MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
UNITED SILICA [ |
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Registered Office : |
1
Mabtaphut Industrial Estate,
I-3 Road, Maptaphut,
Muang, Rayong 21150 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0105542071430 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and distributing of silicone and other industrial
chemical products. |
RATING & COMMENTS
|
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 : |
Regular |
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Litigation : |
Clear |
name
UNITED SILICA [
SUMMARY
BUSINESS ADDRESS : 1
MABTAPHUT INDUSTRIAL ESTATE,
I-3 ROAD,
MAPTAPHUT, MUANG,
RAYONG 21150
TELEPHONE : [66] 38
683-946-8
FAX : [66] 38
683-945
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0105542071430 [Former : [5]1316/2542]
CAPITAL
REGISTERED : BHT.
150,000,000
CAPITAL
PAID-UP : BHT.
120,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VOLKER ALFRED
GEORGE SCHMIDT, GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 80
LINES OF
BUSINESS : SILICON AND
INDUSTRIAL CHEMICAL
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 17,
1999 as a
private limited company under
the name style
UNITED SILICA [SIAM]
LIMITED, by Thai
and German groups,
with the business
objective to manufacture
silicon and other
industrial chemical products
to both domestic
and international markets.
It currently employs
approximately 80 staff.
Subject
is a joint
venture between Degussa
AG, Germany and
Oriental Siam [1978]
Limited, Thailand, with
held around 70%
and 30%, of
the subject’s total
shares respectively.
The
subject’s registered address
is 1 Maptaphut
Industrial Estate, I-3
Rd., Maptaphut, Muang,
Rayong 21150, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mr. Volker Alfred Schmidt |
[x] |
German |
- |
|
Mr. Simon Patric Reteeve |
[x] |
German |
- |
|
Mr. Thiti Pawakranont |
|
Thai |
67 |
|
Mr. Sombat Sithisankul |
|
Thai |
56 |
|
Mr. Songserm O-wattana |
|
Thai |
58 |
|
Mr. Gerard Jacques Raymond
Berote |
[x] |
Belgian |
52 |
AUTHORIZED PERSON
Two of the
mentioned directors [x] can jointly
sign or 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
Mr. Volker Alfred
George Schmidt is
the Managing Director.
He is German
nationality.
Mr. Gerard Jacques
Raymond Berote is
the Plant Manager.
He is Belgian
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of
silicone and other
industrial chemical products.
The products are
included precipitated silica [silicon dioxide],
aluminum silicate and
sodium silicate and
etc.
PRODUCTION
12,000 tons per
annum
PURCHASE
Its raw materials
and machinery are
purchased from suppliers
both in domestic
and overseas, mainly
Germany and United
States of America.
MAJOR SUPPLIER
Degussa
AG. :
SALES
The products are
sold and serviced
to customers both
local and overseas,
mainly in Taiwan,
India and Germany.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C or T/T.
BANKING
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 80
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
Bangkok
office is located
at 23/110-113 Sukhumvit
63 Rd., Klongtonnua,
Wattana, Bangkok 10110.
Tel. : [66]
2714-3969, Fax. : [66]
2714-4224.
COMMENT
The company’s
silicon and industrial
chemicals are an
essential raw materials
for various industries. Its
business has potential
and contributed for
domestic industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
On
January 19, 2000, capital was
increased to Bht.
150,000,000 divided into
1,500,000 shares of
Bht. 100 each.
THE SHAREHOLDERS
LISTED WERE : [as at
April 5,
2006] at Bht. 120,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
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Degussa AG. Nationality: German Address : |
1,049,994 |
70.00 |
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Oriental Nationality: Thai Address : 6
Ramkhamhaeng 50 Rd.,
Huamark,
Bangkapi, |
450,000 |
30.00 |
|
Ms. Sawitree Trinawarat Nationality: Thai Address : 9
Sukhumvit 55 Rd.,
Klongtonnua, Wattana, |
1 |
- |
|
Ms.
Tassanee Maneesorn Nationality: Thai Address : 1564
Pracharaj 1 Rd.,
Bangsue, |
1 |
- |
|
Mr.
Karlheinz Hammersting Nationality: German Address : 23/110-113
Sukhumvit 63 Rd.,
Klongtonnua, Wattana, |
1 |
- |
|
Mr. Arnat Muninnimit Nationality: Thai Address : |
1 |
- |
|
Ms. Khaisri Uthaiwan Nationality: Thai Address : |
1 |
- |
|
Mr. Kamol Vacharamanee Nationality: Thai Address : 60/36
Moo 5,
Jarakaebua, Ladprao, |
1 |
- |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Vichien Kingmontri No.
3977
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank [note 1]
|
4,269,418 |
4,823,695 |
|
Short-term Investment |
3,122,205 |
3,106,797 |
|
Trade Accts. Receivable - Related company |
45,370,805 |
53,530,739 |
|
- Other company |
21,626,127 |
20,589,981 |
|
Inventories [note 2] |
33,337,642 |
17,368,731 |
|
Other Current Assets
|
4,696,948 |
3,469,630 |
|
Total Current
Assets |
112,423,145 |
102,889,573 |
|
|
|
|
|
Fixed Assets [note 3] |
192,781,930 |
180,771,222 |
|
Intangible Assets |
355,852 |
624,726 |
|
Spare Part |
34,520,276 |
35,860,825 |
|
Deposit |
815,798 |
815,798 |
|
Total Assets
|
340,897,001 |
320,962,144 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Short-term Loan from Financial
Institution |
98,000,000 |
41,000,000 |
|
Trade Accts. Payable |
34,382,302 |
34,587,324 |
|
Payable-Related Company |
4,223,147 |
6,791,845 |
|
Accrued Income Tax |
- |
10,558,696 |
|
Accrued Expenses |
5,440,042 |
8,284,600 |
|
Other Current Liabilities |
4,554,200 |
3,897,039 |
|
Total Current
Liabilities |
146,599,691 |
105,119,504 |
|
Total Liabilities |
146,599,691 |
105,119,504 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,500,000 shares |
150,000,000 |
150,000,000 |
|
Capital Paid |
120,000,000 |
120,000,000 |
|
Statutory Reserve |
8,106,266 |
6,473,579 |
|
Retained Earning -
Unappropriated |
66,191,044 |
89,369,061 |
|
Total
Shareholders' Equity |
194,297,310 |
215,842,640 |
|
Total
Liabilities & Shareholders' Equity |
340,897,001 |
320,962,144 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
272,549,040 |
335,279,324 |
|
Other Income |
2,433,686 |
837,016 |
|
Total Revenues
|
274,982,726 |
336,116,340 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
212,009,571 |
214,607,169 |
|
Selling & Administrative Expenses |
47,179,768 |
69,419,385 |
|
Total Expenses |
259,189,339 |
284,026,554 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
15,793,387 |
52,089,786 |
|
Interest Expenses |
[3,628,822] |
[1,933,829] |
|
Income Tax |
[3,710,015] |
[17,502,217] |
|
Net Profit / [Loss] |
8,454,550 |
32,653,740 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
44,361 |
160,512 |
|
Cash at bank-Saving
account |
1,044,054 |
887,968 |
|
-Current account |
3,181,003 |
3,775,215 |
|
Total
|
4,269,418 |
4,823,695 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Inventories |
19,480,383 |
10,503,248 |
|
Raw Material |
5,456,836 |
4,055,602 |
|
Work in Process |
8,400,423 |
2,809,881 |
|
Total
|
33,337,642 |
17,368,731 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building & Improvement |
57,180,635 |
57,180,635 |
|
Machine & Equipment |
257,713,834 |
224,044,094 |
|
Office Equipment &
Furniture |
8,890,334 |
7,996,080 |
|
Vehicle |
6,329,000 |
5,553,000 |
|
Work under Construction |
8,802,319 |
4,077,068 |
|
Total |
338,916,122 |
298,850,877 |
|
Less: Depreciation |
[146,134,192] |
[118,079,655] |
|
Total
|
192,781,930 |
180,771,222 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[18.71] |
|
|
Operating Profit |
[62.70] |
|
|
Net Profit |
[74.11] |
|
|
Fixed Assets |
6.64 |
|
|
Total Assets |
6.21 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
77.79 |
64.01 |
|
Operating Profit Margin |
5.79 |
15.54 |
|
S & A
Expenses |
17.31 |
20.70 |
|
Interest Paid |
1.33 |
0.58 |
|
Other Revenues |
0.89 |
0.25 |
|
Net Profit Margin |
3.10 |
9.74 |
|
Earning Per Shares |
5.64 |
21.77 |
|
No. of Shares |
1,500,000 |
1,500,000 |
Net Sales was
decreased by 18.71%,
Operating Profit was
decreased by 62.70%,
Net Profit was
decreased by 74.11%,
Fixed Assets was
increased by 6.64%,
Total Assets was
increased by 6.21%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 64.01%
to 77.79%, Operating
Profit Margin was
decreased from 15.54%
to 5.79%, S
& A Expenses
was decreased from
20.70% to 17.31%,
Interest Paid was increased
from 0.58% to
1.33%, Other Revenues
was increased from
0.25% to 0.89%,
Net Profit Margin
was decreased from
9.74% to 3.10%.
Earning Per Shares
was decreased from
21.77 baht per
share to 5.64
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.77 |
0.98 |
|
Quick-Assets Ratio |
0.51 |
0.78 |
Current Ratio was
decreased from 0.98
to 0.77, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.78
to 0.51, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.75 |
0.49 |
|
Times Interest Earned |
4.35 |
26.94 |
D/E Ratio was
increased from 0.49
to 0.75, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
decreased from 26.94
to 4.35, capacity
to pay interest
paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.41 |
1.85 |
|
Total Assets Turnover |
0.80 |
1.04 |
|
Return on Assets |
2.48 |
10.17 |
|
Return on Equity |
4.35 |
15.13 |
|
Day's Payable |
45.41 |
37.14 |
|
Day’s Inventories |
44.03 |
18.65 |
|
Day’s Receivables |
28.57 |
22.11 |
Fixed Assets Turnover
was decreased from
1.85 times to
1.41 times, Total
Assets Turnover was
decreased from 1.04
times to 0.80
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 10.17 to
2.48, Return on
Equity was decreased
from 15.13 to
4.35, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 38
days to 46
days, Day’s Inventories
was increased from
19 days to
45 days, and
Day’s Receivables was
increased from 23
days to 29
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 |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)