MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ADITAYA BIRLA
CHEMICALS [THAILAND] LTD. |
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|
|
|
Formerly Known As : |
THAI
ORGANIC CHEMICALS CO.,
LTD |
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|
Registered Office : |
16th Floor, Mahathun
Plaza Building,
888/160-161 Ploenchit Road,
Lumpini, Pathumwan,
Bangkok 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.12. 1994 |
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Com. Reg. No.: |
0105537150963 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Chemicals |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
ADITAYA BIRLA
CHEMICALS [THAILAND] LTD.
[FORMER :
THAI ORGANIC CHEMICALS CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 16th FLOOR,
MAHATHUN PLAZA BUILDING,
888/160-161 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2253-6745-54
FAX : [66] 2253-5030
E-MAIL ADDRESS : tocc@tocc.co.th
: marketing@tocc.co.th.
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537150963 [Former:
3283/2537]
CAPITAL REGISTERED
: BHT. 1,700,000,000
CAPITAL PAID-UP
: BHT. 1,700,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
KHRISNA KISCHOR MAHESHWARI,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 700
LINES OF
BUSINESS : CHEMICALS
MANUFACTURER,
DISTRIBUTOR AND 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 December
26, 1994 as
a private limited
company under the name
style “Thai Organic
Chemicals Co., Ltd.”, by a joint venture
between Thai Rayon
Public Co., Ltd. and
Thai Carbon Black
Public Co., Ltd., which
are member of
Aditya Birla Group,
in order to
produce wide range
of industrial chemicals.
The plant is
situated in Eastern
Industrial Estate at
Maptaphut, Rayong Province.
At the beginning of 2005,
the epoxy resin
production has been
transferred from Thai
Epoxy and Allied
Products Co., Ltd. to
the subject.
On December 30,
2005, subject was
changed its name
to be ADITAYA BIRLA CHEMICALS
[THAILAND] LTD. It
currently employs approximately 700 staff.
The subject’s registered
address is 888/160-161
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kumar Mangalam
Birla |
: Chairman |
Indian |
40 |
|
Mr. Pratheep Sajjatrakul |
|
Thai |
59 |
|
Mr. Khrisna Kischor Maheshwari |
|
Indian
|
53 |
|
Mrs. Rajcharee Birla
|
|
Indian |
63 |
|
Mr. Hari Krisana Agarwal |
|
Indian |
49 |
|
Mr. Manfred Viemken |
|
Swiss |
70 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Khrisna Kischor Maheshwari
is the Managing Director.
He is Indian nationality with
the age of
53 years old.
Mr. Hari Krisana
Agarwal is the Production Manager
[Alkali and Epoxy
Division].
He is Indian nationality with
the age of
49 years old.
Mr. Raj Khimesra
Agarwal is the Production Manager [Phosphate Division].
He is Indian nationality.
Mr. D. K. Kohly
is the Production Manager [Sulphites
Division].
He is Indian nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer wide range
of industrial chemicals,
such as caustic
soda 50%, chlorine 99.9%, epichlorohydrin 99.9%, allyl
chloride 99%, hydrochloric acid 35%,
sodium hypochlorite 10-20% and
epoxy resin liquid epoxy
resin, solid epoxy
resin, solvent cut
epoxy resin, cycloliphatic epoxy resin, which
are the raw
material of consumer
products industries.
Ranges of products
are as follows:
Chlor Alkalis : Caustic
soda, Chlorine, Hydrochloric acid, Sodium hypochlorite,
etc.
Epoxy Resin : Curing agents, Cycloaliphatic Epoxy resin, Liquid
Epoxy
resin,
Poly Functional Epoxy
resin, Solid Epoxy
Resin, Solvent
Cut
Epoxy resin & etc.
Phosphate : Blended
Phosphate, Dipotassium Phosphates,
Dissodium
Phosphate, Monosodium
Phosphate, Sodium acid
Pyrophosphate,
& etc.
Peroxide : Calcium
Peroxide, Hydrogen Peroxide,
Peracetic Peroxide
& etc.
Sulphate : Sodium
Bisulphite, Sodium Sulphate,
Sodium
Metabisulphite, & etc.
Epichlorphydrin, : Allyl
Chloride, Epichlori & etc.
PRODUCTION CAPACITY
Epichlorohydrin 99.9% :
10,000 mt/year
Allyl Chloride 99% : 3,000 mt/year
Caustic Soda 50% : 108,000 mt/year
Chlorine 99.9% :
45,000 mt/year
Hydrochloric Acid 35% : 50,400
mt/year
Sodium Hypochlorite 10%-12% : 25,000
mt/year
Epoxy Resin : 30,000
mt/year
PURCHASE
80% of raw materials is
purchased from local
suppliers, and the
remaining 20% is
imported from United
States of America,
Japan, France, Singapore,
Switzerland, India, Republic
of China, Singapore
and Germany.
MAJOR SUPPLIERS
Messo AG. : Switzerland
BASF Thai Ltd.:
Thailand
SALES [LOCAL]
80% of its products is
sold locally to
manufacturers.
EXPORT
20% of its products is
exported to United
States of America,
Philippines, Taiwan and
Malaysia.
MAJOR CUSTOMERS
|
Name |
Country |
|
Unilever Thai Holding
Co., Ltd. |
Thailand |
|
Colgate - Palmolives [Thailand] Ltd. |
Thailand |
|
Kao Industrial [Thailand] Ltd. |
Thailand |
|
I C I Asiatic Chemical
Co., Ltd. |
Thailand |
|
Thai Rayon Public
Co., Ltd. |
Thailand |
RELATED COMPANIES
Birla Group
Aditya Birla Nuvo
Ltd.
Business Type
: Manufacturer and
distributor of industrial
chemical.
Bihar Caustic and
Chemicals Ltd.
Business Type
: Manufacturer and
distributor of industrial
chemical.
Grasim Industries Ltd.
Business Type
: Manufacturer of
industrial chemical.
Tanfac Industries Ltd.
Business Type
: Manufacturer of
industrial chemical.
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
30-60-90 days.
Imports are by
L/C at sight & T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Poochao Branch : Poochaosamingprai Rd.,
Samrong, Phrapradaeng,
Samutprakarn]
[Maptaphud Branch : Pakornsongkrohraj Rd., Huaypong, Muang,
Rayong]
Bangkok Bank Public Co.,
Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Hong Kong and
Shanghai Banking Corp.
[Bangkok Branch : 968 Rama
4 Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
700 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address.
Premise is located
in an industrial area.
Factories :
Chlor-Alkalis Factory
: 3 Soi G2, Prakornsongkroh Rd.,
T. Huaypong A.
Muang,
Rayong 21150,
Tel: [66] 38
687-356.
Epoxy Resin Factory
: 2 I 5 Rd., Mabtaphut
Industrial Estate, T. Mabtaphut, A. Muang,
Rayong 21150,
Tel: [66] 38
685-233-4, Fax: [66] 38 683-982.
Peroxide Factory
: 70 Moo 4,
Sudbanthad Rd., T. Taldiew,
A. Kaengkoi, Saraburi province.
Phosphate Factory
: 77 Moo 6, Poochaosamingprai Rd., Samrongtai, Phrapradaeng, Samutprakarn.
Sulphites Factory
: 54 Moo 5, Sudbanthad
Rd., T. Taldiew, A. Kaengkoi, Saraburi.
REMARK
CREDIT OF US$
500,000 D/A SHOULD
BE IN ORDER.
COMMENT
Subject still maintains its
good operating results despite
economy trend has
been slowing down.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000 divided into
10 shares of
Bht. 1,000 each.
The capital were
increased and decreased
later as followings:
Increased were :
Bht. 370 million
on March 20,
1995
Bht.
650 million on
February 25, 1997
Bht. 1,250 million on June
16, 1997
Bht. 1,850 million on October
7, 1997
Bht. 2,240 million on September
14, 2004
Decreased was :
Bht. 1,040 million on
September 11, 2005
On October 26,
2005, the registered
capital was increased
to Bht. 1,700
million, divided into
170,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at
April 29, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Polyphosphate and
Chemicals Co., Ltd. Nationality: Thai Address : 77
Moo 6, Poochaosamingprai Rd.,
Samrong, Phrapradaeng, Samutprakarn |
64,140,251 |
37.73 |
|
Thai Carbon Black
Public Co., Ltd. Nationality: Thai Address : 888/160-161 Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
50,982,000 |
29.99 |
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address : 888/160-161 Ploenchit Rd., Lumpini, Pathumwan, Bangkok
10330 |
50,960,605 |
29.98 |
|
Thai Industrial Management Co., Ltd. Nationality: Thai Address : 888/164-165 Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330 |
2,618,000 |
1.54 |
|
Asseau Incorporate [Hong
Kong] Nationality: Chinese Address : 25-27
Canton Rd., Kao Loon, Hong Kong |
1,298,244 |
0.76 |
|
Others |
900 |
- |
Total Shareholders :
11
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Narong Pantawong No. 3315
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in Hand
& at Bank |
30,626,741 |
18,909,040 |
|
Trade Accts. Receivable Other Company |
1,628,460,431 |
1,479,492,847 |
|
Related Company |
33,997,478 |
37,016,349 |
|
Less: Provision
for Doubtful Accounts |
[6,081,405] |
[6,101,059] |
|
|
|
|
|
Trade Accts. Receivable - Net |
1,656,376,504 |
1,510,4078,137 |
|
Related Company Receivable |
265,678 |
- |
|
Short-term Loan to
Related Company |
- |
102,500,000 |
|
Inventories |
1,158,223,339 |
942,371,177 |
|
Other Current Assets
Prepayment for
Goods |
25,338,049 |
19,011,947 |
|
Refundable Input
Tax |
61,511,320 |
50,536,397 |
|
Deferred Export
Compensation |
23,611,896 |
14,330,974 |
|
Refundable Import
Tax |
9,525,159 |
10,809,123 |
|
Others |
25,885,422 |
17,207,785 |
|
|
|
|
|
Total Current Assets
|
2,991,364,108 |
2,686,084,580 |
|
Investment in Subsidiary |
135,938,094 |
- |
|
Other Long-term Loan |
8,675 |
8,675 |
|
Fixed Assets |
4,040,893,908 |
3,267,651,368 |
|
Prepayment for Factory
Construction |
2,948,850 |
74,498,936 |
|
Intangible Assets |
16,736,342 |
18,189,763 |
|
Other Assets |
6,039,490 |
23,801,224 |
|
Total Assets |
7,193,929,467 |
6,070,234,546 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
1,725,264,436 |
556,325,604 |
|
Trade Accts. Payable Other Company
|
750,183,195 |
616,505,016 |
|
Related Company
|
4,028,783 |
4,531,263 |
|
|
|
|
|
Trade Accts. Payable |
754,211,978 |
621,036,279 |
|
Related Company Payable |
863,837 |
1,799,948 |
|
Current Portion of Long-term
Loan |
293,360,000 |
477,320,000 |
|
Short-term Loan from Related Company |
- |
450,000,000 |
|
Other Current Liabilities Accrued Expenses |
120,904,838 |
100,768,146 |
|
Others |
55,605,227 |
39,977,563 |
|
|
|
|
|
Total Current Liabilities |
2,950,210,316 |
2,247,227,540 |
|
Long-term Loan -
Net of Current
Portion |
- |
441,860,000 |
|
Reserve for Employee’s Retirement Compensation |
33,058,279 |
36,716,671 |
|
Total Liabilities |
2,983,268,595 |
2,725,804,211 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value authorized, issued
and fully paid share
capital 170,000,000 shares |
1,700,000,000 |
1,700,000,000 |
|
|
|
|
|
Capital Paid |
1,700,000,000 |
1,700,000,000 |
|
Retained Earning -
Unappropriated |
2,510,660,872 |
1,644,430,335 |
|
Total Shareholders' Equity |
4,210,660,872 |
3,344,430,355 |
|
Total Liabilities & Shareholders' Equity |
7,193,929,467 |
6,070,234,546 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
8,526,661,171 |
7,461,341,646 |
|
Other Income |
56,861,492 |
48,320,149 |
|
Total Revenues |
8,583,522,663 |
7,509,661,795 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,829,547,234 |
5,794,920,447 |
|
Selling & Administrative Expenses |
802,791,543 |
724,304,592 |
|
Total Expenses |
7,632,338,777 |
6,519,225,039 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
951,183,886 |
990,436,756 |
|
Interest Expenses |
[84,953,349] |
[103,550,240] |
|
|
|
|
|
Net Profit / [Loss] |
866,230,537 |
886,886,516 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
14.28 |
|
|
Operating Profit |
[15.96] |
|
|
Net Profit |
[2.33] |
|
|
Fixed Assets |
23.66 |
|
|
Total Assets |
18.51 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.10 |
77.67 |
|
Operating Profit Margin |
11.16 |
13.27 |
|
S & A
Expenses |
9.42 |
9.71 |
|
Interest Paid |
1.00 |
1.39 |
|
Other Revenues |
0.67 |
0.65 |
|
Net Profit Margin |
10.16 |
11.89 |
|
Earning Per Shares |
5.10 |
5.22 |
|
No. of Shares |
170,000,000 |
170,000,000 |
Net Sales was
increased by 14.28%,
Operating Profit was
decreased by 15.96%,
Net Profit was
decreased by 2.33%,
Fixed Assets was
increased by 23.66%,
Total Assets was
increased by 18.51%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 77.67%
to 80.10%, Operating
Profit Margin was
decreased from 13.27%
to 11.16%, S
& A Expenses
was decreased from
9.71% to 9.42%,
Interest Paid was decreased
from 1.39% to
1.00%, Other Revenues
was increased from
0.65% to 0.67%,
Net Profit Margin
was decreased from
11.89% to 10.16%.
Earning Per Shares
was decreased from
5.22 baht per
share to 5.10
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.01 |
1.20 |
|
Quick-Assets Ratio |
0.57 |
0.73 |
Current Ratio was
decreased from 1.20
to 1.01, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.73 to 0.57,
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 |
0.71 |
0.82 |
|
Times Interest Earned |
11.20 |
9.56 |
D/E Ratio was
decreased from 0.82
to 0.71, 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 9.56
to 11.20, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
2.11 |
2.28 |
|
Total Assets Turnover |
1.19 |
1.23 |
|
Return on Assets |
12.04 |
14.61 |
|
Return on Equity |
20.57 |
26.52 |
|
Day's Payable |
31.67 |
29.75 |
|
Day’s Inventories |
48.90 |
45.47 |
|
Day’s Receivables |
68.75 |
71.38 |
Fixed Assets Turnover
was decreased from
2.28 times to 2.11 times,
Total Assets Turnover
was decreased from
1.23 times to
1.19 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 14.61
to 12.04, Return
on Equity was
decreased from 26.52
to 20.57, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 30
days to 32
days, and Day’s
Inventories was increased
from 46 days
to 49 days, while Day’s
Receivables was decreased from 72 days
to 69 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
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%)