MIRA INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CLARIANT
MASTERBATCHES [THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
DRYCOLOR
PACIFIC LTD |
|
|
|
|
Registered Office : |
700/848 Moo 1, Amata Nakorn Industrial Estate, T. Panthong, A. Panthong, Chonburi 20160. |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
17.11. 1986 |
|
|
|
|
Com. Reg. No.: |
0105529041972 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of Dye Color
Chemical |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
CLARIANT
MASTERBATCHES [THAILAND] LTD.
[ FORMER : DRYCOLOR PACIFIC
LTD. ]
SUMMARY
BUSINESS
ADDRESS : 700/848 MOO
1, AMATA NAKORN
INDUSTRIAL ESTATE,
T.
PANTHONG, A. PANTHONG,
CHONBURI 20160. THAILAND
TELEPHONE : [66]
38 939-599
FAX : [66] 38 939-500
E-MAIL
ADDRESS : nithi.kietchai@clariant.com
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION
NO. : 0105529041972
CAPITAL REGISTERED : BHT. 225,000,000
CAPITAL PAID-UP : BHT. 225,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. FREDERICK HENRY
AXTELL, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS
: DYE COLOR CHEMICAL
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on November
17, 1986 as
a private limited
company under the registered name
“Drycolor Pacific Ltd.”, by
Swiss group, in order to
manufacture wide range
of dye color chemical
to domestic market.
On January 2003, the
subject’s name was
changed to CLARIANT
MASTERBATCHES [THAILAND] LTD.
It currently employs
approximately 200 staff.
Subject is a
wholly owned subsidiary
of Clariant International
Ltd., in Switzerland.
The subject’s registered
address was initially
at 31 Soi
30, Rama 3 Rd.,
Chongnonsee, Yannawa, Bangkok
10120.
On June
13, 2007, the
registered address was
moved to 700/848
Moo 1, Amata Nakorn Industrial Estate, T. Panthong,
A. Panthong, Chonburi 20160, and this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Frederick Henry
Axtell |
|
British |
53 |
|
Mr. Mark Bartlin
Grether |
|
Swiss |
34 |
|
Mr. Walter Mohr |
|
German |
54 |
|
Mr. Hans Willi
Bohnen |
|
German |
45 |
|
Mrs. Ratchanee Phatiwong |
|
Thai |
56 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Frederick Henry
Axtell is the
Managing Director.
He is British
nationality with the
age of 53
years old.
Ms. Yupin Narensutthi
is the Accounts
& Administration Manager.
She is Thai
nationality.
Mr. Teerachai Ngauviriyasiripong is the
Sales Manager [Plastic].
He is Thai
nationality.
Mr. Manoon Ruangwatananon is
the Sales Manager
[Coating].
He is Thai
nationality.
Mr. Chakrit Sukumratanapong is
the Sales Manager
[Masterbatches].
He is Thai
nationality.
Mr. Nithi Kiatchai is
the Export Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of masterbatch, dyecolorant,
additives & compounds
for thermoplastics and
rubber industries, as
well as based
chemicals for the
plastic, rubber and
ceramics industries.
The subject’s business
can be classified
into 4 divisions
as the followings:
1.
Textile,
Leather, and Paper
Chemical Division
2.
Pigments
and Additives Division
3.
Chemical
Compound Division
4.
Masterbatches
Division
MAJOR BRANDS
“DRY COLOR” &
“CLARIANT”
PURCHASE
70% of its
raw materials such as
chemical and resin
are purchased from
local suppliers, and the remaining 30% are imported from
Taiwan, Germany, Switzerland, Republic of China, Taiwan,
India and other
European Countries.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
Clariant Masterbatch GmbH |
: Germany |
|
Clariant International |
: Switzerland |
|
Clariant Group |
: Germany & Singapore |
|
Clariant Thailand Ltd. |
: Thailand |
|
BASF Asiatic &
Chemicals Co., Ltd. |
: Thailand |
SALES
[LOCAL]
50% of its products
is sold locally
to manufacturers and
wholesalers.
EXPORT
[COUNTRIES]
50% of its
products is exported
to Malaysia, Singapore,
Hong Kong, Nepal,
Republic of China,
Bangladesh, Australia, Philippines,
Indonesia, Korea, Taiwan,
India and Vietnam.
MAJOR CUSTOMER
Packserv Co., Ltd. : Thailand
PARENT COMPANY
Clariant International Ltd.
Business Type : Manufacturer
of Chemicals
Address : Rotraus
Rd., 61 CH - 4132, Mutthames
1, Switzerland
SUBSIDIARIES & AFFILIATED
COMPANIES
- Clariant Thailand Ltd.
Business Type : Importer & distributor of
chemical
- Clariant Products Ltd.
Business Type : Manufacturer of
tanning & textile
chemical
- Clariant Emulsion Ltd.
Business Type :
Manufacturer of paints
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 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 on
the credit term
of 90 days.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
The products are
sold both 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
Deutsche Bank AG
[Bangkok
Office : 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330]
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Bank of
America NT & SA
[Bangkok
Office : 2/2 Wireless Rd., Lumpini,
Pathumwan, Bangkok 10330]
The Siam
Commercial Bank Public
Co., Ltd.
[Ploenchit
Branch : Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330]
EMPLOYMENT
The subject employs
approximately 200 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
Warehouse:
888 Moo 8,
Theparak Rd., T.
Samrongnua, A. Muang, Samutprkarn 10270.
Bangkok Office:
6th Floor, Vibulthani
Tower 1, Rama
4 Rd., Klongton,
Klongtoey, Bangkok 10110
Tel: [66] 2661-5360
Fax: [66] 2661-4060.
REMARK
MAXIMUM CREDIT OF
US$ 1,000,000 SHOULD
BE IN ORDER.
COMMENT
During the last two years Clariant created a sound
operational and technological basis for future
profitable growth and also intended to realign
its company according to the criteria of sustainability and
corporate responsibility. In difficult times, companies that are sustainably
managed and acted responsibly are proven to be more successful
in the long term.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each.
The capital was
increased later as
the followings:
Bht.
25,000,000 on December
25, 1990
Bht.
225,000,000 on November
3, 2006
The latest registered
capital was increased
to Bht. 225,000,000 divided
into 2,250,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 28,
2011]
NAME
|
HOLDING
|
%
|
|
Clariant
International Ltd. Nationality: Swiss Address : Rotraus Rd., 61 CH - 4132, Mutthames 1, Switzerland |
2,249,998 |
100.00 |
|
Clariant Ltd. Nationality: Swiss Address : Rotraus Rd., 61 CH - 4132, Mutthames 1, Switzerland |
1
|
-
|
|
Clariant Participations Ltd. Nationality: Swiss Address : Rotraus Rd., 61 CH - 4132, Mutthames 1, Switzerland |
1
|
-
|
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sudwin Panyawongkhanti No.
4174
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand & at Bank |
12,669,505 |
14,520,510 |
|
Trade Accounts Receivable - Related Company |
44,213,525 |
26,236,920 |
|
- Other Company |
154,297,284 |
161,352,426 |
|
Other Receivable - Related
Company |
418,989 |
354,921 |
|
Inventories |
104,069,514 |
103,885,693 |
|
Value Added Tax |
849,345 |
10,429,607 |
|
Other Current Assets |
4,774,315 |
3,729,077 |
|
|
|
|
|
Total Current Assets
|
321,292,477 |
320,509,154 |
|
|
|
|
|
Refundable Value Added
Tax |
32,102,028 |
32,102,028 |
|
Intangible Assets |
2,852,771 |
146,797 |
|
Fixed Assets |
406,310,607 |
412,602,268 |
|
Deferred Income Tax |
1,779,498 |
1,330,491 |
|
Deferred Custom Tax |
451,735 |
2,477,122 |
|
Other Assets |
437,145 |
604,944 |
|
Total Assets |
765,226,261 |
769,772,804 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
- |
4,308,945 |
|
Short-term Loan from
Bank |
195,000,000 |
263,500,000 |
|
Trade Accounts Payable - Related
Company |
11,870,475 |
16,460,960 |
|
- Other
Company |
76,249,516 |
80,942,240 |
|
Other Payable - Related
Company |
43,668,606 |
32,090,947 |
|
- Other
Company |
22,519,777 |
18,841,917 |
|
Purchasing of Equipment
& Intangible Assets
Payable - Related Company |
5,345,740 |
- |
|
- Other
Company |
584,740 |
2,487,343 |
|
Accrued Income Tax |
5,393,834 |
174,837 |
|
Accrued Expenses |
28,650,512 |
23,416,359 |
|
Other Current Liabilities |
250,271 |
262,663 |
|
|
|
|
|
Total Current Liabilities |
389,533,471 |
442,486,211 |
|
Estimated Liabilities from
Employees’ Compensation |
19,845,682 |
13,577,140 |
|
Estimated Liabilities from
Employees’ Pension |
10,502,692 |
6,554,346 |
|
Total Liabilities |
419,881,845 |
462,617,697 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized, issued &
fully-paid up share
capital 2,250,000
shares |
225,000,000 |
225,000,000 |
|
|
|
|
|
Capital Paid |
225,000,000 |
225,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
2,500,000 |
2,500,000 |
|
Unappropriated |
117,844,416 |
79,655,107 |
|
Total Shareholders' Equity |
345,344,416 |
307,155,107 |
|
Total Liabilities & Shareholders' Equity |
765,226,261 |
769,772,804 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
984,059,529 |
744,014,705 |
|
Other Income |
20,342,768 |
4,696,023 |
|
Total Sales |
1,004,402,297 |
748,710,728 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
679,883,806 |
530,461,767 |
|
Selling Expenses |
144,712,393 |
113,590,189 |
|
Administrative Expenses |
125,857,803 |
87,101,201 |
|
Other Expenses |
974,595 |
1,048,608 |
|
Total Expenses |
951,428,597 |
732,201,765 |
|
|
|
|
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
52,973,700 |
16,508,963 |
|
Interest Expenses |
[8,055,909] |
[10,893,192] |
|
Income Tax |
[6,728,482] |
[2,199,673] |
|
Net Profit / [Loss] |
38,189,309 |
3,416,098 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.82 |
0.72 |
|
QUICK RATIO |
TIMES |
0.54 |
0.46 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.42 |
1.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.29 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
55.87 |
71.48 |
|
INVENTORY TURNOVER |
TIMES |
6.53 |
5.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.23 |
79.16 |
|
RECEIVABLES TURNOVER |
TIMES |
6.38 |
4.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.94 |
55.69 |
|
CASH CONVERSION CYCLE |
DAYS |
72.17 |
94.94 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
69.09 |
71.30 |
|
SELLING & ADMINISTRATION |
% |
27.50 |
26.97 |
|
INTEREST |
% |
0.82 |
1.46 |
|
GROSS PROFIT MARGIN |
% |
32.98 |
29.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.38 |
2.22 |
|
NET PROFIT MARGIN |
% |
3.88 |
0.46 |
|
RETURN ON EQUITY |
% |
11.06 |
1.11 |
|
RETURN ON ASSET |
% |
4.99 |
0.44 |
|
EARNING PER SHARE |
BAHT |
16.97 |
1.52 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.22 |
1.51 |
|
TIME INTEREST EARNED |
TIMES |
6.58 |
1.52 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
32.26 |
|
|
OPERATING PROFIT |
% |
220.88 |
|
|
NET PROFIT |
% |
1,017.92 |
|
|
FIXED ASSETS |
% |
(1.52) |
|
|
TOTAL ASSETS |
% |
(0.59) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
32.98 |
Impressive |
Industrial
Average |
20.36 |
|
Net Profit Margin |
3.88 |
Impressive |
Industrial
Average |
(0.32) |
|
Return on Assets |
4.99 |
Impressive |
Industrial
Average |
1.71 |
|
Return on Equity |
11.06 |
Impressive |
Industrial
Average |
4.67 |
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 32.98%. 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 3.88% 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
4.99%, 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 11.06%, 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 |
0.82 |
Risky |
Industrial
Average |
6.74 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
72.17 |
|
|
|
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 0.82 times in 2010, increase from 0.72 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 0.54 times in 2010,
increase from 0.46 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 73 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.22 |
Satisfactory |
Industrial
Average |
2.26 |
|
Times Interest Earned |
6.58 |
Deteriorated |
Industrial
Average |
176.94 |
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 6.58 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 0.55 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.42 |
Deteriorated |
Industrial
Average |
116.22 |
|
Total Assets Turnover |
1.29 |
Satisfactory |
Industrial
Average |
1.39 |
|
Inventory Conversion Period |
55.87 |
|
|
|
|
Inventory Turnover |
6.53 |
Acceptable |
Industrial
Average |
10.46 |
|
Receivables Conversion Period |
57.23 |
|
|
|
|
Receivables Turnover |
6.38 |
Impressive |
Industrial
Average |
5.00 |
|
Payables Conversion Period |
40.94 |
|
|
|
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.44.43 |
|
UK Pound |
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
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.