MIRA
INFORM REPORT
|
Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
CHEMFLEET CO., LTD. |
|
|
|
|
Registered Office : |
71/51
Soi 47/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1983 |
|
|
|
|
Com. Reg. No.: |
0105526030465 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and
servicing wide range
of industrial chemicals
for agricultural and
other industries. |
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
CHEMFLEET CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 71/51
SOI 47/1,
BANGKAE,
TELEPHONE : [66] 2454-8994-5
FAX :
[66] 2454-8993
E-MAIL
ADDRESS : chemfleet@anet.net.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526030465 [Former : 3045/2526]
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PITOON KHAWTEPAWAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : INDUSTRIAL CHEMICAL
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on July 26,
1983 as a
private limited company under
the name style
CHEMFLEET CO., LTD., by
Thai groups, with
the business objective
to manufacture wide
range of industrial
chemical for domestic
and international markets.
It currently employs
approximately 150 staff.
The
subject’s registered address
is 71/51 Moo 4,
Soi 47/1, Petchkasem
Rd., Bangkae, Bangkok
10160, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pitoon Khawtepawan |
[x] |
Thai |
65 |
|
Mrs. Reena Khawtepawan |
[x] |
Thai |
59 |
|
Mr. Surakij Sangkawan |
|
Thai |
52 |
|
Mrs. Supa Sangkawan |
|
Thai |
45 |
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
Mr. Pitoon Khawtepawan is the
Managing Director.
He is Thai
nationality with the
age of 65
years old.
Mrs. Reena Khawtepawan is the Deputy
Managing Director.
She is Thai
nationality with the
age of 59
years old.
Mr. Surakij Sangkawan is
the General Manager.
He is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing wide
range of industrial
chemicals for agricultural
and other industries.
The product includes
liquid pesticides, wettable
powder pesticides and
etc., as well
as safety equipment.
PRODUCTIONS
Liquid Pesticides : 10,000 tons per
annum
Wettable Powder Pesticides :
2,500 tons per
annum
Safety products : 10,000 tons per
annum
MAJOR BRANDS
“VECTOBAC-G”, “BISTAR-M” and etc.
PURCHASE
Raw materials are
purchased from supplier
both in domestic
and overseas, mainly
in United States of
America, India and
Germany.
SALES
80% of the
products is sold
locally by wholesale
to dealers and
end-users, as well
as the remaining
20% is exported
to Vietnam and
Singapore.
RELATED AND
AFFILIATED COMPANIES
Pitsulin Co., Ltd.
Sharp Formulators Co.,
Ltd.
Mobil-AG Co., Ltd.
Khawtepawan Co., Ltd.
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
Krung Thai Bank
Public Co., Ltd.
[Bangkae Branch, 99/57
Moo 1,
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
150 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the above
address. Premised is
located in commercial/residential area.
Factory
and warehouse are
at 119 Moo
9, Sethakij 1
Rd., Suanluang, Krathumban,
Samutsakorn 74110.
COMMENT
The subject’s operating performance remains
healthy due to expansion of agricultural
industry in
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 3,000,000
on January 19,
2000
Bht. 10,000,000
on August 8,
2000
Bht. 20,000,000
on March 16,
2007
The
latest registered capital
was increased to
Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
March 12,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
Mrs. Supa Sangkawan
Nationality: Thai Address : 1005/35
Moo 7, Bangkae, |
67,000 |
33.50 |
|
Mr. Pitoon Khawtepawan Nationality: Thai Address : 71/51
Moo 4,
Nongkangplu, Nongkaem, |
66,260 |
33.12 |
|
Mr. Surakij Sangkawan Nationality: Thai Address : 1005/35
Moo 7, Bangkae, |
22,000 |
11.00 |
|
Mrs. Reena Khawtepawan Nationality: Thai Address : 71/11
Moo 4,
Nongkangplu, Nongkaem, |
20,000 |
10.00 |
|
Mr. Nathapong Sangkawan Nationality: Thai Address : 1005/35
Moo 7, Bangkae, |
4,170 |
2.09 |
|
Mr. Apichit Sangkawan Nationality: Thai Address : 1005/35
Moo 7, Bangkae, |
4,170 |
2.09 |
|
Mr. Peerawat Khawtepawan Nationality: Thai Address : 71/11
Moo 4,
Nongkangplu, Nongkaem, |
4,000 |
2.00 |
|
Mr. Pisith Khawtepawan Nationality: Thai Address : 71/11
Moo 4, Nongkangplu, Nongkaem,
|
4,000 |
2.00 |
|
Ms. Rawadee Khawtepawan Nationality: Thai Address : 71/11
Moo 4,
Nongkangplu, Nongkaem, |
4,000 |
2.00 |
|
Ms. Sunisa Chit-udom Nationality: Thai Address : 105/38
Vibhavadee Rangsit 42
Rd., Ladyao, Jatujak,
|
4,000 |
2.00 |
|
Mr. Dechawat Kongkanoi Nationality: Thai Address : 124/765
Moo 4, Taladkwan,
Muang, Nonthaburi |
200 |
0.10 |
|
Mr. Viroj Saechueng Nationality: Thai Address : 327
Moo 5, Jorhor,
Muang, Nakornratchasima |
200 |
0.10 |
Total Shareholders
12
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Suchart Orapin No.
5917
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
29,870,378.56 |
32,454,221.10 |
|
Short-term Investment |
80,635,377.37 |
44,660,726.67 |
|
Trade Accts. & Notes
Receivable |
22,186,479.45 |
15,203,509.14 |
|
Inventories |
15,663,100.15 |
22,047,823.79 |
|
Other Current Assets
|
3,301,170.79 |
1,248,057.08 |
|
Total Current Assets
|
151,656,506.32 |
115,614,337.78 |
|
|
|
|
|
Fixed Assets |
26,950,056.53 |
27,037,588.96 |
|
Other Assets |
36,000.00 |
- |
|
Total Assets |
178,642,562.85 |
142,651,926.74 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. & Notes
Payable |
17,899,289.60 |
10,809,997.44 |
|
Other Current Liabilities |
19,726,535.04 |
9,886,052.04 |
|
Total Current Liabilities |
37,625,824.64 |
20,696,049.48 |
|
Total Liabilities |
37,625,824.64 |
20,696,049.48 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
131,016,738.21 |
111,955,877.26 |
|
Total Shareholders' Equity |
141,016,738.21 |
121,955,877.26 |
|
Total Liabilities & Shareholders' Equity |
178,642,562.85 |
142,651,926.74 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2006 |
|
|
|
|
|
Sales |
148,943,462.45 |
127,540,941.66 |
|
Other Income |
2,548,624.15 |
862,242.03 |
|
Total Revenues |
151,492,086.60 |
128,403,183.69 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
92,155,010.58 |
78,740,412.58 |
|
Selling & Administrative Expenses |
31,771,601.43 |
26,418,797.89 |
|
Total Expenses |
123,926,612.01 |
105,159,210.47 |
|
Profit / [Loss] Before Income
Tax |
27,565,474.59 |
23,243,973.22 |
|
Income Tax |
8,504,613.64 |
[7,365,787.96] |
|
Net Profit / [Loss] |
19,060,860.95 |
15,878,185.26 |
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%)