MIRA INFORM REPORT
|
Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SCG
PERFORMANCE CHEMICALS CO.,
LTD |
|
|
|
|
Registered Office : |
1st
Floor 26 Building,
1 Siam Cement
Road, T. Bangsue, A.
Bangsue, Bangkok 10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.07.2008 |
|
|
|
|
Com. Reg. No.: |
0105551069531 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Exporter and Distributor of Petrochemical [Olefins] |
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 – 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
SCG PERFORMANCE
CHEMICALS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1st FLOOR
26 BUILDING, 1
SIAM CEMENT ROAD,
T.
BANGSUE, A. BANGSUE, BANGKOK
10800
TELEPHONE : [66] 2586-4115-7,
2581-1118
FAX :
[66] 2586-5488,
2586-3676
E-MAIL
ADDRESS : maywikaj@scg.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551069531
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
2,500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YUTTHANA CHIAMTRAKARN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : PETROCHEMICAL [OLEFINS]
EXPORTER AND
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 July 1,
2008 as a
private limited company under
the name SCG
PERFORMANCE CHEMICALS CO., LTD.,
by Thai groups.
Its business aims to produce high
value-added products of plastic
resin, with the
plant located in
Mab Ta Phut
Industrial Estate, Rayong
province.
On
September 29, 2009,
the subject has been ordered from
The Administrative Court,
to interim injunction for
the plant construction,
due to the
community protection for
health and environment
purposes in the
Mab Ta Phut Industrial Estate
area. However, its
business currently distributes
petrochemical [olefins] products.
It employs approximate
120 staff.
The
subject is a
wholly owned subsidiary
of SCG Chemicals
Co., Ltd., which
is a member of
the Siam Cement
Group of companies.
The
subject’s registered address
is 1 Siam
Cement Rd., Bangsue,
Bangkok 10800, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Cholanat Yanaranop |
|
Thai |
51 |
|
Mr. Yutthana Chiamtrakarn |
|
Thai |
48 |
|
Mr. Chaovalit Ekabutr |
|
Thai |
52 |
|
Mr. Sakchai Patipanpreechavudhi |
|
Thai |
43 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Yutthana Chiamtrakarn is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is engaged
in distributing of
petrochemical specialized in
polyolefin products, such
as Polyethylene, Polypropylene
and High Density
Polyethylene for plastic
products industry.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIERS
Thai Polypropylene Co.,
Ltd.
Thai Polyethylene Co.,
Ltd.
Maptaphut Olefins Co.,
Ltd.
Rayong Olefins Co.,
Ltd.
SALES
95% of the
products is exported
to Republic of
China, Vietnam, Philippines,
Myanmar, Japan, Dubai,
Indonesia, India, Malaysia,
Hong Kong and Europe,
the remaining 5%
is sold locally.
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.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 120 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 1,000,000.
COMMENT
Subject
was formed in 2008
as a distributor
and exporter of
plastic resin. The products
are for plastic
industry. Subject’s business
performance is upbeat
as its products
have been widely
used in plastic
industries. Domestic sales
and exports also
maintain a good
level. Its business
trend is expanding
steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each with 50%
paid-up.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 26, 2011]
at Bht. 2,500,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
SCG Chemicals Co.,
Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
49,998 |
100.00 |
|
Mrs. Prathana Uranukul Nationality: Thai Address : 39/1
Moo 9, Bangchan,
Klongsamwa, Bangkok |
1 |
- |
|
Mrs. Veeranuch Sethamedhikul Nationality: Thai Address : 40/29
Moo 6, Kukot, Lamlukka, Pathumthani |
1 |
- |
Total Shareholders : 3
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO :
Ms.
Sureerat Thongaroonsaeng No.
4409
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
98,724,266 |
160,240,826 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
134,161,250 |
37,018,966 |
|
- Other company |
1,539,719,886 |
1,333,619,803 |
|
Receivable & Short-term Loan to Related Company |
9,590,008 |
10,044,381 |
|
Goods Purchase for Sale |
206,949,327 |
20,509,522 |
|
Value Added Tax Receivable |
55,504,047 |
165,737,041 |
|
Other Current Assets
|
22,229,693 |
23,090,477 |
|
Total Current
Assets |
2,066,878,477 |
1,750,261,016 |
|
Other Long-term Investment |
87,262 |
86,866 |
|
Fixed Assets |
733,285 |
304,718 |
|
Intangible Assets |
517,924 |
495,672 |
|
Deferred Income Tax |
- |
15,789,938 |
|
Other Assets |
24,670 |
120,647 |
|
Total Assets
|
2,068,241,618 |
1,767,058,857 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Reversal Advance from Bank |
24,919,826 |
- |
|
Trade Accounts Payable |
|
|
|
- Related company |
1,340,028,686 |
683,058,095 |
|
- Other company |
61,782,470 |
10,644,188 |
|
Payable & Short-term Loan from Related Company |
416,665,313 |
1,024,521,699 |
|
Other Current Liabilities |
158,136,812 |
50,665,937 |
|
Accrued Income Tax |
7,186,282 |
- |
|
Total Current
Liabilities |
2,008,719,389 |
1,768,889,919 |
|
|
|
|
|
Deferred Income Tax Liabilities |
9,796,697 |
9,927,995 |
|
Total Liabilities |
2,018,516,086 |
1,778,517,914 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 value
Authorized &
issued share capital 50,000
shares |
5,000,000 |
5,000,000 |
|
Capital Paid |
2,500,000 |
2,500,000 |
|
Retained Earning -
Unappropriated |
47,225,532 |
[13,959,057] |
|
Total
Shareholders' Equity |
49,725,532 |
[11,459,057] |
|
Total
Liabilities & Shareholders' Equity |
2,068,241,618 |
1,767,058,857 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
20,129,495,532 |
9,070,388,055 |
|
Other Income |
5,559,940 |
3,945,491 |
|
Interest Income |
21,711 |
46,071 |
|
Gain on Exchange Rate |
32,090,931 |
15,565,855 |
|
Total Sales
|
20,167,168,114 |
9,089,945,472 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
19,179,384,470 |
8,618,712,523 |
|
Selling Expenses |
595,659,879 |
289,025,092 |
|
Administrative Expenses |
262,429,554 |
175,206,132 |
|
Total Expenses |
20,037,473,903 |
9,082,943,747 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
129,694,211 |
7,001,725 |
|
Interest Expenses |
[42,226,528] |
[27,003,478] |
|
Loss Before Income tax |
87,467,683 |
[20,001,753] |
|
Income Tax |
[26,283,094] |
[6,126,169] |
|
Net Profit / [Loss] |
61,184,589 |
[13,875,584] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
0.99 |
|
QUICK RATIO |
TIMES |
0.89 |
0.87 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27,451.12 |
29,766.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
9.73 |
5.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.94 |
0.87 |
|
INVENTORY TURNOVER |
TIMES |
92.68 |
420.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.92 |
53.67 |
|
RECEIVABLES TURNOVER |
TIMES |
13.07 |
6.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.18 |
0.45 |
|
CASH CONVERSION CYCLE |
DAYS |
30.68 |
54.08 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.28 |
95.02 |
|
SELLING & ADMINISTRATION |
% |
4.26 |
5.12 |
|
INTEREST |
% |
0.21 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
4.91 |
5.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.64 |
0.08 |
|
NET PROFIT MARGIN |
% |
0.30 |
(0.15) |
|
RETURN ON EQUITY |
% |
123.04 |
121.09 |
|
RETURN ON ASSET |
% |
2.96 |
(0.79) |
|
EARNING PER SHARE |
BAHT |
2,447.38 |
(555.02) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.98 |
1.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
40.59 |
(155.21) |
|
TIME INTEREST EARNED |
TIMES |
3.07 |
0.26 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
121.93 |
|
|
OPERATING PROFIT |
% |
1,752.32 |
|
|
NET PROFIT |
% |
540.95 |
|
|
FIXED ASSETS |
% |
140.64 |
|
|
TOTAL ASSETS |
% |
17.04 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
4.91 |
Acceptable |
Industrial Average |
8.06 |
|
Net Profit Margin |
0.30 |
Deteriorated |
Industrial Average |
3.56 |
|
Return on Assets |
2.96 |
Deteriorated |
Industrial Average |
6.29 |
|
Return on Equity |
123.04 |
Impressive |
Industrial Average |
12.12 |
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 4.91%. 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 0.3%. 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, it was lower, the company's figure is 2.96%.
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 123.04%, 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 |
1.03 |
Satisfactory |
Industrial Average |
1.34 |
|
Quick Ratio |
0.89 |
|
|
|
|
Cash Conversion Cycle |
30.68 |
|
|
|
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 1.03 times in 2010, increase from 0.99 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 0.89 times in 2010,
increase from 0.87 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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.98 |
Risky |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
40.59 |
Risky |
Industrial Average |
0.91 |
|
Times Interest Earned |
3.07 |
Deteriorated |
Industrial Average |
10.88 |
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 3.08 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 0.98 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 |
27,451.12 |
Impressive |
Industrial Average |
2.99 |
|
Total Assets Turnover |
9.73 |
Impressive |
Industrial Average |
1.67 |
|
Inventory Conversion Period |
3.94 |
|
|
|
|
Inventory Turnover |
92.68 |
Impressive |
Industrial Average |
9.95 |
|
Receivables Conversion Period |
27.92 |
|
|
|
|
Receivables Turnover |
13.07 |
Impressive |
Industrial Average |
6.25 |
|
Payables Conversion Period |
1.18 |
|
|
|
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.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.