MIRA
INFORM REPORT
|
Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SCG PLASTICS CO., LTD |
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Formerly Known As : |
CCC CHEMICAL COMMERCE
CO., LTD. |
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Registered Office : |
1
Siam Cement Road,
Bangsue, Dusit, Bangkok 10800 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.04.1995 |
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Com. Reg. No.: |
0105538050741 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Petrochemical Products Distributor & Exporter |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NAME OF THE COMPANY
SCG PLASTICS
CO., LTD.
[FORMER
: CCC CHEMICAL COMMERCE
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE, DUSIT,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2586-6262,
2586-5809, 2586-5897
FAX : [66] 2586-5514,
2685-2093, 2586-3907
E-MAIL ADDRESS : chalerm@cementhai.co.th,
sirinutj@cementhai.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION NO.
: 0105538050741 [Former : [1] 1129/]2538]
CAPITAL
REGISTERED : BHT. 10,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMCHAI WANGWATANAPANICH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 120
LINES OF
BUSINESS : PETROCHEMICAL PRODUCTS
DISTRIBUTOR &
EXPORTER
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 April
25, 1995 as a private limited
company under the
registered name “SIAM
CHEMICAL TRADING CO., LTD.”
with the business
objective to distribute
petrochemical to both
domestic and export
markets. On January
2, 2002, subject
was changed its
name to “CCC
CHEMICAL COMMERCE CO., LTD.”,
and changed to
be “SCG PLASTICS
CO., LTD.” on
January 3, 2007.
It currently employs
approximately 120 staff.
At present, subject
is a subsidiary of “SCG
Chemicals Co., Ltd.” [former : Cementhai Chemicals
Co., Ltd.], a
member of “The
Siam Cement Group” in
petrochemicals business.
The
subject’s registered address
is 1 Siam Cement Road,
Bangsue, Dusit, Bangkok
10800, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality
Age
Mr. Cholanath Yanaranop Thai 48
Mr. Sommai Sirilertsombat Thai 48
Mr. Somchai Wangwatanapanich
Thai 49
Mr. Rungroj Rangsiyopas Thai 43
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somchai
Wangwatanapanich is the
Managing Director.
He is Thai nationality with
the age of
48 years old.
Mr. Napit Kunamwatana is
the Business Planning
Manager.
He is Thai nationality.
Mr. Athavuth Komkrong
is the Production & Development
Manager.
He is Thai nationality.
Mr. Surasak
Chenvibul is the Sales Manager.
He is Thai nationality.
Mr. Prateep
is the Export Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are distributor and
exporter of EL-Lene
Polyethylene plastic resin
and EL-Pro Polypropylene plastic
resin as well
as pulverized powders
and compounded resins.
PURCHASE
100% of products
is purchased from
Siam Cement Group,
Petrochemical business, and
associated companies.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
Thai Polyethylene Co.,
Ltd. |
Thailand |
|
Thai Polyethylene [1993]
Co., Ltd. |
Thailand |
|
Thai Polypropylene Co., Ltd. |
Thailand |
|
Thai Polypropylene [1994]
Co., Ltd. |
Thailand |
DISTRIBUTION
The subject has
13 representatives and
overseas branches in
Guizhou, Shanghai, Myanmar,
Laos and Vietnam.
SALES [LOCAL]
30% of its products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRY]
70% of its products is
exported to Hong
Kong, Indonesia, Malaysia,
India, Singapore, Pakistan,
Australia, Republic of China,
Vietnam, Japan, Myanmar,
Laos, United States
of America and
Philippines.
MAJOR CUSTOMERS
- CCC Chemical Commerce
[China] Co., Ltd. :
Republic of China
- Grand Siam Composites
Co., Ltd. : Thailand
- Thai Polyethylene Co.,
Ltd. : Thailand
- Cementhai SCT [U.S.A]
Inc., : United
States of America
SUBSIDIARIES &
AFFILIATED COMPANIES
The Siam Cement
Group [Petrochemical Business]
:-
|
Name |
Country |
Line
of Business |
|
|
|
|
|
Thai Polyethylene Co., Ltd. |
Thailand |
Manufacturer of polyethylene [HDPE, MDPE, LLDPE] |
|
Thai Polyethylene [1993] Co., Ltd. |
Thailand |
Manufacturer of polyethylene [LDPE] |
|
Thai Polypropylene Co., Ltd. |
Thailand |
Manufacturer of polypropylene |
|
Thai Polypropylene [1994
Co., Ltd. |
Thailand |
Manufacturer of polypropylene |
|
Thai MFC Co., Ltd. |
Thailand |
Manufacturer and trading
melamine formaldehyde compound |
|
Rayong Olefin Co., Ltd. |
Thailand |
Manufacturer of olefin |
|
Nawa Plastic Industries Co., Ltd. |
Thailand |
Manufacturer of PVC
joint products |
|
& etc. |
|
|
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 on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Exports are against
L/C at sight.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok ]
The Siam
Commercial Bank Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 120 office
staff and sales
staff.
LOCATION DETAILS
The premise is rented
for administrative office
at the heading address
in commercial /residential area.
COMMENT
The subject
is considered one
of the largest conglomerate companies, a company within Siam
Cement Group, in
Thailand. The subject
serves the customers
with the high
quality products and
good customer service
based on efficient
shipping management, reliable
and prompt information
and documentation. The
subject’s business has
a bright prospect
due to high demand of
the products in
various related industries.
The
subject’s business portfolio
has continuously expanded,
as well as
being acknowledged as
a major player
within all strategic
business segments.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each.
THE SHAREHOLDERS LISTED WERE
[as at April 20, 2007]
at Bht. 5,000,000
of capitalization.
|
NAME |
HOLDING |
% |
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|
|
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SCG Chemicals Co., Ltd. Nationality: Thai Address : 1 Siam Cement
Rd., Bangsue, Bangkok |
99,994 |
99.99 |
|
Mr. Cholanath
Yanaranop Nationality: Thai Address : 69/29/1 Tivanont
Rd., Taladkwan, Muang,
Nonthaburi |
1 |
|
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Mrs.
Sutthiwan Bunpojanasunthorn Nationality: Thai Address : 558 Sukhumvit
65 Rd., Prakanong, Klongton, Bangkok |
1 |
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|
Mr. Somdej
Akrathiti Nationality: Thai Address : 144/760 Rangsit-Nakornnayok Rd.,
Prachatipat, Thanyaburi, Pathumthani |
1 |
=0.01 |
|
Mr. Vorapol
Chennapa Nationality: Thai Address : 42/9 Budhamonthol Sai 2 Rd.,
Taveewatana, Bangkok |
1 |
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Ms. Duangrudee Pongpetch Nationality: Thai Address : 100/1 Pradipat
Rd., Samsennai, Phyathai, Bangkok |
1 |
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Ms. Chaliya Bhanupongs Nationality: Thai Address : 32/29 Ladprao
23 Rd., Chankasem, Jatujak, Bangkok |
1 |
|
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Pisith Chewaruengroj No.
2803
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand & at Bank |
215,156,350 |
112,411,461 |
|
Trade Accts. Receivable - Related Company |
305,409,378 |
304,461,233 |
|
- Other Company |
3,643,818,063 |
3,016,412,206 |
|
Receivable-Related Company |
96,461,805 |
2,006,604,311 |
|
Goods for Sales
|
101,406,600 |
63,583,007 |
|
Receivable Value Added
Tax |
253,669,359 |
205,737,658 |
|
Other Current Assets |
74,601,749 |
55,326,236 |
|
Total Current
Assets |
4,690,523,304 |
5,764,536,112 |
|
|
|
|
|
Investment in Related
Company |
2,826,140,204 |
2,240,532,432 |
|
Other Long Term
Loan |
60,714 |
60,846 |
|
Fixed Assets |
11,912,789 |
10,750,604 |
|
Land as Non-Operating |
6,698,000 |
8,432,000 |
|
Deferred Computer Program
Expenses |
142,042,055 |
154,061,638 |
|
Other Assets |
1,467,240 |
1,318,864 |
|
Total Assets |
7,678,844,306 |
8,179,692,496 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable - Related Company |
4,676,280,614 |
3,720,889,393 |
|
- Other Company |
79,862,140 |
139,726,819 |
|
Payable & Short Term Loan
from Related Companies |
2,622,166,267 |
4,556,041,563 |
|
Accrued Income Tax |
710,273 |
495,173 |
|
Other Current Liabilities |
135,494,387 |
107,159,471 |
|
Total Current
Liabilities |
7,514,513,681 |
8,524,312,419 |
|
Total Liabilities |
7,514,513,681 |
8,524,312,419 |
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000 |
10,000,000 |
|
Capital Paid |
5,000,000 |
5,000,000 |
|
Revaluation Increase from
Changes in available-for-sale Investment Valuation |
- |
[449,690,400] |
|
Statutory Reserve |
1,000,000 |
1,000,000 |
|
Retained Earning -
Unappropriated |
158,330,625 |
99,070,477 |
|
Total
Shareholders' Equity |
164,330,625 |
[344,619,923] |
|
Total
Liabilities & Shareholders' Equity |
7,678,844,306 |
8,179,692,496 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
58,878,645,840 |
54,086,989,423 |
|
Other Income |
81,376,192 |
40,041,703 |
|
Gain/[Loss] from Exchange
Rate |
[14,653,774] |
60,000,611 |
|
Share of Profit from
Investment-Equity Method |
135,917,373 |
83,656,194 |
|
Total Revenues
|
59,081,285,631 |
54,270,687,931 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
57,008,391,469 |
52,173,079,282 |
|
Selling & Administrative Expenses |
1,735,974,109 |
1,858,901,601 |
|
Total Expenses |
58,744,365,578 |
54,031,980,883 |
|
Profit / [Loss] Before Income
Tax & Interest Expenses |
336,920,053 |
238,707,048 |
|
Interest Expenses |
[176,088,789] |
[143,052,500] |
|
Income Tax |
[3,071,116] |
[1,203,962] |
|
Net Profit / [Loss] |
157,760,148 |
94,450,586 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net
Sales |
8.86 |
|
|
Operating
Profit |
29.66 |
|
|
Net
Profit |
67.03 |
|
|
Fixed Assets |
10.81 |
|
|
Total
Assets |
[6.12] |
|
|
Profitability |
|
|
|
Cost
of Good Sold |
96.82 |
96.46 |
|
Operating
Profit Margin |
0.57 |
0.44 |
|
S
& A Expenses |
2.95 |
3.44 |
|
Interest Paid |
0.27 |
0.18 |
|
Other
Revenues |
0.34 |
0.34 |
|
Net
Profit Margin |
0.27 |
0.17 |
|
Earning
Per Shares |
3,155.20 |
1,889.01 |
|
No. of
Shares |
50,000 |
50,000 |
Net
Sales was increased
by 8.86%, Operating
Profit was increased
by 29.66%, Net
Profit was increased
by 67.03%, Fixed
Assets was increased
by 10.81%, Total
Assets was decreased
by 6.12%.
Compare
each cost with
sales, Cost of Good
Sold was increased
from 96.46% to
96.82%, Operating Profit
Margin was increased
from 0.44% to
0.57%, S &
A Expenses was
decreased from 3.44%
to 2.95%, Interest Paid was increased from
0.18% to 0.27%,
Other Revenues was
increased from 0.34%
to 0.34%, Net
Profit Margin was increased from 0.17%
to 0.27%.
Earning
Per Shares was
increased from 1,889.01
baht per share
to 3,155.20 baht
per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current
Ratio |
0.62 |
0.68 |
|
Quick-Assets Ratio |
0.57 |
0.64 |
Current
Ratio was decreased
from 0.68 to
0.62, show Current
Assets can not
cover Current Liabilities, Liquidity Ratio of
the company was
not good, Quick-Assets Ratio was decreased
from 0.64 to
0.57, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E
Ratio |
45.73 |
[24.74] |
|
Times
Interest Earned |
2.09 |
2.50 |
D/E
Ratio was increased
from -24.74 to
45.73, show the
company had fund
from Loan more
than fund from
Equity, investment risked
of the company is high,
Times Interest Earned
was decreased from
2.50 to 2.09,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed
Assets Turnover |
4,942.47 |
5,031.07 |
|
Total
Assets Turnover |
7.67 |
6.61 |
|
Return
on Assets |
2.05 |
1.15 |
|
Return
on Equity |
96.00 |
27.41 |
|
Day's
Payable |
0.49 |
0.93 |
|
Day’s
Inventories |
0.62 |
0.42 |
|
Day’s
Receivables |
22.28 |
20.08 |
Fixed
Assets Turnover was
decreased from 5,031.07
times to 4,942.47
times, Total Assets
Turnover was increased
from 6.61 times
to 7.67 times,
show the company
could use Assets
so efficiently, Return
on Assets was
increased from 1.15
to 2.05, Return
on Equity was
increased from 27.41
to 96.00, capacity
to use Assets to make
profit was good.
Day's
Payable was stable
at 1 days, and Day’s
Inventories was stable
at 1 days, while Day’s
Receivables was increased
from 21 days
to 23 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%)