MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
GE WATER AND
PROCESS TECHNOLOGIES [ |
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Registered Office : |
5th Floor,
Bangplee,
Samutprakarn 10540 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0105538121380 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor
of waste water
treatment chemicals. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
GE WATER AND
PROCESS TECHNOLOGIES [
FORMER
GE BETZ [
SUMMARY
BUSINESS
ADDRESS : 5th FLOOR,
BANGPLEE, SAMUTPRAKARN
10540
TELEPHONE : [66] 2751-3344
FAX :
[66] 2751-3361
E-MAIL
ADDRESS : kanmanee.wattana-u-domsin@ge.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538121380 [Former : 2484/2538]
CAPITAL REGISTERED : BHT. 7,000,000
CAPITAL PAID-UP : BHT.
7,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. KANMANEE WATTANA-UDOMSILP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 75
LINES
OF BUSINESS : WASTE
WATER TREATMENT PRODUCTS
DISTRIBUTOR AND
SERVICES
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 10,
1995 as a
private limited company by
American groups, under the
initially registered name “Betz International
[Thailand] Co., Ltd.”.
The
subject was changed
its name later
as follows:
“Betz Dear
Born [
“Herculesn Chemical
[
“GE Betz [
“GE Water
and Process Technology
[
The
subject’s business objective is
a provider for
waste water treatment
chemicals including services to
domestic market. It
currently employs 75
staff.
It
is a wholly
owned subsidiary of
GE Betz International
Inc., United States
of America.
The
subject’s registered address
is 2/3 Moo
14, Bangna-Trad Rd.,
Bangkaew, Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
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Name |
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Nationality |
Age |
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Mr. Gethin John Thomas |
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British |
44 |
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Ms. Kanmanee Wattana-udomsilp |
[x] |
Thai |
37 |
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Mr. Kevin James Cassidy |
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American |
39 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign in a
case of government
connection, or any
two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Kanmanee Wattana-udomsilp is
the Managing Director.
She is Thai
nationality with the
age of 37
years old.
BUSINESS OPERATIONS
The subject’s main
activities are importer
and distributor of
waste water treatment chemicals for petrochemical and
other industries, as
well as it
was granted a
license to manufacture
waste water treatment
chemicals from GE
Betz International Inc,
U.S.A., which has
been supported for
production by local
manufacturer.
The subject also
provides service of
waste water treatment
systems consultation and
operation for various
industries.
PURCHASE
Chemicals and raw
materials for production
are purchased from
suppliers both domestic
and overseas mainly
in U.S.A., Japan,
Republic of China
and Germany.
MAJOR SUPPLIER
Monogram
Licensing International Inc. :
SALES
100% of the
products is sold
and serviced locally
to dealers, manufacturers
and end-users.
PARENT COMPANY
GE
Betz International Inc. :
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.
BANKING
Deutche Bank AG.
[
EMPLOYMENT
The
subject employs 75
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and warehouse at the heading
address. Premise is
located in commercial/residential area.
Branch
office is located
at Rayong province.
COMMENT
With
its expertise and
professional in waste
water treatment service
solution, the subject
has been well
known among its
clients in major
industry like petrochemical.
It has
been enjoying business
growth from expansion
in petrochemical and
related industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
divided into 5,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 4,000,000
on February 22, 1996
Bht. 7,000,000
on December 19,
1996
The
latest registered capital
was increased to
Bht. 7,000,000 divided into
70,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2006]
|
NAME |
HOLDING |
% |
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GE Betz International Inc. Nationality: American Address : |
69,994 |
99.99 |
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GE Betz Inc. Nationality: American Address : |
1 |
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BLI Holdings Inc. Nationality: American Address : |
1 |
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BL Technologies Inc. Nationality: American Address : |
1 |
= 0.01 |
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DRC Inc. Nationality: American Address : |
1 |
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Hercules Chemicals International Inc. Nationality: American Address : |
1 |
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Chemical Technologies India
Limited Nationality: American Address : |
1 |
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Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Veerachai
Ratanacharaskul No. 4323
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2006 & 2005
were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
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20,943,845 |
6,367,694 |
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Trade Accts. Receivable
& Deferred Income |
170,529,724 |
130,312,137 |
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Related Company Receivable |
5,981,933 |
3,023,972 |
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Short-term Loan to
Related Company |
68,219,736 |
108,198,511 |
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Work in Process |
- |
18,891,073 |
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Inventories |
140,626,652 |
151,702,916 |
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Other Current Assets
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7,139,585 |
10,068,840 |
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Total Current Assets
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413,441,475 |
428,565,143 |
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Fixed Assets |
35,808,854 |
24,484,747 |
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Intangible Assets |
738,198 |
1,601,949 |
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Other Assets |
681,959 |
768,489 |
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Total Assets |
450,670,486 |
455,420,328 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
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Current
Liabilities |
2006 |
2005 |
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Trade Accts. Payable
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80,214,815 |
143,726,182 |
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Related Company Payable |
11,823,200 |
10,288,698 |
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Current Portion of
Finance Lease Contract
Liabilities |
3,084,129 |
3,913,065 |
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Advance Income from
Customers |
- |
98,255,519 |
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Accrued Income Tax |
45,932,669 |
2,665,691 |
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Other Current Liabilities |
34,584,038 |
41,699,388 |
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Total Current Liabilities |
175,638,851 |
300,548,543 |
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Finance Lease Contract
Liabilities |
1,589,324 |
4,548,949 |
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Total Liabilities |
177,228,175 |
305,097,492 |
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Shareholders' Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 70,000 shares |
7,000,000 |
7,000,000 |
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Capital Paid |
7,000,000 |
7,000,000 |
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Unappropriated |
266,442,311 |
143,322,836 |
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Total Shareholders' Equity |
272,442,311 |
150,322,836 |
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Total Liabilities &
Shareholders' Equity |
450,670,486 |
455,420,328 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales & Service
Income |
682,667,551 |
397,074,017 |
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Other Income |
23,878,368 |
1,216,821 |
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Total Revenues |
706,545,919 |
398,290,838 |
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Expenses |
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Cost of Goods
Sold & Service |
329,644,346 |
237,779,228 |
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Selling & Administrative Expenses |
196,312,015 |
130,294,533 |
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Total Expenses |
525,956,361 |
368,073,761 |
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Profit / [Loss] before
Interest Expenses &
Income Tax |
180,589,558 |
30,217,077 |
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Interest Expenses |
[460,084] |
[700,853] |
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Income Tax |
[57,009,999] |
[8,637,524] |
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Net Profit / [Loss] |
123,119,475 |
20,878,700 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)