MIRA
INFORM REPORT
|
Report Date : |
24.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI ETHANOLAMINES COMPANY
LIMITED |
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Registered Office : |
15th Floor, Energy Complex Building A, 555/1 Vibhavadi-Rangsit Road, Jatujak, Bangkok 10900, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.07.2005 |
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Com. Reg. No.: |
0105548097686 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer and
Distributor of Ethanolamine |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
THAI
ETHANOLAMINES COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 15th FLOOR, ENERGY
COMPLEX BUILDING A,
555/1 VIBHAVADI-RANGSIT ROAD,
JATUJAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2265-8400
FAX :
[66] 2265-8500
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548097686
CAPITAL REGISTERED : BHT. 900,000,000
CAPITAL PAID-UP : BHT.
900,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SAKSRI SAWARTSUTA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 36
LINES
OF BUSINESS : ETHANOLAMINE
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on July
28, 2005 as
a private limited
company under the name
style THAI ETHANOLAMINES COMPANY LIMITED by
Thai groups. Its business
objective is to manufacture Ethanolamines, an
essential ingredient in many personal
hygiene products, made
from Ethylene Oxide [EO]
and Ammonia [EOA], and
also has applications
in industries ranging
from paint, pharmaceuticals and
cosmetics to cement, detergent and
fabric softener.
On
September 29, 2009,
there is order from
The Administrative Court,
with the court
case no. 586/2552 to interim
injunction for the
plant construction with
totally has 76
construction projects, due to
the community protection for health and environment purposes
in the Mab Ta Phut
Industrial Estate area.
On
January 22, 2010
The Administrative Court
has an order
for a court
case no. 980/2552
regarding the suspension
of the 65
projects to coordinate
with relevant agencies,
in order to
determine whether the
project could continue.
Finally,
the subject could
continue the project.
At present, the
production facility is
now fully completed,
and its actual
production has been
taken place on
January 24, 2011.
Subject currently employs
36 staff.
The
subject is a
wholly owned subsidiary
of PTT Chemical
Public Company Limited,
the leading manufacturer
of olefins and
polymer products, and
also is a
member of PTT
group of companies.
The subject’s registered
address is 555/1
Energy Complex Building
A, Vibhavadi-Rangsit Rd.,
Jatujak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Atthawuth Hiranburana |
|
Thai |
56 |
|
Mr. Natthawut Putthikaran |
|
Thai |
58 |
|
Mr. Saksri Sawartsuta |
|
Thai |
55 |
|
Mr. Patipan Sukontamarn |
|
Thai |
50 |
|
|
Thai |
56 |
AUTHORIZED PERSON
Any two of the above
directors can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Saksri Sawartsuta is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The
subject’s activity is
a manufacturer of
Ethanolamine products, comprising
of Monoethanolamine, Triethanolamine and
Diethanolamine, which are
essential ingredient for
personal hygiene products,
as well as
raw material for
variety of industries,
such
as paints, pharmaceuticals, cosmetics,
cement, detergent, cleaning and
fabric softener industry.
The production
capacity of the
products are as
follows:
-
Monoethanolamine [MEA] : 16,500
tons/annum
- Triethanolamine
[DEA] : 15,000
tons/annum
-
Dietthanolamine [TEA] : 16,500
tons/annum
The subject has
started its actual
production on January
24, 2011.
PURCHASE
Raw
material and chemical,
mainly as ethylene
oxide and ammonia
are purchased from
both local and
overseas suppliers in
United States of
America.
MAJOR
SUPPLIER
Huntsman Petrochemical Corporation : U.S.A.
SALES
100%
of the products
will be distributed
and marketed by PPT Chemical Public
Co., Ltd.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
a member of
PTT Chemical group
of companies with
around 18 companies.
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
Local bills are
paid by cash
or on the
credit terms of
30-60 days.
Sales are by cash
or on the
credit terms of
30-60 days.
Imports are by
L/C at sight.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 36
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
9/1 Soi G12,
Pakornsongkroh Rd., T. Mabtaphut,
A. Muang, Rayong 21150 on 32,000
sq. m. of area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
100,000.
COMMENT
The
subject is a
manufacturer and distributor
of Ethanolamine for industrial users.
Subject has strong
production capability in order to
serve the customer
with high technology
processing.
Economic
recovery in the last
quarter of 2009, resulting
2010 better change
for industrial sector
and raw materials related to the industries. With
its strengths in
production, sales and
marketing, the subject
will have outstanding
performance this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 900,000,000
divided into 9,000,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 27,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Chemical Public
Company Limited Nationality: Thai Address : 555/1
Vibhavadi-Rangsit Rd., Jatujak,
Bangkok |
8,999,998 |
100.00 |
|
Mr. Kongkraphan Intarachaeng Nationality: Thai Address : 38/17
Soi Soonvijai 6,
Bangkapi,
Huaykwang, Bangkok |
1 |
- |
|
Mr. Natthawut Putthikaran Nationality: Thai Address : 164
Rajvithi Rd., Samsennai,
Phyathai, Bangkok |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Wairoj Chindamaneepitak No.
3565
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
57,793,538 |
12,011,531 |
|
Other Receivable |
10,244,138 |
121,967,540 |
|
Value Added Tax Accounts
Receivable |
12,559,305 |
154,253,873 |
|
Other Current Assets
|
7,326,926 |
8,291,215 |
|
Total Current
Assets |
87,923,907 |
296,524,159 |
|
|
|
|
|
Fixed Assets |
1,852,508,292 |
1,923,986,706 |
|
Intangible Assets |
121,068,471 |
119,699,377 |
|
Deferred Income Tax |
- |
5,223 |
|
Other Assets |
21,000 |
21,000 |
|
Total Assets
|
2,061,521,670 |
2,340,236,465 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Other Account Payable |
32,939,684 |
30,105,917 |
|
Short-term Loan from Related Company |
1,397,000,000 |
1,497,000,000 |
|
Account Payable-Construction |
57,521 |
39,747,579 |
|
Current Portion of Financial
Lease Contract Liabilities |
1,394,147 |
1,703,576 |
|
Other Current Liabilities |
3,109,898 |
15,344,002 |
|
Total Current
Liabilities |
1,434,501,250 |
1,583,901,074 |
|
|
|
|
|
Financial Lease Contract
Liabilities |
3,124,535 |
3,942,149 |
|
Deferred Income Tax Liabilities |
- |
16,342 |
|
Total Liabilities |
1,437,625,785 |
1,587,859,565 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 9,000,000
shares |
900,000,000 |
900,000,000 |
|
Capital Paid |
900,000,000 |
900,000,000 |
|
Retained Earning -
Unappropriated |
[276,104,115] |
[147,623,100] |
|
Total
Shareholders' Equity |
623,895,885 |
752,376,900 |
|
Total
Liabilities & Shareholders' Equity |
2,061,521,670 |
2,340,236,465 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Interest Income |
1,124,186 |
267,861 |
|
Gain on Exchange Rate |
- |
214,358 |
|
Other Income |
30,848,522 |
7,823,323 |
|
Total Revenues
|
31,972,708 |
8,305,542 |
|
Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
130,208,986 |
105,222,617 |
|
Loss on Exchange Rate |
1,959,047 |
- |
|
Remuneration’s Director |
1,353,333 |
1,715,516 |
|
Total Expenses |
133,521,366 |
106,938,133 |
|
Loss Before Finance Cost &
Income Tax |
[101,548,658] |
[98,632,591] |
|
Finance Cost |
[26,943,476] |
[6,412,730] |
|
Loss Before Income Tax |
[128,492,134] |
[105,045,321] |
|
Income Tax |
[11,119] |
[8,255] |
|
Net Profit / [Loss] |
[128,481,015] |
[105,053,576] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.06 |
0.19 |
|
QUICK RATIO |
TIMES |
0.06 |
0.18 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
|
RETURN ON EQUITY |
% |
(20.59) |
(13.96) |
|
RETURN ON ASSET |
% |
(6.23) |
(4.49) |
|
EARNING PER SHARE |
BAHT |
(14.28) |
(11.67) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.30 |
2.11 |
|
TIME INTEREST EARNED |
TIMES |
(3.77) |
(15.38) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
2.96 |
|
|
NET PROFIT |
% |
(22.30) |
|
|
FIXED ASSETS |
% |
(3.72) |
|
|
TOTAL ASSETS |
% |
(11.91) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
12.54 |
|
Net Profit Margin |
- |
|
Industrial
Average |
4.42 |
|
Return on Assets |
(6.23) |
Deteriorated |
Industrial
Average |
5.83 |
|
Return on Equity |
(20.59) |
Deteriorated |
Industrial
Average |
10.01 |
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 -6.23%.
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 -20.59%.
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 |
0.06 |
Risky |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.06 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0.06 times in 2010, decrease from 0.19 times, then the company may
not be efficiently using its current assets. 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 0.06 times in 2010,
decrease from 0.18 times, then the company has not enough current assets that presumably
can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Risky |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
2.30 |
Risky |
Industrial Average |
0.73 |
|
Times Interest Earned |
(3.77) |
Risky |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -3.77 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.7 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 |
- |
|
Industrial Average |
1.95 |
|
Total Assets Turnover |
- |
|
Industrial Average |
1.23 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
8.74 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
7.98 |
|
Payables Conversion Period |
- |
|
|
|
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.45.68 |
|
|
1 |
Rs.75.29 |
|
Euro |
1 |
Rs.65.77 |
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.