MIRA INFORM
REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
BST
ELASTOMERS CO., LTD. |
|
|
|
|
Formerly Known As : |
BANGKOK ELASTOMERS
CO., LTD |
|
|
|
|
Registered Office : |
22nd Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
16.01.1991 |
|
|
|
|
Com. Reg. No.: |
0105534004401 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Synthetic Rubber 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 : |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
BST ELASTOMERS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 22nd FLOOR,
175
SATHORN,
TELEPHONE : [66] 2679-5120
FAX : [66] 2679-5122
E-MAIL ADDRESS : marketing_bste@bst.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534004401 [Former: 440/2534]
CAPITAL
REGISTERED : BHT. 525,000,000
CAPITAL
PAID-UP : BHT.
525,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR. PICHIT NITHIVASIN,
THAI
PRESIDENT
NO. OF
STAFF : 230
LINES OF
BUSINESS : SYNTHETIC RUBBER
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on January
16, 1991 as
a private limited
company under the
registered name BANGKOK ELASTOMERS CO., LTD., by Thai and
Japanese groups, in order
to produce and
supply synthetic rubber
products to local
market. It currently
employs 230 staff.
On January 11,
1996, the subject’s
name was changed
to BST ELASTOMERS
CO., LTD.
At present, the
subject is a
wholly owned subsidiary
of Bangkok Synthetics
Co., Ltd.
Subject achieved awards
and certificates as
follows:
-
September 2000
ISO 9002 Certification
-
August
2001 ISO 14001
Certification
-
October
2002 ISO 9001
Certification
-
November 2003
TIS 18001 Certification
-
May
2004 Outstanding Company
for Safety, Occupational Health
and Workplace Environment
(National Level) Award
-
July
2004 Outstanding Company
for Labor Welfare
Provision Award 2004
-
December 2004 TIS 17025
Certification
The subject’s registered
address is 22nd Floor,
Sathorn City Tower,
175 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Pichit Nithivasin |
|
Thai
|
65 |
|
Mr. Pichai Nithivasin |
|
Thai |
68 |
|
Mr. Pichet Nithivasin |
|
Thai |
60 |
|
Mr. Supachol Nithivasin |
[x] |
Thai |
35 |
|
Mr. Apiporn Pasawat |
[x] |
Thai |
63 |
|
Mr. Ekarat
Thongtawach |
[x] |
Thai |
57 |
|
Mr. Chaiyot Wongphyat |
[x] |
Thai |
61 |
|
Mr. Ang Kong Hua |
|
Singaporean |
67 |
|
Mrs. Kwa Lay
Keng |
|
Malaysian
|
52 |
|
Mrs. Suchada
Sukapatthavorn |
[x] |
Thai |
50 |
|
Mr. Cholanat
Yarnaranop |
[x] |
Thai |
56 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with company’s affixed.
MANAGEMENT
Dr. Pichit Nithivasin
is the President.
He is Thai
nationality with the
age of 65
years old.
Mr. Chaiyot
Wongphyat is the
Managing Director.
He is Thai
nationality with the
age of 61 years
old.
Mr. Vichit Thitiratsakul
is the Marketing
& Purchasing Manager.
He is Thai
nationality.
Mr. Thayathon
Tolai is the
Factory Manager.
He is Thai
nationality.
Mr. Veerachai
Sripetchasakul is the
Human Resource Manager.
He is Thai
nationality.
Mrs. Nisa
Sirimongkolkasem
is the Account
& Finance Manager.
She is Thai
nationality.
Mr. Sukhajit Pongcharoen
is the QC
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing of
synthetic rubber products,
specialize in Butadiene
Rubber [BR] and Styrene Butadiene Rubber [SBR] used in many secondary manufacturing industries,
including vehicle tires,
shoes soles, impact modified
plastic, rubber automotive component,
sports equipment such
as football, basketballs,
golf balls, rubber
toys and etc.
The productions are
as follows:
- Butadiene
Rubber [BR]; BSTE
BR 01, BSTE
BR 1220 and BSTE
BR 1220 S.
Production Capacity :
50,000 tonnes/year
- Styrene
Butadiene Rubber [SBR];
BSTE SBR 1500, BSTE
SBR 1502,
BSTE SBR 1712, and
BSTE SBR 1778
Production Capacity :
70,000 tonnes/year
The production technology
has been provided
by JSR Corporation
and Zeon Corporation
in Japan.
PURCHASE
Raw materials are
purchased from both
local and overseas
suppliers in Japan,
Germany, Malaysia, Republic
of China, Taiwan,
U.S.A. and
MAJOR SUPPLIERS
- Zeon Corporation :
- J S R
Corporation :
- Bangkok
Synthetics Co., Ltd. :
- Mitsui & Co.
Ltd. :
- Natsteel
Chemical Co., Ltd. :
DISTRIBUTION
80% of its
products is sold
locally by wholesale
to manufacturers, and
the rest 20%
is exported to Japan, Singapore,
Taiwan, Republic of China, Malaysia,
South Korea, Indonesia, Vietnam,
Australia, Europe and
United States of
America.
MAJOR CUSTOMERS
- J S R
Corporation :
- Zeon Corporation
:
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.
PARENT COMPANY
Bangkok Synthetics
Co., Ltd.
Business Type :
Manufacturer of petrochemical
products
Address
:
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
& T/T.
Exports are against
L/C at sight
& T/T.
BUSINESS TRANSACTION
The products are
sold to customers
both cash and
credit, with the maximum credit given at
30-60 days. The
subject is found
to have delay
payment by customers,
but they can negotiate.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
The Siam
Commercial Bank Public
Co., Ltd.
[Chidlom Office :
1060 New
Bangkok Bank
Public Co., Ltd.
[Maptaphut Branch:
636/1 Moo 1, T. Maptaphut,
A. Muang,
EMPLOYMENT
The subject employs
approximately 230 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory and warehouse
are located at
5/1 Maptaphut Industrial
Estate, I-7 Rd.,
T. Maptaphut, A.
Muang, Rayong 21150.
Tel: [66] 38 698-698,
Fax: [66] 38 698-699.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
The subject’s main shareholders have forged an aggressive, all-inclusive
corporate strategy in terms of production, technology and marketing. As a
result, the subject has a comprehensive potential for synthetic rubber
production in accordance with the highest world standards and the ability to
ensure customer satisfaction.
The unique process for the production of synthetic rubber,
developed by both of JSR and Nippon Zeon, is one of the subject’s fundamental
strength, as well as enhancing the subject to compete with the other rivals in
the world markets.
The subject is
considered as an
experience key player
in the industry.
FINANCIAL INFORMATIO
The capital was
initially registered at
Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each.
The capital was
increased later as follows:
Bht. 250,000,000 on
November 1, 1996
Bht. 1,500,000,000 on
July 16, 1998
Bht. 1,800,000,000 on
December 11, 1998
Bht. 2,100,000,000 on
November 22, 1999
On September 27,
2004, the capital
was decreased to Bht. 525,000,000
divided into 21,000,000
shares of Bht.
25 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 1, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Synthetics
Co., Ltd. Nationality: Thai Address :
Sathorn, |
20,999,982 |
100.00 |
|
Dr. Pichit
Nithivasin Nationality: Thai Address : |
5 |
- |
|
Mr. Pichai
Nithivasin Nationality: Thai Address : |
5 |
- |
|
Mr. Pichet
Nithivasin Nationality: Thai Address :
Pathumwan, |
5 |
- |
|
Mr. Chaiyot
Wongphyat Nationality: Thai Address :
Bangkapi, |
1 |
- |
|
Mr. Jenchai
Limwatanakoon Nationality: Thai Address :
Yannawa, |
1 |
- |
|
Mr. Pranot
Charoenlarp Nationality: Thai Address :
54 Moo 8, Bangkaen,
Bangplee,
Samutprakarn |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Ms. Sureerat
Thongaroonsaeng No. 4409
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2009 &
2008 were:
ASSETS
|
Current
Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalents |
688,787,231 |
299,470,651 |
|
Short Term Investment in Promissory Notes |
3,185,599,348 |
2,288,023,844 |
|
Trade Accts. Receivable - Related
Companies |
6,409,035 |
5,037,500 |
|
- Other
Companies |
901,008,556 |
1,270,373,518 |
|
Related
Companies Receivable |
5,267,967 |
5,466,632 |
|
Inventories
|
1,071,359,734 |
1,215,629,515 |
|
Refundable
Value Added Tax |
95,152,718 |
82,757,433 |
|
Other Current Assets
|
19,618,233 |
15,293,578 |
|
|
|
|
|
Total Current Assets |
5,973,202,822 |
5,182,052,671 |
|
Fixed Assets
|
1,791,985,162 |
2,019,424,626 |
|
Intangible Assets |
159,313,062 |
178,072,391 |
|
Other Assets
|
21,969,930 |
24,658,551 |
|
Total Assets |
7,946,470,976 |
7,404,208,239 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable - Related
Companies |
447,826,146 |
169,261,814 |
|
- Other
Companies |
228,754,835 |
221,772,245 |
|
Related
Companies Payable |
17,272,904 |
12,776,786 |
|
Accrued Interest |
25,134,460 |
45,240,329 |
|
Accrued
Expenses & Other
Current Liabilities |
65,806,315 |
72,606,226 |
|
|
|
|
|
Total Current Liabilities |
784,794,660 |
521,657,400 |
|
Deferred
Acknowledge Income |
19,404,050 |
23,881,909 |
|
Total Liabilities |
804,198,710 |
545,539,309 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital :
Baht 25 par
value authorized, issued
and fully paid share
capital 21,000,000 shares |
525,000,000 |
525,000,000 |
|
|
|
|
|
Capital Paid |
525,000,000 |
525,000,000 |
|
Unappropriated
|
6,617,272,266 |
6,333,668,930 |
|
Total Shareholders' Equity |
7,142,272,266 |
6,858,668,930 |
|
Total Liabilities & Shareholders' Equity |
7,946,470,976 |
7,404,208,239 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales
|
6,918,054,763 |
11,850,698,248 |
|
Interest Income |
46,003,343 |
46,723,826 |
|
Gain on Exchange Rate |
7,783,684 |
32,660,016 |
|
Other Income |
8,674,570 |
14,758,914 |
|
Total Sales |
6,980,516,360 |
11,944,841,004 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,215,255,023 |
9,989,843,530 |
|
Selling Expenses |
321,539,491 |
369,826,039 |
|
Administrative
Expenses |
157,172,098 |
123,615,492 |
|
Loss
Estimation from Discount Account |
2,946,412 |
290,616,112 |
|
Total Expenses |
6,696,913,024 |
10,773,901,173 |
|
|
|
|
|
Net Profit / [Loss]
|
283,603,336 |
1,170,939,831 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
7.61 |
9.93 |
|
QUICK RATIO |
TIMES |
6.22 |
7.57 |
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.86 |
5.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.87 |
1.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
62.92 |
44.42 |
|
INVENTORY TURNOVER |
TIMES |
5.80 |
8.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.54 |
39.13 |
|
RECEIVABLES TURNOVER |
TIMES |
7.68 |
9.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.43 |
8.10 |
|
CASH CONVERSION CYCLE |
DAYS |
97.02 |
75.44 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.84 |
84.30 |
|
SELLING & ADMINISTRATION |
% |
6.92 |
4.16 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
11.06 |
16.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.10 |
9.88 |
|
NET PROFIT MARGIN |
% |
4.10 |
9.88 |
|
RETURN ON EQUITY |
% |
3.97 |
17.07 |
|
RETURN ON ASSET |
% |
3.57 |
15.81 |
|
EARNING PER SHARE |
BAHT |
13.50 |
55.76 |
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.10 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.11 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
SALES GROWTH |
% |
(41.62) |
|
|
OPERATING PROFIT |
% |
(75.78) |
|
|
NET PROFIT |
% |
(75.78) |
|
|
FIXED ASSETS |
% |
(11.26) |
|
|
TOTAL ASSETS |
% |
7.32 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.06 |
Deteriorated |
Industrial Average |
27.80 |
|
Net Profit Margin |
4.10 |
Impressive |
Industrial Average |
(14,178.89) |
|
Return on Assets |
3.57 |
Impressive |
Industrial Average |
1.96 |
|
Return on Equity |
3.97 |
Impressive |
Industrial Average |
3.35 |
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 11.06%. 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 4.1% 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
is 3.57%, 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 is 3.97%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
7.61 |
Deteriorated |
Industrial Average |
41.96 |
|
Quick Ratio |
6.22 |
|
|
|
|
Cash Conversion Cycle |
97.02 |
|
|
|
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 7.61 times in 2009, decrease from 9.93 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 6.22
times in 2009, decrease from 7.57 times, although excluding inventory so the
company still have good short-term financial strength.
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 98 days.
Trend of
the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.10 |
Impressive |
Industrial Average |
0.32 |
|
Debt to Equity Ratio |
0.11 |
Impressive |
Industrial Average |
1.02 |
|
Times Interest Earned |
- |
|
Industrial Average |
(29.75) |
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.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 0.1 less than 0.5, most of
the company's assets are financed through equity.
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 |
3.86 |
Deteriorated |
Industrial Average |
32.62 |
|
Total Assets Turnover |
0.87 |
Acceptable |
Industrial Average |
1.40 |
|
Inventory Conversion Period |
62.92 |
|
|
|
|
Inventory Turnover |
5.80 |
Deteriorated |
Industrial Average |
66.92 |
|
Receivables Conversion Period |
47.54 |
|
|
|
|
Receivables Turnover |
7.68 |
Impressive |
Industrial Average |
6.64 |
|
Payables Conversion Period |
13.43 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
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 Company |
---- |
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.