MIRA
INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RHODIA THAI INDUSTRIES LTD |
|
|
|
|
Registered Office : |
Bangpoo Industrial Estate, 321 Moo 4, Sukhumvit Road, T. Prakksa, A. Muang, Samutprakarn 10280 |
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
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|
|
Date of Incorporation : |
17.06.1985 |
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Com. Reg. No.: |
0105528020998 |
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|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer and exporter
of analgesics and 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 : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
RHODIA THAI INDUSTRIES
LIMITED
SUMMARY
BUSINESS ADDRESS : BANGPOO
INDUSTRIAL ESTATE,
321
MOO 4, SUKHUMVIT
ROAD,
T. PRAKKSA,
A. MUANG, SAMUTPRAKARN
10280, THAILAND
TELEPHONE : [66] 2324-0024,
2709-4112
FAX : [66] 2324-0500,
2709-4840
E-MAIL ADDRESS : chairat.teerapanyatham@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.
CHAIRAT TEERAPANYATHAM, THAI
MANAGING DIRECTOR
NO. OF STAFF : 83
LINES OF BUSINESS : ANALGESICS AND
SURFACTANTS
MANUFACTURER 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 June 17,
1985 as a
private limited company
under the registered
name “Monsanto Chemicals
[Thailand] Co., Ltd.”
by Thai and French
groups, with the
business objective to
produce analgesic and surfactants to
both local and
overseas markets. 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 shares
respectively.
On
January 16, 1990,
the subject’s name
was changed 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 its name was
finally changed to
RHODIA THAI INDUSTRIES
LIMITED. It currently
employs 83 staff.
At
present, subject is
a subsidiary of
Rhodia Operations S.A.,
France.
The subject’s registered address is
Bangpoo Industrial Estate, 321
Moo 4, Sukhumvit Rd.,
T. Prakksa, A. Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chen Pu |
|
Singaporean |
71 |
|
Mr. Joel Sebastien
Polo |
|
French |
63 |
|
Mrs. Busara Krajaywong |
[x] |
Thai |
50 |
|
Mr. Michel Ybert |
|
French |
60 |
|
Mr. Somchai Chaisuparakul |
|
Thai |
62 |
|
Mr. Chairat Teerapanyatham |
[x] |
Thai |
50 |
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. Chairat Teerapanyatham
is the Managing
Director.
He is Thai
nationality with the
age of 50
years old.
Mr. Pierre Yan
is the Plant
Manager.
He is French
nationality.
Mr. Choochit Poosanapanya is
the Supply Chain
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of analgesics,
surfactants acrylic and resin products for wide
range of industrial and
construction sectors, notably
in the formulation
of cosmetics, personal care
products, household, institutional
and industrial cleaners,
paint, animal feed,
pharmaceutical, emulsion
polymerisation and textile performance
chemicals.
PURCHASE
60%
of raw material
and pharmaceutical chemicals
are imported from
Singapore, United States
of America, Spain,
France, Republic of
China and Taiwan,
the remaining 40% is purchased
from local suppliers.
MAJOR SUPPLIERS
Eastman Chemicals Ltd. : Thailand
Rhodia S.A. : France
EXPORT
[COUNTRIES]
90%
of the products
is exported to over 35
countries worldwide such
as United States
of America, Australia,
Vietnam, Japan, South Korea, Hong
Kong, Republic of
China, Malaysia, Indonesia,
India, Taiwan, Singapore,
Europe and etc.
SALES
[LOCAL]
10% of the
product is sole
distributed locally by
Rhodia [Thailand] Ltd.
MAJOR CUSTOMERS
Rhodia [Thailand] Ltd. : Thailand
Rhodia Asia Pacific
Pte. Ltd. : Singapore
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 and T/T.
Exports are against
L/C at sight
and 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 UFJ 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 83 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
Warehouse is also
located at 324
Moo 4, Bangpoo Industrial
Estate, Sukhumvit Rd., T. Prakksa,
A. Muang, Samutprakarn 10280.
REMARK
CREDIT OF US$
1,000,000 AGAINST D/A TERMS SHOULD
BE IN ORDER.
COMMENT
Since the subject has commenced
in Thailand over
twenty five years ago, it became No. 1 aspirin producer in
the world, exporting
90 percent of
its products. Besides
producing aspirin, Rhodia Thai
produces surfactant, acrylic and resin
products for use
in the construction
industry and chemical-waste management.
The industrial environment has improved significantly since 2010 and
continued growing into 2011. Subject’s business has grown viable in line with
industrial improvement.
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
29, 2011]
|
NAME |
HOLDING |
% |
|
Rhodia Operations S.A.
Nationality: French Address : France |
1,329,773 |
74.00 |
|
Rhodia Partision S. A. Nationality: French Address : France |
467,221 |
26.00 |
Rhodianyl
S.N.C.
Nationality: French Address : France |
3 |
- |
|
Rhodia S. A. Nationality: French Address : Paris,
France |
1 |
- |
|
Rhodia Schweiz S.A. Nationality: French Address : Paris,
France |
1 |
- |
Rhodia
Finance
Nationality: French Address : Paris,
France |
1 |
- |
Total Shareholders : 6
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
42,402,882 |
36,613,673 |
|
Short-term Loan from Financial Institution |
20,000,000 |
- |
|
Trade Accounts Receivable - Related company |
81,074,463 |
77,647,894 |
|
- Other company |
87,719,302 |
74,912,027 |
|
Related Company Receivable |
3,448,783 |
3,534,840 |
|
Inventories |
118,988,812 |
103,036,383 |
|
Value Added Tax |
5,675,225 |
1,667,082 |
|
Refundable Deputy |
491,500 |
3,007,738 |
|
Other Current Assets
|
1,578,637 |
1,262,777 |
|
|
|
|
|
Total Current Assets
|
361,379,604 |
301,682,414 |
|
Deferred Guarantee |
154,780 |
154,780 |
|
Fixed Assets |
157,061,526 |
167,364,986 |
|
Intangible Assets |
670,266 |
939,161 |
|
Deposit |
1,183,103 |
1,563,803 |
|
Total Assets |
520,449,279 |
471,705,144 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable - Related company |
24,076,319 |
25,865,704 |
|
- Other company |
60,355,931 |
53,090,991 |
|
Other Payable |
|
|
|
- Related company |
14,992,516 |
7,984,259 |
|
- Other company |
5,309,219 |
7,345,317 |
|
Payable from Purchasing Equipment |
3,575,315 |
3,145,650 |
|
Accrued Income Tax |
21,794,831 |
18,051,899 |
|
Accrued Expenses |
11,358,362 |
8,880,313 |
|
Other Current Liabilities |
1,048,603 |
2,184,216 |
|
|
|
|
|
Total Current Liabilities |
142,511,096 |
126,548,349 |
|
Estimated Liabilities from
Bonus |
20,673,359 |
14,618,987 |
|
Deposit from Other
Companies |
- |
655,640 |
|
Total Liabilities |
163,184,455 |
141,822,976 |
|
|
|
|
|
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 |
159,594,824 |
132,212,168 |
|
Total Shareholders' Equity |
357,267,824 |
329,882,168 |
|
Total Liabilities & Shareholders' Equity |
520,449,279 |
471,705,144 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
891,993,745 |
818,458,620 |
|
Other Income |
3,567,812 |
8,400,246 |
|
Total Revenues |
895,561,557 |
826,858,866 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
663,494,369 |
635,255,952 |
|
Selling Expenses |
62,376,898 |
61,102,725 |
|
Administrative Expenses |
23,769,565 |
16,522,012 |
|
Total Expenses |
749,640,832 |
712,880,689 |
|
|
|
|
|
Profit Before Financial
Cost & Income
Tax |
145,920,725 |
113,978,177 |
|
Financial Cost |
[2,861,362] |
[2,291,870] |
|
Profit Before Income Tax |
143,059,363 |
111,686,307 |
|
Income Tax |
[43,796,707] |
[33,760,484] |
|
Net Profit / [Loss] |
99,262,656 |
77,925,823 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.54 |
2.38 |
|
QUICK RATIO |
TIMES |
1.65 |
1.52 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.68 |
4.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.71 |
1.74 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.46 |
59.20 |
|
INVENTORY TURNOVER |
TIMES |
5.58 |
6.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.89 |
33.41 |
|
RECEIVABLES TURNOVER |
TIMES |
10.17 |
10.93 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
33.20 |
30.50 |
|
CASH CONVERSION CYCLE |
DAYS |
68.15 |
62.10 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.38 |
77.62 |
|
SELLING & ADMINISTRATION |
% |
9.66 |
9.48 |
|
INTEREST |
% |
0.32 |
0.28 |
|
GROSS PROFIT MARGIN |
% |
26.02 |
23.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.36 |
13.93 |
|
NET PROFIT MARGIN |
% |
11.13 |
9.52 |
|
RETURN ON EQUITY |
% |
27.78 |
23.62 |
|
RETURN ON ASSET |
% |
19.07 |
16.52 |
|
EARNING PER SHARE |
BAHT |
55.24 |
43.36 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.46 |
0.43 |
|
TIME INTEREST EARNED |
TIMES |
51.00 |
49.73 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.98 |
|
|
OPERATING PROFIT |
% |
28.03 |
|
|
NET PROFIT |
% |
27.38 |
|
|
FIXED ASSETS |
% |
(6.16) |
|
|
TOTAL ASSETS |
% |
10.33 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
26.02 |
Satisfactory |
Industrial
Average |
30.67 |
|
Net Profit Margin |
11.13 |
Impressive |
Industrial
Average |
(16.30) |
|
Return on Assets |
19.07 |
Impressive |
Industrial
Average |
0.19 |
|
Return on Equity |
27.78 |
Impressive |
Industrial
Average |
8.13 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 26.02%. When compared with
the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 11.13%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
19.07%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 27.78%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.54 |
Deteriorated |
Industrial
Average |
31.40 |
|
Quick Ratio |
1.65 |
|
|
|
|
Cash Conversion Cycle |
68.15 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.54 times in 2010, increase from 2.38 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.65 times in 2010,
increase from 1.52 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 69 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
0.46 |
Impressive |
Industrial
Average |
1.39 |
|
Times Interest Earned |
51.00 |
Deteriorated |
Industrial
Average |
245.18 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 51 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.31 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average
competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.68 |
Deteriorated |
Industrial
Average |
346.78 |
|
Total Assets Turnover |
1.71 |
Impressive |
Industrial
Average |
1.24 |
|
Inventory Conversion Period |
65.46 |
|
|
|
|
Inventory Turnover |
5.58 |
Satisfactory |
Industrial
Average |
6.48 |
|
Receivables Conversion Period |
35.89 |
|
|
|
|
Receivables Turnover |
10.17 |
Satisfactory |
Industrial
Average |
10.26 |
|
Payables Conversion Period |
33.20 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.