MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HUNTSMAN
[THAILAND] LIMITED |
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Formerly Known As : |
HUNTSMAN ICI [THAILAND] LIMITED |
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Registered Office : |
899 Moo 4, Bangpoo
Industrial Estate, Soi 6,
Sukhumvit Road, Praeksa, Muang, Samutprakarn 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
26.07. 1999 |
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Com. Reg. No.: |
0115542003825 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Industrial
Chemical |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
HUNTSMAN
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 899
MOO 4, BANGPOO INDUSTRIAL
ESTATE,
SOI 6,
SUKHUMVIT ROAD, PRAEKSA,
MUANG, SAMUTPRAKARN 10260
TELEPHONE : [66] 2709-4466
FAX : [66] 2709-4351,
2709-4560
E-MAIL
ADDRESS : surapol_chatanantavej@huntsman.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION NO. : 0115542003825
[Former: SOR POR. 9031]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT. 6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SURAPOL CHATANANTAVEJ, THAI
COUNTRY MANAGER
NO.
OF STAFF : 250
LINES
OF BUSINESS : INDUSTRIAL CHEMICAL
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The
subject was established
on July 26,
1999 as a
private limited company under the originally registered
name “Huntsman ICI [Thailand]
Limited”, by foreign
groups. On November
3, 2000, the
subject was changed
its name to be
HUNTSMAN [THAILAND] LIMITED.
It currently employs
approximately 250 staff.
Its
business objective is
to manufacture wide
range of industrial
chemicals for domestic
and international markets.
At the
beginning of 2006,
the subject has
taken over its
textile chemical division
and the facilities
from Ciba Specialty
Chemical [Thailand] Ltd.
The
subject’s registered address
is 899 Moo 4, Bangpoo
Industrial Estate, Soi 6, Sukhumvit Rd., Praeksa, Muang,
Samutprakarn 10260, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Lawrence Russell
Healy |
[x] |
American |
52 |
|
Mr. Peter Railey Huntsman |
[x] |
American |
- |
|
Mr. Surapol Chatanantavej |
[x] |
Thai |
45 |
|
Mr. Peter John Gibson |
|
British |
60 |
|
Ms. Pang Ai Chee |
|
Singaporean |
48 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Surapol Chantanantavej is
the Country Manager
and Technical Operation
Manager [Samutprakarn Factory].
He is Thai nationality with
the age of
45 years old.
Mrs. Paveena Chansripiboon is
the Customer Service
Manager.
She is Thai nationality.
Mr. Robert
Mercier is the Technical Operation
Manager [Samutsakorn Factory].
He is
American nationality.
Mr. Sarayuth Kaewsom
is the Operation Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing wide range of
industrial chemicals mainly
for construction, appliance,
footwear, textile, plastic,
paint, coating and
automotive industries, under
its owned brand
name “HUNTSMAN”.
PURCHASE
Raw material
and chemicals are
purchased from both
domestic and international suppliers such as
United States of America, Germany,
France, Netherlands, Taiwan
and Republic of
China.
SALES
70% of the products
is sold locally
by wholesale to
dealers, manufacturers and
end-users.
EXPORT
30% of the
products is exported
to Vietnam, Malaysia, Singapore,
Indonesia, Philippines, India
and Taiwan.
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
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 250 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory I at
the heading address.
Premise is located
in industrial area.
Factory
II [Textile Chemical
Division] is located
at 90/2 Moo
4, Bangpla Rd.,
Bangkhoh, Muang, Samutsakorn
74000.
Sales Office : 27th Flr., Shinawatra
Tower III, 1010
Vibhavadee Rangsit Rd.,
Jatujak,
Bangkok
10900. Tel :
[66] 2966-2678 Fax
: [66] 2966-2694
Branches
are located at :
·
44/1 Ladkrabang Industrial
Estate, Moo 4,
Chalongkrung Rd., Lamplatiw,
Ladkrabang, Bangkok.
·
19 Moo 5, Sethakij 1
Rd., Thamai, Krathumban,
Samutsakorn province
·
90/122 Moo 4,
Bangpla, Bankoh, Muang,
Samutsakorn province
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A
TERMS SHOULD BE IN ORDER.
COMMENT
The market in
2007 was still
from consumption by
some industries. However,
country’s current economic
slow down would
dent overall industrial
chemical market.
The subject can
maintain its sales
revenue in high
level.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht. 100 each.
On
August 20, 1999,
the capital was
increased to Bht. 6,000,000 divided into 60,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at September 28,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Huntsman Chemical
LLC. Nationality: American Address : 500
Utah, U. S. A. |
30,590 |
50.98 |
|
Huntsman Investment [Netherlands] BV. Nationality: Dutch Address : 3221
Rotterdam, Netherlands |
29,400 |
49.00 |
|
Huntsman Polyurethane Fund I LLC. Nationality: American
Address : 500
Utah, U. S. A. |
2 |
|
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Huntsman Polyurethane Fund II LLC. Nationality: American Address : 500
Utah, U. S. A. |
2 |
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Huntsman Polyurethane Fund III LLC. Nationality: American Address : 500 Utah,
U. S. A. |
2 |
=0.02 |
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Huntsman Polyurethane Fund IV LLC. Nationality: American Address : 500 Utah,
U. S. A. |
2 |
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Huntsman Polyurethane Venture LLC. Nationality: American Address : 500
Utah, U. S. A. |
2 |
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Total Shareholders : 7
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Duangrudee Choochart No.
4315
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
91,554,208 |
135,640,420 |
|
Trade Accts. Receivable |
743,960,324 |
82,673,063 |
|
Less: Provision on
Doubtful Accounts |
[27,779,872] |
[803,800] |
|
Trade Accts. Receivable - Net |
716,180,452 |
81,869,263 |
|
Related Company Receivable |
11,070,423 |
4,411,003 |
|
Inventories [note 1] |
529,031,775 |
83,149,807 |
|
Revenue Department Receivable |
77,534,783 |
- |
|
Deferred Refundable Input
Tax |
16,481,484 |
- |
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Other Receivable |
29,062,476 |
- |
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Other Current Assets
|
3,532,040 |
4,159,049 |
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|
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Total Current
Assets |
1,474,447,641 |
309,229,542 |
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Fixed Assets |
571,758,145 |
42,421,145 |
|
Intangible Assets |
[413,183,608] |
57,815,111 |
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Other Assets |
2,291,610 |
838,005 |
|
Total Assets |
1,635,313,788 |
410,303,803 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
Current
Liabilities
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
704,130,391 |
92,673,907 |
|
Short-term Loan from
Related Company |
226,443,585 |
- |
|
Related Company Payable |
81,691,133 |
5,846,851 |
|
Other Payable |
24,848,079 |
6,269,490 |
|
Accrued Expenses |
27,069,408 |
8,366,198 |
|
Accrued Custom Tax |
801,773 |
801,773 |
|
Accrued Income Tax |
103,152,803 |
6,486,807 |
|
Other Current Liabilities |
6,164,070 |
- |
|
|
|
|
|
Total Current
Liabilities |
1,174,301,242 |
120,445,026 |
|
Total Liabilities |
1,174,301,242 |
120,445,026 |
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Shareholders'
Equity |
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000 |
6,000,000 |
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Capital Paid |
6,000,000 |
6,000,000 |
|
Premium on Share
Capital |
185,395,200 |
185,395,200 |
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Retained Earning Appropriated for
Statutory Reserve |
9,846,357 |
9,846,357 |
|
Unappropriated |
259,770,989 |
88,617,220 |
|
Total
Shareholders' Equity |
461,012,546 |
289,858,777 |
|
Total
Liabilities & Shareholders' Equity |
1,635,313,788 |
410,303,803 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
2,025,846,849 |
624,518,299 |
|
Gain on Exchange
Rate |
3,661,250 |
- |
|
Realized Income from
Deficit Goodwill |
254,507,326 |
- |
|
Amortization of Deficit
Goodwill |
19,231,303 |
- |
|
Other Income |
38,045,300 |
18,206,825 |
|
Total Revenues
|
2,341,292,028 |
642,725,124 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
1,724,303,052 |
454,754,236 |
|
Selling & Administrative Expenses |
235,795,993 |
58,488,938 |
|
Gain on Exchange
Rate |
- |
2,847,140 |
|
Total Expenses |
1,960,099,045 |
516,090,314 |
|
|
|
|
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Profit / [Loss] before Interest
Expenses & Income Tax |
381,192,983 |
126,634,810 |
|
Interest Expenses |
[10,366,058] |
- |
|
Income Tax |
[111,055,936] |
[38,656,719] |
|
|
|
|
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Net Profit / [Loss] |
259,770,989 |
87,978,091 |
FINANCIAL NOTE
NOTE 1 Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
194,569,740 |
26,397,402 |
|
Raw Material |
135,115,129 |
25,333,895 |
|
Work in Process |
15,935,478 |
- |
|
Goods in Transit |
185,896,237 |
35,112,781 |
|
Total |
531,516,584 |
86,844,078 |
|
Less: Allowance
for Obsolescent Stock |
[2,484,809] |
[3,694,271] |
|
Total
|
529,031,775 |
83,149,807 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
224.39 |
|
|
Operating Profit |
[9.24] |
|
|
Net Profit |
195.27 |
|
|
Fixed Assets |
1,247.81 |
|
|
Total Assets |
298.56 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.12 |
72.82 |
|
Operating Profit Margin |
18.82 |
20.73 |
|
S & A
Expenses |
11.64 |
9.37 |
|
Interest Paid |
0.51 |
0.00 |
|
Other Revenues |
15.57 |
2.92 |
|
Net Profit Margin |
12.82 |
14.09 |
|
Earning Per Shares |
4,329.52 |
1,466.30 |
|
No. of Shares |
60,000 |
60,000 |
Net Sales was
increased by 224.39%,
Operating Profit was
decreased by 9.24%,
Net Profit was
increased by 195.27%,
Fixed Assets was
increased by 1,247.81%,
Total Assets was
increased by 298.56%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 72.82%
to 85.12%, Operating
Profit Margin was
decreased from 20.73%
to 18.82%, S
& A Expenses
was increased from
9.37% to 11.64%,
Interest Paid was increased
from 0.00% to
0.51%, Other Revenues
was increased from
2.92% to 15.57%,
Net Profit Margin
was decreased from
14.09% to 12.82%.
Earning Per Shares
was increased from
1,466.30 baht per
share to 4,329.52
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.26 |
2.57 |
|
Quick-Assets Ratio |
0.70 |
1.84 |
Current Ratio was
decreased from 2.57
to 1.26, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.84 to 0.70,
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 |
2.55 |
0.42 |
|
Times Interest Earned |
36.77 |
0.00 |
D/E Ratio was
increased from 0.42
to 2.55, 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
0.00 to 36.77,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.54 |
14.72 |
|
Total Assets Turnover |
1.24 |
1.52 |
|
Return on Assets |
15.89 |
21.44 |
|
Return on Equity |
56.35 |
30.35 |
|
Day's Payable |
125.13 |
53.42 |
|
Day’s Inventories |
94.01 |
47.93 |
|
Day’s Receivables |
132.20 |
47.66 |
Fixed Assets Turnover
was decreased from
14.72 times to
3.54 times, Total
Assets Turnover was
decreased from 1.52
times to 1.24
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 21.44 to
15.89, Return on
Equity was increased
from 30.35 to
56.35, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 54
days to 126
days, Day’s Inventories
was increased from
48 days to
95 days, and
Day’s Receivables was
increased from 48
days to 133
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%)