MIRA INFORM REPORT
|
Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHEMMATCH
CO., LTD. |
|
|
|
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Registered Office : |
2029/38-39 Charoenkrung Road, Wadphyakrai, Bangkorlaem, Bangkok 10120 |
|
|
|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
25.01.1999 |
|
|
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Com. Reg. No.: |
0105542006450 |
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|
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Legal Form : |
Private
Limited Company |
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|
|
|
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
CHEMMATCH CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 2029/38-39 CHAROENKRUNG
ROAD, WADPHYAKRAI,
BANGKORLAEM, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2675-1772-5
FAX :
[66] 2675-1776
E-MAIL
ADDRESS : chemmatch@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542006450
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDERS
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THADA SUTTHISRIMONGKOL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
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 January 25, 1999 as a
private limited company under
the name style CHEMMATCH CO.,
LTD., by Thai groups.
Its business objective is an
importer and distributor
wide range of
industrial chemicals to
domestic market. Subject
currently employs 15
staff.
The subject’s registered address is
2029/38-39 Charoenkrung Rd., Wadphyakrai, Bangkorlaem, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apichart Ngawa |
|
Thai |
56 |
|
Mr. Thada Sutthisrimongkol |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thada Sutthisrimongkol is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
industrial chemicals and
pigments for various industries, such as plastics, paints,
printings inks, rubbers,
textiles, glass, ceramics
and etc.
IMPORT
Most of the
products are imported
from U. K., Korea,
Republic of China,
Taiwan, India, Japan,
Brazil and France.
MAJOR SUPPLIERS
Sudarshan Chemical Industries
Ltd. : India
Sin Won Chemical
Co., Ltd. : Korea
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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
or T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 15 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Subject
is engaged in
distributing of industrial chemicals.
The products have
been served various industries. Its
sales and profit
were moderately grown
in 2010. However,
growth in 2011
is expected to
lower than the
previous year due
to sluggish market
from floods.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into 2,000 shares of Bht. 1,000
each.
On
February 22, 2002,
the capital was
increased to Bht. 5,000,000 divided
into 5,000 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thada Sutthisrimongkol Nationality: Thai Address : 9/9
Charoenkrung Rd., Pomprab,
Bangkok |
4,985 |
99.70 |
|
Mr. Apichart Ngawa Nationality: Thai Address : 11267
Rimklongbang-or Rd., Bang-or,
Jomthong,
Bangkok |
10 |
0.20 |
|
Mr. Apichit Wuthirungruengsakul Nationality: Thai Address : 9/9
Charoenkrung Rd., Pomprab,
Bangkok |
1 |
0.02 |
|
Mr. Apichai Wuthirungruengsakul Nationality: Thai Address : 9/1
Charoenkrung Rd., Pomprab,
Bangkok |
1 |
0.02 |
|
Ms. Rattana Wuthirungruengsakul Nationality: Thai Address : 9/9
Charoenkrung Rd., Pomprab,
Bangkok |
1 |
0.02 |
|
Mrs. Wannee Sutthisrimongkol Nationality: Thai Address : 21
Seri 8, Ramkhamhaeng Rd.,
Suanluang, Bangkok |
1 |
0.02 |
|
Mr. Nithima Sutthisrimongkol Nationality: Thai Address : 119/6
Moo 6, Bangkhen,
Muang, Nonthaburi |
1 |
0.02 |
Total Shareholders : 7
Share
Structure : [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
5,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chayanis Pim-orapee No.
6246
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
14,871,598.11 |
2,560.05 |
|
Trade Accts. Receivable
|
25,760,555.95 |
22,771,256.75 |
|
Inventories |
25,302,581.00 |
26,623,057.70 |
|
Other Current Assets
|
655,151.27 |
271,472.33 |
|
Total Current Assets
|
66,589,886.33 |
49,668,346.83 |
|
|
|
|
|
Fixed Assets |
1,317,154.67 |
1,506,556.88 |
|
Intangible Assets |
125,790.00 |
119,900.00 |
|
Other Assets |
91,555.62 |
27,055.62 |
|
Total Assets |
68,124,386.62 |
51,321,859.33 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
61,541.88 |
3,085,137.63 |
|
Trade Accts. Payable |
26,611,342.52 |
15,495,223.71 |
|
Accrued Expenses |
955,841.31 |
652,093.26 |
|
Total Current Liabilities |
27,628,725.71 |
19,232,454.60 |
|
|
|
|
|
Long-term Loan from Related Person |
19,478,820.00 |
14,583,500.00 |
|
Total Liabilities |
47,107,545.71 |
33,815,954.60 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
value Authorized &
issued share capital 5,000
shares |
5,000,000.00 |
5,000,000.00 |
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
16,016,840.91 |
12,505,904.73 |
|
Total Shareholders' Equity |
21,016,840.91 |
17,505,904.73 |
|
Total Liabilities &
Shareholders' Equity |
68,124,386.62 |
51,321,859.33 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
112,947,298.38 |
76,426,393.28 |
|
Gain on Disposal of Assets |
100.00 |
373,831.78 |
|
Gain on Exchange Rate |
1,178,941.44 |
659,650.58 |
|
Less: Discount |
- |
[0.50] |
|
Refundable |
[8.24] |
- |
|
Total Sales |
114,126,331.58 |
77,459,875.14 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
97,572,006.58 |
63,839,207.30 |
|
Selling and Administrative Expenses |
11,794,651.85 |
10,077,957.77 |
|
Total Expenses |
109,366,658.43 |
73,917,165.07 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
4,759,673.15 |
3,542,710.07 |
|
Interest Expenses |
[66,897.44] |
[158,402.57] |
|
Profit / [Loss] Before Income Tax |
4,692,775.71 |
3,384,307.50 |
|
Income Tax |
[1,181,839.53] |
[790,326.85] |
|
Net Profit / [Loss] |
3,510,936.18 |
2,593,980.65 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.41 |
2.58 |
|
QUICK RATIO |
TIMES |
1.47 |
1.18 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
85.75 |
50.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.66 |
1.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.65 |
152.22 |
|
INVENTORY TURNOVER |
TIMES |
3.86 |
2.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.25 |
108.75 |
|
RECEIVABLES TURNOVER |
TIMES |
4.38 |
3.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
99.55 |
88.59 |
|
CASH CONVERSION CYCLE |
DAYS |
78.35 |
172.38 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.39 |
83.53 |
|
SELLING & ADMINISTRATION |
% |
10.44 |
13.19 |
|
INTEREST |
% |
0.06 |
0.21 |
|
GROSS PROFIT MARGIN |
% |
14.66 |
17.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.21 |
4.64 |
|
NET PROFIT MARGIN |
% |
3.11 |
3.39 |
|
RETURN ON EQUITY |
% |
16.71 |
14.82 |
|
RETURN ON ASSET |
% |
5.15 |
5.05 |
|
EARNING PER SHARE |
BAHT |
702.19 |
518.80 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.24 |
1.93 |
|
TIME INTEREST EARNED |
TIMES |
71.15 |
22.37 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
47.79 |
|
|
OPERATING PROFIT |
% |
34.35 |
|
|
NET PROFIT |
% |
35.35 |
|
|
FIXED ASSETS |
% |
(12.57) |
|
|
TOTAL ASSETS |
% |
32.74 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.66 |
Satisfactory |
Industrial
Average |
15.54 |
|
Net Profit Margin |
3.11 |
Impressive |
Industrial
Average |
1.89 |
|
Return on Assets |
5.15 |
Impressive |
Industrial
Average |
4.46 |
|
Return on Equity |
16.71 |
Impressive |
Industrial
Average |
13.86 |
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 14.66%. 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 3.11%,
higher figure when 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 is 5.15%,
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 is
16.71%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.41 |
Impressive |
Industrial
Average |
2.00 |
|
Quick Ratio |
1.47 |
|
|
|
|
Cash Conversion Cycle |
78.35 |
|
|
|
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 2.41 times in 2010, decrease from 2.58 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 1.47 times in 2010,
increase from 1.18 times, although excluding inventory so the company still have
good short-term financial strength.
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 79 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Impressive |
Industrial Average |
0.88 |
|
Debt to Equity Ratio |
2.24 |
Acceptable |
Industrial Average |
2.64 |
|
Times Interest Earned |
71.15 |
Impressive |
Industrial Average |
2.98 |
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 71.15 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 0.69 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 |
85.75 |
Impressive |
Industrial Average |
14.61 |
|
Total Assets Turnover |
1.66 |
Acceptable |
Industrial Average |
3.31 |
|
Inventory Conversion Period |
94.65 |
|
|
|
|
Inventory Turnover |
3.86 |
Deteriorated |
Industrial Average |
9.53 |
|
Receivables Conversion Period |
83.25 |
|
|
|
|
Receivables Turnover |
4.38 |
Acceptable |
Industrial Average |
6.05 |
|
Payables Conversion Period |
99.55 |
|
|
|
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.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.