MIRA
INFORM REPORT
|
Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PTT PHENOL
COMPANY LIMITED |
|
|
|
|
Registered Office : |
4th
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
04.06.2004 |
|
|
|
|
Com. Reg. No.: |
0105547075484 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of petrochemical |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PTT
PHENOL COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 4th FLOOR,
555/1 VIBHAVADI -
JATUJAK,
TELEPHONE : [66] 2140-3600-3
FAX :
[66] 2140-3614,
2140-3611
E-MAIL
ADDRESS : info@pttphenol.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547075484 [Former : 0108354704515]
CAPITAL REGISTERED : BHT. 9,252,000,000
CAPITAL PAID-UP : BHT.
7,985,250,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUVANANT CHATUDOMPHANT, THAI
CHIEF EXECUTIVE
OFFICER
EMPLOYEES : 134
LINES
OF BUSINESS : PETROCHEMICAL
MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 4,
2004 as a
private limited company
under the name
style PTT PHENOL
COMPANY LIMITED, by
Thai groups, with the
business objective to manufacture petrochemical products, specialize in
Phenol for petrochemical production and
refinery industry. It
currently employs 134
staff.
It is
a joint
venture among PTT Public
Company Limited, PTT Chemical Public Company Limited
and PTT Aromatics
and Refining Public Company Limited,
which are members
of the PTT group of
companies.
The subject’s registered
address was initially
located at 123
Vibhavadi-Rangsit Rd., Chompol,
Jatujak, Bangkok 10900.
On
March 2, 2010,
it was relocated
to 555/1 Energy
Complex Bldg., Vibhavadi-Rangsit Rd., Jatujak, Bangkok
10900, and this is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachaya Pinyawat |
[-] |
Thai |
60 |
|
Mr. Suvanant Chatudomphant |
[x] |
Thai |
59 |
|
Mr. Thanes Charoensap |
|
Thai |
57 |
|
Mrs. Panthip Ungphasook |
|
Thai |
51 |
|
Mr. Veerasak Kositpaisarn |
|
Thai |
56 |
|
Mrs. Nithima Thepvanangkul |
|
Thai |
54 |
|
Mr. Kanja Pathumraj |
|
Thai |
54 |
|
Mr. Sukrit Surabotsophon |
[-] |
Thai |
54 |
|
Mr. Bovorn Wongsin-udom |
|
Thai |
56 |
|
Ms. Penchan Jarikasem |
[-] |
Thai |
54 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any
of the mentioned
directors [-] can
jointly sign with
anyone of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suvanant Chatudomphant is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 59
years old.
Mrs. Fonthip Wanlayasaeree is
the Office Manager.
She is Thai
nationality.
Mr. Thevarak Rojanapruk is
the Project Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s objective
is a manufacturer
and distributor of
Phenol, Acetone and
BPA for petrochemical
and oil refinery
industries. The production
has been started since
the third quarter of
2008.
PRODUCTION
Phenol : 200,000
tons per annum
Acetone : 124,000
tons per annum
BPA : 150,000
tons per annum
PURCHASE
Raw materials are
purchased from local
suppliers and agents.
MAJOR SUPPLIERS
- PTT Chemical Public
Company Limited
- PTT Aromatics and
Refining Public Company
Limited
SALES
100% of the
products is sold
locally by wholesale
to petrochemical industry
and oil refinery.
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 credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
TMB Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 134 office 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 Soi G9,
Pakornsongkrohraj Rd., Mabtaphut,
Muang, Rayong 21000.
Premise is on
214,400 square meters
of land area.
REMARK
MAXIMUM
CREDIT SHOULD BEGRANTED
AT EUR 500,000.
COMMENT
PTT Phenol was the
first company to produce phenol in
The
company started its
production in the
third quarter of
2008. Its products have been
supported to petrochemical
and oil refinery
industries in the
PTT Group. Since 2009 subject
reported a significant
growth on rising
revenue from its production.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 800,000,000 divided
into 8,000,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 4,000,000,000 on
April 10, 2006
Bht. 5,400,000,000 on
September 1, 2006
Bht. 7,000,000,000 on
August 1, 2008
Bht. 9,252,000,000 on
March 24, 2009
The latest registered
capital was increased
to Bht. 9,252,000,000 divided
into 92,520,000 shares of
Bht. 100 each.
THE SHAREHOLDERS
LISTED WERE
[as
at March 31,
2010] at Bht.
7,985,250,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited Nationality: Thai Address : 555
Moo 1,
Jatujak, |
37,007,997 |
40.00 |
|
PTT Aromatics and Refining Public Company Limited
Nationality: Thai Address :
Jatujak, |
27,755,999 |
30.00 |
|
PTT Chemical Public
Company Limited Nationality: Thai Address :
Jatujak, |
27,755,998 |
30.00 |
|
Mr. Parachaya Pinyawat Nationality: Thai Address : 255/2
Phaholyothin 45 Rd.,
Ladyao,
Jatujak, |
1 |
- |
|
Mr. Supoj Laosu-arpa Nationality: Thai Address : 48
Mahaprutharam, Bangrak, |
1 |
- |
|
Mr. Chumpol Jirattiyangkul Nationality: Thai Address : 89/1114
Moo 5,
Klongkum, Buengkum, |
1 |
- |
|
Mrs. Vilawan Songcharoen Nationality: Thai Address : 71/8
Moo 3, Chimplee,
Talingchan, |
1 |
- |
|
Mr. Suwit Tinnachote Nationality: Thai Address : 71/1
Moo 3, T. Sothorn,
A. Muang, Chachoengsao |
1 |
- |
|
Mr. Permsak Chewawtananond Nationality: Thai Address : Rayong |
1 |
- |
Total Shareholders : 9
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Vairoj 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 |
800,203,564 |
820,174,844 |
|
Trade Account Receivable - Related Company |
146,714,463 |
- |
|
Trade Account Receivable - Other Company |
1,039,010,503 |
- |
|
Other Receivable - Related Company |
2,043,988 |
55,093,279 |
|
Other Receivable - Other Company |
- |
127,969,930 |
|
Inventories |
497,849,115 |
- |
|
Raw Material |
90,613,961 |
- |
|
Advance Payment - Related Company
|
9,634,936 |
1,101,304 |
|
Advance Payment - Other Company |
102,082,804 |
- |
|
Refundable Value Added Tax |
79,694,827 |
133,889,480 |
|
Other Current Assets
|
24,393,841 |
23,246,125 |
|
Total Current Assets
|
2,792,242,002 |
1,161,474,962 |
|
|
|
|
|
Fixed Assets |
15,727,112,194 |
12,762,950,974 |
|
Intangible Assets |
383,360,475 |
1,477,999 |
|
Rental Right |
30,528,557 |
28,539,818 |
|
Prepaid Paid |
- |
717,007,281 |
|
Other Assets |
105,347,339 |
4,189,349 |
|
Total Assets |
19,038,590,567 |
14,675,640,383 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Short-term Loan from Financial |
340,000,000 |
250,000,000 |
|
Trade Account Payable - Related Company |
819,031,516 |
- |
|
Trade Account Payable - Other Company |
1,363,180 |
- |
|
Other Payable - Related Company |
40,611,294 |
347,439,302 |
|
Other Payable - Other Company |
62,745,158 |
41,134,112 |
|
Payable Construction Project - Related Company |
1,830,331 |
- |
|
Payable Construction Project |
952,004,288 |
1,217,729,439 |
|
Current Portion of
Long-term Loan from Financial Institute |
632,000,000 |
- |
|
Current Portion of Financial
Least Contract Liabilities |
5,670,297 |
5,087,629 |
|
Current Portion of Guarantee |
338,967,315 |
369,171,300 |
|
Other Current Liabilities |
43,400,898 |
10,944,018 |
|
Total Current Liabilities |
3,237,624,277 |
2,241,505,800 |
|
Long Term Loan
from Financial Institute |
8,892,460,470 |
6,296,297,970 |
|
Financial Lease Contract
Liabilities |
17,046,741 |
16,734,378 |
|
Total Liabilities |
12,147,131,488 |
8,554,538,148 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 92,520,000 &
70,000,000 shares in
2009 & 2008 respectively |
9,252,000,000 |
7,000,000,000 |
|
Capital Paid |
7,985,250,000 |
6,892,000,000 |
|
Retained Earning -
Unappropriated |
[1,093,790,921] |
[770,897,765] |
|
Total Shareholders' Equity |
6,891,459,079 |
6,121,102,235 |
|
Total Liabilities & Shareholders' Equity |
19,038,590,567 |
14,675,640,383 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales Income |
7,286,250,830 |
- |
|
Other Income |
- |
27,116,507 |
|
Gain on Exchange Rate |
11,025,190 |
6,390,587 |
|
Total Revenues |
7,297,276,020 |
33,507,094 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,020,959,119 |
- |
|
Selling Expenses |
191,910,569 |
132,386,684 |
|
Administrative Expenses |
176,541,845 |
278,917,359 |
|
Remuneration’s Director |
26,682,028 |
19,747,330 |
|
Loss on Exchange
Rate |
5,623,984 |
- |
|
Total Expenses |
7,421,717,545 |
431,051,373 |
|
Loss Before Interest
Expenses |
[124,441,525] |
[397,544,279] |
|
Interest Expenses |
[198,451,631] |
[9,454,850] |
|
Net Profit / [Loss] |
[322,893,156] |
[406,999,129] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.86 |
0.52 |
|
QUICK RATIO |
TIMES |
0.61 |
0.45 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.46 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.38 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
30.59 |
- |
|
INVENTORY TURNOVER |
TIMES |
11.93 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.05 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
7.01 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.07 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
82.57 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.36 |
- |
|
SELLING & ADMINISTRATION |
% |
5.06 |
- |
|
INTEREST |
% |
2.72 |
- |
|
GROSS PROFIT MARGIN |
% |
3.79 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.71) |
- |
|
NET PROFIT MARGIN |
% |
(4.43) |
- |
|
RETURN ON EQUITY |
% |
(4.69) |
(6.65) |
|
RETURN ON ASSET |
% |
(1.70) |
(2.77) |
|
EARNING PER SHARE |
BAHT |
(4.04) |
(5.91) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.76 |
1.40 |
|
TIME INTEREST EARNED |
TIMES |
(0.63) |
(42.05) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
(68.70) |
|
|
NET PROFIT |
% |
20.66 |
|
|
FIXED ASSETS |
% |
23.22 |
|
|
TOTAL ASSETS |
% |
29.73 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.79 |
Deteriorated |
Industrial Average |
14.07 |
|
Net Profit Margin |
(4.43) |
Deteriorated |
Industrial Average |
7.20 |
|
Return on Assets |
(1.70) |
Deteriorated |
Industrial Average |
9.40 |
|
Return on Equity |
(4.69) |
Deteriorated |
Industrial Average |
17.49 |
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 3.79%. When
compared with the industry average, the ratio of the company was lower.
This indicated that company was
originated from the problems with
control over its costs.
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 -4.43%.
When compared with the industry average, the ratio of the company was lower.
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, its was lower, the company's figure is -1.7%.
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, its was lower, the company's figure is -4.69%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.86 |
Risky |
Industrial Average |
1.37 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
82.57 |
|
|
|
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 0.86 times in 2009, increase from 0.52 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 0.61 times in 2009,
increase from 0.45 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 83 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
1.76 |
Risky |
Industrial Average |
0.80 |
|
Times Interest Earned |
(0.63) |
Risky |
Industrial Average |
5.39 |
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 -0.63 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 0.64 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 |
0.46 |
Deteriorated |
Industrial Average |
2.03 |
|
Total Assets Turnover |
0.38 |
Deteriorated |
Industrial Average |
1.31 |
|
Inventory Conversion Period |
30.59 |
|
|
|
|
Inventory Turnover |
11.93 |
Impressive |
Industrial Average |
9.71 |
|
Receivables Conversion Period |
52.05 |
|
|
|
|
Receivables Turnover |
7.01 |
Satisfactory |
Industrial Average |
8.35 |
|
Payables Conversion Period |
0.07 |
|
|
|
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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.