MIRA INFORM
REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
THAI
ETHANOLAMINES COMPANY LIMITED |
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Registered Office : |
15th Energy
Complex Building A, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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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
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MIRA’s Rating : |
B |
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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 : |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
THAI
ETHANOLAMINES COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 15th ENERGY
COMPLEX BUILDING A,
JATUJAK,
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 : 30
LINES
OF BUSINESS : ETHANOLAMINE
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
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 aims 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 will be
taken place on
January 24, 2011.
Subject currently employs
approximately 30 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 |
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|
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Mr. Atthawuth Hiranburana |
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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 and fabric
softener industry.
The production
capacity of the
products are as
follows:
-
Monoethanolamine : 16,500
tons/annum
-
Triethanolamine : 15,000
tons/annum
-
Dietthanolamine : 16,500
tons/annum
The subject will
start its actual
production on January
24, 2011.
PURCHASE
Raw
material and chemical
are purchased from
both local and
overseas suppliers in
United States of
America
MAJOR SUPPLIER
Huntsman Petrochemical Corporation :
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 approximately
30 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.
COMMENT
Subject
has not yet
fully operated due to
its production has
been started running
on January 24,
2011. Any business engagement
should be on
secured basis.
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, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Chemical Public
Company Limited Nationality: Thai Address : |
8,999,998 |
100.00 |
|
Mr. Kongkraphan Intarachaeng Nationality: Thai Address : 38/17
Soi Soonvijai 6,
Bangkapi,
Huaykwang, |
1 |
- |
|
Mr. Natthawut Putthikaran Nationality: Thai Address : |
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, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
12,011,531 |
69,300,855 |
|
Other Receivable |
121,967,540 |
729,540 |
|
Value Added Tax Accounts
Receivable |
154,253,873 |
82,016,237 |
|
Other Current Assets
|
8,291,215 |
10,514,789 |
|
Total Current
Assets |
296,524,159 |
162,561,421 |
|
|
|
|
|
Fixed Assets |
1,923,986,706 |
1,274,478,340 |
|
Intangible Assets |
119,699,377 |
75,662,336 |
|
Deferred Income Tax |
5,223 |
523 |
|
Other Assets |
21,000 |
21,000 |
|
Total Assets
|
2,340,236,465 |
1,512,723,620 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
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Account Payable |
30,105,917 |
13,541,225 |
|
Short-term Loan from Related Company |
1,497,000,000 |
550,000,000 |
|
Account Payable-Construction |
39,747,579 |
71,252,671 |
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Current Portion of Financial
Lease Contract Liabilities |
1,703,576 |
1,183,522 |
|
Other Current Liabilities |
15,344,002 |
16,830,438 |
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Total Current
Liabilities |
1,583,901,074 |
652,807,856 |
|
|
|
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Financial Lease Contract
Liabilities |
3,942,149 |
2,481,901 |
|
Deferred Income Tax Liabilities |
16,342 |
3,387 |
|
Total Liabilities |
1,587,859,565 |
655,293,144 |
|
|
|
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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 |
[147,623,100] |
[42,569,524] |
|
Total
Shareholders' Equity |
752,376,900 |
857,430,476 |
|
Total
Liabilities & Shareholders' Equity |
2,340,236,465 |
1,512,723,620 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Interest Income |
267,861 |
4,083,533 |
|
Gain on Exchange Rate |
214,358 |
3,307,242 |
|
Other Income |
7,823,323 |
3,313,431 |
|
Total Sales
|
8,305,542 |
10,704,206 |
|
Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
105,222,617 |
28,005,808 |
|
Remuneration’s Director |
1,715,516 |
1,340,645 |
|
Total Expenses |
106,938,133 |
29,346,453 |
|
Loss Before Finance Cost &
Income Tax |
[98,632,591] |
[18,642,247] |
|
Finance Cost |
[6,412,730] |
[287,748] |
|
Loss Before Income Tax |
[105,045,321] |
[18,929,995] |
|
Income Tax |
[8,255] |
[24,925] |
|
Net Profit / [Loss] |
[105,053,576] |
[18,905,070] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.19 |
0.25 |
|
QUICK RATIO |
TIMES |
0.18 |
0.23 |
|
|
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|
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 |
% |
(13.96) |
(2.20) |
|
RETURN ON ASSET |
% |
(4.49) |
(1.25) |
|
EARNING PER SHARE |
BAHT |
(11.67) |
(2.10) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.11 |
0.76 |
|
TIME INTEREST EARNED |
TIMES |
(15.38) |
(64.79) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
429.08 |
|
|
NET PROFIT |
% |
(455.69) |
|
|
FIXED ASSETS |
% |
50.96 |
|
|
TOTAL ASSETS |
% |
54.70 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
15.32 |
|
Net Profit Margin |
- |
|
Industrial Average |
(60.79) |
|
Return on Assets |
(4.49) |
Deteriorated |
Industrial Average |
0.46 |
|
Return on Equity |
(13.96) |
Deteriorated |
Industrial Average |
4.19 |
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 -4.49%.
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 -13.96%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.19 |
Risky |
Industrial Average |
60.00 |
|
Quick Ratio |
0.18 |
|
|
|
|
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 0.19 times in 2009, decrease from 0.25 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 0.18 times in 2009,
decrease from 0.23 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 |
0.68 |
Impressive |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
2.11 |
Risky |
Industrial Average |
1.76 |
|
Times Interest Earned |
(15.38) |
Risky |
Industrial Average |
720.33 |
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 -15.39 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 0.68 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 |
- |
|
Industrial Average |
114.75 |
|
Total Assets Turnover |
- |
|
Industrial Average |
2.30 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
34.09 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
29.79 |
|
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
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 |
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.