MIRA
INFORM REPORT
|
Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALCHEM SOLUTION CO., LTD. |
|
|
|
|
Registered Office : |
999/99 Rama 9 Road, Suanluang, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
20.05.2009 |
|
|
|
|
Com. Reg. No.: |
0105552048287 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemicals |
|
|
|
|
No. of Employees : |
9 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
Payment Behaviour : |
No Complaints |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
ALCHEM
SOLUTION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 999/99 RAMA
9 ROAD, SUANLUANG,
BANGKOK 10250
TELEPHONE : [66] 2718-3553,
2718-3773
FAX :
[66] 2718-3335
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552048287
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NATHADEJ ARKLIPHAND, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER 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 registered
on May 20,
2009 as a
private limited company
under the name style ALCHEM SOLUTION CO., LTD., by
Thai groups, with the
business objective to import and distribute industrial
chemicals to domestic market.
Subject currently employs
9 staff.
The
subjects registered address
is 999/99 Rama 9 Rd., Suanluang,
Bangkok 10250, and this is
the subjects current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Sumolrat Viratpanya |
|
Thai |
33 |
|
Mr. Nathadej Arkliphand |
[x] |
Thai |
38 |
|
Mrs. Arnanpabha Suthirasakul |
[-] |
Thai |
37 |
|
Ms. Arunee Thamavarangkoon |
|
Thai |
37 |
|
Ms. Natchaya Vatcharasuwan |
|
Thai |
25 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or the
mentioned director [-]
can jointly sign
with anyone of
the rest directors
on behalf of the
subject with companys
affixed.
MANAGEMENT
Mr. Nathadej Arkliphand is the
Managing Director.
He is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The
subject is engaged
in importing and
distributing of industrial chemical, mainly
for pharmaceutical and food
industry.
PURCHASE
Most of the products are imported from
United Kingdom, United States of America, Germany and
India.
MAJOR
SUPPLIER
Bang
Trading [1992] Co.,
Ltd. : Thailand
SALES
100% of the
products is sold
locally to wholesalers.
SUBSIDIARY AND
AFFILIATE COMPANIES
Bang Trading [1992] Co., Ltd.
Business : Importer
and distributor of
medical instrument.
Inter Medical Co., Ltd.
Business : Importer
and distributor of
medical products.
Affinitech Co., Ltd.
Co., Ltd.
Business : Distributor
of medical products.
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is rent
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
200,000.
COMMENT
The subject
was formed in
2009 as an importer and distributor of industrial chemical. The products are served mainly to
pharmaceutical industry. Its business
performance is in
line with demand
of the products
from the industries
which seems to slow
down during these
two months from flood
crisis. However, subjects
business performance in
2011 is expected to
grow appropriately.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nathadej Arkliphand Nationality: Thai Address : 36
Soi Yek Ekamai Rd.,
Klongton Nua, Bangkok |
3,000 |
30.00 |
|
Mrs. Arnanpabha Suthirasakul Nationality: Thai Address : 45
Soi Patanakarn 69,
Yek 9-6, Prawes, Bangkok |
2,998 |
29.98 |
|
Mrs. Yoawarak Daengprasert Nationality: Thai Address : 851
Soi Patanawet 12, Prakanong
Nua, Bangkok |
2,000 |
20.00 |
|
Mr. Kongpol Daengprasert Nationality: Thai Address : 851
Soi Patanawet 12, Prakanong
Nua, Bangkok |
1,000 |
10.00 |
|
Mr. Atthapol Daengprasert Nationality: Thai Address : 851
Soi Patanawet 12, Prakanong
Nua, Bangkok |
1,000 |
10.00 |
|
Ms. Arunee Thamavarangkoon Nationality: Thai Address : 89
Srinakarintr Rd., Suanluang,
Bangkok |
1 |
0.01 |
|
Mrs. Chamapatr Sithiumnuay Nationality: Thai Address : 36
Soi Yek Ekamai
Rd., Klongton Nua, Bangkok |
1 |
0.01 |
Total Shareholders : 7
Share Structure
[as at
April 28, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Benjamas Inkeaw No.
7832
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
707,103.07 |
2,390,272.50 |
|
Trade Accounts Receivable |
7,902,963.08 |
1,584,135.00 |
|
Inventories |
3,865,682.82 |
4,554,418.25 |
|
Other Current Assets |
175,017.28 |
3,473,957.69 |
|
|
|
|
|
Total Current Assets
|
12,650,766.25 |
12,002,783.44 |
|
Long-term Investment |
4,074,772.82 |
4,019,854.24 |
|
Fixed Assets |
97,826.63 |
120,398.52 |
|
Intangible Assets |
12,137.82 |
15,537.62 |
|
Other Assets |
2,655.77 |
- |
|
Total Assets |
16,838,159.29 |
16,158,573.82 |
LIABILITIES &
SHAREHOLDERS EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institution |
10,570,303.34 |
7,431,344.90 |
|
Short-term Loan from Related
Person |
- |
4,060,000.00 |
|
Other Current Liabilities |
1,507,185.50 |
35,825.56 |
|
|
|
|
|
Total Current Liabilities |
12,077,488.84 |
11,527,170.46 |
|
|
|
|
|
Long-term Loan from Related Person |
3,600,000.00 |
3,600,000.00 |
|
Total Liabilities |
15,677,488.84 |
15,127,170.46 |
|
|
|
|
|
Shareholders Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning-
Unappropriated |
160,670.45 |
31,403.36 |
|
Total Shareholders' Equity |
1,160,670.45 |
1,031,403.36 |
|
Total Liabilities & Shareholders' Equity |
16,838,159.29 |
16,158,573.82 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
May 20,
2009 Dec. 31,
2009 |
|
|
|
|
|
Sales Income |
23,785,239.50 |
5,412,783.40 |
|
Other Income |
433,511.51 |
66,411.24 |
|
Total Revenues |
24,218,751.01 |
5,479,194.64 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
20,237,475.58 |
4,722,618.06 |
|
Selling Expenses |
265,355.00 |
6,900.00 |
|
Administrative Expenses |
3,436,321.38 |
686,922.86 |
|
Total Expenses |
23,939,151.96 |
5,416,440.92 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
279,599.05 |
62,753.72 |
|
Financial Cost |
[144,810.85] |
[31,350.36] |
|
Profit / [Loss] before Income
Tax |
134,788.20 |
31,403.36 |
|
Income Tax |
[5,521.11] |
- |
|
|
|
|
|
Net Profit / [Loss] |
129,267.09 |
31,403.36 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.05 |
1.04 |
|
QUICK RATIO |
TIMES |
0.71 |
0.34 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
243.14 |
44.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
0.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
69.72 |
352.00 |
|
INVENTORY TURNOVER |
TIMES |
5.24 |
1.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
121.28 |
106.82 |
|
RECEIVABLES TURNOVER |
TIMES |
3.01 |
3.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
191.00 |
458.82 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
85.08 |
87.25 |
|
SELLING & ADMINISTRATION |
% |
15.56 |
12.82 |
|
INTEREST |
% |
0.61 |
0.58 |
|
GROSS PROFIT MARGIN |
% |
16.74 |
13.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.18 |
1.16 |
|
NET PROFIT MARGIN |
% |
0.54 |
0.58 |
|
RETURN ON EQUITY |
% |
11.14 |
3.04 |
|
RETURN ON ASSET |
% |
0.77 |
0.19 |
|
EARNING PER SHARE |
BAHT |
12.93 |
3.14 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
13.51 |
14.67 |
|
TIME INTEREST EARNED |
TIMES |
1.93 |
2.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
339.43 |
|
|
OPERATING PROFIT |
% |
345.55 |
|
|
NET PROFIT |
% |
311.63 |
|
|
FIXED ASSETS |
% |
(18.75) |
|
|
TOTAL ASSETS |
% |
4.21 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.74 |
Satisfactory |
Industrial
Average |
19.07 |
|
Net Profit Margin |
0.54 |
Impressive |
Industrial
Average |
(1.78) |
|
Return on Assets |
0.77 |
Impressive |
Industrial
Average |
(0.13) |
|
Return on Equity |
11.14 |
Impressive |
Industrial
Average |
4.39 |
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 16.74%. 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. Net Profit Margin ratio is 0.54%,
higher figure when 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
0.77%, 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.
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 11.14%, 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 Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.05 |
Deteriorated |
Industrial Average |
67.42 |
|
Quick Ratio |
0.71 |
|
|
|
|
Cash Conversion Cycle |
191.00 |
|
|
|
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 1.05 times in 2010, increase from 1.04 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 0.71 times in 2010,
increase from 0.34 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 191 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Impressive |
Industrial
Average |
1.11 |
|
Debt to Equity Ratio |
13.51 |
Risky |
Industrial
Average |
1.91 |
|
Times Interest Earned |
1.93 |
Deteriorated |
Industrial
Average |
67.08 |
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 1.94 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 0.93 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
243.14 |
Deteriorated |
Industrial
Average |
58,124.19 |
|
Total Assets Turnover |
1.41 |
Deteriorated |
Industrial
Average |
3.53 |
|
Inventory Conversion Period |
69.72 |
|
|
|
|
Inventory Turnover |
5.24 |
Deteriorated |
Industrial
Average |
50.74 |
|
Receivables Conversion Period |
121.28 |
|
|
|
|
Receivables Turnover |
3.01 |
Deteriorated |
Industrial
Average |
26.99 |
|
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.52.96 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
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 SCs 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.