MIRA INFORM REPORT
|
Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PURAC
[THAILAND] LIMITED |
|
|
|
|
Registered Office : |
3 Moo 2, Asia Industrial Estate, T. Banchang, A. Banchang, Rayong 21130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.04.2005 |
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Com. Reg. No.: |
0105548055363 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer,
Exporter and Distributor of Bio-Chemical Products |
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 |
|
Payment
Behaviour : |
Usually Correct |
|
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
PURAC [THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 3 MOO
2, ASIA INDUSTRIAL
ESTATE,
T. BANCHANG,
A. BANCHANG, RAYONG 21130
TELEPHONE : [66] 38
698-800
FAX :
[66] 38
698-801
E-MAIL
ADDRESS : pth@purac.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548055363
CAPITAL REGISTERED : BHT. 2,475,000,000
CAPITAL PAID-UP : BHT
1,825,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. STEPHAN JACO
PAAUWE, DUTCH
PRESIDENT
& CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 200
LINES
OF BUSINESS : BIO-CHEMICAL PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 April 22,
2005 as a
private limited company
under the name style PURAC [THAILAND] LIMITED, by Dutch groups, with
the business objective
to manufacture wide
range of bio-chemical
products for various
industries. It currently employs
approximate 200 staff.
Subject
is a wholly
owned subsidiary of
CSM NV., Netherlands.
The subject’s registered
address is 3
Moo 2, Asia
Industrial Estate, T.
Banchang,
A. Bangchang, Rayong
21130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Fabrizio Rampinelli |
|
Italian |
51 |
|
Mr. Eduard Eric Van
Rhede Van der Kloot |
|
Dutch |
48 |
|
Mr. Ricardo Cinelli da
Silva |
|
Brazilian |
52 |
|
Mr. Sander Wan der
Linden |
|
Dutch |
43 |
|
Mr. Stephan Jaco Paauwe |
|
Dutch |
45 |
AUTHORIZED PERSON
Any two of
the above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Stephan Jaco Paauwe is
the President &
Chief Executive Officer.
He is Dutch
nationality with the
age of 45
years old.
Mr. Sander Wan der
Linden is the Production
Manager.
He is Dutch
nationality with the
age of 43
years old.
Mrs. Pornphan Thiensathit is
the Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
and distributor of
bio-chemical products, which
are raw material for various industries, such as processed foods,
animal feed, pharmaceuticals, medical products, cosmetic,
consumer goods, agricultural,
textile, plastic and
etc., under its brand “PURAC”.
The products include
natural lactic acid,
sodium lactate, acipin,
gypsum, bio-mass and
etc.
PRODUCTION CAPACITY
Natural Lactic Acid :
140,000 tons/annum
Sodium Lactate : 15,000
tons/annum
PURCHASE
Most of raw materials &
chemical are purchased
from local suppliers.
IMPORT
Some of raw
materials & chemical are
imported from Netherlands, Brazil,
Japan, Singapore and
Germany.
MAJOR SUPPLIER
Purac Biochem B.V. :
Netherlands
SALES
The products are
sold to customers
both local and
overseas, 80% is
exported to Japan,
South Korea, Singapore,
India, Hong Kong, Taiwan, Indonesia,
Republic of China and
the countries in
Europe, and the remaining
20% is sold
locally.
PARENT COMPANY
CSM
NV. : Netherlands
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 credit 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
Bangkok Bank Public
Co., Ltd.
ABN Amro Bank
[Bangkok office]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 200 staff.
LOCATION
DETAILS
The premise
is owned for
administrative office and factory
on 68,800 square
meters of land,
at the heading
address. Premise is
located in industrial
area.
Bangkok
office is at
Suite 843, 8th Flr.,
Zuellig House, 1-7
Silom Rd., Silom,
Bangrak, Bangkok 10500.
Tel. : [66]
2231-8174, Fax. : [66]
2231-8121.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
100,000.
COMMENT
The company’s
bio-chemical products are essential
raw materials for
various industries. Its
business has strong
potential and contributive
a massive domestic
industries. Subject had
strong business growth in
2010, as well as
continue growing well
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100 each.
The
capital was increased
later as follows:
Bht. 1,475,000,000
on November 1,
2005
Bht. 1,975,000,000
on November 27,
2007
Bht. 2,475,000,000
on September 19,
2008
The
latest registered capital
was increased to Bht. 2,475,000,000 divided
into 24,750,000 shares
of Bht. 100
each.
THE
SHAREHOLDERS LISTED WERE
:
[as at
April 28, 2011]
at Bht. 1,825,000,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
CSM NV. Nationality: Dutch Address : Netherlands |
24,749,994 |
100.00 |
|
CSM Nederland BV. Nationality: Dutch Address : Netherlands |
1 |
|
|
CSM International BV. Nationality: Dutch Address : Netherlands |
1 |
|
|
Expagan V BV. Nationality: Dutch Address : Netherlands |
1 |
|
|
Becmark International BV. Nationality: Dutch Address : Netherlands |
1 |
|
|
Purac Biochem BV. Nationality: Dutch Address : Netherlands |
1 |
|
|
Purac Asia Pacific
Pte. Ltd. Nationality: Singaporean Address : 138
Robinson Rd., Singapore |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nuchalee Boonyakarnkul No.
3126
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
60,175,624 |
140,346,727 |
|
Trade Accounts Receivable - Related
Company |
149,290,274 |
98,360,601 |
|
- Other
Company |
8,039,548 |
9,069,881 |
|
Account Receivable-Related Company |
536,789 |
40,110,699 |
|
Inventories |
409,719,307 |
284,533,313 |
|
Refundable Value Added
Tax |
13,230,116 |
51,634,955 |
|
Other Current Assets
|
27,507,329 |
5,311,473 |
|
|
|
|
|
Total Current Assets
|
668,498,987 |
629,367,649 |
|
Cash at Bank
under Commitment |
2,250,000 |
2,250,000 |
|
Fixed Assets |
4,223,001,220 |
3,527,589,979 |
|
Intangible Assets |
2,287,487 |
43,837,243 |
|
Deposit & Other Assets |
4,220,706 |
4,251,531 |
|
Total Assets |
4,900,258,400 |
4,207,296,402 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
- Related
Company |
13,797,540 |
183,030,642 |
|
- Other
Payable |
106,147,708 |
101,617,726 |
|
Other Payable - Related
Company |
53,652,535 |
35,526,298 |
|
- Other
Payable |
227,673,524 |
75,289,978 |
|
Accrued Expenses |
43,202,571 |
69,939,741 |
|
Other Current Liabilities |
25,709,751 |
59,905,303 |
|
|
|
|
|
Total Current Liabilities |
470,183,629 |
525,309,688 |
|
Long-term Loan from Related Company |
2,436,709,323 |
1,561,469,323 |
|
Total Liabilities |
2,906,892,952 |
2,086,779,011 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital 24,750,000 shares
|
2,475,000,000 |
2,475,000,000 |
|
|
|
|
|
Capital Paid |
1,825,000,000 |
1,825,000,000 |
|
Retained Earning -
Unappropriated |
168,365,448 |
295,517,391 |
|
Total Shareholders' Equity |
1,993,365,448 |
2,120,517,391 |
|
Total Liabilities & Shareholders' Equity |
4,900,258,400 |
4,207,296,402 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
3,230,197,450 |
3,150,303,779 |
|
Gain on Exchange
Rate |
- |
13,917,143 |
|
Other Income |
6,827,870 |
9,042,022 |
|
Total Sales |
3,237,025,320 |
3,173,262,944 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,144,464,226 |
2,420,489,928 |
|
Selling Expenses |
790,994 |
632,854 |
|
Administrative Expenses |
196,111,687 |
177,724,700 |
|
Loss on Exchange
Rate |
22,810,356 |
- |
|
Total Expenses |
3,364,177,263 |
2,598,847,482 |
|
|
|
|
|
Net Profit / [Loss] |
[127,151,943] |
574,415,462 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.42 |
1.20 |
|
QUICK RATIO |
TIMES |
0.46 |
0.55 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.76 |
0.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.56 |
42.91 |
|
INVENTORY TURNOVER |
TIMES |
7.67 |
8.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.91 |
1.05 |
|
RECEIVABLES TURNOVER |
TIMES |
401.79 |
347.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
12.32 |
15.32 |
|
CASH CONVERSION CYCLE |
DAYS |
36.15 |
28.63 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.35 |
76.83 |
|
SELLING & ADMINISTRATION |
% |
6.10 |
5.66 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
2.87 |
23.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.94) |
18.23 |
|
NET PROFIT MARGIN |
% |
(3.94) |
18.23 |
|
RETURN ON EQUITY |
% |
(6.38) |
27.09 |
|
RETURN ON ASSET |
% |
(2.59) |
13.65 |
|
EARNING PER SHARE |
BAHT |
(6.97) |
31.47 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.46 |
0.98 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.54 |
|
|
OPERATING PROFIT |
% |
(122.14) |
|
|
NET PROFIT |
% |
(122.14) |
|
|
FIXED ASSETS |
% |
19.71 |
|
|
TOTAL ASSETS |
% |
16.47 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
2.87 |
Deteriorated |
Industrial Average |
12.54 |
|
Net Profit Margin |
(3.94) |
Deteriorated |
Industrial Average |
4.42 |
|
Return on Assets |
(2.59) |
Deteriorated |
Industrial Average |
5.83 |
|
Return on Equity |
(6.38) |
Deteriorated |
Industrial Average |
10.01 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 2.87%. When
compared with the industry average, the ratio of the company was lower. This
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 -3.94%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is -2.59%.
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. When compared with the
industry average, it was lower, the company's figure is -6.38%.
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 |
1.42 |
Satisfactory |
Industrial Average |
1.46 |
|
Quick Ratio |
0.46 |
|
|
|
|
Cash Conversion Cycle |
36.15 |
|
|
|
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 1.42 times in 2010, increase from 1.2 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 0.46 times in 2010,
decrease from 0.55 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
1.46 |
Risky |
Industrial
Average |
0.73 |
|
Times Interest Earned |
- |
|
Industrial
Average |
3.49 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.59 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.76 |
Deteriorated |
Industrial
Average |
1.95 |
|
Total Assets Turnover |
0.66 |
Acceptable |
Industrial
Average |
1.23 |
|
Inventory Conversion Period |
47.56 |
|
|
|
|
Inventory Turnover |
7.67 |
Satisfactory |
Industrial
Average |
8.74 |
|
Receivables Conversion Period |
0.91 |
|
|
|
|
Receivables Turnover |
401.79 |
Impressive |
Industrial
Average |
7.98 |
|
Payables Conversion Period |
12.32 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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.