MIRA
INFORM REPORT
|
Report Date : |
28.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CYTEC INDUSTRIES [THAILAND] LTD. |
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Formerly Known As : |
SURFACE SPECIALTIES [THAILAND] LTD |
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Registered Office : |
27th Floor, Panjathani Building 127/32
Nonsee Road, Chongnonsi, Yannawa, Bangkok
10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.01.1968 |
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Com. Reg. No.: |
0105511000468 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer various
types of Resins |
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 : |
Moderate |
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|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
CYTEC INDUSTRIES [THAILAND] LTD.
[FORMER :
SURFACE SPECIALTIES [THAILAND]
LTD.]
SUMMARY
BUSINESS ADDRESS : 27th FLOOR, PANJATHANI
BUILDING
127/32 NONSEE
ROAD, CHONGNONSI,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66]
2296-9100
FAX : [66] 2295-4985-6, 2295-4679
E-MAIL ADDRESS : kachorn.wongkamolsesh@cytec.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION NO.
: 0105511000468
CAPITAL REGISTERED
: BHT.
1,130,000,000
CAPITAL PAID-UP
: BHT.
1,130,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
YING MENG SONG,
SINGAPOREAN
MANAGING DIRECTOR
NO. OF
STAFF : 169
LINES OF
BUSINESS : VARIOUS
TYPES OF RESINS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on January
25, 1968 as
a private limited
company under the
registered name “Hoechst Chemical Industries Ltd.”,
by German groups. It was initially
a subsidiary of
Hoechst AG, Germany
in order to
manufacture industrial chemicals
for both domestic
and international markets.
Later, the subject
has been formed by a joint
venture between Hoechst
AG. and Vianova
Resin GmbH, of
Germany, and was
changed its name
to “Vianova Resins
Ltd.” on January
5, 1998.
On January 3,
2001 the subject
was changed its
name to “Solutia Chemicals
[Thailand] Ltd.”, and has
become a subsidiary of
Erste Viking Resin
GmbH, Germany. On
March 3, 2003
its name was
changed again to “Surface
Specialties [Thailand] Ltd.”
On October 3,
2005, the subject
was changed its
name to be
CYTEC INDUSTRIES [THAILAND]
LTD. It currently
employs 169 staff.
At present, the
subject is a
subsidiary of Cytec
Surface Specialties SA/NV
from Belgium.
The subject achieved its
ISO 9000 certificate from TUV institution
in 2002, and
ISO 14001 certificate
in 2003.
The subject’s registered address
was initially located on
19th Floor, Lake
Ratchada Office Complex,
193 Ratchadapisek Rd.,
Klongtoey, Bangkok 10110.
In August 2005,
it was relocated to 127/32
Nonsee Rd., Chongnonsi,
Yannawa, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kajorn Wongkamolseth |
|
Thai |
54 |
|
Mr. Sarin Suksamphanwong |
|
Thai |
45 |
|
Mr. Ying Meng
Song |
|
Singaporean |
56 |
|
Mr. William N. Avrin |
|
American |
53 |
AUTHORIZED PERSON
One of the above directors
can sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Ying Meng
Song is the Managing Director.
He is Singaporean
nationality with the
age of 56 years old.
Mr. Kajorn Wongkamolseth is
the General Manager
& Factory Manager.
He is Thai nationality with
the age of
54 years old.
Mr. Nophadol Noppornchaicharn is
the Sales Manager.
He is Thai nationality.
Mr. Laemchad Leesuwan
is the Import/Export Manager.
He is Thai nationality.
Mr. Viroj Arparatanachart is
the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of
Synthetic Resins, Polyvinyl Acetate
Dispersions, Unsaturated Polyester
Resins, Acrylic Resins and Saturated Polyester Powder
Resin.
MAJOR BRANDS
MOWILITH, ALPOLIT and
ALFTALAT
PRODUCTIONS
Synthetic Resins 20,000
tonnes/year
Polymer Emulsions 18,000
tonnes/year
PURCHASE
70% of the raw materials
and chemicals are
purchased from local
suppliers, and the
remaining is imported
from United States
of America, Germany,
Japan, Switzerland, Belgium
and France.
MAJOR SUPPLIERS
Cytec Surface Specialties
SA/NV : Belgium
Cytec Industries Inc. : United
States of America
SALES [LOCAL]
50% of its products is
sold directly to
local manufacturers.
EXPORTS [COUNTRIES]
50% of its products is
exported to United
States of America,
Taiwan, Republic of
China, India, Vietnam,
Indonesia, Australia, New
Zealand, Singapore, Korea,
Philippines and Malaysia.
PARENT COMPANY
Cytec Surface Specialties
SA/NV : Belgium
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 credit term of
30-60 days.
Imports are by
L/C at sight or T/T
on negotiated term.
Exports are against
L/C at sight & T/T.
BANKING
Bank of America
NT & SA.
[Bangkok Office : 2/2
Wireless Rd., Pathumwan,
Bangkok 10330]
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
The Siam Commercial
Bank Public Co.,
Ltd.
[Petchburi Branch : 1060 Petchburi
Rd., Rajthevee, Bangkok 10400]
Kasikornbank Public Co.,
Ltd.
[Ratchadapisek Branch : 252 Ratchadapisek Rd., Samsennok, Huaykwang,
Bangkok 10320]
Hongkong and Shanghai
Banking Corp.
[Bangkok Office : 968 Rama 4 Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs 169
office staff and
factory workers.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise is
located in a prime commercial
area.
Factories:
Factory I :
2 Soi G. 2. Maptaphut Industrial
Estate, Prakornsongkrok Rd.,
A. Muang, Rayong
21150. Tel. :
[66] 38 685-352 Fax:
[66] 38 685-070
Area Space : 76,800
square meters
Factory II :
888 Moo 8,
Theparak Rd., North
Samrong, Muang, Samutprakarn 10270.
COMMENT
The subject has good performance as well as good system of credit risk
and information management, strong support from its parent company and partners
and sound financial performance.
The subject is continuing to grow, with strong earnings from its
productions. More investment and
expansion in manufacturing will boost demand for the products. Outlook
for the industry
remains moderate.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings:
Bht.
6,000,000 in November
1968
Bht. 8,000,000
in April 1972
Bht.
12,000,000 in August
1974
Bht. 20,000,000 in May 1977
Bht. 300,000,000 on June 7,
1995
Bht. 1,375,000,000 on
June 2, 1999
Bht. 1,530,000,000 on
January 20, 2003
On June 26,
2006, the capital
was decreased to
Bht. 1,130,000,000 divided
into 1,130,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2008]
|
NAME |
HOLDING |
% |
|
Cytec Surface Specialties SA/NV Nationality: Belgian Address : Brussels, Belgium |
1,072,997 |
94.95 |
|
Bangkok Bank Public
Co., Ltd. Nationality: Thai Address : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500 |
21,000 |
1.86 |
|
Bangkok First Investment & Trust Public
Co., Ltd. Nationality: Thai Address : 25 South Sathorn
Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
18,000 |
1.59 |
|
Bangkok Insurance Public
Co., Ltd. Nationality: Thai Address : 25 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120 |
18,000 |
1.59 |
|
Cytec Surface Specialties Holding Germany GmbH. Nationality: German Address : Wisbadern, Germany |
1 |
|
|
Viking Resin Germany
Holding GmbH. Nationality: German Address : Wisbadern, Germany |
1 |
=0.01 |
|
Cytec Franz S.A.S. Nationality: French Address : Lanvick, France |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vichien Thamtrakul No. 3183
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand & at Financial Institution |
58,711,473 |
39,984,893 |
|
Trade Accts. Receivable |
416,425,224 |
404,428,043 |
|
Related Company Receivable |
704,828 |
- |
|
Inventories
|
229,975,582 |
216,044,080 |
|
Other Current Assets |
26,504,680 |
29,719,070 |
|
Total Current Assets |
732,321,787 |
690,176,086 |
|
Non - Current Assets |
|
|
|
Fixed Assets |
499,863,212 |
525,744,514 |
|
Intangible Assets |
1,662,979 |
3,243,152 |
|
Other Assets |
978,284 |
978,284 |
|
Total Assets |
1,234,826,262 |
1,220,142,036 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Short-term Loan from Financial
Institution |
60,000,000 |
- |
|
Trade Accts. Payable |
234,208,055 |
221,075,837 |
|
Account Payable-Related Company |
111,024,341 |
50,566,510 |
|
Payable -Related Company |
- |
160,000,000 |
|
Accrued Expenses |
18,710,146 |
11,630,936 |
|
Other Current Liabilities |
24,711,662 |
19,893,495 |
|
Total Current Liabilities |
448,654,204 |
463,166,778 |
|
Deferred for Provident
Fund Reserve |
7,212,000 |
4,372,285 |
|
Total Liabilities |
455,866,204 |
467,539,063 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000 par value
authorized, issued
and fully paid share
capital 1,130,000 shares
|
1,130,000,000 |
1,130,000,000 |
|
Capital Paid |
1,130,000,000 |
1,130,000,000 |
|
Statutory Reserve |
2,215,997 |
2,215,997 |
|
Retained Earning -
Unappropriated |
[353,255,939] |
[379,613,024] |
|
Total Shareholders' Equity |
778,960,058 |
752,602,973 |
|
Total Liabilities & Shareholders' Equity |
1,234,826,262 |
1,220,142,036 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
1,488,083,653 |
1,444,359,307 |
|
Service Income |
42,720,583 |
44,008,738 |
|
Gain on Exchange Rate |
2,118,073 |
- |
|
Other Income |
21,581,969 |
11,328,316 |
|
Total Revenues |
1,554,504,278 |
1,499,696,361 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
1,292,381,616 |
1,249,701,083 |
|
Selling & Administrative Expenses |
233,787,269 |
247,848,468 |
|
Loss on Exchange Rate |
- |
6,171,388 |
|
Total Expenses |
1,526,168,885 |
1,497,549,551 |
|
Profit / [Loss] Before Interest Expenses & Income Tax |
28,335,393 |
2,146,810 |
|
Interest Expenses |
[1,978,308] |
- |
|
Income Tax |
- |
[4,141,122] |
|
Net Profit / [Loss] |
26,357,085 |
[1,994,312] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
2.85 |
|
|
Operating Profit |
1,183.29 |
|
|
Net Profit |
1,421.61 |
|
|
Fixed Assets |
[4.92] |
|
|
Total Assets |
1.20 |
|
|
Profitability |
|
|
|
Cost of Good Sold |
84.43 |
83.96 |
|
Operating Profit Margin |
1.85 |
0.14 |
|
S & A
Expenses |
15.27 |
16.65 |
|
Interest Paid |
0.13 |
0.00 |
|
Other Revenues |
1.55 |
0.76 |
|
Net Profit Margin |
1.72 |
[0.13] |
|
Earning Per Shares |
23.32 |
[1.76] |
|
No. of Shares |
1,130,000 |
1,130,000 |
Net Sales was
increased by 2.85%,
Operating Profit was
increased by 1,183.29%,
Net Profit was
increased by 1,421.61%,
Fixed Assets was
decreased by 4.92%,
Total Assets was
increased by 1.20%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 83.96%
to 84.43%, Operating
Profit Margin was
increased from 0.14%
to 1.85%, S
& A Expenses
was decreased from
16.65% to 15.27%,
Interest Paid was increased
from 0.00% to
0.13%, Other Revenues
was increased from
0.76% to 1.55%,
Net Profit Margin
was increased from
-0.13% to 1.72%.
Earning Per Shares
was increased from
-1.76 baht per
share to 23.32
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.63 |
1.49 |
|
Quick-Assets Ratio |
1.06 |
0.96 |
Current Ratio was
increased from 1.49
to 1.63, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.96 to 1.06,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.59 |
0.62 |
|
Times Interest Earned |
14.32 |
0.00 |
D/E Ratio was
decreased from 0.62
to 0.59, 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
0.00 to 14.32,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.06 |
2.83 |
|
Total Assets Turnover |
1.24 |
1.22 |
|
Return on Assets |
2.13 |
[0.16] |
|
Return on Equity |
3.38 |
[0.26] |
|
Day's Payable |
55.08 |
53.47 |
|
Day’s Inventories |
54.08 |
52.26 |
|
Day’s Receivables |
97.93 |
97.82 |
Fixed Assets Turnover
was increased from
2.83 times to
3.06 times, Total
Assets Turnover was
increased from 1.22
times to 1.24
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-0.16 to 2.13,
Return on Equity
was increased from
-0.26 to 3.38,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 54
days to 56
days, and Day’s
Inventories was increased
from 53 days
to 55 days, while Day’s
Receivables was stable
at 98 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
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%)