MIRA INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
OPTIMAL
TECH CO., LTD. |
|
|
|
|
Registered Office : |
5
Soi Udomsuk 34,
Udomsuk Road, Bangna, Bangkok
10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.10.1991 |
|
|
|
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Com. Reg. No.: |
0105534102275 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
and distributor of industrial
chemicals |
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
OPTIMAL
TECH CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 5
SOI UDOMSUK 34,
UDOMSUK ROAD,
BANGNA, BANGKOK
10260
TELEPHONE : [66] 2749-5850-3
FAX :
[66] 2749-5772
E-MAIL
ADDRESS : info@optimal.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534102275
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. CHOLTICHA MAHUTTANARAK,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 45
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
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 October 29, 1991
as a private
limited company under the registered
name OPTIMAL TECH CO., LTD.
by Thai groups. Its
business objective is to import
and distribute industrial
chemicals to domestic
market. It currently employs
45 staff.
The
subject’s registered address
is 5 Soi
Udomsuk 34, Udomsuk
Rd., Bangna, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompong Punyaaroonpong |
|
Thai |
53 |
|
Ms. Cholticha Mahuttanarak |
|
Thai |
50 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Cholticha Mahuttanarak is
the Managing Director.
She is Thai
nationality with the
age of 50 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
of industrial chemicals
for plastic, rubber, polymer,
coating, paints, inks,
adhesives, lube oils & greases, petroleum,
oil & gas, textiles, ceramic,
cement, construction industries
and etc.
PURCHASE
80% of the
products is imported
from U.S.A., Japan,
Germany, Republic of
China, France, Spain,
Singapore, Malaysia and
India, the remaining
20% is purchased
from local supplier.
MAJOR SUPPLIERS
Cortec
Corporation : U.S.A.
Graphit
Kropfmuhl AG. :
Germany
Chemtura
Corporation : U.S.A.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users
both public company
and government sector.
MAJOR CUSTOMERS
IRPC group of
companies
PTT group of
companies
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 45
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
1332 Moo 10, T.
Samrongnua, A. Muang,
Samutprakarn
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The
surge in Thailand’s
industrial sector has
pushed up demand of
industrial chemicals. Subject
has good business
during 2010 and 2011 due to
local demand for chemicals
used in various industries was positive
and continued expanding.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on March 30,
1994
Bht. 3,000,000
on April 28,
1995
Bht. 5,000,000
on November 5,
1996
Bht. 10,000,000
on June 8,
2000
Bht. 25,000,000
on February 23,
2004
The
latest registered capital
was increased to
Bht. 25 million, divided
into 250,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Cholticha Mahuttanarak Nationality: Thai Address : 85
Udomsuk Rd., Nongbon,
Pravet, Bangkok |
100,000 |
40.00 |
|
Mr. Sompong Punyaaroonpong Nationality: Thai Address : 333/6
Moo 5, Chalermprakiat R. 9
Rd.,
Nongbon, Pravet, Bangkok |
62,500 |
25.00 |
|
Mrs. Vatcharee Chanhom Nationality: Thai Address : 98
Moo 5, Thanad,
Damnernsaduak, Ratchaburi |
25,000 |
10.00 |
|
Mr. Boonsong Chanhom Nationality: Thai Address : 98
Moo 5, Thanad,
Damnernsaduak, Ratchaburi |
25,000 |
10.00 |
|
Mrs. Chantana Asawanont Nationality: Thai Address : 769
Samsen Rd., Thanon
Nakornchaisri, Dusit, Bangkok |
12,500 |
5.00 |
|
|
|
|
|
Master Teerapat Punyaaroonpong Nationality: Thai Address : 333/6
Moo 5, Chalermprakiat R. 9
Rd.,
Nongbon, Pravet, Bangkok |
12,500 |
5.00 |
|
Ms. Bhapavee Punyaaroonpong Nationality: Thai Address : 333/6
Moo 5, Chalermprakiat R. 9
Rd.,
Nongbon, Pravet, Bangkok |
12,500 |
5.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sathit Uraiverojanakorn No.
6385
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
1,160,572.69 |
377,383.47 |
|
Notes Receivable |
11,349,748.05 |
22,487,103.49 |
|
Trade Accounts Receivable |
91,547,743.38 |
75,860,867.40 |
|
Inventories |
75,528,139.65 |
60,567,992.35 |
|
Other Current Assets |
6,195,228.12 |
2,360,461.03 |
|
|
|
|
|
Total Current Assets
|
185,781,431.89 |
161,653,807.74 |
|
|
|
|
|
Fixed Assets |
31,043,178.75 |
31,880,082.23 |
|
Other Assets |
36,985.56 |
34,181.82 |
|
Total Assets |
216,861,596.20 |
193,568,071.79 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
20,829,052.64 |
50,869,650.81 |
|
Trade Accounts Payable |
80,881,507.86 |
47,902,987.79 |
|
Other Payable & Accrued Expenses |
4,414,658.62 |
4,664,065.51 |
|
Current Portion of Lease Contract Liabilities |
- |
181,085.88 |
|
Accrued Income Tax |
3,783,919.42 |
2,209,692.89 |
|
Other Current Liabilities |
5,105,006.42 |
863,120.63 |
|
|
|
|
|
Total Current Liabilities |
115,014,144.96 |
106,690,603.51 |
|
Total Liabilities |
115,014,144.96 |
106,690,603.51 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 250,000 shares |
25,000,000.00 |
25,000,000.00 |
|
|
|
|
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning-
Unappropriated |
76,847,451.24 |
61,877,468.28 |
|
Total Shareholders' Equity |
101,847,451.24 |
86,877,468.28 |
|
Total Liabilities & Shareholders' Equity |
216,861,596.20 |
193,568,071.79 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
544,364,234.54 |
415,382,621.02 |
|
Other Income |
4,958,654.85 |
4,020,369.85 |
|
Total Sales |
549,322,889.39 |
419,402,990.87 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
470,608,330.82 |
359,968,014.62 |
|
Selling Expenses |
17,711,433.81 |
15,107,076.67 |
|
Administrative Expenses |
36,538,425.42 |
30,615,657.12 |
|
Total Expenses |
524,858,190.05 |
405,690,748.41 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
24,464,699.34 |
13,712,242.46 |
|
Financial Cost |
[2,843,344.93] |
[115,975.12] |
|
Profit before Income Tax |
21,621,354.41 |
13,596,267.34 |
|
Income Tax |
[6,651,371.45] |
[4,141,063.98] |
|
|
|
|
|
Net Profit / [Loss] |
14,969,982.96 |
9,455,203.36 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.62 |
1.52 |
|
QUICK RATIO |
TIMES |
0.90 |
0.93 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
17.54 |
13.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.51 |
2.15 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.58 |
61.41 |
|
INVENTORY TURNOVER |
TIMES |
6.23 |
5.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
61.38 |
66.66 |
|
RECEIVABLES TURNOVER |
TIMES |
5.95 |
5.48 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.73 |
48.57 |
|
CASH CONVERSION CYCLE |
DAYS |
57.23 |
79.50 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.45 |
86.66 |
|
SELLING & ADMINISTRATION |
% |
9.97 |
11.01 |
|
INTEREST |
% |
0.52 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
14.46 |
14.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.49 |
3.30 |
|
NET PROFIT MARGIN |
% |
2.75 |
2.28 |
|
RETURN ON EQUITY |
% |
14.70 |
10.88 |
|
RETURN ON ASSET |
% |
6.90 |
4.88 |
|
EARNING PER SHARE |
BAHT |
59.88 |
37.82 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.13 |
1.23 |
|
TIME INTEREST EARNED |
TIMES |
8.60 |
118.23 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
31.05 |
|
|
OPERATING PROFIT |
% |
78.42 |
|
|
NET PROFIT |
% |
58.33 |
|
|
FIXED ASSETS |
% |
(2.63) |
|
|
TOTAL ASSETS |
% |
12.03 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.46 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
2.75 |
Impressive |
Industrial Average |
1.40 |
|
Return on Assets |
6.90 |
Impressive |
Industrial Average |
3.65 |
|
Return on Equity |
14.70 |
Impressive |
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 14.46%. 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 2.75% 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 6.9%,
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 14.7%, 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 Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.62 |
Impressive |
Industrial Average |
1.43 |
|
Quick Ratio |
0.90 |
|
|
|
|
Cash Conversion Cycle |
57.23 |
|
|
|
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 1.62 times in 2010, increase from 1.52 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.9 times in 2010,
decrease from 0.93 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 58 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
1.13 |
Satisfactory |
Industrial Average |
1.69 |
|
Times Interest Earned |
8.60 |
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 8.61 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 0.53 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 |
17.54 |
Impressive |
Industrial Average |
10.80 |
|
Total Assets Turnover |
2.51 |
Satisfactory |
Industrial Average |
2.62 |
|
Inventory Conversion Period |
58.58 |
|
|
|
|
Inventory Turnover |
6.23 |
Satisfactory |
Industrial Average |
7.53 |
|
Receivables Conversion Period |
61.38 |
|
|
|
|
Receivables Turnover |
5.95 |
Impressive |
Industrial Average |
4.81 |
|
Payables Conversion Period |
62.73 |
|
|
|
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.44.94 |
|
UK Pound |
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
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.