-2007.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2 million, divided into
2,000 shares of
Bht. 1,000 each.
The capital
was increased later
as follows:
Bht. 4 million on
September 10, 1980
Bht. 10 million on
September 9, 1982
Bht. 50 million on
March 19, 1992
Bht. 75 million on
April 18, 1994
Bht. 100 million on August
18, 1995
Bht. 120 million on April
10, 1997
Bht. 160 million on May
20, 1998
The latest
registered capital was
increased to Bht. 160
million was divided
into 160,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at May 2,
2006]
|
NAME |
HOLDING |
% |
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Mr.
Pornthep Kanjananiyot Nationality:
Thai Address :
687 Charoenkrung Rd., Taladnoi, Samphantawong, Bangkok
10100 |
54,368 |
33.99 |
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Mr.
Apichai Kunaviwat Nationality: Thai Address :
332 Charoennakorn 40 Rd.,
Banglampulang, Klongsan, Bangkok
|
49,773 |
31.11 |
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Mr.
Pichet Mujalinthangkul Nationality: Thai Address :
105 Moo 11,
Salathammasop, Talingchan, Bangkok |
47,459 |
29.66 |
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Mr.
Chaiyanant Chaivoraporn Nationality: Thai Address :
271/4 Sathupradit Rd.,
Chongnonsee, Yannawa, Bangkok
10120 |
8,000 |
5.00 |
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Mr.
Sukamol Kunaviwat Nationality: Thai Address
:
332 Charoennakorn 40 Rd.,
Banglampulang, Klongsan, Bangkok
|
100 |
0.06 |
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Ms.
Chosita Kanjananiyot Nationality: Thai Address :
61/1 Phaholyothin Rd., Samsennai, Phyathai, Bangkok
10400 |
100 |
0.06 |
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Master
Chanarat Mujalinthangkul Nationality: Thai Address :
105 Moo 11, Salathamsop,
Talingchan, Bangkok |
100 |
0.06 |
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Master
Taweerat Mujalinthangkul Nationality: Thai Address :
105 Moo 11, Salathamsop, Talingchan, Bangkok |
100 |
0.06 |
Total
Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Somboon
Methakriengchai No. 1681
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 |
412,199.37 |
4,789,639.78 |
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Short Term
Investment-Deposit Account |
79,173.23 |
78,779.33 |
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Trade Accts.
Receivable |
152,865,670.48 |
146,163,901.54 |
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Short Term
Loan |
10,648,500.00 |
5,186,500.00 |
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Inventories |
128,273,765.53 |
113,523,653.59 |
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Other Current
Assets |
1,373,139.34 |
888,674.28 |
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Total
Current Assets |
293,652,447.95 |
270,631,148.52 |
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Investment to
Affiliated & Other
Companies |
125,000.00 |
125,000.00 |
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Fixed
Assets |
92,474,878.30 |
96,149,777.40 |
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Other
Assets |
2,035,039.95 |
2,002,039.95 |
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Total
Assets |
388,287,366.20 |
368,907,965.87 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Loan from Bank |
99,816,239.06 |
75,093,421.11 |
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Trade Accts.
Payable |
2,236,951.10 |
13,014,605.96 |
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Current Portion of Long Term Loans |
1,955,481.13 |
2,420,400.00 |
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Accrued Bonus
|
1,844,990.00 |
3,210,530.00 |
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Accrued Income
Tax |
2,242,652.64 |
3,703,877.54 |
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Other Current
Liabilities |
1,841,492.76 |
1,843,021.96 |
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Total Current Liabilities |
109,937,806.69 |
99,285,856.57 |
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Long Term
Liabilities Net of
Current Portion |
- |
1,955,481.13 |
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Total
Liabilities |
109,937,806.69 |
101,241,337.70 |
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Shareholders' Equity |
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Share capital : Baht 1,000 value
authorized, issued and
fully paid
share capital 160,000
shares |
160,000,000.00 |
160,000,000.00 |
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Capital Paid |
160,000,000.00 |
160,000,000.00 |
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Statutory Reserve |
16,000,000.00 |
1,139,912.59 |
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Retained Earning - Unappropriated |
102,349,559.51 |
106,526,715.58 |
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Total Shareholders' Equity |
278,349,559.51 |
267,666,628.17 |
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Total Liabilities &
Shareholders' Equity |
388,287,366.20 |
368,907,965.87 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
458,023,964.76 |
497,643,353.92 |
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Less: Discount
Payment & Goods Refundable |
1,230,055.04 |
1,081,645.70 |
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Dividend Income |
- |
150,061.12 |
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Gain on
Sales of Assets |
373,939.88 |
- |
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Other Income |
1,679,825.68 |
3,111,345.63 |
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Total
Revenues |
458,847,675.28 |
499,823,114.97 |
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Expenses |
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Cost of
Goods Sold |
389,700,013.37 |
423,536,784.43 |
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Selling &
Administrative Expenses |
45,468,949.83 |
45,623,561.19 |
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Doubtful Account |
352,724.68 |
[825,293.64] |
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Loss on
Investment in Affiliated Company |
- |
645,423.49 |
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Other Expenses |
913,387.21 |
- |
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Total Expenses
|
436,435,075.09 |
468,980,475.47 |
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Profit from
Operation |
22,412,600.19 |
30,842,639.50 |
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Interest Expenses |
1,198,450.73 |
839,184.33 |
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Income Tax |
6,531,218.12 |
8,840,948.70 |
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Net
Profit / [Loss] |
14,682,931.34 |
21,162,506.47 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
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Annual
Growth |
2005 |
2004 |
|
Sales |
[7.96] |
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Operating |
[16.10] |
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Net Profit |
[30.62] |
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Fixed Assets |
[3.82] |
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Total Assets |
5.25 |
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Profitability |
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Cost of
Goods Sold |
85.08 |
85.11 |
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Operating Profit
Margin |
5.17 |
6.16 |
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S&A expenses |
9.93 |
9.17 |
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Interest |
0.26 |
0.17 |
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Other Revenues |
0.18 |
0.44 |
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Net Profit
Margin |
3.21 |
4.25 |
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Earning Per
Shares |
91.77 |
132.27 |
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No. of
Shares |
160,000 |
160,000 |
Net Sales was
decreased by 7.96%,
Operating Profit was
decreased by 16.10%,
Net Profit was
decreased by 30.62%,
Fixed Assets was
decreased by 3.82%,
Total Assets was
increased by 5.25%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
85.11% to 85.08%,
Operating Profit Margin
was decreased from
6.16% to 5.17%,
S & A
Expenses were increased
from 9.17% to
9.93%, Interest Paid
was increased from
0.17% to 0.26%,
Other Revenues was
decreased from 0.44%
to 0.18%, Net
Profit Margin was
decreased from 4.25%
to 3.21%.
Earning Per
Shares was decreased
from 132.27 baht
per share to
91.77 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.67 |
2.73 |
|
Quick
- assets ratio |
1.49 |
1.57 |
Current Ratio
was decreased from
2.73 to 2.67,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
1.57 to 1.49,
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 |
0.39 |
0.38 |
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Times Interest
Earned |
19.76 |
36.54 |
D/E Ratio was
increased from 0.38
to 0.39, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was decreased
from 36.54 to
19.76, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
4.95 |
5.18 |
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Total Assets
Turnover |
1.18 |
1.35 |
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Return on
Assets |
3.78 |
5.74 |
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Return on
Equity |
5.27 |
7.91 |
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Day’s Payable |
1.76 |
9.41 |
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Day’s Inventories |
100.82 |
82.12 |
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Days’ Receivables |
120.15 |
105.74 |
Fixed Assets Turnover
was decreased from
5.18 times to
4.95 times, Total
Assets Turnover was
decreased from 1.35
times to 1.18
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 5.74
to 3.78, Return
on Equity was
decreased from 7.91
to 5.27, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
10 days to
2 days, while
Day’s Inventories was
increased from 83
days to 101
days, and Day’s
Receivables was increased
from 106 days
to 121 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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