MIRA INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
TH
COLOR COMPANY LIMITED |
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Registered Office : |
335/19 Moo 9, Bangna-Trad Road, T. Bangchalong, A. Bangplee, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.03.2008 |
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Com. Reg. No.: |
0115551002780 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer,
Distributor and Exporter of Master Batch
and Compounds |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TH COLOR COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 335/19 MOO
9, BANGNA-TRAD ROAD.
T.
BANGCHALONG, A. BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2337-2777
FAX :
[66] 2337-2772
E-MAIL
ADDRESS : info@thcolor.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0115551002780
CAPITAL REGISTERED : BHT. 15,000,000
CAPITAL PAID-UP : BHT.
15,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. PATCHARA HEMNILRAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 128
LINES
OF BUSINESS : MASTER BATCH
AND COMPOUNDS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 March 10,
2008 as a
private limited company
under the name style
TH COLOR COMPANY
LIMITED by Thai groups. Its
business objective is to
manufacture and supply master batch and
compounds for plastic [polymer] industry
both domestic and
international markets. It
currently employs 128
staff.
The subject’s registered
address is 335/19
Moo 9, Bangna-Trad Rd., Bangchalong,
Bangplee, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Patchara Hemnilrat |
[x] |
Thai |
61 |
|
Mr. Teerawat Hemnilrat |
|
Thai |
67 |
|
Mr. Thanawit Hemnilrat |
|
Thai |
37 |
|
Ms. Chanida Hemnilrat |
|
Thai |
33 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any
two of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Patchara Hemnilrat is the
Managing Director.
She is Thai
nationality with the
age of 61
years old.
Mr. Thanawit Hemnilrat is
the Assistant Managing
Director.
He is Thai
nationality with the
age of 37
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and supplying
of master batch
and compounds for plastic [polymer] products,
including thermo plastic,
thermo set resin, elastomer,
PVC resin and
etc., mainly supply to
packaging, electrical, electronics
and automotive industries.
PURCHASE
Most
of raw materials
are purchased from
local supplier, the
remaining is imported
from Republic of
China, Taiwan, Japan,
U.S.A., as well
as machinery from
Germany.
SALES
70% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
30% is exported
to Japan, Taiwan,
Korea, Singapore, Vietnam,
U.S.A., Middle East and
European countries.
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 at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 128
office staff and
factory workers.
LOCATION
DETAILS
The premise
is owned for administrative office,
factory and warehouse at the
heading address. Premise
is located in
industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The
subject was formed
in 2008 as a
manufacturer, distributor and exporter
of master batch and
compound. The products
are for plastic
industry. Strong demand from
industrial users has
resulted to a significantly increase
of the products.
Subject reported outstanding
performance in 2010,
as well as
continue expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100
each.
On
April 22, 2008,
the capital was
increased to Bht. 15,000,000 divided
into 150,000 shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Patchara Hemnilrat Nationality: Thai Address : 199/74
Moo 7, Bangna-Trad Rd.,
Bangchalong, Bangplee, Samutprakarn |
120,000 |
80.00 |
|
Mr. Thanawuth Hemnilrat Nationality: Thai Address : 199/74
Moo 7, Bangna-Trad Rd.,
Bangchalong, Bangplee, Samutprakarn |
15,000 |
10.00 |
|
Ms. Chanida Hemnilrat Nationality: Thai Address : 199/74
Moo 7, Bangna-Trad Rd., Bangchalong, Bangplee,
Samutprakarn |
15,000 |
10.00 |
Total Shareholders : 3
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mrs. Yupares Daenwangderm No.
2967
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand |
2,596,481.10 |
130,476.64 |
|
Trade Accounts Receivable |
71,837,214.43 |
12,644,916.43 |
|
Inventories |
20,530,139.77 |
7,341,114.04 |
|
Sale Department Receivable |
3,059,249.99 |
1,900,351.53 |
|
Other Current Assets |
581,786.26 |
1,073,694.68 |
|
|
|
|
|
Total Current Assets
|
98,604,871.55 |
23,090,553.32 |
|
|
|
|
|
Building and Equipment |
155,554,952.23 |
166,135,656.47 |
|
Deposit and Guarantee |
1,815,050.00 |
314,500.00 |
|
Other Assets |
388,959.17 |
550,709.56 |
|
Total Assets |
256,363,832.95 |
190,091,419.35 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
40,036,716.95 |
18,202,669.45 |
|
Trade Accounts Payable |
54,155,156.38 |
17,032,090.17 |
|
Other Payable |
583,190.00 |
3,950,175.02 |
|
Current Portion of Long-term Loan |
17,284,979.29 |
11,010,952.52 |
|
Current Portion of Hire-purchase Payable |
1,107,835.40 |
1,440,335.40 |
|
Guarantee Payable |
351,354.64 |
361,354.64 |
|
Advance Income |
1,722,532.10 |
- |
|
Other Current Liabilities |
3,644,712.89 |
2,879,878.03 |
|
|
|
|
|
Total Current Liabilities |
118,886,477.65 |
54,877,455.23 |
|
Long-term Loan from Financial
Institution |
89,143,550.88 |
87,977,955.34 |
|
Long-term Loan from Related Person |
37,550,000.00 |
39,000,000.00 |
|
Hire-purchase Payable |
795,757.71 |
1,903,593.14 |
|
Total Liabilities |
246,375,786.24 |
183,759,003.71 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 150,000 shares |
15,000,000.00 |
15,000,000.00 |
|
|
|
|
|
Capital Paid |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning-
Unappropriated |
[5,011,953.29] |
[8,667,584.36] |
|
Total Shareholders' Equity |
9,988,046.71 |
6,332,415.64 |
|
Total Liabilities & Shareholders' Equity |
256,363,832.95 |
190,091,419.35 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
231,942,191.70 |
18,368,884.58 |
|
Other Income |
1,223,976.98 |
45,834.68 |
|
Total Sales |
233,166,168.68 |
18,414,719.26 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
203,247,846.44 |
20,770,956.68 |
|
Selling Expenses |
8,557,899.63 |
1,407,551.52 |
|
Administrative Expenses |
9,040,262.94 |
2,974,156.98 |
|
Other Expenses |
8,354.51 |
512,836.89 |
|
Total Expenses |
220,854,363.52 |
25,665,502.07 |
|
|
|
|
|
Profit / [Loss] before Financial Cost |
12,311,805.16 |
[7,250,782.81] |
|
Financial Cost |
[8,656,174.09] |
[1,262,939.13] |
|
|
|
|
|
Net Profit / [Loss] |
3,655,631.07 |
[8,513,721.94] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.83 |
0.42 |
|
QUICK RATIO |
TIMES |
0.63 |
0.23 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.49 |
0.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.90 |
0.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
36.87 |
129.00 |
|
INVENTORY TURNOVER |
TIMES |
9.90 |
2.83 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
113.05 |
251.26 |
|
RECEIVABLES TURNOVER |
TIMES |
3.23 |
1.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
97.25 |
299.30 |
|
CASH CONVERSION CYCLE |
DAYS |
52.66 |
80.97 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.63 |
113.08 |
|
SELLING & ADMINISTRATION |
% |
7.59 |
23.85 |
|
INTEREST |
% |
3.73 |
6.88 |
|
GROSS PROFIT MARGIN |
% |
12.90 |
(12.83) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.31 |
(39.47) |
|
NET PROFIT MARGIN |
% |
1.58 |
(46.35) |
|
RETURN ON EQUITY |
% |
36.60 |
(134.45) |
|
RETURN ON ASSET |
% |
1.43 |
(4.48) |
|
EARNING PER SHARE |
BAHT |
24.37 |
(56.76) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
24.67 |
29.02 |
|
TIME INTEREST EARNED |
TIMES |
1.42 |
(5.74) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1,162.69 |
|
|
OPERATING PROFIT |
% |
(269.80) |
|
|
NET PROFIT |
% |
142.94 |
|
|
FIXED ASSETS |
% |
(6.37) |
|
|
TOTAL ASSETS |
% |
34.86 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
12.90 |
Satisfactory |
Industrial Average |
13.43 |
|
Net Profit Margin |
1.58 |
Deteriorated |
Industrial Average |
5.99 |
|
Return on Assets |
1.43 |
Deteriorated |
Industrial Average |
10.24 |
|
Return on Equity |
36.60 |
Impressive |
Industrial Average |
17.33 |
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 12.9%. 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 1.58%.
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 1.43%.
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 36.6%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.83 |
Risky |
Industrial Average |
1.94 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
52.66 |
|
|
|
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 0.83 times in 2010, increase from 0.42 times, then the company may
have problems meeting its short-term obligations. 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 0.63 times in 2010,
increase from 0.23 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 53 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Risky |
Industrial Average |
0.30 |
|
Debt to Equity Ratio |
24.67 |
Risky |
Industrial Average |
0.32 |
|
Times Interest Earned |
1.42 |
Deteriorated |
Industrial Average |
9.87 |
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 1.43 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 0.96 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.49 |
Deteriorated |
Industrial Average |
3.48 |
|
Total Assets Turnover |
0.90 |
Acceptable |
Industrial Average |
1.64 |
|
Inventory Conversion Period |
36.87 |
|
|
|
|
Inventory Turnover |
9.90 |
Impressive |
Industrial Average |
9.32 |
|
Receivables Conversion Period |
113.05 |
|
|
|
|
Receivables Turnover |
3.23 |
Deteriorated |
Industrial Average |
6.61 |
|
Payables Conversion Period |
97.25 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.65.97 |
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.