MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AGC
CHEMICALS [THAILAND] CO.,
LTD. |
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|
|
|
Formerly Known As : |
THASCO CHEMICAL CO., LTD |
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|
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|
Registered Office : |
24th Floor,
Bangkok Insurance Building, 25 South Sathorn Road,
Thungmahamek, Sathorn,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1964 |
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Com. Reg. No.: |
0105507001757 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributors and Exporter of industrial Chemicals |
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 |
name and address
AGC CHEMICALS
[THAILAND] CO., LTD.
[FORMER :
THASCO CHEMICAL CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 24th FLOOR,
BANGKOK INSURANCE BUILDING,
25 SOUTH
SATHORN ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2679-1600
FAX : [66] 2677-3178
E-MAIL ADDRESS : info@acth.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1964
REGISTRATION NO.
: 0105507001757 [Former : 231/2507]
CAPITAL
REGISTERED : BHT.
1,400,000,000
CAPITAL
PAID-UP : BHT.
1,400,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
ICHIRO FUKUMA, JAPANESE
PRESIDENT
NO. OF
STAFF : 600
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
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 July 15,
1964 as a
private limited company under the registered name
“Thai Tomiden Caustic
Soda Co., Ltd.” It is
a joint venture
between Thai business
group and Asahi Glass Company
Limited in Japan.
On October 22,
1965 its name was changed to “Thai Asahi
Caustic Soda Co., Ltd.”. On September
19, 1988 the
name was changed
to “Thasco Chemical
Co., Ltd.”.
In 2005, subject
became a wholly
owned subsidiary of
Asahi Glass Company
Limited of Japan,
and changed its
name to be
AGC CHEMICALS [THAILAND]
CO., LTD., on
April 19, 2007. It
produces various kinds
of base chemical
products using advanced
technology transferred from
Asahi Glass Co., Ltd. It
currently employs approximately 600 staff.
In 1994 the
subject was granted promotional privileges from Board of
Investment for its
chemicals plant at
the Eastern Industrial
Estate, Map Ta
Phut, Rayong Province.
The subject achieved
the international standard
ISO 9002 certificate
by BVQI, U.K.
in 1999 and
ISO 14001 certificate
in 2000.
The subject’s registered
address is at
24th Floor, Bangkok
Insurance Building, 25
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok
10120, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ichiro Fukuma |
[x] |
Japanese |
48 |
|
Mr. Tokichi Kureshima |
|
Japanese |
50 |
|
Mr. Takashi Kato |
|
Japanese |
43 |
|
Mr. Shinsuke Akasaka |
|
Japanese |
44 |
|
Mr. Kazuhiko Saito |
|
Japanese |
54 |
|
Mr. Kenichi Aiso |
|
Japanese |
53 |
|
Mr. Ryoichi Fukumoto |
[x] |
Japanese |
55 |
|
Mr. Yasuyuki Ueda |
|
Japanese |
43 |
|
Mr. Bhakbhumi Chiraratn |
|
Thai |
55 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Ichiro
Fukuma is the President.
He is Japanese nationality with
the age of
48 years old.
Mr. Bhakbhumi Chiraratn
is the Executive Director.
He is Thai nationality with
the age of
55 years old.
Mr. Ryoichi Fukumoto
is the Executive Director.
He is Japanese nationality with
the age of
55 years old.
Mr. Chatchai
Predeevit is the Sales Manager.
He is Thai nationality.
Mr. Siriphan
Chunchuangchot
Financial Manager.
He is Thai nationality.
Mr. Choosak
Chuavacharin is the
Factory Manager. [Rayong]
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is manufacturer the
various kinds of
base chemicals as follows:
|
Products |
Production
Capacity |
|
|
|
|
Liquid Sodium Hydroxide |
460,000 mt/year |
|
Micropearls Sodium Hydroxide |
50,000 mt/year |
|
Flake Sodium Hydroxide |
20,000 mt/year |
|
Potassium Hydroxide |
75,000 mt/year |
|
Hydrochloric Acid |
250,000 mt/year |
|
Liquid Chlorine |
41,000 mt/year |
|
Pure Chlorine Gas |
55,000 mt/year |
|
Ultra-Pure Chlorine Gas |
42,000 mt/year |
|
Potassium Carbonate |
30,000 mt/year |
|
High Strength Hypochlorite [Superchlor] |
5,000 mt/year |
|
Calcium Hypochlorite [Nu-Chlor] |
6,000 mt/year |
|
Sodium Hypochlorite [Hi-Chlor] |
54,000 mt/year |
|
Hydrogen Gas |
30,000,000 m3/year |
|
& etc. |
|
MAJOR BRAND
“SUPERCHLOR”, “NU-CHLOR”, “HI-CHLOR”
TRANSPORATATION
The subject built
its own jetty
to transport products
by river. Also for
safety and convenience, products are delivered
by pipeline to
some of the
subject’s customers located
at the Map
Ta Phut Industrial
Estate.
PURCHASE
90% of its raw materials including electricity, pure salt, natural
gas and etc.
are purchased from
local suppliers, and the rest is imported from
United States of America, Singapore,
Japan, Switzerland, France
and Germany.
MAJOR SUPPLIERS
|
Name |
Country |
|
Asahi Glass Co., Ltd. |
: Japan |
|
Titanor Pte., Ltd. |
: Singapore |
|
Pimai Salt Co., Ltd.
|
: Thailand |
|
Electricity Generating
Authority of Thailand |
: Thailand |
|
Bayer Thai Ltd. |
: Thailand |
SALES [LOCAL]
90% of its products is
sold locally to wholesalers, manufacturers and Thai Government.
EXPORT [COUNTRY]
10% of its products is exported
to Singapore, Malaysia,
Vietnam, Pakistan, Japan
and Taiwan.
MAJOR CUSTOMERS
|
Name |
Country |
|
- Asahi Glass [Singapore] Chemicals Pte., Ltd. |
: Singapore |
|
- Thai Plastic and
Chemicals Public Co., Ltd. |
: Thailand |
|
- The Metropolitan Waterworks Authority |
: Government Agent |
|
- The Provincial Waterworks Authority |
: Government Agent |
|
- Chemical Enterprise Co.,
Ltd. |
: Thailand |
SUBSIDIARIES &
AFFILIATED COMPANY
|
Name |
Country |
Business Type |
|
Thai-Asahi Glass Public Co., Ltd.
|
Thailand |
Manufacturer of glass |
|
Thai Asahi Caustic Soda Co.,
Ltd. |
Thailand |
Manufacturer of caustic
soda |
|
Thai Safety Glass Co.,
Ltd. |
Thailand |
Manufacturer of special
glass |
|
Chemicals Marketing Co., Ltd.
|
Thailand |
Manufacturer of chemical
products |
|
Pimai Salt Co., Ltd. |
Thailand |
Manufacturer of chemical
|
|
Thai Plastic and Chemicals
Public Co., Ltd. |
Thailand |
Manufacturer of PVC
resin |
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 30-60-90-120-135 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 at sight.
BANKING
Bank of
Tokyo - Mitsubishi Limited
[Bangkok Office : 54
North Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Sumitomo-Mitsui Banking
Corporation
[Bangkok Office : 138 Silom Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Siam City
Bank Public Co., Ltd.
[Head Office
: 1101 New Petchburi Rd.,
Makkasan, Rajthevee, Bangkok
10400]
EMPLOYMENT
The subject employs
approximately 600 staff
[office staff &
factories workers].
LOCATION DETAILS
The premise is
rented for administrative office
at the heading address. Premise
is located in
a prime commercial area.
The factories and
warehouses are located
at :
·
202 KM. 17,
Suksawad Road, T.
Pakklongbangplakod, Samutprakarn
10290 on 64,000
square meters of area,
Tel: [66] 2463-6345-8, Fax: [66] 2463-3728.
·
4 Soi G 12,
Eastern Industrial Estate,
T. Map Ta Phut, A. Muang,
Rayong 21150, on
28,800 square meters of
area, Tel: [66] 38
683-573, Fax: [66] 38
683-576.
COMMENT
AGC Chemicals
[Thailand] Co., Ltd. produces
premium quality chemical
products to serve
the growing demand
for both domestic and international markets. It always
invests in modern
technology which negates
environmental impact while
ensuring high quality
products.
The company
is Thailand’s leading
producer and distributor
of sodium hydroxide
in solution, pearl,
and flake forms
and the only
producer of Micropearls
in Southeast Asia
as well as
the first company
who produces of
Potassium hydroxide and
Potassium Carbonate in
the kingdom.
Though, the subject’s net
profit in 2006
has decreased from the
previous year due
to economic uncertainty
and slowdown of
the related industries
However, the business
is still promising
and growing considerably.
FINANCIAL INFORMATION
The capital was
registered at Bht.
21,000,000 divided into
42,000 shares of
Bht. 500 each.
The capital was
increased later as
followings :
Bht. 50,000,000 on August 25,
1981
Bht. 70,000,000 on January 5,
1982
Bht. 100,000,000 on December 21,
1987
Bht. 300,000,000 on May 17,
1990
Bht. 480,000,000 on May 14,
1997
Bht. 600,000,000 in 1998
Bht. 2,800,000,000 in 2001
On August 22,
2005, capital was
decreased to Bht. 1,400,000,000 divided into 14,000,000
shares of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 19,
2007]
|
NAME |
HOLDING |
% |
|
Asahi Glass
Co., Ltd. Nationality: Japanese Address : 1-12-1 Yurakujo
Chiyodaku Tokyo, Japan |
13,999,994 |
99.99 |
|
Mr. Ryoichi
Fukumoto Nationality: Japanese Address : 25 South
Sathorn Rd., Thungmahamek, Sathorn, Bangkok |
1 |
|
|
Mr. Shinsuke
Akasaka Nationality: Japanese Address : 1-35-10 Zuwa
Hingashimurayama, Tokyo, Japan |
1 |
|
|
Mr. Takashi
Kato Nationality: Japanese Address : 25 South
Sathorn Rd., Thungmahamek, Sathorn, Bangkok |
1 |
|
|
Mr. Kenichi Aiso Nationality: Japanese Address : 25 South
Sathorn Rd., Thungmahamek, Sathorn, Bangkok |
1 |
= 0.01 |
|
Mr. Ichiro
Fukuma Nationality: Japanese Address : 1277-51 Kashiwa,
Kashiwashi, Shiba, Japan |
1 |
|
|
Mr. Tokichi Kureshima Nationality: Japanese Address : 4-7 Kudan-Chiyoda-ku, Tokyo, Japan |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Prasit Yuengsrikul No. 4174
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
288,710,655 |
225,016,369 |
|
Trade Accts. Receivable |
898,236,734 |
895,761,631 |
|
Related Company Receivable |
73,605,604 |
34,618,292 |
|
Inventories |
446,819,692 |
555,033,145 |
|
Other Current Assets
|
15,657,768 |
42,340,135 |
|
|
|
|
|
Total Current
Assets |
1,723,030,453 |
1,752,769,572 |
|
Accts. Receivable &
Loan to Employee |
431,999 |
9,374,759 |
|
Advance Payment for Work
under Construction |
- |
43,172,547 |
|
Investment in Subsidiary & Other Company |
42,507,235 |
32,133,811 |
|
Fixed Assets |
4,146,182,100 |
4,109,773,187 |
|
Other Assets |
7,725,332 |
7,511,233 |
|
Total Assets |
5,919,877,119 |
5,954,735,109 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
900,000,000 |
1,400,600,000 |
|
Trade Accts. Payable |
457,183,629 |
324,090,424 |
|
Related Company Payable |
116,255,013 |
162,194,469 |
|
Other Payable |
101,271,250 |
174,560,484 |
|
Accrue d Expenses & Other
Current Liabilities |
17,141,179 |
48,319,973 |
|
|
|
|
|
Total Current
Liabilities |
1,591,851,071 |
2,109,765,350 |
|
Reserve for Pension |
91,155,884 |
81,633,719 |
|
Total Liabilities |
1,683,006,955 |
2,191,399,069 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 14,000,000 shares |
1,400,000,000 |
1,400,000,000 |
|
|
|
|
|
Capital Paid |
1,400,000,000 |
1,400,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
268,128,000 |
268,128,000 |
|
Unapproriated |
1,745,197,154 |
1,271,663,030 |
|
Surplus on Land
Appraisal |
696,839,760 |
696,839,760 |
|
Surplus on Excess in
Share Value of
Subsidiary |
126,705,250 |
126,705,250 |
|
Total
Shareholders' Equity |
4,236,870,164 |
3,763,336,040 |
|
Total
Liabilities & Shareholders' Equity |
5,919,877,119 |
5,954,735,109 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
6,011,078,670 |
6,142,176,662 |
|
Other Income - Gain on Exchange
Rate |
15,291,368 |
8,806,149 |
|
- Interest Income |
2,297,241 |
18,369,417 |
|
- Others |
27,942,704 |
7,570,873 |
|
Total Revenues
|
6,056,609,983 |
6,176,923,101 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,033,981,312 |
4,430,828,248 |
|
Selling & Administrative Expenses |
506,233,077 |
462,562,482 |
|
Total Expenses |
5,540,214,389 |
4,893,390,730 |
|
|
|
|
|
Profit / [Loss] from Operation |
516,395,594 |
1,283,532,371 |
|
Share of Profit
from Subsidiary’s Operation |
10,373,424 |
10,559,661 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
526,769,018 |
1,294,092,032 |
|
Interest Expenses |
[53,234,894] |
[22,627,165] |
|
|
|
|
|
Net Profit / [Loss] |
473,534,124 |
1,271,464,867 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[2.13] |
|
|
Operating Profit |
[58.89] |
|
|
Net Profit |
[62.76] |
|
|
Fixed Assets |
0.89 |
|
|
Total Assets |
[0.59] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
83.75 |
72.14 |
|
Operating Profit Margin |
8.59 |
20.90 |
|
S & A
Expenses |
8.42 |
7.53 |
|
Interest Paid |
0.89 |
0.37 |
|
Other Revenues |
0.76 |
0.57 |
|
Net Profit Margin |
7.88 |
20.70 |
|
Earning Per Shares |
33.82 |
90.82 |
|
No. of Shares |
14,000,000 |
14,000,000 |
Net Sales was
decreased by 2.13%,
Operating Profit was decreased by
58.89%, Net Profit
was decreased by
62.76%, Fixed Assets
was increased by
0.89%, Total Assets
was decreased by
0.59%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 72.14%
to 83.75%, Operating
Profit Margin was
decreased from 20.90%
to 8.59%, S
& A Expenses
was increased from
7.53% to 8.42%,
Interest Paid was increased
from 0.37% to
0.89%, Other Revenues
was increased from
0.57% to 0.76%,
Net Profit Margin
was decreased from
20.70% to 7.88%.
Earning Per Shares
was decreased from
90.82 baht per
share to 33.82
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.08 |
0.83 |
|
Quick-Assets Ratio |
0.79 |
0.55 |
Current Ratio was
increased from 0.83
to 1.08, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.55 to 0.79,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.40 |
0.58 |
|
Times Interest Earned |
9.70 |
56.73 |
D/E Ratio was
decreased from 0.58
to 0.40, 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
56.73 to 9.70,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.45 |
1.49 |
|
Total Assets Turnover |
1.02 |
1.03 |
|
Return on Assets |
8.00 |
21.35 |
|
Return on Equity |
11.18 |
33.79 |
|
Day's Payable |
27.38 |
19.00 |
|
Day’s Inventories |
26.76 |
32.53 |
|
Day’s Receivables |
53.79 |
52.50 |
Fixed Assets Turnover
was decreased from
1.49 times to
1.45 times, Total
Assets Turnover was
decreased from 1.03
times to 1.02
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 21.35 to
8.00, Return on
Equity was decreased
from 33.79 to
11.18, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 19
days to 28
days, while Day’s
Inventories was decreased
from 33 days
to 27 days, but Day’s
Receivables was increased
from 53 days
to 54 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. |
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 |
|
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%)