MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CLARIANT CHEMICALS ( |
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Registered Office : |
6th , 7th
Floor, |
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
0105540051385 [Former :
[5] 875/2540] |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer, Distributor &
Exporter of Specialty 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 |
COMPANY NAME
CLARIANT CHEMICALS [
SUMMARY
BUSINESS ADDRESS :
6th , 7th
FLOOR,
ROAD,
KLONGTON, KLONGTOEY,
TELEPHONE :
[66] 2661-5360-89
FAX : [66]
2661-4063-4
E-MAIL ADDRESS :
chamaiporn.nuchapong@clariant.com,
info.thclariant@clariant.com
REGISTRATION ADDRESS
: SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. :
0105540051385 [Former : [5] 875/2540]
CAPITAL REGISTERED :
BHT. 400,000,000
CAPITAL PAID-UP :
BHT. 400,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
PRIVATE LIMITED COMPANY
EXECUTIVE :
MR. ROBERT VULTIER,
SWISS
MANAGING
DIRECTOR
NO. OF STAFF :
450
LINES OF BUSINESS :
SPECIALTY CHEMICALS
MANUFACTURER,
DISTRIBUTOR & 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 May
29, 1997 as a
private limited company under
the registered name
MOWILITH [THAILAND] LTD., by
a joint venture
between Thai and
Swiss groups, in
order to manufacture
and market specialty
chemicals in Thailand.
On August 21,
1997 the subject was changed
its name to
CLARIANT POLYMER [THAILAND]
LTD.
In 1998, the subject
acquired emulsions business
from Hoechst Chemical
Industries Limited and
changed its name to
CLARIANT EMULSIONS [THAILAND]
LTD. on
September 18, 1997.
In 2002, the subject took
over the business
of Clariant Chemicals
Ltd., and changed
its name again
to “CLARIANT CHEMICALS [THAILAND] LTD.” on
January 2, 2002.
It currently employs
450 staff.
At present, the subject
is a subsidiary
of Clariant International
Ltd. in
The subject’s registered
address is 3195/11-12
Vibulthani Tower I, Rama 4
Rd., Klongton, Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Mr. Daniel Hug |
|
Swiss |
34 |
|
Mr. Walter Kindler |
|
Swiss |
48 |
|
Ms. Yupin Naranesuth |
|
Thai |
58 |
|
Mr. |
|
British |
44 |
|
Mr. Robert Vultier |
|
Swiss |
47 |
|
Mr. Han Ulrich Wolfgang
Carsten Kurtz |
|
German |
42 |
|
Mr. Andreas Walde |
|
Swiss |
45 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Robert Vultier
is the Managing
Director.
He is Swiss
nationality with the
age of 47
years old.
Mr. Daniel Hug is
the Financial Director.
He is Swiss nationality with
the age of 34 years
old.
Mr. Sukij Vachirasudej
is the Factory
Manager.
He is Thai
nationality.
Mr. Pureephat Wangpaiboonkij is
the Sales & Marketing Manager [Leather & Emulsion].
He is Thai
nationality.
Mr. Wisit Saebay
is the Textile
Business Manager.
He is Thai
nationality.
Mr. Damrong Roonkasaem
is the Paper
Manager.
He is Thai
nationality.
Mr. Lek Leelaphiwat is
the Division Manager [Pigments & Additives].
He is Thai
nationality.
Mr. Teerachai
Ngauviriyasiripong is the
Sales Manager.
He is Thai
nationality.
Mr. Chakkrit
Sukhumratanaporn is the
Sales Manager.
He is Thai
nationality.
BUSINESS OPERATION
The subject’s activity
is a manufacturer
of specialty chemical products for
various industries.
Its products are
divided into 4
divisions as follows:
- Textile, leather, paper
chemicals & emulsions
- Pigments and additives
- Functional Chemicals
- Master Batches
PRODUCTION CAPACITY
20,000 tons/year
IMPORT [COUNTRIES]
50% of raw
materials and chemicals
are imported from
Switzerland, Japan, Taiwan,
Republic of China,
Malaysia and Germany.
MAJOR SUPPLIERS
- Clariant International Ltd. :
- Clariant Masterbatches [
SALES [LOCAL]
60% of its
products is sold
locally to manufacturers, wholesalers
and end-users, such
as footwear, leather,
paper, rubber, plastic,
home electric appliance,
automotive, furniture, packaging
and others.
EXPORT [COUNTRIES]
40% of its
products is exported
to Malaysia, Singapore, Bangladesh,
Vietnam, Taiwan, Philippines,
India, Indonesia and
Republic of China.
PARENT COMPANY
Clariant International Ltd. :
SUBSIDIARY COMPANY
Clariant Masterbatches [
[Former : Drycolor Pacific Ltd.]
Business Type :
Manufacturer of masterbatches
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 days Local
bills are paid
by cash or
on the credits
term of 30-60-90
days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Rama 4 Branch:
Rama 4 Rd., Klongtoey,
The Siam Commercial
Bank Public Co.,
Ltd.
[Klongtoey Branch : Rama 4
Rd., Klongtoey,
EMPLOYMENT
The subject employs
450 office staff
and factory workers.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial
area.
Factories &
Warehouse
- Factory I :
851 Bangpoo Industrial-Estate, Moo 4,
- Factory II : 888
Moo 8,
COMMENT
Despite overall economic
slowdown, demand of
industrial chemicals remain
strong from some industries, especially
specialty chemicals.
Subject is doing
active business and
expanding steadily.
FINANCIAL INFORMATION
The capital was registered
at Bht. 100,000 divided
into 100 shares
of Bht. 1,000
each.
The capital was
increased later as
followings :
Bht. 100,000,000 on
December 3, 1997
Bht. 600,000,000 on
August 5, 1999
On April 10,
2007, the capital
was decreased to
Bht. 400,000,000, divided
into 400,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 27, 2007]
|
NAME |
HOLDING |
% |
|
Clariant International Ltd.
Nationality: Swiss Address : |
399,994 |
100.00 |
|
Mr. Patrick Yanee Nationality: German Address : |
1 |
- |
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Mr. Walter Kindler Nationality: Swiss Address : |
1 |
- |
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Mr. Angdreas Walde Nationality: Swiss Address : |
1 |
- |
|
Mr. Herbert Alexander
Wohlmann Nationality: Swiss Address : |
1 |
- |
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Mr. Peter Armin
Nationality: Swiss Address : |
1 |
- |
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Mr. Robert Vultier Nationality: Swiss Address : |
1 |
- |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Prasit Yeungsrikul
No. 4174
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
|
2,197,708 |
1,252,419 |
|
Trade Accts. Receivable |
616,699,408 |
622,030,472 |
|
Receivable - Related
Companies |
16,159,705 |
11,286,419 |
|
Inventories |
369,405,607 |
449,059,959 |
|
Others Current Assets |
10,030,333 |
10,579,781 |
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Total Current Assets
|
1,014,492,761 |
1,094,209,050 |
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Fixed Assets |
196,838,223 |
221,578,820 |
|
Others Assets |
8,645,858 |
8,043,318 |
|
Total Assets |
1,219,976,842 |
1,323,831,188 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Loan from Bank |
121,000,000 |
416,000,000 |
|
Trade Accts. Payable |
153,755,370 |
152,275,814 |
|
Payable - Related Companies |
221,113,786 |
262,365,680 |
|
Accrued Expenses |
75,541,190 |
32,838,812 |
|
Others Current Liabilities |
23,255,063 |
21,475,812 |
|
Total Current Liabilities |
594,665,409 |
884,956,118 |
|
Reserve for Employee
Pension Fund |
21,029,975 |
17,890,154 |
|
Total Liabilities |
615,695,384 |
902,846,272 |
|
Shareholders' Equity |
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 600,000 shares |
600,000,000 |
600,000,000 |
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Retained Earning -
Unappropriated |
4,281,458 |
[179,015,084] |
|
Total Shareholders' Equity |
604,281,458 |
420,984,916 |
|
Total Liabilities & Shareholders' Equity |
1,219,976,842 |
1,323,831,188 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales & Services |
2,427,412,175 |
2,308,531,231 |
|
Others |
68,811,187 |
29,522,901 |
|
Total Revenues |
2,496,223,362 |
2,338,054,132 |
|
Expenses |
|
|
|
Cost of Goods
Sold |
1,826,044,543 |
1,775,338,708 |
|
Selling & Administrative Expenses |
460,048,300 |
389,977,749 |
|
Total Expenses |
2,286,092,843 |
2,165,316,457 |
|
Profit Before Interest
Expenses & Income Tax |
210,130,519 |
172,737,675 |
|
Interest Expenses |
[15,117,596] |
[15,888,933] |
|
Income Tax |
[11,716,381] |
- |
|
Net Profit / [Loss] |
183,296,542 |
156,848,742 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
5.15 |
|
|
Operating Profit |
15.69 |
|
|
Net Profit |
16.86 |
|
|
Fixed Assets |
[11.17] |
|
|
Total Assets |
[7.84] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
75.23 |
76.90 |
|
Operating Profit Margin |
8.66 |
7.48 |
|
S & A
Expenses |
18.95 |
16.89 |
|
Interest Paid |
0.62 |
0.69 |
|
Other Revenues |
2.83 |
1.28 |
|
Net Profit Margin |
7.55 |
6.79 |
|
Earning Per Shares |
305.49 |
261.41 |
|
No. of Shares |
600,000 |
600,000 |
Net Sales was
increased by 5.15%,
Operating Profit was
increased by 15.69%,
Net Profit was
increased by 16.86%,
Fixed Assets was
decreased by 11.17%,
Total Assets was
decreased by 7.84%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 76.90%
to 75.23%, Operating
Profit Margin was
increased from 7.48%
to 8.66%, S
& A Expenses
was increased from
16.89% to 18.95%,
Interest Paid was decreased
from 0.69% to
0.62%, Other Revenues
was increased from
1.28% to 2.83%,
Net Profit Margin
was increased from
6.79% to 7.55%.
Earning Per Shares
was increased from
261.41 baht per
share to 305.49
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.71 |
1.24 |
|
Quick-Assets Ratio |
1.07 |
0.72 |
Current Ratio was
increased from 1.24
to 1.71, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.72 to 1.07,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.02 |
2.14 |
|
Times Interest Earned |
13.90 |
10.87 |
D/E Ratio was
decreased from 2.14
to 1.02, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
10.87 to 13.90,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
12.33 |
10.42 |
|
Total Assets Turnover |
1.99 |
1.74 |
|
Return on Assets |
15.02 |
11.85 |
|
Return on Equity |
30.33 |
37.26 |
|
Day's Payable |
22.80 |
23.75 |
|
Day’s Inventories |
54.79 |
70.03 |
|
Day’s Receivables |
91.46 |
97.00 |
Fixed Assets Turnover
was increased from
10.42 times to 12.33 times,
Total Assets Turnover
was increased from
1.74 times to
1.99 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 11.85 to
15.02, Return on
Equity was decreased
from 37.26 to
30.33, capacity to use Assets
to make profit
was good.
Day's Payable was
decreased from 24
days to 23
days, Day’s Inventories
was decreased from
71 days to
55 days, and
Day’s Receivables was
decreased from 98 days to
92 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%)