MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI PEROXIDE
CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor,
Mahathun Plaza Building,
888/160-161 Ploenchit Road,
Lumpini, Pathumwan, Bangkok 10330,
|
|
|
|
|
Country : |
Thailand
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.11.1985 |
|
|
|
|
Com. Reg. No.: |
0105528039605 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor & Exporter of Hydrogen Peroxide
and Related 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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
THAI
PEROXIDE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
MAHATHUN PLAZA BUILDING,
888/160-161 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330, THAILAND
TELEPHONE : [66] 2253-6745-54, 2253-6758,
2254-3719
FAX :
[66] 2253-1534,
2254-9030-1, 2254-3607
E-MAIL
ADDRESS : sale@thaiperoxide.com, tplplant@thaiperoxide.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528039605 [Former:
3958/2528]
CAPITAL REGISTERED : BHT. 130,000,000
CAPITAL PAID-UP : BHT.
130,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SORINDAR PAL SACHDEV,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 80
LINES
OF BUSINESS : HYDROGEN PEROXIDE
AND RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 November
13, 1985 as
a private limited
company under the
name style THAI
PEROXIDE CO., LTD., by Thai
and foreign groups.
It currently employs
approximate 80 staff.
The subject’s plant
in Saraburi, Thailand
produces 35% and 50% concentration of
hydrogen peroxide. In
addition to its
traditional usages, Hydrogen
Peroxide is now
widely used in
various environmental application.
Award/Certificates
June 22, 2001
: ISO 14001
to manufacture of
hydrogen peroxide by
MASCI
August, 2002 :
ISO 9002 :
2000 by MASCI.
The subject is
progressing towards TIS 18000
certification.
The
subject’s registered address
is 16th Floor,
Mahathun Plaza, Building,
888/160-161 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Sundar
Mahanasaria |
|
Indian |
76 |
|
Mr. Kumar Mancalam
Birla |
|
Indian |
45 |
|
Mr. Sujan Ghost |
|
American |
65 |
|
Mrs. Rajashree Birla |
|
Indian |
68 |
|
Mr. Sorindar Pal
Sachdev |
|
Indian |
75 |
|
Mr. Thomas Francis
Ball |
|
American |
50 |
|
Mr. Ronald Cuizon
Cang |
|
Filipino |
65 |
|
Mr. Krishna Kishore
Maheshwari |
|
Indian |
56 |
|
Mr. Bruce Andrew
Lerner |
|
American |
45 |
|
Mr. Stefel Robert
Scott |
|
American |
44 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sorindar Pal
Sachdev is the
Managing Director &
Factory Manager.
He is Indian
nationality with the
age of 75
years old.
Ms. Paranee Suphanikorn is
the Factory Manager.
She is Indian
nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer 35% and 50%
concentration of Hydrogen Peroxide
[H2O2]
solution for oxidizing
and bleaching used in textile,
mining, pulp &
paper, leather-hide, electronics, aquaculture, detergent &
bleaches, chemicals, cosmetics
& environment industries, as well as Calcium Peroxide [CaO2]
used for aquaculture, agricultural, dental, bakery, environmental and
other industries.
The technology for
production was supported
by FMC corporation,
U.S.A.
MAJOR BRANDS
“TPL”
IMPORT [COUNTRIES]
10% of raw
material mainly base
chemical and machinery
are imported from Singapore, Japan, Republic
of China, Germany
and Taiwan.
MAJOR SUPPLIERS
- PTT Public Co., Ltd. :
Thailand
SALES [LOCAL]
85% of its
products is sold
locally to manufacturers, dealers
and end-users.
EXPORT [COUNTRY]
15% of its products
is exported to
United States of
America, Singapore, Malaysia,
Vietnam, Japan, Republic
of China, India,
Indonesia and Korea.
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.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Phaholyothin Branch : 400
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok 10400]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office : 9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Bank of Ayudhya
Public Co., Ltd.
[Ploenchit Branch :
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330]
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The subject employs
approximately 80 staff.
[office, sales 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
& warehouse are
located at 70
Moo 4, Sudbanthad
Rd., T. Taldiew,
A.
Kaengkoy, Saraburi 18110,
Tel: [66] 36
240-210, Fax [66] 36
240-211
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
Industrial
sector recovery was
the key driven
demand of hydrogen
peroxide. Subject’s
products have been
used as a raw
materials of various
application from foods
and to industrial
goods productions. Subject
is a leading
supplier to domestic
market. Since economic
started improving in
the late 2009,
demand of products
has continued rising
and also estimated
to grow steadily
throughout the year
2011.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 100,000 divided into
100 shares of
Bht. 1,000 each.
On August 18, 1987, the
capital was increased to Bht. 130,000,000 divided into 130,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
26, 2011]
|
NAME |
HOLDING |
% |
|
FMC Corporation Nationality: Dutch Address : Netherlands |
42,900 |
33.00 |
|
Thai Poly Phosphate
and Chemical Co., Ltd. Nationality: Thai Address : 77 Moo
1, Poochasamingprai Rd.,
Samrong, Phrapradaeng, Samutprakarn |
37,660 |
28.97 |
|
H2 O2
Co., Ltd. Nationality: Thai Address : 253 Sukhumvit 21 Rd.,
Klongtoey, Bangkok 10110 |
22,100 |
17.00 |
|
Halloch International Ltd.
Nationality: Liberian Address : 80 Broad
Street, Mondrovia, Liberia |
20,800 |
16.00 |
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address : 888/160-160 Ploenchit
Rd., Lumpini,
Pathumwan, Bangkok 10330 |
6,520 |
5.02 |
|
Thai Industry Management
and Trading Co., Ltd. Nationality: Thai Address : 888/164-165
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330 |
10 |
= 0.01 |
|
Rama Trading Co.,
Ltd. Nationality: Thai Address : 45 Anuwong
Rd., Samphantawong, Bangkok 10100 |
10 |
|
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Narong Pantawong No. 3315
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
18,401,568 |
5,418,132 |
|
Trade Accounts Receivable |
|
|
|
Related Company |
90,806,750 |
64,741,097 |
|
Other Company |
897,297 |
920,725 |
|
Less: Provision
on Doubtful Accounts |
[1,133,746] |
[1,133,746] |
|
|
|
|
|
Trade Accounts Receivable,
net |
90,570,301 |
64,528,076 |
|
Inventories |
43,974,700 |
56,192,716 |
|
Other Current Assets
|
|
|
|
Refundable Value
Added Tax |
1,751,546 |
3,797,778 |
|
Advance for Goods |
5,197,993 |
480,988 |
|
Others |
1,892,294 |
2,049,886 |
|
|
|
|
|
Total Current Assets
|
161,788,402 |
132,467,576 |
|
|
|
|
|
Fixed Assets |
332,473,172 |
299,436,773 |
|
Intangible Assets |
24,010,652 |
25,524,467 |
|
Other Assets |
896,879 |
1,031,879 |
|
Total Assets |
519,169,105 |
458,460,695 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
1,679,642 |
18,677 |
|
Trade Accounts Payable |
|
|
|
Related Company |
49,830,784 |
66,930,876 |
|
Other Company |
3,784,337 |
5,683,759 |
|
|
|
|
|
Total Trade Accounts Payable |
53,615,121 |
72,614,635 |
|
Short-term Loan from Share |
97,400,000 |
44,400,000 |
|
Related Company Payable |
9,172,048 |
12,203,203 |
|
Other Current Liabilities |
|
|
|
Accrued Dividend |
- |
28,288,000 |
|
Accrued Income Tax |
12,833,940 |
890,913 |
|
Accrued Administrative & Services |
3,470,706 |
5,790,981 |
|
Others |
13,033,805 |
11,539,318 |
|
|
|
|
|
Total Current Liabilities |
191,205,262 |
174,745,727 |
|
|
|
|
|
Reserve for Benefit Employees |
2,251,650 |
2,100,157 |
|
Total Liabilities |
193,456,912 |
176,845,884 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 130,000 shares |
130,000,000 |
130,000,000 |
|
|
|
|
|
Capital Paid |
130,000,000 |
130,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
6,589,514 |
6,589,514 |
|
Unappropriated |
189,122,679 |
145,025,297 |
|
Total Shareholders' Equity |
325,712,193 |
281,614,811 |
|
Total Liabilities & Shareholders' Equity |
519,169,105 |
458,460,695 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
576,679,719 |
488,731,885 |
|
Other Income |
1,674,385 |
1,918,865 |
|
Total Revenues |
578,354,104 |
490,650,750 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
393,667,112 |
353,212,056 |
|
Selling Expenses |
89,424,861 |
83,709,945 |
|
Administrative Expenses |
30,988,053 |
32,598,630 |
|
Total Expenses |
514,080,026 |
469,520,631 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
64,274,078 |
21,130,119 |
|
Financial Expenses |
[1,342,744] |
[1,628,560] |
|
Profit before Income Tax |
62,931,334 |
19,501,559 |
|
Income Tax |
[18,833,952] |
[3,261,985] |
|
|
|
|
|
Net Profit / [Loss] |
44,097,382 |
16,239,574 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.85 |
0.76 |
|
QUICK RATIO |
TIMES |
0.57 |
0.40 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.73 |
1.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.11 |
1.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.77 |
58.07 |
|
INVENTORY TURNOVER |
TIMES |
8.95 |
6.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.57 |
0.69 |
|
RECEIVABLES TURNOVER |
TIMES |
642.69 |
530.81 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.51 |
5.87 |
|
CASH CONVERSION CYCLE |
DAYS |
37.83 |
52.88 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
68.26 |
72.27 |
|
SELLING & ADMINISTRATION |
% |
20.88 |
23.80 |
|
INTEREST |
% |
0.23 |
0.33 |
|
GROSS PROFIT MARGIN |
% |
32.03 |
28.12 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.15 |
4.32 |
|
NET PROFIT MARGIN |
% |
7.65 |
3.32 |
|
RETURN ON EQUITY |
% |
13.54 |
5.77 |
|
RETURN ON ASSET |
% |
8.49 |
3.54 |
|
EARNING PER SHARE |
BAHT |
339.21 |
124.92 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.37 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.59 |
0.63 |
|
TIME INTEREST EARNED |
TIMES |
47.87 |
12.97 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
18.00 |
|
|
OPERATING PROFIT |
% |
204.18 |
|
|
NET PROFIT |
% |
171.54 |
|
|
FIXED ASSETS |
% |
11.03 |
|
|
TOTAL ASSETS |
% |
13.24 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.03 |
Impressive |
Industrial Average |
24.81 |
|
Net Profit Margin |
7.65 |
Impressive |
Industrial Average |
(12.80) |
|
Return on Assets |
8.49 |
Impressive |
Industrial Average |
(1.13) |
|
Return on Equity |
13.54 |
Impressive |
Industrial Average |
(0.34) |
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 32.03%. 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 7.65% 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
8.49%, 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 13.54%, 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 |
0.85 |
Risky |
Industrial Average |
17.53 |
|
Quick Ratio |
0.57 |
|
|
|
|
Cash Conversion Cycle |
37.83 |
|
|
|
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 0.85 times in 2010, increase from 0.76 times, then the company may
have problems meeting its short-term obligations. 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 0.57 times in 2010,
increase from 0.4 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 38 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.37 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.59 |
Impressive |
Industrial Average |
2.07 |
|
Times Interest Earned |
47.87 |
Impressive |
Industrial Average |
14.76 |
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 47.87 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 0.37 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.73 |
Deteriorated |
Industrial Average |
28.70 |
|
Total Assets Turnover |
1.11 |
Satisfactory |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
40.77 |
|
|
|
|
Inventory Turnover |
8.95 |
Satisfactory |
Industrial Average |
9.14 |
|
Receivables Conversion Period |
0.57 |
|
|
|
|
Receivables Turnover |
642.69 |
Impressive |
Industrial Average |
12.37 |
|
Payables Conversion Period |
3.51 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
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.