MIRA
INFORM REPORT
|
Report Date : |
5th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
B S T ELASTOMERS CO., LTD. |
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Registered Office : |
22nd Floor, Sathorn City
Tower, 175, South Sathorn Road,
Thungmahamek, Sathorn,
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 : |
16.01.1991 |
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Com. Reg. No.: |
0105534004401 [Former: 440/2534] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged
in Manufacturing Synthetic Rubber Products. |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
B S T ELASTOMERS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 22nd FLOOR,
SATHORN CITY TOWER,
175, SOUTH SATHORN
ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2679-5120
FAX : [66]
2679-5119, 2679-5122
E-MAIL ADDRESS : webmaster@bst.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534004401 [Former: 440/2534]
CAPITAL REGISTERED : BHT. 525,000,000
CAPITAL PAID-UP
: BHT. 525,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR. PICHIT NITHIVASIN,
THAI
PRESIDENT
NO. OF
STAFF : 300
LINES OF
BUSINESS : SYNTHETIC RUBBER
PRODUCTS
MANUFACTURER, DISTRIBUTOR & 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
January 16, 1991
as a private limited company under the registered name
BANGKOK ELASTOMERS CO., LTD.,
by Thai and
Japanese groups, in order
to produce and supply
synthetic rubber products
to local market.
It currently employs
300 staff.
On January
11, 1996, the
subject was changed
its name to
BST ELASTOMERS CO., LTD.
It is an alliance of three main shareholders, namely Bangkok Synthetics
Co., Ltd. or BST, with a 60% stake, and two Japanese synthetic rubber
manufacturers JSR Corporation with a share of 14% and Zeon Corporation with 12% share. The remaining 14% is distributed
among number of other
parties.
The subject’s
registered address is
22nd Floor, Sathorn
City Tower, 175
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok
10120, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Kwa
Lay Keng |
|
Malaysian |
48 |
|
Dr. Pichit
Nithivasin |
|
Thai |
61 |
|
Mr. Pichai
Nithivasin |
|
Thai |
64 |
|
Mr. Pichet
Nithivasin |
|
Thai |
56 |
|
Mr. Chaiyot
Wongphyat |
[x] |
Thai |
57 |
|
Mr. Apiporn
Pasawat |
[x] |
Thai |
59 |
|
Mr.
Ekarat Thongtawach |
[x] |
Thai |
53 |
|
Mr.
Sommai Ungsrithong |
[x] |
Thai |
47 |
|
Mr. Supachol
Nithivasin |
[x] |
Thai |
31 |
|
Mr.
Ang Kong Hua |
|
Singaporean |
63 |
|
Mr.
Cholanat Yarnaranop |
[x] |
Thai |
52 |
|
Mrs.
Suchada Sukapatthavorn |
[x] |
Thai |
46 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Dr. Pichit
Nithivasin is the President.
He is
Thai nationality with
the age of
61 years old.
Mr.
Chaiyot Wongphyat
is the Managing Director.
He is
Thai nationality with
the age of
57 years old.
Mr. Chakkra
Sawasburi is
the Marketing &
Purchasing Manager.
He is
Thai nationality.
Mr.
Chaiyapong Paseephol is
the Sales Manager.
He is
Thai nationality.
Mr.
Thayathon Tolai
is the Factory Manager.
He is
Thai nationality.
Mr.
Veerachai Sripetchasakul
is the Human Resource Manager.
He is
Thai nationality.
Mrs.
Nisa Sirimongkolkasem
is the Account & Finance
Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing synthetic rubber products, specialized in Butadiene Rubber [BR]
and Styrene Butadiene
Rubber [SBR] used
for many industrial applications such as automobile
tires, shoes sole,
auto parts, sports
equipment such as
football, basketballs and
children’s toys.
The productions
are as follows:
-
Butadiene Rubber [BR];
BSTE BR 01,
BSTE BR 1220 and
BSTE BR 1220 S.
Production
Capacity : 40,000 tonnes/year
-
Styrene Butadiene Rubber
[SBR]; BSTE SBR 1500,
BSTE SBR 1502,
BSTE SBR 1712, and BSTE SBR 1778
Production
Capacity : 60,000 tonnes/year
The production
technology has been
provided by JSR
Corporation and Zeon
Corporation of Japan.
PURCHASE
Raw materials are purchased from both local
and overseas suppliers in Japan,
Germany and Singapore.
MAJOR SUPPLIERS
-
Zeon Corporation : Japan
- J S
R Corporation :
Japan
-
Bangkok Synthetics Co., Ltd. :
Thailand
-
Mitsui & Co. Ltd. : Thailand
-
Natsteel Chemical Co., Ltd. :
Singapore
DISTRIBUTION
80% of
its products is
sold locally by wholesale
to manufacturers, and
the rest 20%
is exported to
Japan, Singapore, Taiwan,
Republic of China,
Malaysia, Europe and
United States of America.
MAJOR CUSTOMERS
- J S
R Corporation : Japan
-
Zeon Corporation : Japan
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.
PARENT COMPANY
Bangkok
Synthetics Co., Ltd.
Business
Type :
Manufacturer of petrochemical products
Address :
175 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10110
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 &
T/T.
Exports are
against L/C at
sight & T/T.
BUSINESS TRANSACTION
The products
are sold to
customers both cash
and credit, with
the maximum credit given at 30-60
days. The subject
is found to
have delay payment
by customers, but
they can negotiate.
BANKING
Krung
Thai Bank Public
Co., Ltd.
[Head
Office : 35 Sukhumvit Rd., Klongtoeynua, Wattana, Bangkok 10110]
The
Siam Commercial Bank
Public Co., Ltd.
[Chidlom Office : 1060 New Petchburi Rd.,
Makkasan, Rajthevee, Bangkok
10400]
Bangkok
Bank Public Co., Ltd.
[Maptaphut Branch: 636/1 Moo 1, T. Maptaphut, A. Muang,
Rayong Province]
EMPLOYMENT
The subject
employs approximately 300
staff. [office staff and
factory workers]
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in a prime commercial area.
Factory and
warehouse are located
at 5/1 Maptaphut Industrial Estate,
I-7 Rd.,
T.
Maptaphut, A. Muang, Rayong
21150, Tel: [66] 38
683-314, Fax: [66] 38 683-315.
COMMENT
The
subject’s main shareholders have forged an aggressive, all-inclusive corporate
strategy in terms of production, technology and marketing. As a result, the subject has a comprehensive
potential for synthetic rubber production in accordance with the highest world
standards and the ability to ensure customer satisfaction.
The
unique process for the production of synthetic rubber, developed by both of JSR
and Nippon Zeon, is one of the subject’s fundamental strength, as well as
enhancing the subject to compete with the other rivals in the world markets.
The subject
is considered as
an experience key
player in the
industry.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100
each.
The capital
was increased later
as follows:
Bht. 250,000,000 on November
1, 1996
Bht. 1,500,000,000 on July
16, 1998
Bht. 1,800,000,000 on December
11, 1998
Bht. 2,100,000,000 on November
22, 1999
On September
27, 2004, the
capital was decreased
to Bht. 525,000,000
divided into 21,000,000
shares of Bht.
25 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at March 29,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok
Synthetics Co., Ltd. Nationality:
Thai Address : 175
South Sathorn Rd., Thungmahamek, Sathorn, Bangkok 10120 |
20,999,982 |
100.00 |
|
Mr.
Pichit Nithivasin Nationality:
Thai Address : 109
Suapa Rd., Pomprab,
Bangkok |
5 |
- |
|
Mr.
Pichai Nithivasin Nationality:
Thai Address : 109
Suapa Rd., Pomprab,
Bangkok |
5 |
- |
|
Mr.
Pichet Nithivasin Nationality:
Thai Address : 80/20
Wireless Rd., Lumpinee,
Pathumwan,
Bangkok |
5 |
- |
|
Mr.
Chaiyot Wongphyat Nationality:
Thai Address : 567/45 Krungthep-Kreetha
Rd., Huamark, Bangkapi, Bangkok
|
1 |
- |
|
Mr.
Jenchai Limwatanakoon Nationality:
Thai Address : 273/28 Sathupradit Rd., Chongnonsee, Yannawa, Bangkok |
1 |
- |
|
Mr.
Pranot Charoenlarp Nationality:
Thai Address : 54
Moo 8, Bangkaen, Bangplee, Samutprakarn |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Boonlert
Kaewphanpruek No. 4165
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 |
130,765,288 |
1,197,060,219 |
|
Trade Accts.
Receivable -
Related Companies |
7,939,140 |
16,341,256 |
|
-
Other Companies |
722,419,143 |
784,364,605 |
|
Related Companies
Receivable |
669,995 |
338,523 |
|
Inventories [note
1] |
1,161,707,832 |
859,741,573 |
|
Refundable Value
Added Tax |
41,581,081 |
36,945,113 |
|
Other Current
Assets |
9,927,614 |
12,022,445 |
|
|
|
|
|
Total
Current Assets |
2,075,010,093 |
2,906,813,734 |
|
Fixed
Assets [note 2] |
2,714,582,180 |
2,949,850,842 |
|
Intangible Assets |
337,838,802 |
323,604,606 |
|
Other
Assets |
3,890,496 |
4,049,767 |
|
Total
Assets |
5,131,321,571 |
6,184,318,949 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts.
Payable -
Related Companies |
444,728,786 |
294,025,585 |
|
-
Other Companies |
177,867,969 |
214,085,313 |
|
Current Portion
of Long-term Loan
from Parent
Company |
|
186,550,137 |
|
Current
Portion of Long-term Loan |
- |
209,955,205 |
|
Related Companies
Payable |
7,788,428 |
14,256,298 |
|
Accrued Interest |
37,697,604 |
30,287,034 |
|
Accrued Expenses
& Other Current
Liabilities |
89,924,610 |
29,366,675 |
|
|
|
|
|
Total Current Liabilities |
758,007,397 |
978,526,247 |
|
Deferred Acknowledge Income |
37,315,482 |
41,793,340 |
|
Long-term Loan
from Parent Company |
- |
731,459,727 |
|
Long-term Loan |
- |
822,892,192 |
|
Loan from
Shareholder |
- |
700,067,123 |
|
Total
Liabilities |
795,322,879 |
3,274,738,629 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 25 par value
authorized, issued and fully
paid
share capital 21,000,000 shares |
525,000,000 |
525,000,000 |
|
|
|
|
|
Capital Paid |
525,000,000 |
525,000,000 |
|
Unappropriated |
3,810,998,692 |
2,384,580,320 |
|
Total Shareholders' Equity |
4,335,998,692 |
2,909,580,320 |
|
Total Liabilities & Shareholders' Equity |
5,131,321,571 |
6,184,318,949 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
7,537,631,984 |
6,284,731,510 |
|
Gain from
Debt Prepayment |
228,588,630 |
- |
|
Gain
[Loss] on Exchange Rate |
23,426,205 |
[7,585,004] |
|
Interest Income |
11,347,831 |
2,188,131 |
|
Other Income |
11,569,654 |
9,523,891 |
|
Total
Revenues |
7,812,564,304 |
6,288,858,528 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
5,927,837,045 |
4,714,341,734 |
|
Selling &
Administrative Expenses |
440,760,364 |
377,000,115 |
|
Total Expenses
|
6,368,597,409 |
5,091,341,849 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Extraordinary Item |
1,443,966,895 |
1,197,516,679 |
|
Interest Expenses |
[17,548,523] |
[266,151,790] |
|
Gain on
Debt Restructuring |
- |
2,455,509,196 |
|
|
|
|
|
Net
Profit / [Loss] |
1,426,418,372 |
3,386,874,085 |
FINANCIAL NOTE
NOTE
1 : Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
841,802,941 |
612,548,140 |
|
Raw Material
|
170,203,846 |
128,966,531 |
|
Material Supplies
& Spare Parts |
126,102,047 |
99,125,019 |
|
Raw Material
in Transit |
23,598,998 |
19,101,883 |
|
Total |
1,161,707,832 |
859,741,573 |
NOTE
2 : Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land Improvement |
1,318,588 |
1,318,588 |
|
Building
& Improvement |
77,004,259 |
76,849,784 |
|
Machinery
& Equipment |
3,970,783,776 |
3,959,520,156 |
|
Office Furniture & Fixture |
30,607,656 |
26,236,721 |
|
Vehicle |
1,714,504 |
4,666,688 |
|
Works under
Construction |
68,302,391 |
8,250,987 |
|
Total |
4,149,731,174 |
4,076,842,924 |
|
Less:
Depreciation |
[1,435,148,994] |
[1,126,992,082] |
|
Total |
2,714,582,180 |
2,949,850,842 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
19.94 |
|
|
Operating |
0.10 |
|
|
Net Profit |
[57.88] |
|
|
Fixed Assets |
[7.98] |
|
|
Total Assets |
[17.03] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
78.64 |
75.01 |
|
Operating Profit
Margin |
21.36 |
24.99 |
|
S&A expenses |
5.85 |
6.00 |
|
Interest |
0.23 |
4.23 |
|
Other Revenues |
3.65 |
0.07 |
|
Net Profit
Margin |
18.92 |
53.89 |
|
Earning Per
Shares |
67.92 |
161.28 |
|
No. of
Shares |
21,000,000 |
21,000,000 |
Net Sales was
increased by 19.94%,
Operating Profit was
increased by 0.10%,
Net Profit was
decreased by 57.88%,
Fixed Assets was
decreased by 7.98%,
Total Assets was
decreased by 17.03%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
75.01% to 78.64%,
Operating Profit Margin
was decreased from
24.99% to 21.36%,
S & A
Expenses were decreased
from 6.00% to
5.85%, Interest Paid
was decreased from
4.23% to 0.23%,
Other Revenues was
increased from 0.07%
to 3.65%, Net
Profit Margin was
decreased from 53.89%
to 18.92%.
Earning Per
Shares was decreased
from 161.28 baht
per share to
67.92 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.74 |
2.97 |
|
Quick
- assets ratio |
1.14 |
2.04 |
Current Ratio
was decreased from
2.97 to 2.74,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
2.04 to 1.14,
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 |
0.18 |
1.13 |
|
Times Interest
Earned |
66.62 |
4.48 |
D/E Ratio was
decreased from 1.13
to 0.18, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was increased
from 4.48 to
66.62, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
2.78 |
2.13 |
|
Total Assets
Turnover |
1.47 |
1.02 |
|
Return on
Assets |
27.80 |
54.77 |
|
Return on
Equity |
32.90 |
116.40 |
|
Day’s Payable |
10.95 |
16.58 |
|
Day’s Inventories |
71.53 |
66.56 |
|
Days’ Receivables |
34.98 |
45.55 |
Fixed Assets Turnover
was increased from
2.13 times to
2.78 times, Total
Assets Turnover was
increased from 1.02
times to 1.47
times, show the
company could use
Assets so efficiently, and Return on
Assets was decreased
from 54.77 to
27.80, Return on
Equity was decreased
from 116.40 to
32.90, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was decreased from 17 days to
11 days, while
Day’s Inventories was
increased from 67
days to 72
days, but Day’s
Receivables was decreased
from 46 days
to 35 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 |
|