MIRA INFORM REPORT
|
Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE
SUN CHEMICAL CO. LTD |
|
|
|
|
Registered Office : |
701/301 Soi Pattanakarn 30, Pattanakarn Road, Suanluang, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.06.2001 |
|
|
|
|
Com. Reg. No.: |
0105544060486 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer
& 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 & address
THE
SUN CHEMICAL CO. LTD.
SUMMARY
BUSINESS
ADDRESS : 701/301 SOI
PATTANAKARN 30,
PATTANAKARN ROAD,
SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2319-1026
FAX :
[66] 2318-1158
E-MAIL
ADDRESS : tanachok@thesunchemical.co.th
Info@thesunchemical.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544060486 [Former :
[5] 1122/2544]
CAPITAL REGISTERED : BHT. 28,000,000
CAPITAL PAID-UP : BHT.
28,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TANACHOK KRISADAPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 41
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
GOOD PERFORMANCE
HISTORY
The subject was
established on June
28, 2001 as
a private limited
company under the name style THE
SUN CHEMICAL CO., LTD. by Mr.
Tanachok Krisadapong and
Thai partners, in
order to import
and distribute industrial
chemicals to local
market. It currently employs
41 staff.
The subject’s registered address
was initially located
at 19 Soi Panya
Village 3, Pattanakarn Rd.,
Suanluang, Bangkok 10250.
On August 16,
2002, the registered
address was relocated
to 701/301 Soi
Pattanakarn 30, Pattanakarn
Rd., Suanluang, Bangkok
10250 and this
is subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tanachok Krisadapong |
[x] |
Thai |
39 |
|
Mrs. Panisara Krisadapong |
|
Thai |
34 |
AUTHORIZED PERSON
The above director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tanachok Krisadapong
is the Managing
Director.
He is Thai
nationality with the
age of 39
years old. He has been the Managing Director since the
subject’s inception in
2001.
Mr. Jittapan Hongsiri is
the General Manager.
He is Thai
nationality.
Mrs. Panisara Krisadapong is
the Finance Manager.
She is Thai
nationality with the
age of 34
years old.
Mr. Kriangkrai Prasitiphol
is the Business
Development Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing and
distributing chemical base and
specialty chemicals for
various industries such
as petroleum, construction,
cosmetics, detergents, households,
pharmaceutical, rubbers, textiles,
toiletry, foods and
etc. The subject
has been approved as
a sole distributor of
BASF AG, WACKER
Chemie AG, and
SASOL in Germany.
IMPORT
80% of the
products is imported
from United States of America,
Germany, France, Italy,
Japan, Netherlands, Singapore,
Republic of China
and Taiwan, the
remaining 20% is purchased
from local suppliers.
MAJOR SUPPLIERS
- BASF AG. : Germany
- CasChem Inc. : U.S.A.
- Jos. H. Lowenstein & Sons
Inc. : U.S.A.
- Merkur Vaseline GmbH. & Co. KG. :
Germany
- Mitsubishi Corporation : Singapore
- Sasol Olefins &
Surfactants GmbH. : Germany
- Strahl & Pitsch
Inc. : U.S.A.
- Wacker-Chemie GmbH. : Germany
- Venture Chemical Ltd. : Japan
- Alzo International Incorporation : U.S.A.
- Brennntag Specialties Inc. :
U.S.A.
- 3V Group Spa. : Italy
- Elements Specialties Netherlands
BV. : Netherlands
- Genecor International Ltd. : U.K.
- Feixiang Chemicals
[Zhangjiagang] Co., Ltd.
: Republic
of China
- Vertellus Specialties Inc. : U.S.A.
- Tayca Corporation : Japan
- Kalon Life Science
Inc. : U.S.A.
SALES
[LOCAL]
The products are
sold locally by
wholesale to manufacturers, dealers
and retail sales
to 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
L/C at sight
and T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
Export-Import Bank
of Thailand
[Head Office :
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok 10400]
EMPLOYMENT
The subject employs
41 staff.
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
The subject’s branch office is
located at 11/37 Soi
Watnamdaeng, Srinakarin Rd.,
Bangkaew, Bangplee, Samutprakarn
10540. Tel :
[66] 2710-2519
REMARK
MAXIMUM CREDIT OF
USD 1,000,000 SHOULD
BE IN ORDER.
COMMENT
The subject’s business is
growing considerably with
an increase in
its sales and
net profit on
a yearly basis.
Its business is
still promising and
it anticipates a
growth in the
following year in
line with gradually
increased of industrial chemicals
since the beginning of
this year.
To be the market
leader, the subject is
committed to provide the
best services and
product quality to fulfill
present market demand and future
requirement.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,870,000 divided
into 187,000 shares
of Bht. 10
each.
The capital was
increased later as
follows:
Bht. 8,700,000
on August 16, 1997
Bht. 18,700,000
on October 22, 2001
Bht. 28,000,000
on June 28,
2006
The latest registered
capital was increased
to Bht. 28,000,000
divided into 2,800,000
shares of Bht.
10 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April 30,
2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Tanachok Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
2,799,994 |
100.00 |
|
Mrs. Panisara Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
- |
|
Mr. Soonthorn Kittikarnchanathorn Nationality: Thai Address : 368/82
Moo 2, Bangmod, Thungkru,
Bangkok |
1 |
- |
|
Mrs. Patima Kittikarnchanathorn Nationality: Thai Address : 368/82
Moo 2, Bangmod, Thungkru,
Bangkok |
1 |
- |
|
Mr. Chatchai Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
- |
|
Mrs. Pornpayao Krisadapong Nationality: Thai Address : 25/205
Moo 5, Bangbor, Samutprakarn |
1 |
- |
|
Mrs. Teerabul Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sivachai Komethongsathit No.
6314
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
12,363,047.02 |
31,353,397.59 |
|
Trade Accts. & Notes Receivable |
199,672,929.53 |
237,565,054.87 |
|
Inventories |
235,342,201.16 |
199,107,408.26 |
|
Other Current Assets |
2,950,228.80 |
1,094,265.19 |
|
|
|
|
|
Total Current Assets
|
450,328,406.51 |
469,120,125.91 |
|
Cash at Bank under Commitment
|
44,718,527.46 |
41,242,898.24 |
|
Fixed Assets |
11,063,945.78 |
14,742,190.24 |
|
Other non-current Assets |
521,017.64 |
350,011.84 |
|
Total Assets |
506,631,897.39 |
525,455,226.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
189,533,219.55 |
295,084,051.60 |
|
Trade Accts. & Notes
Payable |
132,234,338.01 |
91,587,603.18 |
|
Current Portion of Long-term Liabilities |
651,713.42 |
805,896.00 |
|
Accrued Income Tax |
14,189,701.35 |
6,580,857.47 |
|
Accrued Expenses |
6,293,187.33 |
6,080,467.77 |
|
Accrued Other Expenses |
2,617,645.57 |
12,358,564.75 |
|
|
|
|
|
Total Current Liabilities |
345,519,805.23 |
412,497,440.77 |
|
|
|
|
|
Long-term Loan from Related Person |
10,182,225.05 |
10,716,227.80 |
|
Hire-purchase Payable |
- |
571,690.10 |
|
Total Liabilities |
355,702,030.28 |
423,785,358.67 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 2,800,000 shares |
28,000,000.00 |
28,000,000.00 |
|
|
|
|
|
Capital Paid |
28,000,000.00 |
28,000,000.00 |
|
Statutory Reserve |
2,800,000.00 |
2,800,000.00 |
|
Unappropriated |
120,129,867.11 |
70,869,867.56 |
|
Total Shareholders' Equity |
150,929,867.11 |
101,669,867.56 |
|
Total Liabilities &
Shareholders' Equity |
506,631,897.39 |
525,455,226.23 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
1,031,020,089.54 |
939,106,392.86 |
|
Interest Income |
557,857.12 |
966,479.64 |
|
Other Income |
1,299,202.45 |
920,382.22 |
|
Gain/[Loss] on Exchange Rate |
16,301,864.15 |
[5,900,406.79] |
|
Total Sales |
1,049,179,013.26 |
935,092,847.93 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
908,214,894.69 |
815,699,053.66 |
|
Selling Expenses |
13,101,637.88 |
12,395,464.16 |
|
Administrative Expenses |
46,659,697.07 |
41,849,239.43 |
|
Total Expenses |
967,976,229.64 |
869,943,757.25 |
|
|
|
|
|
Profit Before Finance Cost & Income Tax |
81,202,783.61 |
65,149,090.68 |
|
Finance Cost-Interest Expenses |
[9,721,012.93] |
15,794,390.14 |
|
|
|
|
|
Profit before Income
Tax |
71,481,770.69 |
49,354,700.54 |
|
Income Tax |
[22,221,771.14] |
[15,594,757.79] |
|
|
|
|
|
Net Profit / [Loss] |
49,259,999.55 |
33,759,942.75 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.30 |
1.14 |
|
QUICK RATIO |
TIMES |
0.61 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
93.19 |
63.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.04 |
1.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.58 |
89.09 |
|
INVENTORY TURNOVER |
TIMES |
3.86 |
4.10 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.69 |
92.33 |
|
RECEIVABLES TURNOVER |
TIMES |
5.16 |
3.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.14 |
40.98 |
|
CASH CONVERSION CYCLE |
DAYS |
112.13 |
140.45 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.09 |
86.86 |
|
SELLING & ADMINISTRATION |
% |
5.80 |
5.78 |
|
INTEREST |
% |
0.94 |
1.68 |
|
GROSS PROFIT MARGIN |
% |
13.67 |
12.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.88 |
6.94 |
|
NET PROFIT MARGIN |
% |
4.78 |
3.59 |
|
RETURN ON EQUITY |
% |
32.64 |
33.21 |
|
RETURN ON ASSET |
% |
9.72 |
6.42 |
|
EARNING PER SHARE |
BAHT |
17.59 |
12.06 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.36 |
4.17 |
|
TIME INTEREST EARNED |
TIMES |
8.35 |
4.12 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.79 |
|
|
OPERATING PROFIT |
% |
24.64 |
|
|
NET PROFIT |
% |
45.91 |
|
|
FIXED ASSETS |
% |
(24.95) |
|
|
TOTAL ASSETS |
% |
(3.58) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
13.67 |
Deteriorated |
Industrial Average |
47.70 |
|
Net Profit Margin |
4.78 |
Impressive |
Industrial Average |
(6.29) |
|
Return on Assets |
9.72 |
Impressive |
Industrial Average |
(0.72) |
|
Return on Equity |
32.64 |
Impressive |
Industrial Average |
9.47 |
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 13.67%. 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. Net Profit Margin ratio is 4.78%
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
9.72%, 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 32.64%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.30 |
Deteriorated |
Industrial Average |
30.39 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
112.13 |
|
|
|
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 1.3 times in 2009, increase from 1.14 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 0.61 times in 2009, decrease from 0.65 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 113 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
1.18 |
|
Debt to Equity Ratio |
2.36 |
Risky |
Industrial Average |
0.63 |
|
Times Interest Earned |
8.35 |
Deteriorated |
Industrial Average |
399.59 |
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 8.36 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 0.7 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 |
93.19 |
Deteriorated |
Industrial Average |
425.47 |
|
Total Assets Turnover |
2.04 |
Impressive |
Industrial Average |
1.06 |
|
Inventory Conversion Period |
94.58 |
|
|
|
|
Inventory Turnover |
3.86 |
Deteriorated |
Industrial Average |
61.45 |
|
Receivables Conversion Period |
70.69 |
|
|
|
|
Receivables Turnover |
5.16 |
Deteriorated |
Industrial Average |
14.00 |
|
Payables Conversion Period |
53.14 |
|
|
|
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.45.28 |
|
UK Pound |
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
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.