MIRA INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
BEHN MEYER
CHEMICAL [T] CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.02.2002 |
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Com. Reg. No.: |
0105545023053 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Industrial Chemicals. |
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 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
BEHN
MEYER CHEMICAL [T]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS :
A.
LADKRABANG,
TELEPHONE : [66] 2327-9898,
2327-9800
FAX :
[66] 2360-6076,
2360-6194, 2360-6533
E-MAIL
ADDRESS : info@behnmeyer.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545023053 [Former : 10454500381]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VINIJ SANGUANSUPYAKORN, THAI
EXECUTIVE DIRECTOR
NO. OF STAFF : 70
LINES OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on February 27, 2002 as
a private limited
company under the name
BEHN MEYER CHEMICAL [T]
CO., LTD. by Thai
and foreign groups,
to import and
distribute wide range
of based chemicals
for various industries in domestic market. It
currently employs approximately 70
staff.
The
major shareholders are
Behn Meyer Chemical
Holding [S] Pte. Ltd., Singapore,
Behn Meyer & Co. [T] Ltd. and
others which are holding
around 50.45%, 49%
and 0.51% of
the company’s shares respectively.
The subject’s registered
address was initially
located at 189
Moo 6, Bangkok-Cholburi Rd., [New
Highway], Tubyao, Ladkrabang, Bangkok 10520.
On January 27, 2009, it
was relocated to
70/1 Liabklongmon Rd.,
Thubyao, Ladkrabang, Bangkok
10520, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jens Kellinghusen |
|
Dutch |
64 |
|
Mr. Peter Joachim Schonberg |
|
Dutch |
58 |
|
Mr. Michael Edward Robert
Wolers |
|
Dutch |
66 |
|
Mr. Prasong Aramwittaya |
|
Thai |
52 |
|
Mr. Vinij Sanguansupyakorn |
|
Thai |
63 |
|
Mr. Nanthakorn Puthapornpattana |
|
Thai |
50 |
|
Ms. Gewalin Petcharat |
|
Thai |
43 |
|
Mr. Sarapong Ratanakulvaranont |
|
Thai |
- |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vinij Sanguansupyakorn is
the Executive Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Prasong Aramwittaya
is the Executive
Director.
He is Thai
nationality with the
age of 52
years old.
Mr. Preeda Laocharoenpornkul is
the Senior Sales
Manager.
He is Thai
nationality.
Ms. Nilubol is the
Personnel Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and representing
wide range of
base chemicals for various industries
such as rubbers,
plastics, petroleum & petrochemical,
surface coating, foods, cosmetics, water treatment,
animal health, feed
and nutrition, tannery and
general industries.
IMPORT
90% of
its products is
imported from Germany, United
Kingdom, France, Spain, Malaysia,
Brazil, Singapore, Japan,
South Korea, Taiwan,
Republic of China,
India, Hong Kong,
U.S.A. and etc.
MAJOR SUPPLIERS
- Chemetall GmbH :
- Cromogenia-Units :
- Hoffmann Mineral GmbH &
Co. KG. :
- Polymeric Labels Limited :
- Repsol Derivados
- General Quimica S.A. :
- Nano Materials Technology :
- Notedome Ltd. :
- Nitriflex :
- Hextar Chemical Sdn. Bhd. :
- Chem Gen Corp. :
SALES
100% of its
products is sold
locally by wholesale
to dealers and
manufacturers.
RELATED COMPANY
Behn Meyer Techno-Chemicals [T]
Co., Ltd.
[Former : Behn
Meyer Engineering Co., Ltd.]
Business Type : Importer &
distributor of machinery
and spare parts.
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.
[Ladkrabang
Branch :
Kasikornbank
Public Co., Ltd.
[Ladkrabang
Branch :
EMPLOYMENT
The
subject employs approximately
70 staff [office
and sales staff].
LOCATION
DETAILS
The
premise is rented
for administrative office
and warehouse at
the heading address.
Premise is shared
with the related
company and located
in industrial area.
Branches:
-
Samutprakarn
Branch, 628 Moo
1, Soi Foknang,
Sukhumvit Rd., K.M. 34,
Bangpoomai, Muang, Samutprakarn
10280.
-
Rayong
Branch, 64/53 Moo
4, Eastern Seaboard
Industrial Estate, Pluakdaeng,
Rayong 21140.
REMARK
CREDIT
OF US$ 500,000
SHOULD BE IN ORDER.
COMMENT
Despite the
economic slowdown in 2009,
subject also reported
a good business.
Its sales also had
outstanding improved in
the year 2010
from domestic industrial
expansion.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with current capital
paid-up of Bht.
50,000,000.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2010]
at Bht. 50,000,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Behn Meyer Chemical
Holding [S] Pte. Ltd. Nationality: Singaporean Address : 100 Pazier
Panjang |
504,500 |
50.45 |
|
Behn Meyer & Co. [T] Ltd. Nationality: Thai Address : 189
Moo 6, Bangkok-Cholburi [New
Highway] Ladkrabang, |
490,000 |
49.00 |
|
Behn Meyer Deutchland
Holding AG & Co. KG. Nationality: German Address : |
5,100 |
0.51 |
|
Behn Meyer & Co. [S] Pte. Ltd. Nationality: Singaporean Address : 100 Pazier
Panjang |
100 |
0.01 |
|
A O M Betellingangs GmbH
& Co. KG. Nationality: German Address : |
100 |
0.01 |
|
Nationality: German Address : |
100 |
0.01 |
|
WM Osvald AG. Nationality: German Address : |
100 |
0.01 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Ms. Vissuda Jariyatanakorn No.
3853
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2009 & 2008
were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
59,175 |
80,644 |
|
Trade Accts. Receivable |
181,016,185 |
148,634,455 |
|
Trade Accts. Receivable
- Related Companies |
353,418 |
182,477 |
|
Accts. Receivable -
Related Companies |
- |
3,400,000 |
|
Inventories |
133,968,187 |
154,883,828 |
|
Other Current Assets
|
3,929,145 |
5,795,031 |
|
|
|
|
|
Total Current Assets
|
319,326,110 |
312,976,435 |
|
Fixed Assets |
45,517,876 |
43,344,350 |
|
Other Assets |
417,391 |
587,001 |
|
Total Assets |
365,261,377 |
356,907,786 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
67,343,065 |
77,185,900 |
|
Trade Accts. Payable |
72,410,774 |
78,092,050 |
|
Trade Accts. Payable
- Related Companies |
740,397 |
- |
|
Current Portion of
Lease under Contract Liabilities |
- |
393,563 |
|
Related Companies Payable |
9,412,660 |
8,951,648 |
|
Accrued Income Tax |
7,802,016 |
6,493,769 |
|
Other Current Liabilities |
|
|
|
Accrued Bonus |
25,617,000 |
22,496,540 |
|
Accrues Expenses |
2,061,291 |
864,788 |
|
Others |
7,021,793 |
3,899,490 |
|
|
|
|
|
Total Current Liabilities |
192,408,996 |
198,377,748 |
|
|
|
|
|
Reserve for Employees’
Bonus |
2,754,000 |
1,808,070 |
|
Total Liabilities |
195,162,996 |
200,185,818 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
|
|
|
|
Capital Paid |
50,000,000 |
50,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
9,500,000 |
7,700,000 |
|
Unappropriated |
110,598,381 |
99,021,968 |
|
Total Shareholders' Equity |
170,098,381 |
156,721,968 |
|
Total Liabilities &
Shareholders' Equity |
365,261,377 |
356,907,786 |
PROFIT & LOSS ACCOUNT
|
Sales |
2009 |
2008 |
|
|
|
|
|
Sales |
654,340,108 |
649,443,461 |
|
Gain on Exchange Rate |
368,265 |
38,378 |
|
Other Income |
2,928,367 |
2,646,672 |
|
Total Sales |
657,636,740 |
652,128,511 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
458,574,711 |
451,599,706 |
|
Selling Expenses |
90,595,568 |
86,229,813 |
|
Administrative Expenses |
58,290,347 |
57,797,599 |
|
Total Expenses |
607,460,626 |
595,627,118 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
50,176,114 |
56,501,393 |
|
Interest Expenses |
[4,148,757] |
[4,622,001] |
|
Income Tax |
[14,777,044] |
[16,111,995] |
|
|
|
|
|
Net Profit / [Loss] |
31,250,313 |
35,767,397 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.66 |
1.58 |
|
QUICK RATIO |
TIMES |
0.94 |
0.77 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
14.38 |
14.98 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
1.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
106.63 |
125.18 |
|
INVENTORY TURNOVER |
TIMES |
3.42 |
2.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
100.97 |
83.54 |
|
RECEIVABLES TURNOVER |
TIMES |
3.61 |
4.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.63 |
63.12 |
|
CASH CONVERSION CYCLE |
DAYS |
149.97 |
145.60 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
70.08 |
69.54 |
|
SELLING & ADMINISTRATION |
% |
22.75 |
22.18 |
|
INTEREST |
% |
0.63 |
0.71 |
|
GROSS PROFIT MARGIN |
% |
30.42 |
30.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.67 |
8.70 |
|
NET PROFIT MARGIN |
% |
4.78 |
5.51 |
|
RETURN ON EQUITY |
% |
18.37 |
22.82 |
|
RETURN ON ASSET |
% |
8.56 |
10.02 |
|
EARNING PER SHARE |
BAHT |
62.50 |
71.53 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.56 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.15 |
1.28 |
|
TIME INTEREST EARNED |
TIMES |
12.09 |
12.22 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.75 |
|
|
OPERATING PROFIT |
% |
(11.19) |
|
|
NET PROFIT |
% |
(12.63) |
|
|
FIXED ASSETS |
% |
5.01 |
|
|
TOTAL ASSETS |
% |
2.34 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
30.42 |
Impressive |
Industrial Average |
14.07 |
|
Net Profit Margin |
4.78 |
Acceptable |
Industrial Average |
7.20 |
|
Return on Assets |
8.56 |
Satisfactory |
Industrial Average |
9.40 |
|
Return on Equity |
18.37 |
Impressive |
Industrial Average |
17.49 |
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 30.42%. When compared with the industry average, the
ratio of the company was higher, indicated that company was more profitable
than the same industry.
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 4.78%.
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, its was lower, the company's figure is 8.56%.
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 is
18.37%, 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 |
1.66 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
149.97 |
|
|
|
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 1.66 times in 2009, increase from 1.58 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 higher, indicated that company
was an efficient operator in a dominant
position within its industry.
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 0.94 times in 2009,
increase from 0.77 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 150 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
1.15 |
Risky |
Industrial Average |
0.80 |
|
Times Interest Earned |
12.09 |
Impressive |
Industrial Average |
5.39 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 12.1 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 0.53 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 |
14.38 |
Impressive |
Industrial Average |
2.03 |
|
Total Assets Turnover |
1.79 |
Impressive |
Industrial Average |
1.31 |
|
Inventory Conversion Period |
106.63 |
|
|
|
|
Inventory Turnover |
3.42 |
Deteriorated |
Industrial Average |
9.71 |
|
Receivables Conversion Period |
100.97 |
|
|
|
|
Receivables Turnover |
3.61 |
Deteriorated |
Industrial Average |
8.35 |
|
Payables Conversion Period |
57.63 |
|
|
|
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
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.