MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
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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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 : |
Engaged in manufacturing and
distributing of silicone
and other industrial
chemical products. |
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
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 |
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Nationality |
Age |
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Mr. Volker Alfred Schmidt |
[x] |
German |
- |
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Mr. Simon Patric Reteeve |
[x] |
German |
- |
|
Mr. Thiti Pawakranont |
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Thai |
67 |
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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 |
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Ms. Sawitree Trinawarat Nationality: Thai Address : 9
Sukhumvit 55 Rd.,
Klongtonnua, Wattana, |
1 |
- |
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Ms. Tassanee Maneesorn Nationality: Thai Address : 1564
Pracharaj 1 Rd.,
Bangsue, |
1 |
- |
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Mr. Karlheinz Hammersting Nationality: German Address : 23/110-113
Sukhumvit 63 Rd.,
Klongtonnua, Wattana, |
1 |
- |
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Mr. Arnat Muninnimit Nationality: Thai Address : |
1 |
- |
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Ms. Khaisri Uthaiwan Nationality: Thai Address : |
1 |
- |
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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, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank |
1,998,061 |
4,269,418 |
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Trade Accts. Receivable - Related company |
44,871,370 |
45,370,805 |
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- Other company |
25,328,685 |
21,626,127 |
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Inventories |
29,515,075 |
33,337,642 |
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Other Current Assets
|
4,013,691 |
4,696,948 |
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Total Current Assets
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105,726,882 |
109,300,940 |
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Fixed Assets |
195,938,126 |
192,781,930 |
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Intangible Assets |
167,533 |
355,852 |
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Spare Part |
29,618,081 |
34,520,276 |
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Deposit |
815,798 |
815,798 |
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Cash at Financial
Institution |
3,217,873 |
3,122,205 |
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Total Assets |
335,484,293 |
340,897,001 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2006 |
2005 |
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Short-term Loan from Financial
Institution |
66,000,000 |
98,000,000 |
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Trade Accts. Payable |
32,742,699 |
29,939,704 |
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Payable-Related Company |
5,086,235 |
4,223,147 |
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Accrued Income Tax |
3,338,985 |
- |
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Accrued Expenses |
10,257,182 |
5,440,042 |
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Other Current Liabilities |
9,817,756 |
8,996,798 |
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Total Current Liabilities |
127,242,857 |
146,599,691 |
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Total Liabilities |
127,242,857 |
146,599,691 |
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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 |
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Capital Paid |
120,000,000 |
120,000,000 |
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Statutory Reserve |
8,106,266 |
8,106,266 |
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Retained Earning -
Unappropriated |
80,135,170 |
66,191,044 |
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Total Shareholders' Equity |
208,241,436 |
194,297,310 |
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Total Liabilities & Shareholders' Equity |
335,484,293 |
340,897,001 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
347,656,392 |
272,549,040 |
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Other Income |
912,726 |
2,433,686 |
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Total Revenues |
348,569,118 |
274,982,726 |
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Expenses |
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Cost of Goods
Sold |
266,682,513 |
212,009,571 |
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Selling & Administrative Expenses |
55,783,990 |
47,179,768 |
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Total Expenses |
322,466,503 |
259,189,339 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
26,102,615 |
15,793,387 |
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Interest Expenses |
[5,946,834] |
[3,628,822] |
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Income Tax |
[6,211,655] |
[3,710,015] |
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Net Profit / [Loss] |
13,944,126 |
8,454,550 |
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%)