MIRA
INFORM REPORT
|
Report Date : |
3rd
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
THAI-AMBICA
CHEMICALS CO., LTD. |
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Registered Office : |
8th Floor, Deewanchan Building, 219/2 Rajawong Road, Samphantawong, Bangkok 10100,
Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
16.07.1980 |
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Com. Reg. No.: |
0105523012253 [Former
: 1227/2523] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturer, Distributor & Exporter of
Dyeing Chemical &
Printing Chemical, such
as Dyestuff, Pigment,
Sulphur Blue, Sodium
Molybdate and Etc.
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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
THAI-AMBICA CHEMICALS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 8th FLOOR,
DEEWANCHAN BUILDING,
219/2
RAJAWONG ROAD, SAMPHANTAWONG,
BANGKOK
10100, THAILAND
TELEPHONE : [66] 2622-7367-73, 2224-6682-3
FAX : [66] 2622-7374, 2622-7342
E-MAIL ADDRESS : tacl@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO.
: 0105523012253 [Former
: 1227/2523]
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP
: BHT. 150,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUPHAT
SIVASRIAMPHAI, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 280
LINES OF
BUSINESS : PRINTING AND
DYEING CHEMICALS
MANUFACTURER & EXPORTER
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
July 16, 1980
as a private limited company
under the name style
THAI-AMBICA CHEMICALS CO., LTD.,
by Thai-Indian groups, in
order to manufacture
printing and dyeing
chemicals. It currently
employs 280 staff.
The subject has
been granted a promotional privilege from Board of
Investment [BOI].
In 1997,
the subject attained
the ISO 9002 and
ISO 14001 certification from M/S KPMG
of United States of
America, and also
became a member
of ETAD [The Ecological and Toxicological Association
of Dyes and
Organic Pigment Manufacturers].
The subject’s
registered address is
219/2 Rajawong Rd.,
Chakrawad, Samphantawong, Bangkok
10100, 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.
Jatupol Utuchya |
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Thai |
43 |
|
Mr. Suphat
Sivasriamphai |
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Thai |
61 |
AUTHORIZED PERSON
One of
the above directors can sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr.
Suphat Sivasriamphai is the Managing
Director.
He is
Thai nationality with
the age of
61 years old.
Mr.
V.G. Ptabhu is the Sales
Manager.
He is
Indian nationality.
Mr.
Shivram Kerkar is the Export
Manager.
He is
Indian nationality.
Mr.
R.R. Shanbhag
is the Factory Manager.
He is
Indian nationality.
BUSINESS OPERATIONS
The subject’s
activity is a
manufacturer, distributor &
exporter of dyeing
chemical & printing
chemical, such as
dyestuff, pigment, sulphur
blue, sodium molybdate
and etc. Its
products lines comprise
disperse dyes for
polyester, disperse dyes
for acetate, reactive
dyes for cellulosic,
acid dyes for
wool, nylon and
leathers, direct dyes
for cellulosics and
paper, leather dyes,
vat dyes, liquid
disperse and reactive
dyestuff. The products
are supplied for
textile, leather and
optical brightening agents
industry.
PRODUCTION
10,000-
30,000 tones/annum
PURCHASE
60% of
raw materials and
chemicals are imported
from Germany, India, United States of America, Republic
of China & Taiwan, and the remaining
40% is purchased through local
agents. At present,
the subject has around 20
suppliers from domestic and
overseas.
MAJOR SUPPLIERS
|
Name |
Country |
|
-
China National Chemical |
:
Republic of China |
|
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Vivid Export |
:
India |
|
-
Atul Products |
:
India |
|
-
Mivin Oversea |
:
India |
SALES [LOCAL]
20% of
its products is
sold locally to
manufacturers & dealers.
EXPORT [COUNTRY]
80%
of its
products is exported
to Indonesia, Hong
Kong, Republic of
China, Malaysia, United Kingdom , France, Belgium, United
States of America,
Pakistan and Turkey.
MAJOR CUSTOMERS
|
Name |
Country |
|
-
Sampran Printing Co.,
Ltd. |
:
Thailand |
|
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Chokchai Printing Co.,
Ltd. |
:
Thailand |
|
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Sripaibul Printing Co.,
Ltd. |
:
Thailand |
|
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Lee Wiwat Printing Co., Ltd. |
: Thailand |
|
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Impa Oversea Co.,
Ltd. |
:
United Kingdom |
|
- C
& K Co., Ltd. |
: Hong
Kong |
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& etc. |
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SUBSIDIARIES &
AFFILIATED COMPANY
- D.K.
Holding Co., Ltd.
Business Type: Holding Company
- Thai
Filament Textile Co., Ltd.
Business Type: Textile Factory
- D.K.
Textile Co., Ltd.
Business Type: Textile Factory
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 for the
past two years.
CREDIT
Sales are
by cash or
on the credits term of
30-60 days.
Local bills
are paid on
the credits term
of 30-60 days.
Imports are
by L/C at sight or
T/T on negotiated term.
Exports are
against L/C at
sight and T/T.
BUSINESS TRANSACTION
The products
are sold by
cash and credit,
with the maximum credit given
at 30-60 days.
The subject is found to have late payment by its customers, but they can negotiate.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head
Office : 333
Silom Rd., Silom, Bangrak,
Bangkok 10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Head
Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Hongkong
& Shanghai Banking
Corp.
[Bangkok
Office : 64 Silom Rd., Silom,
Bangrak, Bangkok 10500]
Deutsche
Bank AG.
[Bangkok
Office : 208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
Bharat
Overseas Bank Ltd.
[Bangkok
Office : 221 Rajawongse Rd.,
Samphantawong, Bangkok 10100]
EMPLOYMENT
The subject
employs approximately 280 staff
comprising 30 office
staff and 250
factory workers.
LOCATION DETAILS
The
premise is owned for operating office at
the heading address
in commercial/residential area.
Factory is located at 199 Moo 3, K.M. 39,
Sukhumvit Rd., Bangpoomai,
Samutprakarn, Province, on
32,000 square meters of
area.
Tel :
[66] 2323-9754-5 Fax
: [66] 2323-9753.
COMMENT
All the
company’s products are manufactured and monitored with state-of-the-art
technology. More than 60 percent of the
production is exported to premium markets, including the USA, the UK,
Germany, Canada and
Japan.
However, this
year investment climate
and impact of
political unstable are
restricted the overall
industry’s ability to
respond to short
term future demand.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 25,000,000 divided
into 25,000 shares
of Bht. 1,000
each.
The capital
was increased later
as followings :
Bht. 50,000,000 on March
6, 1987
Bht. 70,000,000 on April
4, 1988
Bht. 75,000,000 on April
22, 1988
Bht. 120,000,000 on April
5, 2000
Bht. 150,000,000 on August
1, 2000
Latest registered
capital was increased
to Bht. 150,000,000
divided into 150,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2006]
|
NAME |
HOLDING |
% |
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Mr.
Suphat Sivasriamphai Nationality:
Thai Address : 157-159 Vanich 1 Rd., Chakrawad, Samphantawong, Bangkok
10100 |
63,875 |
42.58 |
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Mr.
Pracha Sivasriamphai Nationality:
Thai Address : 109
Sukhumvit 12 Rd., Klongtoey, Prakanong, Samphantawong, Bangkok
10100 |
39,875 |
26.58 |
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Siva
Holding Co., Ltd. Nationality:
Thai Address : 219/2
Rajawong Rd., Chakrawad, Samphantawong, Bangkok
10100 |
28,750 |
19.17 |
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Sprecta
Chemicals Pte., Ltd. Nationality:
Singaporean Address : Singapore |
7,000 |
4.66 |
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Krisna
Holding Co., Ltd. Nationality:
Thai Address : 219/2
Rajawong Rd., Chakrawad, Samphantawong, Bangkok
10100 |
3,500 |
2.33 |
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Mr.
Gripan Singh Sajdev Nationality:
Indian Address : 109
Sukhumvit 12 Rd., Klongtoey, Prakanong, Samphantawong, Bangkok
10100 |
1,750 |
1.17 |
|
Mr.
Prawim Sajdev Nationality:
Indian Address : 109
Sukhumvit 12 Rd., Klongtoey, Prakanong, Samphantawong, Bangkok
10100 |
1,750 |
1.17 |
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Mr.
Surej Sajdev Nationality:
Thai Address : 109
Sukhumvit 12 Rd., Klongtoey, Prakanong, Samphantawong, Bangkok
10100 |
1,750 |
1.17 |
|
Mrs.
Ratana Sajdev Nationality:
Thai Address : 109
Sukhumvit 12 Rd., Klongtoey, Prakanong, Samphantawong, Bangkok
10100 |
1,750 |
1.17 |
Total
Shareholders : 9
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Pichit
Srimanjanta No. 1501
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 & at
Bank |
396,639.73 |
341,003.88 |
|
Trade Accts. & Notes Receivable |
338,675,191.20 |
401,563,474.22 |
|
Inventories |
198,950,999.03 |
171,865,792.47 |
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Finished Goods |
6,116,777.05 |
8,764,418.22 |
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Total
Current Assets |
544,139,607.01 |
582,534,688.79 |
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Fixed
Assets |
290,807,579.88 |
258,847,770.42 |
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Total
Assets |
834,947,186.89 |
841,382,459.21 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short Term Loan |
155,249,153.10 |
147,968,148.94 |
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Trade Accts.
Payable |
280,658,368.89 |
283,489,569.01 |
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Short Term
Loan |
9,650,000.00 |
- |
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Short Term
Loan |
27,659,711.59 |
24,393,910.71 |
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Total Current Liabilities |
473,217,233.58 |
455,851,628.66 |
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Long Term
Loan from Financial
Institute |
121,919,691.58 |
136,014,731.40 |
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Total
Liabilities |
595,136,925.16 |
591,866,360.06 |
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Shareholders' Equity |
|
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Share Capital
: Baht. 1,000
par value authorized issued and fully
paid share capital
150,000 shares |
150,000,000.00 |
150,000,000.00 |
|
|
|
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Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Unappropriated |
[105,499,312.44] |
[95,793,475.02] |
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Statutory Reserve |
7,500,000.00 |
7,500,000.00 |
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Assets Revaluation |
187,809,574.17 |
187,809,574.17 |
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Total Shareholders' Equity |
239,810,261.73 |
249,516,099.15 |
|
Total Liabilities & Shareholders' Equity |
834,947,186.89 |
841,382,459.21 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan. 1, 2005- Dec. 31, 2005 |
Jan. 1, 2004- Jan. 31, 2004 |
|
|
|
|
|
Sales |
673,415,927.01 |
691,124,971.13 |
|
Gain/[Loss] on
Exchange Rate |
4,011,736.55 |
725,439.97 |
|
Others |
1,151,726.54 |
573,072.24 |
|
Total
Revenues |
678,579,390.10 |
692,423,483.34 |
|
Expenses |
|
|
|
|
|
|
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Cost of
Goods Sold |
650,963,858.04 |
651,863,097.20 |
|
Selling &
Administrative Expenses |
22,195,308.83 |
22,988,494.61 |
|
Total Expenses
|
673,159,166.87 |
674,851,591.81 |
|
Profit/[Loss] Before
Interest Expenses Income
Tax |
5,420,223.23 |
17,571,891.53 |
|
Interest Expenses |
[15,126,060.65] |
[14,956,972.53] |
|
Income Tax |
- |
[784,475.70] |
|
|
|
|
|
Net Profit / [Loss] |
[9,705,837.42] |
1,830,443.30 |
|
Retained
Earning [deficit],
beginning of year |
[95,793,475.02] |
[97,623,918.32] |
|
Retained
Earning [deficit], end
of year |
[105,499,312.44] |
[95,793,475.02] |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[2.56] |
|
|
Operating |
[68.34] |
|
|
Net Profit |
[630.25] |
|
|
Fixed Assets |
12.35 |
|
|
Total Assets |
[0.76] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
96.67 |
94.32 |
|
Operating Profit
Margin |
0.80 |
2.54 |
|
S&A expenses |
3.30 |
3.33 |
|
Interest |
2.25 |
2.16 |
|
Other Revenues |
0.77 |
0.19 |
|
Net Profit
Margin |
[1.44] |
0.26 |
|
Earning Per
Shares |
[64.71] |
12.20 |
|
No. of
Shares |
150,000 |
150,000 |
Net Sales was
decreased by 2.56%,
Operating Profit was
decreased by 68.34%,
Net Profit was
decreased by 630.25%,
Fixed Assets was
increased by 12.35%,
Total Assets was
decreased by 0.76%.
Compare each cost with sales, Cost of Goods Sold was increased from 94.32% to 96.67%, Operating Profit Margin was decreased from 2.54% to 0.80%, S & A Expenses were decreased from 3.33% to 3.30%, Interest Paid was increased from 2.16% to 2.25%, Other Revenues was increased from 0.19% to 0.77%, Net Profit Margin was decreased from 0.26% to -1.44%.
Earning Per Shares was decreased from 12.20 baht per share to -64.71 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.15 |
1.28 |
|
Quick
- assets ratio |
0.72 |
0.88 |
Current Ratio
was decreased from
1.28 to 1.15,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
0.88 to 0.72,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
2.48 |
2.37 |
|
Times Interest
Earned |
0.36 |
1.17 |
D/E Ratio was
increased from 2.37
to 2.48, 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 1.17 to
0.36, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
2.32 |
2.67 |
|
Total Assets
Turnover |
0.81 |
0.82 |
|
Return on
Assets |
[1.16] |
0.22 |
|
Return on
Equity |
[4.05] |
0.73 |
|
Day’s Payable |
150.04 |
147.67 |
|
Day’s Inventories |
106.36 |
89.52 |
|
Days’ Receivables |
181.05 |
209.17 |
Fixed Assets Turnover
was decreased from
2.67 times to
2.32 times, Total
Assets Turnover was
decreased from 0.82
times to 0.81
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 0.22
to -1.16, Return
on Equity was
decreased from 0.73
to -4.05, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
148 days to
151 days, and
Day’s Inventories was
increased from 90
days to 107
days, while Day’s
Receivables was decreased
from 210 days
to 182 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 |
|