MIRA INFORM REPORT
|
Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RHODIA THAI INDUSTRIES LIMITED |
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|
|
|
Registered Office : |
Bangpoo Industrial Estate, 321 Moo
4, Soi 6,
T. Prakkasa, Sukhumvit Road,
A. Muang, Samutprakarn 10280 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.06.1985 |
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Com. Reg. No.: |
0105528020998 [Former :
2098/2528] |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer of
Analgesics & Surfactants |
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 : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
Name
RHODIA THAI INDUSTRIES
LIMITED
SUMMARY
BUSINESS ADDRESS : BANGPOO
INDUSTRIAL ESTATE,
321
MOO 4, SOI 6, T. PRAKKASA, SUKHUMVIT ROAD, A.
MUANG, SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2324-0024,
2324-0496-7
FAX : [66] 2324-0500,
2709-4840
E-MAIL ADDRESS : olivier.cazalis@ap.rhodia.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0105528020998 [Former : 2098/2528]
CAPITAL REGISTERED : BHT. 179,700,000
CAPITAL PAID-UP : BHT. 179,700,000
FISCAL YEAR CLOSING
DATE : DECEMBER, 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
OLIVIER CAZALIS, FRENCH
COUNTRY GENERAL
MANAGER
NO. OF STAFF : 90
LINES OF BUSINESS : ANALGESICS & SURFACTANTS
MANUFACTURER
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 June 17,
1985 as a
private limited company
under the registered
name “Monsanto Chemicals
[Thailand] Co., Ltd.”
by Thai - French groups.
It was originally a joint
venture between Rhone - Poulenc Chemie in France
and Osotspa Co.,
Ltd., Thailand, with
holding around 74%
and 26% of
the subject’s total shares respectively, in
order to produce
pharmaceutical chemical.
On
January 16, 1990,
the subject was
changed its name
to Rhone-Poulence Thai
Industries Ltd.
In
October, 1997 the subject
received ISO 9002 certification for the “Manufacturing and delivery of
Acetylsalicylic Acid” by
Bureau Veritas Quality
International [BVQI],
illustrates the company’s
permanent commitment to
achieve the highest
quality standards.
On
April 1, 1998 the subject was
changed its name
to RHODIA THAI
INDUSTRIES LIMITED. It
currently employs approximately 90 staff.
At
present, subject is a
subsidiary of Rhodia
Operations S.A., France.
The
subject’s registered address is
321 Moo 4, Sukhumvit
Rd., Prakksa, Muang,
Samutprakarn 10280, and
this is the
subject’s operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasong Sukhum |
|
Thai |
78 |
|
Mr. Michel Ybert |
|
French |
57 |
|
Mr. Somchai Chaisuparakul |
|
Thai |
59 |
|
Mr. Olivier Cazalis |
[x] |
French |
62 |
|
Mr. Boonsong
Mek-aroonvidhya |
[x] |
Thai |
55 |
|
Mr. Chairat Theerapanyatham |
|
Thai |
47 |
|
Mr. Chen Pu |
|
Singaporean |
68 |
|
Mr. Yap Ping Luen |
|
Singaporean |
46 |
AUTHORIZED PERSON
Both
of the mentioned directors [x]
jointly sign, or
one of the
directors [x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Olivier Cazalis is
the Country General
Manager.
He is French nationality with
the age of
62 years old.
Mr. Chairat Theerapanyatham
is the Managing Director.
He is Thai nationality with
the age of
47 years old.
Mr. Boonsong Mek-aroonvidhya is
the Plant Manager.
He is Thai nationality with
the age of 55
years old.
Mr. Choochit Poosanapanya is
the Supply Chain
Manager.
He is Thai nationality..
BUSINESS OPERATIONS
The
subject’s activity is
a manufacturer of
analgesics mainly aspirin
as well as surfactants, which is produced
“Surface Active Agents”
that are used
in a wide range of
industrial and commercial
sectors, notably in
the formulation of
cosmetics, personal care
products, household institutional and industrial cleaners,
emulsion polymerisation and
textile performance chemicals.
PRODUCTION CAPACITY
Aspirin : 4,000
tons/annum
IMPORT
60%
of raw material and pharmaceutical chemicals such as
salicylic acid and
acetic anhydride are
imported from Singapore,
United States of
America, Spain, France,
Republic of China
and Taiwan.
MAJOR SUPPLIERS
Eastman Chemicals Ltd. : Thailand
SALES [LOCAL]
30% of its product is
sold locally to
wholesalers and manufacturers.
EXPORT
70%
of the product is exported
to over 35 countries worldwide, such
as United States
of America, Australia,
Vietnam, Malaysia, Indonesia,
India, Taiwan, Singapore
and others.
MAJOR CUSTOMERS
- Osotspa Co., Ltd. : Thailand
- Rhodia [Thailand] Co.,
Ltd. : Thailand
RELATED/AFFILIATED COMPANIES
Rhodia [Thailand] Ltd.
Business Type : Importer
and distributor of
industrial chemical
Rhodia PPMC [Thailand]
Ltd.
Business Type : Manufacturer of acrylic resin
and emulsion
Sita-Thai Waste Management
Service Ltd.
Business Type : Waste
management service
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 on the credit term
of 90 days & T/T.
Exports are against
L/C at sight & T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office : 333 Silom
Road, Silom, Bangrak, Bangkok]
[Surawongse Branch :
Surawong Rd., Suriyawonse, Bangrak, Bangkok]
Bank of Tokyo - Mitsubishi Ltd.
[Bangkok Branch : 54
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
Citibank, NA
[Bangkok Branch : 82
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject
employs approximately 90
staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse at the
heading address. Premise
is located in
industrial area.
REMARK
CREDIT OF US$ 500,000
ON D/A SHOULD BE IN
ORDER.
COMMENT
The industrial environment
has improved gradually during this several years,
selling of chemical used in the
industries had performed
well. The subject
reported its strong
sales in the
previous years. However,
overall economic outlook for Thailand’s industries this
year is not
promising. Subject’s business
performance has grown
at slower pace
than the previous
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 109,000,000
divided into 1,090,000
shares of Bht. 100
each.
The capital was
increased later as
followings:
Bht. 124,000,000 on July 24,
1988
Bht. 179,700,000 on February 1,
1994
The
latest registered capital
was increased to
Bht. 179,700,000 divided into
1,797,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30,
2008]
|
NAME |
HOLDING |
% |
|
Rhodia Operations S.A.
Nationality: French Address : France |
1,329,773 |
73.99 |
|
Osotspa Co., Ltd. Nationality: Thai Address : 2100
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
467,220 |
26.00 |
Rhodia Aniversimance
Nationality: French Address : Paris,
France |
3 |
|
|
Rhodia Partision S. A. Nationality: French Address : Paris,
France |
1 |
=0.01 |
|
Rhodia S. A. Nationality: French Address : Paris,
France |
1 |
|
|
Rhodia Schwe S.A. Nationality: French Address : Paris,
France |
1 |
|
Rhodia Finance
Nationality: French Address : Paris,
France |
1 |
|
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
9,335,960 |
16,120,339 |
|
Trade Accts. Receivable - Related company |
82,278,923 |
108,889,453 |
|
- Other company |
64,198,891 |
55,855,155 |
|
Inventories |
121,899,225 |
127,212,987 |
|
Refundable Value Added
Tax |
8,521,538 |
7,507,926 |
|
Refundable Deputy |
3,227,926 |
1,968,093 |
|
Other Current Assets
|
862,815 |
2,307,607 |
|
Total Current Assets
|
290,325,278 |
319,861,560 |
|
|
|
|
|
Fixed Assets |
194,990,032 |
158,114,502 |
|
Intangible Assets |
1,005,452 |
- |
|
Land as Non-Operation |
- |
24,977,582 |
|
Deposit |
777,901 |
121,447 |
|
Total Assets |
487,098,663 |
503,075,091 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft |
- |
65,537 |
|
Short Term Loan
from Financial Institution - Related Company |
20,800,000 |
- |
|
Trade Accts. Payable - Related company |
71,784,823 |
86,975,799 |
|
- Other company |
45,360,585 |
30,852,604 |
|
Other Payable |
|
|
|
- Related company |
21,239,847 |
34,933,326 |
|
- Other company |
39,208,317 |
23,066,876 |
|
Accrued Income Tax |
1,267,675 |
21,113,902 |
|
Accrued Expenses |
6,712,574 |
4,970,750 |
|
Other Current Liabilities |
1,201,711 |
474,307 |
|
Total Current Liabilities |
207,575,532 |
202,453,101 |
|
Long Term - Deposit Payable |
655,640 |
655,640 |
|
Total Liabilities |
208,231,172 |
203,108,741 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 1,797,000 shares |
179,700,000 |
179,700,000 |
|
Capital Paid |
179,700,000 |
179,700,000 |
|
Statutory Reserve |
17,970,000 |
17,970,000 |
|
Retained Earning -
Unappropriated |
81,197,491 |
102,296,350 |
|
Total Shareholders' Equity |
278,867,491 |
299,966,350 |
|
Total Liabilities & Shareholders' Equity |
487,098,663 |
503,075,091 |
PROFIT & LOSS ACCOUNT
|
Sales |
2007 |
2006 |
|
|
|
|
|
Sales |
740,563,147 |
807,356,720 |
|
Loss on Compensation Goods |
- |
[26,624,612] |
|
Profit on Exchange
Rate |
548,741 |
3,633,179 |
|
Profit from Land
as Non-Operation Sales |
- |
39,537,354 |
|
Profit/[Loss] from Sales of
Assets |
424,677 |
[4,099,428] |
|
Rental Income |
2,622,500 |
2,634,060 |
|
Other Income |
476,203 |
242,553 |
|
Total Sales s |
744,635,268 |
822,679,826 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
618,048,939 |
641,708,565 |
|
Selling & Administrative Expenses |
82,087,941 |
84,084,201 |
|
Total Expenses |
700,136,880 |
725,792,766 |
|
Profit Before Interest Expenses
& Income Tax |
44,498,388 |
96,887,060 |
|
Interest Expenses |
[295,253] |
[1,554,066] |
|
Profit Before Income Tax |
44,203,135 |
95,332,994 |
|
Income Tax |
[10,493,494] |
[33,907,834] |
|
Net Profit / [Loss] |
33,709,641 |
61,425,160 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[8.27] |
|
|
Operating Profit |
[49.93] |
|
|
Net Profit |
[45.12] |
|
|
Fixed Assets |
23.32 |
|
|
Total Assets |
[3.18] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
83.46 |
79.48 |
|
Operating Profit Margin |
6.01 |
12.00 |
|
S & A
Expenses |
11.08 |
10.41 |
|
Interest Paid |
0.04 |
0.19 |
|
Other Sales s |
0.55 |
1.90 |
|
Net Profit Margin |
4.55 |
7.61 |
|
Earning Per Shares |
18.76 |
34.18 |
|
No. of Shares |
1,797,000 |
1,797,000 |
Net Sales was
decreased by 8.27%,
Operating Profit was
decreased by 49.93%,
Net Profit was
decreased by 45.12%,
Fixed Assets was
increased by 23.32%,
Total Assets was decreased by
3.18%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 79.48%
to 83.46%, Operating
Profit Margin was
decreased from 12.00%
to 6.01%, S
& A Expenses
was increased from
10.41% to 11.08%,
Interest Paid was decreased
from 0.19% to
0.04%, Other Sales s
was decreased from
1.90% to 0.55%,
Net Profit Margin
was decreased from
7.61% to 4.55%.
Earning Per Shares
was decreased from
34.18 baht per
share to 18.76
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.40 |
1.58 |
|
Quick-Assets Ratio |
0.75 |
0.89 |
Current Ratio was
decreased from 1.58
to 1.40, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.89 to 0.75,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.75 |
0.68 |
|
Times Interest Earned |
150.71 |
62.34 |
D/E Ratio was
increased from 0.68
to 0.75, 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
62.34 to 150.71,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.80 |
5.11 |
|
Total Assets Turnover |
1.52 |
1.60 |
|
Return on Assets |
6.92 |
12.21 |
|
Return on Equity |
12.09 |
20.48 |
|
Day's Payable |
22.05 |
13.76 |
|
Day’s Inventories |
59.26 |
56.72 |
|
Day’s Receivables |
31.21 |
24.91 |
Fixed Assets Turnover
was decreased from
5.11 times to
3.80 times, Total
Assets Turnover was
decreased from 1.60
times to 1.52
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 12.21 to
6.92, Return on
Equity was decreased
from 20.48 to
12.09, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 14
days to 23
days, Day’s Inventories
was increased from
57 days to
60 days, and
Day’s Receivables was
increased from 25
days to 32
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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%)