MIRA INFORM REPORT
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Report Date : |
06.07.2011 |
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Tel. No.: |
66 2968 9811 6 |
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Fax No.: |
66 2968 9817 |
IDENTIFICATION DETAILS
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Name : |
GOODMAN
CHEMICALS CO., LTD. |
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Registered Office : |
44/57 Moo 11, Soi Pichayanun 7, Tivanon Road, Taladkwan, Muang, Nonthaburi 11000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.12.1992 |
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Com. Reg. No.: |
0105535161674 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & Distributor Of Industrial Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 : |
Usually Correct |
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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 |
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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
GOODMAN
CHEMICALS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 44/57
MOO 11, SOI
PICHAYANUN 7,
TIVANON ROAD,
TALADKWAN, MUANG,
NONTHABURI 11000,
THAILAND
TELEPHONE : [66] 2968-9811-6
FAX :
[66] 2968-9817
E-MAIL
ADDRESS : gmgmv1@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535161674
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
DANAI CHAROENKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 7
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER &
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 established on December
4, 1992 as
a private limited
company under the name style
GOODMAN CHEMICALS CO., LTD., by Thai groups, in
order to distribute
industrial chemicals to
local market. It
currently employs 7
staff.
The
subject’s registered address
was initially located
to 35/146 Soi Rewadee 21,
Tivanon Rd., Muang,
Nonthaburi 11000.
In
2003, the registered
address was relocated
to 44/57 Moo 11,
Soi Pichayanun 7,
Tivanon Rd., Taladkwan,
Muang, Nonthaburi 11000,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Thiparat Peetahotara |
|
Thai |
55 |
|
Mr. Danai Charoenkul |
|
Thai |
56 |
|
Mr. Thanes Harnkarnsucharit |
|
Thai |
55 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Danai Charoenkul
is the Managing
Director.
He is Thai
nationality with the
age of 56
years old.
Mr. Thanes Harnkarnsucharit is
the Sales Manager.
He is Thai
nationality with the
age of 55
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and distributing of
industrial chemicals, specialize
in pharmaceutical production
industry.
PURCHASE
80%
of the products
is imported from
Republic of China and
India, the remaining
20% is purchased
from local suppliers
and agents.
SALES
[LOCAL]
100%
of its products
is sold locally
to dealers and
end-users.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 T/T
on negotiated term.
BUSINESS TRANSACTION
The
products are sold
by cash and
credit, with the
maximum credit given
at 30-60 days.
The subject is
not found to
have problem on
its account receivable.
BANKING
Kasikornbank
Public Co., Ltd.
[Ngamwongwan
Branch : Ngamwongwan Rd., Muang,
Nonthaburi 11000]
EMPLOYMENT
The
subject employs 7
staff [office and
sales staff].
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in
commercial/residential area.
REMARK
CREDIT
OF US$ 125,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
The
subject is a
distributor of industrial chemicals. Chemical
consumption improvement resulted by
a better change
of industrial sector.
Demand has moderately
increased since the
year 2010. Subject
also has the good
business with its
sales has risen
gradually.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
10,000 shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 3,000,000
on September 3,
1993
Bht. 3,700,000
on August 26,
1994
Bht. 5,000,000
on June 10,
1998
The
latest registered capital
was increased to
Bht. 5 million, divided into
50,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Danai Charoenkul Nationality: Thai Address : 124/1 Moo 4,
Taladkwan, Muang, Nonthaburi |
17,200 |
34.40 |
|
Mrs. Samolda Leelapisuth Nationality: Thai Address : 527 Mahachai
Rd., Samranraj, Phranakorn, Bangkok 10200 |
9,350 |
18.70 |
|
Mr. Thanes Harnkarnsucharit Nationality: Thai Address : 104/157 Moo 8,
Bangbon, Bangkhunthien, Bangkok 10150 |
8,500 |
17.00 |
|
Ms. Roros Narin Nationality: Thai Address : 139 Prachasongkroh Rd.,
Dindaeng, Huaykwang, Bangkok
10320 |
7,500 |
15.00 |
|
Mrs. Nanthawan Pornchamruschai Nationality: Thai Address : 876/15 Petchburi
Rd., Rajthevee, Bangkok 10400 |
2,000 |
4.00 |
|
Ms. Thiparat Saengthong Nationality: Thai Address : 711/35
Sukhumvit 50 Rd.,
Klongtoey,
Prakanong, Bangkok 10110 |
2,000 |
4.00 |
|
|
|
|
|
Ms. Nantana Harnkarnsucharit Nationality: Thai Address : 104/157
Moo 8, Bangbon, Bangkhunthien,
Bangkok 10150 |
1,000 |
2.00 |
|
Others |
2,450 |
4.90 |
Total Shareholders : 15
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mrs. Patchara Wongsitthichai No.
2087
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
2,307,678.25 |
192,963.40 |
|
Trade Accounts Receivable |
18,578,929.20 |
18,230,905.90 |
|
Inventories |
8,893,564.34 |
12,625,579.88 |
|
Other Current Assets
|
461,012.95 |
234,304.78 |
|
|
|
|
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Total Current Assets
|
30,241,184.74 |
31,283,753.96 |
|
|
|
|
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Other Long-term Investment |
3,350,822.92 |
3,349,070.79 |
|
Fixed Assets |
1,832,023.22 |
1,439,914.18 |
|
Other Non-current Assets |
49,104.58 |
48,170.00 |
|
Total Assets |
35,473,135.46 |
36,120,908.93 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institution |
5,325,449.76 |
4,096,155.16 |
|
Trade Accounts Payable |
3,893,847.79 |
1,357,722.08 |
|
Short-term Loan from
Related Person |
15,550,000.00 |
21,350,000.00 |
|
Other Current Liabilities |
845,084.75 |
251,390.54 |
|
|
|
|
|
Total Current Liabilities |
25,614,382.30 |
27,055,267.78 |
|
|
|
|
|
Total Liabilities |
25,614,382.30 |
27,055,267.78 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
4,858,753.16 |
4,065,641.15 |
|
Total Shareholders' Equity |
9,858,753.16 |
9,065,641.15 |
|
Total Liabilities &
Shareholders' Equity |
35,473,135.46 |
36,120,908.93 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
50,536,399.05 |
49,903,976.31 |
|
Other Income |
661,546.73 |
123,115.58 |
|
Total Sales |
51,197,945.78 |
50,027,091.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
45,982,165.15 |
46,724,773.20 |
|
Selling Expenses |
2,732,188.56 |
1,759,425.07 |
|
Administrative Expenses |
1,235,922.21 |
1,001,903.28 |
|
Total Expenses |
49,950,275.92 |
49,486,101.55 |
|
|
|
|
|
Profit before Financial Cost &
Income Tax |
1,247,669.86 |
540,990.34 |
|
Financial Cost |
[340,602.91] |
[285,024.82] |
|
Profit before Income Tax |
907,066.95 |
255,965.52 |
|
Income Tax |
[113,954.94] |
[16,502.63] |
|
Net Profit / [Loss] |
793,112.01 |
239,462.89 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
1.16 |
|
QUICK RATIO |
TIMES |
0.82 |
0.68 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.59 |
34.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
70.60 |
98.63 |
|
INVENTORY TURNOVER |
TIMES |
5.17 |
3.70 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
134.19 |
133.34 |
|
RECEIVABLES TURNOVER |
TIMES |
2.72 |
2.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.91 |
10.61 |
|
CASH CONVERSION CYCLE |
DAYS |
173.87 |
221.36 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.99 |
93.63 |
|
SELLING & ADMINISTRATION |
% |
7.85 |
5.53 |
|
INTEREST |
% |
0.67 |
0.57 |
|
GROSS PROFIT MARGIN |
% |
10.32 |
6.62 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.47 |
1.08 |
|
NET PROFIT MARGIN |
% |
1.57 |
0.48 |
|
RETURN ON EQUITY |
% |
8.04 |
2.64 |
|
RETURN ON ASSET |
% |
2.24 |
0.66 |
|
EARNING PER SHARE |
BAHT |
15.86 |
4.79 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.60 |
2.98 |
|
TIME INTEREST EARNED |
TIMES |
3.66 |
1.90 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1.27 |
|
|
OPERATING PROFIT |
% |
130.63 |
|
|
NET PROFIT |
% |
231.20 |
|
|
FIXED ASSETS |
% |
27.23 |
|
|
TOTAL ASSETS |
% |
(1.79) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.32 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
1.57 |
Impressive |
Industrial Average |
1.40 |
|
Return on Assets |
2.24 |
Acceptable |
Industrial Average |
3.65 |
|
Return on Equity |
8.04 |
Satisfactory |
Industrial Average |
10.59 |
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 10.32%. When
compared with the industry average, the ratio of the company was higher. This
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 1.57%,
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. When compared with the
industry average, it was lower, the company's figure is 2.24%.
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 8.04%.
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 |
1.18 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
0.82 |
|
|
|
|
Cash Conversion Cycle |
173.87 |
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|
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 1.18 times in 2010, increase from 1.16 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 0.82 times in 2010,
increase from 0.68 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 174 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
2.60 |
Risky |
Industrial Average |
1.69 |
|
Times Interest Earned |
3.66 |
Impressive |
Industrial Average |
2.08 |
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 3.67 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 0.72 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 |
27.59 |
Impressive |
Industrial Average |
10.80 |
|
Total Assets Turnover |
1.42 |
Acceptable |
Industrial Average |
2.62 |
|
Inventory Conversion Period |
70.60 |
|
|
|
|
Inventory Turnover |
5.17 |
Acceptable |
Industrial Average |
7.53 |
|
Receivables Conversion Period |
134.19 |
|
|
|
|
Receivables Turnover |
2.72 |
Acceptable |
Industrial Average |
4.81 |
|
Payables Conversion Period |
30.91 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.50 |
|
UK Pound |
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
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.