MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AMPACET [THAILAND] CO.,LTD. |
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Registered Office : |
Eastern Seaboard Industrial
Estate, 64/19 Moo 4,
Highway No. 331, Pluakdaeng, Rayong 21140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.11.1998 |
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Com. Reg. No.: |
0105541072254 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Petrochemical Products |
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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
AMPACET [THAILAND] CO.,LTD.
SUMMARY
BUSINESS
ADDRESS : EASTERN SEABOARD INDUSTRIAL ESTATE,
64/19 MOO
4, HIGHWAY NO.
331,
PLUAKDAENG, RAYONG
21140, THAILAND
TELEPHONE : [66] 38
927-999, 38 955-247-52
FAX : [66] 38
955-250, 38 927-970
E-MAIL
ADDRESS : ampacet@,co,th
tmatjnd@ampacet.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION NO. : 0105541072254
[Former : 1089/2541]
CAPITAL REGISTERED : BHT. 615,534,000
CAPITAL PAID-UP : BHT.
615,534,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
YVES A. J. CARETTE,
BELGIAN
GENERAL MANAGER
NO.
OF STAFF : 186
LINES
OF BUSINESS : PETROCHEMICAL PRODUCTS
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 November
18, 1998 as
a private limited
company under the
name style AMPACET
[THAILAND] CO., LTD.
by Belgian and
American groups. It is engaged
in the petrochemical
industry, polymer business.
It currently employs
186 staff. Subject
is a wholly owned subsidiary
of Ampacet Belgium
SPRL, Belgium.
Ampacet has been
a technology leader
in the plastic industry, with
17 manufacturing plants
located on four
continents.
The subject is
also serving as
Ampacet Asia’s headquarters, providing a technical,
administrative and financial
function. The sales
office is in
Malaysia.
The subject also
received promotional privilege
from Board of
Investment for the production.
The subject’s registered address is
64/19 Moo 4, Highway No. 331, Pluakdaeng, Rayong 21 140,
and this is
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
Nationality |
Age |
|
Mr. Robert A.
De Falco |
American |
73 |
|
Mr. Joel Slutsky |
American |
74 |
|
Mr. Christian Carnevali |
Belgian |
53 |
|
Mr. Yves A. J.
Carette |
Belgian |
54 |
|
Mr. Jean Bernard
Joseph Raymong Schifflers |
Belgian |
41 |
|
Mr. Bennett L.
Schwartz |
American |
50 |
|
Ms. Udomsri Sak-apha |
Thai |
41 |
|
Mr. Kam Ming
Mui |
Chinese |
55 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Yves A. J.
Carette is the General Manager.
He is Belgian nationality with
the age of
54 years old.
Mr. Jean
Bernard Joseph Raymong
Schifflers is the Deputy General
Manager.
He is Belgian nationality with
the age of
41 years old.
Mr. Lunn
Issarathip is the Manufacturing Manager.
He is Thai nationality with
the age of
38 years old.
Ms. Udomsri
Sakdiarpa is the Laboratory Manager.
She is Thai nationality.
Mr. Augustine
Chua is the Sales Manager
[Asia].
He is Thai nationality.
Mrs. Siriphen
Athikom is the Account Manager.
She is Thai nationality.
Ms.
Nathakamol Klin-udom is
the Human Resources
Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing color
and additive masterbatches [PP and PE] which
can be used in virtually,
all major plastics
processes such as
blown and cost
film, extrusion coating,
wire and cable
pipe and conduit,
injection molding and
fiber spinning.
MASTERBATCHES
·
White - used for
utilities and high - quality specialty
applications, such as
weather-tolerable grades, products
for photographic papers,
extrusion coatings and
other cast and
blown film grades
for medical use
and personal hygiene.
·
Black - used for
agricultural films, fibres,
pipes, geosynthetics and
TPO resin application.
ADDITIVES:
·
Process Aids - designed
to improve processing
of linear low-density
polyethylene, propylene and
metallocene resins.
·
Foam Masterbatches - designed to
produce a fine,
uniform cell structure
with minimal plateout
in polyolefins and
other thermoplastics in
sheet extrusion, injection -moulded parts, wires and
cables, and films.
·
UV Inhibitors -
specifically formulated to
extend the product
life of extruded
and moulded articles
exposed to sunlight.
Typical applications are
mulch film, pallet
wraps, greenhouse film,
swimming pool covers,
tents, awnings, outdoor
furniture, car and
boat covers.
·
Antistatic Agents - used
to eliminate or
reduce static electricity. Applications include electronic
packaging, blown wares,
grade film and
sheet conversion, extrusion-coated structures and flexible
packaging exposed to
hazardous elements.
·
Slip Antiblock
and Slip/Additive Combination - used to
optimise speed of
converting equipment and
as a lubricant. Antiblocks are
used to facilitate
the separation of
two film layers,
improve resin process
ability and reduce
dye build-up.
·
Antioxidants - designed to
minimise degradation of
polymers due to
heat, light and
humidity. They are
also used to
shorten the start-up
time of process
equipment.
·
Purges - designed to
shorten the time
required for colour
or polymer changes.
PRODUCTION CAPACITY
6,500 tons per
year
AMPACET WORLDWIDE
Ampacet
World Headquarters : Tarrytown, NY
World Technology Center : Terre
Haute, IN
Manufacturing Sites : Terre Haute, IN;
Cartersville, AG; DeRidder,
LA; Crockett,
TX; Heath, Oh
Ampacet Europe
Headquarters : Howald
Luxembourg Technology Center:
Messancy, Belgium Manufacturing Sites : Messancy,
Belgium; Telgate, Italy.
Ampacet Canada
Headquarters : Kitchener,
Ontario Technology Center:
Kitchener, Ontario Manufacturing Sites : Kitchener,
Ontario; Delta, British
Columbia
Ampacet Asia
Headquarters : ESIE - Rayong, Thailand Technology Center:
ESIE - Rayong, Thailand Manufacturing Site :
ESIE-Rayong, Thailand
Ampacet South America
Headquarters : Tortuguitas, Pcia. Buenos Aires,
Argentina Technology
Center
: Tortuguitas, Argentina
Manufacturing Sites :
Tortuguitas, Argentina; Santiago,
Chile
IMPORT [COUNTRIES]
80% of the raw material
for processing is imported
from United States of
America, India, Philippines, Europe, Canada and
South America.
MAJOR SUPPLIER
Ampacet Corporation : United States of
America
SALES [LOCAL]
10% of its products is
sold locally to manufacturers.
EXPORT [COUNTRY]
90% of its products is
exported to Singapore,
Taiwan, India, Philippines
& Other Asian
countries through Ampacet
Asia Group in
Malaysia and Republic
of China.
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
and T/T.
Exports
are against L/C
at sight.
BANKING
United Overseas
Bank [Thai] Public
Co., Ltd.
[ Rayong Branch ]
Bangkok Bank
Public Co., Ltd.
[ Sriracha Branch ]
EMPLOYMENT
The subject employs
186 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office and factory
at the heading address on
65,000 square meters of
area. Premise is
located in an
industrial area.
The subject was
relocated its office
from Kamolsukosol Building,
317 Silom Rd.,
to the present address in
August 2000.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
Ampacet [Thailand] Co., Ltd.
has served Ampacet
Asia’s headquarters, providing
a technical, administrative and financial function
due to an expanding sales
in this region.
The company has
the full capability
to produce full
range of white
and additive masterbatches, with as emphasis
on specialty products
which it has
a better position
to serve the
Asian market.
The dramatic increased demand for petrochemical products in Asia,
especially from China has resulted with the gains of the products sales by the
subject. As well a massive construction boom in China ahead of the Olympic Games in Beijing in 2008 has touched
off demand for a wide range of commodities from chemicals to construction
materials and pushed up the prices over the past year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
130,000,000 divided into
1,300,000 shares of
Bht. 100 each.
The capital were
increased later as
follows:
Bht.
574,000,000 on January
5, 2001
Bht.
615,534,000 on November
11, 2005
The latest registered
capital was increased
to Bht. 615,534,000
divided into 6,155,340
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[ as
at April 30,
2007]
|
NAME |
HOLDING |
% |
|
Ampacet Belgium
SPRL Nationality: Belgian Address : Belgium |
6,155,334 |
100.00 |
|
Mr. Robert A. D. Falco Nationality: American Address : U.S.A. |
1 |
- |
|
Mr. Joel Slutsky Nationality: Belgian Address : New
York, U.S.A. |
1 |
- |
|
Mr. Bennett L.
Schwartz Nationality: Belgian Address : U.S.A. |
1 |
- |
|
Mr.
AndrewMcallan Nationality: American Address : U.S.A. |
1 |
- |
|
Mrs. Gel Binderman Nationality: American Address : New
York, U.S.A. |
1 |
- |
|
Mr.
Christian Carnevali Nationality: Belgian Address : Moo 4 ,
Sriracha, Chonburi |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Sumalee Chokdee-anant No. 3322
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
37,657,875 |
46,829,934 |
|
Trade Accts. Receivable - Other company |
204,326,429 |
223,231,125 |
|
- Related company |
133,360,938 |
63,781,580 |
|
Inventories |
348,628,852 |
367,007,969 |
|
Receivable-Related Company |
335,532 |
1,036,302 |
|
Other Current Assets
|
35,629,264 |
28,790,700 |
|
Total Current
Assets |
759,938,890 |
730,677,610 |
|
Investment in Subsidiaries Company |
8,186,165 |
8,186,165 |
|
Cash at bank under Commitment |
3,350,000 |
3,908,614 |
|
Fixed Assets |
579,020,472 |
624,017,523 |
|
Other Assets |
1,651,701 |
9,433,502 |
|
Total Assets |
1,352,147,228 |
1,376,223,414 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable - Other company |
255,707,679 |
234,064,666 |
|
- Related company |
46,775,863 |
118,214,938 |
|
Payable-Related Company |
26,857,867 |
46,679,723 |
|
Loan from Related
Company |
173,683,708 |
207,194,240 |
|
Current Portion of Liabilities under Lease Contract |
322,845 |
1,458,789 |
|
Other Current Liabilities |
26,545,684 |
26,115,606 |
|
Total Current Liabilities
|
529,893,646 |
633,727,962 |
|
Liabilities under Lease
Contract net of Current Portion |
168,646 |
1,195,527 |
|
Total Liabilities |
530,062,292 |
634,923,489 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value authorized, issued
and fully paid share
capital 6,155,340 shares |
615,534,000 |
615,534,000 |
|
Capital Paid |
615,534,000 |
615,534,000 |
|
Accumulating from Foreign
Exchange Rate |
[2,674,281] |
[668,796] |
|
Retained Earning -
Unappropriated |
209,225,217 |
126,434,721 |
|
Total
Shareholders' Equity |
822,084,936 |
741,299,925 |
|
Total
Liabilities & Shareholders' Equity |
1,352,147,228 |
1,376,223,414 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
1,742,753,897 |
1,473,577,164 |
|
Gain on Exchange Rate |
33,388,731 |
5,782,127 |
|
Other Income |
1,755,580 |
1,593,300 |
|
Total Revenues
|
1,777,898,208 |
1,480,952,591 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,490,294,225 |
1,276,351,131 |
|
Selling & Administrative Expenses |
190,164,124 |
165,213,802 |
|
Total Expenses |
1,680,458,349 |
1,441,564,933 |
|
Profit / [Loss] Before Interest
Expenses |
97,439,859 |
39,387,658 |
|
Interest Expenses |
[14,649,363] |
[13,101,223] |
|
Net Profit / [Loss] |
82,790,496 |
26,286,435 |
AMPACET [THAILAND]
CO., LTD.
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
18.27 |
|
|
Operating Profit |
109.18 |
|
|
Net Profit |
214.96 |
|
|
Fixed Assets |
[7.21] |
|
|
Total Assets |
[1.75] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.51 |
86.62 |
|
Operating Profit Margin |
5.59 |
2.67 |
|
S & A
Expenses |
10.91 |
11.21 |
|
Interest Paid |
0.84 |
0.89 |
|
Other Revenues |
2.02 |
0.50 |
|
Net Profit Margin |
4.75 |
1.78 |
|
Earning Per Shares |
13.45 |
4.27 |
|
No. of Shares |
6,155,340 |
6,155,340 |
Net Sales was
increased by 18.27%,
Operating Profit was
increased by 109.18%,
Net Profit was increased by
214.96%, Fixed Assets
was decreased by
7.21%, Total Assets
was decreased by
1.75%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.62%
to 85.51%, Operating
Profit Margin was increased from
2.67% to 5.59%,
S & A
Expenses was decreased
from 11.21% to
10.91%, Interest Paid was
decreased from 0.89%
to 0.84%, Other
Revenues was increased
from 0.50% to
2.02%, Net Profit
Margin was increased
from 1.78% to
4.75%.
Earning Per Shares
was increased from
4.27 baht per
share to 13.45
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.43 |
1.15 |
|
Quick-Assets Ratio |
0.71 |
0.53 |
Current Ratio was
increased from 1.15
to 1.43, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.53 to 0.71,
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 |
0.64 |
0.86 |
|
Times Interest Earned |
6.65 |
3.01 |
D/E Ratio was decreased from 0.86
to 0.64, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
increased from 3.01
to 6.65, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.01 |
2.36 |
|
Total Assets Turnover |
1.29 |
1.07 |
|
Return on Assets |
6.12 |
1.91 |
|
Return on Equity |
10.07 |
3.55 |
|
Day's Payable |
52.82 |
57.18 |
|
Day’s Inventories |
72.02 |
89.66 |
|
Day’s Receivables |
42.21 |
54.54 |
Fixed Assets Turnover
was increased from
2.36 times to
3.01 times, Total
Assets Turnover was
increased from 1.07
times to 1.29
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.91 to 6.12,
Return on Equity
was increased from
3.55 to 10.07,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 58
days to 53
days, Day’s Inventories
was decreased from
90 days to
73 days, and
Day’s Receivables was
decreased from 55
days to 43
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
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%)